Page 16 - Mumbai

Viceroy Properties to enter commercial realty with Rs 1,600 crore plan

India's commercial leasing market has seen a high growth phase post Covid, with both office space and retail witnessing robust demand in 2024, which is expected to rise further in 2025

Oberoi Realty Q4 results: Profit down 45% to Rs 433 cr on lower income

Oberoi Realty on Monday reported 45 per cent decline in consolidated net profit at Rs 433.17 crore for March quarter FY25 due to lower income. Its net profit stood at Rs 788.03 crore in the year-ago period. Total income also fell to Rs 1,213.33 crore in January-March 2024-25 from Rs 1,558.56 crore a year ago, according to a regulatory filing. Net profit rose to Rs 2,225.51 crore in 2024-25 from Rs 1,926.60 crore a year ago. Total income increased to Rs 5,474.17 crore from Rs 4,818.77 crore. Mumbai-based Oberoi Realty is one of the leading real estate developers in the country.

Major fire at ED office likely damaged Choksi, Nirav Modi, Bhujbal records

The Enforcement Directorate has submitted the original investigation records, retaining copies for itself but the fire is likely to impact the questioning of summoned witnesses

Electric bus supply to Mumbai's BEST lags with only 536 delivered in 3 yrs

A contractor company mandated to deliver 2,100 electric buses to BEST by May 2023 has supplied only 536 buses over three years since the contract was signed, forcing the Mumbai transport service provider to operate with a reduced fleet and scaled-down services. BEST has stated that all buses are now "proposed to be delivered" by August 2025. The company, Olectra Greentech, attributed the delay to disruptions in the supply of battery-fitted chassis from its technology partner, BYD. BEST buses, often considered the arteries of Mumbai's transport network, provide crucial last-mile connectivity for commuters. Over 30 lakh passengers rely on BEST buses daily across the metropolis and its extended suburbs. However, the shortage of buses has led to prolonged waiting times and overcrowding. Under a May 2022 contract, EveyTrans Pvt Ltd, a subsidiary of Olectra Greentech, was supposed to supply 2,100 e-buses under the wet lease model to Brihanmumbai Electricity Supply and Transport Underta

Fire breaks out at ED office in Mumbai, important govt files destroyed

A major blaze broke out at the Enforcement Directorate's office building in south Mumbai in the early hours of Sunday, and the firefighting operations have continued for more than six hours, officials said. There were no reports of casualties in the fire that broke out at the Kaiser-I-Hind building in the Ballard Estate area, they said. Officials said the blaze, which started on the fourth floor of the five-storey building housing the ED office around 2.31 am, has continued to rage despite efforts. Firefighters are struggling to bring the blaze under control, a fire brigade official said. Mumbai Fire Bridge upgraded the fire to Level III at around 4.17 am, which is generally considered a major fire. At least eight fire engines, six jetties, water tankers and other equipment have been deployed to the spot. The official said several documents and equipment inside the office are feared to have been damaged. He said the exact cause of the fire is yet to be ascertained.

Punjab National Bank's scam-hit branch in Mumbai now brews organic coffee

The Brady House branch of the Punjab National Bank (PNB) in Mumbai, infamous for a multi-million dollar scam involving diamantaire Nirav Modi and his uncle Mehul Choksi, has been turned into a cosy cafe. Patrons sit on comfy chairs and plush sofas, sipping steaming cups of organic coffee with light music playing in the background on the premises, a stark contrast to the chaos that erupted after the duo defrauded the bank of more than Rs 13,000 crore. The premises in the Brady House building in the Fort area of south Mumbai were once at the centre of one of the biggest financial scams to rock the country. Nirav Modi and his uncle Mehul Choksi allegedly siphoned off over Rs 13,000 crore of public money from the PNB using LoUs and foreign letters of credit (FLCs) by bribing officials of the bank's Brady House branch between March 2011 and November 2017. With Choksi's arrest in Belgium two weeks ago, the Brady House is again in the spotlight, but the operations of this branch were shif

HoABL to build high rises in Mumbai; to invest ₹2.5K cr across 3 projects

The funding would be through a mix of internal accruals and debt for working capital and pre-sales

Making PPPs work for metro-rails: Early land acquisition is non-negotiable

Delays in land acquisition, unclear contracts, and weak last-mile links have led to cost overruns and low ridership in PPP metro-rail projects, undermining their efficiency and financial viability

