10 Nov 2023

A new Foot Over Bridge (FOB) was inaugurated at Kurla Station on November 4, 2023, marking the sixth addition to Kurla's FOB network. Costing approximately Rs 10.62 crore, this bridge boasts a width of 8.00m and a length of 79.85m with 44 columns and 4 spans to accommodate a large number of passengers. The FOB features five strategically located staircases, a Skywalk of 13.61 x 4.00m, and is expected to alleviate overcrowding and enhance passenger flow at Kurla Station. This development aims to improve Mumbai's public transportation network and enhance the daily commute experience for thousands of passengers.Read more

10 Nov 2023

Kinnteisto LLP, led by accomplished investor Rekha Jhunjhunwala, completes a significant real estate transaction in Mumbai. The acquisition includes over 1.94 lakh square feet of commercial office space in the prominent business areas of Bandra Kurla Complex (BKC) and Chandivali, valued at approximately 740 crore rupees. This comprises 1.26 lakh square feet in BKC's 'The Capital' and 68,195 square feet in Chandivali's Boomerang building. The properties were purchased from Wadhwa Group Holdings Pvt Ltd and Kanakia Spaces Realty Pvt Ltd, respectively. The acquisitions, part of Jhunjhunwala's long-term investment strategy, also provide access to 234 parking slots, enhancing their overall value.Read more

09 Nov 2023

Brookfield Properties, a subsidiary of Brookfield Asset Management, has successfully refinanced a Rs 2,100 crore debt associated with Equinox Business Park in Mumbai. This strategic move, facilitated by Punjab National Bank, replaces prior loans from Housing Development Finance Corporation (HDFC). The new debt offers improved terms with an 8.60% interest rate, extending until September 2038. High occupancy rates and a strong client base led to this refinancing, reflecting the property's exceptional performance since its acquisition in 2018. The recent leasing success highlights Brookfield's prudent financial approach and commitment to enhancing commercial real estate.Read more

09 Nov 2023

The Brihanmumbai Municipal Corporation (BMC) has sent a strong message to more than 100 contractors and real estate firms in Mumbai, warning them to strictly adhere to dust mitigation norms or face punitive measures. As the city grapples with deteriorating air quality, the BMC issued a new set of guidelines, giving builders and contractors one month to acquire essential equipment to combat air pollution. The move is part of a comprehensive effort to enhance Mumbai's Air Quality Index (AQI).Read more

09 Nov 2023

The BMC's K west ward in Mumbai demolished 45 unauthorised structures, allowing the Metro 6 project to progress. This initiative not only promises to enhance connectivity but also addresses traffic congestion and waterlogging issues. The Mumbai Metropolitan Region Development Authority (MMRDA) is set to further improve civic amenities, facilitating urban planning. With these infrastructure projects, Mumbai is determined to overcome challenges, enhance public transportation, and elevate the quality of life for its residents. This progress sets an inspiring precedent for cities globally.Read more

09 Nov 2023

The Adani Group is considering investing a substantial Rs 12,000 crore for the redevelopment of Dharavi, Asia's largest slum. Adani owns 80% of the Special Purpose Vehicle (SPV), while the Maharashtra government holds the remaining 20%. The project aims to enhance living conditions, promote sustainable development, and stimulate economic growth. It is expected to serve as a model for slum redevelopment on a global scale. Additionally, the transformation of Dharavi includes a Metro rail project linking it to Mumbai and a new road connecting it to the Bandra-Worli Sea Link. The first round of additional funding is expected in 2024.Read more

09 Nov 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has upheld the suspension of registration for 182 real estate projects due to their failure to meet the mandated conditions for updating quarterly progress reports. This decision comes after promoters of 222 projects sought to have the suspension lifted, claiming to have paid penalties and provided updated reports. However, MahaRERA found that only 40 projects met all necessary conditions, leading to a directive for the remaining 182 to resubmit required information. The regulatory body also identified deficiencies in the reports. MahaRERA's commitment to transparency, accountability, and protecting homebuyers is evident, underscoring the importance of complying with reporting and regulatory obligations in the real estate sector.Read more

09 Nov 2023

Ipsita Dasgupta, the Managing Director of HP India, recently purchased a luxury apartment in Mumbai's prestigious Worli locality for over Rs 22.50 crore. She acquired the 2,964 sq ft flat on the 4th floor of the super-premium project, Raheja Artesia, from K Raheja Corp Homes. The deal, completed on October 26, includes exclusive access to three car parking slots. Notably, the same building has seen other high-value transactions with prices averaging around Rs. 1.25 lakh per sq.ft. Mumbai's property market remains robust, with over 1.04 lakh property registrations in the first ten months of 2023.Read more

