08 Jan 2024

Vile Parle, situated in Mumbai's western suburbs, is a lively locality renowned for its cultural heritage and educational institutions like Mithibai College and NMIMS University. In November 2023, Vile Parle witnessed 27 apartment transactions across 22 buildings, with resale transactions dominating the market. Moss Adhira, Anand Bhuvan Apartment, Sumit Gurukrishna, Nutan Jeevan CHSL, and Hetali Shivam CHS each closed 2 deals. Irene Building recorded the most expensive transaction at Rs. 11 Crores for 1612 sq ft. The most affordable option was in Aangan Apartment at Rs. 49 Lakhs. The average rate per sq ft in Vile Parle ranged from Rs. 16,000 to Rs. 68,300, with a weighted average of Rs. 30,000. Over 50% of flats sold were in the 501-1000 sq ft range, and approximately 80% were priced between Rs. 1 Crore and Rs. 5 Crores.Read more

08 Jan 2024

Mumbai's office space demand surged to a six-year high in 2023, hitting 8.5 million square feet. Tech giants led the way by embracing smaller offices, surpassing expectations. Nationally, key Indian cities absorbed 61.6 million square feet, marking a 7% rise. Sustainability was key, with half of new constructions going green. Industries like BFSI, IT, and manufacturing drove demand, mainly in Bengaluru, Hyderabad, and Chennai. Smaller deals dominated, making up 84% of transactions, and domestic firms led the way in shaping the evolving office scene in India.Read more

05 Jan 2024

MICL Group has introduced a new chapter in urban living with its upcoming project in Pali Hill, Bandra West. This exclusive development, marked by meticulous attention to detail, signifies luxury as a lifestyle. Man Infraconstruction Ltd, a significant player in real estate, plans to redevelop the Virgo Co-operative Housing Society Limited property. MICL holds a substantial 34% stake in this venture and anticipates an impressive revenue of Rs. 500 Crores from this landmark 50,000 sq. ft. venture. Positioned in the heart of Bandra West, it offers limited residential units, emphasizing a unique living experience.Read more

05 Jan 2024

The state government has expanded Aarey Milk Colony's 'green zone' by 132 hectares, providing the entire 445-hectare area with the highest environmental protection. This landmark decision, three years in the making, secures Aarey's position as one of Mumbai's last green lungs. The move addresses concerns of potential commercial exploitation, emphasizing a commitment to preserving the city's diminishing green spaces and marking a significant victory for environmental advocates.Read more

04 Jan 2024

The Brihanmumbai Municipal Corporation (BMC) has taken decisive action against air pollution in Mumbai by issuing stop-work notices to 859 construction sites in the last two months. Two construction firms in the Grant Road area were fined Rs 2 lakh each for violating pollution control norms, and 603 sites received show-cause notices during this period. The BMC's stringent measures come in response to the deteriorating Air Quality Index (AQI) in Mumbai, prompting the issuance of guidelines on October 25 to mitigate air pollution, with a focus on using sprinklers and fogging machines at construction sites to suppress dust.Read more

04 Jan 2024

After a 20-year legal battle, Doreen Fernandes, a widow living in Santacruz, has secured victory in her dispute against Chhagan Bhujbal and his family over her rightful share following the sale of her ancestral bungalow. The Bhujbals, accused of land grabbing, settled by agreeing to pay Rs.8.41 crore as a final resolution. Doreen, the sole caregiver to her three autistic sons, gained public attention through activist Anjali Damania's expose. The financial settlement brings relief to Doreen and she plans to invest it wisely and establish a trust for her sons' future. She has expressed gratitude towards Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis for their intervention.Read more

04 Jan 2024

In a significant development, the Gautam Adani-led joint venture for transforming Mumbai's Dharavi, one of Asia's largest slums, has enlisted a team of global experts. The team, including renowned architect Hafeez Contractor and international firms like Sasaki and Buro Happold, faces challenges amid public scrutiny and protests. This ambitious $619 million project, backed by Maharashtra government, seeks to revitalize the densely populated area, lacking basic amenities like clean water and toilets. The initiative promises not just physical reconstruction but a socio-economic upliftment, marking a pivotal moment in urban renewal and community development.Read more

