06 Oct 2023

Ajmera Realty & Infra India Ltd (ARIIL) has bolstered its real estate portfolio by securing two residential projects in Mumbai and Bengaluru. The combined Gross Development Value (GDV) for these projects is estimated at INR 470 crores. In Mumbai, the project on LBS Marg in Bhandup spans 6.8 acres, targeting the sub-1 crore segment, while in Bengaluru's Electronic City Phase 2, the project aims to contribute INR 150 crores to the top line. These developments align with ARIIL's growth strategy, reinforcing its presence in key markets and catering to the evolving needs of homebuyers.Read more

06 Oct 2023

A controversial advertisement for luxury flats in Mira Road (East), Mumbai, featuring the tagline "Preferred for Marwari and Gujarati families" has sparked controversy. While not explicitly refusing to sell flats to Maharashtrians, activists argue that it shows a clear preference for Marwaris and Gujaratis. The advertisement was linked to Sonam Builders, owned by Mira Road MLA Geeta Jain's family, although Jain denies any connection to the advertised properties. Maharashtra Navnirman Sena (MNS) activists posed as customers and reported discussions about selling flats to a specific community, raising concerns about housing discrimination.Read more

06 Oct 2023

Developer Jayesh Tanna's properties in various Mumbai neighbourhoods have come under symbolic possession due to a loan default exceeding Rs 200 crore. A court-appointed commissioner oversaw this action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Symbolic possession, a tactic exerting psychological pressure on the debtor, is used without physical occupation by the bank. Tanna faces numerous offences, including alleged flat sales to third parties, and ACRE initiated the legal proceedings. Despite challenges, the court-appointed legal team successfully completed the symbolic possession process, showcasing innovative legal strategies in Mumbai's dynamic real estate scene.Read more

05 Oct 2023

The Mumbai Metropolitan Region (MMR) has witnessed property transactions surpassing $1.5 billion in 2023, marking the highest in the country. Mumbai dominated the transactions with deals valued at Rs 7,956 crore, while Thane district, although having over three times the number of deals, had a lower transacted value at Rs 2,778 crore. The trend is driven by significant land transactions, including Sumitomo's subsidiary acquiring a 22-acre parcel for Rs 4,674 crore and Prestige Estates Projects purchasing a central Mumbai property for Rs 704 crore. Redevelopment projects, land monetization, and increased construction activity contribute to the robust real estate market in MMR.Read more

04 Oct 2023

Goregaon West, a thriving Mumbai suburb in the Mumbai Metropolitan Region (MMR), is a prime choice for professionals and families due to its strategic location along the Western Express Highway, offering excellent citywide connectivity. The area provides a diverse range of housing options, from upscale apartments to more budget-friendly residences. In a week spanning from September 25th to October 1st, 2023, Goregaon West recorded 16 transactions, highlighting its popularity. Leading the way, Chandak 34 Park Estate accounted for six deals, with Sunteck City 4th Avenue hosting the most expensive transaction at Rs 3.06 Crores. The area's real estate market is robust, attracting both homebuyers and investors.Read more

04 Oct 2023

There is never a dull moment in Mumbai’s real estate market landscape. Prop News Times brings you some of the most exciting deals real estate deals across the Mumbai Metropolitan Region this week: A 2,873 square foot carpet area residential apartment located on the 8th floor of the luxurious K Raheja Vivarea exchanged hands at a deal value of about Rs 18 crores at an approximate rate per square foot of Rs 62,400/-, a 713 square feet carpet area residential apartment on the 3rd floor of L&T Seawoods Residencies found a new buyer for Rs 1.68 crores at an approximate rate per square foot of Rs 23,600/- and a 366 square feet carpet area residential apartment was sold in Shraddha Palladium on the 8th floor of the building for a deal value of Rs 57.79 lakhs at an approximate rate per square foot of Rs 15,800/-Read more

