19 Sep 2024

House of Hiranandani is expanding its presence in Mumbai's redevelopment sector, signing projects covering 17 lakh sq. ft. with a Gross Development Value of INR 5,000 crore. The company has entered into agreements with five housing societies in Chembur, planning to invest INR 3,200 crore. These projects include the redevelopment of Maitri Park and Shrinagar Society. With a legacy of over four decades, House of Hiranandani focuses on transforming old, congested areas into sustainable communities. The company also plans to explore other Mumbai locations for redevelopment while maintaining its commitment to excellence in design and environmental responsibility.Read more

19 Sep 2024

The Bombay High Court ordered the demolition of seven illegal floors of an eight-storey building in Khar, rejecting a plea for regularisation. The Brihanmumbai Municipal Corporation (BMC) was instructed to complete the demolition within three months, based on its 2018 notice. The court found that the commencement certificate issued in 1994 only allowed construction of the basement and first floor, but additional floors were built unlawfully. A fine of INR 50,000 was imposed on the petitioner for misleading the court. The HC referenced previous rulings against regularising illegal constructions, emphasising strict adherence to building regulations and minimal leniency.Read more

18 Sep 2024

The legal feud between Nusli Wadia of the Wadia Group and the Aditya Birla Group has concluded with a significant land transaction. Century Textiles and Industries, a subsidiary of Aditya Birla Group, purchased a 10-acre land parcel in Mumbai's Worli area for INR 1,100 crore. This deal merges existing leasehold interests with ownership rights and expands Century's total landholding to 30 acres, with an estimated booking value of INR 28,000 crore. The increasing demand for prime land in major Indian cities highlights the growing need for residential and commercial developments amid urban expansion.Read more

17 Sep 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) and the World Economic Forum (WEF) have signed a Memorandum of Understanding (MoU) to transform Mumbai into a global financial center. Chief Minister Eknath Shinde highlighted expectations for Mumbai's GDP to double and emphasized the creation of a special central cell within MMRDA to drive this vision. Deputy Chief Minister Devendra Fadnavis outlined initiatives like the Atal Setu-MTHL bridge and port expansions to boost infrastructure and the digital economy. The MoU aligns with the NITI Aayog's report, aiming to increase the region's GDP to $1.5 trillion by 2047, create 25-28 lakh jobs, and establish Mumbai as a leading global fintech and financial hub.Read more

16 Sep 2024

Bollywood actor and BJP MP Kangana Ranaut has sold her Pali Hill bungalow in Mumbai for INR 32 crore to Kamalini Holdings. The ground-plus-three-storey property, spanning 3,075 square feet with a 565 square feet garage, was sold at INR 1.04 lakh per square foot. Ranaut had bought the property in 2017 for INR 20.7 crore and converted it into an office for her production house, Manikarnika Films. Despite being partially demolished by BMC in 2020 due to structural violations, the property's value grew significantly as reflected in its sale price. The Pali Hill area is known for housing Bollywood celebrities and high-end luxury properties.Read more

16 Sep 2024

The Supreme Court has declined to stay the resolution plan proposed by Adani Goodhomes, a subsidiary of Adani Infrastructure and Developers, to acquire the insolvent real estate company Radius Estates. The case highlights the ongoing challenges surrounding substantial haircuts taken by lenders in insolvency resolutions. While the dissenting creditors have raised concerns about the 93% haircut imposed by the plan, the majority of stakeholders, including homebuyers, have endorsed Adani Goodhomes' proposal. Adani Goodhomes has offered approximately INR 76 crore to Radius Estates' creditors, who have claims totalling around INR 1,700 crore. Adani Goodhomes has also committed to completing the residential project in Mumbai at no additional cost to the homeowners.Read more

16 Sep 2024

The Delhi Development Authority (DDA) has introduced a new system for delivering flat documents to buyers in a customised folder, following instructions from Lieutenant Governor VK Saxena. This folder includes all essential documents, such as the possession letter and various certificates, aiming to simplify the process and enhance the buyer experience. Additionally, a new format for the possession slip will feature a photograph of the buyer to ensure authenticity and add a memorable touch to the transaction. This initiative, starting with Golf View Apartments in Dwarka, reflects the DDA's commitment to improving property transactions.Read more

16 Sep 2024

CREDAI-MCHI, representing the real estate industry in the Mumbai Metropolitan Region (MMR), has urged the government to review the GST framework impacting redevelopment, affordable housing, and rehabilitation projects. In a submission to Goa's Chief Minister and GST Council member, Shri Pramod Sawant, the organization highlighted issues like the lack of Input Tax Credit (ITC), which raises costs for both developers and homebuyers. CREDAI-MCHI seeks flexibility in GST rates and calls for relief on redevelopment schemes, especially for slum rehabilitation and dilapidated buildings. The body emphasizes real estate's role in economic revival and the need for affordable housing solutions in Mumbai.Read more

