04 Oct 2023

Following a recent controversy, Maharashtra's Minister has announced forthcoming regulations governing property rentals. This announcement comes in the wake of a 35-year-old woman filing a police complaint against a man and his son for allegedly denying her a rental property due to her Marathi-speaking background. The new rules aim to address such discrimination issues and ensure fair access to rental premises in the state. The government's decision to tackle rental discrimination is seen as a step towards promoting inclusivity and preventing discrimination based on language or ethnicity in property rentals within Maharashtra.Read more

04 Oct 2023

IHG Hotels & Resorts and Saryu Properties & Hotels Pvt. Ltd. will work together to increase IHG's footprint in Mumbai. Voco Mumbai Powai Hotel & Convention Centre and Holiday Inn Express & Suites - Mumbai Powai are the two hotels in Mumbai that will be transformed into IHG-branded establishments. These hotels will open in the upcoming years to serve Mumbai's expanding hospitality industry. The action demonstrates IHG's dedication to offering a variety of lodging alternatives and supporting Mumbai's burgeoning hospitality sector. Additionally, it shows how optimistic the firm is about the city's future as a destination for tourists and business meetings.Read more

03 Oct 2023

Asha Mukul Agarwal, a director at Param Capital, has reportedly purchased three luxury apartments in Malabar Hill for a total sum of Rs 260 crores. These apartments are located in a project being developed by Macrotech Developers.. The combined area of the three flats is said to be over 20,000 square feet, with two apartments on the 25th floor and one on the 24th floor. A stamp duty of approximately Rs 13 crores was paid for the registration of the agreements last month. The Lodha Malabar project is expected to be completed in June 2026. Other notable purchases in the same project include Niraj Bajaj's and the JP Taparia family's acquisitions. The demand for luxury residential properties in Mumbai remains strong, with the city leading in luxury transactions this year.Read more

30 Sep 2023

There is never a dull moment in Mumbai’s real estate market landscape. Prop News Times brings you some of the most exciting deals real estate deals across the Mumbai Metropolitan Region this week: A 681 square foot carpet area residential apartment located on the 9th floor of Dedhia TULJAI building in Borivali East was sold for Rs 1.30 crores, at approximately Rs 19,000/- per square foot, a 580 square foot apartment in the under construction building Gurukrupa Nigam situated on the 9th floor was sold for over 1.25 crores at approximately Rs 21,000/- per square foot and a small 228 square foot apartment was sold in Paramount Enclave on the 6th floor for a total sum of 16 lakhs at an approximate rate per square foot of Rs 7000/-Read more

30 Sep 2023

The BMC's development plan department in Mumbai has introduced a comprehensive air pollution mitigation plan to address the city's persistent air quality issues, primarily due to ongoing construction activities. The circular mandates various measures to minimize dust and debris dispersion, enforce waste management protocols, and encourage the use of enclosed spaces for certain construction activities. These measures aim to improve air quality and reduce pollution in Mumbai as the monsoon season comes to an end. The circular also includes instructions for periodic checks on construction sites and remedial actions for non-compliant developers.Read more

30 Sep 2023

Mumbai's renowned real estate developer, Arkade Group, has launched "Arkade Crown" in Borivali. This luxury residential project, spread over 1.4 acres, promises a blend of convenience, luxury, and community living. With anticipated sales revenue of Rs 325 crores, the project boasts top-notch amenities, including a 26,500 sq. ft. vehicle-free entertainment deck. Strategically located near major commuting hubs, and surrounded by lush greenery and Jain temples, Arkade Crown is set to redefine urban living in Borivali West.Read more

30 Sep 2023

The Mumbai Metropolitan Region Development Authority (MMRDA) has finalized contractors for the Mogharpada Depot in Thane and a ballastless track connecting Mulund Fire Station to Gaimukh. These developments are part of the Mumbai Metro Routes 4 and 4A project, aimed at enhancing connectivity between major Mumbai cities. M/s. SEW-VSE (JV) will oversee the depot's construction, while M/s. Apurvakriti Infrastructure Pvt. Ltd. handles the track installation. MMRDA Commissioner, Dr. Sanjay Mukherjee, highlighted the urgency of the project, ensuring swift progress for public accessibility.Read more

