Top New Projects in Mumbai

Raymond, through its fully-owned subsidiary Ten X Realty East, has signed a joint development agreement for a residential project in Wadala, Mumbai. This ambitious project, which is expected to have a gross development value (GDV) of approximately Rs. 5,000 crore, will be the company’s first in Wadala and the sixth joint development venture outside of its ongoing projects in Thane.

Expanding the Real Estate Portfolio

With the addition of this high-value project in Wadala, Raymond’s total GDV across its real estate developments will increase to nearly Rs. 40,000 crore. The company has steadily expanded its presence in the real estate sector, with a focus on premium residential projects. The Wadala project will further solidify Raymond’s position in the competitive Mumbai real estate market, which is known for its prime locations and high demand for quality residential spaces.

Wadala, located in Mumbai’s central region, has become an attractive destination for developers due to its proximity to major commercial hubs and excellent connectivity. The area is also witnessing significant infrastructure development, making it a prime location for residential projects. Raymond’s entry into Wadala underscores the company’s confidence in the area’s growth potential.

Strategic Growth in Real Estate

This project is part of Raymond’s broader strategy to diversify its business and expand its footprint in real estate. The company’s real estate division has already seen success in Thane, and the Wadala venture marks a key step in broadening its geographic reach within Mumbai. As Raymond continues to invest in high-potential markets, the GDV of its real estate projects is poised to grow further, positioning the company as a prominent player in the sector.

Implications for the Mumbai Real Estate Market

The development of this project in Wadala comes at a time when Mumbai’s real estate market continues to attract both local and international investors. The city’s demand for premium housing remains strong, driven by increasing urbanization, infrastructure improvements, and a thriving job market. Raymond’s project, with its substantial GDV, is expected to contribute to the ongoing transformation of Wadala into a key residential hub.

As Mumbai’s real estate market evolves, the entry of established players like Raymond into new locations is a testament to the city’s potential for growth and investment. The Wadala project is set to enhance the availability of high-quality residential units, catering to the growing demand for luxury housing in the city.

In a landmark achievement, the Navi Mumbai Municipal Corporation (NMMC) has collected more than Rs 800 crore in property taxes for the fiscal year 2024-25, setting a new record in the city’s history. This marks the first time in its 30-year existence that NMMC has crossed the Rs 800 crore threshold, reflecting both the city’s growth and improved tax compliance.

Growth in Property Tax Collections

While the Rs 826.1 crore in property tax collections is a significant milestone for NMMC, the civic body fell short of its Rs 900 crore target for FY25. Last year, in FY24, NMMC collected Rs 666 crore, slightly missing its target of Rs 801 crore. Despite the shortfall, the 2024-25 figures show a substantial increase in tax revenue, demonstrating a steady improvement in the city’s financial health.

Navi Mumbai, with a total of 3,46,301 property holders, saw 3,13,197 property owners settle their dues by the end of FY25. This high compliance rate has been crucial in helping NMMC achieve its best-ever collection, underscoring the effectiveness of its tax collection measures and public outreach.

Amnesty Scheme Boosts Collection

A key factor in the surge in collections was the introduction of an amnesty scheme from March 10 to March 31, 2025. The scheme offered a 50% reduction in late payment penalties, which contributed Rs 20.97 crore to the total property tax revenue. This initiative encouraged many property owners who had outstanding dues to clear their payments and benefit from the penalty reduction.

Challenges and Future Outlook

Although NMMC missed its target by Rs 73.9 crore, the significant improvement in property tax collections is a positive sign for the city’s fiscal future. With continuous urban development and an expanding population, property taxes remain a crucial revenue stream for the municipal corporation.

Looking ahead, NMMC is expected to continue strengthening its tax collection strategies, focusing on further enhancing compliance rates and encouraging timely payments. The success of the amnesty scheme, along with growing awareness among residents about the importance of paying taxes, bodes well for future collections.

Impact on Navi Mumbai’s Development

The revenue from property taxes plays a vital role in funding the city’s developmental initiatives. NMMC’s ability to generate such substantial tax revenue is expected to directly support ongoing and future infrastructure projects, including roadways, public amenities, and sanitation services. As Navi Mumbai continues to grow into a key business and residential hub in the Mumbai Metropolitan Region (MMR), the city’s improved financial health will be crucial in ensuring its continued development and quality of life for residents.

