A Division Bench comprising Chief Justice Shree Chandrashekhar and Justice Suman Shyam allowed RIL’s writ petition (WP No. 242 of 2018) and quashed two demand notices issued by MMRDA — dated September 12, 2017 and June 13, 2019. The court held that the demands were arbitrary, unreasonable and violative of Article 14 of the Constitution.

Chronology of Events: How the Dispute Unfolded

• December 2005: MMRDA invites bids for leasing Plot No. C-64 (approx. 75,000 sq m) in G-Block, BKC, for a Convention & Exhibition Centre and Commercial Complex.
• February 15, 2006: Reliance is declared the successful bidder. Total premium agreed: ₹1,104 crore for 1,15,000 sq m built-up area.
• September 1, 2006: Lease Deed executed for 80 years. Article 2(d) requires completion of construction “fit for occupation” within four years from the date of the lease (i.e., by September 2010). Article 2(e) provides for extension of time only on payment of additional premium (25–40% of premium paid).
• 2007: FSI in G-Block increased from 2.0 to 4.0. MMRDA allots additional 72,500 sq m built-up area to Reliance for ₹696 crore. Supplementary Lease Deed signed on July 13, 2007.
• October 15, 2007: Bombay High Court passes interim order in WP No. 1165 of 2007 restraining Reliance from utilising 31,500 sq m of the additional commercial FSI. The project, being composite (common basement and foundation), is effectively stalled.
• June 12, 2008: Plinth-level Commencement Certificate (CC) issued only for Convention Centre, but construction cannot proceed due to the court stay.
• 2009–2011: Reliance repeatedly informs MMRDA that the integrated design makes separate construction impossible. It offers to surrender the additional FSI and seeks refund, but MMRDA refuses.
• February 1, 2012: MMRDA clarifies in writing that the period of court stay will be excluded while calculating the four-year timeline.
• March 12, 2012: WP No. 1165 of 2007 withdrawn; court stay vacated.
• March–April 2012: MMRDA allots further 1,25,000 sq m additional built-up area for ₹1,837.5 crore. Total built-up area now stands at 3,12,500 sq m. Total premium paid by Reliance: ₹4,005 crore.
• 2013–April 2014: Multiple statutory clearances obtained (Environment Clearance in June 2013, MCGM permissions, aviation height clearance, High-Rise Committee approval). Composite Commencement Certificate for the entire project issued on April 16, 2014.
• August 26, 2015: MMRDA amends its policy and extends the construction timeline from 4 years to 6 years for all new leases executed after this date.
• November 18, 2016: Under pressure to obtain further CCs, Reliance gives an undertaking to pay additional premium (if demanded) before receiving Occupation Certificate.
• September 12, 2017: MMRDA issues first demand-cum-show cause notice alleging 7 years and 12 days delay and demands penalty (amount not legible in notice).
• November 30, 2017: Reliance files writ petition challenging the demand.
• February 2019: Reliance deposits ₹646.77 crore under protest and furnishes bank guarantees to secure part Occupation Certificate for 44,621 sq m.
• June 13, 2019: MMRDA issues second demand for another ₹1,116.83 crore towards the additional built-up area.
• July 12, 2021: High Court grants interim relief directing MMRDA to process Occupation Certificate applications without insisting on the second demand.
• January 22, 2026: Final arguments concluded.
• April 8, 2026: Judgment pronounced — Reliance wins on all counts.

Court’s Key Reasoning

The bench held that:

1. The project was composite and integrated — common basement and services made it impossible to complete the original portion independently of the additional FSI.
2. Delays were caused by factors beyond Reliance’s control: court stay (over 4 years), multiple statutory approvals, and fresh Commencement Certificates required after additional allotments.
3. The four-year timeline in the 2006 Lease Deed could not be applied rigidly once MMRDA itself allotted massive additional built-up area and later extended the timeline to six years for newer lessees.
4. Denying the six-year benefit to Reliance while granting it to later lessees was arbitrary and discriminatory.
5. The 2017 and 2019 demand notices were vague, not preceded by proper show-cause notice, and issued in violation of principles of natural justice.
6. The ₹646.77 crore was paid under coercion (to obtain Occupation Certificate and avoid lease termination). Hence, the doctrine of waiver/estoppel did not apply.

