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Pankaj Bhoya, Maharashtra's Minister of State for Housing, conducted a comprehensive review of the ongoing projects under the Mumbai Housing and Area Development Board (MHADB). The review aimed to ensure that all stages of redevelopment and beneficiary rehabilitation are carried out within the set timelines and that public service delivery mechanisms are strengthened for better execution of housing schemes.
Key Directives for Project Timelines and Execution
In the meeting, which was attended by senior officials from MHADA, including Milind Borikar (IAS), Chief Officer of the MHADA Mumbai board, and Anil Wankhede, Deputy CEO, Bhoya issued clear instructions to expedite project implementation. The minister emphasized that all stages, from planning to execution, should be completed within stipulated timelines to avoid unnecessary delays.
Bhoya further directed that administrative actions be taken promptly to ensure housing units are delivered to eligible beneficiaries as per the set norms. He stressed that the entire redevelopment process must align with the priorities of public welfare, ensuring that the housing needs of residents are met efficiently.
Enhancing Accountability and Coordination
In addition to focusing on project timelines, Bhoya also highlighted the need for stronger accountability and more efficient public service delivery. He directed that grievance redressal systems be improved and made more structured, while public engagement mechanisms should be made more responsive and transparent.
The minister also emphasized the importance of close coordination with relevant government agencies for essential approvals, including town planning permissions, and ensuring the necessary infrastructure links such as electricity, water supply, and roads are provided.
Regular Progress Reports and Monitoring
To maintain transparency and keep projects on track, Bhoya mandated that regular implementation status reports be submitted to the Housing Department. These reports must include clearly documented execution details, ensuring that each project’s progress is monitored effectively.
Conclusion
Pankaj Bhoya’s review of MHADB’s projects underscores the importance of meeting deadlines, improving service delivery, and ensuring that redevelopment schemes are executed with the public’s best interests in mind. By focusing on accountability, effective coordination, and efficient project planning, the Maharashtra government aims to accelerate the delivery of affordable housing and improve the quality of life for its residents.
The minister also emphasized the importance of close coordination with relevant government agencies for essential approvals, including town planning permissions, and ensuring the necessary infrastructure links, such as electricity, water supply, and roads, are provided.
To maintain transparency and keep projects on track, Bhoya mandated that regular implementation status reports be submitted to the Housing Department. These reports must include documented execution details, ensuring that each project’s progress is monitored effectively.
The Maharashtra state cabinet has granted approval for the joint redevelopment of two significant MHADA layouts — Adarsh Nagar in Worli and Bandra Reclamation in Mumbai. The cabinet's decision includes the allocation of a floor space index (FSI) of four for the redevelopment, with MHADA receiving housing stock equivalent to one FSI in both locations. This move is aimed at rejuvenating these key areas and addressing Mumbai's housing shortage.
Details of the Redevelopment Plan
The redevelopment covers two major layouts:
Bandra Reclamation: Spread across approximately 2 lakh square meters, this layout consists of 52 buildings with a total of 1,688 residential units, each ranging from 322 to 825 square feet.
Adarsh Nagar: Located on 68,000 square meters, this layout contains 58 buildings with 863 residential units, ranging from 270 to 860 square feet.
The redevelopment is expected to enhance the residential capacity of both areas. MHADA will receive housing stock equivalent to one FSI, which will help meet the growing demand for affordable housing in Mumbai.
Developer Selection and Consent Process
The redevelopment will be managed by a Construction and Development Agency appointed by MHADA. The winning bidder will be selected based on their ability to provide the maximum housing stock to MHADA while meeting the financial and physical requirements specified in the tender.
To move forward, the developer will be required to obtain consent letters from at least 51% of the total members of the cooperative housing societies in both Adarsh Nagar and Bandra Reclamation. This ensures that the redevelopment process has the support of the majority of residents.
Implications for Mumbai’s Housing Market
This approval represents a major step toward addressing Mumbai’s housing challenges. With limited space for new developments, the redevelopment of existing layouts is a key strategy for increasing the city's residential capacity. By providing more housing options through this joint redevelopment initiative, the Maharashtra government is taking important steps to enhance the affordability and availability of homes in one of the world’s most densely populated cities.
The approval of the joint redevelopment of Adarsh Nagar and Bandra Reclamation by the Maharashtra cabinet will bring much-needed revitalization to these two areas. The use of FSI of four will allow for a significant increase in the housing stock, while MHADA’s involvement ensures that the project aligns with the state’s affordable housing goals. As the project progresses, it is expected to play a vital role in addressing the housing needs of Mumbai’s residents.