India's office market is experiencing exceptional growth, with leasing activity in the top eight cities rising by 74% in the January- March 2025 quarter. The gross leasing of office space reached an all-time high of 282 lakh square feet during Q4 FY25, driven by strong demand from global capability centres (GCCs), the BFSI (banking, financial services, and insurance) sector, technology firms, and data center businesses.

Bengaluru Leads Growth in Office Leasing

Among the eight major cities, Bengaluru saw the most dramatic increase, with office space leasing more than tripling to 127 lakh square feet during the January- March 2025 period, compared to 35 lakh square feet in the same quarter the previous year. Notably, 58% of the office space leased in Bengaluru was accounted for by pre-commitments, indicating strong confidence from businesses in the city’s commercial real estate market.

This surge in leasing activity underscores Bengaluru's position as a key hub for GCCs, which are driving much of the demand for office spaces in India. With a thriving tech ecosystem, Bengaluru continues to attract global businesses looking to establish or expand their operations in India.

Other Cities Experience Significant Growth

In addition to Bengaluru, other major cities also recorded strong growth in office leasing. Hyderabad saw a 31% rise in leasing activity, reaching 40 lakh square feet, up from 30 lakh square feet in the previous year. Pune experienced an impressive 91% increase in demand, with office space leasing jumping from 19 lakh square feet to 37 lakh square feet.

Mumbai also saw a solid 24% increase in office leasing, with 35 lakh square feet transacted, compared to 28 lakh square feet in the same period last year. Chennai experienced a 56% increase in leasing, with 18 lakh square feet of office space leased, up from 12 lakh square feet.

Challenges for Delhi-NCR, Ahmedabad, and Kolkata

Despite the overall growth in India’s office leasing market, some cities faced a decline in demand. Delhi-NCR saw a notable 33% drop in leasing activity, with only 21 lakh square feet leased, compared to 31 lakh square feet in the same quarter of 2024. Similarly, Ahmedabad’s office leasing dropped 54%, from 5 lakh square feet to just 2.2 lakh square feet, while Kolkata witnessed a 16% decrease, with leasing falling to 1.6 lakh square feet from 2 lakh square feet in the previous year.

The decline in Delhi-NCR’s office leasing is particularly noteworthy, as the region has historically been one of the largest office markets in India. This drop could be attributed to a variety of factors, including economic uncertainty and shifting demand for office space in other cities.

GCCs Drive Leasing Activity

The demand for office space in India is increasingly being driven by global capability centres (GCCs), which accounted for a substantial 124 lakh square feet of leasing in the January- March 2025 period, compared to 50 lakh square feet in the same quarter last year. GCCs, often established by multinational companies to manage operations in India and the surrounding region, continue to drive demand for high-quality office spaces.

As businesses scale and adapt to new work styles, the demand for well-connected, amenity-laden office spaces continues to grow, further cementing India’s position as a global hub for enterprise, technology, and innovation.

Outlook for India’s Office Market

The growth in office space leasing in India highlights the country’s continued appeal as a long-term investment destination, especially for global firms looking to establish or expand their presence in Asia. As demand from GCCs, tech firms, and other sectors continues to rise, India’s office market is poised for continued growth in the coming quarters.

The Brihanmumbai Municipal Corporation (BMC) is considering a property tax hike of 12.5-13% as part of its planned five-year revision. This would be the first property tax increase since 2015-16, following a significant delay caused by the pandemic, political upheavals, and elections in recent years. The proposed hike comes as the civic body celebrates its highest-ever property tax collection of Rs 6,198.05 crore for the fiscal year 2024-25, just short of its target of Rs 6,200 crore.

Impact of the Proposed Tax Revision

Property tax in Mumbai is one of the most important sources of revenue for the BMC, and the city’s growing infrastructure needs make periodic revisions a necessity. The last planned revision in 2020 was delayed due to the pandemic and political disruptions, including state elections in 2022 and the upcoming Lok Sabha and assembly elections in 2024. However, with the completion of a five-year cycle approaching in 2025, the BMC is now preparing to move forward with the tax adjustment.

