Advertisement
04 Apr 2024
Bollywood actor Imran Khan and girlfriend Lekha Washington have leased a sea-facing apartment in Bandra from producer Karan Johar for three years, joining a trend among celebrities preferring luxury rentals in Mumbai. The Clefepete apartment costs INR 9 lakh per month with a INR 27 lakh security deposit. Similarly, stars like Kriti Sanon, Vicky Kaushal, and Katrina Kaif opt for leased accommodations rather than purchasing a property. Some actors, like Tiger Shroff and Ranbir Kapoor, have purchased real estate as an investment. With Mumbai's real estate prices high, renting offers flexibility and quality living spaces for celebrities, ensuring the continued popularity of luxury rentals in prime Mumbai locations like Bandra and Juhu among Bollywood stars.Read more
04 Apr 2024
In March 2024, Mumbai saw a surge in property registrations, with over 14,411 properties registered, indicating a strong real estate market. Most registrations were for residential units, especially in Central and Western suburbs, showing high demand for homes with modern amenities. Though stamp duty revenue dropped due to a high base effect from the previous year, monthly figures showed a 29% increase, reaching INR 1,143 crore. Homebuyers favoured mid-sized properties, but there's also a growing interest in larger homes, reflecting changing preferences. Overall, Mumbai's real estate market remains robust, driven by confident buyers and diverse housing options.Read more
04 Apr 2024
The Brihanmumbai Municipal Corporation (BMC) aims to merge the Gopal Krishna Gokhale Bridge with the Barfiwala Flyover by seeking Election Commission of India (ECI) permission to expedite construction during the code of conduct period. Costing INR 8 crore, the merge involves lifting the last four spans of the flyover to align with the bridge. Veermata Jeejabai Technological Institute (VJTI) confirmed the feasibility in their report, estimating a 90-day process. The BMC awaits a second opinion from IIT-Bombay before floating tenders. The Gokhale Bridge's elevation, due to railway guidelines, caused misalignment with the flyover, constructed in 2008, prompting the merge for seamless connectivity.Read more
03 Apr 2024
In a significant judgment, the Bombay High Court has approved the redevelopment of a Mumbai housing society by Truearth Developers, rejecting an insolvent builder's claim over the project. The court emphasized that the Insolvency and Bankruptcy Code cannot be used to delay development or deny transit rent payments to displaced residents. It criticized the practice as "absurd" and "inequitable", underscoring that society members should not suffer due to a builder's insolvency. The ruling reaffirms residents' fundamental rights to redevelopment and compensation, setting an important precedent that prioritizes citizens' welfare over narrow corporate interests.Read more
02 Apr 2024
Group Satellite launches the final phase of its affordable housing project, Aarambh, with Aarambh Avyaan in Malad East, setting new standards for luxury living. With meticulously crafted 1 BHK homes starting from INR 50 Lacs, Avyaan offers an exclusive subvention scheme for early bird buyers. The project offers international design finesse and over 25 lavish amenities, including a rooftop garden, meditation area, and plunge pool. Clever space utilisation, large windows, and excellent connectivity make Avyaan the epitome of intelligently designed living spaces in Mumbai, promising a significant lifestyle upgrade and attractive investment opportunities.Read more
01 Apr 2024
K Raheja Corp has signed an agreement to jointly develop a 2.5-acre land parcel in Mumbai's Worli, aiming for a luxury residential project with revenue potential exceeding INR 2,000 crore. The revenue share structure allocates 57% to K Raheja Corp and 43% to the landlord. The developer will handle planning, design, approvals, execution, branding, and sales, aiming to complete the project within five years. The development, covering around 3 lakh sq ft carpet area, includes an office building and commercial outlets. Mumbai's luxury housing market has seen significant growth, with a surge in sales value and transactions, particularly in upscale areas like South Mumbai and Worli-Prabhadevi.Read more
Advertisement
01 Apr 2024
Bank of America secures over 1 lakh sq ft office space in Mumbai's Mindspace, Malad. The facility, spanning 2.70 lakh sq ft, will accommodate 3,000 employees across operations and technology. Leased for 9 years, the deal amounts to INR 120 crore. Proximity to talent and access to metro lines drove the choice of location. The space, leased through BA Continuum India, expands the bank's Global Business Services Unit, operational since 2004 across five Indian cities. The move reflects sustained growth in India's office sector, evidenced by ICICI Prudential's recent lease of 252,000 sq ft in the same IT park.Read more
