16 Feb 2024

D B Realty's board greenlights the demerger of its hospitality arm, aiming to boost shareholder value. By segregating hotel assets, the Mumbai-based firm seeks to attract specialized investors and talent, fostering expansion. The move, detailed in regulatory filings, tailors strategies to India's hospitality sector dynamics, enhancing operational focus and agility. The resulting entity targets superior returns and governance transparency, with equity shares to be listed post-demerger. Amidst a promising growth landscape in India's hospitality sector, D B Realty's proactive portfolio optimization aligns with its vision and growth objectives, prioritizing stakeholder interests throughout the process.Read more

16 Feb 2024

The Brihanmumbai Municipal Corporation (BMC) has gained Coastal Regulation Zone (CRZ) clearance for three vital bridge projects in Mumbai's western suburbs. These include a cable-stayed bridge connecting Versova to Madh Island, which will significantly reduce travel time from 1.5 hours to 10 minutes. Despite CRZ clearance, further approvals from the forest department and Bombay High Court are required due to mangrove impact. The proposed bridges aim to improve connectivity and alleviate congestion, with the Madh-Versova bridge being the most crucial. Opposition from fishing communities necessitates consultations and temporary measures to minimise disruption. Progress varies across the six planned bridges, with some awaiting MCZMA clearance.Read more

15 Feb 2024

The Mumbai-Ahmedabad bullet train project has achieved a significant milestone with the completion of the Vikhroli shaft, a key component in constructing the 21-kilometre-long tunnel, which includes India's first undersea passage. This development marks a crucial step forward in the project, enabling the commencement of tunnelling work towards Bandra Kurla Complex and Ghansoli. The National High Speed Rail Corporation Ltd (NHSRCL) officials confirmed the project's progress, highlighting the meticulous planning and execution to minimise environmental and community impact. This ambitious project promises to revolutionise high-speed rail connectivity between Mumbai and Ahmedabad, enhancing economic and social integration.Read more

14 Feb 2024

After seven years, the iconic Eros Cinema in Mumbai has reopened as a cutting-edge 305-seater IMAX theatre. The cinema, which was originally commissioned in 1935 and created by architect Sohrabji Bhedwar, was meticulously restored under the supervision of conservation architect Kirtida Unwalla. The renovated cinema preserves its famous Art Deco facade and interior aesthetics while combining old-world charm with modern facilities. PVR Inox will manage the facility. The reopening symbolises an important cultural comeback for Mumbai by providing moviegoers with a one-of-a-kind film experience in a beloved architectural jewel.Read more

14 Feb 2024

Commuters traveling between Chhatrapati Shivaji Maharaj International Airport and South Mumbai can expect smoother journeys soon. A new flyover linking Terminal 2 (T2) of the airport to the Sahar Elevated Road over the Western Express Highway is set to open by February 15, easing traffic congestion at the Vile Parle signal. An official from the Mumbai Metropolitan Region Development Authority (MMRDA) confirmed the near-completion of the 790-meter-long flyover, initiated in June 2021 at a cost of 248.43 crore. Prime Minister Narendra Modi may inaugurate this and other infrastructure projects during his Mumbai visit later this month.Read more

13 Feb 2024

Axis Bank has secured a notable lease deal for office space in Mumbai's esteemed Parle Product Factory Compound, occupying over 81,300 square feet. The agreement encompasses three floors plus the base floor, with a monthly rental of INR 85.37 lakh and a five-year term starting February 1, 2024. A security deposit of around INR 5.12 crore was made, ensuring access to ample parking facilities for employees and clients. This deal reflects Mumbai's robust commercial real estate market, demonstrated further by recent agreements by Barclays Bank PLC, HDFC Bank, and the International Finance Corporation, underlining the city's pivotal role in India's economic growth.Read more

13 Feb 2024

The Maharashtra government has extended the lease of Mumbai's iconic Wankhede Stadium for 30 years, following its expiration in 2018, valuing the 44,000 square meter plot at approximately INR 1,304 crore. The Mumbai Cricket Association (MCA) is mandated to pay an annual rent of INR 1.52 crore, plus an additional INR 8.58 crore covering the period from 2018 to 2023, a decision contested by the MCA due to what they perceive as excessive charges. Despite objections, the stadium remains a pivotal hub for cricket administration in India, with its history dating back to 1968 and hosting numerous prestigious events over the years.Read more