Madhu Chopra, mother of global icon Priyanka Chopra, and her brother, Siddharth Chopra, have leased out a property located in the upscale Koregaon Park area of Pune for Rs. 2.25 lakh per month. The five-year lease agreement, which was registered in February 2025, includes a security deposit of Rs. 13.5 lakh and specifies a 36-month lock-in period.
Details of the Lease Agreement
The agreement includes a 5% annual rent escalation, which means that the rent will increase each year, starting at Rs. 2.25 lakh per month in the first year and rising to Rs. 2.73 lakh per month in the fifth year. Throughout the five-year lease, the total rental income is expected to reach Rs. 1.49 crore.
The transaction involved a stamp duty payment of Rs. 39,000 and registration charges of Rs. 1,000, as per the documents reviewed by the Inspector General of Registration (IGR).
Property Purchase and Rental Yield
The property in question was purchased by the Chopra family in August 2017 for Rs. 5.6 crore. With the agreed-upon rental terms, the annual rental yield in the first year is expected to be 4.8%, which will increase to 5.86% by the fifth year, reflecting a healthy return on investment.
This property leasing transaction by Priyanka Chopra’s family highlights a lucrative rental investment in one of Pune's most sought-after areas. With a solid lease agreement in place and the projected rental yield increase over the next five years, the Chopras continue to make strategic moves in the real estate sector.
Arkade Developers has successfully secured the cluster redevelopment rights for four housing societies near Mahavir Nagar in Borivali West, Mumbai. The project, which spans an area of 7,084 square meters, is expected to generate a gross development value (GDV) of Rs. 865 crore. The redevelopment will provide a saleable carpet area of approximately 2.44 lakh square feet, offering significant residential space in one of Mumbai’s thriving suburban areas.
The Housing Societies Involved in the Redevelopment
The four societies included in the redevelopment project are:
Satya Shreepal Nagar A CHS
Om Shreepal Nagar B & C CHS
Sheetal Shreepal CHS
Sai Shreepal CHS
These societies will be redeveloped to provide modern housing solutions to the residents, with improved infrastructure and amenities. The project aligns with the city’s ongoing efforts to address the housing shortage and upgrade older residential buildings.
Expansion into Malad West with Nutan Ayojan Redevelopment
In addition to the redevelopment in Borivali West, Arkade Developers is also focusing on the redevelopment of Nutan Ayojan, a cooperative housing society in Malad West. This project, covering 6,858.90 square meters, is expected to generate a GDV of approximately Rs. 740 crore. With this initiative, the company continues to expand its presence in Mumbai’s real estate sector, focusing on delivering modern, high-quality residential developments.
Strategic Growth and Future Prospects
The two major redevelopment projects reflect Arkade Developers' strategic approach to urban renewal in Mumbai, capitalizing on the increasing demand for quality residential spaces in suburban areas. By redeveloping older and dilapidated housing societies, the company is not only contributing to the city’s real estate development but also providing improved living conditions for the local residents.
The total GDV from both the Borivali West and Malad West projects stands at Rs. 1,605 crore, a significant addition to Arkade Developers' portfolio. As Mumbai’s real estate market continues to grow, projects like these will play an important role in meeting the city’s housing needs and transforming older residential communities into modern, sustainable living spaces.
Arkade Developers’ redevelopment of four housing societies in Borivali West and its ongoing project in Malad West are set to provide much-needed modern housing in key suburban areas of Mumbai. With a projected GDV of Rs. 865 crore for the Borivali project and a total GDV of Rs. 1,605 crore for both projects, Arkade Developers is poised to play a significant role in shaping the future of Mumbai's residential landscape.
In response to the Union government's newly notified Construction & Demolition (C&D) Waste Management Rules, 2025, Mumbai is preparing to implement stricter waste management measures starting April 1, 2026. These new regulations will transform the construction industry by mandating more responsible waste disposal and recycling practices, aiming to address the city's growing waste challenge.
Transition to Accountable Waste Management
The new rules place the construction industry under an Extended Producer Responsibility (EPR) framework. This framework will require developers and contractors to register with the Brihanmumbai Municipal Corporation (BMC), report waste generation, and meet recycling targets. This shift marks a significant departure from the current untracked waste disposal methods to a more monitored and accountable system.
