06 Sep 2024

Housing sales in the Mumbai Metropolitan Region (MMR) are expected to surpass INR 1.35 lakh crore in 2024, according to JLL India's report, "Mumbai Residential Market: Through the Lens of Time." The MMR, including Mumbai, Thane, and Navi Mumbai, is seeing strong investment driven by high sales figures, new residential launches, and infrastructural advancements. The growth is supported by projects like the Mumbai Coastal Road and metro extensions, enhancing connectivity and boosting demand. Consumer trends toward larger suburban homes and hybrid work models are also influencing the market, positioning Mumbai as a key player in India's real estate sector.Read more

06 Sep 2024

The Brihanmumbai Municipal Corporation (BMC) plans to partially open the new bow-string arch bridge, connecting the Mumbai Coastal Road to the Bandra Worli Sea Link (BWSL), around September 10. This bridge is expected to significantly improve traffic flow, reducing travel time for vehicles moving between Nariman Point and Bandra. Despite construction delays due to July's heavy rainfall, the 140-meter, 4,000-tonne bridge is nearing completion, with final touches underway. This development is a key part of Mumbai's ongoing infrastructure modernization efforts, aimed at enhancing connectivity and easing congestion across the city.Read more

06 Sep 2024

The Maharashtra Housing and Area Development Authority (MHADA) has announced a price reduction of 10% to 25% on 370 apartments available through its Mumbai Board Lottery. This move aims to make homeownership more accessible in Mumbai, where real estate prices are notoriously high. The discounted apartments, acquired through redevelopment projects, offer a rare opportunity for affordable housing. MHADA's introduction of IHLMS 2.0, an online lottery system, further simplifies the buying process. With the application deadline extended to September 19, 2024, more prospective homeowners can now participate in this initiative to secure a home in Mumbai.Read more

06 Sep 2024

The Dharavi Redevelopment Project, set to start within the next 6-8 months, aims to overhaul Mumbai's sprawling slum into a modern urban area. Covering 600 acres, the project will initially focus on 296 acres, integrating green spaces and cultural sites. Dharavi Redevelopment Project Pvt Ltd (DRPPL), led by the Government of Maharashtra and Adani Group, is spearheading this initiative. With over 10,000 tenements surveyed and international firms like Sasaki and Buro Happold on board, the plan promises a comprehensive redevelopment respecting Dharavi's unique social and economic fabric. The project's success will depend on inclusive planning and effective stakeholder engagement.Read more

05 Sep 2024

Chandak Group, a leading Mumbai real estate developer, has won the REAL ESTATE & BUSINESS EXCELLENCE AWARD for 'Innovative Real Estate Marketing Campaign of the Year.' The award was presented by Ms. Esha Deol at the Westin Mumbai Garden City. The campaign, notable for its comprehensive 360-degree approach, included print, OOH, IPL ads, digital, influencer marketing, and Out-Film advertising with the film Mr. & Mrs. Mahi. It also featured advanced CGI videos and a brand visibility initiative with Zomato. Launched in April 2024, the campaign for Chandak Highscape City achieved over 10 million views and 3,200 site visits within a month.Read more

05 Sep 2024

In August 2024, Mumbai recorded 11,735 property registrations, generating INR 1,072 crore in revenue, marking an 8% increase in registrations and a 32% rise in revenue compared to August 2023. Residential units dominated the market, accounting for 80% of registrations. The surge in property sales, driven by economic stability and a growing interest in homeownership, also saw a 77% rise in transactions for high-value properties (INR 2 crore and above). There is a notable shift towards larger apartments, with 49% of registrations for units between 500-1,000 square feet. The western suburbs' share of registrations slightly declined, while interest in other areas grew, reflecting a diversified and resilient real estate market in Mumbai.Read more

05 Sep 2024

The Mumbai Metropolitan Region Development Authority (MMRDA), in collaboration with the Slum Rehabilitation Authority (SRA), has launched a major redevelopment initiative for slum dwellers in Mata Ramabai Ambedkar Nagar, Kamaraj Nagar, and Nalanda Nagar. Rent cheques are being distributed, with residential tenants receiving INR 15,000 per month and commercial property holders up to INR 35,000. Eligible residents will also receive free 300 square feet homes with modern amenities and earthquake-resistant features. The project, aimed at improving living standards and supporting local businesses, includes the development of a Business District Center and various community facilities. The initiative highlights MMRDA's commitment to sustainable urban development.Read more

03 Sep 2024

Bollywood actress and politician Kangana Ranaut has purchased an office space in Mumbai's Andheri suburb for over INR 1.56 crore. The 407-square-foot property, located on the 19th floor of a commercial project under construction, was bought at INR 38,391 per square foot. The purchase required a stamp duty payment of around INR 9.37 lakh. Ranaut's acquisition highlights a growing trend among high-net-worth individuals and celebrities investing in real estate as a stable asset. This move aligns her with other Bollywood stars who have diversified their portfolios through strategic property investments in Mumbai's lucrative market.Read more

