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

14 Jun 2024

Mumbai's iconic skyline is set to expand dramatically. A report by Anarock, a leading real estate consultancy, predicts a 34% increase in skyscrapers in the Mumbai Metropolitan Region (MMR) by 2030, adding 207 new towers to the existing 154. This growth solidifies Mumbai's status as India's skyscraper capital. Limited land availability and a growing population have driven this vertical expansion, with strategic increases in Floor Space Index (FSI) limits and reduced FSI premiums boosting high-rise development. The MMR, currently boasting 361 high-rise towers, will see South Central Mumbai leading with 103 skyscrapers, reshaping the city's architectural landscape.Read more

13 Jun 2024

Khar West is an affluent neighborhood in Mumbai known for its upscale residential properties, tree-lined avenues, and well-maintained gardens. It offers excellent connectivity to major business districts and features a vibrant social infrastructure with top educational institutions, healthcare facilities, and a bustling shopping and dining scene. In April, Flamingo Apartment led the real estate market with the highest number of deals, predominantly driven by resale transactions. Property prices in Khar West vary widely, catering to both luxury and budget-conscious buyers, with the majority of sales within the INR 5 crore range. The neighborhood's diverse housing options, strong community feel, and urban amenities make it a prime residential choice and a robust real estate investment destination.Read more

13 Jun 2024

Reliance Industries Limited (RIL) is launching a massive project to create a global economic hub in Navi Mumbai, covering 3,750 acres. Secured through a sub-lease for INR 13,400 crore, this development aims to decongest Mumbai and create a parallel economic engine. RIL plans to leverage its expertise in large-scale industrial projects to build a world-class facility focused on integrated digital services. The project will foster innovation, collaboration, and job creation, transforming Navi Mumbai into a thriving economic and industrial centre with advanced infrastructure and improved connectivity, especially with the new Mumbai Trans Harbour Link.Read more

13 Jun 2024

Lemon Tree Hotels is giving Aurika Mumbai a significant makeover, aiming to enhance its appeal and attract more guests. Renovations include updating rooms with new furniture, better lighting, and comfortable beds to ensure a pleasant stay. Common areas such as the lobby, restaurants, and event spaces will be redesigned for a more inviting experience. Aurika Mumbai Sky City offers modern conveniences and luxurious amenities, making it ideal for business or leisure. The hotel emphasizes fine dining and eco-friendly practices, like recycling and energy-efficient lighting. This investment reflects Lemon Tree Hotels' commitment to excellence, positioning Aurika Mumbai as a top destination in the city and boosting its reputation in the competitive hotel industry.Read more

10 Jun 2024

Bollywood singer Sonu Nigam's father, Agam Kumar Nigam, has acquired a luxurious property in the upscale Versova neighbourhood of Mumbai for a staggering sum of INR 12 crore. The apartment, situated on the 10th floor, is located along the Versova Sea Link and spans an impressive area of 2,022 square feet. Mumbai has recently seen many noteworthy transactions, including Mavjibhai Shamjibhai Patel's INR 97.4 crore apartment purchase in Oberoi 360 West, Shahid Kapoor and Mira Kapoor's INR 60 crore luxury sea-view apartment, and Anil Gupta's INR 270 crore investment in the Lodha Malabar project. These high-value deals showcase Mumbai's status as a premier destination for the country's elite seeking premium real estate investments.Read more

10 Jun 2024

The Brihanmumbai Municipal Corporation (BMC) recently demolished a 50-year-old bakery in Byculla, Mumbai, occupying 500 square meters of land owned by the civic body. The bakery, which had been operating in the Kamathipura area since 1974, was allegedly hindering the redevelopment process of the area. Despite being provided an alternate location in Goregaon by the BMC, the bakery owner continued to use both premises, leading to a legal battle. The court ultimately ruled in favour of the BMC, allowing the demolition to proceed under the supervision of 25 BMC officials and 20 police officers. The civic body has already issued a letter of intent for the redevelopment of the 3,400 square meter area, which includes 117 tenants, ensuring the creation of a 22-story rehabilitation wing, a 35-storey sale tower, and a new public playground. This case sets a precedent for the BMC's renewed efforts to reclaim illegally occupied plots across Mumbai for public benefit.Read more

