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

07 Aug 2024

The Bandra-Versova Sea Link in Mumbai faces significant challenges, leading to a cost increase to INR 18,120 crore from the initial INR 11,332 crore. The Maharashtra government has extended the project deadline by 508 days due to design changes demanded by local fishermen and other complexities. The 17.17-kilometer sea link, essential for easing traffic congestion, now requires the Maharashtra State Road Development Corporation to secure an additional INR 6,788 crore to cover the overruns. Experts highlight the need for better planning and community engagement in future projects to avoid such escalations.Read more

06 Aug 2024

The Navi Mumbai Municipal Corporation (NMMC), led by Commissioner Dr. Kailas Shinde, has ramped up its demolition efforts against unauthorised constructions. Recent actions targeted several illegal buildings across sectors, including Sector-04 Airoli, Vashi village, and Karave Gaon, resulting in the demolition of structures and fines totaling INR 30,000. Despite previous notices, the construction continued, prompting NMMC to employ heavy machinery for effective enforcement. Key officials, including Assistant Commissioners and Junior Engineers, were actively involved. The NMMC plans to maintain these rigorous measures to enforce compliance and uphold urban planning standards.Read more

06 Aug 2024

L&T Realty and Valor Estate, jointly will develop a 10 acre land parcel of more than INR 20,000 crore.The land parcel will be located next to the upcoming Bombay High Court complex in Bandra-Kurla complex and is expected to be completed in over 5-6 years. Rehabilitation of 5,500 families living in slums will also be part of the project. The land parcel built will include premium housing, commercial spaces, and a 1000 key five star luxury hotel. L&T Realty did not comment and Valor Estate did not answer the media query.Read more

05 Aug 2024

The Bombay High Court upheld the Maharashtra Government's decision to increase lease rents in Bandra based on the Ready Reckoner (RR) rate, affirming its appropriateness given Bandra's high-end real estate. However, the court ruled that rent must remain fixed for the entire lease duration, not revised every five years as per government resolutions from 2006, 2012, and 2018. Justice B P Colabawalla and Justice Somasekhar Sunderesan noted that the revised rents, ranging from less than INR 2,000 to a maximum of INR 6,000 per month, were not exorbitant given Bandra's prime location. They emphasized that lessees have used the land almost free of cost since 1951, making the rent increase reasonable. However, the court struck down the clause for periodic rent revision, stating both the state and lessees cannot unilaterally modify the lease terms.Read more

05 Aug 2024

Nielsen Media and its subsidiary Whats On India Media are scaling up in Mumbai with a significant office space lease. Located in Commerze III, International Business Park, Oberoi Gardens, Goregaon East, the lease spans 1.52 lakh square feet. Whats On India Media secures 39,852 square feet on the 35th floor, including part of the terrace, with 42 parking slots. Monthly rent is INR 1.004 crore, backed by an INR 8.03 crore security deposit. Nielsen Media leases 1.12 lakh square feet across the 36th-38th floors and terrace, with 122 free parking slots. Monthly rent for their space totals INR 2.87 crore.Read more

05 Aug 2024

CapitaLand India Trust (CLINT) has acquired Building Q2 in Navi Mumbai for approximately INR 6.76 billion (USD 106.99 million), expanding its commercial real estate footprint. The 820,000 square feet property, fully leased to notable tenants including Mizuho Bank and ICICI Bank, adds to CLINT's portfolio, which now totals around 21.8 million square feet in India - a 4% increase. This strategic move follows the 2021 acquisition of Building Q1, further establishing CLINT in Navi Mumbai's thriving commercial market. The investment highlights CLINT's commitment to growth in high-potential markets, reinforcing its position in the Indian office space sector.Read more

05 Aug 2024

The Mumbai Metropolitan Region Development Authority, in partnership with the Slum Rehabilitation Authority, is undertaking a significant redevelopment project in Ramabai Ambedkar Nagar, Ghatkopar. Over 14,224 families, or 85 percent of residents, have qualified for new housing. The project, approved by Chief Minister Eknath Shinde, coincides with the Eastern Freeway expansion to Thane and involves an INR 3,200 crore investment. It aims to rehabilitate 16,575 slum dwellers, improving their living conditions. The initiative will create 75 lakh square feet of commercial space, potentially generating INR 10,000 crore in revenue, and will also incorporate an additional 5,000 flats for the MMRDA.Read more

02 Aug 2024

ASK Property Fund, part of Blackstone-backed ASK Asset & Wealth Management Group, is investing INR 190 crore in a residential project in Mumbai's Borivali (West). This investment will fund the redevelopment of a 6-acre site by Kalpataru Group, creating 310 new residential units across a 6.5 lakh square feet saleable area. The project targets the upper-middle segment and benefits from Borivali West's excellent connectivity to roads, railways, and metro networks, along with robust social infrastructure. This marks ASK Property Fund's second collaboration with Kalpataru Group, reinforcing their strong partnership. The area has seen a property sales increase of 18-20% year-on-year in 2023.Read more

