Top New Projects in Mumbai

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 emphasizes that builders must fulfill 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.

Maharashtra Chief Minister, Devendra Fadnavis, announced that the state government will soon acquire approximately 8,000 acres of land in Chhatrapati Sambhajinagar, Marathwada’s largest city, for the development of new industrial units. The announcement was made during an award ceremony hosted by the Chamber of Marathwada Industries and Agriculture (CMIA) on Sunday.

Fadnavis highlighted the growing demand for land in the region and stated, "Industries are positive about setting up operations here, and the government is moving ahead with acquiring this land to support industrial growth."

In addition to the land acquisition, the CM discussed significant infrastructure developments aimed at enhancing connectivity and alleviating congestion in the city. A ring road will be constructed to connect key industrial zones, while a long flyover is planned to reduce traffic bottlenecks. The government is also committed to securing funding for the flyover project and will provide viability gap funding for the city's exhibition center.

Fadnavis emphasized Chhatrapati Sambhajinagar's role in the electric vehicle (EV) sector, declaring it as becoming the "EV capital of the country." He also mentioned the government's efforts to ensure affordable power through a floating solar project at the Jayakwadi dam backwater.

The CM also discussed the government's strategy to tackle drought in the region, including plans to divert water from the Arabian Sea and flood-prone areas of Latur and Kolhapur to address water scarcity. Additionally, an access-controlled road will be developed to link the Samruddhi Expressway to the upcoming Vadhvan Port, reducing travel time from Chhatrapati Sambhajinagar to the port to 6-8 hours. This will also facilitate the development of the Vadhvan Port, envisioned as one of the world’s top ten ports.

Arpit Save, president of CMIA, highlighted the association’s efforts to bring more anchor projects to the land that will be acquired in the DMIC node of Bidkin, further boosting the region's industrial prospects.

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.

Conclusion

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.

Conclusion

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.

Maharashtra Chief Minister Devendra Fadnavis, along with Deputy Chief Ministers Eknath Shinde and Ajit Pawar, inaugurated the online Transferable Development Rights (TDR) exchange in Mumbai. The new ‘e-TDR System’ aims to enhance the effective implementation of the city’s Development Plan by providing landowners with easy access to clear information regarding the purchase and sale of TDR.

Transforming TDR Transactions

The newly launched TDR marketplace will facilitate the buying and selling of TDRs, which are used to enable developers to build beyond the permissible Floor Space Index (FSI) in specific areas. It will also manage all financial transactions via a nodal bank, which will be the State Bank of India (SBI). In a significant step towards modernization, all Development Rights Certificates (DRC) will be dematerialized and maintained electronically, enhancing the efficiency of the system.

This digital transformation is expected to increase the volume of transactions, making the TDR market more accessible and efficient. The initiative will also allow individual citizens to purchase TDR as an investment, creating new opportunities for market participation.

Aims for Greater Transparency

The creation of the online marketplace is anticipated to bring much-needed transparency to the TDR sale process. Previously, landowners or developers often had to rely on brokers for the sale of TDR. Under the new system, individual societies or flat owners will now be able to purchase small amounts of DRCs directly for regularization or extension purposes.

TDR plays a crucial role in urban development, especially in densely populated cities like Mumbai, where it allows developers to build above the FSI limit, subject to certain restrictions based on location. The new online platform will make these transactions simpler, more transparent, and accessible to a larger number of people.

A Game Changer for Urban Development

This initiative by the Maharashtra government is expected to be a game changer for Mumbai’s urban development, as it provides a more systematic and transparent process for acquiring and trading TDR. It also aligns with the state’s goal to streamline urban development and enable more inclusive participation in the real estate market.

As the TDR exchange begins operations, the government is hopeful that it will enhance the city’s infrastructure development by ensuring that land acquisition processes are smoother and faster. The move marks a significant step in the modernization of real estate transactions and urban planning in Maharashtra.

Aurum PropTech Ltd has posted a consolidated net loss of Rs. 33.37 crore for the fiscal year 2024-25, a significant improvement from the Rs. 55.75 crore loss in the previous year. Despite this loss, the company's total income rose to Rs. 284.98 crore, up from Rs. 233.07 crore in FY24.

