03 May 2024

Dextrus, a key player in Mumbai's coworking sector, has strengthened its footprint in the bustling Bandra Kurla Complex (BKC) by unveiling its third center. This expansion boosts Dextrus' workspace capacity in Mumbai to over 1,000 seats across BKC and Lower Parel. Situated in One BKC, the new workspace spans 12,000 square feet, accommodating around 300 dedicated workspaces. Dextrus pioneers the "Build by Dextrus" initiative, allowing businesses to customize their office space seamlessly. The center offers a dynamic ecosystem with amenities like well-equipped meeting rooms, breakout areas, a cafe, and private phone booths, fostering collaboration and productivity. Robin Chhabra, Dextrus' Founder & CEO, underscores the company's commitment to tailored workspace solutions.Read more

03 May 2024

In Q1 2024, Mumbai's residential property market witnessed a remarkable surge, with over 60,719 transactions valued at INR 54,239 crore. Thane West emerged as the leader, recording over 5,000 transactions worth INR 4,948 crore, attributed to its diverse property offerings and enhanced infrastructure. Other micro-markets like Dombivali East, Mira Road, Virar West, and Kandivali West also saw significant activity. The trend towards affordable housing was evident, with properties below INR 50 lakh dominating sales. Compact apartments ranging from 0-500 sq. ft. were most sought after. Macrotech Developers (Lodha) led in volume and sales value, signaling a positive resurgence in Mumbai's real estate market with a focus on affordability and improved infrastructure.Read more

03 May 2024

The National Company Law Tribunal (NCLT) approved Macrotech Developers' acquisition of V Hotels, owner of the Centaur Hotel (now Tulip Star), for INR 890 crore. The hotel's prime location in Mumbai's Juhu area attracted interest from real estate giants. Macrotech emerged as the successful bidder, offering an upfront payment of INR 278 crore to secure financial creditors, with two additional tranches of INR 405 crore each. The non-operational hotel, situated on a 6.1-acre land parcel, presents redevelopment opportunities for residential, commercial, or mixed-use projects. This acquisition revives a historic landmark and showcases Mumbai's evolving real estate landscape.Read more

02 May 2024

Ghatkopar West, located in Mumbai's eastern suburbs, is a vibrant neighborhood known for its excellent connectivity and diverse housing options. In March, Wadhwa The Address Boulevard emerged as the top-selling building, with the closing of 7 deals. The Ghatkopar West area offers a mix of high-end luxury apartments and budget-friendly options, appealing to a wide range of homebuyers. Apartment sizes vary, from spacious units in Wadhwa The Address Boulevard to compact spaces in Hilton Enclave. With prices per square foot ranging from INR 3,667 to INR 43,911, Ghatkopar West caters to different budgets. Close to 50% of apartments sold were within the INR 1 crore range, showcasing its appeal to various segments of buyers.Read more

02 May 2024

Real estate developer Puravankara Group announced plans to redevelop a prestigious residential society in Mumbai's upscale Pali Hill neighbourhood. The large-scale project is estimated to have a gross development value of over INR 2,000 crore. The Bandra West area, particularly Pali Hill, has become the focal point of Mumbai's real estate scene in recent years. Along with this flagship redevelopment, Puravankara is exploring opportunities to redevelop several other housing complexes in Mumbai. The company aims to deliver over 2,000 units across major Indian cities in the current financial year through new launches and ongoing projects.Read more

30 Apr 2024

The Aqua line, Metro 3, in Mumbai, is reaching a crucial phase with loaded integrated trials set to begin on the Aarey-Bandra Kurla Complex route. These trials, involving filled coaches, ensure operational safety and functionality before passenger operations commence. With 96% of the project already completed, now the focus is on station beautification and multimodal integration to enhance the commuter experience. Metro 3's advanced features, including unmanned operation, signify a step towards delivering a world-class metro system for Mumbai residents.Read more

29 Apr 2024

Suraj Estate Developers acquired a 1,073.42 square meter plot in Mahim West, Mumbai, for INR 33.10 crore, projecting a GDV of INR 120 crores. Settling litigations and filing consent terms, they secured additional development rights, estimating a GDV of INR 350 crores. Winning bid for another parcel, they anticipate a GDV of INR 225 crores. Utilizing IPO funds, they fully repaid outstanding loans. With 35 years of experience, the company focuses on strategic acquisitions and expansions, aiming to strengthen its position in Mumbai's real estate market, projecting over INR 500 crores in revenue growth in the upcoming years.Read more

