05 Jul 2024

Chairman Nadir Godrej and sons, Burjis and Hormusji, have purchased three sea-view luxury apartments in Malabar Hill's prestigious Ruparel House for INR 180 crore. Situated on the sixth to eighth floors, the combined 13,836 sq. ft space includes a 1,029 sq. ft exclusive deck and balcony. This record-breaking deal underscores Mumbai's robust luxury market, with prices averaging INR 1.44 lakh per sq. ft. The city's allure for high-net-worth individuals is further evident in the surge of residential transactions across segments, positioning Malabar Hill as a prime destination for luxury living amidst India's most expensive property market.Read more

05 Jul 2024

The completion of Mumbai Metro Line 3 (Aqua Line) has been delayed to December 2024, as announced after a cabinet meeting led by Chief Minister Eknath Shinde. Initially set for September 2024, the project's first phase - a crucial 9.6 km stretch between SEEPZ and Bandra Kurla Complex - will now be operational by December. The state government has streamlined funding, directly providing INR 1,163 crore to the Mumbai Metro Rail Corporation. With 98% of the work completed, the total project cost stands at INR 37,275.50 crore. The new deadline aims to ease traffic congestion, especially with the full 33.7 km line eventually connecting Cuffe Parade to SEEPZ.Read more

05 Jul 2024

Over 1,400 families in the Shastri Nagar slum in Bandra West, Mumbai, are set to receive permanent homes as the demolition of 1,700 shanties begins for a high-rise rehabilitation project. After a 22-year legal battle and changes in government regulations, the Supreme Court approved the project under the current slum rehabilitation scheme. The project will provide eligible families with new homes and improved connectivity from Bandra station to the Western Express Highway. This initiative exemplifies successful collaboration among the government, developer, and residents, addressing Mumbai's housing shortage and improving living conditions for slum dwellers.Read more

05 Jul 2024

Residents of a slum in Wadala East, Mumbai, face continued uncertainty as their redevelopment project, initiated in 2013, remains stalled. Despite vacating their homes over a decade ago, they haven't received promised permanent housing or transit rent. Developer Omkar Realtors cited financial difficulties, halting rent payments in 2015-2016. A recent Bombay High Court order criticized the delays and urged the state government and Slum Rehabilitation Authority (SRA) to make firm decisions. A potential takeover by J C Flowers Asset Reconstruction Pvt. Ltd. has been proposed, but the immediate issue of unpaid rent remains unresolved. The court has ordered Omkar to deposit outstanding rent by July 24, 2024.Read more

03 Jul 2024

Mumbai's real estate market is set for a transformation as Paradigm Realty embarks on a monumental INR 4,500 crore redevelopment project across 11 housing societies in Bandra and Kandivali. This ambitious initiative promises modern luxury living with amenities like landscaped gardens and enhanced security, a significant upgrade from ageing structures. Beyond individual benefits, the project highlights Mumbai's focus on urban renewal amid land scarcity. It will add over 2.8 million square feet of living space, easing pressure on the city's housing market. The deal, boosted by Maharashtra's stamp duty waiver for society members, marks a pivotal step towards a more modern and sustainable cityscape.Read more

03 Jul 2024

Mumbai's real estate sector has recorded a notable 12% year-on-year increase in property registrations for June 2024, driven by strong demand and economic stability, reports Knight Frank. Under the Bombay Municipal Corporation, Mumbai saw 11,600 registrations this June, up from 10,319 last year, generating over INR 1000 crore for the state. Mr. Prashant Sharma of NAREDCO Maharashtra highlights robust market confidence, while Mr. Pritam Chivukula of CREDAI-MCHI notes growing homeowner sentiment. Analysts credit economic stability for this record-setting June, with expectations high for sustained growth. This surge underscores Mumbai's resilience and attractiveness in real estate, backed by ongoing policy support and economic vigour.Read more

02 Jul 2024

Bollywood star Abhishek Bachchan's recent investment in six luxury apartments at Oberoi Sky City, Borivali, underscores the area's burgeoning real estate appeal. With a total area of 4,894 sq. ft on the 57th floor, the transaction values each sq. ft at INR 31,498. This move aligns with Borivali's transformation into a premier residential destination, anchored by Oberoi Realty's expansive 25-acre development. The addition of Sky City Mall and a forthcoming JW Marriott Hotel enhances the area's allure, attracting high-profile buyers like Bachchan. His investment could set a precedent for future luxury developments in Mumbai's evolving real estate landscape.Read more

01 Jul 2024

The Dharavi Redevelopment Project, managed by Dharavi Redevelopment Project Pvt. Ltd. (DRPPL), aims to transform a 600-acre slum in Mumbai into a modern urban area. To support this massive effort, DRPPL has requested 15 acres of land in Bandra Kurla Complex from the Mumbai Metropolitan Region Development Authority (MMRDA) for machinery storage. They have also secured 27.57 acres from the Railway Land Development Authority and are seeking 12 acres currently used by Brihanmumbai Electric Supply and Transport (BEST). The Maharashtra government proposes an additional 283.4 acres of salt pan land. The project, though logistically challenging, promises improved living conditions for 1.2 million residents.Read more