30 Sep 2023

Oberoi Realty, a leading Indian real estate firm, has embarked on the redevelopment of a prime land parcel in Mumbai's Tardeo area. This strategic move, announced in a regulatory filing, is expected to yield a substantial free-sale component of around 2.5 lakh square feet. The company's decision aligns with its commitment to delivering premium real estate solutions across various sectors, including residential, commercial, and social infrastructure. Oberoi Realty's track record of excellence positions it well to capitalize on lucrative opportunities in sought-after locations, contributing to the transformation of urban landscapes in India.Read more

29 Sep 2023

Mumbai-based Vibe Realty Private Limited, led by founder Gopal Sarda, is entering the real estate development sector with the acquisition of four projects in Mumbai's Western Suburbs, including residential redevelopment and a commercial project. These projects have a combined development potential of 1.5 million square feet and an estimated revenue of Rs. 1,500 crores. Vibe Realty plans to launch these projects soon and aims to acquire 3-4 more projects in Mumbai and Pune within the next 12-15 months. With a growing reputation as a reliable partner for landowners and housing societies, Vibe Realty is expanding its operations into real estate development.Read more

29 Sep 2023

The Slum Rehabilitation Authority (SRA) in Mumbai has initiated the acquisition process for 2,033 flats intended for the rehabilitation of project-affected persons (PAPs). This process involves acquiring flats from both builders and squatters and aims to streamline the allocation process for slum dwellers displaced by various projects in the city. The SRA has deployed ten flying squads, each led by a naib tehsildar, to check 925 houses, marking the beginning of the encroachment removal process. This proactive approach reflects the authorities' commitment to addressing housing challenges and expediting rehabilitation projects for the benefit of slum dwellers in Mumbai.Read more

29 Sep 2023

The estimated construction cost of the bridge project connecting Mumbai and Mira Bhayandar has significantly increased to Rs 3,303 crore from its initial estimate of Rs 1,998 crore in just three years. This escalation has raised concerns among activists and politicians, questioning why the entire financial burden should be borne by the Brihanmumbai Municipal Corporation (BMC). BMC's civic chief has proposed a cost-sharing arrangement with the Mumbai Metropolitan Region Development Authority (MMRDA) to divide the expenses based on jurisdiction. However, a final decision is pending as the MMRDA awaits a response from the Chief Minister's Office (CMO). The increased cost includes factors like maintenance, taxes, and rent for a casting yard.Read more

29 Sep 2023

LinkedIn Technology Information Private Limited has secured a 17,794-square-foot office space in Mumbai's BKC for a monthly rent of Rs 1 crore. The five-year lease agreement, commencing in August 2024, encompasses six units from different property owners, with an annual rent escalation of around 4.5 percent. The security deposit for this strategic move amounts to Rs 10 crore, and both landlords and LinkedIn are committed to the lease for specific durations. BKC has recently witnessed significant real estate deals, with Apple and Bank of China securing notable spaces this year.Read more

29 Sep 2023

There is never a dull moment in Mumbai’s real estate market landscape. Prop News Times brings you some of the most exciting deals real estate deals across the Mumbai Metropolitain Region this week: A 1,091 square foot residential flat located on the 34th floor of Oberoi Eternia in Mulund was sold for a sum of Rs 3.5 crores, at an approximate rate per square foot of Rs 32,000/-, in New Panvel, A 784 square foot residential apartment located on the 5th floor of National Harmony building sold for Rs 95 lacs, at an approximate rate per square foot of Rs 12,000/- and a 1,112 square foot residential apartment located on the 6th floor of Atul Wallace Fortuna, Mazgaon in Mumbai city was sold for Rs 3.25 crores, at an approximate rate per square foot of Rs 29,000/-Read more