Growth in Total Income and Higher Expenses

The increase in total income was driven largely by the rental segment, which contributed 60% of the company's total revenue. The rise in revenue, however, was offset by an increase in total expenses, which climbed to Rs. 329.45 crore, compared to Rs. 309.43 crore in the previous year. The company attributed the higher expenses to various operational costs associated with its diversified business model.

Business Operations and Strategy

Aurum PropTech operates several key businesses, including NestAway Technologies, a rental marketplace that helps property owners find tenants and manage properties. It also owns Aurum Analytica, a data analytics company focused on helping real estate developers identify potential buyers. Additionally, Aurum PropTech runs Sell.do, a sales automation and digital transformation company for the real estate sector.

Focus on Profitable Growth

Despite the reported net loss, the company emphasised's focus on achieving profitable growth. The company is focusing on profitable growth, delivering a consistent performance over the past four years. Since its inception in April 2021, Aurum PropTech has become a significant player in the proptech space, offering an integrated suite of technology solutions across 15 cities in India.

The company currently has an employee base of more than 650 people and continues to expand its footprint in the rapidly growing proptech sector.

Outlook and Conclusion

While Aurum PropTech faced challenges in FY25, the company remains optimistic about its future growth prospects. The improved performance compared to the previous year, despite the loss, signals its potential to scale and innovate further in the proptech market. The company's focus on integrated technology solutions for the real estate sector could drive long-term success as it expands its reach and enhances its offerings.

In a bid to address concerns about fraudulent practices in the real estate sector, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has decided to initiate a detailed verification of Occupation Certificates (OCs) for lapsed real estate projects. The move comes after complaints surfaced regarding forged land records and fabricated documents being used to secure regulatory approvals.

MahaRERA had earlier served notices to developers of lapsed projects, seeking confirmation of their completion. So far, 3,699 developers have responded, claiming that their projects are finished. However, given the issues with fraudulent documents in the past, MahaRERA has now taken the step to verify the legitimacy of the OC submitted by these developers.

Verification Process: Ensuring Authenticity

An Occupation Certificate (OC) is a crucial document issued by the local municipal or planning authority, certifying that a building has been constructed according to approved plans and is safe for occupation. As part of its verification process, MahaRERA has sent project details to the relevant planning authorities, requesting them to confirm whether the OCs provided by developers are genuinely issued by the respective authorities.

Authorities have been given a deadline of 10 days to respond. If there is no response within the stipulated period, MahaRERA will assume the authenticity of the OCs and mark the projects as completed. However, the regulator has warned that any discrepancies found later will place the full risk and responsibility on the concerned planning authority.

A Step to Strengthen Regulatory Framework

The ongoing investigation comes after past incidents of fraudulent practices in the state, including a major real estate scam in the Kalyan-Dombivli region, where developers used forged documents to secure approvals. These illegal constructions have led to demolitions and the displacement of several residents.

In Maharashtra, registration with MahaRERA is mandatory for all housing projects, and developers are only allowed to sell homes once their projects are registered in compliance with the relevant regulations. Developers are required to submit quarterly progress reports and annual audit reports during construction, and the project can only be deemed completed after the OC is issued by the planning authority and uploaded to MahaRERA's portal.

Improving Transparency and Accountability

This move by MahaRERA is expected to strengthen the regulatory framework, enhancing the credibility of the real estate industry and fostering greater transparency. The verification of OCs will hold developers accountable and provide homebuyers with greater confidence in the legitimacy of their investments.

By addressing fraudulent activities and enforcing strict compliance with regulations, MahaRERA aims to ensure that the housing market in Maharashtra is fair, transparent, and secure for both developers and homebuyers.

Conclusion

MahaRERA's decision to verify OCs for lapsed projects represents a critical step in curbing fraud and promoting transparency within Maharashtra’s real estate sector. The initiative is expected to foster a more trustworthy environment, benefiting homeowners, developers, and the broader housing market.