The court relied heavily on its earlier judgment in Raghuleela Builders Pvt Ltd vs MMRDA (2019), where similar demands were struck down.

Final Order

• Both demand notices quashed.
• MMRDA directed to refund ₹646,77,68,594 within 90 days, failing which interest will be payable at the rate stipulated in the Lease Deed.
• Bank guarantees to remain valid for 90 days.
• No costs imposed on either party.

Senior Advocate Vikram Nankani, instructed by A.S. Dayal & Associates, appeared for Reliance. Dr. Birendra Saraf, Senior Advocate, represented MMRDA.

The judgment is expected to have far-reaching implications for several other developers in BKC who have faced similar penalty demands from MMRDA.

Also Read: Reliance Industries Among Key Clients as Interarch Building Products Secures Orders Worth INR 634 CR

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The lease agreement, registered in February 2026, spans nine years, structured with 15% rent escalation after every three-year term, indicating a long-term institutional tenancy typical of Grade-A commercial assets in top business districts.

Property & Deal Details

• Location: Trade Centre, BKC (Bandra East)
• Carpet Area: 2,700 sq ft (250.83 sq m)
• Monthly Rent: ₹11.75 lakh (initial term)
• Security Deposit: ₹70.50 lakh
• Parking: 3 dedicated car spaces
• Lease Tenure: 9 years

Sonu Sood had originally purchased this commercial unit for ₹24.25 crore in October 2012. Based on current lease terms, the asset is generating an estimated ~6.7% annual rental yield, which is considered strong for institutional-grade commercial real estate in Mumbai.

Why This Deal Matters for Real Estate Watchers

This transaction highlights several key market signals:

1. Institutional Demand Remains Strong
Banks and financial institutions continue to prefer premium office assets in established business hubs like BKC due to connectivity, prestige value, and tenant visibility.

2. Stable Long-Term Leasing Trends
Nine-year leases with periodic escalation clauses indicate tenant confidence and stable income visibility for landlords.

3. Commercial Property as a Wealth Strategy
A yield near 7% reinforces why high-net-worth individuals and celebrities increasingly allocate capital to income-generating office real estate instead of purely residential assets.

About the Location: BKC’s Investment Appeal

Bandra is among Mumbai’s most premium real estate zones, combining upscale residences, commercial towers, and proximity to major infrastructure such as:

• Western Express Highway
• Bandra railway station
• Upcoming Metro connectivity
• Mumbai International Airport

Its strategic location near major business districts like Lower Parel and BKC makes it one of India’s most sought-after commercial micro-markets.

Market Insight

Such celebrity-owned commercial leasing deals often act as confidence indicators for investors, reflecting:

• Liquidity in prime office markets
• Institutional tenant expansion
• Sustained demand for Grade-A assets

In a market where residential price growth has moderated, stable commercial yields are increasingly attracting investor attention.

Also Read: Sonu Sood and Son Purchase Panvel Land Worth ₹1.05 Cr; Eshaan Sood Buys ₹2.6 Cr Andheri Apartment

The post Sonu Sood Leases BKC Commercial Unit to HDFC Bank for ₹11.75 Lakh Monthly appeared first on Square Feat India.

The flat, numbered 301 on the 3rd floor of Building No. 3, spans approximately 4,610 square feet and includes five dedicated car parking spaces. With a reserve price of Rs. 28.79 crore, the e-auction is scheduled for January 20, 2026, via an online platform, following the bank’s possession of the asset in June 2022. This move comes after Bhatter and his wife, Meghna Kedia Bhatter, defaulted on a home loan, ignoring a demand notice issued in January 2020.

Bhatter, a Kolkata-based businessman, rose to infamy through his role as the dominant promoter and director of BRH Wealth Kreators Ltd. (formerly BMA Wealth Creators Ltd.), a stockbroking firm that has been at the center of a massive investor fraud. The scam involved the systematic looting of client funds and securities, with allegations of unauthorized transfers, illegal pledging to secure loans, and diversion of hundreds of crores to related entities and personal ventures.