04 Oct 2023

In a significant legal ruling, the Bombay High Court found Pravin Satra, the head of Darshan Developers, guilty of contempt for failing to fulfil promises made before the court regarding the delivery of flats booked almost two decades ago. Despite commitments made in a consent agreement filed before the High Court, the builder failed to deliver possession of two flats within the stipulated time frame. Justice Manish Pitale sentenced Satra to three months in civil prison and ordered him to pay Rs 4 crore to the buyer, Achyut Godbole, an esteemed individual and prolific Marathi author. The court's decision highlights the importance of respecting court orders and the serious consequences of non-compliance.Read more

04 Oct 2023

Following a recent controversy, Maharashtra's Minister has announced forthcoming regulations governing property rentals. This announcement comes in the wake of a 35-year-old woman filing a police complaint against a man and his son for allegedly denying her a rental property due to her Marathi-speaking background. The new rules aim to address such discrimination issues and ensure fair access to rental premises in the state. The government's decision to tackle rental discrimination is seen as a step towards promoting inclusivity and preventing discrimination based on language or ethnicity in property rentals within Maharashtra.Read more

04 Oct 2023

IHG Hotels & Resorts and Saryu Properties & Hotels Pvt. Ltd. will work together to increase IHG's footprint in Mumbai. Voco Mumbai Powai Hotel & Convention Centre and Holiday Inn Express & Suites - Mumbai Powai are the two hotels in Mumbai that will be transformed into IHG-branded establishments. These hotels will open in the upcoming years to serve Mumbai's expanding hospitality industry. The action demonstrates IHG's dedication to offering a variety of lodging alternatives and supporting Mumbai's burgeoning hospitality sector. Additionally, it shows how optimistic the firm is about the city's future as a destination for tourists and business meetings.Read more

03 Oct 2023

Asha Mukul Agarwal, a director at Param Capital, has reportedly purchased three luxury apartments in Malabar Hill for a total sum of Rs 260 crores. These apartments are located in a project being developed by Macrotech Developers.. The combined area of the three flats is said to be over 20,000 square feet, with two apartments on the 25th floor and one on the 24th floor. A stamp duty of approximately Rs 13 crores was paid for the registration of the agreements last month. The Lodha Malabar project is expected to be completed in June 2026. Other notable purchases in the same project include Niraj Bajaj's and the JP Taparia family's acquisitions. The demand for luxury residential properties in Mumbai remains strong, with the city leading in luxury transactions this year.Read more

30 Sep 2023

There is never a dull moment in Mumbai’s real estate market landscape. Prop News Times brings you some of the most exciting deals real estate deals across the Mumbai Metropolitan Region this week: A 681 square foot carpet area residential apartment located on the 9th floor of Dedhia TULJAI building in Borivali East was sold for Rs 1.30 crores, at approximately Rs 19,000/- per square foot, a 580 square foot apartment in the under construction building Gurukrupa Nigam situated on the 9th floor was sold for over 1.25 crores at approximately Rs 21,000/- per square foot and a small 228 square foot apartment was sold in Paramount Enclave on the 6th floor for a total sum of 16 lakhs at an approximate rate per square foot of Rs 7000/-Read more

30 Sep 2023

The BMC's development plan department in Mumbai has introduced a comprehensive air pollution mitigation plan to address the city's persistent air quality issues, primarily due to ongoing construction activities. The circular mandates various measures to minimize dust and debris dispersion, enforce waste management protocols, and encourage the use of enclosed spaces for certain construction activities. These measures aim to improve air quality and reduce pollution in Mumbai as the monsoon season comes to an end. The circular also includes instructions for periodic checks on construction sites and remedial actions for non-compliant developers.Read more

30 Sep 2023

Mumbai's renowned real estate developer, Arkade Group, has launched "Arkade Crown" in Borivali. This luxury residential project, spread over 1.4 acres, promises a blend of convenience, luxury, and community living. With anticipated sales revenue of Rs 325 crores, the project boasts top-notch amenities, including a 26,500 sq. ft. vehicle-free entertainment deck. Strategically located near major commuting hubs, and surrounded by lush greenery and Jain temples, Arkade Crown is set to redefine urban living in Borivali West.Read more