13 Feb 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) has announced a groundbreaking plan to convert Bandra Kurla Complex (BKC), Mumbai's bustling commercial hub, into a pedestrian-friendly area. Drawing inspiration from international models like Canary Wharf and Marina Bay, the initiative involves removing compound walls to enhance walkability and connectivity. MMRDA Commissioner Sanjay Mukherjee emphasised the need for seamless integration within BKC, promoting a more inclusive urban environment. The proposal, awaiting review, seeks to foster a vibrant, accessible public space, balancing modern aesthetics with practical urban planning.Read more

13 Feb 2024

The State Cabinet approved acquiring 283 acres of Mumbai's salt pan land from the Union Government for the Dharavi Redevelopment Project (DRP), to be managed by Adani Realty. This move aims to provide rental housing for ineligible slum dwellers. A separate proposal will be submitted for utilising salt pan lands in Dharavi residents' rehabilitation. The market value will be recovered from the project's special purpose vehicle. Previously contested for a Metro car depot, the land transfer will facilitate Dharavi's redevelopment, benefiting around 3.5-4 lakh people with rental and affordable housing solutions.Read more

12 Feb 2024

DLF, a major real estate player, is set to make its mark in Mumbai's property market with its first project in Andheri. The company, in collaboration with the Trident Group, is embarking on a Slum Rehabilitation Authority project with tentative pricing for apartments ranging from INR 5.5 crore to INR 7.5 crore. With a planned investment of INR 400 crore, DLF aims to achieve a saleable area of 3 million to 3.5 million square feet in the first phase, anticipating substantial demand across various segments.Read more

12 Feb 2024

The Bombay High Court has asserted the protection of fundamental rights for senior citizens facing housing redevelopment delays. The court's comments were made during a plea filed by a 65-year-old woman, Jayashree Dholi, who claimed to be "homeless" due to a stalled redevelopment project in Mulund. The court emphasised that seniors in their "twilight years" should not suffer due to redevelopment delays and issued notices to authorities, including the Maharashtra Government and Brihanmumbai Municipal Corporation, seeking responses to address the petitioner's fundamental rights violation.Read more

12 Feb 2024

The Bombay High Court has dismissed a plea by the Air India Colony staff association to maintain the status quo for two weeks until the Supreme Court addresses the matter on February 13. The association sought to preserve the current state pending further judicial review. However, the court rejected their request, indicating a swift decision on the issue of demolition of vacant buildings. This development points to the legal proceedings progressing quickly, potentially leading to imminent action regarding the disputed buildings.Read more

12 Feb 2024

Adivasi communities residing in Aarey's Film City, Mumbai, are facing uncertainty following the BMC's dismissal of their land claims under the Forest Rights Act. The Adivasi Habale Pada Mandal has expressed discontent through a formal letter to the civic authority, challenging the decision and requesting compensation. The municipal corporation, however, has rebuffed these claims, asserting that a forest rights committee must be established before reaching a resolution. Meanwhile, surveys for the planned Goregaon Mulund Link Road (GMLR) are underway to evaluate its potential impact on Adivasi-held lands.Read more

09 Feb 2024

The Bombay High Court has approved the reconstruction of the seven-storeyed Govinda Tower in Kherwadi, Bandra (E), which tragically collapsed over 25 years ago. Justices Gautam Patel and Kamal Khata highlighted the severity of the incident, which resulted in numerous injuries and fatalities. Originally built on a MHADA-leased plot, the building's reconstruction efforts by previous developers failed. Following residents' pleas, the court permitted the appointment of a new developer in August 2023. Despite opposition from the resolution professional involved in insolvency proceedings against the previous developer, the court directed BMC and MHADA to process the society's development proposal, marking a crucial step towards reconstruction and bringing hope to the residents of Kherwadi.Read more

09 Feb 2024

In January, Mumbai's property market witnessed a 21% surge in registrations compared to the previous year, driven by heightened housing demand. Despite a slight dip from December 2023, this marked the highest January tally in 12 years. Residential units constituted 80% of registrations, contributing to a revenue collection of INR 746 crore in stamp duty, up 8% year-on-year. Rising income levels and a positive sentiment towards homeownership fueled this growth, with properties priced above INR 1 crore showing resilience against market headwinds. While smaller properties saw a shift in demand, central and western suburbs remained hotspot areas, reflecting the market's enduring appeal.Read more