Disclaimer! Under Construction Projects - Powered by Mumbai Property Exchange - Maha RERA Registration Number - A51800043517
The Maharashtra Housing and Area Development Authority (MHADA) has reported a significant increase in actual receipts for the financial year 2024–25, reaching Rs. 11,334.51 crore, a 39.69% growth compared to Rs. 8,113.88 crore in FY24.
Of the total receipts, Rs. 5,000 crore was recorded under revenue receipts, including income from Floor Space Index (FSI) premiums, interest on investments, building permit fees, rent, and service charges. In addition, Rs. 1,700 crore came from capital receipts, which include revenue from the sale of houses via lotteries and special schemes for unsold commercial units. The Mumbai Slum Improvement Board contributed Rs. 2,200 crore from the district planning office.
MHADA had requested Rs. 3,400 crore from the state government, including Rs. 2,350 crore for various schemes and Rs. 1,050 crore for loan repayments. The state government provided Rs. 1,758.60 crore in financial assistance.
MHADA has also initiated the online application process for the allotment of tenements to eligible original tenants and residents or their legal heirs residing in transit camps. The deadline for submitting applications is May 20, 2025.
The Maharashtra Housing and Area Development Authority (MHADA) is set to make around 15 crore official documents available to the public, a move aimed at improving transparency and streamlining administrative processes. By providing public access to these documents, the reliance on Right to Information (RTI) applications will be reduced, making information more accessible and hassle-free.
The scanned documents will be uploaded on MHADA's official website, with sensitive and classified documents remaining protected. The process of making these documents available is expected to be completed within a week. Emphasised that this initiative will simplify interactions and improve public access to essential information.
In addition to this move, MHADA is advancing its digital transformation agenda, focusing on online grievance redressal platforms. To support citizens without digital access, especially in rural areas, dedicated staff have been appointed, and public grievance meetings (Janata Darbars) have been organised to address concerns directly.
Upcoming key events, such as the key distribution ceremony for beneficiaries, are scheduled for May 15 in BDD Chawl, Worli. He mentioned that MHADA is targeting the delivery of 6.5 lakh homes across the Mumbai Metropolitan Region, including redevelopment projects at various locations such as Motilal Nagar, GTB Nagar, Sindhi Society, and PMGP Jogeshwari, as well as seven cluster redevelopment projects at Prabhadevi.
Indian singer Rahul Vaidya and his family have sold two residential apartments in Samartha Aangan, Oshiwara, Mumbai, for a total of Rs. 5 crore. The first apartment, spanning 102.41 square meters (1,102.38 square feet), was sold for Rs. 3 crore. The transaction incurred a stamp duty payment of Rs. 18 lakh and registration charges of Rs. 30,000, according to documents reviewed by Square Yards. This apartment was originally purchased by Vaidya and his family in May 2008 for Rs. 1.01 crore.
The second apartment, with a built-up area of 69.05 square meters (743.28 square feet), was sold for Rs. 2 crore. The stamp duty on this transaction was Rs. 12 lakh, with registration charges of Rs. 30,000. The family had purchased this apartment in May 2008 for Rs. 68.3 lakh.
Both sales transactions were registered in April 2025.
In a rare outright transaction in South Mumbai's Fort area, Dawat-e-Hadiyah, a charitable trust of the Dawoodi Bohra community, has acquired the heritage building 'Killick House' for over Rs 72 crore. The property, located on Hornby Road, was bought from Nippon Investment and Finance Company, which was previously part of the Videocon Group and served as a promoter group entity for Videocon Industries.
Killick House, situated next to the Cathedral School, spans a quarter of an acre and includes a basement, ground floor, and three upper floors, with a total built-up area of 27,577 sq ft. The building is classified under Heritage Grade 1 by the Heritage Conservation Committee. The transaction was completed through four separate agreements, with the first two registered in March, and one each in January and February.
This acquisition follows a similar purchase by Dawat-e-Hadiyah in 2017, when it acquired Fort House, another iconic property in South Mumbai, from the Videocon Group for around Rs 300 crore. The trust's acquisition of Killick House is significant as it marks one of the rare occasions when an entire building in this prestigious micro-market has been sold. The Fort area, known for its Victorian Gothic architecture and historical structures, has not seen many such deals.
