Mittal Builders, HoABL to invest ₹2,000 crore on 11-acre project in Mumbai region
Mittal Builders
has tied up with
House of Abhinandan Lodha
to develop a housing project in
Mumbai
Metropolitan Region with an investment of Rs 2,000 crore.
In a statement on Thursday, Mittal Builders said it has entered into a Joint Development Agreement (JDA) with House of Abhinandan Lodha (HoABL) to co-develop an 11-acre project comprising 30 lakh sq ft, comprising over 4,600 apartments and high-street retail.
The project is expected to be launched in the second quarter of 2025-26.
"The JV project involves a planned investment of about Rs 2,000 crore and a GDV (gross development value) of over Rs 3,000 crore in the next 3-5 years," the company said.
Rahul Mittal
, Promoter, Mittal Builders, said, "Naigaon is fast emerging as a key growth centre in the MMR."*
The formation of this JV with HoABL brings together two complementary strengths to accelerate Naigaon's evolution into a well-integrated urban destination, he added.
Akshay Mittal
, Promoter, Mittal Builders, said the company has already delivered 2 million sq. ft. of residential space housing over 2,000 families, and a school educating more than 2,500 students in Naigaon. Rakesh Pai, Chief Operating Officer at HoABL, said the
Mittal Builders, which was founded in 1952, portfolio that exceeds 50 million sq. ft. across more than 2,000 buildings in Mumbai, Thane, Pune, Delhi, Bangalore, Hyderabad, and Nagpur.
Established in 2020, HoABL has delivered 4 projects totalling about 15 million sq ft of developed land.
It is mainly into plotted development and is now foraging into group housing.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
21 minutes ago
- Time of India
Nashik civic body exempts telecom companies from paying realty tax for towers
Nashik: The Nashik Municipal Corporation (NMC) has exempted telecom companies from paying property tax on mobile towers with effect from Jan 2025. However, the telcos will have to clear their dues until Dec 2024. The civic body took this decision following the guidelines of the urban development department of state govt. As per section 14 (3) of the Telecommunication Act, 2023, the telecommunication network installed at any property will not be considered part of property, nor will any property tax or duty be applicable to that property. Recently, the Centre expressed its disappointment with the civic bodies in various states for not implementing the Act. Accordingly, the urban development department of state govt sent a letter to the civic bodies in February this year, asking them to not include mobile towers for property tax. The civic administration subsequently tabled the proposal during a meeting of its general body and it was approved. According to the property tax department of the NMC, there are a total of 596 mobile towers across Nashik city, and the annual property tax demand from these mobile towers was Rs 7 crore. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 20 Historic Cars Every Enthusiast Should Know Undo However, some telcom companies with mobile towers in the city have property tax dues of Rs 52.69 crore pending for the past few years. Ajit Nikat, deputy commissioner (taxation) of municipal corporations, said, "We have exempted all the mobile towers in the city from paying property tax effective from Jan 2025. But they will have to pay the dues they have until Dec 2024. We have instructed the divisional officers from all six divisions of the civic body to collect the dues from the telecom companies concerned." Another NMC official said although the mobile towers have been exempted from property tax, the civic body will lease its spaces to the telcom companies to install the towers. "This will help the NMC earn some revenue through leasing their properties for the setting up of mobile towers," the official said. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Raksha Bandhan wishes , messages and quotes !
