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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
15 Mar 2024
The Maharashtra Cabinet has given its approval to a INR 5,000 crore plan to construct housing complexes for around 80,000 workers left without homes after the closure of 58 textile mills in Mumbai in the 1980s. The government will provide INR 3,000 crore as subsidy while the BMC will contribute INR 1,500 crore. Most housing will be built in the Mumbai Metropolitan Region but those wanting homes elsewhere can also apply. The cabinet's decision was crucial to implement the long-pending plan to fulfill the government's promise of free housing for all displaced former mill workers.Read more
15 Mar 2024
The Brihanmumbai Municipal Corporation (BMC) is in the final stages of launching girders to connect the Coastal Road with the Bandra Worli Sea Link (BWSL) as part of the Mumbai Coastal Road Project (MCRP). The girder launching process, utilising barges from Abu Dhabi, faces challenges due to shallow waters and bedrock density at Worli. The design includes 'bow-string' bridges to accommodate the fishing community's navigation needs. Eight girders, each 120 metres long, will bridge the 850-metre gap, with assembly happening onsite. The project's completion timeline remains uncertain due to ongoing logistical and environmental considerations.Read more
14 Mar 2024
The Mumbai Metropolitan Region Development Authority (MMRDA) has allocated INR 41,955.34 crore for infrastructure projects in its 2024-25 budget, with a deficit of INR 7,468.25 crore. The budget includes funding for new Metro lines, Thane-Borivali Twin Tube Tunnel Road, Versova-Virar Sea Link, and more. The Maharashtra government approved loans of up to INR 60,000 crore, with additional loans approved for infrastructure projects across the region. Chief Minister Eknath Shinde and MMRDA Commissioner Sanjay Mukherjee emphasize the importance of these projects in catalyzing growth and ensuring sustainable urban development in the Mumbai Metropolitan Region.Read more
13 Mar 2024
The Maharashtra state cabinet has approved a proposal to redevelop over 120 acres of the historic Mahalaxmi Racecourse land in Mumbai into a new Central Park, similar to parks in major cities like New York and London. The land will be handed over to the BMC who will develop a public park of international standards, incorporating 175 acres from a new coastal road project. The cabinet also renewed the lease for the Royal Western India Turf Club to continue operations on the remaining 91 acres for 30 more years. This marks a significant shift to prioritize open green spaces in Mumbai's busy urban landscape, transforming the exclusive race course into a vibrant new hub for recreation accessible to all.Read more
13 Mar 2024
Mumbai's Urban Development Department plans to develop "Third Mumbai" around the Mumbai Trans-Harbour Link. The project includes 124 villages, aiming to address the low usage of the MTHL. The first notification allocates land to the NTDA for development, while the second removes CIDCO's authority over certain villages, transferring it to the NTDA. The goal is to create a sustainable, business-friendly region with mixed-use areas and amenities. The project is expected to boost economic growth and development in the Mumbai Metropolitan Region.Read more
12 Mar 2024
The Bombay High Court has broadened the definition of 'promoter' under the Real Estate (Regulatory and Development) Act (RERA), now including co-promoters. This groundbreaking ruling holds co-promoters jointly liable for refunds, alongside primary promoters, in cases of project delays, even if they haven't directly received funds from flat buyers. The verdict, delivered on February 26, has stirred the real estate industry, particularly impacting redevelopment projects in Mumbai. Stemming from an appeal filed by Wadhwa Group Housing Pvt Ltd, the decision clarifies the obligations of co-developers and investors, marking a significant legal precedent in RERA enforcement.Read more
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12 Mar 2024
In Mumbai's Chembur, the revival of the Sky Annex slum rehabilitation project by Stans Buildtech Homes brings relief to homebuyers after years of delays. With SWAMIH Fund's INR 160 crore injection, construction is set to resume, addressing tenant, approval, and financing hurdles. Colliers India facilitated negotiations among stakeholders, ensuring a win-win solution. Launched in 2019, SWAMIH Fund tackles stalled housing projects nationwide, backed by a INR 15,530 crore corpus, showcasing government commitment. This investment not only aids homebuyers but also boosts the real estate market and economy. Yet, streamlining approval processes remains crucial for sustained progress.Read more
12 Mar 2024
The first phase of the Mumbai Coastal Road project was inaugurated by Maharashtra Chief Minister Eknath Shinde on March 11, 2024. Stretching 10.58 km from Worli to Marine Drive, the coastal road aims to ease traffic congestion in south Mumbai. Only southbound traffic is allowed initially on the INR 12,721 crore project. A key feature is the upcoming bow-string bridge connecting to the Bandra Worli Sea Link. The coastal road project's next phase will extend the road 20.75 km from Versova to Dahisar in Mumbai's western suburbs. Once completed, the Mumbai Coastal Road promises to transform the city's transportation infrastructure and quality of life for its residents.Read more
08 Mar 2024
Sion East, nestled in Mumbai, epitomizes a vibrant blend of residential and commercial spaces, boasting dynamic markets and cultural diversity. Renowned for its amenities and accessibility, the locality is a prime living destination. January witnessed 18 apartment transactions across 10 buildings, split between developer sales and resale. Dosti Mezzo 22 and Kings My Home led the sales, with Vaibhav Pinnacle showcasing the highest-priced apartment at INR 7.5 crores. Prices ranged from INR 11,000 to INR 39,000 per square foot, with a weighted average of INR 24,267. Most transactions occurred within the INR 1-5 crore range, while some fell below INR 1 crore, with one notable sale exceeding INR 10 crores.Read more
07 Mar 2024
The Bombay High Court declined to halt the creation of additional tenements for project-affected persons (PAP) in Mumbai, amidst a PIL seeking to cancel BMC's scheme procuring housing from the open market. Justices Gautam Patel and Kamal Khata emphasised the wider public interest in providing housing for PAPs affected by infrastructure projects. The court heard three PILs alleging a scheme benefiting certain developers. BMC began purchasing housing units at market rates from developers in 2021, prompting scrutiny over the PAP policy's validity.Read more
07 Mar 2024
The Brihanmumbai Municipal Corporation (BMC) is spearheading transformative infrastructure projects in Mumbai's Western Suburbs. A tender for a Madh-Versova Bridge, spanning 600 meters with a cable-stayed segment, aims to alleviate reliance on ferry services, costing INR 1800 crores. Another crucial venture, an elevated road over the Khar subway, projected at INR 1300 crores, will enhance east-west connectivity in Bandra. Despite environmental and community concerns, BMC's proactive approach, including stakeholder consultations and mangrove preservation efforts, reflects a commitment to holistic urban development. These initiatives promise improved mobility, signaling a strategic leap towards a more efficient and sustainable urban transportation network in Mumbai.Read more
06 Mar 2024
The Mumbai real estate industry welcomes recent efforts by Maharashtra Real Estate Regulatory Authority (MahaRERA) and CREDAI-MCHI to clarify staircase and lift well calculations in building projects. New regulations ensure only the first staircase is included in carpet area calculation (Regulation 48(5)(A) of the Development Control and Promotion-Exchange Rules, 2034), benefiting developers and homebuyers by bringing transparency and fair practices. These clear guidelines remove ambiguity, aiding efficient project planning, reducing costs, and fostering trust in the market. Collaboration between regulatory bodies and industry players promises a more organized, transparent, and thriving real estate sector in Mumbai.Read more
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