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

01 Aug 2024

Abha Gupta and Shreekrishna Gupta, part of the Lloyds Group promoter family, have acquired a luxurious triplex penthouse for INR 107.15 crore in Worli, Mumbai. Located in the Sea Crest building on Dr. Annie Besant Road, the 13,207 sq ft property boasts a price of INR 81,133 per square foot and includes 16 car parking spaces. This personal investment reflects Mumbai's booming luxury real estate market, characterised by record-high property sales and increasing demand in premium areas like "Billionaire's Row." The transaction highlights the city's status as a hub for ultra-luxury living, attracting industrialists, celebrities, and other high-profile buyers.Read more

01 Aug 2024

Japanese conglomerate Shinryo Corporation is entering the Indian market by acquiring an 85% stake in Mumbai-based GMP Technical Solutions for an equity valuation of INR 185 crore (USD 22 million). This move aims to capitalise on the growing demand for clean room technology in India's electronics and pharmaceutical sectors. Clean rooms, crucial for manufacturing sensitive products, require controlled environments. GMP, India's second-largest clean room equipment maker, specialises in partitions and will benefit from Shinryo's HVAC expertise. This acquisition is driven by India's booming electronics and pharmaceutical industries, valued at USD 70 billion and USD 45 billion in 2023, respectively.Read more

01 Aug 2024

The BMC is launching a INR 116-crore net-zero building in Santacruz to meet the Centre's 2070 net-zero emissions target. This eco-friendly project will replace the H/East ward office, utilising energy-efficient systems, rainwater harvesting, and sewage treatment to convert waste into reusable resources. The building aims to achieve net-zero certification under LEED and IGBC standards, with a completion timeline of ten years. This initiative aligns with upcoming elections, emphasising environmental compliance and sustainability.Read more

01 Aug 2024

The Dharavi redevelopment project, a joint venture between the Adani Group and the Maharashtra government, has reached a critical juncture. The blueprint is ready, but relocating an estimated one lakh households is a major hurdle. Dharavi Redevelopment Project Limited (DRPPL) will build nearly 1.5 lakh homes for these residents on around 1,000 acres across Mumbai, dubbed 'Nav Dharavis'. Finding suitable land is challenging due to Mumbai's space constraints, with 540 acres identified but facing environmental and regulatory issues. The project's ambitious seven-year timeline for relocation and rehabilitation, and a total 17-year completion goal, hinges on overcoming land acquisition, relocation, and community acceptance challenges.Read more

01 Aug 2024

On July 27, 2024, at 4:45 am, the Navi Mumbai Municipal Corporation (NMMC) responded to the collapse of Indira Niwas, a four-story building in Shahabaz Village, Belapur. By 5:00 am, rescue operations were underway with teams from the NMMC fire brigade, NDRF, and key officials including Dr. Kailas Shinde and Mr. Sharad Pawar. Two individuals were rescued and are stable, while three others were found dead. The building, housing 39 adults and 16 children, has been evacuated, with the victims' families set to receive aid from the Chief Minister's Assistance Fund.Read more

31 Jul 2024

Suryoday Small Finance Bank has made a strategic move by acquiring 59,457 square feet of office space in the L&T Seawoods Grand Central complex, Nerul, for INR 100 crore. This acquisition, spanning 12 units across three wings, supports the bank's current operations and future growth plans. With exclusive access to over 58 car parking spaces, the new office reflects the bank's expansion strategy amidst a thriving market. The investment aligns with Suryoday's recent performance rise, reporting a 56.4% profit increase. This expansion underscores the bank's commitment to capitalizing on Navi Mumbai's robust business environment.Read more

31 Jul 2024

Mumbai's 112-year-old Sion Road Over Bridge (ROB) will shut down completely from midnight on July 31, 2024, for a major demolition and reconstruction project. The bridge, vital for connecting Sion East and West, will be rebuilt to enhance safety and traffic flow. The project, beginning August 1, 2024, and ending July 31, 2026, will significantly impact traffic. Diversion plans include rerouting through Sion Hospital Junction, K.K. Krishnan Menon Road, and St. Rohidas Marg. No-parking zones will be enforced to manage congestion. Despite short-term inconveniences, the new bridge promises improved commute efficiency.Read more

