04 May 2026

The Supreme Court has stayed a Bombay High Court ruling that had set aside the acquisition of 193 acres in Thane’s Manpada-Chitalsar area, which was earlier treated as private forest land. The High Court had upheld a tribunal order favouring the landowner, citing procedural lapses in the state’s acquisition process and directing compensation through Transferable Development Rights. The long-pending dispute revolves around the classification of the land and legality of acquisition. With the stay now in place, implementation of the High Court’s directions remains on hold until further hearings.Read more

04 May 2026

MMRDA has moved ahead with plans to strengthen social infrastructure in Bandra-Kurla Complex by allocating key plots to Jupiter Lifeline Hospitals and D. Y. Patil Education Group. The combined investment of over INR 580 crore will bring a multi-speciality hospital and a modern educational centre to the business district. The allotments were completed through a transparent e-tendering process, reflecting a shift towards integrated urban planning. The development is expected to improve access to healthcare and education within BKC, supporting its transition into a more balanced and self-sustained urban ecosystem.Read more

04 May 2026

Axis Bank has received approval from the Reserve Bank of India for the re-appointment of Subrat Mohanty as executive director for a further term of three years. The extension, effective from August 17, 2026 to August 16, 2029, follows the bank’s board approval granted earlier this year. The regulatory clearance formalises the continuation of Mohanty’s leadership role within the bank’s senior management, ensuring stability in its executive structure.Read more

04 May 2026

The National Company Law Tribunal, Mumbai, has approved a resolution plan for Nirmal Lifestyle (Mulund) Private Limited, facilitating the revival of a stalled residential project and providing relief to 234 homebuyers linked to the Nirmal Olympia development. The plan, submitted by Mantra Properties and Developers Private Limited and supported by 100% of the Committee of Creditors, addresses an aggregate debt of around INR 1,491 crore. The resolution process, led by InCorp Restructuring Services LLP, extends benefits to homebuyers associated with a partnership firm outside the formal insolvency framework, marking a complex restructuring outcome within the real estate sector.Read more

04 May 2026

The Lucknow bench of the Allahabad High Court has dismissed a petition filed by Sahara India Commercial Corporation Limited challenging the cancellation of its land lease for the Sahara Shahar complex by the Lucknow Municipal Corporation. The court held the plea to be not maintainable, citing ongoing proceedings before the Supreme Court of India involving related matters. The municipal body had cancelled the lease granted in 1994 and directed the land to be vacated in September 2025. The decision comes amid parallel proceedings linked to the Sahara-SEBI case and proposed asset transfers.Read more

04 May 2026

The Indore Municipal Corporation (IMC) has commissioned a 60 MW solar power plant in Khargone district, funded through a public green bond issuance of INR 244 crore, marking a first for a renewable energy project in India. The plant, developed at a total cost of INR 271.16 crore, is spread across 211 acres and is expected to generate 9.60 crore units of electricity annually. The project is aimed at reducing the civic body’s electricity expenditure, particularly for water supply operations, while lowering carbon emissions by an estimated 1.46 lakh tonnes each year. The initiative reflects increasing adoption of sustainable financing mechanisms in urban infrastructure projects.Read more

04 May 2026

The Jharkhand government has initiated action to cancel around 30 residential plot allotments found to be used for commercial purposes in violation of regulations. The move follows inspections that identified unauthorised conversions in designated residential zones. Authorities have issued notices to allottees and begun proceedings for cancellation and recovery of land. The action is part of a broader effort to enforce land-use norms, curb misuse of allotted plots, and ensure compliance with planning regulations across urban areas in the state.Read more

03 May 2026

Navi Mumbai and Panvel are preparing to enter the municipal bond market for the first time, with plans to raise funds for urban infrastructure projects. Navi Mumbai is expected to target around INR 1,000 crore, while Panvel is likely to raise a smaller amount. Both cities have secured investment-grade credit ratings, reflecting strong financial profiles and debt-free balance sheets. The move signals growing momentum in India’s municipal bond market, supported by central government incentives and increasing interest from institutional investors, including potential participation from global financial institutions.Read more

Mumbai News Desk

03 May 2026

The Maharashtra Housing and Area Development Authority (MHADA) has extended the application deadline for its Mumbai housing lottery, offering 2,640 flats across key locations in the city. Applicants can now apply until May 14, with EMD payments accepted until May 15. The lottery draw has been rescheduled to June 5. The extension comes after a slower-than-expected response, with applications yet to cross 40,000. The scheme continues to cater to multiple income groups and remains one of the most accessible government-backed housing opportunities in Mumbai.Read more

03 May 2026

The Supreme Court has directed a Magistrate’s court to proceed with trial in an INR 50 crore cheque dishonour case linked to a financial dispute between members of the Sheth real estate family. The case involves allegations of fraud, breach of trust and misconduct against financier Viren Gala, who had acted as a guarantor in a 2021 settlement concerning share transfers in Sheth group entities. The cheque issued as part of the arrangement was later dishonoured, triggering legal proceedings. Earlier orders setting aside the complaint have been overturned, reviving the case for judicial examination amid questions over escrow assurances and intermediary roles in high-value settlements.Read more