02 Sep 2024

The Bombay High Court has ordered a show-cause notice against the managing director of a construction company for allegedly misleading the court about financial commitments to the Slum Rehabilitation Authority (SRA). The developer claimed to have paid INR 6 crore in overdue rent, but it was revealed that two out of three cheques issued in 2022 had bounced. The case, brought by five tenants from Bharat Nagar, Bandra, highlights ongoing issues in slum redevelopment projects. The court's intervention underscores the importance of transparency and accountability in ensuring that developers honour their commitments to tenants.Read more

02 Sep 2024

The long-pending road concretisation project in South Mumbai is finally set to begin on October 1, following multiple delays and setbacks. The Brihanmumbai Municipal Corporation (BMC) had faced obstacles, including contract termination in January, but has now cleared the way for the work to proceed. According to additional commissioner Abhijit Bangar, both tenders have been approved, and the work orders are expected to be finalized soon. This initiative promises to improve the quality of roads in South Mumbai, addressing long-standing issues with potholes and uneven surfaces.Read more

30 Aug 2024

BlackRock Inc. has signed a five-year lease for 42,700 square feet in Mumbai's upscale Worli area. The lease, valued at INR 325 per square foot initially, includes structured annual rent hikes: 5% in April 2025, 10% in 2026, and 5% increases in 2027 and 2028. The lease, with a 36-month lock-in and a INR 12.8 crore security deposit, reflects confidence in Mumbai's commercial real estate. Recent reports show a 29% increase in gross leasing activity, hitting 33.5 million square feet, highlighting a strong market outlook. BlackRock's move underscores India's appeal amid global economic challenges.Read more

30 Aug 2024

On August 28, 2024, Mumbai Metropolitan Region's first double-decker flyover was inaugurated by Chief Minister Shri Eknath Shinde in Mira-Bhayander. This pioneering project, combining a Metro viaduct with a flyover on Metro Line-9, aims to significantly improve commuting in the area. Spanning one kilometre and positioned 5.5 metres above road level, the flyover will alleviate traffic congestion, reducing travel time by 8-10 minutes. Despite challenges like relocating a major power line, the project was completed in just two years, integrating advanced technology and efficient planning to meet Mumbai's growing transportation needs.Read more

30 Aug 2024

The Adani Group's USD 619 million redevelopment of Dharavi, Mumbai's vast slum, faces major challenges due to difficulties in land acquisition. Despite winning the bid last year, securing land for the 240-hectare project has proven difficult due to local political opposition and pre-existing government plans. Dharavi, home to around 700,000 residents, is intended to be transformed into a modern urban hub, but issues with land and inclusivity are causing delays. The project aims to begin construction following a detailed eligibility survey, with a seven-year timeline, but unresolved land issues may lead to significant setbacks.Read more

29 Aug 2024

Bollywood actor Manoj Bajpayee and his wife, Shabana Raza Bajpayee, sold an under-construction apartment in Mumbai's Mahalaxmi area for INR 9 crore. Located on the 47th floor, the 1,247-square-foot apartment includes two car parking slots. This sale, registered on August 16, reflects the ongoing demand in Mumbai's real estate market. The Bajpayees' real estate investments, including commercial properties worth INR 31 crore in Andheri, indicate a strategic approach amidst a thriving market. With Mumbai recording over 10,000 property registrations monthly in 2024, the city's real estate sector is experiencing robust growth driven by strong buyer confidence.Read more

29 Aug 2024

After a prolonged slowdown, affordable housing in Mumbai's real estate sector is showing recovery from a slump, particularly in the under INR 30 lakh segment. A study by Liases Foras reported a 41% growth in this segment during the March-June 2024 quarter, with an increase in activity in peripheral areas like Vasai-Virar, Boisar, and Dombivli. Despite new projects and government incentives like the Pradhan Mantri Awas Yojana, awareness and implementation challenges continue to persist. Experts predict a potential 'V' shaped recovery pattern, but brokers in key areas note that sales are slower than expected due to a lack of scheme awareness.Read more

29 Aug 2024

The Mumbai Metropolitan Region (MMR) aims to double its GDP from USD 140 billion to USD 300 billion in the next five years, as outlined by NITI Aayog. This plan requires USD 125-135 billion in private sector investments and focuses on seven growth drivers, including making Mumbai a global services hub, enhancing affordable housing, and boosting tourism. Key strategies also include modernising infrastructure, slum redevelopment, and unlocking underutilised land potential. Achieving these targets could create up to 20 million jobs by 2047, significantly contributing to India's economic landscape and elevating its per capita GDP.Read more