The new deadline for interested applicants to complete online registration and submit their applications is February 2, 2026, up to 11:59 PM. This extension provides additional time for potential buyers, entrepreneurs, and investors to participate in the transparent, bidding-based e-auction process.

The e-auction is scheduled to take place on February 4, 2026, from 11:00 AM to 5:00 PM on the official portal www.eauction.mhada.gov.in. Only applicants deemed eligible through the computerized screening system will be allowed to bid. The consolidated results of the auction will be declared on February 5, 2026, at 11:00 AM, and made available on both https://eauction.mhada.gov.in and https://mhada.gov.in.

The 84 shops are distributed across prime and accessible locations in Mumbai suburbs, including:

• 04 shops at Mulund Gavanpada
• 05 shops at Kurla – Swadeshi Mill
• 15 shops at Kopri Powai
• 01 shop at Model Town, Majaswadi, Jogeshwari (East)
• 01 shop at Siddharth Nagar, Goregaon
• 17 shops at Bimbisar Nagar, Goregaon (East)
• 29 shops at Malvani, Malad
• 12 shops at Charkop

To encourage wider participation, MHADA has aligned the base sale prices with its revised resolution, setting them at 100% of the commercial ready reckoner rate. This adjustment represents a reduction in prices compared to previous benchmarks, making the shops more attractive for small businesses, investors, and commercial users.

MHADA Mumbai Board’s Chief Officer, Mr. Milind Borikar, has appealed to citizens to take advantage of this opportunity and actively participate in the e-auction.

Eligibility and Participation Requirements:

• Applicants must be above 18 years of age at the time of application.
• A domicile certificate issued by the State of Maharashtra after 2018 is mandatory.
• Payment of the prescribed Earnest Money Deposit (EMD) based on the reserve/offset price is required.

Detailed eligibility criteria, shop-specific information (including sizes, locations, and reserve prices), social reservations (if any), application procedures, terms and conditions, online instructions, and the full information booklet are available on the official websites under the “Lottery > Eauction > Eauction” section at https://eauction.mhada.gov.in and https://mhada.gov.in.

MHADA has urged all prospective applicants to thoroughly review the terms and conditions and the information booklet before submitting applications to avoid any issues.

This e-auction initiative aims to monetize MHADA’s unsold commercial assets while providing affordable commercial spaces in high-demand Mumbai locations, supporting local entrepreneurship and economic activity.

For the latest updates and direct access, visit the official MHADA e-auction portal.

Also Read: MHADA Mumbai lottery for 2,683 homes

The post MHADA Extends E-Auction Registration Deadline for 84 Non-Residential Shops in Mumbai to February 2, 2026 appeared first on Square Feat India.

Developer Legacy: From Powai Powerhouse to Financial Crosshairs

Established in 2006, Supreme Housing and Hospitality Pvt Ltd has long been a key player in Mumbai’s real estate scene, specializing in high-end commercial and residential developments. Headquartered in the upscale Hiranandani Gardens area of Powai, the company boasts a portfolio that includes premium office complexes, luxury housing, and hospitality ventures. With a paid-up capital of over ₹6 crore and a track record of projects catering to corporate giants, Supreme has been synonymous with quality construction and strategic locations.

However, this is not the first brush with financial distress for the developer. Back in 2021, Canara Bank had previously auctioned portions of the same Supreme Business Park under the SARFAESI Act to recover ₹385 crore from a 2016 loan that turned non-performing. That effort fetched bids at a reserve price of ₹1,370 crore for the sprawling 14-lakh sq ft complex, underscoring the asset’s enduring value. The recurrence of auction proceedings in 2025 signals deeper challenges, possibly exacerbated by post-pandemic economic shifts and rising borrowing costs. Industry insiders note that Supreme’s ties to broader infrastructure projects, including highway developments, may have strained cash flows amid regulatory hurdles.

The company’s directors, including Bhawanishankar Harishchandra Sharma and Vikram Bhawanishankar Sharma, have steered it through nearly two decades of growth, but recent filings indicate ongoing insolvency proceedings, adding layers of complexity to its operations.

