State govt to take over Stalled Mumbai Redevelopment Projects

08 Jun 2023 CW Team

Chief Minister Eknath Shinde announced on Monday that the state government will intervene in stalled and abandoned redevelopment projects in Mumbai and oversee their execution with the assistance of financially robust government agencies. Speaking after launching the first phase of the cluster redevelopment scheme in Thane, Shinde described it as perhaps the largest redevelopment plan to be implemented in Asia.

"There are numerous projects in Mumbai that have been stagnant for decades, including those abandoned by developers who have shown no interest in completing them. Our government has made the decision to take charge of such projects with the help of well-funded agencies such as the BMC, MMRDA, Mhada, MSRDC, and Cidco, among others," stated Shinde.

He further explained that this initiative would greatly benefit residents, providing them access to their homes and enabling the return of those who have been forced to live in distant suburbs due to limited options in Mumbai.

Regarding the Thane cluster redevelopment project, Shinde emphasised that it would serve as a model for future schemes in the metropolitan region, including Mira-Bhayender, Kalyan-Dombivli, Ulhasnagar, and certain areas of Navi Mumbai.

Shinde revealed that the entire cluster project covers an expansive 1,500 hectares and encompasses 45 urban renewal plans. In the initial phase, 10,000 units will be constructed on government-owned land to ensure that residents can directly move into their homes without having to stay in temporary transit camps.

Meanwhile, the Shiv Sena UBT faction alleged that the cluster redevelopment plan was merely a political ploy to garner votes during elections. Shinde dismissed these claims, stating that the project's inauguration at this stage serves as a fitting response to skeptics.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..