The BMC, which is responsible for implementing and enforcing these regulations, will oversee waste reporting, recycling, and the traceability of C&D waste. A key feature of the new system is a mobile application being developed by the BMC to track waste from collection points to designated disposal sites, curbing illegal dumping and ensuring compliance with the new rules.
Handling Mumbai’s C&D Waste: Existing Infrastructure and Future Plans
Mumbai generates over 8,500 tons of C&D waste daily, creating a significant challenge for the city’s waste management infrastructure. Currently, Mumbai has two C&D waste processing plants located in Dahisar and Shilphata, with a combined processing capacity of 1,200 tons per day (TPD). However, given the high volume of waste generated, these plants are insufficient to meet demand, and a third plant is planned to be built in Deonar to address the shortfall.
The BMC’s solid waste management department has emphasized the importance of adhering to the new waste management practices. Developers will be required to submit debris management plans when seeking permissions from the Development Plan (DP) department. The new rules will further enforce registration and responsible construction practices across the city.
Reducing Illegal Dumping and Promoting Recycling
The illegal dumping of construction debris remains a significant problem in Mumbai, and the new regulations are designed to address this issue effectively. By enforcing the use of the mobile application and ensuring that developers comply with the registration and recycling requirements, the BMC aims to reduce unauthorized dumping and improve the city’s overall waste management system.
In addition to managing C&D waste responsibly, the BMC is also pushing for greater involvement from developers and contractors in adopting sustainable practices. The city’s increasing focus on recycling and waste reporting is a step toward improving urban cleanliness and reducing environmental impacts.
The implementation of stricter C&D waste management rules in Mumbai from April 2026 represents a crucial move toward responsible urban development. With the BMC playing a pivotal role in monitoring compliance, ensuring proper disposal, and preventing illegal dumping, the city is taking significant steps toward managing its growing waste challenge. The planned third recycling plant in Deonar and the development of a tracking app will help streamline the waste management process, contributing to Mumbai’s overall environmental sustainability.
The Navi Mumbai Municipal Corporation (NMMC) has announced that it will soon begin a comprehensive survey of unauthorized buildings within its jurisdiction, following directives from the Bombay High Court. The court issued these directions after a public interest litigation (PIL) was filed in 2023, highlighting the growing issue of illegal construction in the city.
Survey Process and Legal Procedure
The survey process will include issuing notices to the concerned property holders and conducting hearings to hear their perspectives on the matter. After the hearings, NMMC will issue final orders to address the unauthorized constructions. The initiative aims to ensure compliance with the city's building regulations and to rectify unauthorized developments.
Implications of the Survey
The survey is an important step in addressing the issue of illegal constructions, which have been a significant challenge for the city. With rapid urbanization, unauthorized buildings have posed problems in terms of infrastructure, safety, and urban planning. By carrying out this survey and addressing illegal structures, NMMC aims to regulate the development process and maintain orderly growth in the city.
The completion of the survey and submission of the compliance report will also ensure that NMMC fulfills its legal obligations as per the court’s instructions, while also contributing to better urban management and governance in Navi Mumbai.
The decision by NMMC to undertake the survey of unauthorized buildings marks a proactive step toward regulating illegal constructions and addressing urban planning concerns in Navi Mumbai. As the process unfolds, it will be crucial to monitor how the city deals with these illegal structures and the long-term impact on its development.
The Mumbai Metropolitan Region Development Authority (MMRDA) has granted post facto approval for the allotment of a prime plot in the Bandra-Kurla Complex (BKC) to the National Stock Exchange (NSE). The 5,500 sqm plot, C-82 in G-block, was allotted to NSE for Rs. 757.9 crore and will allow the exchange to expand its headquarters with an additional 22,000 sqm of permissible built-up space. The plot will be leased to NSE for 80 years for commercial use.
Supporting NSE’s Expansion in BKC
NSE, which has been headquartered in BKC since 1993, requested an additional plot on October 11, 2024, to accommodate its growing need for around 4-5 lakh square feet of built-up space. This plot allocation is part of the exchange’s expansion plans to maintain its status as a leading financial institution in India.
The move to allot additional land to NSE aligns with the state government's July 19, 2024, notification, which permits NSE to acquire built-up space beyond the standard 4 FSI (floor space index) limit by paying the applicable premium to MMRDA. This decision was crucial in providing NSE with the room needed for expansion without the usual regulatory constraints.
