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02 Apr 2024
Group Satellite launches the final phase of its affordable housing project, Aarambh, with Aarambh Avyaan in Malad East, setting new standards for luxury living. With meticulously crafted 1 BHK homes starting from INR 50 Lacs, Avyaan offers an exclusive subvention scheme for early bird buyers. The project offers international design finesse and over 25 lavish amenities, including a rooftop garden, meditation area, and plunge pool. Clever space utilisation, large windows, and excellent connectivity make Avyaan the epitome of intelligently designed living spaces in Mumbai, promising a significant lifestyle upgrade and attractive investment opportunities.Read more
02 Apr 2024
Google is set to acquire a vast 22.5-acre plot in Navi Mumbai for INR 850 crores, signaling its plan to establish its inaugural captive data centre in India. Unlike leased facilities, this centre would be wholly owned and operated by Google, ensuring enhanced data security and service reliability. Strategically located, Navi Mumbai offers robust connectivity to major global hubs, making it an ideal choice. With India's digital growth surging, driven by factors like 5G and e-commerce, Google's investment underscores its commitment to meet the nation's escalating data demands. This move aligns with industry trends as tech giants vie to tap into India's burgeoning market, cementing their position in the global data centre arena.Read more
01 Apr 2024
K Raheja Corp has signed an agreement to jointly develop a 2.5-acre land parcel in Mumbai's Worli, aiming for a luxury residential project with revenue potential exceeding INR 2,000 crore. The revenue share structure allocates 57% to K Raheja Corp and 43% to the landlord. The developer will handle planning, design, approvals, execution, branding, and sales, aiming to complete the project within five years. The development, covering around 3 lakh sq ft carpet area, includes an office building and commercial outlets. Mumbai's luxury housing market has seen significant growth, with a surge in sales value and transactions, particularly in upscale areas like South Mumbai and Worli-Prabhadevi.Read more
01 Apr 2024
Bank of America secures over 1 lakh sq ft office space in Mumbai's Mindspace, Malad. The facility, spanning 2.70 lakh sq ft, will accommodate 3,000 employees across operations and technology. Leased for 9 years, the deal amounts to INR 120 crore. Proximity to talent and access to metro lines drove the choice of location. The space, leased through BA Continuum India, expands the bank's Global Business Services Unit, operational since 2004 across five Indian cities. The move reflects sustained growth in India's office sector, evidenced by ICICI Prudential's recent lease of 252,000 sq ft in the same IT park.Read more
01 Apr 2024
Chhatrapati Shivaji Maharaj Terminus (CSMT), a UNESCO World Heritage site, is set for a grand makeover. A recent high-level meeting chaired by Anil Kumar Khandelwal, member (infrastructure) of the Railway Board, discussed the INR 2,450-crore redevelopment plan. The project includes a common elevated deck stretching from D N Road to P D'Mello road and a 24x7 City Centre named 'Rail-O-Polis'. Offices housed in the administrative building on D N Road will likely be relocated as part of the modernization. The revamped CSMT will also feature improved amenities and connectivity, integrating with various modes of public transit.Read more
29 Mar 2024
The Mumbai Metropolitan Region Development Authority (MMRDA) is said to receive INR 500 crore from Shivshahi Punarvasan Prakalp Ltd. (SSPL) for rental payments in the Ramabai Amebedkar Nagar redevelopment project at Ghatkopar. MMRDA aims to smoothly execute the slum redevelopment, although the specific rent amounts for households are pending. This marks MMRDA's first slum redevelopment endeavor. Additionally, MMRDA will collaborate with the slum rehabilitation authority for the Ramabai Ambedkar redevelopment project and for clearing land for the Eastern Freeway extension to Thane. The project, covering 33.15 hectares with 16,575 slum dwellers, will cost approximately INR 3,200 crore.Read more
28 Mar 2024
Birla Estates released a show apartment at Birla Niyaara in Worli, Mumbai, including Silas, the New Signature Tower. The event featured a magnificent aerial act and an immersive customer experience developed in collaboration with specialised partners from the United Kingdom and the United States. K.T. Jithendran, Birla Estates' MD and CEO, stressed the tower's iconic status and invitation to experience uber-luxury living. The celebrity-attended launch praised the location's character. Silas boasts spectacular views and LifeDesigned residences in one of Mumbai's greatest integrated complexes, carrying on the Aditya Birla Group's tradition.Read more
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28 Mar 2024
Knight Frank India's Prime Global Cities Index Q4 2023 unveils significant shifts in real estate dynamics. Mumbai soars to third globally, with prime residential prices surging 10% year-on-year, driven by affluent buyers seeking upscale living amid economic strength. Conversely, Bengaluru slips to 27th place despite a 2.2% price growth, prompting scrutiny of its competitiveness. Meanwhile, the National Capital Region rises to 16th, reflecting resilience and investor appeal. Globally, the index records a robust 3.7% uptick, with Manila leading at 26.3%, Dubai at 15.1%, and Shanghai at 8.6%. As a crucial benchmark, the index guides stakeholders in navigating dynamic real estate landscapes worldwide.Read more