Investors reported that Bhatter’s firm misused powers of attorney to transfer shares from demat accounts, funneling money through interconnected companies for personal gains, such as acquiring high-end properties in Mumbai. The regulator first cracked down in October 2019 with an interim ban, citing a Rs. 93 crore shortfall in client securities and Rs. 169 crore in improperly pledged assets. By 2020, the bans were confirmed and hefty fines imposed, including Rs. 5 crore each on BRH Wealth Kreators and its subsidiary BRH Commodities, and Rs. 1 crore on Bhatter personally.

In March 2023, the company’s registration was revoked, barring Bhatter and associates from the market for up to seven years. The Enforcement Directorate (ED) escalated the probe under PMLA, conducting raids in July 2025 at premises linked to Bhatter, uncovering incriminating evidence of money laundering and fund diversion.

This auction highlights the fallout from Bhatter’s alleged schemes, which defrauded numerous investors and eroded trust in the broking industry. As the ED continues to trace financial trails, more assets may face similar fates. Potential bidders are advised to verify encumbrances, with the sale on an “as is where is” basis.

Also Read: Mumbai Court Summons Developers in Patra Chawl Scam After ED Files New Money Laundering Complaint

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Speaking at the Real Estate Forum 2025, held on the sidelines of the property expo, Sarnaik said that the Maharashtra State Road Development Corporation (MSRDC) holds more than 13,000 acres of land at key locations including Kurla, Borivali, and other towns across the state. “To utilise these lands and redevelop the existing bus depots, the government has decided to extend the lease period from the earlier 30 years to 98 years. These ST bus depots will be developed as modern bus ports, similar to the model adopted in Gujarat,” he said.

Sarnaik urged the state’s real estate developers to actively participate in the upcoming tenders for the development of these depots.

He further revealed that the much-awaited pod taxi service will soon commence operations in Bandra-Kurla Complex (BKC) and later expand to other parts of the Mumbai Metropolitan Region, including Mira-Bhayandar and Thane.

Highlighting the government’s commitment to holistic development across sectors, Sarnaik stressed that real estate growth in semi-urban and rural regions will play a crucial role in boosting affordable housing.

Also Reads: Maharashtra Govt Considers Stamp Duty Concessions

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The office space, formerly owned by Jet Airways, was put up for sale by the bankrupt airline’s liquidator. Bank of Baroda initially emerged as the highest bidder, but Brookfield exercised its right of first refusal to match the bid and secure the asset. Godrej BKC was developed jointly by Godrej Properties and Jet Airways.

With this deal, Brookfield’s presence in the 19-storey premium tower now spans around 250,000 sq ft across three contiguous floors, along with exclusive parking rights. The acquisition also grants Brookfield Jet Airways’ seat on the building’s management board, giving it greater say in operational and strategic decisions.

The sale highlights the continued attractiveness of prime BKC office space, despite the asset being sold on an ‘as is where is’ basis. The floor was previously sealed by the Municipal Corporation of Greater Mumbai over unpaid dues and was de-sealed in April following a National Company Law Tribunal directive.

Industry sources claim that several end-user occupiers had expressed interest during the bidding process and are expected to lease the space.

Rental values in BKC have surged nearly 30% over the last three to four years, driven by limited new supply and sustained demand from multinational corporations and financial institutions. At Godrej BKC, rents range between ₹650 and ₹700 per sq ft per month on a carpet area basis, making it one of Mumbai’s costliest office destinations.

Brookfield is not new to the property. In 2020, as part of the same insolvency proceedings, it had acquired two other floors in the building for ₹490 crore. Those floors are fully leased to marquee tenants including the World Bank and PayPal, ensuring steady rental income.

Also Read: Brookfield Properties Secures Renewable Energy from Bikaner Solar Project,

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The luxurious apartment, located in the prestigious Signia Pearl building, spans 388.55 sq. m. (approximately 4,182 sq. ft.). The lease agreement, registered in June 2025, spans a 24-month term with a 16-month lock-in period. The rent increases by 5% in the second year to Rs. 6.83 lakh per month, resulting in a total estimated rental income of Rs. 1.60 crore over the full duration.