Approval and Strategic Importance
The allotment proposal was approved at MMRDA’s 159th authority meeting on March 28, 2025, under Clause 16 of the MMRDA's Land Disposal Regulations, 1977. The proposal was cleared by the Deputy Chief Minister and Urban Development Minister Eknath Shinde, who also chairs MMRDA. Following the approval, MMRDA issued an offer letter to NSE on March 7, 2025.
The project was welcomed by Maharashtra’s Chief Minister, Devendra Fadnavis, who emphasized that the expansion of NSE in BKC would reinforce Mumbai’s position as the financial capital of India. Fadnavis added that the move would create a more conducive environment for business and investment, further strengthening the city's economic infrastructure.
Boosting Mumbai's Economic Development
Eknath Shinde expressed confidence that the allotment would drive commercial growth and support NSE's expansion plans, contributing significantly to Mumbai's economic development. MMRDA Commissioner Sanjay Mukherjee noted that this move would help strengthen BKC’s status as one of Mumbai’s top business districts, positioning it as a hub for financial institutions and corporate growth.
This strategic land allotment to NSE in BKC reflects a significant step in supporting the growth of India’s financial sector and maintaining Mumbai's central role in the global financial landscape. With this additional space, NSE is poised to expand its operations and further solidify its leadership in the capital markets while also contributing to the continued growth and development of BKC as a premium business district in Mumbai.
The House of Abhinandan Lodha (HoABL) has filed a formal police complaint with Mumbai authorities, seeking the registration of a First Information Report (FIR) in response to recent allegations made by Macrotech Developers. Macrotech, a publicly listed company led by Abhishek Lodha, accused HoABL of fabricating documents to unlawfully exploit the 'Lodha' brand and its registered trademark.
The Allegations and HoABL’s Response
In its complaint, HoABL expressed strong suspicion that the accusations against it were part of a malicious campaign aimed at defaming the company. The firm claims that the allegations of forgery are motivated by an attempt to tarnish its reputation. HoABL, led by Abhinandan Lodha, filed its complaint against unknown individuals, requesting an investigation into the matter.
Macrotech Developers, which has been embroiled in a long-standing family dispute with HoABL, moved the Bombay High Court earlier this year to prevent HoABL from using the 'Lodha' name in real estate development. Macrotech contended that it had never authorized HoABL to use the family name, claiming trademark infringement based on a 2023 agreement that restricted such use.
The Controversial Documents and Name Changes
The latest allegations stem from HoABL's efforts to rename several group companies using the 'Lodha' name. HoABL claims that it initially sought approval from Lodha Ventures, a related group company, to make these name changes. However, the applications were initially rejected by the Registrar of Companies (ROC). HoABL later discovered that someone had resubmitted the applications using forged documents, and the ROC eventually approved the name changes.
HoABL insists that it is the victim of a deliberate attempt to cause harm, claiming that its companies tried to follow legal procedures but were misled by fraudulent actions. The complaint submitted to the police includes all relevant documentation and requests a thorough investigation into the forgery claims.
Family Dispute Over the 'Lodha' Brand
The conflict between the two companies is rooted in a family dispute. Abhinandan Lodha, who left Macrotech Developers in 2015, has argued that his companies were set up under a family settlement, which included an understanding not to use the 'Lodha' name independently in the real estate business. Despite this, Macrotech claims that HoABL is improperly exploiting the brand, which it maintains ownership of.
The dispute has led to legal battles over the rights to use the 'Lodha' name, with Macrotech seeking to stop HoABL from using the trademark in any of its real estate ventures. Macrotech alleges that the use of the name by HoABL infringes on the trademark agreement between the two entities.
What’s Next for HoABL and Macrotech Developers?
As the legal proceedings continue, the outcome of the police investigation and the ongoing court case will determine whether HoABL will be allowed to continue using the 'Lodha' name in its real estate developments. The situation highlights the complexities of family businesses and intellectual property rights, especially when disputes arise over the ownership and use of valuable brand names.
Both sides have expressed a desire to resolve the matter amicably, but the conflict over the use of the ‘Lodha’ name remains unresolved, with each party firmly standing by its legal claims. As the case progresses, it is expected that further developments will shape the future of the brand and its use in the real estate market.
