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

25 Jun 2024

Mumbai's Brihanmumbai Municipal Corporation (BMC) will complete the connection of the CD Barfiwala Flyover's north-side arm with the refurbished Gopal Krishna Gokhale Bridge by mid-July, costing INR 8 crore. Based on IIT Bombay and VJTI recommendations, the bridges are aligned by raising spans. VJTI's report suggested raising four spans, while IIT recommended only two. Initial work started only within 90 days, targeting completion by the early of July. The Barfiwala Flyover, built in 2008, was misaligned with the higher Gokhale Bridge, refurbished in the February of 2023. BMC commissioner Bhushan Gagrani also plans to connect the south-side arm at Vile Parle.Read more

25 Jun 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) has announced the redevelopment of Ramabai Ambedkar Nagar in Ghatkopar, a major slum area. Tenders for an architect and project management consultant will be released this month. This 75-acre redevelopment under Regulation 33 (10) of the Development Control and Promotion Regulations, 2034, will facilitate extending the Eastern Freeway from Mankhurd to Thane. The Brihanmumbai Municipal Corporation (BMC) will handle beneficiary identification and relocation, while MMRDA oversees redevelopment. Approved by Chief Minister Eknath Shinde in December 2023, the project is expected to complete in three years once land transfer occurs.Read more

25 Jun 2024

Chief Minister Eknath Shinde presented a cheque for INR 50 lakh to the family of Rakesh Yadav, a laborer trapped with a JCB near Versova Creek. The financial aid was provided at the CM's residence in Thane, attended by Yadav’s immediate family and senior officials from MMRDA and L&T. The cheque included INR 35 lakh from L&T and INR 15 lakh from insurance. Additionally, Rakesh’s brother, Durgesh, was offered a job at L&T. Despite 17 days of rescue efforts, Rakesh remains unlocated. The aid aims to support the family during this tragic time, highlighting the commitment to worker welfare.Read more

24 Jun 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) has clarified that recent cracks found on the Mumbai Trans Harbour Link (MTHL) bridge are limited to the approach road from Ulwe towards Mumbai. Discovered during a routine inspection on June 20th, 2024, these minor asphalt surface cracks pose no threat to the main bridge structure. Repairs by contractor M/s Strabag are underway and expected to conclude within 24 hours, ensuring no traffic disruptions. The MMRDA reaffirms its dedication to the safety and quality of the MTHL project through ongoing inspections and prompt maintenance.Read more

21 Jun 2024

Mumbai's office market is ablaze with activity following IMC Securities' record-breaking lease deal at INR 700 per square foot in Bandra Kurla Complex (BKC). The lease, signed for Maker Maxity 4 North Avenue, underscores BKC's status as Mumbai's premier business district, rivaling global hubs like New York City. This deal coincides with the entry of Wall Street giants into India, drawn by the booming derivatives market. Mumbai's Grade A office rents have surged 6% to INR 136 per sq ft, reflecting robust demand. With over 2.3 million sq ft absorbed recently, Mumbai's commercial real estate outlook remains bullish amidst strong investor confidence and ongoing infrastructure developments.Read more

20 Jun 2024

Raymond Realty has secured the redevelopment rights for MIG VI CHS Ltd in Mumbai's prime Bandra East neighborhood. This 2-acre project is estimated to generate revenue exceeding INR 2,000 crore. It marks Raymond Realty's fourth project in Mumbai, reinforcing its strategic expansion in the city. The redevelopment aligns with Raymond Limited's broader growth plans in the Mumbai Metropolitan Region (MMR), complementing their ongoing 100-acre development in Thane, projected to generate INR 25,000 crore. This move underscores Raymond's shift from textiles to real estate, promising significant new revenue streams in the coming years.Read more

20 Jun 2024

Santacruz East, a vibrant neighborhood in Mumbai's western suburbs, is known for its diverse population and robust infrastructure. Home to educational institutions, hospitals, and shopping complexes, it offers a blend of urban convenience and pockets of greenery. The area has seen significant real estate growth, with high-rise developments catering to various buyer preferences. In May, Atmiya Centria Phase 2 led real estate activity, followed by transactions in Prabhat Residency and Navratnamala Apartment. Prices ranged from INR 65 lakhs to INR 7.6 crores, reflecting the locality's appeal to both value-conscious and high-end buyers. With excellent connectivity and a dynamic community, Santacruz East continues to attract families and professionals.Read more

