MAM
Malabar Gold & Diamonds to invest Rs 240 crores in India operations
MUMBAI: Malabar Gold & Diamonds has announced that it will launch nine stores across India and globally as part of its ambitious global growth plan. Its expansion strategy will see the company mark its footprint across all Tier-I and Tier-II cities in north and central India in order to cater to the growing jewellery market. The group currently operates retail outlets spread across ten countries in India, Middle East, Southeast Asia and the US. Internationally, the expansion will further strengthen its position in markets like Singapore, Malaysia, Oman and UAE.
In the run up to the festive season, Malabar Gold & Diamonds has scheduled the opening of five stores across India in Lucknow, Dwarka (west Delhi), Ghaziabad, Thane and Kamanahalli (Bengaluru). While the Lucknow and Dwarka stores are located in malls, the other three are in high street locations. In addition, the brand is also scheduled to open two stores in UAE, and one each in Singapore, Malaysia and Oman.
The move marks a major investment in expansion at a time when many gold and jewellery retailers have struggled to manage their existing operations due to the challenging global economic environment. Despite the slowdown in the market resulting from lower demand, higher price of gold and the global pandemic, Malabar Gold & Diamonds has decided to push ahead with its growth plans, which demonstrates its confidence in the golden prospects of these markets in future.
“The opening of these nine showrooms with a world-class shopping experience in the post-Covid scenario demonstrates the faith reposed by the customers in the brand. It is only due to their encouragement and patronage that the brand continues to march forward and add to its retail footprints in various corners of the country and the world. Our retail expansion is a part of our plan to become the number one gold retail brand in the world in terms of both showroom count and sales. Accordingly, we have plans to triple the number of showrooms in the next five years”, said Malabar Group chairman MP Ahammed.
For the ongoing festive season that typically sees an upsurge in gold purchase by consumers, the brand is focussing on their One India One Gold Rate initiative, which aims to offer uniform pricing of gold to customers across the country. Additionally, it has also launched an extensive Diwali-specific festive collection which is available at all Malabar stores and the e-catalogue is available for browsing on Malabar Gold & Diamonds website.
Brands
Maharashtra panel orders Lodha to refund Rs 5 crore to homebuyers
Consumer court flags unfair practices in long-running property dispute case
MUMBAI: In a sharp rebuke to one of India’s biggest real estate players, the Maharashtra State Consumer Disputes Redressal Commission has directed Macrotech Developers to refund nearly Rs 5 crore to a senior citizen couple, Uttam and Anindita Chatterjee. The ruling, delivered on March 13, 2026, calls out the developer for “deficiency in service” and “unfair trade practices”, bringing closure to a dispute that has stretched over a decade.
The case traces back to 2015, when the couple booked a 3-BHK flat at World Towers in Lower Parel for Rs 12.22 crore, with possession promised within a year. What followed was a series of changes that complicated matters. After deciding to exit the project, they were persuaded to shift to a 4-BHK in another development priced at Rs 8 crore, with delivery scheduled for 2018. However, within months, the price was allegedly increased to Rs 10 crore. After demonetisation reshaped the market, similar flats were reportedly being offered at lower prices, but the couple were not given the benefit.
Despite paying over Rs 2.83 crore, the couple neither received possession nor clarity. Instead, in 2018, the developer unilaterally cancelled the booking, retained part of the amount as earnest money, and argued that the buyers were investors rather than consumers. The commission rejected this claim, observing that casual references to “investment” do not take away consumer rights when the purchase intent is residential.
The bench also held that the developer could not penalise buyers for payment delays while failing to meet its own delivery commitments. It noted the lack of formal documentation for revised terms and termed the prolonged retention of funds without delivering a home as exploitative.
As part of its order, the commission directed the developer to refund Rs 2.83 crore paid by the couple, along with interest at 10 per cent per annum, amounting to around Rs 2.12 crore. In addition, Rs 1 lakh has been awarded for mental agony and Rs 50,000 towards litigation costs, taking the total payout to over Rs 5 crore. The developer has been asked to comply within two months.
For now, the ruling serves as a reminder that in real estate, shifting terms and delayed promises can carry a significant cost.