16 Sep 2024

Dr. P.P. Vava, a member of the National Commission for Safai Karamcharis, visited the Navi Mumbai Municipal Corporation (NMMC) headquarters to commend their cleanliness initiatives and welfare efforts for sanitation workers, referred to as "Swachhata Mitra" and "Safai Mitra." He praised NMMC's work and offered suggestions for future improvements. During his visit, he inspected vehicles and equipment used for cleanliness and interacted with workers. The event also honored social advisor Girender Nath and coordinator Sandeep Charan, with NMMC Commissioner Dr. Kailas Shinde presenting NMMC's efforts to ensure the dignity, safety, and health of sanitation workers.Read more

13 Sep 2024

Bollywood actor Anupam Kher has made a major real estate investment, purchasing a commercial office space in Andheri, Mumbai, for over INR 3.88 crore. His acquisition is part of a broader trend of Bollywood celebrities, including Kangana Ranaut and Karan Johar, investing in Mumbai's prime real estate. Ranaut recently bought an office space for INR 1.56 crore, while Johar is renting a luxurious duplex for INR 8 lakhs per month. The demand for high-end properties in Mumbai remains strong, driven by affluent individuals and industry professionals seeking both personal and investment opportunities in the city's prime locations.Read more

13 Sep 2024

The Navi Mumbai Municipal Corporation (NMMC) recently demolished an unauthorized RCC building in Sector 9, Airoli, after its owners failed to comply with a notice from the Encroachment Department. The structure, located behind Machhi Market and owned by Sagar Nath Rama Madhavi, was being built without the required permits. Despite a notice under the Maharashtra Regional and Town Planning Act, 1966, construction continued, prompting partial demolition of the third floor on 11th September 2024. The NMMC used manual labor due to site constraints. This action, directed by Commissioner Dr. Kailas Shinde, is part of ongoing efforts to curb illegal constructions in the area.Read more

13 Sep 2024

The Arkade Developers is launching a INR 410-crore initial public offering (IPO) on 16th September, closing on 19th September. The IPO consists entirely of fresh equity shares with no offer-for-sale (OFS) component. Anchor investor bidding will open on September 13. The company has already raised INR 20 crore through a pre-IPO placement. Proceeds will fund the ongoing and the future real estate projects, land acquisition, and corporate purposes. Arkade Developers, based in Mumbai, has developed 1.80 million square feet of residential property. The shares will be listed on the BSE and NSE, with Unistone Capital as the lead manager.Read more

12 Sep 2024

Mumbai Metro Rail Corporation (MMRC) hosted a site visit for Japan's House of Councillors members, including Mr. Kazuhiko AOKI, at BKC station of Metro Line-3. Senior officials from MMRC briefed the delegation on the project's progress, challenges, and its potential to revolutionise Mumbai's connectivity. Following the briefing, the members rode the Metro Line-3 from BKC to Marol Naka. They expressed approval of the project's advancement and the effective utilisation of Japan's Official Development Assistance (ODA), which significantly contributes to improving city mobility and access.Read more

12 Sep 2024

Bollywood director Karan Johar has signed a three-year lease for a luxury duplex in Mumbai's Bandra West, renting a condo on the 2nd and 3rd floors of a Pali Hill tower for INR 8.10 lakh monthly, rising to INR 8.93 lakh in the third year. The total rental value over three years exceeds INR 3.06 crore. Johar also leased his Bandra apartment to actor Imran Khan for INR 9 lakh monthly. High-end properties in Mumbai's prime areas, like Bandra and Worli, are in high demand, driving up rental prices due to limited availability and the growing allure of luxury living.Read more

12 Sep 2024

Nexus Seawoods Mall will host 'Onam Opulence 2024' on September 14th and 15th, showcasing a 64 sqm Pookkalam made from 250 kg of flowers. The event will also feature traditional performances, including the Theyyam Dance, a first for Navi Mumbai. Cultural activities on September 14th will include various dance forms such as Thiruvathirakali, Mohiniyattam, and Kathakali. The festival celebrates Kerala's rich heritage and aims to bring the community together in Navi Mumbai.Read more

11 Sep 2024

Delhi-based Centre for Sight (CFS), a leading eye care chain, has acquired a 51% stake in Navi Mumbai's Laxmi Eye Hospital, enhancing its presence to nine centers in Maharashtra. This acquisition is part of CFS's broader expansion strategy, which includes investing INR 300-500 crore over the next few years. Founded in 1989, Laxmi Eye Hospitals operates four centers and is renowned for its quality and affordable care. In May, CFS raised USD 100 million from ChrysCapital, with half used to facilitate an exit for Mahindra and the rest allocated for expansion. CFS recently added 10 centers and reported over 1.5 million annual visits as of March 2024.Read more