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

Real Estate

05 Aug 2026

CREDAI-MCHI to Host 10th Design & Construction Conference

CREDAI-MCHI will host the 10th anniversary edition of its Design & Construction Conference on August 19, 2026, at the Jio World Convention Centre in Mumbai.The event is expected to bring together more than 500 procurement leaders, construction heads, architects, consultants and senior real estate decision-makers, alongside over 50 construction and ancillary brands.The conference will feature product launches, technology showcases, knowledge sessions, strategic business-to-business networking and recognition of procurement professionals contributing to the transformation of the construction..

BorgWarner Wins Extension for High-Voltage Inverter Programmes

BorgWarner has secured a major extension of several high-volume high-voltage inverter programmes from a leading European automotive manufacturer.The contracts cover updated inverter designs for plug-in hybrid and 800V battery-electric vehicle applications. Production is scheduled to begin in 2029.Isabelle McKenzie, President and General Manager, BorgWarner PowerDrive Systems, said the programme extensions demonstrate the company’s position in power electronics and reflect the strength of its technology, in-house expertise and customer relationships.For plug-in hybrid vehicles, BorgWarner wil..

Castrol India Q2 Profit Rises 43% to Rs 3.48 bn

Castrol India reported a 43 per cent year-on-year increase in profit after tax to Rs 3.48 billion for the quarter ended June 30, 2026, supported by growth across its consumer, industrial and institutional businesses.Revenue from operations increased 25 per cent to Rs 18.71 billion during the second quarter of 2026, compared with Rs 14.97 billion in the corresponding period of 2025. EBITDA rose 41 per cent to Rs 4.94 billion from Rs 3.50 billion.Sequentially, revenue increased from Rs 15.45 billion in the first quarter of 2026, while EBITDA rose from Rs 3.29 billion. Profit after tax increased ..