28 Mar 2024
VJTI Mumbai's report to BMC suggests lifting and merging the last four sections of Andheri's Gokhale bridge with CD Barfiwala flyover to address misalignment. Both structures are deemed structurally sound, with no need for Barfiwala's demolition. The merging process, estimated to take 90 days, involves lifting spans and adjusting pedestals. BMC's insistence on a solution without demolishing either bridge prompted the report. Barfiwala flyover, built in 2008, connects Juhu to Gokhale Bridge. The latter, rebuilt in 2022, faces alignment issues due to elevated railway track guidelines. The merging solution aims to streamline traffic flow between the two structures.Read more
27 Mar 2024
Renowned investor Rekha Jhunjhunwala recently bought a luxury apartment in South Mumbai's Walkeshwar area for INR 11.76 crore. The apartment, spanning 1,666 sq ft, comes with a parking slot. This adds to her previous investment in commercial spaces worth INR 739 crore. The Jhunjhunwala family's long-term investment strategy emphasizes secure assets with high yields. Despite market shifts, premium properties like this remain in demand. Rekha's extensive portfolio, valued at over INR 39,333.2 crore, solidifies her standing in the investment community, akin to her late husband. Their ownership of Ridgeway Apartments in Malabar Hills further underlines their influence in Mumbai's real estate.Read more
27 Mar 2024
Signpost India Limited, a prominent media and advertising company, makes waves with two groundbreaking announcements. Firstly, it secures a prime commercial property near Mumbai Airport valued at INR 54 crore, bolstering its infrastructure and connectivity. Secondly, it merges with Pressman Advertising Ltd., expanding its service offerings to include advertising, digital marketing, and public relations solutions. Led by Chairman Shripad Ashtekar, the company aims to enhance operational capabilities and solidify its industry standing. With over 150 global awards and a vision for the future, Signpost India Limited pioneers creative and sustainable advertising solutions, shaping the media and advertising landscape in India and beyond.Read more
26 Mar 2024
Tata Projects, the construction arm of Tata Group, has inked a lease for 120,000 square feet of office space in Mumbai's Powai suburb, signaling its expansion plans. The deal, spread over two floors in Cignus Powai tower, accommodates around 1,000 employees, with potential for further growth. With a five-year lease term and lock-in period, Tata Projects is set to pay INR 86 crores in rentals. Developed by K Raheja Corp, Cignus Powai is adjacent to luxury hotels, enhancing its appeal. Powai's emergence as a commercial hub, fueled by connectivity and diverse amenities, reflects broader trends reshaping India's commercial real estate landscape.Read more
26 Mar 2024
Tusker Workspace Pvt Ltd, operating BHIVE coworking spaces, leased seven commercial units totaling over 62,000 sq ft in Adani Realty's Inspire BKC complex in Mumbai's Bandra Kurla Complex (BKC). The lease, at INR 1.39 crore per month for five years, includes stamp duty and registration charges. The agreement, signed on March 2, 2024, includes a 15% escalation clause after three years. Inspire BKC offers unique features like 4.2 mt floor to ceiling height and a triple layer fa�ade system, catering to evolving tenant preferences in commercial real estate. This deal signifies a shift in traditional office spaces to adapt to changing needs.Read more
26 Mar 2024
Mukesh Harilal Mehta faced a tax ordeal over his IT return for 2014-15, seeking a deduction under Section 54 for reinvesting long-term capital gains in property. Despite initial denial by the assessing officer due to a builder's error in flat allocation, the Income-tax Appellate Tribunal (ITAT) deemed Mehta eligible for exemption. Section 54 encourages property investment by offering tax breaks. The ITAT's ruling underscores fair consideration of taxpayers' claims amid external factors like builder mistakes. This landmark decision not only sets a precedent but also clarifies Section 54 deductions amidst builder errors, ensuring equitable treatment for taxpayers.Read more
25 Mar 2024
In February, Prabhadevi witnessed a bustling real estate scene with 20 apartments changing hands across 10 buildings. Developer sales dominated the market, comprising the majority of transactions, while 40% of the sales were resale transactions, indicating a healthy mix of new and existing properties. Rustomjee Crown emerged as the frontrunner with the highest number of transactions recorded across all buildings, followed closely by Hub town 25 South, which secured 3 deals. The real estate landscape exhibited a wide range of prices, with transactions ranging from INR 67 lakhs to INR 29.22 crores, reflecting the varied preferences of buyers. The rate per square foot ranged from INR 22,000 to INR 86,000, with the majority of transactions occurring in the 1500-2000 square feet category.Read more
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