In conclusion, the dispute between HoABL and Macrotech Developers over the 'Lodha' brand name is far from over, with both companies seeking to protect their interests. The police investigation into the forgery allegations will likely play a crucial role in determining the next steps in this high-profile family and corporate legal battle.
Several important financial and tax changes will come into effect from April 1, 2025, impacting taxpayers, UPI users, credit card holders, investors, and those engaging with financial institutions. These changes stem from the Union Budget 2025 and regulatory updates from bodies such as SEBI, RBI, and NPCI.
The most notable tax reform includes new income tax slabs and exemptions. The new tax regime will ensure that no tax is levied on income up to Rs. 12 lakh annually, with salaried individuals benefiting from a standard deduction of Rs. 75,000, making income up to Rs. 12.75 lakh tax-free under the revised system. These changes are aimed at reducing the tax burden for middle-income earners.
The National Payments Corporation of India (NPCI) has announced that UPI accounts linked to mobile numbers that have been inactive for extended periods will be deactivated starting April 1, 2025. This initiative is aimed at improving security and reducing the risk of dormant account misuse. Users need to ensure their UPI-linked mobile numbers are active and updated to avoid account deactivation.
Several banks, including SBI and Axis Bank, will revise their credit card reward structures. For example, SBI credit cardholders, such as those using the SimplyCLICK or Air India SBI Platinum cards, will see changes in their rewards programs. Additionally, Axis Bank is adjusting the benefits of its Vistara credit card due to the merger of Air India and Vistara, which will affect travel-related perks.
A new Unified Pension Scheme (UPS) will come into effect for central government employees with at least 25 years of service. The UPS will provide a pension equal to 50% of the average basic salary from the last 12 months of service, offering financial security post-retirement.
The Goods and Services Tax (GST) system will implement mandatory Multi-Factor Authentication (MFA) for accessing the GST portal from April 1, 2025. This will enhance the portal’s security and minimize fraud. Additionally, E-Way Bills (EWB) will only be generated for documents that are no older than 180 days.
Hotels with room tariffs exceeding Rs. 7,500 per day will now be classified as "Specified Premises." Restaurant services within such hotels will attract 18% GST but will be eligible for input tax credit, providing relief to businesses in the hospitality sector.
Several banks, including SBI and Punjab National Bank, have updated their minimum balance requirements. Customers must ensure they maintain the minimum balance in their savings accounts to avoid penalties starting from April 1.
To combat cheque fraud, the Positive Pay System will be introduced for cheque payments exceeding Rs. 50,000. Under this system, account holders must electronically provide cheque details to the bank, which will then verify the information before processing the payment.
From April 1, 2025, KYC (Know Your Customer) will become mandatory for mutual fund and demat accounts. This includes re-verification of nominee details. Investors should ensure their KYC details are up to date to avoid disruptions in their accounts.
Investors can now store their demat account holding statements and consolidated account statements (CAS) directly in DigiLocker from April 1. This initiative, introduced by SEBI, will simplify the management of investments and help prevent asset loss. In case of the investor's death, designated nominees will have view-only access to these documents.
The limits for home loans under Priority Sector Lending (PSL) will be revised. From April 1, loans of up to Rs. 50 lakh will be available in metro cities, Rs. 45 lakh in Tier-2 cities, and Rs. 35 lakh in smaller cities, aiming to promote affordable housing.
The TDS (Tax Deducted at Source) limit for senior citizens on interest income has been raised to Rs. 1 lakh, reducing the tax burden for senior citizens and offering more exemptions.
The Tax Collected at Source (TCS) limit for foreign travel and investment transactions has been increased from Rs. 7 lakh to Rs. 10 lakh. This change, effective from April 1, aims to ease the financial burden on individuals making high-value international transactions.
Starting April 1, individuals who fail to link their PAN with Aadhaar by March 31 will face restrictions on receiving dividend income. Additionally, TDS will increase, and no credit will be reflected in Form 26AS. Taxpayers must ensure their PAN-Aadhaar linkage is completed to avoid penalties.
SEBI has introduced new regulations for the deployment of funds raised through new fund offers (NFOs). Asset Management Companies (AMCs) must deploy these funds within 30 business days, and failure to do so will require investors to be allowed to exit without penalties.
The new TCS rules will apply to high-value transactions, including foreign travel and large investments, with the threshold raised to Rs. 10 lakh, starting April 1.