The proposed 12.5-13% hike is expected to be discussed in an upcoming meeting before being submitted to the state government for final approval. There is also the possibility that the revised property taxes could be linked to the newly updated ready reckoner rates, a decision which will be finalized at a later stage. Recently, the Maharashtra government increased the ready reckoner rates by 3.39% in Mumbai, which could further impact property values and taxes.

Record Property Tax Collection in FY 2024-25

As a sign of increasing property values and improved compliance, BMC recorded its highest-ever property tax collection for the fiscal year 2024-25. Despite falling just short of its target, the Rs 6,198.05 crore collected marks a significant increase from previous years. Additionally, Rs 178.39 crore was collected, indicating strong enforcement efforts against tax defaulters.

The record collection underscores the BMC’s ongoing efforts to enhance tax compliance and streamline the payment process. Several initiatives, including awareness campaigns and better accessibility for tax payments, have been credited for the improved performance. The BMC’s successful collection drive in FY 2024-25 highlights the civic body's ability to generate substantial revenue, even in challenging times.

Top Performing Wards in Property Tax Collection

The city’s performance in property tax collection varied across different wards, with several areas contributing significantly to the overall revenue. G-South ward (Worli) led the way with Rs 624.50 crore in property tax collection, followed closely by K-East (Andheri East) with Rs 568.56 crore and H-East (Bandra East) with Rs 526.64 crore. K-West (Andheri West) also contributed Rs 505 crore to the total.

In total, the Island city generated Rs 1,933.26 crore in property tax, with the D ward (Rs 273.46 crore) and G-South (Worli) being the top contributors. Meanwhile, the western suburbs contributed Rs 3,038.49 crore, with K-East, K-West, and H-East accounting for the highest collections in the region. The eastern suburbs raised Rs 1,218.79 crore, with significant contributions from the S (Rs 330.80 crore) and L (Rs 260.62 crore) wards.

Efforts to Boost Property Tax Compliance

The BMC’s success in achieving its record property tax collection can be attributed to its comprehensive efforts to improve compliance. Several measures, such as digital payment options, mobile apps, and public outreach campaigns, have made it easier for residents and businesses to pay their taxes on time. The BMC’s effective communication, including reminders via SMS and social media, as well as targeted campaigns in high-value areas, have helped reduce the number of defaulters.

Additionally, the BMC has implemented a more efficient system for processing tax payments and resolving disputes, which has contributed to the increase in revenue. These efforts are expected to continue as the civic body aims to maintain a high level of compliance in future years.

What This Means for Mumbai’s Property Market and Residents

For residents and property owners in Mumbai, the potential property tax hike represents an added financial burden, but it is also indicative of the city’s ongoing efforts to maintain and improve infrastructure. As property values continue to rise and new developments emerge, the BMC’s tax revenue will play a critical role in supporting the city’s growing infrastructure needs.

The revision of property taxes, if approved, will likely have a ripple effect on the local property market, potentially influencing property values and rental rates in the short to medium term. However, given Mumbai’s robust real estate market, the hike in taxes may not significantly dampen demand, especially in high-value areas where property prices have seen steady growth.

Runwal Enterprises, a prominent real estate developer based in Mumbai, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs. 1,000 crore through an initial public offering (IPO). The offering will consist of a fresh issue of equity shares, with no offer-for-sale component. The company may also consider a pre-IPO placement of securities, totaling up to Rs. 200 crore, which would not exceed 20% of the size of the fresh issue, thereby potentially reducing the size of the fresh issue.

IPO Structure and Use of Proceeds

The IPO will be conducted through the book-building process, and the company has outlined specific allocation plans for different types of investors. At least 75% of the net issue will be reserved for qualified institutional buyers (QIBs), while non-institutional bidders will be allocated no more than 15% of the offer. The remaining 10% will be set aside for retail individual bidders.

The fresh issue proceeds will be primarily used for the following purposes:

• Rs. 200 crore for the repayment or prepayment of outstanding borrowings.

• Rs. 450 crore for investment in key subsidiaries, including Susneh Infrapark, Runwal Residency, and Evie Real Estate, as well as for repayment of their borrowings.

• Funds will also be allocated for acquiring new real estate projects and for general corporate purposes.

