26 Sep 2023

In 2012, actor Salman Khan acquired a Bandra building for Rs 120 crore, intending to transform it into a commercial property. Recently, LandCraft Retail leased the property to establish Food Square, a gourmet store, at a monthly rental of 1 crore, replacing Future Group's Food Hall due to payment issues. This investment trend in commercial properties by Bollywood celebrities, including Amitabh Bachchan and Kartik Aryan, is driven by attractive rental yields. The Indian gourmet food market, currently valued at $1.3 billion, is steadily growing at a 20% annual rate, making it a promising venture. Gourmet retail stores offer a variety of high-quality products, contributing to this market's success.Read more

23 Sep 2023

Bandra East, a vibrant Mumbai locality, is a captivating blend of tradition and modernity, offering a range of experiences. Its luxury real estate market, exemplified by iconic projects, has remained resilient and in high demand. Celebrities like Salman Khan and Shah Rukh Khan call it home, adding to its allure. In a week, Bandra East saw six property transactions, including standout deals in luxury projects like X BKC and more affordable options like BC Corp Arista. These transactions highlight the diversity of property buyers' preferences, showcasing Bandra East as a dynamic real estate hub with a bright future.Read more

23 Sep 2023

Sir JJ Group of Hospitals, comprising four state-run hospitals in Maharashtra, is slated for extensive repair and renovation projects due to concerns raised by the Maharashtra State Association of Resident Doctors (MARD). The initiatives encompass a comprehensive overhaul of the medicine department at Sir JJ Hospital, repair and maintenance for student hostels, nurses' quarters, and resident medical officer quarters, as well as addressing leakage issues at Cama & Albless Hospital. While these efforts aim to enhance healthcare facilities, concerns about the shortage of hostels for resident doctors persist. Plans for new hostel construction are pending approval, with completion expected in several years.Read more

23 Sep 2023

Viacom18, a prominent Indian entertainment network, is set to lease a 400,000-square-foot headquarters in Mumbai from Blackstone's Nucleus Office Parks. The move aims to consolidate Viacom18's various business units under one roof, including tax, finance, sports, and digital divisions. The monthly rent for the marquee space is estimated at 60 million Indian rupees ($722,178). Viacom18, a joint venture of Viacom Inc. and the Network18 Group competes with major players like Disney and Netflix in India. The office relocation is expected to occur before December, and Blackstone is planning an IPO for its Indian office portfolio, including Nucleus Office Parks.Read more

23 Sep 2023

Bafna Motors, a Tata Motors commercial vehicle dealer, has successfully sold the leasehold rights to a prime 4-acre land parcel in Navi Mumbai's Nerul locality for over Rs 145 crore to Greenscape IT Park LLP. The deal was initiated to settle outstanding loans of Rs 129 crore to the United Bank of India and Rs 15 crore to Tata Motors Finance Solutions. Greenscape IT Park LLP stepped in to repay these debts and acquired the land parcel. The transaction attracted a stamp duty of Rs 7.27 crore and was registered on August 28. It reflects a resurgence in land transactions across Indian property markets.Read more

23 Sep 2023

IFC, a member of the World Bank, is partnering with Sunteck Realty to establish a joint platform with a total investment of up to Rs 750 crore (US$90 million). This collaboration aims to support the development of around 12,000 housing units across four to six green housing projects in the Mumbai Metropolitan Region. IFC plans to invest up to Rs 330 crore (US$40 million), while Sunteck Realty will contribute the remaining amount. The project's focus is on creating large-scale housing projects in Mumbai's suburbs to address the housing needs of mid-income earners. The initiative also emphasizes eco-friendly housing with a goal to reduce water and energy consumption by at least 20% using IFC's EDGE green building certification.Read more

