20 Aug 2024

The Mumbai Metropolitan Region (MMR) has seen only a 5% increase in average flat sizes over the past five years, growing from 784 square feet in 2019 to 825 square feet by early 2024, according to an Anarock Group report. The year 2020 was an outlier with a 21% increase in flat sizes, but sizes peaked at 840 square feet in 2022 before declining by 5% in 2023. This contrasts sharply with regions like the National Capital Region (NCR), where average flat sizes surged by 96%. High property prices and limited space in Mumbai have constrained the growth of flat sizes, reflecting broader housing dynamics and consumer preferences in urban India.Read more

19 Aug 2024

Arbour Investments has committed INR 50 crore to "The Altitude," a high-end residential and commercial development by VDV Group in Tardeo, South Mumbai. Strategically located opposite the Imperial Towers and near key commercial hubs, the 41-storey project features luxurious amenities such as an infinity-edge pool, sky lounge, and terrace barbecue pavilion. Designed by a renowned hotel designer, "The Altitude" aims to set a new standard in luxury living. The partnership leverages Arbour's investment expertise and VDV's extensive real estate experience, marking a significant milestone in South Mumbai's evolving real estate landscape.Read more

19 Aug 2024

IDFC First Bank has leased 1.64 lakh square feet at Commerze III, Goregaon East, for INR 3.85 crore per month, marking a major expansion. The lease, covering floors 22 to 25, is valued at INR 34 crore in security deposits and includes 165 parking slots. With a rent of INR 233 per sq ft and a 15% escalation after three years, the agreement reflects the rising demand for premium office space in Mumbai. The lease registration, with a stamp duty of INR 74.65 lakh, signals a rebound in the commercial real estate market as businesses adapt to new workspace needs.Read more

19 Aug 2024

Billionaire entrepreneur Yohan Poonawalla and his wife, Michelle, have purchased a 30,000 sq. ft mansion in Cuffe Parade, South Mumbai, with an investment between INR 400 crore and INR 750 crore. The mansion, to be named "Poonawalla Mansion," will serve as their secondary residence. Yohan, known for his roles in the Poonawalla Engineering Group and Poonawalla Stud Farms, and Michelle, leading MYP Design Studio, plan to infuse modern luxury with historical charm. This acquisition underscores the rising value of luxury real estate in South Mumbai, joining other elite investors in the area.Read more

16 Aug 2024

Nitco Ltd has sold a 16,250 square meter (approximately four acres) land parcel in Kanjurmarg East, Mumbai, to Runwal Group for INR 232 crore. This strategic location benefits from excellent connectivity, near the Eastern Express Highway, Jogeshwari-Vikhroli Link Road, and Kanjurmarg Railway Station, with upcoming Metro Lines set to enhance its value further. The sale reflects high demand for prime Mumbai real estate and underscores Nitco Ltd's focus on optimizing its asset portfolio. Runwal Group, with 14 ongoing projects in Mumbai, sees significant potential in this rapidly developing area.Read more

16 Aug 2024

Several prop-tech startups have recently secured funding, including Truva, a Mumbai-based real estate tech firm that raised USD 3 million in a round led by Stellaris Venture Partners. Notable individual investors, such as Myntra founder Mukesh Bansal and Curefoods founder Ankit Nagori, also participated. Founded in 2023, Truva offers a platform with detailed property listings, financing help, and features like natural light scores and 3D tours. The investment will support team expansion, product development, and scaling operations. Since its launch, Truva has facilitated transactions worth over INR 30 crore and plans to expand beyond Powai and Bandra.Read more

15 Aug 2024

The Mumbai Metro Rail Corporation (MMRCL) has started preliminary work on the Metro 11 underground corridor connecting Wadala to Regal Cinema, involving a geo-technical survey crucial for the Detailed Project Report. This revised route, passing through Byculla, Bhendi Bazar, and Crawford Market, aims to better serve high-density areas and commercial districts. Expected to cost INR 16,000 crore, the project will reduce reliance on buses and taxis in congested areas, offering a more efficient transportation alternative. The Japan International Cooperation Agency (JICA) is prepared to discuss funding once approvals are in place, marking a significant step in enhancing Mumbai's infrastructure.Read more