31 Jul 2024

Mumbai's Metro 3 project, set to open its first phase from Aarey Colony to Bandra Kurla Complex (BKC) by September 2024, faces delays due to a contractor falling behind schedule. The Mumbai Metro Rail Corporation (MMRC) identified a joint venture led by J Kumar Infra as responsible for the incomplete work at six stations. Despite progress in other areas, 5% of station work remains unfinished, leading to a penalty of INR 2 crore for negligence during the monsoon. The state government remains optimistic about meeting the revised deadline, with the project currently 98% complete.Read more

30 Jul 2024

Red Fox IT Infra, a subsidiary of Redbrick Offices, has made a notable move in Mumbai's commercial real estate sector by acquiring 22 office units in the Times Square building, Marol. Spanning 87,000 square feet, the purchase totals INR 267.5 crore (USD 33 million) and includes 88 car parking slots. This significant acquisition underscores the rising demand for office space in Mumbai, mirrored by recent high-value transactions across the city. The move positions Red Fox IT Infra strategically amid the city's thriving commercial real estate market.Read more

30 Jul 2024

ICICI Prudential Asset Management Company has acquired the Kalpataru Infinia building in Santacruz East for INR 315 crore, highlighting Mumbai's robust commercial real estate market. This 12-story building, with a total area of 63,733 square feet and 114 parking spaces, translates to approximately INR 4,940 per square foot. The deal, which includes a stamp duty of INR 18.9 crore, underscores the premium on prime office spaces in Mumbai. This acquisition, amid a slowdown in other cities, reflects Mumbai's strong economic base and limited supply of high-quality office spaces.Read more

30 Jul 2024

UPM Raflatac, a leader in sustainable labelling solutions, has signed a lease agreement with ESR Group for 48,800 sq. ft. at ESR Taloja Industrial & Logistics Park in Navi Mumbai. This strategic move enhances their service to the Indian market and operational efficiency. The state-of-the-art facility, near JNPT port, aligns with UPM Raflatac's sustainability goals. The park features IGBC Gold pre-certified infrastructure, supporting eco-friendly operations. ESR India's CEO, Abhijit Malkani, highlighted the collaboration's role in sustaining a green supply chain. This deal underscores Navi Mumbai's appeal as a hub for international, environmentally conscious companies.Read more

30 Jul 2024

The Brihanmumbai Municipal Corporation (BMC) has requested the Urban Development Department (UDD) to allocate 50% of the Vital Urban Transport Project (VUTP) funds for its projects, including the Coastal Road and Goregaon-Mulund Link Road. These projects have substantial budgets and are deemed crucial. The BMC has collected INR 5,000 crore through a 1% development-fee under VUTP, already paying INR 2,000 crore to the Mumbai Metropolitan Region Development Authority (MMRDA). With 14 metro projects under VUTP, seven within BMC's jurisdiction, BMC seeks to reserve the remaining INR 3,000 crore for its own initiatives. UDD has yet to decide.Read more

30 Jul 2024

Arihant Superstructures Ltd. has launched World Villas, a pioneering residential project in Navi Mumbai spanning 76 acres. Featuring Scottish-themed architecture and a 50-foot-tall Club 10 Gymkhana, the development includes 53 acres of villas, 10 acres for the gymkhana, 10 acres for a 5-star resort, and 1 acre for a commercial mall. With actress Sunny Leone as the brand ambassador, World Villas offers unique amenities such as a private forest, a riverfront, and a luxurious resort. The project aims to set new standards in urban luxury and community development while boosting Navi Mumbai's real estate market.Read more

29 Jul 2024

Medanta Hospital has acquired a 2.2-acre plot in Mumbai's Oshiwara suburb for INR 1.25 billion (approximately USD 18.4 million). This strategically located plot, auctioned by the Maharashtra Housing and Area Development Authority (MHADA), will be developed into a new hospital. Medanta's winning bid nearly doubled the reserve price of INR 67.5 crore (approximately USD 8.4 million). The acquisition underscores Medanta's commitment to expanding its reach and providing high-quality healthcare. Founded in Gurugram in 2004, Medanta aims to enhance healthcare access in Mumbai, benefitting residents with more specialised medical care options. Construction is expected to begin soon.Read more