22 Sep 2023

A level-2 fire incident occurred at Benreez Apartment in Mumbai's upscale Worli locality, specifically in the basement area. The incident, reported around 10:39 pm, was quickly categorized as Level 2 at 10:46 pm. Fortunately, there were no casualties, and six individuals were safely evacuated from the building's basement. The Mumbai Fire Brigade (MFB) deployed seven fire engines and eight jumbo tankers to combat the blaze, which was confined to an area of around 4,000 square feet. The presence of plastic items in the basement contributed to the fire's intensity. Investigations are ongoing to determine the cause of the fire, which was extinguished around 1 am after about two hours of firefighting efforts.Read more

22 Sep 2023

India Sotheby’s International Realty has secured an exclusive sales and marketing mandate for The Residency, an ultra-luxurious residential project in Worli, Mumbai. The project comprises 19 ultra-luxury residences, each occupying an entire floor and offering stunning views of iconic landmarks in Mumbai. The Residency features flexible living spaces with customizable configurations of up to 5 bedrooms, making it a highly sought-after address for Ultra High Net Worth Individuals (UHNIs). With Mumbai's rising wealth and increasing demand for high-end properties, this project represents a significant opportunity for UHNIs to own luxury residences in a prime location in the city.Read more

22 Sep 2023

The dreams of over 6,000 Mumbai policemen to own homes have been thwarted due to alleged mismanagement in the housing society created for this purpose. Policemen have taken the matter to the Bombay High Court, seeking a halt to the scheduled October elections for the housing society. The turmoil revolves around irregularities in the formation of the voter list, including the alleged expulsion of the chief promoter and subsequent approval of the voter list by an assistant registrar. The civil writ petition also calls for an investigation into malpractices and illegalities within the housing society. This situation has raised concerns about the functioning and trust of the society.Read more

22 Sep 2023

Mumbai's housing market remains robust, contributing 40% to India's residential sales. After a strong recovery in 2022, residential unit launches surged by 183%. The trend is set to continue, with projections of residential sales exceeding INR 1 lakh crore in 2023 and potentially reaching INR 2 lakh crore by 2030. While mid-segment housing dominates, there's a growing interest in upper mid and premium segments. Infrastructure developments are set to improve connectivity and public transportation, reducing travel times by 50% in the next five years. These efforts also aim to increase public transport usage from 65% in 2016 to 75% in 2030, promoting sustainability.Read more

21 Sep 2023

The iconic bungalow in Mumbai's Juhu neighborhood, which belonged to the late Bollywood actor Dev Anand, is set to make way for a 22-storey tower. After over 40 years of housing the actor's family, the property was reportedly sold to a real estate firm for an estimated Rs 350-400 crores. Dev Anand's children, who have settled in various locations, found it challenging to maintain the large property, leading to the decision to sell. The family has a history of investing in real estate, with the proceeds from the sale of Anand Studios and other properties being reinvested in residential flats in Mumbai. Mumbai's real estate market has long attracted Bollywood celebrities for investment purposes, making it a lucrative choice for wealth preservation.Read more

21 Sep 2023

CIDCO (City and Industrial Development Corporation) is implementing its Inclusive Housing Scheme (IHS) in the NAINA region to provide housing opportunities for economically weaker sections (EWS) and lower-income groups (LIG) through private developers. This initiative follows the Development Control and Promotion Regulations (DCPR) of the NAINA project, reserving 20% of the total plot area for EWS and LIG housing. A total of 171 tenements are being introduced, with a lottery system facilitating the selection process for eligible candidates. CIDCO's user-friendly online application process and social media outreach ensure wider awareness and accessibility, aligning with its mission of creating inclusive and equitable communities.Read more

20 Sep 2023

The Hinduja Group, a prominent Indian conglomerate, plans to transform its iconic Mumbai headquarters, Hinduja House, into a 32-story tower over the next 3-4 years. This redevelopment aims to accommodate the group's expansion, featuring sustainable and green building elements. The existing building, built in the 1980s overlooking the Arabian Sea, will be demolished, and the new design will incorporate agile workspaces with thematic floors. During the transition, group offices will temporarily relocate to the Bandra-Kurla Complex. Hinduja Group, with diverse interests in mobility, finance, technology, and more, has a century-old history, starting in 1914 in Sindh, now part of Pakistan.Read more