01 Jul 2024

Mahalaxmi, a locality in South Mumbai, is celebrated for its rich history and upscale living environment. In May, Piramal Mahalaxmi - South Tower emerged as the top performer with 7 transactions, followed closely by Piramal Mahalaxmi North Tower with 5 deals. K Raheja Vivarea and Lokhandwala Minerva Mahalaxmi also contributed significantly with 2 transactions each. Developer sales dominated the market, reflecting a preference for new developments over resale properties. Apartment sizes varied widely, from the expansive 2,597 square feet in K Raheja Vivarea to the more compact 736 square feet in Piramal Mahalaxmi - South Tower, accommodating diverse buyer preferences. With prices per square foot ranging from INR 29,212 to INR 1,04,390, Mahalaxmi offers luxury homes suited for both families and individuals. The neighborhood's blend of tranquility, connectivity, and luxury amenities continues to attract affluent residents and businesses alike, reinforcing its status as a prime real estate destination in Mumbai.Read more

01 Jul 2024

Starting July 1st, Maharashtra's real estate sector will see enhanced buyer protection and transparency as MahaRERA introduces new regulations. Developers are now required to maintain three distinct bank accounts for project funds, centralising buyer payments and ensuring accountability. The RERA Designated Collection Account receives all buyer funds, excluding taxes, while the RERA Designated Separate Account allocates 70% for construction expenses. The remaining 30% in the RERA Designated Transaction Account offers operational flexibility. These measures aim to curb fund misuse, accelerate refunds, and expedite project completions, bolstering trust between homebuyers and developers in Maharashtra's evolving real estate landscape.Read more

27 Jun 2024

Vikhroli West, located in the eastern suburbs of Mumbai, is rapidly developing into a prominent residential and commercial hub. Known for its high-rise apartments, gated communities, and corporate offices, the area boasts excellent connectivity through major roads and the suburban railway network. In May, significant real estate activity was observed, with Lodha Vikhroli ASPI Project 1 leading sales. The locality offers diverse housing options catering to a wide range of buyer preferences and price points. With its strategic location, ample amenities, and pockets of greenery, Vikhroli West is becoming an attractive destination for families and professionals seeking a modern lifestyle.Read more

27 Jun 2024

Mumbai faces a potential safety hazard as the Andheri flyover on the Western Express Highway (WEH) urgently needs repairs. An audit by VJTI in April flagged critical conditions in the flyover's superstructure, including support pillars. Despite this, repairs have stalled due to a dispute between BMC and MMRTA over responsibilities post-handover of WEH in November 2022. BMC lacks crucial structural details to proceed with INR 95 crore repairs and requests access from MMRTA. With daily traffic exceeding lakhs, swift resolution is crucial. Public safety hinges on collaboration to clarify responsibilities, expedite repairs, and secure the flyover for commuters' safety.Read more

27 Jun 2024

The Maharashtra Housing and Area Development Authority (MHADA) is offering INR 2.75 lakh (11 months' rent at INR 25,000 per month) in one installment to eligible BDD Chawl tenants not opting for transit camps. This decision supports tenants during the transition of the 207 historic BDD Chawls, housing 16,557 flats, built in 1920 and spread over 92 acres, into modern housing units. Responding to tenant requests, MHADA aims to streamline the process and address concerns until permanent relocation. A computerized lottery for new rehabilitation units is scheduled for late June, marking a significant step in the redevelopment project.Read more

26 Jun 2024

The Bombay High Court has ruled in favor of 14 housing societies in the Juhu Vile Parle Development (JVPD) scheme, granting them ownership of common plots and amenities. This decision clarifies that these plots belong to the societies, not the Maharashtra Housing and Area Development Authority (MHADA). The dispute originated from the JVPD scheme's development in the 1950s and resurfaced between 2010 and 2017 when MHADA and the Brihanmumbai Municipal Corporation (BMC) claimed ownership. The court affirmed the societies' rights, a significant win that allows them full control over their areas, improving livability and setting a precedent for similar cases nationwide.Read more

25 Jun 2024

The removal of barricades erected for Mumbai's Metro 3 project has brought relief to local shopkeepers who suffered due to restricted customer access for years. Nearly 63% of the roads along the 33.5-km underground line have been restored. However, the Brihanmumbai Municipal Corporation (BMC) has faced criticism for the slow progress of its road concretisation work, completing only 15% of the planned 397 km cement concrete roads across five zones. The civic body has promised to expedite the work post-monsoon but has also cancelled a major contract due to delays. As the city navigates these infrastructural challenges, citizens hope for timely completion to alleviate commuting woes.Read more