30 Sep 2023

The Mumbai Metropolitan Region Development Authority (MMRDA) has finalized contractors for the Mogharpada Depot in Thane and a ballastless track connecting Mulund Fire Station to Gaimukh. These developments are part of the Mumbai Metro Routes 4 and 4A project, aimed at enhancing connectivity between major Mumbai cities. M/s. SEW-VSE (JV) will oversee the depot's construction, while M/s. Apurvakriti Infrastructure Pvt. Ltd. handles the track installation. MMRDA Commissioner, Dr. Sanjay Mukherjee, highlighted the urgency of the project, ensuring swift progress for public accessibility.Read more

30 Sep 2023

Oberoi Realty, a leading Indian real estate firm, has embarked on the redevelopment of a prime land parcel in Mumbai's Tardeo area. This strategic move, announced in a regulatory filing, is expected to yield a substantial free-sale component of around 2.5 lakh square feet. The company's decision aligns with its commitment to delivering premium real estate solutions across various sectors, including residential, commercial, and social infrastructure. Oberoi Realty's track record of excellence positions it well to capitalize on lucrative opportunities in sought-after locations, contributing to the transformation of urban landscapes in India.Read more

29 Sep 2023

Mumbai-based Vibe Realty Private Limited, led by founder Gopal Sarda, is entering the real estate development sector with the acquisition of four projects in Mumbai's Western Suburbs, including residential redevelopment and a commercial project. These projects have a combined development potential of 1.5 million square feet and an estimated revenue of Rs. 1,500 crores. Vibe Realty plans to launch these projects soon and aims to acquire 3-4 more projects in Mumbai and Pune within the next 12-15 months. With a growing reputation as a reliable partner for landowners and housing societies, Vibe Realty is expanding its operations into real estate development.Read more

29 Sep 2023

The Slum Rehabilitation Authority (SRA) in Mumbai has initiated the acquisition process for 2,033 flats intended for the rehabilitation of project-affected persons (PAPs). This process involves acquiring flats from both builders and squatters and aims to streamline the allocation process for slum dwellers displaced by various projects in the city. The SRA has deployed ten flying squads, each led by a naib tehsildar, to check 925 houses, marking the beginning of the encroachment removal process. This proactive approach reflects the authorities' commitment to addressing housing challenges and expediting rehabilitation projects for the benefit of slum dwellers in Mumbai.Read more

29 Sep 2023

The estimated construction cost of the bridge project connecting Mumbai and Mira Bhayandar has significantly increased to Rs 3,303 crore from its initial estimate of Rs 1,998 crore in just three years. This escalation has raised concerns among activists and politicians, questioning why the entire financial burden should be borne by the Brihanmumbai Municipal Corporation (BMC). BMC's civic chief has proposed a cost-sharing arrangement with the Mumbai Metropolitan Region Development Authority (MMRDA) to divide the expenses based on jurisdiction. However, a final decision is pending as the MMRDA awaits a response from the Chief Minister's Office (CMO). The increased cost includes factors like maintenance, taxes, and rent for a casting yard.Read more

29 Sep 2023

LinkedIn Technology Information Private Limited has secured a 17,794-square-foot office space in Mumbai's BKC for a monthly rent of Rs 1 crore. The five-year lease agreement, commencing in August 2024, encompasses six units from different property owners, with an annual rent escalation of around 4.5 percent. The security deposit for this strategic move amounts to Rs 10 crore, and both landlords and LinkedIn are committed to the lease for specific durations. BKC has recently witnessed significant real estate deals, with Apple and Bank of China securing notable spaces this year.Read more

29 Sep 2023

There is never a dull moment in Mumbai’s real estate market landscape. Prop News Times brings you some of the most exciting deals real estate deals across the Mumbai Metropolitain Region this week: A 1,091 square foot residential flat located on the 34th floor of Oberoi Eternia in Mulund was sold for a sum of Rs 3.5 crores, at an approximate rate per square foot of Rs 32,000/-, in New Panvel, A 784 square foot residential apartment located on the 5th floor of National Harmony building sold for Rs 95 lacs, at an approximate rate per square foot of Rs 12,000/- and a 1,112 square foot residential apartment located on the 6th floor of Atul Wallace Fortuna, Mazgaon in Mumbai city was sold for Rs 3.25 crores, at an approximate rate per square foot of Rs 29,000/-Read more