11 Aug 2025

Reliance Infrastructure's power distribution arms, BSES Yamuna Power Ltd and BSES Rajdhani Power Ltd, have received Supreme Court approval to recover INR 21,413 crore in regulatory assets over the next four years. This decision came as part of a broader directive where Delhi's three private discoms, including Tata Power Delhi Distribution Ltd, are allowed to recover a total of INR 27,200.37 crore. The court's judgment settles a decade-long dispute, mandating Electricity Regulatory Commissions to not only set recovery roadmaps but also audit the reasons behind the prolonged deferral.Read more

11 Aug 2025

The Reserve Bank of India recently released a draft circular proposing stricter timelines and penalties for banks that delay settling claims related to the accounts, lockers, or safe custody articles of deceased customers. The central bank suggested that banks must release funds to nominees without demanding succession certificates or court orders, provided there's no dispute and only basic documents are submitted. Delays would attract penalties interest at bank rate plus 4% for deposits, and INR 5,000 per day for lockers. Even non-nominee claims can be processed internally up to INR 15 lakh. Feedback on the draft is being invited before final guidelines are issued.Read more

11 Aug 2025

AU Small Finance Bank has received in-principle approval from the Reserve Bank of India to transition into a universal bank, making it the first small finance bank in nearly ten years to achieve this regulatory milestone. The approval was granted under the RBI's "on-tap" licensing framework after AU met all eligibility conditions, including financial soundness, governance standards, and operational performance. The move allows the bank to broaden its range of services and establish subsidiaries. Following the announcement, the bank's stock surged over 7%, reflecting positive investor sentiment.Read more

11 Aug 2025

Reliance Retail, India's largest retailer and part of Reliance Industries, has scaled up its capital expenditure by 37.5%, reaching INR 33,696 crore for FY2025-26. This surge aligns with its aggressive expansion strategy, including store rollouts, digital integration, and strengthening its FMCG presence. Revenue climbed to INR 3.3 lakh crore, backed by consumer electronics, grocery, and fashion segments. With nearly 19,340 stores, strategic partnerships with top global brands, and acquisitions of emerging Indian labels, the company has reinforced its leadership in both offline and online retail. It continues to lead in the omni-channel space, supported by platforms like JioMart and Milkbasket.Read more

10 Aug 2025

About 1,500 students in the English-medium section of a Colaba municipal school have been shifted to virtual classes, following a BMC infrastructure team's ruling that two school buildings are structurally unsafe. While approximately 1,300 students from other language sections were relocated to nearby schools, English-medium students remain online due to lack of space. Parents and activists are urging phased demolition and interim solutions. Authorities continue exploring options, including rentals, amid mounting pressure to restore classrooms.Read more

09 Aug 2025

The Brihanmumbai Municipal Corporation (BMC) is preparing to send a fresh recommendation to the state government on granting heritage status to Savarkar Sadan in Dadar, following a directive from the Bombay High Court. This development comes after it was revealed that earlier files related to the 2010 heritage tag proposal were destroyed in the 2012 Mantralaya fire. A PIL filed by Abhinav Bharat Congress raised concerns about possible redevelopment and the delay in heritage notification. The court has now stayed any construction on the site and has sought an affidavit from the civic body.Read more

09 Aug 2025

Taj Lands End in Bandra has received the coastal authority's nod to expand its premises with two new restaurants on its third-floor terrace, one poolside cafe and another with a retractable roof. The additions will come up under the revised CRZ rules of 2019, which allow additional FSI. The development sits on the former Hotel Searock site, damaged in the 1993 blasts. IHCL is also rebuilding the Searock property and has plans for a second Taj hotel, Taj Bandstand, on an adjoining plot.Read more