NIA opposes Tahawwur Rana plea to talk to kin, says may share crucial info

The National Investigation Agency on Wednesday said jailed Mumbai terror attacks accused Tahawwur Hussain Rana might share crucial information if allowed to talk to his family members. The NIA, appearing before a special NIA court, made the submission to oppose Rana's plea for talking to family members, pointing out their concern over his well being. The anti-terror agency also said the matter was at a crucial stage. The judge, which heard the matter in his chamber, heard the argument and reserved the order the order for April 24. Rana moved an application through his lawyer, claiming that it was his fundamental right to talk to his family. The 64-year-old Pakistani-origin Canadian businessman was on April 10 sent to 18 day custody by a court. The NIA alleged as a part of the criminal conspiracy, accused David Coleman Headley, had discussed the entire operation with Rana before his visit to India. Anticipating potential challenges, Headley sent an email to Rana detailing his ...

PM10 levels in Mumbai unsafe not just in winter but in summer too: Study

The PM10 (particulate matter with a diameter of 10 micrometres or less) levels in the city have consistently breached the national safety threshold of 60 g/m not just during winter peaks, but even in the summer months, a four-year study has revealed. In 2024, Malad West recorded a sharp spike in PM10 levels, rising to 154.5 g/m , a nearly 50 per cent increase from the previous year. Shivaji Nagar, another critical hotspot, registered an alarming 211.0 g/m in 2023 before dropping to 102.2 g/m in 2024, still over 70 per cent above the national limit. Siddharth Nagar-Worli saw levels rise from 57.1 g/m in 2021 to 119.2 g/m in 2023 before slightly improving to 105.1 g/m in 2024, the study revealed. Other consistently polluted locations include Chakala-Andheri East, Kurla, Deonar, Vile Parle West, and Mazgaon, all of which remained above safe levels year after year. "PM10 levels in the city have consistently breached the national safety threshold of 60 g/m , not just during

Meghalaya Police bust 'infiltration racket' with arrest of 3 from Mumbai

The Meghalaya Police on Sunday claimed to have busted a criminal network facilitating illegal entry into the country and identity forgery, with the arrest of three suspected Bangladesh nationals from Mumbai. The three accused, including a woman, were nabbed from Koparkhairane, Ulwe and Rafi Ahmed Kidwai Marg in South Mumbai, after a week-long hunt by police personnel of Meghalaya and Maharashtra, a senior officer said. He said police recovered forged documents, incriminating digital evidence and tools used for fabricating IDs. The accused were brought to Meghalaya on transit remand for further investigation, Ri-Bhoi District SSP Vivekanand Singh Rathore told PTI. The trio allegedly facilitated the illegal entry of at least 24 Bangladesh nationals, which include 12 women and three children in the recent past, he said. They used to arrange forge documents using fake address proofs and enlisting middlemen to move illegal immigrants through border towns to metropolitan cities like Mum

PM Modi to inaugurate India Steel 2025 event in Mumbai on April 24

Prime Minister Narendra Modi will inaugurate India Steel 2025 event which starts April 24 in Mumbai, an official statement said on Thursday. As per the Ministry of Steel, the three-day event will see a participation of more than 12,000 business visitors, 250 exhibitors, and 1,200 conference delegates representing various sectors, government departments, state governments, country delegations, and domestic and international buyers from India and abroad. Prime Minister Narendra Modi will inaugurate the flagship event of steel industry on April 24, the ministry said. He will address the gathering through video conferencing in the presence of Minister of Steel and Heavy Industries H D Kumaraswamy, and Minister of State for Steel and Heavy Industries Shri Bhupathi Raju Srinivasa Varma. Maharashtra Chief Minister Devendra Fadnavis and Chief Minister of Chhattisgarh Vishnu Deo Sai will also attend the event. This 6th edition of the biennial international exhibition and conference will br

LIC Housing Finance names Lokesh Mundhra as new Chief Financial Officer

LIC Housing Finance has appointed Lokesh Mundhra as Chief Financial Officer (CFO) effective Thursday. In a regulatory filing, LIC Housing Finance said Sudipto Sil, who was serving as CFO, has been transferred and redesignated as Marketing Head of Western Region at Mumbai with effect from April 17, 2025. "The Board of Directors ... has approved appointment of Lokesh Mundhra, as a Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the company with effect from April 17, 2025," LIC Housing said. Mundhra , a Chartered Accountant, has served under various roles at LIC of India for last 32 years. He has worked in various departments including finance & accounts, personnel, legal, estates, with last six years in the investment department. "He has been instrumental in successfully concluding the transaction of bringing up the IPO and listing of the equity shares of LIC of India," LIC Housing Finance said. Shares of LIC Housing Finance closed at Rs 604.45 apiece, up 1.74 ..