This deal highlights the growing interest in prime real estate in South Mumbai, particularly heritage properties, and marks another significant investment by Dawat-e-Hadiyah in the city's real estate landscape.
The Maharashtra State Consumer Disputes Redressal Commission has directed a builder to pay over Rs 12 lakh for delayed possession of flats, missing promised amenities, and causing mental harassment. The commission delivered the ruling following a complaint filed by homebuyers who faced significant delays in getting possession of their flats, along with the non-fulfilment of essential amenities that were promised at the time of booking.
The commission found the builder guilty of deficiency in service under the Consumer Protection Act, noting that the failure to deliver possession on time and provide the promised facilities created considerable inconvenience for the homebuyers.
As part of the order, the builder was instructed to provide the promised amenities, including water supply, electricity, parking, drainage, and other essential infrastructure, within three months. Additionally, the builder was directed to issue the completion certificate within the same time frame.
The commission also ordered compensation in the amount of Rs 5 lakh to two complainants and Rs 5 lakh to the third complainant, along with 9% annual interest from the date of the complaint (August 23, 2018) until full payment is made. Furthermore, the builder was directed to pay Rs 1.5 lakh as compensation for mental harassment and Rs 50,000 towards litigation expenses.
The ruling emphasises that builders must fulfil their commitments made at the time of the agreement and cannot ignore contractual obligations after collecting payment, highlighting the importance of timely delivery and provision of promised infrastructure.
In a significant move to tackle illegal construction, the Kalyan-Dombivli Municipal Corporation (KDMC) demolished the plinths of 167 unauthorised buildings in the Baneli area of Titwala. This action was carried out amid heavy security and faced opposition from local residents.
The civic body demolished not only the plinths of the 167 structures, which were in the early stages of construction, but also three fully completed illegal rooms. This action comes after KDMC faced criticism over the recent discovery of 65 illegal buildings where builders had used forged documents to obtain RERA certificates and sold flats to unsuspecting buyers.
Following this issue, KDMC has ramped up its efforts to address illegal constructions in the area, particularly in Titwala, where hundreds of unauthorised rooms have been dismantled before they could be fully constructed.
The demolition underscores KDMC's continued commitment to curbing illegal building activities and ensuring adherence to construction regulations.
In a landmark real estate transaction, Supreme Universal has sold a duplex apartment in its Supreme ArtHouse project on Carter Road, Bandra, Mumbai, for a staggering Rs. 174 crore. The 12,148 sq ft, two-floor, sea-facing apartment has been acquired by Sarvesh Singh, Executive Director of Alkem Laboratories.
This sale, marking the largest of its kind on the Bandra seafront, underscores the continued demand for luxury properties in Mumbai. The transaction attracted a stamp duty of Rs. 10.44 crore.
Mumbai is expected to register over 12,142 property transactions in April 2025, contributing more than Rs. 990 crore to the state's revenue. Although the overall property registrations are expected to rise by 4% year-on-year, stamp duty collections are projected to experience a slight 6% dip.
Residential properties continue to drive the market, with 80% of all registrations in April 2025 attributed to the housing segment. Additionally, properties priced above Rs. 2 crore now account for 25% of the total transactions, up from 22% in 2024, further highlighting the growing demand for premium real estate in the city.
Union Commerce and Industry Minister, Piyush Goyal, issued a firm warning on Sunday to builders and officials involved in delays and disruptions in redevelopment projects in Mumbai, stating that they will face severe consequences, including blacklisting and imprisonment. Goyal's remarks were made during the handover of new homes to 150 families under a Slum Rehabilitation Authority (SRA) scheme in the Kandivali suburb.
Goyal emphasised that true development goes beyond GDP figures; it lies in ensuring every citizen has a secure, permanent, and dignified home. He stressed that until every individual has access to such housing, the government's work remains unfinished.
While acknowledging the successful completion of the project at Kandivali, the minister highlighted that the government would not tolerate negligence, corruption, or delays in the SRA redevelopment process. "Builders who abandon projects, halt rent payments, or deliver substandard work will be blacklisted. In severe cases, they may face imprisonment. I also demand that action be taken against government officials who collude with such builders," Goyal stated.
The minister also underlined that beneficiaries of the redevelopment must have the right to choose their developer, free from political or administrative interference. He called for the SRA process to be transparent and fully accountable, ensuring fairness for all parties involved.