The Property at Stake: A Commercial Crown Jewel in Powai

Nestled in the heart of Powai—a suburb that’s become Mumbai’s Silicon Valley for tech and finance firms—Supreme Business Park stands as a testament to Grade-A commercial real estate. Spanning Wings A and B, the complex features four to seven floors of meticulously designed office spaces, totaling a built-up area exceeding 6.92 lakh sq ft across three measuring units: 9.28 lakh sq ft, 4.98 lakh sq ft, and 2.09 lakh sq ft. Admeasuring an additional 57,910 sq m in survey no. 134 (part), the property includes modern amenities tailored for blue-chip tenants.

Strategically located near major arterial roads and the upcoming metro lines, the park has historically commanded premium rentals, attracting multinationals in IT, consulting, and BFSI sectors. Its sale could inject fresh inventory into a market where office vacancy rates hover around 15-20%, per recent Cushman & Wakefield reports, potentially stabilizing lease rates in the short term.

Auction Blueprint: Key Milestones and Bidder Essentials

Canara Bank’s Stressed Asset Management Branch (SAMB) in Bandra Kurla Complex has outlined a transparent e-auction process under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. Bidders must navigate strict eligibility criteria, including a minimum 10% earnest money deposit and adherence to the bank’s terms.

• Reserve Price: ₹780 crore (an attractive entry point for investors eyeing undervalued assets).
• Earnest Money Deposit (EMD): ₹78 crore, payable via RTGS/NEFT to Canara Bank’s designated account.
• Bid Submission Deadline: Up to 5:00 PM on December 9, 2025.
• Property Inspection Date: Between 11:00 AM and 2:00 PM on December 8, 2025, with prior appointment via the Authorized Officer.
• E-Auction Date: December 12, 2025, starting at 11:00 AM and extending up to 1% of the reserve price in increments, with a maximum of ₹10,000 per bid.

Interested parties are directed to Canara Bank’s official e-auction portal for detailed terms, including “as is where is” and “as is what is” conditions. Contact the branch at 022-67286280 or email cb5508@canarabank.com for queries. The bank emphasizes that this is the final recovery push, with symbolic possession already secured.

Market Tremors: What This Means for Mumbai’s 2025 Real Estate Pulse

Mumbai’s real estate market, valued at over ₹4 lakh crore in annual transactions, is no stranger to high-stakes auctions, but the Supreme Business Park sale arrives at a pivotal moment. While H1 2025 saw a robust 11% uptick in luxury residential sales and a 16% YoY rise in overall housing units (per Knight Frank), commercial segments face headwinds. Q2 data from PropEquity reveals a 34% dip in Mumbai housing sales to 8,006 units, with new launches plummeting 61%, signaling buyer caution amid RBI’s steady repo rates.

For commercial realty, this auction could be a double-edged sword. On one hand, it risks downward pressure on Powai’s rental yields—currently at 7-8%—if the property floods the market with leasable space. On the other, it presents a rare bargain for REITs and PE firms, potentially accelerating portfolio diversification in a city where office absorption hit 1.5 million sq ft in SEZs alone last year. Experts warn that repeated NPAs among mid-tier developers like Supreme could erode investor confidence, especially as stamp duty revisions and MHADA delays (with the next affordable housing lottery pushed to March 2026) compound affordability woes.

Yet, optimism persists: Peripheral hotspots like Thane and Navi Mumbai are absorbing spillover demand, with mid-segment launches dominating at 70% of new supply. As Mumbai hurtles toward its 2030 vision of sustainable urban growth, auctions like this underscore the need for balanced financing—lest even icons like Supreme Business Park become cautionary tales.

This development not only spotlights Supreme Housing’s precarious position but also serves as a litmus test for Mumbai’s resilience, where opportunity often emerges from adversity.

Also Read: Supreme Court Clears Redevelopment of Bharat Nagar Slum in Bandra

The post Canara Bank to Auction Supreme Business Park at ₹780 Crore Reserve Price: Mumbai’s Real Estate Giant Faces Debt Recovery appeared first on Square Feat India.