Mehul Choksi's flats maintenance of around Rs 63 lakh due: Society member

A society member informed that Choski owns three units on 9th, 10th and 11th floors in at Gokul Apartments in Malabar Hill and has not paid maintenance for over seven years

Mumbai's luxury realty loses sparkle as buyers slip into pause mode

Mumbai - home to industry titans, Bollywood stars - is witnessing a slow offtake of houses priced between ₹10 crore and ₹50 crore. Industry insiders and real estate watchers explained the phenomenon

Mumbai to host WAVES from May 1 to 4, to become permanent venue: Fadnavis

Maharashtra Chief Minister Devendra Fadnavis on Friday said that the first World Audio Visual and Entertainment Summit (WAVES) will take place in Mumbai from May 1 to 4. The chief minister said Mumbai will be the permanent venue for the yearly summit, which will boost the "creative economy", the fastest-growing in terms of wealth and job creation. He said 5,000 delegates from 100 countries are expected to attend the summit. Fadnavis said the Indian Institute of Creative Technology (IICT) will come up on land in Film City, and the Centre and state government have inked a memorandum of understanding for this project. He said that a 240-acre plot belonging to the Information and Broadcasting Ministry in Malad can be used for film production and post-production activities, he said. Information and Broadcasting Minister Ashwini Vaishnaw had earlier said WAVES will focus on nurturing creative talent through 31 Create in India challenges, which have already shortlisted over 400 creators

Maharashtra's Dharavi plan to shift thousands to toxic landfill sparks row

Maharashtra clears Adani-backed plan to relocate over 50,000 Dharavi residents to Deonar landfill, which may violate CPCB guidelines

Tahawwur Rana not in US BOP custody, extradition to India imminent

Mumbai terror attack case accused Tahawwur Hussain Rana, who is being extradited from the US, is not in the custody of the Bureau of Prisons (BOP), the agency said. According to information on the website of the Federal Bureau of Prisons, Rana is Not in BOP Custody as of April 8, 2025. An official at the agency told PTI Wednesday that Rana is not in the custody of the Bureau of Prisons (BOP). If an individual is listed as "Released" or "Not in BOP Custody" and no facility location is indicated, the inmate is no longer in BOP custody, however, the inmate may still be in the custody of some other correctional/criminal justice system/law enforcement entity, or on parole or supervised release, the official said. The inmate locator information on the website lists the register number for Rana as 22829-424, his age, race and sex. Rana, 64, is a Pakistan-born Canadian national and close associate of one of the main conspirators of the 2008 Mumbai terror attacks David Coleman Headley alia

Western Railway plans mega block for bridge repair between Mahim, Bandra

A large number of suburban and long-distance trains will be affected on the intervening nights of April 11 and12 and April 12 and 13 due to a mega block for the "re-girdering" of a bridge between Mahim and Bandra stations in the city, the Western Railway said on Wednesday. The duration of the block on each night will be 9.30 hours, it said in a release. On April 11, the block will start (train traffic will stop) at 11 pm and end at 8.30 am next day. On April 12, the block will start at 11.30 pm and conclude at 9 am next day. However, the exact block timings will vary for fast and slow lines. "During the execution of the work, a few suburban services as well as Mail/Express trains will be affected," said Vineet Abhishek, Chief Public Relations Officer of the WR. As many as 334 trains will be fully cancelled -- 132 on the first day and 202 on the second day, while 185 services will be partially cancelled -- 68 on the first day and 117 on the second day. The WR has planned to opera

Maha govt to guarantee PFCL's Rs 10K cr loan for Mumbai infra projects

The Maharashtra Government will stand guarantor for a Rs 10,000 crore loan advanced by the Power Finance Corporation Ltd (PFCL) for infrastructure development projects in the Mumbai Metropolitan Region (MMR), officials said on Wednesday. A Government Resolution (GR) or order issued by the state finance department said the cabinet had approved the loan to be taken on government guarantee for 2024-25. As financial year 2024-25 is over, a fresh guarantee was being given subject to another cabinet approval. If there is a delay in repayment of loan by the Mumbai Metropolitan Region Development Authority (MMRDA), the government is not liable for any penalty, it said. MMRDA will be the principal debtor, and it will apprise the urban development and finance ministry of the repayment situation on a monthly basis. The government has allowed the MMRDA to raise loans of up to Rs 60,000 crore for ongoing and proposed infrastructure development projects in the MMR. So far the government has ...