Financial Performance and Growth

Runwal Enterprises has demonstrated strong growth in its financials. The company’s restated consolidated revenue from operations surged by 188.55%, rising from Rs. 229.49 crore in FY23 to Rs. 662.19 crore in FY24. In a significant turnaround, the company moved from a loss in FY23 to a profit of Rs. 107.28 crore in FY24. For the six months ending September 30, 2024, the company reported a revenue of Rs. 270.52 crore and a profit after tax of Rs. 25.53 crore.

The company’s residential portfolio is expansive, with a total developable area of approximately 48.71 million square feet. This growth is expected to continue as Runwal focuses on both expanding its project pipeline and solidifying its position in the real estate sector.

Strategic Investments and Market Outlook

Runwal Enterprises is focused on expanding its operations through investments in high-potential real estate developments. The fresh capital raised from the IPO will enable the company to further grow its business and meet its expansion goals. The strategic investments in its subsidiaries and acquisition of future projects will enhance its position in the competitive Mumbai real estate market.

Role of Book-Running Lead Managers

ICICI Securities and Jefferies India are acting as the book-running lead managers for the IPO, while MUFG Intime India will serve as the registrar for the offer. These firms will help manage the offering process and ensure that the IPO meets market requirements and investor expectations.

What This Means for Investors

For potential investors, the IPO presents an opportunity to tap into one of Mumbai’s leading real estate developers, with a focus on residential developments across key areas. Runwal Enterprises has a proven track record of strong revenue growth and profitability, making it an attractive option for those looking to invest in the burgeoning real estate sector.

In conclusion, the Rs. 1,000 crore IPO by Runwal Enterprises represents a significant milestone for the company as it seeks to expand its operations and strengthen its position in the competitive Mumbai real estate market. The strategic use of IPO proceeds will help the company streamline its operations and fund future growth, positioning it for long-term success.

In a new development in the ongoing family dispute, Macrotech Developers, the real estate giant led by Abhishek Lodha, has accused his younger brother Abhinandan Lodha’s firm, House of Abhinandan Lodha (HoABL), of fabricating documents to misuse the company’s brand name and registered trademarks.

Allegations of Fabricated Documents and Misuse of the Lodha Brand

Macrotech Developers has alleged that HoABL used forged board resolutions to falsely claim approval from Macrotech for the use of the company’s trademarked brand name. According to Macrotech, these fabricated documents were submitted to government authorities to facilitate changes in the corporate names of at least two HoABL entities, with both now incorporating the "Lodha" name. These actions, Macrotech claims, were carried out to boost HoABL’s business activities under the guise of a reputable brand.

Macrotech has gone further to accuse HoABL of using forged signatures, particularly pointing to a purported resolution that bore the signature of one of Macrotech's independent directors. Investigations reportedly revealed that the director’s PAN card had been tampered with, including a fake signature and photograph, further fueling the fraud allegations. Macrotech's board met on Wednesday to address these concerns and issued a statement taking "serious cognizance" of the matter.

Steps Taken by Macrotech Developers

To handle the situation, Macrotech has formed a special committee to look into the matter and take appropriate legal action. Interestingly, Abhishek Lodha has requested not to be part of this panel, possibly due to the personal nature of the dispute. Macrotech’s management is taking the issue seriously, with the company indicating that it is prepared to pursue legal remedies to safeguard its brand and trademarks.

HoABL Denies Allegations and Promises a Detailed Response

In response to the allegations, the House of Abhinandan Lodha has denied any wrongdoing. HoABL issued a statement strongly rejecting the accusations of forgery and fraud. The company said it is conducting an internal review of the situation and will provide a detailed response once the investigation is complete. A spokesperson for Lodha Ventures, the parent company of HoABL, emphasized that the company is fully committed to transparency and is taking steps to address the matter thoroughly.

The Family Feud: Court Mediation and Public Appeals

This legal battle over the use of the "Lodha" brand name is not the first in what has become a public family dispute. In the past, Abhishek Lodha had sought legal intervention, dragging his younger brother Abhinandan to the Bombay High Court to resolve the matter. The court, in an effort to settle the disagreement, had appointed a retired justice to mediate between the siblings.

In an emotional plea, their mother also intervened earlier this year, asking both brothers to settle their differences. The appeal came after consulting their father, Mangal Prabhat Lodha, a prominent BJP politician and Maharashtra minister, who expressed his desire for peace within the family.