The Maharashtra Real Estate Regulatory Authority (MahaRera) has rolled out new guidelines to prioritise the hearing of complaints in exceptional circumstances, marking a shift from its usual practice of addressing cases based on the order of filing. This move, formalised via a circular earlier this month, aims to expedite relief for complainants facing extraordinary situations.
New Grounds for Fast-Tracking Complaints
The revised framework identifies seven specific scenarios where complaints will be fast-tracked, including cases where the complainant is suffering from a life-threatening illness, issues related to non-compliance with previous orders, or complaints seeking review of an existing MahaRera order. Additionally, complaints where higher courts have directed time-bound disposal or a fresh hearing will be prioritised.
Eligibility and Documentation Requirements
To request a priority hearing on health grounds, complainants must submit a certificate from a qualified doctor. Other cases must be supported by appropriate documentation justifying the urgency. Complaints that are mutually settled, withdrawn, or related to maintainability issues, as well as multiple petitions for the same project, are also eligible for prioritised hearings, with seniority given to the first petition.
Ensuring Fair and Transparent Hearings
MahaRera's circular emphasises a transparent and structured approach to ensure fairness while accommodating genuine urgent cases. The chairman of MahaRera has the discretion to decide whether a complaint qualifies for an expedited hearing.
These guidelines aim to balance administrative efficiency with sensitivity to the individual circumstances of complainants, ensuring that urgent cases receive prompt attention without disrupting the overall complaint resolution process.
The Maharashtra Housing and Area Development Authority (Mhada) has officially announced the opening of 114 layouts across Mumbai for redevelopment. This marks a significant step in addressing the city's growing housing demands, with Mhada set to collaborate with developers for large-scale housing projects. Mhada, one of Mumbai's largest landowners, controls approximately 2,000 hectares of land across the city, ranging from layouts spanning 10 acres to the largest ones covering up to 140 acres.
Cluster Redevelopment to Drive Growth
Highlighted that cluster redevelopment would be the key to achieving sustainable growth in Mumbai. Cluster redevelopment allows for the effective laying of civic infrastructure and the provision of much-needed amenities, thereby transforming old and dilapidated areas into thriving residential hubs. This move is expected to contribute significantly to the city’s housing stock, which has long faced shortages.
Key Redevelopment Projects
As part of this initiative, Mhada has already identified several high-priority layouts for redevelopment, including:
Motilal Nagar in Goregaon
Abhyudaya Nagar in Parel
Adarsh Nagar in Worli
Bandra Reclamation
GTB Nagar in Sion
Redevelopment projects in Prabhadevi, Mahim, and Dadar.
These areas, including clusters of cessed buildings, will be revitalised through the cluster redevelopment model, enabling coordinated development and infrastructure improvement.
Strategic Goal of 30 Lakh Housing Units by 2030
The state's broader vision for the future, under the "MMR as an Economic Growth Hub 2030 blueprint," aims to create 30 lakh new housing units in the region. Of this, Mhada plans to contribute 8 lakh units through redevelopment initiatives. In line with this vision, Mhada is also undertaking the task of slum redevelopment, with a goal of building 25,000 tenements.
Improving Transparency with GPS Mapping
To increase transparency and streamline the redevelopment process, Mhada will soon introduce GPS mapping of all layouts on its website, providing clear and detailed information on the progress of each redevelopment project. This will allow stakeholders, including developers and the public, to track the status of individual building redevelopments.
Focus on Affordable Housing
The redevelopment strategy emphasises the need for affordable housing, especially in brownfield locations. To achieve this, Mhada has proposed a reduction in development charges and premiums to bring down the overall costs of affordable housing units. Mhada aims to create housing solutions for middle-income and economically weaker sections of society by revamping older buildings and land parcels in the city.
Lessons Learned from Past Projects
Mhada’s earlier redevelopment attempts, such as the one at Patra Chawl, faced significant challenges due to delays and illegal land transactions. However, the successful redevelopment of Patra Chawl by Mhada has now set a positive precedent. Jaiswal affirmed that Mhada would not allow individual redevelopment within a layout once it has been chosen for cluster redevelopment, ensuring consistency and quality across projects.