20 Jun 2024

The massive Dharavi Redevelopment Project, led by Adani Group's Dharavi Redevelopment Project Private Ltd (DRPPL), faces a roadblock in Sector 5 due to ongoing fee negotiations with the Maharashtra Housing and Area Development Authority (MHADA). The transfer of Sector 5, which includes five buildings for 942 rehabilitated tenants, has stalled. Key negotiation points include INR 183.57 crore in interest, an INR 17.24 crore land fee, and other waivers, totaling over INR 665 crore. MHADA has proposed these waivers to the state government. A swift resolution is crucial for the project's progress and for improving living conditions for thousands of Dharavi residents.Read more

19 Jun 2024

Rising Bollywood star Tripti Dimri, celebrated for her roles in "Animal," "Bulbbul," and "Qala," has invested INR 14 crore in a luxurious three-story bungalow in Bandra West, Mumbai. Spanning 2,193 sq. ft., the property is located on Sherly Rajan Road, near the sought-after Carter Road. Dimri paid INR 70 lakh in stamp duty and INR 30,000 in registration fees, benefiting from a 1% discount for female buyers. As Bollywood celebrities continue to flock to Bandra West, Dimri's purchase joins a series of high-profile acquisitions in the area, highlighting its status as a prime real estate destination.Read more

19 Jun 2024

The UK Consulate in Mumbai has purchased a new 15,000 sq. ft office space in Lower Parel's One Lodha Place for over INR 101.25 crore, replacing its Bandra-Kurla Complex location. This purchase highlights the UK government's confidence in Mumbai's growth. Consulates in India are exempt from stamp duty, saving substantial costs. The move aligns with the booming commercial office market, which saw a 13.8% YoY growth in Q1 2024. The new office offers better accessibility and efficiency. This strategic investment underscores Mumbai's rising status as a global business hub and enhances UK-India relations.Read more

19 Jun 2024

Tata Digital has renewed its lease for the iconic Fort House building in Mumbai's historic Fort district for the next three years, in a significant deal with Dawat-e-Hadiyah, a charitable trust of the Dawoodi Bohra community. The agreement ensures Tata Digital's headquarters remains at Fort House, with a mandatory one-year period and a total lease cost of INR 249 crore, or INR 83 crore per month for the 1.5 lakh square foot office space. This renewal underscores the high demand for premium office space in Mumbai's central business district and highlights Tata Digital's commitment to its operations and growth within the Tata Neu ecosystem.Read more

17 Jun 2024

Auris Galleria, a new shopping and business complex in Malad West, has received its Occupation Certificate (OC). Developed by Transcon Developers and Sheth Creators, the project covers 66,667.50 square feet and features 78 retail units and 29 commercial spaces, ranging from 375 to 1,238 square feet. Strategically located near Link Road and Malad Railway Station, Auris Galleria is designed for high foot traffic and easy accessibility. As part of the Auris Serenity project, it provides ample parking and a vibrant community atmosphere, positioning it as a premier destination for businesses and consumers in Malad.Read more

17 Jun 2024

Naiknavare Developers, a Pune-based construction company, successfully handed over homes to 80 families in Mumbai's Vakola neighbourhood, Santacruz, as part of the 'Jagruti' Slum Rehabilitation Project (SRA). Initiated in December 2022, this project spans approximately 12 acres. The newly completed G+9 tower provides 80 units, each with a 300-square-foot carpet area. Future phases will include amenities like a gym, nursery school, and society office. During the key handover ceremony, Chief Guest MLA Sanjay Potnis praised the initiative. Naiknavare Developers, known for its SRA projects, aims to empower slum residents and has a robust portfolio across Pune and Mumbai.Read more

14 Jun 2024

Mumbai-based real estate developer Keystone Realtors, known by its Rustomjee brand, has successfully raised INR 800 crore through a Qualified Institutional Placement (QIP). This capital is expected to drive the company's ongoing and future projects in the Mumbai Metropolitan Region (MMR). Keystone issued over 1.21 crore new shares at INR 660 each to large investors, including Quant Mutual Fund and SBI Life Insurance. Despite a 60% drop in net profit for the March 2024 quarter, the company saw an overall fiscal year profit increase to INR 112.21 crore. This fundraising move underscores the growing confidence in Mumbai's real estate market, with developers like Macrotech also raising significant funds recently.Read more