Macrotech Developers and HoABL: Two Separate Business Entities

Macrotech Developers, one of India’s largest real estate companies, operates under the renowned “Lodha” brand, a name synonymous with luxury properties and residential developments. On the other hand, HoABL, run by Abhinandan Lodha, focuses on the development of residential plots in key cities across the country. Despite the apparent business rivalry, the family feud over the brand name has cast a shadow over their professional endeavors.

Macrotech has been listed on the Bombay Stock Exchange (BSE) and continues to be a major player in India’s real estate sector. Following the news of the allegations, Macrotech’s stock rose by 5.28%, closing at Rs 1,218.8 per share, outperforming the market’s average gain of 0.78%.

What This Means for the Lodha Brand

The ongoing legal and public dispute raises serious questions about the future of the "Lodha" brand, which has been a symbol of luxury real estate in India. The resolution of this case will likely have significant implications not only for the Lodha family but also for the branding strategies of both Macrotech Developers and the House of Abhinandan Lodha. Investors, stakeholders, and industry professionals will be closely watching the legal proceedings and the potential impact on the market position of both firms.

In a remarkable achievement, the Thane Municipal Corporation (TMC) has successfully collected Rs 810 crore in property tax for the fiscal year 2024-25, reaching 95% of its target. This represents a significant increase of Rs 108 crore from the Rs 702 crore collected in the previous fiscal year (2023-24). The success is largely attributed to improved administrative efforts, enhanced digital payment options, and efficient tax collection strategies.

Growth in Property Tax Collection

The increase in Thane's property tax collection reflects the city’s growing tax base and improved administrative efforts. The civic body had set a target of Rs 850 crore for the year, and with a collection of Rs 810 crore, it has made substantial progress. This boost in revenue is crucial for the city’s infrastructure and public service projects, contributing to urban development and better civic amenities.

The city administration has focused on making property tax payments as convenient as possible. A wide range of digital payment options, including online links, direct debit, and payment via credit and debit cards, ensured that residents had multiple easy channels to settle their dues. Moreover, the addition of ATMs and 21 physical collection centres, including special mobile van camps set up in housing societies, made it even easier for people to pay their taxes.

Digital Payment Options and Strategic Collection Efforts

Thane’s efforts to raise public awareness through SMS reminders, auto-rickshaw campaigns, and social media also played a significant role. These campaigns kept residents informed about their tax obligations and deadlines, which contributed to higher compliance rates.

To further ensure timely collection, the civic body took stringent action against defaulters, including issuing warrants, property seizures, and service interruptions. These measures acted as a deterrent to those who had not yet paid their taxes. The proactive stance helped TMC avoid delays and ensured that tax targets were met within the fiscal year.

Majiwada-Manpada Ward Leads Tax Collection

Among the various administrative wards in Thane, Majiwada-Manpada stood out as the highest contributor to property tax collection. The ward successfully generated Rs 246.14 crore in tax revenue, topping the city’s list. This high figure is a testament to the growing commercial and residential development in the area, as well as the civic body’s focused collection efforts in this region.

Impact on Thane’s Development

The significant property tax revenue collected by TMC will directly impact the city’s development initiatives, particularly in infrastructure upgrades, sanitation services, and improving urban living standards. As Thane continues to expand, this influx of funds is critical for ensuring that the city can handle the needs of its growing population and contribute to making it one of the most prosperous regions in the Mumbai Metropolitan Region (MMR).

What This Means for Residents and Investors

For residents, the efficient property tax collection system offers a smoother and more accessible payment process, reducing the time and effort needed to fulfill tax obligations. For investors, the improved revenue generation indicates a strong financial foundation for the city, potentially leading to more investments in urban infrastructure, housing, and commercial developments.

As Thane’s development progresses, enhanced tax collection will support better public services and infrastructure, creating a more attractive environment for both homebuyers and businesses. For residents, this marks a step forward in building a more modern, well-maintained city, while investors can expect a stable and evolving property market that offers lucrative opportunities.

The National Stock Exchange (NSE) plans to convert its iconic headquarters in Mumbai's Bandra-Kurla Complex (BKC) into a large captive data center. The exchange will relocate to a newly allotted site in G Block of BKC, where it will build a new, consolidated headquarters. This move comes as part of NSE’s growth strategy to accommodate its expanding operations.