A security deposit of Rs. 39 lakh was paid, with stamp duty and registration charges amounting to Rs. 47,000 and Rs. 1,000 respectively.

R. Madhavan and Sarita had purchased this BKC property in July 2024 for Rs. 17.50 crore. Based on the rental agreement, the gross rental yield works out to 4.5% in the first year and approximately 4.7% in the second year.

Bandra Kurla Complex, primarily known as a premium commercial hub, has also seen a surge in upscale residential properties due to its excellent connectivity and thriving infrastructure. The leasing of a celebrity-owned flat further highlights the desirability and investment potential of luxury real estate in this micro-market.

R. Madhavan, celebrated for his roles in both Tamil and Hindi cinema, continues to remain active in the film industry post his directorial debut with Rocketry: The Nambi Effect.

Also Read: Bollywood Singer Shaan Buys ₹10 Crore Bungalow in Pune

The post R. Madhavan and Wife Sarita Lease BKC Apartment for Rs. 6.5 Lakh/Month, 2-Year Rental Deal Worth Rs. 1.60 Crore appeared first on Square Feat India.

The full 33.5 km route of the Aqua Line connects Aarey to Cuffe Parade, incorporating 27 stations along its path. The recently launched first phase spans 12.5 km between Aarey and BKC, offering an important boost to the city’s transport network. Moreover, this metro line will integrate with Mumbai Metro Line 1 at Marol Naka, improving connectivity across Mumbai’s key regions.

Anil Mutha, Chief Visionary & Co-Founder, Nandivardhan Group, highlighted the nature of these developments, stating, “The government’s commitment to improving Mumbai’s infrastructure is commendable. The launch of Mumbai Metro Line-3 is a transformative milestone for urban transportation. This will improve connectivity and help ease congestion in vital corridors. Once Metro 3 is fully operational, it will enhance accessibility for residents commuting between Dadar in south-central Mumbai and the northern suburbs, benefiting daily commuters. Additionally, the operational metro corridor is expected to stimulate development in the South Mumbai real estate market, particularly around Dadar, by improving connectivity to areas like BKC, Worli, and Marine Lines.”

On the benefits to South Mumbai residents, Vedanshu Kedia, Director of Prescon Group, stated, “South Mumbai is back on the real estate map with high-impact infrastructure projects like the Coastal Road, Bandra-Worli Sea Link Extension, Sewri-Worli Elevated Corridor, and Metro Line 3. There will be significant advantages for residents of Mahim, Dadar, and Worli, who will benefit from enhanced connectivity to the rest of Mumbai and Navi Mumbai. These micro markets have redevelopment potential due to their large stock of ageing real estate. Once these initiatives are operational, property values and volumes are anticipated to increase significantly. The market share for these micro-markets will improve in the residential and commercial property transactions in the MMR region.”

Commenting on the impact on the region, Rohan Khatau, Director, CCI Projects, added, “Metro 3 and Metro 7 along with the Western Express Highway will ease connectivity in the Kandivali-Borivali belt. This will lead to a surge in housing demand, as the area becomes more accessible for potential homebuyers seeking well-connected residential options.”

Reflecting on the benefits for homebuyers, Umesh Jandial, Chief Business Officer, Omkar Realtors & Developers, shared, “There is already significant demand for housing in the western suburbs, especially in the Malad-Goregaon belt. The convergence of Metro Line 3 with existing Metro lines 1 and 7 will further fuel housing demand in this region. Improved connectivity, lifestyle amenities, and the convenience offered by projects in the western suburbs will enhance the lifestyle for homebuyers along this metro corridor.”

Shraddha Kedia-Agarwal, Director, Transcon Developers, emphasized the importance of these developments, stating, “These infrastructure initiatives are pivotal for Mumbai’s future. The focus on underground metro systems and freeway extensions represents a forward-thinking approach to urban planning. Areas like Santacruz, Andheri, and Malad along the western line will see heightened demand, with improved mobility expected to stimulate both residential and commercial growth, making Mumbai a more competitive global city.”