Looking Ahead
As Mhada continues to drive forward its ambitious redevelopment agenda, the authority is also tackling the slum rehabilitation project, with ongoing efforts in areas like Malvani, which will redevelop 17,000 hutments. This initiative, combined with other redevelopment projects, will collectively generate 45,000 new tenements, helping alleviate Mumbai’s housing crisis.
With these significant efforts underway, Mhada is positioning itself as a central player in Mumbai’s housing landscape, ensuring that urban growth meets the demands of the city’s expanding population.
In a significant judgment for Maharashtra’s real estate sector, the Nagpur bench of the Bombay High Court has ruled in favour of Shrinivasa Realcon, striking down a GST demand issued by the tax authorities. The court held that the real estate developer was not liable for GST on the Transferable Development Rights (TDR) under the agreement in question, as no taxable transfer of development rights occurred.
The case involved a development agreement executed on April 7, 2022, between Shrinivasa Realcon and a landowner for constructing a residential complex on an 8,000 sq ft plot in Mouza Lendra. The agreement, worth Rs 7 crore and two flats, was challenged by the developer after receiving a GST show-cause notice on August 14, 2024, and a final GST order dated December 10, 2024.
Key Arguments and Court Ruling
The court noted that the project did not involve the transfer or purchase of TDR or Floor Space Index (FSI) from external sources. Instead, the construction was based solely on the existing FSI or any statutory increase. Senior counsel for the developer, Akshay Naik, argued that the provisions of Entry 5B under the GST notification did not apply to this case as there was no external transfer of TDR or FSI.
Key Highlights of the Ruling:
No Transfer of TDR or FSI: The court found that the agreement did not involve any taxable transfer of TDR, thus excluding it from the scope of GST.
GST Notification Clarified: Entry 5B of the GST notification, which deals with the taxation of services involving the transfer of TDR or FSI, was deemed inapplicable in this case. The court observed that the GST law does not define the term "transfer of development rights" and ruled that the developer’s use of existing FSI did not constitute a taxable transfer.
Legal Precedent on TDR: The court referred to Clause 11.2 of the Unified Development Control and Promotion Regulations, which outlines TDR as compensation granted by a planning authority, a condition that did not apply in this case.
Quashing of Orders: The bench quashed both the show-cause notice and the final order, emphasising that neither could be sustained based on the facts presented.
Implications for the Real Estate Sector
This ruling offers clarity on the taxability of TDR transactions and provides relief to developers involved in projects that do not involve external transfers of development rights. The decision is expected to have significant implications for developers and taxpayers in Maharashtra, as it clarifies the scope of GST applicability in development agreements.
The ruling also reinforces the importance of precise documentation in real estate transactions, especially concerning the definition and usage of TDR and FSI under the GST framework.
Conclusion
The Bombay High Court’s decision is a major victory for developers, providing much-needed clarity on the application of GST to development agreements involving TDR and FSI. By striking down the GST demand, the court has reinforced that only transactions involving an actual transfer of development rights are subject to GST, setting a precedent for future real estate projects.
Premium 2,400 sq ft 3 BHK apartments for rent in Lower Parel & Worli—ideal for bankers and MNC employees. Private terraces, smart-home, flexible leases.
Indiabulls Skyforest on Dr Anandrao Nair Marg delivers luxury 3 BHK apartments for rent in Lower Parel & Worli—spacious 2,400 sq ft turnkey residences with oversized private terraces offering uninterrupted Arabian Sea and Mumbai skyline views. Tailored for bankers, MNC employees and corporate executives, each home features smart-home automation, 24×7 security, high-speed elevators and landscaped sky gardens.
Unmatched connectivity via the Worli-Bandra Sea Link, quick access to BKC’s financial district and Phoenix Mall lifestyle precinct, plus flexible lease terms at ?2.5–3 Lakh/month with immediate possession make these executive rental apartments the top choice for professionals seeking premium housing in the Lower Parel–Worli zone.
We have a few flats on rent from 3.15 Lakhs onwards for a 3BHK with a utility room which can be used as a servant room, a study room or some storage space.
In a significant move to provide relief to tenants of old and dangerous buildings, the Maharashtra Housing and Area Development Authority (MHADA) has decided to reduce the ready reckoner (RR) charges for additional area allotted to eligible tenants. The new policy will charge tenants 100% of the RR rate, down from the previous 110%, for any additional area allotted beyond their residential units' original or permissible area.