01 Apr 2024
Chhatrapati Shivaji Maharaj Terminus (CSMT), a UNESCO World Heritage site, is set for a grand makeover. A recent high-level meeting chaired by Anil Kumar Khandelwal, member (infrastructure) of the Railway Board, discussed the INR 2,450-crore redevelopment plan. The project includes a common elevated deck stretching from D N Road to P D'Mello road and a 24x7 City Centre named 'Rail-O-Polis'. Offices housed in the administrative building on D N Road will likely be relocated as part of the modernization. The revamped CSMT will also feature improved amenities and connectivity, integrating with various modes of public transit.Read more
29 Mar 2024
The Mumbai Metropolitan Region Development Authority (MMRDA) is said to receive INR 500 crore from Shivshahi Punarvasan Prakalp Ltd. (SSPL) for rental payments in the Ramabai Amebedkar Nagar redevelopment project at Ghatkopar. MMRDA aims to smoothly execute the slum redevelopment, although the specific rent amounts for households are pending. This marks MMRDA's first slum redevelopment endeavor. Additionally, MMRDA will collaborate with the slum rehabilitation authority for the Ramabai Ambedkar redevelopment project and for clearing land for the Eastern Freeway extension to Thane. The project, covering 33.15 hectares with 16,575 slum dwellers, will cost approximately INR 3,200 crore.Read more
28 Mar 2024
Birla Estates released a show apartment at Birla Niyaara in Worli, Mumbai, including Silas, the New Signature Tower. The event featured a magnificent aerial act and an immersive customer experience developed in collaboration with specialised partners from the United Kingdom and the United States. K.T. Jithendran, Birla Estates' MD and CEO, stressed the tower's iconic status and invitation to experience uber-luxury living. The celebrity-attended launch praised the location's character. Silas boasts spectacular views and LifeDesigned residences in one of Mumbai's greatest integrated complexes, carrying on the Aditya Birla Group's tradition.Read more
28 Mar 2024
Knight Frank India's Prime Global Cities Index Q4 2023 unveils significant shifts in real estate dynamics. Mumbai soars to third globally, with prime residential prices surging 10% year-on-year, driven by affluent buyers seeking upscale living amid economic strength. Conversely, Bengaluru slips to 27th place despite a 2.2% price growth, prompting scrutiny of its competitiveness. Meanwhile, the National Capital Region rises to 16th, reflecting resilience and investor appeal. Globally, the index records a robust 3.7% uptick, with Manila leading at 26.3%, Dubai at 15.1%, and Shanghai at 8.6%. As a crucial benchmark, the index guides stakeholders in navigating dynamic real estate landscapes worldwide.Read more
28 Mar 2024
VJTI Mumbai's report to BMC suggests lifting and merging the last four sections of Andheri's Gokhale bridge with CD Barfiwala flyover to address misalignment. Both structures are deemed structurally sound, with no need for Barfiwala's demolition. The merging process, estimated to take 90 days, involves lifting spans and adjusting pedestals. BMC's insistence on a solution without demolishing either bridge prompted the report. Barfiwala flyover, built in 2008, connects Juhu to Gokhale Bridge. The latter, rebuilt in 2022, faces alignment issues due to elevated railway track guidelines. The merging solution aims to streamline traffic flow between the two structures.Read more
27 Mar 2024
Renowned investor Rekha Jhunjhunwala recently bought a luxury apartment in South Mumbai's Walkeshwar area for INR 11.76 crore. The apartment, spanning 1,666 sq ft, comes with a parking slot. This adds to her previous investment in commercial spaces worth INR 739 crore. The Jhunjhunwala family's long-term investment strategy emphasizes secure assets with high yields. Despite market shifts, premium properties like this remain in demand. Rekha's extensive portfolio, valued at over INR 39,333.2 crore, solidifies her standing in the investment community, akin to her late husband. Their ownership of Ridgeway Apartments in Malabar Hills further underlines their influence in Mumbai's real estate.Read more
27 Mar 2024
Signpost India Limited, a prominent media and advertising company, makes waves with two groundbreaking announcements. Firstly, it secures a prime commercial property near Mumbai Airport valued at INR 54 crore, bolstering its infrastructure and connectivity. Secondly, it merges with Pressman Advertising Ltd., expanding its service offerings to include advertising, digital marketing, and public relations solutions. Led by Chairman Shripad Ashtekar, the company aims to enhance operational capabilities and solidify its industry standing. With over 150 global awards and a vision for the future, Signpost India Limited pioneers creative and sustainable advertising solutions, shaping the media and advertising landscape in India and beyond.Read more
Advertisement