10 Jun 2024

A new report from property consultancy Anarock reveals that the number of skyscrapers over 40 floors tall in the Mumbai Metropolitan Region will grow by 34% between 2024-2030. There are currently 361 high-rise buildings in the MMR, with 154 completed so far and another 207 scheduled for completion in the next six years. Rising population levels and higher development densities permitted over the last decade are fuelling demand for tall buildings. The state government's recent reduction of premiums for additional constructed space is also encouraging more high-rise development among builders. South Central Mumbai currently has the most towers, though growth is projected across all areas in the coming years.Read more

10 Jun 2024

In May 2024, property registrations in Mumbai's municipal region surged 22% year-on-year to 12,000 units, driven by robust housing demand, according to Knight Frank India. This growth led to a 24% rise in state revenue, reaching INR 1,034 crore. Residential units constituted 80% of these registrations. The market has seen consistent year-on-year growth for ten months since August 2023, with high-value properties, particularly those above INR 1 crore, comprising a significant portion of sales. Central and Western suburbs were the most popular, accounting for over 75% of registrations. Knight Frank expects this positive trend to continue, supported by strong economic growth and favorable interest rates.Read more

07 Jun 2024

Mumbai's luxury apartment market is booming, driven by a growing domestic demand for high-end living and a limited supply of prime properties. Bollywood star Shahid Kapoor and his wife recently bought a sea-view apartment for over INR 60 crore in the prestigious Three Sixty West project in Worli. This is Kapoor's second purchase in the same tower, following a duplex he bought in 2018 for INR 58.57 crore. His latest acquisition spans 6,176 square feet with three car parking spaces. The trend reflects increased interest from celebrities and business tycoons in Mumbai's luxury real estate, further boosting the market.Read more

07 Jun 2024

In a significant real estate transaction, Godrej & Boyce Manufacturing Company has sold an office spread over nearly 58,500 sq ft across two floors in the Godrej One commercial complex in Vikhroli, Mumbai, to its sister company, Godrej Industries, for INR 157 crore. The sale includes exclusive access to 75 car parking slots. The existing lease of the 9th-floor office space to Simpliwork Offices has been transferred to Godrej Industries. This move aligns with the recent ownership realignment within the Godrej Group, where Jamshyd Godrej and his family will oversee the Godrej Enterprises Group, while Nadir Godrej will lead the Godrej Industries Group. The transaction highlights the group's strategic restructuring and its focus on streamlining operations and asset management.Read more

06 Jun 2024

Bhuleshwar, a historic locality in South Mumbai, is renowned for its cultural heritage and blend of traditional and modern structures. Home to iconic temples like the Mumbadevi Temple, it offers diverse housing options ranging from modest apartments to refurbished colonial-era buildings. In April, New Jawahar Mansion led real estate transactions, with resale properties dominating the market. Property sizes varied significantly, catering to different buyer preferences, with prices per square foot averaging around INR 23,995. A significant portion of sales fell within the INR 1 crore range. Bhuleshwar's strong market activity, strategic location, and rich cultural landscape make it a desirable area for both residents and investors.Read more

06 Jun 2024

Karan Bhagat, CEO of 360 ONE, purchased two sea-view apartments in Mumbai's Worli area for INR 170 crore, setting a new record in India's luxury real estate market. Located in the prestigious Three Sixty West project by Oberoi Realty, the deal amounts to approximately INR 1.31 lakh per square foot. The transaction, spanning 12,900 square feet and including eight parking spaces, underscores the growing demand for ultra-luxury properties in prime Mumbai locations. This record-breaking purchase highlights the city's thriving luxury real estate sector, catering to affluent buyers seeking prestigious addresses and exclusive amenities.Read more