29 Apr 2024

The Bombay High Court has issued a temporary injunction against the Maharashtra government's decision to redevelop 25 housing societies in the Guru Teg Bahadur Nagar (GTB Nagar) refugee colony, known as the Punjabi colony, in Sion. This injunction follows a challenge filed by developer Lakhani Housing Corporation, who had secured redevelopment agreements with some of these societies. The court's decision comes amidst concerns over jurisdictional authority and the legality of the government's redevelopment plan. Lakhani Housing Corporation argued that the decision infringed on their contractual rights and voided existing agreements. The court has temporarily halted the redevelopment plan and scheduled a further hearing for May 8 to examine the matter in detail. As the legal process unfolds, ensuring the residents' access to safe and dignified housing remains a paramount concern.Read more

29 Apr 2024

Mahatma Jyotiba Phule Mandai, commonly known as Crawford Market, is undertaking a phased redevelopment. After undergoing Phase 1 renovations from 2015-2018, the heritage market is set to open this summer. The redevelopment includes the iconic fountain as well as an open space in its center, and the new market building will cater to fish and meat sellers. The project aims to enhance the market's appeal and functionality to visitors while preserving its historical significance. Once complete, the revitalized market will honor its past while gaining amenities to better serve customers for years to come.Read more

26 Apr 2024

The Economic Offences Wing (EOW) of the city police has arrested Nasli alias Bunny Batliwala (49), a trustee of the HIMS Botawala Charitable Trust, for allegedly conspiring to defraud a developer of INR 21 crore in a property redevelopment scheme. Javed Hussain, the complainant and owner of Reliable Investment and Developers, had entered an agreement with the trust to jointly redevelop a property. However, the trust allegedly sold the property to another party without his consent. The arrest sheds light on the alleged fraud by the trustees, potentially undermining public trust in charitable organizations. The police aim to uncover the full extent of the conspiracy and ensure justice for the complaining developer.Read more

25 Apr 2024

Anil Gupta, chairman of Wellknown Polyesters, alongside his wife and the company, purchased two sea-facing apartments in Mumbai's Lodha Malabar project for over INR 270 crore, marking one of India's priciest residential transactions at INR 1.41 lakh per square foot. The deal highlights the rising demand for luxury housing in Mumbai's upscale areas. The Lodha Malabar project, slated for completion by June 2026, has witnessed other record-breaking deals, indicating fierce competition for prime Mumbai real estate. Gupta's move signals a potential trend of large corporations investing in luxury real estate, potentially reshaping the sector's dynamics.Read more

24 Apr 2024

After months of bureaucratic back-and-forth between the BMC and Aarey Milk Colony over clearing debris dumped along Mithi River's banks in Aarey, the National Green Tribunal (NGT) has intervened. The NGT has ordered for the formation of a committee, led by Maharashtra's chief secretary, to determine responsibility, relocation of debris, and funding. With BMC, MPCB, Aarey Milk Colony, and environmental experts onboard, the committee has a month to devise an action plan as monsoon approaches. The directive stems from Vanashakti's petition, highlighting environmental hazards. Urgent action is imperative before monsoon exacerbates the damage, underscoring the committee's crucial role in prioritizing ecological preservation.Read more

24 Apr 2024

The Brihanmumbai Municipal Corporation (BMC) has identified 74 vulnerable landslide-prone areas in Mumbai, out of a total of 160. These areas, mostly natural hillocks and elevated lands, pose significant risks, with 15 in Ghatkopar, 9 in Kurla, and 5 in various other locations. The eastern suburbs have the highest number of vulnerable sections. Following a tragic landslide in Pune in 2017, the Geological Survey of India provided recommendations, prompting BMC to take action. Landslide-prone areas are categorized into high, medium, and low-risk zones, with population estimates for each. BMC's disaster management cell is training locals on landslide warnings and evacuation procedures. Recent incidents have led to temporary resettlement efforts.Read more

23 Apr 2024

The National Company Law Tribunal (NCLT) bench in Mumbai resolved the corporate insolvency proceedings against Mumbai Metro One Private Limited, which operates Mumbai's busiest metro line. This resolution followed a one-time debt settlement between the company and its lenders led by State Bank of India and IDBI Bank. The resolution could enable the Maharashtra government to acquire Reliance Infrastructure's majority stake in MMOPL. The Maharashtra cabinet had recently cleared a sum of INR 4000 crore for purchasing this majority stake.Read more