Himanshu Jain, VP – Sales, Marketing & CRM, Satellite Developers Pvt. Ltd., highlighted the Malad-Goregaon region’s growth potential, noting, “The combined impact of Metro 3 and Metro 7 will drive residential and commercial development in the Malad-Goregaon region. For millennial homebuyers, the proximity of their homes to workplaces is a crucial factor. Compact homes and studio apartments near their workspace allow them to maintain a balanced lifestyle, offering more quality time with their families.”

Looking ahead, additional infrastructure projects like the extension of the Santacruz-Chembur Link Road (SCLR) and the forthcoming Phase II of Metro Line-3 are set to further enhance Mumbai’s transport network. These initiatives are critical for alleviating congestion and meeting the needs of the city’s growing population and economic aspirations.

As Mumbai embraces these changes, the impact on daily commuting and the city’s global standing will be profound. By 2025, the integration of air, road, and metro networks is expected to position Mumbai as a world-class urban center, prepared to tackle the challenges of its expanding population and dynamic economy.

Also Read: Vidhan Bhawan Metro: 4.2 Acres of Prime Land in Nariman Point to Be Auctioned by MMRCL

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Today, the Chembur-Wadala corridor is transforming rapidly into a premium real estate destination of Mumbai, with industrial units, dilapidated slums and old buildings being replaced by modern high-rise towers. Though this corridor always had small residential localities, it witnessed massive transformation only after nearby commercial office destinations such as Lower Parel, BKC, Powai and Ghatkopar evolved. The availability of large industrial land parcels for residential developments amply supported this transformation. As large industrial land parcels were unlocked for real estate developments, several developers gravitated towards this location and the micro-market started buzzing with new developments.

Speaking about the transformation of this location, Govind Krishnan Muthukumar – Co-founder & Director, Tridhaatu Realty said, “A location that was hitherto an isolated one, is today one of the most well-connected in terms of accessibility to important destinations across the length and breadth of Mumbai. The area is well connected to various business hubs of Mumbai which makes it a preferred location for people working in business districts such as BKC and Lower Parel. This is the foremost reason that there is a huge demand for residential properties in this region from C-Suite professionals and HNIs.”

The infrastructure has also played a vital role in the transformation of this region. It lies in proximity to the Eastern Express Highway, which provides excellent connectivity to South Mumbai, the central suburbs and the metropolitan area of Thane. The region also enjoys hassle-free connectivity to South Mumbai via Eastern Freeway and to Navi Mumbai via Sion-Panvel highway. Once the Mumbai Trans Harbour Link is in place, it will provide the much-needed link between South Mumbai and Navi Mumbai from this region. Most important of all, the area is well-connected to BKC (the de-facto CBD of Mumbai) and commercial establishments of the western suburbs via the Santacruz Chembur Link Road and the Chunabhatti-BKC flyover. The area is also well-connected to the other commercial hotspot of Lower Parel via monorail.

Commenting on the prominence of this location, Bhasker Jain, Chief Business Officer, The Wadhwa Group said, “Contemporary, cosmopolitan and heaped in culture, the location which is in the heart of Mumbai is defined for its novel lifestyle and game changing connectivity. Seamless connectivity from all sides, it is actually an epicentre of convenience, luxury and state-of-the-art living environment. The strategic central location also allows great connectivity and easy accessibility to every other part of Mumbai. It also offers premium boutique office spaces in a well-connected suburb of Mumbai. The location offers competitively priced apartments to those looking for a stylish and classy lifestyle. Urban facilities and lush green ambience transforms Chembur into one of the most sought after destinations by the modern as well as traditional home buyers in Mumbai. It is very good for both investment and end use purposes as one can ensure remarkable returns over the locality with great amenities and specifications. It can be easily endorsed as an upcoming destination to take all the strategic advantages.”