The Maharashtra government, through the Mumbai Metropolitan Region Development Authority (MMRDA), has allocated a prime land parcel of over an acre in G Block to NSE on a long-term lease of more than 80 years. This new office is expected to be completed within three years after obtaining the necessary approvals.

NSE’s current headquarters, located at Exchange Plaza, spans approximately 183,000 square feet and has been a key part of Mumbai’s financial district for years. However, as part of its expansion, NSE has already leased nearly 175,000 square feet of office space in the Adani Inspire tower in BKC and operates from two other locations, including a commercial complex in Ghatkopar and Equinox Business Park.

The new headquarters will consolidate all of NSE’s operations, including its critical information technology division, under one roof. This transformation reflects the NSE’s ambitions to adapt to its rapid growth and the evolving needs of India’s largest stock exchange.

NSE, which began operations in 1994, has grown to become one of the largest stock exchanges globally, with a dominant presence in derivatives trading and market capitalization.

The Maharashtra government has revised the ready reckoner (RR) rates for property valuations, applicable for stamp duty and taxation, for the financial year 2025-26. After keeping the rates unchanged for the last two years, Mumbai will see an average increase of 3.39%, while the state overall will experience a 3.89% hike. Municipal corporation areas across the state, excluding Mumbai, will see a larger increase of 5.95%, with municipal councils and nagar panchayats witnessing a 4.97% rise.

Urban areas will see a 3.29% rise in RR rates, while rural regions will face an average increase of 3.36%. The most notable hikes are in cities like Navi Mumbai (6.75%), Thane (7.72%), Nashik (7.31%), and Solapur (10.17%), where the increases are particularly steep.

This adjustment in rates is expected to impact the construction and real estate markets, especially developers and investors, as it could lead to higher costs. Niranjan Hiranandani, Chairman of NAREDCO, expressed appreciation for the marginal increase in Mumbai's RR rates but highlighted concerns about rising construction costs due to increased development expenses, additional FSI, and municipal charges. The revision of RR rates across the state is expected to drive up property costs, potentially impacting the affordable housing sector.

Experts caution that with Mumbai’s already high property prices, these new RR rates could make home ownership more expensive. Developers may pass on the additional financial burden to buyers, further increasing the costs in Maharashtra’s key real estate markets.

United Spirits has announced the sale of a residential property in Mumbai's prestigious Malabar Hill for Rs. 172 crore. The transaction, which was approved by the company's board, was conducted at arm's length and was not part of any related party deal. According to the stock exchange filing, buyers Ajaykumar and Manisha Vaghani will bear all applicable taxes and fees associated with the transaction.

The property includes furniture, fixtures, and fittings, and spans a ground floor along with two upper floors. United Spirits clarified that the agreement does not provide the buyers with any special rights, including the right to become directors on the company's board, or pre-emptive rights to share subscriptions or restrictions on changes to the company's capital structure.

This move is part of United Spirits' ongoing efforts to streamline its operations, as Diageo India continues to consolidate subsidiaries and liquidate non-core assets previously owned by the former USL promoter, Vijay Mallya. In a similar vein, three years ago, the company sold 32 brands to Inbrew for Rs. 828 crore under a five-year franchise arrangement.

Diageo acquired a stake in USL in 2013 and eventually took a majority stake by the following year. Mallya stepped down from the company in 2015 and left India in 2016 amidst financial difficulties.

Homebuyers facing delays in their projects due to insolvency proceedings are encountering obstacles as MahaRERA has stopped hearing complaints when projects enter National Company Law Tribunal (NCLT) proceedings. Once MahaRERA is informed that insolvency proceedings have been initiated, the authority halts hearing complaints and adjourns these cases until the NCLT resolution is completed.

In a recent order, MahaRERA stated that since the NCLT proceedings were ongoing, it could not adjudicate the complaints and directed the resolution professional to accept claims from the homebuyers.

Legal experts have raised concerns over MahaRERA’s practice of halting hearings when insolvency proceedings begin. They argue that the Insolvency Resolution Professional (IRP) appointed for the project should continue to be responsible for delivering homes to the buyers who have already paid for them. There is no law preventing MahaRERA from continuing to hear complaints or providing relief to homebuyers despite the insolvency proceedings.

