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25 Mar 2024
The State Government of Maharashtra has introduced a policy initiative to address delays in building redevelopment, especially concerning senior citizens, presenting it to the Bombay High Court. The government's circular, discussed during a session led by Justices Girish Kulkarni and Firdosh Pooniwalla, outlines measures to address delays impacting senior citizens, stressing adherence to statutory directives. The court, in its subsequent order, emphasized the need for proactive measures to prevent such delays, expressing satisfaction with the government's actions to protect seniors' housing rights. Stemming from a petition by Jayashree Dholi, the court mandated the maintenance of a registry for such projects and proposed a specialized oversight cell. It urged for swift resolution of disputes and highlighted the importance of addressing senior citizens' complaints promptly.Read more
22 Mar 2024
The coworking sector in India, particularly in Mumbai and Gurugram, has experienced significant growth, with rental rates increasing by 27% and 19% respectively since FY20. Cities like Delhi, Bengaluru, and Noida also witnessed notable growth in flexible workspace rentals. Coworking spaces now contribute 18% to total office supply in major cities, with predictions indicating aggressive expansion to 100-140 million square feet by 2030. Despite pandemic challenges, funding in coworking remained high, and with 70% of companies adopting hybrid work models, demand is projected to surpass traditional offices by 2030. The trend extends to hotels and F&B outlets, indicating a promising future for India's coworking culture.Read more
21 Mar 2024
An exciting opportunity has emerged to own a property adjacent to Amitabh Bachchan's iconic residence, Jalsa, in Mumbai's upscale Juhu area. Deutsche Bank is auctioning a bungalow with a starting price of INR 25 crore (approximately USD 3 million), offering over 3,000 square feet of indoor and outdoor space. Despite its allure, prospective buyers must heed caution as the property is being auctioned under the SARFAESI Act due to loan default. Thorough due diligence is advised as buyers must navigate existing legal issues. The auction, attracting HNIs and MSME directors, is slated for March 27, 2024, promising a potentially lucrative investment opportunity with careful consideration.Read more
20 Mar 2024
ICICI Prudential Life Insurance Company secures its largest back-office facility with a lease of over 252,000 square feet at Mumbai's Mindspace IT park in Malad West. The deal, spanning four floors for five years, marks one of India's largest office lease transactions of 2022. Monthly rent of INR 2.3 crore, escalating annually by 4%, is agreed upon. This expansion from their decade-long Malad East office will occur in two phases. Additionally, they gain access to 231 parking slots. Mindspace, managed by K Raheja Corporation, offers diverse commercial and industrial spaces across India. Amidst growing IT demand, Mindspace's robust performance cements its status in India's commercial rental market.Read more
20 Mar 2024
The state cabinet approved a proposal of INR 24,000 crore for unconditional government guarantees for Mumbai Metropolitan Region Development Authority (MMRDA). This facilitates loans from Rural Electrification Corporation (REC) and Power Finance Corporation (PFC) for various MMR infrastructure projects. REC offers INR 30,593 crore for Metro Line 8, with the government guaranteeing INR 12,000 crore. PFC's INR 50,301 crore loan covers projects like the Orange Gate Freeway-Marine Drive tunnel, with an INR 12,000 crore guarantee. Additionally, MMRDA secured a INR 850 crore loan and INR 19 crore grant from Germany's KFW for Mumbai's Regional Urban Infrastructure Improvement Programme.Read more
19 Mar 2024
The iconic Air India building in Mumbai is set to be sold to the Maharashtra government for INR 1,601 crore, approved by the Centre. Facing space constraints at Mantralaya, the state plans to utilize the 23-story sea-facing building to relocate offices, with nine floors currently vacant. The landmark Nariman Point building was excluded from Air India's privatization and held by AIAHL. Designed by architect John Burgee, it was constructed in 1974 and put up for sale in 2018. Talks resumed last year, culminating in Maharashtra's increased offer. The acquisition addresses long-standing administrative space issues, preserving Mumbai's heritage while meeting practical needs.Read more
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19 Mar 2024
The Talati Bungalow, a historic relic in Versova, Mumbai, faces potential demolition following a BMC notice citing structural concerns. Dating back to 1900 AD, the bungalow holds significant historical value as one of the last original Seven Bungalows in Versova. Owners, Shaloo Rahul Barar and her sons, allege a conspiracy by developers and contest the BMC's assessment, citing contradictory audit reports. MLAs and Intach have raised concerns over the misclassification of sturdy structures as dilapidated, advocating for fair evaluations and conservation efforts. The controversy highlights the delicate balance between urban development and preserving cultural heritage, emphasizing the need for transparent and equitable processes.Read more