20 Sep 2023

The Bombay High Court has issued a significant directive ordering the Brihanmumbai Municipal Corporation (BMC) to grant a Transferable Development Rights (TDR) certificate to a private builder. This decision was prompted by the builder's land ownership and subsequent surrender for the construction of the Sahar Elevated Ring Road, a crucial project leading to Mumbai's International Airport Terminal 2. The ruling, delivered by a bench comprising Justices Gautam Patel and Kamal Khata, followed an affidavit from the Mumbai Metropolitan Region Development Authority (MMRDA) disclaiming jurisdiction over the road's segment on the builder's land.Read more

20 Sep 2023

Mumbai bid a bittersweet farewell to its iconic red double-decker buses on September 16, 2023. These beloved vehicles, which had graced the city's streets for over 80 years, were not just a means of transport but had also become cultural symbols featured in Bollywood films and songs. Their open-top design offered passengers panoramic views of Mumbai. Although outdated and inefficient, they held a special place in the hearts of residents. In their stead, 25 modern battery-powered double-decker buses have been introduced to enhance transportation and reduce emissions. The retired red double-decker buses will be remembered as a cherished part of Mumbai's history.Read more

19 Sep 2023

A fire occurred in a 12-story SRA building in Kurla, Mumbai, housing residents who were relocated from the Tansa pipeline area in 2017. This marks the third fire incident in a year, with a previous one causing a fatality. The recent fire was attributed to a faulty electric circuit, worsened by a malfunctioning fire system. Residents had previously warned the fire brigade about the circuit's condition. Now, they face a lack of electricity for over two months and financial challenges for repairs. This unfortunate situation highlights the residents' precarious living conditions and the urgent need for safety measures and support.Read more

19 Sep 2023

The Maharashtra Housing and Area Development Authority (MHADA) has announced a lottery for 5,311 affordable homes in satellite towns near Mumbai, including Thane, Palghar, and Raigad districts. These homes will range in price from Rs 9 to 49 lakh and will be available in micro-markets near Mumbai such as Vasai, Virar, Titwala, Thane, Kalyan, and Mumbra. The apartments will vary in size from 258 to 667 sq ft carpet area. Over 1,000 homes are being sold under the Pradhan Mantri Aawas Yojana (PMAY), with MHADA expecting increased applications due to revised income criteria. The lottery results will be announced on November 7, 2023.Read more

19 Sep 2023

The Maharashtra government has approved the leasing of an 8,000-square-foot office space in a Nariman Point high-rise for Mitra, a state think tank, at a monthly rent of Rs 21 lakh. This decision comes after Mitra officials expressed the need for more spacious accommodations than their initial 1,200 square feet in the New Administrative Building. The move aims to facilitate the organization's comprehensive data analysis and informed decision-making. Meanwhile, controversy surrounds the allocation of a Malabar Hill bungalow to Mitra's CEO, Praveen Pardeshi, amid rising debt concerns for the state.Read more

18 Sep 2023

In a recent judgment, the Bombay High Court rejected a tenant's plea for additional commercial space in a contentious redevelopment dispute involving a cessed building in Byculla. The tenant, Raj Bucket Factory (RBF), had sought additional carpet area within the new building. The High Court expressed incredulity that a tenant in space-constrained Mumbai could claim ignorance about the extent of the area they were occupying. The court noted previous legal battles and orders related to the property and emphasized that RBF appeared unwilling to vacate the transit building despite previous orders. This decision has implications for similar disputes in Mumbai's real estate market.Read more

18 Sep 2023

Mumbai is experiencing a surge in cooperative housing society (CHS) redevelopment projects, but complex Goods and Services Tax (GST) issues are leading to legal disputes. CHS redevelopment involves transferring development rights to a builder, who provides new flats to members in exchange for their old ones. However, GST complexities add to project costs. GST is levied on the transfer of development rights and during construction, impacting the project's viability. Developers are also liable for GST on new flats provided to CHS members, which is calculated on the market value, effectively resulting in double taxation. Calls are being made to simplify the GST mechanism for these projects.Read more