05 Feb 2024

Mumbai is set for a significant transformation as the Brihanmumbai Municipal Corporation (BMC) gears up to launch a huge infrastructure project, earmarking INR 7,000 crore to overhaul 400 km of Mumbai's roads. This ambitious initiative aims to transition approximately 40% of Mumbai's roads from asphalt to concrete roads. As the city braces for this massive undertaking, traffic patterns are expected to witness substantial disruptions.Read more

02 Feb 2024

CREDAI-MCHI's 31st property Expo, held at Jio World Convention Centre, showcased the resilience of India's real estate industry. President Dominic Romell and Ajmera Realty's Dhaval Ajmera expressed enthusiasm over the event's success. With a theme of "Zero is our Hero," offering a 6 percent discount through stamp duty and registration charge waivers, the Expo attracted over 24,000 homebuyers. Despite a recent interest rate hike, Romell noted stable demand. Ajmera highlighted the positive impact of government incentives and subsidies, citing the Expo's impressive INR 350 crores in sales. The event emphasized the robust demand for affordable housing and the pivotal role of government initiatives in shaping the real estate sector.Read more

02 Feb 2024

Shapoorji Pallonji Real Estate (SPRE) unveils 'The Odyssey,' an uber-luxury project off Marine Drive, marking their historic return to South Mumbai. Strategically located near Girgaon Chowpatty, it offers seamless connectivity to business hubs and essential amenities. Designed by Architect Hafeez Contractor, The Odyssey boasts breathtaking views, grand double-height lobby, and 20 parking floors. With close to 60 apartments for sale, revenues are expected to exceed INR . 1000 crores. Priced from INR 15 crores, the meticulously designed 3 BHK apartments redefine luxury living. SPRE's Director, Venkatesh Gopalakrishnan, emphasizes their commitment to crafting luxurious environments, setting new standards in South Mumbai's uber-luxury segment.Read more

01 Feb 2024

CREDAI-MCHI, the leading real estate industry body in the Mumbai Metropolitan Region (MMR), successfully organized the 31st edition of India's Largest Property Expo from January 26th to 28th, 2024. The prestigious event, held at the Jio World Convention Centre, attracted over 24,000 serious homebuyers and resulted in the sale of 185+ housing units, totalling INR 350 crores in transactions over three days. The Expo's theme, "Zero is our Hero," symbolized a 6 percent discount achieved by excluding stamp duty and registration charges. The Expo featured renowned builders, financial institutions, and offered a luxurious viewing experience with quick and easy registration. Entertainment and informative elements, including lucky draws, interactive AI, and government bodies' presence, enriched the overall experience for attendees.Read more

01 Feb 2024

Moraj Group, a leading player in Navi Mumbai real estate, has partnered with Xanadu Realty for a new venture in South Mumbai's sought-after Shivaji Park. Valued at over 300+ Cr., their luxury project offers lavish 3 BHKs boasting Arabian Sea views. Fusing their expertise, the collaboration aims to redefine luxury living, creating a masterpiece. Moraj Group's Founder and Chairman, Mohan Gurnani, expressed enthusiasm for the transformative collaboration, citing it as a commitment to futuristic architecture. Vikas Chaturvedi, CEO of Xanadu Realty, emphasized the dedication to unrivalled luxury living, creating a lasting legacy in Mumbai's evolving skyline. The joint venture promises an iconic chapter in Mumbai's real estate narrative, showcasing excellence and innovation.Read more

01 Feb 2024

Kolte-Patil Developers, a prominent Pune-based real estate player, expands its footprint in Mumbai with two society redevelopment projects in Dahisar and Versova. These strategic acquisitions, totalling 3.06 lakh square feet, project a top-line potential of around Rs 545 Crore. Aligning with growth objectives, this move strengthens Kolte-Patil's position in Mumbai, the country's largest real estate market. With a growing portfolio of fifteen projects in the Mumbai Metropolitan Region, including successful ventures like Vaayu in Dahisar, the company taps into the city's diverse real estate demands. In FY24, Kolte-Patil secured eight projects with a combined development potential of 3.3 million square feet, reinforcing its commitment to expansion and innovation in targeted markets.Read more

01 Feb 2024

The Brihanmumbai Municipal Corporation (BMC) has issued a fresh tender for a 5.6 km elevated road connecting the Eastern Freeway to Grant Road in Mumbai. The project, costing INR 1,100 crore, involves a change in design to a steel structure and features a cable-stayed bridge. The initial tender was cancelled due to technical issues raised by Central Railway and Mumbai Port Trust. The proposed flyover aims to reduce travel time between northern and southern Mumbai from 30-50 minutes to seven minutes, benefiting areas like Grant Road, Nana Chowk, and Tardeo. The project is expected to be completed in three-and-a-half years.Read more

31 Jan 2024

Keystone Realtors is gearing up to redevelop Veena Nagar Co-operative Housing Society and NeelKamal Ghruh Cooperative Housing Society in Malad (West), Mumbai, covering 12,120 sq meters and boasting an estimated Gross Development Value (GDV) of Rs.1200 crore. The project, set to commence next year, not only accommodates 342 existing society members but also presents a sale potential of about 3,42,000 sq ft, contributing to the anticipated GDV. This initiative aligns with Rustomjee's commitment to a diversified portfolio in Mumbai's western suburbs, showcasing its proven expertise in redevelopment. Amidst substantial expansion, including eight new projects this fiscal year with a cumulative GDV of approximately Rs. 7,000 crore, Rustomjee emphasizes innovation, sustainability, and transformative urban development.Read more

