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26 Sep 2024
KA Enterprises LLP, owned by Bollywood star Deepika Padukone and her father, Prakash Padukone, has made a notable entry into the real estate market with the purchase of a luxury apartment in Mumbai's Bandra West for about INR 17.78 crore. This property, situated in the sought-after Sagar Resham Co-operative Housing Society near Bandstand, spans approximately 1,846 square feet and includes a designated parking space. In a related transaction, Deepika's mother-in-law, Anju Bhavnani, acquired an adjacent apartment for around INR 19.13 crore. This growing trend of celebrity investments in Bandra West includes notable figures like Aamir Khan, Tripti Dimri, K.L. Rahul, and Athiya Shetty, highlighting the area's appeal as a prime residential hotspot.Read more
26 Sep 2024
The Mumbai Metropolitan Region Development Authority (MMRDA) signed a Memorandum of Collaboration (MoC) with the World Economic Forum (WEF), marking it as the first parastatal agency to do so. The partnership aims to advance sustainable urban development and enhance economic growth in the Mumbai Metropolitan Region (MMR), projecting its GDP contribution to reach INR 300 billion by 2030. It emphasises global expertise, job creation, and infrastructure innovation, while supporting Maharashtra's climate goals. Prof. Klaus Schwab highlighted the MoC's potential to position Mumbai as a leading global city.Read more
26 Sep 2024
Mumbai's first underground Metro, the aqua line, is set to begin operations from Aarey Colony to Bandra-Kurla Complex (BKC) by 1st October, pending safety clearance. This 12.5 km stretch is part of the larger 33.5 km Colaba-Seepz-Aarey Metro Line 3. Once inaugurated, the line will operate 96 daily services, connecting key locations like the Chhatrapati Shivaji Maharaj International Airport and the Marol Naka station. With a capacity of 650,000 passengers per day, the project aims to enhance Mumbai's urban transit system, reducing travel time while promoting inclusivity through women operators and staff involvement.Read more
26 Sep 2024
Sanjay Shirsat, the newly appointed chairman of the City and Industrial Development Corporation (CIDCO) aims to transform leasehold land in Maharashtra into freehold, addressing long-standing demands from Navi Mumbai residents. He took office earlier this week, succeeding a position that had been vacant for four years. While residents advocate for freeholding, CIDCO maintains that acquired land remains leasehold. Shirsat pledged to seek government support and emphasised the importance of timely project completion, focusing on the interests of those affected and the broader community in Navi Mumbai.Read more
25 Sep 2024
Prithviraj Sukumaran's production company has acquired a duplex in Mumbai's upscale Pali Hill for INR 30.6 crore, confirming the area's appeal among Bollywood stars. Apco Infratech has also purchased a sea-view triplex for INR 155 crore in the same neighbourhood. Pali Hill, known for its luxury properties and celebrity residents, continues to attract high-profile investments, with local property prices starting around INR 1 lakh per square foot. The area's rich cultural legacy and stunning views reinforce its status as a prime residential choice for affluent buyers, ensuring ongoing demand in Mumbai's luxury real estate market.Read more
25 Sep 2024
The Brihanmumbai Municipal Corporation (BMC) has issued an INR 918 crore tender to construct two flyovers connecting Ghatkopar, Mankhurd, and Vashi to ease traffic. One flyover will extend from the Ghatkopar-Mankhurd Link Road (GMLR) towards Vashi, while the other will connect the Sion-Panvel highway to GMLR. Concerns have arisen over the flyovers' alignment with the ongoing Metro Line 8 project. The flyovers aim to reduce congestion and improve connectivity in key Mumbai areas.Read more
25 Sep 2024
The HOMETHON Property Expo 2024, organised by NAREDCO Maharashtra, will take place from October 4 to 6 at the JIO World Convention Centre in Mumbai. Following last year's success with 55,000 visitors and INR 1,050 crore in sales, this year's expo promises over 1,000 projects from leading developers, covering a wide range of prices from INR. 19 lakhs to 9 crores. Bollywood stars Riteish and Genelia Deshmukh will serve as brand ambassadors. Attendees can benefit from attractive home loan offers and exclusive discounts, enhancing the home-buying experience.Read more
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24 Sep 2024
Under the leadership of Commissioner Dr. Kailas Shinde and guided by Dr. Rahul Gethe, the Navi Mumbai Municipal Corporation's (NMMC) Encroachment Department dismantled unauthorized huts in Nerul on September 19, 2024. These huts, set up on a footpath near the NMMC water lifting station, were linked to illegal activities and caused public safety concerns, especially for women. A coordinated effort involving local police and laborers resulted in the demolition of the structures and seizure of various items. Additionally, NMMC took action against unauthorized banners across eight divisions. The corporation remains committed to maintaining law and order by preventing illegal encroachments.Read more
24 Sep 2024