08 Nov 2023

Mumbai's urban landscape is set for a transformation as the state's urban development department has proposed a minimum area of 405 square feet for all BMC and MHADA rehabilitation homes. The move aims to enhance living conditions for residents in these housing complexes. Notably, a key provision in the proposal mandates that the fungible compensatory area should be granted to existing tenants without a premium charge, ensuring additional living space beyond the minimum requirements. This change, which puts an end to developer objections, marks a significant shift in urban development. The notification also facilitates the demolition of 19 BMC-owned buildings to make way for the Bandra-Sewri connector, boosting connectivity in the city.Read more

07 Nov 2023

Netflix's Indian subsidiary has extended its lease for a 137,000-square-foot office space in Mumbai's Bandra-Kurla Complex for five years, with a total value exceeding Rs 280 crore. The lease covers the 11th and 12th floors of Godrej BKC's commercial tower. Rental fees will be nearly Rs 4.30 crore per month, with a provision for annual rental increases of 5 percent. Netflix had originally leased the space in 2019 from D Decor Properties LLP. India has become a vital content hub for Netflix, with substantial investments in the Indian market. In Q3 2022, India's office space leasing market reached a six-quarter high, absorbing 10.37 million sq. ft.Read more

07 Nov 2023

Sunteck Crescent Park (Phase 1) is a luxurious residential project spanning 7 acres in Kalyan, Mumbai. It boasts stunning towers with a 360-degree panoramic view of 80% open spaces, a 1.4-acre open podium, and an elevated infinity pool. This development redefines high-end living, seamlessly blending luxury residences, amenities, retail, and fine dining. Sustainability is a core focus, with green building features, solar energy, and waste recycling. Sunteck Realty aims to transform Kalyan into a premier residential destination, with potential top-line revenue of Rs 9,000 crore over 7-8 years. Kalyan's real estate market is growing due to infrastructure development, making it a promising investment destination. Sunteck Crescent Park is a testament to luxury and sustainability, reshaping Kalyan's real estate landscape.Read more

07 Nov 2023

Raymond Limited's subsidiary, Ten X Realty, recently unveiled plans to redevelop the Navjivan Society in Mumbai's Mahim area, projecting a revenue potential of Rs 1,700 crore. This move aligns with Raymond's real estate expansion strategy within the Mumbai Metropolitan Region. The company emphasized leveraging its vast land assets, aiming for substantial growth through joint ventures and development projects. This strategic step reflects Raymond's commitment to advancing real estate initiatives, diversifying its portfolio, and solidifying its position in Mumbai's real estate market.Read more

07 Nov 2023

In 1976, a 2,500-square-foot plot of land was granted to a Project-Affected Person (PAP). After nearly four decades, a complaint emerged, alleging a violation of the allocation's terms, which mandated the construction of a dwelling on the land within a year. As a result of this alleged non-compliance with the stipulated condition, the state authorities took the decision to cancel the land allotment. This move has ignited a debate surrounding the legality and fairness of revoking an allocation made many years ago, raising questions about the rights and responsibilities of land beneficiaries in long-standing cases of land distribution.Read more

07 Nov 2023

In Mumbai, over 56% of properties sold between January and October 2023 were priced above Rs 1 crore. Rising property prices and a 250 basis point increase in the policy repo rate over the past two years have affected registrations for properties below Rs 1 crore. However, higher-value properties have seen minimal impact with a consistent increase in their share. Mumbai achieved a total registration count of 104,832 units in this period, with 58,706 priced above Rs 1 crore. The Central and Western Suburbs have seen a surge in launches and strong demand, driven by factors like metro connectivity. This trend reflects the shifting preference towards more upscale accommodations, signifying buyers' capability and willingness for long-term commitments in the Mumbai residential real estate market.Read more

04 Nov 2023

Akshara Haasan, daughter of actor Kamal Haasan, recently acquired a luxurious 2,354-square-foot apartment in Khar, Mumbai, for a staggering Rs15.75 crore. The apartment, located in the high-end Ekta Verve tower on 16th Road, offers opulent living with three parking spaces and a range of amenities. Ekta Verve, developed by Ekta World, boasts 18 apartments and a duplex, featuring 4, 5, and 7-bedroom luxury residences. Akshara Haasan, a Bollywood actress herself, is following in her family's footsteps. Khar, a rapidly growing neighbourhood near Bandra, remains a hotspot for celebrity real estate investments, further enhancing its appeal.Read more

03 Nov 2023

Property sale registrations in Mumbai achieved a remarkable 25% year-on-year increase, with over 10,000 units registered for the fifth consecutive month in 2023, generating Rs 831 crore in revenue during October. In the first ten months of the year, total registrations in Mumbai surpassed 1.04 lakh, marking a decade-high record. The increase in luxury housing is evident, with properties valued at Rs1 crore or more accounting for about 56% of registrations in the first ten months of 2023, indicating a growing preference for spacious and upscale accommodations. The Mumbai residential real estate market has shown impressive resilience, driven by a stable economic environment and favourable interest rates. The strong demand is attributed to factors such as consumers' willingness to buy larger homes and a stable lending environment.Read more