13 Aug 2024

Larsen & Toubro (L&T) is working on a major coastal road project involving two tunnels. Due to delays, L&T has requested an additional 181 days, extending the deadline to 30 September, to complete the remaining work. While both tunnels are operational, L&T requires extra time to finalise tasks such as integrating mechanical and electrical systems, installing tetrapods, and site clearance. The extension request cites challenges such as early partial commissioning, operational traffic, and various disruptions, including weather and utility issues. The BMC reports that 91% of the work is completed, raising concerns about a potentially rushed inauguration.Read more

13 Aug 2024

Mumbai's real estate market experienced a notable boost in July 2024, with 12,160 properties registered, generating INR 1,055 crore in revenue. This represents a 19% increase in registrations and a 27% rise in revenue year-on-year. The city has enjoyed eleven months of growth, marking July as the highest registration month in over a decade. Residential properties comprised 80% of the transactions, with a preference for larger living spaces. From January to July 2024, Mumbai recorded 84,653 registrations, up 16% from last year, highlighting a strong recovery and sustained demand in the property market.Read more

12 Aug 2024

Flexible office space provider Incuspaze is expanding its footprint with a new 57,351 sq. ft. lease at Hiranandani Light Hall Business Park in Mumbai. This addition is part of a broader strategy that includes acquiring 580,000 sq. ft. in Delhi NCR and 115,000 sq. ft. in Whitefield, Bangalore. The company aims to increase its total workspace by 2 million sq. ft. over the next two years, focusing on South India. Incuspaze's expansion aligns with rising office space demand in Mumbai, where leasing activity has doubled year-over-year, highlighting the shift toward flexible work environments.Read more

12 Aug 2024

The Brihanmumbai Municipal Corporation (BMC) will maintain the current property tax rates for 2024-25 without implementing any revisions. This decision, influenced by past rejections of proposed hikes in 2020-21 and 2022 due to the pandemic, means property owners will not face an increase after nearly a decade. The property tax calculation currently relies on the Stamp Duty Ready Reckoner rates. Despite the lack of a rate hike, BMC collected INR 4,856 crore in 2023-24, surpassing its target of INR 4,500 crore. The BMC's cautious approach aims to balance revenue needs with citizens' financial burdens.Read more

12 Aug 2024

Dharavi, Asia's largest slum, is set to undergo a transformative redevelopment project worth USD 3 billion, led by the Adani Group. The newly formed association of Dharavi residents, the Citizen and Society Development Welfare body, has lent its support to the ongoing state government-led survey of informal tenements, a crucial step for the project. The survey aims to map the densely populated 600-acre area and determine the eligibility criteria for rehabilitation under the proposed redevelopment plan. The Dharavi Redevelopment Project (DRP), in collaboration with Dharavi Redevelopment Project Private Ltd (DRPPL), a joint venture between the Government of Maharashtra and the Adani Group, is spearheading the transformation. The plan ensures that all qualifying tenement holders are offered homes of up to 350 square feet, addressing the complex land ownership and tenure patterns that have hindered previous redevelopment efforts.Read more

09 Aug 2024

Sheth Realty's new campaign for their luxury project Codename Younique highlights the benefit of reduced commute times to the Bandra Kurla Complex (BKC), Mumbai's key business hub. Featuring slogans like "Hop. Skip. Jump. BKC.", the campaign underscores the project's strategic location near the Sion-BKC connector. The luxury gated community boasts over 45 amenities and targets professionals earning INR 45 lakh per annum or more. The campaign utilises digital platforms including Facebook, LinkedIn, and Instagram, aiming to attract buyers seeking both convenience and high-end living. Chintan Sheth emphasises the value of luxury and time-saving features in their marketing strategy.Read more

09 Aug 2024

Arkade Group's new campaign, "Family First," showcases the real estate developer's dedication to family-oriented values since 1986. With over 5,000 satisfied customers, the campaign highlights core values like care and trust through radio, OOH advertising, and digital media. A standout feature is the CGI technology used to create engaging content, including visuals of the number '1' in prominent city locations, symbolising the company's leadership in family-centric developments. Arkade Group's innovative marketing and focus on enhancing family life reflect its commitment to creating meaningful residential spaces in Mumbai.Read more

09 Aug 2024

Raymond Realty's residential project, 'The Address by GS,' led home sales in Bandra East during Q1 FY25, achieving INR 291 crore in sales and 96 units sold, more than double the next highest project. CEO Harmohan Sahni credits this success to the company's emphasis on timely delivery and high quality, underscored by their early completion of a previous project. With new Joint Development Agreements (JDAs) in premium Mumbai areas and a revenue potential of over INR 7,000 crore, Raymond Realty's expansion and focus on luxury have solidified its position among India's top real estate players.Read more