In situations where a bank issues an NOC for the sale of a flat, homebuyers gain third-party rights, which the IRP cannot disregard. However, MahaRERA’s decision to stop hearings has left many buyers in limbo, waiting for years without resolution.

Currently, there are numerous projects under NCLT proceedings, with many also having complaints pending before MahaRERA. Homebuyers, who were expecting relief from MahaRERA, now face delays and confusion as their cases are adjourned indefinitely.

Homebuyers can file claims with the IRP, but this often results in minimal relief and long delays, as large creditors take precedence over the claims of individual buyers. This situation leaves homebuyers with no clear path forward.

Experts believe the government should intervene and engage all stakeholders to ensure a fair solution for homebuyers, preventing them from being left in a prolonged and unfair limbo during insolvency proceedings.

The new supply of housing properties in India's top-9 cities dropped by 34%, with 80,774 units launched between January and March 2025, compared to 1,22,365 units in the same period last year

Among the cities, Bengaluru was the only one to see an increase, with a 17% rise in new supply, reaching 20,227 units. However, other cities faced significant declines:

• Chennai saw a 46% drop, with new supply falling to 3,946 units.

• Hyderabad experienced a 38% decline, dropping to 8,773 units.

• Kolkata saw the largest fall, with a 62% decrease, resulting in only 1,874 units launched.

• Mumbai experienced a 50% decline, with only 6,359 units launched compared to 12,840 units last year.

• Navi Mumbai and Pune saw declines of 24% and 48%, respectively.

• Thane recorded a 50% drop, while Delhi-NCR saw a 14% decrease in new supply.

This decrease highlights the slowdown in the housing market across multiple cities, signaling a potential shift in demand and supply dynamics.

Sunteck Realty has approved an investment of approximately $10-20 million in Sunteck Lifestyle International (SLIPL), a wholly owned subsidiary. The investment will be made in multiple tranches and will be utilized in the form of equity, preference shares, convertible securities, or debt.

The funds will be used by SLIPL for further investments in entities associated with the ongoing Dubai project. This strategic move highlights Sunteck Realty’s commitment to expanding its international footprint and enhancing its project portfolio.

In a significant ruling, the Bombay High Court clarified that developers cannot use insolvency law to bypass their responsibilities under the Slum Rehabilitation Scheme (SRS). The court ruled that the developer’s appointment could be terminated by the Slum Rehabilitation Authority (SRA),  even if a resolution plan (RP) has been approved under the Insolvency and Bankruptcy Code (IBC). However, the ruling also clarified that such termination cannot be used to recover prior debts.

This decision came after the court dismissed a petition filed by Anudan Properties Pvt Ltd, which challenged the SRA’s decision to terminate its appointment as the developer for a slum rehabilitation project in Thane (West). The termination followed Anudan’s prolonged failure to pay transit rent arrears and meet the project completion deadlines. The SRA had previously approved the project in 2009, and a revised approval was granted in 2018. However, despite completing one rehab building for 135 slum dwellers, the second building was only 75% complete.

In 2021, the builder was dragged into insolvency proceedings by a finance company, LICHFL Trustee Company, over unpaid dues of Rs. 158 crore. Despite this, Anudan Properties argued that the resolution plan approved in 2023 had wiped out all past dues, including transit rent arrears. However, the SRA defended its decision, stating that the termination was based on the statutory provisions of the Slum Rehabilitation Act, which aims to expedite the completion of slum projects and ensure the welfare of slum dwellers.

The court noted that the developer’s claims for arrears of transit rent, pre-resolution, had been extinguished but emphasized that the SRA could still use non-performance as a ground for termination. The HC further ruled that while the resolution plan bound all stakeholders, it did not override the SRA’s authority, especially when it pertains to the welfare of slum residents.

As a part of the judgment, the Bombay HC provided Anudan Properties with a final opportunity to present a time-bound completion plan for the project and resolve the outstanding transit rent dues. The court also directed that if a new developer is appointed, they would be required to deposit a significant amount as part of the transit rent arrears.

The ruling highlights the importance of ensuring that developers fulfill their commitments to slum rehabilitation projects, irrespective of their financial status under the insolvency resolution framework.