04 Jan 2024

The Malabar Hill micro-market in Mumbai has experienced a 10% appreciation in premium housing, reaching an average weighted carpet area price of Rs.1.01 lakh per sq ft in Q3 2023-24, according to a study by Liases Foras. This growth is attributed to ongoing infrastructure developments in South Mumbai, including the Cuffe Parade to Seepz underground Aqua Metro Line and the Coastal Road project. Sales increased from 17 units in Q3 2019 to 52 in Q3 2023, with decreased unsold inventory and a rise in new housing supply, marking a positive shift in market dynamics. The average price per sq ft surpassed Rs.1 lakh for the first time in five years.Read more

03 Jan 2024

Bollywood actor John Abraham has made a significant real estate acquisition with the purchase of a prestigious bungalow on Linking Road, Khar, Mumbai, for a whopping amount of Rs 75 crore. The property, named 372 Nirmal Bhavan, was previously owned by Pravin Nathalal Shah and his family. The transaction, officially signed on December 27, amounted to Rs 70.8 crore, with an additional Rs 4.25 crore paid as stamp duty. The prime location on Linking Road is known for high commercial property rates, making it a strategic investment for Abraham. The move aligns with the trend of Bollywood celebrities actively engaging in Mumbai's real estate market.Read more

03 Jan 2024

MICL Group has introduced a new chapter in urban living with its upcoming project in Pali Hill, Bandra West. This exclusive development, marked by meticulous attention to detail, signifies luxury as a lifestyle. Man Infraconstruction Ltd, a significant player in real estate, plans to redevelop the Virgo Co-operative Housing Society Limited property. MICL holds a substantial 34% stake in this venture and anticipates an impressive revenue of Rs. 500 Crores from this landmark 50,000 sq. ft. venture. Positioned in the heart of Bandra West, it offers limited residential units, emphasizing a unique living experience.Read more

03 Jan 2024

Mumbai's Housing and Area Development Authority (MHADA) conducted its first online lottery for the Master List scheme, granting larger homes to 265 tenants residing in transit homes, as part of a redevelopment initiative. The scheme addresses housing needs for those displaced due to dilapidation or road widening projects, with lottery winners receiving residences that are 100 square feet larger than initially allocated. This marks a significant step in addressing housing challenges in Mumbai, while ensuring transparency in distribution and fulfilling the aspirations of residents awaiting their own homes.Read more

03 Jan 2024

The BMC's online property tax bills, issued with an apparent hike, led to confusion and concerns among citizens. A footnote in the bills referred to invalidated rules and ad hoc issuance, sparking questions. Municipal Commissioner Chahal clarified the online terms emphasizing no tax increase this year. He further said that they would generate actual property tax bills, mentioning only the payable amount. The BMC is navigating challenges in property tax regulations after a Supreme Court Order. Former corporator Asif Zakaria raised queries on the apparent increase, emphasizing the importance of clear communication and legal consistency in municipal tax processes.Read more

02 Jan 2024

Bollywood icon Amitabh Bachchan has leased four commercial units totalling 10,800 sq. ft. in Mumbai's Oshiwara area to Warner Music India Limited for an annual rent of Rs 2.07 crore. The five-year lease, beginning March 2024, will get Bachchan a revenue totalling over Rs 11 crore for the entire tenure. Bachchan had purchased these units in August 2023 for a total of Rs 29 crore. Bollywood stars, including Kartik Aryan, Manoj Bajpayee and Ajay Devgn, investing in commercial spaces for higher rental yields reflects a growing trend. Commercial properties offer 6-10% gross yields, outperforming residential real estate, making them attractive investments for high-net-worth individuals like Bollywood celebrities.Read more