08 Aug 2025

Mumbai's civic body is planning to demolish the MTNL flyover in Goregaon to facilitate seamless connectivity between the upcoming Coastal Road (North) and the Goregaon-Mulund Link Road (GMLR). The flyover, linking Mindspace to Dindoshi Court, stands in the path of the planned transition to GMLR tunnels. While officials say the move will improve east-west mobility, locals and politicians are divided-some worry about worsening traffic, especially towards Malad and Marve, while others criticise the demolition of a functional, decade-old structure as poor planning. The controversy echoes the earlier removal of Bandra's skywalk for Metro Line 2B.Read more

08 Aug 2025

The Bombay High Court has stayed the implementation of a 2023 Maharashtra government resolution that made it compulsory for all new building projects to include a telecom room to receive development permissions. The order came in response to a petition by the Maharashtra Chamber of Housing Industry (MCHI), which argued that such a rule required a formal amendment to the city's Development Plan and not just a government order. The court accepted this argument and clarified that such planning changes need to go through a legal and consultative process.Read more

07 Aug 2025

The BMC has taken strict action against two Living Liquidz outlets in Kamala Mills for carrying out unauthorised structural modifications and operating without required fire safety approvals. The civic body demolished illegal extensions and cancelled their licences. This comes after inspections revealed that commercial premises meant for a tailoring shop and a garment store had been illegally turned into bar and wine shop operations. The crackdown is part of a wider enforcement drive in the Kamala Mills compound targeting several eateries for violations.Read more

06 Aug 2025

MahaRERA recently pulled up a Mumbai-based real estate developer after homebuyers complained about being allotted parking spaces in a wing different from where their flats were located. Despite having paid for puzzle car parking slots, the buyers were not provided with marked or numbered spaces. When residents formed separate housing societies, access to the assigned parking was denied. MahaRERA deemed this a deficiency in service and ordered corrective action.Read more

06 Aug 2025

Actor Aamir Khan has leased four luxury apartments in Mumbai's upscale Wilnomona building on Nargis Dutt Road, Pali Hill, at a reported monthly rent of INR 24.5 lakh. The five-year lease includes a 45-month lock-in and 5% annual rent escalation. He paid a security deposit of INR 1.46 crore, along with stamp duty and registration charges. The move comes as his existing residences in the Virgo Cooperative Housing Society undergo redevelopment by Atmosphere Realty (Wadhwa Group, MICL, Chandak Group). The upcoming tower is set to feature ultra-luxury, sea-facing units priced above INR 1 lakh/sq ft, with some expected to cross INR 100 crore.Read more

06 Aug 2025

Shweta Tripathi, the acclaimed actress best known for her role in the hit series "Mirzapur," has made a significant real estate investment in Mumbai. She purchased a new 3 BHK apartment in the city's prime residential locality of Chembur for INR 3 crore. The property, located in the Supreme Boulevard building, spans 938 square feet. The transaction, registered in early July, included two dedicated car parking spaces and saw Tripathi benefit from a special stamp duty relaxation for women homebuyers.Read more

05 Aug 2025

The Brihanmumbai Municipal Corporation (BMC) has moved the Supreme Court against a Bombay High Court order directing it to restore 119.91 hectares of land in Kanjurmarg to mangrove forest. BMC argues the land is vital for waste disposal, handling 90% of Mumbai's solid waste. The land's status has been contested since 2006, with a 2009 government move to de-notify it as forest facing legal challenge from NGO Vanshakti. The High Court ruled that forest de-notification lacked Central approval, making it invalid. BMC claims part of the land was mistakenly tagged as forest and is now urging the Supreme Court to reverse the order.Read more

04 Aug 2025

The Navi Mumbai Municipal Corporation (NMMC) carried out a demolition drive in Airoli under the instructions of Municipal Commissioner Dr Kailas Shinde. Despite having served prior notices under the Maharashtra Regional and Town Planning Act, 1966, the individuals involved failed to remove unauthorised structures on their own. As a result, the encroachments at two sites in Sector 4, Airoli were forcibly cleared, and a penalty of INR 50,000 was levied on each offender. The drive was executed with support from the encroachment department, local police, and demolition personnel.Read more