19 Mar 2024
BMC embarked on a groundbreaking project, allocating INR. 1329 crore, to link the Eastern Freeway and Grant Road, slashing travel time to a mere 6 minutes in South Mumbai. Spearheaded by J Kumar Infraprojects Limited and RPS Infraprojects (P) Limited, this 42-month endeavour promises smoother journeys with an elevated road spanning 5.6 kilometres. Despite initial setbacks, this joint venture showcases a commitment to innovation, with features like a cable-stayed bridge, signalling a transformative shift in urban mobility solutions.Read more
18 Mar 2024
DB Realty, now Valor Estate Limited, struck a significant land lease deal with the BMC, providing 186.52 acres near Mira Road Railway Station for the coastal road project. The BMC will pay an annual rent of INR 248 crore for three years, extendable up to five. Beyond supporting the project, the land holds vast development potential of over 50 million sq. ft. Its strategic location near the railway station and the upcoming coastal road makes it prime for future integrated township development, potentially reshaping Mira Road's real estate landscape. This win-win agreement sets the stage for transformative urban development in Mumbai's outskirts.Read more
18 Mar 2024
Ajmera Realty & Infra India Ltd recently secured credit facilities of INR 500 crore from Standard Chartered Bank and ICICI Bank, earmarked for their Ajmera Manhattan project in Mumbai's Wadala area. A notable portion of INR 200 crore will be used to partially prepay a loan from HDFC Bank. The deal, achieved on favourable terms due to Ajmera Manhattan's strong performance, underscores the company's financial reliability and commitment to a 5x growth vision. With a focus on reducing corporate debt by 90 percent within three years, the company aims to leverage internal accruals for this purpose. Ajmera Manhattan's high booking reflects the robust demand along the Sewri-Wadala belt, boosted by infrastructure developments like the Mumbai Trans-Harbour Link.Read more
18 Mar 2024
In a recent operation, Mumbai police arrested 12 individuals and charged 53 others for unlawfully trading homes designated for those affected by the city's airport expansion project. The crackdown followed reports of illegal activities during a housing distribution event in Andheri, where over 400 people had gathered. Authorities uncovered fake documents and apprehended individuals involved in the unlawful sale of flats. The incident sheds light on challenges in properly distributing housing for displaced residents, highlighting the need for stringent enforcement measures.Read more
18 Mar 2024
Dadar, a vibrant locality in Mumbai, witnessed a bustling real estate market in January, with 26 apartments sold across 17 buildings. Resale transactions dominated, comprising over half of the sales, while developer sales accounted for nearly one-third. Ruparel Luminare and Bombay Realty Island City Center (ICC) led sales, each closing three deals. The most expensive apartment, sold in ICC, fetched INR 8.35 crores, while the most affordable option was in Mohan Naik CHS at INR 32.5 lakhs. Apartments ranged from 160 to 2,072 square feet, with rates per square foot varying from INR 12,000 to INR 52,200. Approximately 46% of flats sold were in the 1-500 square feet range, with significant sales in other size categories. One-third of sales were below INR 1 crore, 42% fell between INR 1 crore and INR 5 crore, and 23% were in the 5 crores to 10 crores range.Read more
18 Mar 2024
The Bombay High Court has directed the Department of Dairy Development to promptly repair and reconstruct internal roads in the Aarey Milk Colony area, covering approximately 37 kilometres within the eco-sensitive zone of Sanjay Gandhi National Park. Urged by petitions from residents and NGOs, the court emphasized balancing infrastructure needs with wildlife preservation. A court-appointed committee recommended urgent repairs, focusing on a critical 1.5-kilometer stretch. The BMC was instructed to provide updates on previously handed-over road segments. The court stressed compliance with environmental regulations and allocated funds, urging swift action and streamlined procurement processes. This collaborative effort underscores a commitment to sustainable development in Aarey Milk Colony.Read more
15 Mar 2024
Runwal Group introduces Skydeck residences in Runwal Pinnacle, offering panoramic city views and luxury amenities. With towers among the tallest in Mumbai's eastern suburbs, the project features meticulously designed 1, 2, and 3 BHK apartments. Private decks are available above the 40th floor, redefining high-rise luxury living. Residents enjoy top-notch recreational facilities, including a 2-level clubhouse and a Jain temple. The project's prime location and excellent connectivity make it a desirable address in Mumbai.Read more
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