This adjustment is expected to ease the financial burden on tenants of old cessed buildings, many of whom have long faced challenges with unsafe living conditions and slow-paced redevelopment.
Improved Benefits for Ground Floor Tenants
Jaiswal also announced that tenants living on the ground floors of old buildings, who were previously excluded from eligibility for redevelopment schemes, will now be added to the MBRRB’s master list and will receive the same benefits as other tenants. This move is intended to address the long-standing uncertainties faced by ground-floor tenants in buildings where only upper floors have been demolished.
The new policy is part of a broader effort by MHADA to provide better compensation and housing opportunities to residents of old cessed buildings. Jaiswal emphasised that the initiative would ensure more equitable treatment for all residents and provide much-needed relief to those who have been waiting for proper housing solutions.
Ongoing Surveys and New Lottery System
MHADA is currently conducting a biometric survey of transit camp residents to categorise them into three groups—A, B, and C—based on their eligibility and current living conditions. The residents in Category A, whose original buildings cannot be rebuilt, will be given preference when added to the master list.
Additionally, the CEO of MHADA has instructed that if the redevelopment of dangerous cessed buildings stalls, affected tenants should be given the option to be added to the master list for alternative housing. This includes tenants living in buildings acquired by MHADA after the issuance of a notice under Section 91(A).
A New Lottery for Redevelopment of Cessed Buildings
In another significant development, Jaiswal directed that a new lottery be conducted within the next six months to determine eligibility for permanent homes for 100 tenants or residents from old cessed buildings. This new lottery will be organised based on tenement sizes and will aim to address the backlog of cases where redevelopment has been delayed.
The December 2023 lottery had already been organised in five categories based on the size of the tenement, ranging from smaller units (300–316 sq ft) to larger ones (701–753 sq ft). The lottery was a key step in addressing the housing needs of residents in dilapidated and unsafe buildings.
MHADA’s decision to reduce RR charges for additional areas and provide more clarity and fairness in the redevelopment of old cessed buildings is a significant step towards resolving the housing crisis for Mumbai’s most vulnerable residents. With continued focus on improving compensation mechanisms and offering alternative housing options, the new policy promises to bring greater relief and a more equitable housing solution to those affected by Mumbai’s ageing housing stock.
Prestige Estates Projects Ltd's subsidiary, Prestige Hospitality Ventures Ltd (PHVL), has filed preliminary documents with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO) worth up to Rs. 2,700 crore. The IPO will include a combination of an offer for sale of up to Rs. 1,000 crore and a fresh issue of equity shares aggregating Rs. 1,700 crore.
Aiming for Stronger Growth in the Hospitality Sector
PHVL, which currently operates seven hotels, aims to use the funds raised from the IPO to strengthen its position in the hospitality sector. With this offering, PHVL will look to expand its portfolio and enhance its market reach, capitalising on the growing demand for hospitality services in India.
Details of the Offering
In a regulatory filing, Prestige Estates confirmed that the hospitality fundraising committee of the board had approved the participation in the offer for sale, which will account for Rs. 1,000 crore of the total Rs. 2,700 crore offering. The fresh equity issue, amounting to Rs. 1,700 crore, will provide PHVL with capital to invest in future growth and expansion plans.
Prestige Estates' Expanding Influence in Real Estate and Hospitality
Bengaluru-based Prestige Estates is one of India’s leading real estate developers, known for its extensive portfolio across housing, office spaces, retail, and hospitality. The company’s decision to tap the public equity markets through this IPO underscores its confidence in the growth potential of its hospitality arm, Prestige Hospitality Ventures.
The IPO filing marks a significant step towards enhancing the public profile and financial strength of PHVL, positioning it for long-term success in India's competitive hospitality sector. The offering is expected to attract significant investor interest, especially given the strong track record and brand equity of the Prestige Group.
The Rs. 2,700 crore IPO by Prestige Hospitality Ventures is a key development for the company’s growth strategy, with proceeds aimed at enhancing its hospitality portfolio. As PHVL looks to scale up its operations and improve its market position, this public offering will play a crucial role in achieving its expansion goals and further solidifying Prestige Estates’ leadership in the Indian real estate and hospitality market.