Reiterating the same, Samyak Jain – Director, Siddha Group said, “The location  is a residential neighbourhood situated at the heart of Mumbai and is majorly dominated by multi-storey residential apartments and is surrounded by ample greenery. It is fast becoming a coveted address driven by proximity to several employment hubs and different nodes of Mumbai. The area enjoys excellent connectivity to major areas of central and southern Mumbai, and Navi Mumbai through the harbour line, Monorail, Eastern Freeway and the Eastern Express Highway. With outstanding connectivity to each and every pocket of Mumbai, it provides enviable access to the best that Mumbai has to offer when it comes to business districts, health, social, leisure, with an unparalleled transportation network and infrastructure hotspots.”

The Chembur-Wadala corridor also provides an unmatched connectivity from all the important landmarks and places of everyday utility such as healthcare centers, educational institutions, parks, entertainment & recreational centres and a host of other commercial and retail outlets in close proximity.

With a slew of launches in the premium segment, the perception of this region as a residential market has significantly improved. Being the cynosure of a big share of new real estate developments due to its strategic location advantage, it is likely to witness significant new launches in the future.

Also Read: Journey towards responsible real estate

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By Varun Singh

The rental realty market is doing good, in the last few days, a lot of realty deals took place in the city which have set a benchmark. These deals are also telling us that the market is slowly moving towards the pre-pandemic era. 

Yet another rental deal was registered in Mumbai’s Bandra Kurla Complex (BKC) area, this deal was carried out in the building named Platina. 

According to documents provided by ‘CRE Matrix, a real estate data analytics firm’ the deal was registered on September 16. 

The rental deal was registered between Avendus Capital Pvt. Ltd. which is the Licensee, whereas the the licensor is Raghuleela Estate Pvt Ltd (Wadhwa & Associates Realtors Pvt Ltd). 

There are two different leave and license agreement registered of which the first one is for Unit No. 801,901,1001, Platina, G Block, BKC. For this the monthly rental rent is Rs 2.11 crore whereas the security deposit for this deal is Rs 12.67crore. 

The second agreement is for Unit No. 302, Platina, G Block, BKC, for this the 42.45 lakh, whereas the security deposit is Rs 2.54 crore. 

The total chargeable area is 98,692 sq ft and the total per month rent is Rs 2.53 crore. 

The deal also consists of 80 car parks which the licensee will have access to in the building. 

The lease period:- 60 months of which Lock-In Period is 60 Months for both Licensor and the Licensee.

The rent escalation is 4% at the end of every 12 months.

Also Read: Oberoi Realty Ltd signs 18 acre Thane land deal

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By Varun Singh

Two commercial realty deals in a single project in Bandra Kurla Complex (BKC), worth Rs 220 crore took place recently. In one of the deal the new owners have even got an access to 25 car parks in the building.

Both the deal that took place in a span of two week in June and July are in the building named Parinee Crescenzo located at BKC.

The first deal that took place is of two units on the 18th floor of the building, where an area of 22012 sq ft has been bought by National Realty Limited for a total consideration of Rs 82.38 crore.

The second deal is of the 20th floor in the same building where Advanced Realty Private Limited bought an are of 34,169 sq ft for a total consideration of Rs 138 crore. Thus combined consideration of both the deals is Rs 220 crore.

According to documents provided by Propstack, a firm that collects realty deal data via publicly available documents, the 18th floor deal took place on July 23, whereas the 20th floor deal took place on July 4. The seller in both the deals is Parinee Developers Private Limited.

In the first deal the stamp duty paid for the registration is Rs 4.94 crore and the owners will have access to 10 car parks in the building. Whereas in the second deal the the stamp duty paid is Rs 8.28 crore, whereas the owners will have access to 25 car parks in the building.

A detailed email sent to Advanced Realty and Parinee seeking their comment got us no response.

BKC is the central business district with all big names from the corporate World trying to have a slice of real estate in this area.

“The recent sale transactions indicate continued appetite from Corporates and Investors for quality space in established micro markets and projects in Mumbai. Over the past few months, multiple Corporates have purchased commercial spaces in Dadar, Lower Parel, for self use. In this case the buyers have bought into the long term positive trend of BKC, the project, and existing or future tenants,” said Raja Seetharaman, Co-founder, Propstack.

Also Read: JP Morgan picks 1.16 million sq ft in Goregaon for 10 years on lease along with 1,130 car parks

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