The Bombay High Court has ordered the immediate demolition of an illegal construction in Ulhasnagar, Mumbai, and blamed the Ulhasnagar Municipal Corporation (UMC) and local police authorities for their failure to take timely action. Justices Ajay Gadkari and Kamal Khata stated that such illegal constructions cannot be tolerated and warned that without severe deterrence, there would be a risk of anarchy in urban development.
The case stems from a petition filed by Neetu Makhija, a resident of the barracks at Bewas Chowk in Ulhasnagar, where heavy leakage from a neighboring illegal construction was affecting her residence. Makhija, who lives in a six-room barrack, complained that some of her rooms were demolished and replaced with new construction by Manoj Panjwani of Mahagauri Builders & Developers. Despite Makhija’s repeated complaints, the UMC and police failed to take action, allowing the construction to continue.
Failure of Local Authorities
The court strongly criticized the UMC and the police for not acting on Makhija’s complaints, with her advocate claiming that Panjwani's political influence contributed to the lack of action from local authorities. The UMC’s advocate responded that they refrained from demolition after Panjwani claimed that he had applied for the regularization of the construction, a proposal received by the building and town planning department on January 7.
The court noted that the developer had started reconstruction without the necessary permissions and later attempted to regularize the construction after receiving a demolition notice from the UMC. The bench cited Supreme Court decisions, stating that such constructions, which are initiated without proper authorization, cannot be regularized.
Severe Deterrence and Responsibility
The judges emphasized that all parties involved in illegal construction should be held accountable. "Citizens cannot be permitted to regularize a thoroughly illegal construction," the court said, adding that the developer is equally responsible for the offense and cannot hide behind claims of having been contracted for the construction.
The court also called for the State government to consider legislation to address the issue of illegal constructions more effectively. "All concerned in illegal constructions should be held responsible and severe deterrence must be imposed to maintain law and order," the judges noted. They warned that without immediate action, planned development in the city would remain a distant dream and could lead to a state of anarchy.
A Step Toward Responsible Urban Development
The Bombay High Court’s order highlights the ongoing problem of illegal construction in urban areas and the failure of local authorities to enforce regulations effectively. The court’s stance underlines the importance of maintaining law and order in urban development, with the threat of anarchy looming if illegal practices are allowed to persist unchecked.
In conclusion, the court’s ruling is a significant step toward ensuring responsible urban development in Mumbai and other cities where illegal constructions continue to disrupt orderly growth. It sends a strong message to local authorities and developers alike, emphasizing the need for the timely enforcement of laws and the protection of citizens' rights in the face of unlawful activities.
A major investment fraud case has come to light as the Cuffe Parade police filed an FIR against seven directors of RA Associates, a real estate development company, for allegedly cheating around 70 investors out of 65 crore. The investors, including prominent businessman Rajesh Shah of Multiline Corporation, claim they were promised annual returns of 15% and a doubling of their principal investment upon the completion of a construction project. However, the company failed to deliver on its promises, prompting investors to approach the police.
The Fraudulent Scheme
According to the FIR, the Kothari brothers of RA Associates, including directors Ashok and Rajendra Kothari, convinced Rajesh Shah and others to invest large sums of money in 2015, assuring them lucrative returns. The investors were told they would receive a 15% annual return, and their principal amounts would be doubled once the construction project was completed. However, in September 2020, payments to the investors were abruptly stopped, and despite repeated inquiries, they received no response from the company.
In an attempt to resolve the issue, the Kothari brothers allegedly promised Shah and other investors that they would be allotted properties as settlement. On April 15, 2024, RA Associates sent a letter to Shah stating that 25,000 square feet of RERA-approved flats in a residential complex in Lalbaug would be allocated as part of the settlement. However, no formal agreement was executed, and no properties were delivered to the investors.
Legal Action and Investigation
The FIR was filed under the Maharashtra Protection of Interest of Depositors (MPID) Act, which is designed to protect investors and punish those involved in financial fraud. The Economic Offences Wing (EOW) of Mumbai Police has taken over the investigation, and the Kothari brothers have been charged with criminal breach of trust and cheating.
Rajendra Kothari, one of the accused directors, denied the allegations, attributing the case to "some misunderstanding" and claiming that the FIR was filed in haste. He stated that the company is in the process of resolving the issue with the complainants and that they had held two meetings in an attempt to settle the matter.
A Growing Concern in the Real Estate Sector
This case raises serious concerns about the transparency and accountability of real estate companies that promise high returns to investors. The investors who were lured by the promises of high returns and property allotments now find themselves in a legal battle, with their investments still unaccounted for.