09 Aug 2024

The MMRDA plans to evict illegal occupants from 1,336 tenements in Kurla, initially meant for slum dwellers displaced by airport expansion. The operation, set from October 7 to 10, follows the discovery of unauthorised residents by MMRDA in 2021. Originally built by HDIL for Bharat Nagar slum rehabilitation, these units now house individuals who paid up to INR 5 lakh to agents. Local activists and advocates highlight issues with lease renewals and unpaid rents. The eviction underscores Mumbai's housing challenges and the need for better oversight and transparent rehabilitation processes.Read more

09 Aug 2024

The Supreme Court has requested the Chief Justice of the Bombay High Court to form a bench to initiate its own review of the Maharashtra Slum Areas Act of 1971. This review aims to identify issues in the law's implementation. With over 1,600 cases pending, the law's implementation faces significant problems. The Supreme Court directed the Chief Justice to form a bench for this crucial review, emphasising the judiciary's critical role in ensuring access to justice. The decision came during the dismissal of an appeal from Yash Developers, who faced the cancellation of a long-delayed slum redevelopment project.Read more

08 Aug 2024

Mumbai's Brihanmumbai Municipal Corporation (BMC) has relaxed its cement concrete (CC) road tender conditions for the second phase, moving away from 2023's stringent requirements. This shift has allowed previously ineligible companies, such as RPS Infraprojects, to qualify. RPS Infraprojects, once blacklisted in 2016, has now secured a significant INR 1,566 crore project in the city's western suburbs. The new criteria include relaxed experience requirements and a ten-year lookback period. Critics argue these changes could compromise tender integrity, while BMC believes the revisions will foster greater competition and potentially lower costs.Read more

08 Aug 2024

Mumbai's Chhatrapati Shivaji Maharaj Terminus (CSMT) is set for a significant upgrade as Central Railway (CR) fast-tracks the extension of Platforms 12 and 13, moving the completion date from December to August. The extension will increase platform lengths to accommodate 24-coach trains, enhancing capacity by 20%. CR General Manager R.K. Yadav reported 40% of the work is complete, and the expedited timeline is due to simpler construction compared to past extensions. The upgrade aims to address overcrowding at CSMT, which handles over 1,200 local and 100 long-distance trains daily.Read more

08 Aug 2024

Prime Minister Narendra Modi recently inaugurated the third phase of the Goregaon Mulund Link Road (GMLR) in Mumbai, a key project aimed at connecting the Western Express Highway (WEH) and Eastern Express Highway (EEH). Spanning 12.20 kilometres, this phase will reduce travel time from 90 minutes to 25 minutes and is set to be completed by November 2028 at an estimated cost of INR 14,000 crore. The project includes major tunnels under Sanjay Gandhi National Park, designed to cut carbon emissions by 22,400 tons annually. The GMLR will alleviate traffic congestion and boost Mumbai's infrastructure.Read more

08 Aug 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) plans to lease seven plots in Bandra-Kurla Complex (BKC) to raise approximately INR 5,497 crore for infrastructure projects. The plots, spread across commercial and residential uses, have reserve prices of INR 3.4 lakh and INR 3.5 lakh per square metre, respectively. Estimated revenues include INR 3,657 crore from commercial leases and INR 2,290 crore from residential ones. This initiative aims to support Mumbai's infrastructure amidst financial challenges, including a projected INR 75,000 crore cost for Metro projects. MMRDA's leasing strategy reflects its commitment to enhancing urban development and economic growth.Read more

08 Aug 2024

The Maharashtra government has approved a joint venture between the Slum Rehabilitation Authority (SRA) and the Mumbai Metropolitan Region Development Authority (MMRDA) to redevelop Ramabai Ambedkar Nagar slum in Ghatkopar. This 33.15 hectare project will be the first of its kind, combining efforts of two government agencies. SRA will handle biometric surveys, land acquisition, and permissions, while MMRDA will manage architects, contractors, and construction. The INR 4,000 crore project aims to rehabilitate 17,500 slum dwellers within three years. The initiative marks a strategic move to expedite slum redevelopment in Mumbai, addressing long standing delays by private developers.Read more

07 Aug 2024

Oberoi Realty has secured a development agreement for a 2,576 square metre land parcel on Carter Road, Bandra (West), Mumbai. This project will generate around 40,000 square feet of free sale area, targeting the high demand for premium real estate. The company reported a 54% revenue increase to INR 1,441.95 crore and a profit after tax of INR 584.40 crore in Q1 FY25. This initiative underscores Oberoi Realty's strategic focus on key locations and sustainable urban development, contributing to Mumbai's vibrant real estate market.Read more