02 Jan 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) has been assigned 1,387 hectares of prime coastal land for development in Malad, Mumbai. The decision, made in a meeting chaired by Maharashtra CM Eknath Shinde and DCM Devendra Fadnavis, aims to capitalize on the area's commercial potential with connectivity through Metro 2A and the proposed Coastal road. The Development Plan 2034 had initially earmarked the land for affordable housing, open spaces, IT, and tourism. However, activists and residents express concerns about environmental impact, advocating for preserving the coastal area's natural beauty.Read more

01 Jan 2024

Kansai Nerolac Paints recently approved a sale of a land parcel in Lower Parel, Mumbai, along with its building, to Aethon Developers, a subsidiary of Runwal Developers, for Rs 726 crore. This decision aligns with the company's aim to monetize idle land parcels, turning them into valuable assets through strategic partnerships. Despite robust financial performance, with a 57.79% growth in net consolidated profit for Q2 FY24, the move reflects a broader industry trend of companies unlocking the value of unused real estate assets to enhance liquidity and reinvest in core operations or growth opportunities.Read more

01 Jan 2024

India's debt markets are undergoing a notable evolution as companies with repayment defaults manage to attract investors and raise funds. Mumbai-based Damji Shamji Realty, rated as 'D' after defaulting on HDFC Bank's loan, successfully raised Rs 95 crore from the private placement bond market. This rare instance of a rated, secured, and listed bond by a D-rated company indicates a shift in the perception of junk bonds. The move, facilitated by ASK Real Estate Special Opportunities Fund IV, highlights the potential development of the bond market in India and offers distressed companies an avenue for fundraising, emphasizing the role of cash flow stability over traditional credit ratings.Read more

29 Dec 2023

India is currently making impactful developments towards infrastructure, spurred by the government's dedication to align with the country's expanding economy. Mumbai, the financial capital, is one of the focal points of this surge, undergoing significant projects like the Mumbai Trans Harbour Link, Dombivli-Mankoli Bridge, Navi Mumbai International Airport and the Coastal Road. These endeavours not only aim to enhance connectivity and reduce travel times but also have a profound impact on Mumbai's real estate market, solidifying its position as a premier residential and commercial destination in India.Read more

29 Dec 2023

Sachin Tendulkar's sports management company, SRT Sports Management, led by the cricket legend and his wife Anjali, has leased two apartments on Mount Mary Road in Mumbai's Bandra suburb. The lease, registered on December 7, involves monthly rentals of Rs 10.83 lakh for both 3,358 sq ft apartments located on the fifth floor of Raheja Bay. The exact lease tenure remains undisclosed. The company secured the deal directly from the developer Ferani Developers. SRT Sports Management is involved in managing the iconic cricketer's social and commercial engagements.Read more

26 Dec 2023

Bollywood celebrities, known for their influence in fashion and film, mde substantial real estate acquisitions in 2023, showcasing a blend of luxury and financial acumen. Kartik Aaryan purchased a Mumbai apartment for Rs. 17.50 crore in Juhu. Sonakshi Sinha secured a Bandra apartment for Rs 11 crore, and Preity Zinta acquired a Pali Hill residence for Rs 17.01 crore. Samantha Ruth Prabhu invested in a sea-facing Mumbai apartment worth Rs 15 crore, and Ananya Panday celebrated her first home purchase, designed by Gauri Khan. Film producer Dinesh Vijan acquires a duplex in Pali Hill for an impressive Rs 103 crore. These acquisitions signify Bollywood's foray into upscale living and real estate prominence in 2023.Read more

26 Dec 2023

Welspun One, a major in industrial real estate, is set to invest Rs 700 crore in building a 1.2 million sq. ft. industrial and logistics hub within the Jawaharlal Nehru Port Authority (JNPA) Special Economic Zone (SEZ) near Mumbai. This strategic partnership with JNPA aims to create futuristic infrastructure leveraging their respective strengths. The project is financed through debt and equity. Welspun One is near JNPA Port, which handles 35% share of India's container cargo. The initiative reflects Welspun One's commitment to transforming India's trade landscape and socio-economic development, marking the second deployment from its Rs 2,000-crore Fund 2.Read more