Time of India
21 minutes ago
- Time of India
BSES Discoms To Recover 28.5k Cr Dues
New Delhi: Delhi's two power distribution companies, BSES Yamuna and BSES Rajdhani, on Friday said they would recover power dues amounting to Rs 28,483 crore by March 31, 2028. The move may lead to the spiralling of electricity charges in the city. Tired of too many ads? go ad free now Days after Supreme Court allowed the discoms to liquidate the existing regulatory assets within a maximum of four years starting from April 1, 2024, Reliance Infrastructure Limited, which owns a 51.49% stake in BSES, a joint venture with Delhi govt, stated that the total dues of its two subsidiaries, BSES Yamuna Power Limited (BYPL) and BSES Rajdhani Power Limited (BRPL), amount to Rs 28,483 crore as of July 31. "As directed in the judgment, the existing regulatory asset must be liquidated in a maximum of four years starting from April 1, 2024, taking Rule 23 (of Electricity Rules 2005) as the guiding principle. Accordingly, the regulatory asset as approved by DERC (Delhi Electricity Regulatory Commission) shall be liquidated/recovered by March 31, 2028," Reliance Infra stated. Regulatory assets are costs incurred by a discom that are deferred on the balance sheet and allowed to be recovered from the customers later through approved rates or tariffs. No immediate reaction was available from Delhi govt. BRPL and BYPL together cater to nearly two-thirds of Delhi and provide electricity to over 53 lakh houses in east, northeast, south, southwest and parts of west Delhi. While Tata Power Delhi Distribution Limited (TPDDL) caters to north, northwest and parts of central Delhi, NDMC provides electricity in Lutyens' Delhi. Sources said TPDDL, too, has accumulated regulatory assets of nearly Rs 6,000 crore. The apex court on Wednesday directed that the regulatory assets, including carrying costs to the tune of Rs 27,200.37 crore, be paid within three years to Delhi's three private discoms. Tired of too many ads? go ad free now Reliance Infra said its subsidiaries filed a writ petition and civil appeals in 2014 before Supreme Court, raising the issue of "non-cost reflective tariff, unlawful creation of regulatory asset and non-liquidation of regulatory asset". Referring to the order, Reliance Infra said the court had directed DERC to provide the "trajectory and roadmap" for the liquidation of the existing regulatory asset, which would include provisions for dealing with carrying costs. It added that DERC must also undertake an intensive audit of the circumstances in which the discoms continued without recovery of assets. Saurabh Gandhi, general secretary of United Residents of Delhi, said DERC earlier allowed the recovery of Rs 800 crore, which every consumer in Delhi had been paying at 8% on every bill as power purchase agreement cost for the past 13 years. Yet that amount remains outstanding, he added. "Imagine how much will have to be paid now," Gandhi said.
Time of India
21 minutes ago
- Time of India
Land woes stall Rs 12.7k-cr highway projects in Punjab
Chandigarh: Over a dozen major national highway projects worth about Rs 12,700 crore in Punjab have either been stalled, delayed or face termination, primarily due to persistent land acquisition hurdles and delays in statutory clearances, the Union ministry of road transport and highways has informed Parliament. Tired of too many ads? go ad free now In a reply to an unstarred question by Congress MP Sukhjinder Singh Randhawa, Union road transport and highways minister Nitin Gadkari said several infrastructure projects being executed by the National Highways Authority of India (NHAI) and the Punjab public works department (PWD) are experiencing significant setbacks. Key packages of the Delhi-Amritsar-Katra expressway are among the affected NHAI-implemented projects. The Amritsar connectivity spur II, sanctioned at Rs 2,197.17 crore for a length of 30.05 km, was terminated due to non-availability of land, with fresh bids to be invited once possession is secured. Spur III, which covers 28.1km and sanctioned at Rs 1,951.7 crore, is ongoing but delayed, with a revised completion date of Nov 30, 2026. The Amritsar-Bathinda (package I) project, costing Rs 1,229.38 crore over 39 km, commenced on Nov 14, 2022, and was initially scheduled for completion by Nov 13, 