The involvement of the Maharashtra Protection of Interest of Depositors (MPID) Act is significant, as it underscores the severity of the allegations and the growing need for stronger protections for investors in the real estate sector. With investigations underway, the case could have broader implications for real estate companies and investors across Mumbai.
The Mumbai Metropolitan Region Development Authority (MMRDA) has raised a total of Rs. 3,840 crore from the auction of three prime commercial plots in the Bandra-Kurla Complex (BKC), one of Mumbai’s most sought-after business districts. The auction, held on Friday, attracted strong bidding interest, with the highest bids coming from Japanese firm Sumitomo Corporation’s Indian arm, Goisu Realty Pvt Ltd, and a consortium led by Schloss Bangalore Ltd.
Bidding Highlights and Winners
Goisu Realty Pvt Ltd, the Indian arm of Sumitomo Corporation, emerged as the highest bidder for two plots—C-13 and C-19—offering Rs. 1,360.48 crore for Plot C-13 and Rs. 1,177.86 crore for Plot C-19. These bids reflect significant premiums over the respective reserve prices. For Plot C-13, Goisu Realty’s bid was 39.61% above the reserve price, translating to Rs. 4,80,945 per square meter of built-up area (BUA). Similarly, for Plot C-19, the bid came in at 40.20% above the reserve price, amounting to Rs. 4,82,992 per square meter of BUA.
The second-highest bid for both plots came from Bandra Kurla Office Asset Pvt Ltd, a subsidiary of Mapletree Investments Pte Ltd, which offered Rs. 3,45,000 per square metre, slightly above the reserve price.
Plot C-80 Secured by Schloss Bangalore Ltd Consortium
Plot C-80, another premium commercial plot, was secured by a consortium of Schloss Bangalore Ltd, Arliga Ecospace Business Parks, and Schloss Chanakya Pvt Ltd. The consortium offered Rs. 1,302.16 crore, a 12.34% premium over the reserve price of Rs. 1,159.16 crore. The quoted rate of Rs. 3,87,000 per square meter was the highest bid among all the plots.
Strong Demand for Commercial Space in BKC
The auction results highlight the continued strong demand for commercial real estate in BKC, a prime business district that houses some of Mumbai’s top corporate offices and financial institutions. The strong premiums, ranging from 12% to 40%, underscore the investor confidence in Mumbai’s commercial real estate market, particularly in BKC, which is known for its strategic location, modern infrastructure, and connectivity.
BKC has long been a key business hub for multinational companies, financial institutions, and technology firms. The successful auction not only demonstrates the appeal of commercial properties in this area but also reflects a bullish outlook on the city’s commercial real estate market despite broader economic challenges.
Implications for Mumbai’s Real Estate Market
The outcome of the auction is seen as a positive indicator for the overall health of Mumbai’s commercial real estate market. With commercial space in BKC consistently in high demand, the auction results suggest that investor confidence remains robust, particularly in the premium segments of the market.
The strong bidding also signals the potential for further growth in BKC as a major business district, with developers and investors keen to capitalize on the region’s limited availability of land. The MMRDA’s decision to lease out these plots for 80 years further emphasizes the long-term appeal of the area.
Adani Group has secured a prime 1.1-acre land parcel in South Mumbai’s prestigious Carmichael Road, located in the exclusive Malabar Hill area, for Rs. 170 crore. This acquisition, made through its subsidiary Mah-Hill Properties, is one of the rare large freehold plots available in the highly sought-after locality, making it a significant addition to the group’s real estate portfolio.
Prime Location with Unique Development Potential
The Carmichael Road area is known for its ultra-luxury residences and historic mansions, housing some of the most influential industrialists and business leaders in the country. The land parcel currently holds an old residential cottage spanning 2,760 square feet. Given its size and location, the site presents a valuable opportunity for high-end development, although it remains unclear whether the plot will be developed into a high-rise luxury building or a sprawling bungalow.
This acquisition is notable not only for its size but also for the scarcity of available large plots in this area, making it an attractive investment with breathtaking views of the Arabian Sea and proximity to key financial hubs, properties in this neighborhood command among the highest real estate prices in India, further underscoring the strategic value of this purchase.
