MahaRERA Grants One-Year Extension for Palais Royale Completion

12 Aug 2025 CW Team

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has given luxury residential project Palais Royale in Worli, Mumbai, an additional year to complete construction and secure an Occupancy Certificate (OC) by December 30, 2024. The decision, aimed at ensuring the project’s completion, comes despite buyer frustration over delays of more than a decade.

The extension was granted to Honest Shelters, the current promoter, following its application on November 23 to revise the possession date. Originally, the project’s completion was scheduled for December 31, 2021, but it had already received three extensions, including those linked to Covid-19 disruptions.

Order Highlights

In its December 28 order, MahaRERA noted that the developer had failed to obtain the mandatory two-thirds consent from homebuyers for the extension and had not updated its Quarterly Progress Reports (QPRs) on bookings, sales and funds collected. Despite these lapses, Chairperson Ajoy Mehta ruled that rejecting the extension would stall construction and harm consumer interests.

Under Section 7(3) of RERA, MahaRERA has allowed the extension subject to strict conditions, including:

Completion of remaining construction and securing OC by December 30, 2024
Updating QPRs by January 31, 2024
Submitting a bar chart of project milestones within 15 days
Providing monthly progress reports to MahaRERA and homebuyers

Palais Royale, originally launched by Shreeram Urban Infrastructure Ltd in 2008, was stalled due to litigation over alleged building violations. The Supreme Court cleared the project in 2019. Financial defaults led to its auction, with Pune-based Honest Shelters acquiring it for Rs 7.05 billion.

The 76-storey tower features 162 apartments, of which 77 are booked. Units range from 4,000–8,000 sq ft with average prices of Rs 500 million. Once rated Mumbai’s tallest building at 300 m, it has since been overtaken by Lokhandwala Minerva at 300.6 m.

News source: Hindustan Times

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..