2024. It is now expected to be completed by Dec 31, 2026, due to land acquisition issues. Likewise, Amritsar–Ghoman–Tanda–Una (Package-I), sanctioned at Rs 1,443.47 crore for 45.73 km, is delayed for similar reasons and is now targeted for completion by Jun 30, 2026. Package II of the same corridor, measuring 31.05 km and valued at Rs 818.41 crore, has been terminated due to land unavailability. Another delayed NHAI project is the Amritsar (Airport Junction)–Ramdas (Package-IV) stretch, sanctioned at Rs 416.58 crore for 38.978 km. Tired of too many ads? go ad free now The project began on March 16, 2022, with an initial completion deadline of Sept 15, 2023, but is now projected to finish by Sept 30, 2025, due to delays in acquiring land. In the Ludhiana–Rupnagar corridor, package I, which covers 37.7 km at a cost of Rs 1,368.91 crore, commenced on Dec 12, 2022. The concessionaire issued a termination notice citing delays in land handover and has demobilised resources from the site. The matter is under conciliation through the Conciliation Committee of Independent Experts (CCIE). Meanwhile, package II, spanning 47.24 km and sanctioned at Rs 1,488.23 crore, was terminated for the same reason, with re-tendering to be undertaken after land possession is secured. Rs 1,800cr Punjab PWD projects also delayed Projects implemented by the Punjab public works department have also seen significant disruptions. The Jalandhar–Hoshiarpur NH-3 four-laning project (39.13 km, Rs 1,069.59 crore), awarded on Oct 23, 2017, is under termination due to land acquisition delays. Similarly, the Jakhal bypass on NH-148B (5 km, Rs 50.13 crore), awarded on Jan 9, 2020, is being terminated after only 0.6 km of land could be handed over to the contractor. Other ongoing but delayed projects include the Jalandhar–Hoshiarpur NH-3 widening (3.57 km, Rs 15.04 crore), which faces right-of-way constraints and now has a revised completion target of Nov 30, 2025. The Makhu–Arifke section of NH-703A, including two ROBs (24.6 km, Rs 192.48 crore), initially due by May 14, 2021, is now expected to be completed by Dec 31, 2025. The ROB project on NH-7 at Fazilka (Rs 38.02 crore), awarded on Feb 28, 2023, was delayed due to pending railway clearances but is now in progress and targeted for completion by Oct 31, 2025. The NH-354 upgrade from Arifke to Ferozepur–Muktsar–Malout, covering 63.27 km and costing Rs 263.2 crore, was affected by delays in obtaining no-objection Certificates from the irrigation department and land acquisition issues. It is now expected to be completed by Dec 31, 2025. The Muktsar Sahib–Malout section of NH-354 (27.66 km, Rs 152.58 crore) is ongoing, with all work except the toll plaza completed. Construction of the toll plaza has been delayed due to land issues, and the PWD has been advised to redesign it within the available right-of-way. Additionally, the Jalandhar–Kapurthala–Makhu stretch of NH-703A (7.3 km, Rs 53 crore), awarded in Dec 2023, has been delayed due to aggregate shortage and excessive rainfall, but is expected to be completed by Sept 15. The ministry said that "projects in the state of Punjab are mainly delayed/stalled/terminated due to the issues relating to land acquisition and delay in obtaining statutory clearances". It confirmed that the govt is taking requisite measures in consultation with all stakeholders, including the Punjab govt, to resolve these challenges and resume stalled works wherever feasible. 4 NHAI PROJECTS TERMINATED Project | Length (km) | Cost | Status Delhi–Amritsar–Katra Expressway Amritsar connectivity Spur II | 30.05km | Rs 2,197.2cr | Terminated due to non-availability of land; fresh bids after possession Amritsar connectivity Spur III | 28.1km | 1,951.7cr | Ongoing, but delayed to Nov 30, 2026 Amritsar–Bathinda Package I | 39km | 1,229.4cr | Delayed from Nov 13, 2024, to Dec 31, 2026 Amritsar–Ghoman–Tanda–Una Package I | 45.7km | 1,443.5cr | Delayed to Jun 30, 2026 Package II | 31.05km | 818.41cr | Terminated due to land unavailability Amritsar (Airport Jn)–Ramdas Package IV | 38.9km | 416.6cr | Delayed to Sept 30, 2025, due to land acquisition Ludhiana–Rupnagar Package I | 37.7km | 1,368.9cr | Termination notice issued; matter under conciliation with CCIE Package II | 47.2km | 1,488.2cr | Terminated; re-tendering after land possession