Transaction and Legal Details
The deal, finalized on March 27, 2025, included a stamp duty payment of Rs. 10.46 crore. Before the transaction, the property had been involved in legal disputes, which were resolved through consent terms submitted and accepted by the court, clearing the path for the acquisition. Despite inquiries, the Adani Group has not responded to emails seeking clarification on the development plans for the site.
Carmichael Road: An Exclusive Address in South Mumbai
Carmichael Road, located in the affluent Malabar Hill area, is one of Mumbai’s most coveted and exclusive addresses. The locality is renowned for its luxury residences, some of which are historic mansions, offering panoramic views of the Arabian Sea and easy access to the city’s business districts. The area’s limited supply of real estate, combined with its unmatched location, drives high demand and real estate values, making it one of the most expensive in the country.
This acquisition aligns with Adani Group's strategy to expand its presence in South Mumbai's premium real estate market, which has long been a hub for high-net-worth individuals and influential corporate leaders.
The Future of the Acquisition
While the specific plans for the property have not yet been disclosed, the location’s exclusivity and potential for high-value development make it an attractive prospect for luxury residential projects. Whether Adani Group chooses to build a high-rise structure or a luxurious bungalow, the development is expected to set new benchmarks for high-end living in one of Mumbai’s most coveted locations.
In a significant development in the Rs. 122 crore embezzlement case involving New India Cooperative Bank, the magistrate's court in Mumbai has declared former bank chairman Hiren Bhanu and his wife, Gauri Bhanu, as proclaimed offenders. This ruling comes after the Bhanu couple fled the country just days before the scam was uncovered in February 2025. The court also authorized the police to attach 21 properties worth Rs. 167.85 crore, marking a pivotal action under the new criminal laws in Mumbai.
Background of the Case
The embezzlement case surfaced when a forensic audit revealed significant discrepancies in loan accounts, many of which were classified as Non-Performing Assets (NPAs). These accounts were allegedly sold to Omkara Assets Reconstruction Company (ARC) for far less than their actual value. In one instance, the bank sold an NPA worth Rs. 30 crore for just Rs. 2 to Rs. 3 crore, raising suspicions of fraudulent activity.
As part of the investigation, the Economic Offences Wing (EOW) of the Mumbai Police arrested several key individuals, including the bank's former general manager, Hitesh Mehta and ex-CEO, Abhimanyu Bhoan. However, Hiren and Gauri Bhanu fled the country before the scam was exposed, and despite efforts to locate them, they remain out of reach. As a result, the police initiated the process to declare them proclaimed offenders.
Attachment of Properties
The court’s approval to attach 21 properties linked to the accused represents a crucial step in the legal proceedings. The properties include a Rs. 150 crore Slum Rehabilitation Project in Charkop, Mumbai, which is being developed by one of the arrested accused, builder Dharmesh Paun. Additionally, the police have moved to seize multiple properties, including flats, shops, and bungalows belonging to the accused, totaling Rs. 167.85 crore in value.
This action is the first of its kind in Mumbai since the new criminal laws, particularly Section 107 of the Bharatiya Nagarik Suraksha Sanhita (BNSS), came into force. This section allows authorities to attach any property obtained directly or indirectly through criminal activity, significantly strengthening the state’s ability to recover assets related to crime.
Ongoing Investigation and Forensic Audit
In addition to the property attachment, the EOW is continuing its investigation into the case. A forensic audit has been initiated to assess the extent of the financial mismanagement and to identify other properties and assets involved in the scam. The EOW has also conducted polygraph and brain mapping tests on Hitesh Mehta, the former general manager, to gather further evidence regarding the fraudulent activities.
The police have issued a Blue Corner Notice for the Bhanu couple, signaling an ongoing international effort to locate them. While the exact location of the couple remains unclear, the authorities are actively pursuing leads to bring them back to face charges.
Implications of the Case
The case has highlighted significant gaps in the oversight and accountability mechanisms within financial institutions, especially cooperative banks. As the investigation continues, it may lead to further reforms in how banks handle loan transactions, particularly regarding NPAs and asset sales. Additionally, the attachment of criminal assets under the BNSS law represents a critical step in the fight against economic crimes, ensuring that perpetrators cannot retain ill-gotten gains.
For the city of Mumbai, this action underscores the judiciary's and law enforcement agencies' commitment to addressing economic crimes and holding individuals accountable, regardless of their stature. The case also serves as a reminder of the importance of vigilance and transparency in financial institutions, particularly in the banking and real estate sectors.