15 Aug 2024

As India celebrates 77 years of Independence, the real estate sector is buzzing with special offers from developers, reflecting strong homebuyer confidence. Siddha Sejal Group and Chandak Group are leading the charge with compelling deals on premium projects. Siddha Sejal Group's ALTAIRE COLLECTION at Siddha Sky in Sion NX is offering smartly designed residences with a 77% discount on stamp duty & registration rates. Chandak Group's 'Forever Homes Fiesta' provides attractive discounts across four prime projects. These offers make luxury living more accessible, allowing aspiring homeowners to secure their dream homes at unbeatable prices, while celebrating the spirit of freedom and prosperity.Read more

15 Aug 2024

Mumbai's Siddhivinayak Temple will receive a INR 500 crore upgrade to improve facilities for devotees during the Ganesh festival. Spearheaded by local politicians, the plan includes enhanced access via Mumbai Metro Line 3, new pathways, widened roads, and removal of nearby unauthorized structures. Vendors will be relocated, and new amenities like expanded shoe racks and restrooms will be added. Modern upgrades will feature new signage, Wi-Fi, and CCTV. The renovations aim to accommodate the temple's 40,000 daily visitors and enhance their festival experience.Read more

14 Aug 2024

The National Company Law Tribunal (NCLT) in Mumbai has approved the acquisition of bankrupt Satra Properties by a consortium of realty developers under a INR 184 crore resolution plan. The tribunal dismissed former promoter Praful Satra's claims of undervaluation and illegality in the resolution plan. Satra's lawyer had argued that the properties in Mumbai and Jodhpur were undervalued, but the resolution professional (RP) countered that valuations were conducted by reputable firms. The tribunal noted that all stakeholders were informed and involved, and hence the resolution plan had majority approval. The Resolution Professional had received claims of about INR 719 crore.Read more

14 Aug 2024

The Maharashtra Housing and Area Development Authority (MHADA) is entering the luxury housing market with a new 39-storey project in Goregaon, offering 332 residences. The project includes 105 3 BHK and 227 2 BHK apartments, but parking has emerged as a significant challenge. Despite a multi-level car park, not all residents will secure parking spots, with priority given to 3 BHK owners. MHADA's allocation strategy, which will be decided by the housing society, mirrors common practices but raises concerns. The project is part of a broader initiative offering 2,000 homes, with a lottery expected in September.Read more

13 Aug 2024

Larsen & Toubro (L&T) is working on a major coastal road project involving two tunnels. Due to delays, L&T has requested an additional 181 days, extending the deadline to 30 September, to complete the remaining work. While both tunnels are operational, L&T requires extra time to finalise tasks such as integrating mechanical and electrical systems, installing tetrapods, and site clearance. The extension request cites challenges such as early partial commissioning, operational traffic, and various disruptions, including weather and utility issues. The BMC reports that 91% of the work is completed, raising concerns about a potentially rushed inauguration.Read more

13 Aug 2024

Mumbai's real estate market experienced a notable boost in July 2024, with 12,160 properties registered, generating INR 1,055 crore in revenue. This represents a 19% increase in registrations and a 27% rise in revenue year-on-year. The city has enjoyed eleven months of growth, marking July as the highest registration month in over a decade. Residential properties comprised 80% of the transactions, with a preference for larger living spaces. From January to July 2024, Mumbai recorded 84,653 registrations, up 16% from last year, highlighting a strong recovery and sustained demand in the property market.Read more

12 Aug 2024

Flexible office space provider Incuspaze is expanding its footprint with a new 57,351 sq. ft. lease at Hiranandani Light Hall Business Park in Mumbai. This addition is part of a broader strategy that includes acquiring 580,000 sq. ft. in Delhi NCR and 115,000 sq. ft. in Whitefield, Bangalore. The company aims to increase its total workspace by 2 million sq. ft. over the next two years, focusing on South India. Incuspaze's expansion aligns with rising office space demand in Mumbai, where leasing activity has doubled year-over-year, highlighting the shift toward flexible work environments.Read more