31 Jan 2024

The Brihanmumbai Municipal Corporation (BMC) is set to revitalize a neglected 400-meter stretch beneath the Seepz flyover and the adjacent area on Jogeshwari-Vikhroli Link Road (JVLR) at Seepz Gate-3 with a project costing INR 2.9 crore. The comprehensive plan aims to transform the space into a vibrant hub, featuring walkways, gardens, amphitheatre-like seating, captivating murals, and a vertical garden. Tenders have been invited for this initiative, recognizing the strategic location's high visibility and heavy traffic. The project intends to create a recreational haven for nearby industrial workers, with marked lanes, thermoplastic paint, and artistic elements paying homage to the area's industrial heritage. While residents applaud the initiative, concerns about surrounding areas are raised, and BMC's broader vision includes similar revamps in other locations, promising a greener, more vibrant urban experience for Mumbai.Read more

30 Jan 2024

Four individuals, including one impersonating an Enforcement Directorate (ED) official, were arrested in Mumbai for attempting to extort Rs. 164 crore ($22 million) from a prominent developer. Involved in real estate, the suspects threatened the victim with an ED case, captured on CCTV at a Bandra coffee shop. A FIR has been filed against seven individuals, with two more suspects sought by the police. The extortion attempt stemmed from an alleged monetary dispute between the victim and one of the wanted suspects. The complainant reported the incident to the police, leading to the arrest of the accused.Read more

30 Jan 2024

Union Living, founded in 2020, is injecting Rs 10 crore to expand its co-living spaces in Mumbai, unveiling plans for 1,000 beds with customised features. Presently operating 1,050 beds across Mumbai, Pune, and Ahmedabad, the startup's strategic investment aims to meet diverse tenant preferences. The expansion includes properties in Mahalakshmi, Juhu, Khar/Santacruz, Goregaon/Malad, Chembur, and Navi Mumbai, with three of them set as Built-to-Suit (BTS) spaces. Union Living's commitment to quality co-living aligns with the rising demand, signalling positive impacts on Mumbai's real estate scene.Read more

30 Jan 2024

In 2023, the Mumbai Metropolitan Region (MMR) achieved a historic milestone with an all-time high of 9.9 million square feet in Industrial & Logistics (I&L) leasing, fueled by robust activities in the second half. Dominated by third-party logistics (3PL) players at 73%, the MMR leasing dynamics showcased remarkable growth. Nationally, the I&L sector recorded a peak of 38.8 million square feet in leasing activity across eight cities, driven by structured operational models and increased demand for last-mile delivery solutions. The sector's resilience and strategic realignment has set the stage for continued growth.Read more

29 Jan 2024

Samsung has inaugurated its premium store, Samsung BKC, in Mumbai's Bandra Kurla Complex, marking the company's first Online-to-Offline (O2O) store in India. Spanning 8,000 sq. ft, the store features eight lifestyle zones showcasing how Samsung products integrate into daily life. Samsung BKC offers over 1,200 product choices from an online digital catalogue, allowing exploration and pre-booking of the latest Galaxy S24 series. Beyond product displays, Samsung BKC will host Learn @ Samsung workshops and a Creator's Workshop for customization. This move positions Samsung as a strong contender in Mumbai's competitive tech retail landscape, challenging its biggest competitor Apple in Bandra Kurla Complex.Read more

29 Jan 2024

Ajmera Luxe Realty Private Limited (ALRPL), a joint venture between Ajmera Realty & Infra India Limited (ARIIL) and Keystone Realtors Limited (Rustomjee), is set to redevelop a housing society in Bandra West, Mumbai. With both entities will hold a 50% stake. The joint project anticipates a Gross Development Value (GDV) of Rs 760 crores. The objective is to deliver high-end residential apartments in Bandra with a distinctive offering, aiming for a carpet area of 130,000 sq. ft. This collaboration leverages the strengths of Ajmera Realty and Rustomjee to contribute to urban rejuvenation and cater to the demand for premium housing in Mumbai's competitive real estate market.Read more

29 Jan 2024

Santacruz West, a vibrant and well-connected suburb in Mumbai's western region, experienced significant real estate activity in December. With 32 apartments changing hands across 15 buildings, the area showcased a mix of high-end residential properties. Developer Sales dominated the market, capturing 62.5% of total sales. Sunbeam Apartment led with the highest number of deals, closing 9 transactions, followed by Ruparel Panache with 4 deals. The most expensive apartment, priced at Rs. 16.17 Crores, was in 81 Crest, while the most affordable option, at Rs. 45 Lakhs, was in Mehta Jaising Sanjeevani. The rate per square foot ranged from Rs. 10,000 to Rs. 60,000, with a weighted average of Rs. 35,506. About 75% of the flats were sold below 1,000 square feet, and around 67% were priced between Rs. 1 Crore and Rs. 5 Crores, reflecting the diverse real estate landscape in Santacruz West.Read more