CREDAI-MCHI, the leading real estate developers' association in Mumbai, will host the Ease of Doing Redevelopment (EODR) exhibition on September 28, 2024, at the Jio Convention Centre. The expo will connect housing societies with top developers and Project Management Consultants (PMCs), aiming to simplify and accelerate the redevelopment process. Supported by government bodies like MHADA, SRA, and BMC, the event features prominent developers such as Rustomjee and Adani Realty. With over 500 registered societies, attendees can explore redevelopment solutions and engage with experts. The event underscores CREDAI-MCHI's commitment to streamlining Mumbai's housing redevelopment.Read more
24 Sep 2024
Adani Realty has added a special touch to this year's Ganesh Chaturthi celebrations with a striking visual tribute to Lord Ganesha. Their projects, Views and Ten BKC, feature homes illuminated to create a captivating image of the deity, lighting up Mumbai's skyline. This unique display blends modern real estate design with the festive spirit, turning the developments into festive landmarks. The tribute has received widespread admiration from both locals and visitors for seamlessly incorporating cultural reverence into contemporary spaces, becoming a key highlight of the city's celebrations and solidifying Adani Realty's commitment to blending innovation with tradition.Read more
23 Sep 2024
The Brihanmumbai Municipal Corporation (BMC) plans to renovate forty seven municipal markets in Mumbai. Fourteen will be directly managed by BMC, while twenty, including Pali Market and Park Site Market, will follow a Public-Private Partnership (PPP) model. Modernization efforts include improved infrastructure, like loading platforms, elevators, and cold storage for perishables. A focus on sustainability includes waste recycling and energy capture from market waste. BMC will use an online system for vendor stall allocation and install CCTVs for enhanced security. Increased rent and fees will fund maintenance, while additional space will be rented out to offset costs. The project aims to create modern, sustainable markets to benefit vendors and customers.Read more
23 Sep 2024
The Brihanmumbai Municipal Corporation (BMC) has announced a INR 1,481 crore project for a transportation and commercial hub at the Dahisar octroi naka site. Covering 18,604 square metres, the hub will accommodate 450 interstate buses and 1,400 cars and feature recreational, retail, and hospitality amenities. It aims to act as a central terminus connecting with BEST buses and the Metro to ease traffic congestion. Strategically located along the Western Express Highway, it will serve buses from Gujarat, Rajasthan and northern states. The BMC's plan includes integrating commercial spaces to ensure the project's financial feasibility. Previously, the BMC declined transferring the land to the Dharavi Redevelopment Authority, citing its importance for civic projects.Read more
20 Sep 2024
Deloitte India has leased approximately 81,000 sq. ft of premium office space in Mumbai's Oberoi Commerz III, spanning the 30th and 31st floors. This deal, costing INR 2.09 crores per month with a 15% rent increase every three years, follows another significant lease in Delhi's Aerocity. With plans to house 30% of its global workforce in India, Deloitte aims to achieve INR 20,000 crore in annual revenue by 2027. This expansion reflects India's vital role in Deloitte's global strategy, leveraging the country's strong office market and talent pool.Read more
20 Sep 2024
Earlier this week, Chief Minister Eknath Shinde outlined several key developments, including the anticipated September launch of the first phase of Metro 3, connecting Bandra Kurla Complex with Aarey, with the second phase due in a year. He also committed to reducing Mumbai's slum population by building three million affordable homes, with MMRDA, CIDCO, and MHADA spearheading the effort alongside private developers. Shinde highlighted the role of increased housing supply in potentially lowering real estate prices and shared plans to unveil major infrastructure projects before the assembly elections, which are projected to occur in two phases in November.Read more
19 Sep 2024
Sumitomo, a leading Japanese real estate developer, recently acquired a 2-acre land parcel in Worli, Mumbai, from Bombay Dyeing for INR 440 crore, enhancing its presence in India. Earlier in 2023, Sumitomo completed one of the year's biggest deals by purchasing a 22-acre land parcel in Worli for INR 5,200 crore through its subsidiary, Goisu Realty. Additionally, Goisu Realty leased 3 acres in the Bandra-Kurla Complex (BKC) for 80 years, at over INR 2,067 crore. These investments underscore India's growing appeal to foreign investors and Sumitomo's focus on India's rapid urbanization.Read more
19 Sep 2024
Chief Minister Eknath Shinde recently inaugurated the bow-string arch bridge in Mumbai, connecting Marine Drive to Bandra, as part of the Coastal Road project aimed at reducing travel time. The bridge, operational since 13th September, has significantly cut travel time to ten minutes and will be open to northbound traffic on weekdays. Mr. Shinde highlighted the bridge's impact on reducing South Mumbai's traffic and announced future extensions to Versova, Bhayander, Virar, and Palghar. The project, including its connection to Vadhvan Port, marks a major milestone in Mumbai's infrastructure and transportation network.Read more
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