28 Sep 2023

Mumbai has experienced a remarkable 328% increase in private electric vehicle (EV) charging points in residential areas over the past year, with around 2,140 installations. Key players like Tata Power and Adani Electricity are actively involved in expanding the EV charging infrastructure, partnering with builders and planning significant station installations. While the BEST power supply wing has clarified that it is the consumer’s responsibility to install charging infrastructure in parking areas, Mumbai's surge in private charging points reflects the city's growing EV adoption and the global push for eco-friendly transport. Accessible charging infrastructure is crucial for encouraging more individuals to embrace EVs, signalling a cleaner, sustainable future.Read more

28 Sep 2023

Godrej Fund Management, the real estate arm of the Godrej Group, is on the verge of selling 200,000 square feet of office space in Mumbai's Bandra-Kurla Complex to Max Life Insurance for approximately Rs 900 crore. The deal includes three floors currently leased to prominent tenants, including Carlyle Group, Nayara Energy, and Investcorp. The property is part of the Godrej BKC commercial project. This transaction highlights Godrej Fund Management's commitment to expanding its presence in strategic locations. The deal is expected to conclude soon, with both parties having signed the term sheet and initiated due diligence.Read more

28 Sep 2023

The Mumbai Municipal Corporation (BMC) has greenlit a crucial infrastructure project, allocating Rs 6,602 crore rupees for the construction of two tunnels beneath the Sanjay Gandhi National Park. These tunnels, linking Goregaon to Mulund, are set to alleviate transportation challenges. The project, delayed by technical issues and the pandemic, is expected to take five years and will include maintenance for a decade. The tunnels will have cross passages for emergencies, a footpath, and water main relocation near an eco-sensitive zone. It will improve connectivity between eastern and western suburbs, providing a direct route to Navi Mumbai.Read more

27 Sep 2023

Dharavi, a Mumbai settlement with a rich history, has evolved significantly over time. From its origins as a fishing village, it transformed into a bustling hub for various trades and businesses during the 19th century. After much delay, the redevelopment of Dharavi slums now ready to begin under the stewardship of the Adani Group. The finalised plans promise new housing, amenities, and commercial spaces. This ambitious project, expected to span nearly two decades, aims to address longstanding issues and provide residents with better living conditions. While some remain sceptical due to past experiences, others see promise in the transformation of Dharavi.Read more

27 Sep 2023

Oberoi Realty's Commerz III in Goregaon, Mumbai, is set to be finished by March 2024. Having already signed a lease deal for 1.6 million square feet with Morgan Stanley, the company expects to finalize deals for the remaining 2.4 million square feet in the next few months. Discussions are ongoing with various clients, including flex space providers, pharmaceutical firms, tech companies, and educational institutions. Commerz III offers diverse floor plate options, dedicated lift zones for larger clients, and extensive parking. Oberoi Realty also plans to include retail and amenities like food courts and gyms. The company emphasizes sustainability and green initiatives, showcasing its leadership in commercial real estate.Read more

27 Sep 2023

Sumitomo Corporation Group secured a momentous long-term lease for a 3-acre land parcel in Mumbai's BKC from the MMRDA, valued at over Rs 2,067 crore. The subsidiary, Goisu Realty, won the bid in 2019, concluding the deal after a four-year journey. This marked MMRDA's first land auction in 12 years. The BKC remains a sought-after business district, with the MMRDA looking to raise Rs 3,000 crore from its land parcels. However, policy clarity regarding floor space index purchases is awaited. Goisu Realty also made a significant acquisition in Worli for Rs 5,200 crore. Land transactions are gaining momentum across key Indian markets.Read more

26 Sep 2023

The Maharashtra government is taking action to revive long-stalled slum rehabilitation projects in Mumbai. Private developers' failures to provide promised housing have left these critical initiatives dormant for a decade or more. Collaborating with local self-government bodies and planning authorities, the government aims to complete ten identified projects to address the dire need for 1.1 million affordable homes in the Mumbai Metropolitan Region. A newly formed committee led by the housing secretary will oversee the effort, with the financial burden falling on local authorities. The projects will encompass both rehabilitation and sales components, with revenue reinvested to support ongoing efforts, offering hope to Mumbai's slum residents.Read more