02 Aug 2024

The Mumbai Metropolitan Region saw a 10% year-over-year growth in average registered home sales value in the second quarter of 2024. The analysis conducted by the Square Yards suggests that there is a demand for high valued homes. Developers have observed significant growth of bulk sales in peripheral regions while the suburbs ask for luxury and ultra-luxury projects. The Lodha Group remains on top of the board in total registered transactions and total value sales. Peripheral suburb areas like Kalyan-Dombivali are leading the market while Mumbai's southern micro market dominated the region with the highest record for average sales.Read more

02 Aug 2024

Cricket star KL Rahul and actress Athiya Shetty have made a notable entry into Mumbai's high-end property market with the purchase of a luxury apartment for over INR 20 crore. Located in the prestigious Pali Hill area on Nargis Dutt Road, the apartment spans 3,350 square feet within the Sandhu Palace tower and includes four car parking spaces. This purchase, along with a stamp duty of INR 1.20 crore, underscores the high value of prime real estate in Mumbai. The couple's investment highlights the ongoing trend of celebrities investing in Mumbai's lucrative property market, reflecting its appeal as both a personal and financial asset.Read more

02 Aug 2024

JSW Infrastructure, India's second-largest private port operator, has acquired office space in Navi Mumbai's L&T Seawoods Grand Central for INR 88 crore. The 52,690 square feet space, spread across 11 units in the complex, includes 52 dedicated parking spaces. This strategic leasing decision aligns with the broader trend of flexible office space solutions in India, offering room for growth and adaptation. Despite an 8% drop in net profit for Q1 2024, JSW's 20% revenue increase to INR 1,104 crore underscores its expansion plans. The move enhances its presence in a key business district, supporting future growth.Read more

02 Aug 2024

The Royal Western India Turf Club transferred a 120-acre parcel of the Mahalaxmi Racecourse to the Brihanmumbai Municipal Corporation for a park project. In return, the Mahayuti government renewed RWITC's lease on 91 acres with an INR 133-crore lease rent concession for 30 years and waived nearly INR 120 crore in past dues, totaling an INR 253-crore loss for the state and BMC. Despite the finance department's objections, the State Cabinet approved the proposal. RWITC had requested a reduced lease rent and waiver of arrears, citing its contribution to the park project. Attempts to contact RWITC's secretary were unsuccessful.Read more

02 Aug 2024

Following a serious incident where a slab fell from the Jog Flyover on Mumbai's Western Express Highway, injuring a driver, the Brihanmumbai Municipal Corporation (BMC) has asked the Mumbai Metropolitan Regional Development Authority (MMRDA) to address the urgent repairs. A recent Veermata Jijabai Technological Institute (VJTI) audit found the flyover's superstructure in poor condition. However, BMC hesitates to act due to ongoing legal disputes involving Hiranandani Constructions Pvt Ltd (HCPL), responsible for maintenance since 2005. HCPL, citing INR 64 crore in expenditures and legal issues, has not addressed the repairs. MMRDA, previously overseeing the flyover, is now expected to intervene.Read more

02 Aug 2024

The Union Budget 2024-25 prioritizes urban development under the Viksit Bharat initiative, aiming to enhance infrastructure and reshape urban living. Mumbai's western suburbs are benefiting from significant infrastructure improvements, with these areas accounting for 31% of the city's registered home sales value-INR 14,467 crore out of INR 46,833 crore from April to June 2024. Enhanced connectivity and amenities are driving demand, especially in Borivali, Kandivali, Malad, and Goregaon. CREDAI-MCHI and CRE Matrix report a 13% increase in housing sales but a 35% decline in new launches for FY 2024. Key projects like Metro Line 3 and the Coastal Road are expected to boost property values and attract further investment.Read more

02 Aug 2024

In July 2024, Mumbai's real estate market saw a significant 19% increase in property registrations, reaching 12,160 transactions, up from 10,221 in July 2023. Stamp duty collections also surged by over 27% to INR 1,055 crore, compared to INR 832 crore in the previous year. June 2024 had strong performance with 11,673 registrations and collections of INR 1,014 crore. Experts attribute this growth to strong buyer confidence, economic factors, and favorable policy measures. Mr. Prashant Sharma of NAREDCO Maharashtra and Mr. Pritam Chivukula of Tridhaatu Realty highlight the market's resilience and shifting buyer preferences towards larger and luxury units.Read more

02 Aug 2024

In Navi Mumbai, a major crackdown on unauthorised constructions has been launched across eight locations, guided by Commissioner Dr. Kailas Shinde and Deputy Commissioner Dr. Rahul Gethe. Actions included demolitions in Belapur, Turbhe, Koparkhairane, and Ghansoli, where structures by Mahesh Kumbhar, Ravindra Waghmare, Vasudev Patil, Dilip Patil, Atmaram Yedge, Jayashree Shinde, Sonu Gupta, and Sagarnath Madhavi were removed. This effort involved a range of equipment and personnel, ensuring strict adherence to urban planning laws. Authorities pledge continued action to enforce regulations and prevent further violations.Read more