19 Jul 2023

Prestige Estates Projects has acquired a prime sea-facing land parcel in south Mumbai for over Rs 704 crore, setting a new benchmark for land prices. The plot, valued at over Rs 306 crore per acre, was purchased from DB Realty's subsidiary. Prestige Group plans to develop luxury residential towers on the plot, further expanding its presence in Mumbai's luxury real estate market. Additionally, Prestige Estates Projects has obtained complete ownership of two key projects in central Mumbai. The ongoing market consolidation favours established developers, leading to increased activity in land transactions across major property markets.Read more

18 Jul 2023

The Brihanmumbai Municipal Corporation (BMC) has proposed collaboration with the Maharashtra Housing and Area Development Authority (MHADA) to tackle unauthorized constructions in Mumbai. The BMC seeks to establish joint teams for inspections, as MHADA holds the authority for granting repair permissions. The proposal emerged due to difficulties faced by BMC officials when investigating complaints about unauthorized constructions in cessed buildings.Read more

18 Jul 2023

Prominent fashion designer, Ulka Chandrashekhar Nair, is facing legal heat as the Economic Offences Wing (EOW) of the Mumbai police charges her with defrauding a builder out of Rs 20.52 crore in a property redevelopment scam. Despite receiving a Rs 19 crore payment and Rs 1 crore for preparations, Nair allegedly refused to surrender her property for the agreed redevelopment. Nair, however, has dismissed these claims as a scheme by the builder to illegitimately gain control of her property. The case continues to unfold.Read more

17 Jul 2023

The Mumbai Municipal Corporation (BMC) has unveiled plans to revamp fifteen slums located in the suburban areas of the city, aiming to improve living conditions and infrastructure. A budget of Rs 5 crore has been allocated for each slum, with the funds coming from the District Planning Committee (DPC). The renovation plan includes the construction of cement tunnels to consolidate underground utilities and widen roads. The DPC meeting, attended by MLAs representing the suburban areas, approved a budget of Rs 977 crore for various civic projects, including infrastructure improvement, slum rehabilitation, skill development initiatives, and women and child welfare schemes.Read more

15 Jul 2023

Man Infraconstruction's property development entity, MICL Real Estate, has made a significant acquisition by obtaining the development rights for ten adjacent housing societies in the Ghatkopar suburb of Mumbai. This strategic move was executed through MICL's subsidiary, MICL Creators LLP, in which it holds a 60% partnership interest. The redevelopment of these housing societies will be carried out as a cluster redevelopment project under regulation 33(9) of the Development Control Promotion and Regulation (DCPR), 2034.Read more

15 Jul 2023

LP Logiscience, the warehousing and contract logistics division of the Liladhar Pasoo Group, unveils a state-of-the-art Grade A warehouse in Bhiwandi, Mumbai. With a focus on sustainability, this green warehouse spans 15 acres and offers 500,000 square feet of storage space. It features advanced infrastructure including solar power generation, rainwater harvesting, and environmentally friendly transportation using electric and CNG vehicles. LP Logiscience aims to revolutionize the warehousing sector by providing efficient, technology-driven solutions while minimizing carbon footprint. The Bhiwandi warehouse marks a significant milestone in their commitment to sustainability and future plans for expansion.Read more

15 Jul 2023

The Bombay High Court has expressed concerns about corruption and fraudulent practices in the Slum Rehabilitation Authority's (SRA) allotment and entitlement processes. To address these issues, the court has recommended the implementation of regular biometric surveys and Aadhaar-based identification to eliminate fraud and trafficking. The court also emphasized the need to prevent political interference in the SRA's operations, allowing only specific government officials to hold meetings in their offices. A petition filed by a cooperative housing society prompted the court to expedite the hearing, and the SRA has resumed biometric identification and surveys in response.Read more

14 Jul 2023

Office leasing in Mumbai reached 1.3 million square feet in Q2 2023, as per CBRE South Asia Pvt. Ltd's latest report. The uptake was largely driven by the BFSI, technology, and engineering & manufacturing sectors. Notably, mid-sized transactions dominated the leasing scene. Nationwide, leasing activity grew by 12% Q-o-Q. Domestically, flexible space operators, technology firms, and BFSI led the absorption. Despite a slight downturn in H1 2023, the resilient demand underscores the positive trajectory for India's commercial real estate sector.Read more

14 Jul 2023

Axis Asset Management Company, the mutual fund investment arm of Axis Bank, has leased two floors in Mumbai's Lower Parel for its future head office. With a space of over 63,000 square feet in 'One Lodha Place', Axis AMC aims to consolidate its operations and support key functions. The lease agreement includes a monthly rent of Rs 1.2 crore and a tenure of nine years. This strategic move reflects Axis AMC's growth plans and commitment to providing an efficient working environment. The tower's upper floors will be reserved for Lodha, while Axis AMC will have exclusive access to designated parking slots.Read more

14 Jul 2023

Ajmera Cityscapes and West Avenue Realty have unveiled their collaborative project, Atlantis, an opulent 18-storey luxury tower located in Khar (West), Mumbai. The grand launch event was attended by notable dignitaries, including MLAs Ashish Shelarji and Parag Shah Ji. Atlantis offers luxurious 3 and 4-bedroom residences with modern amenities, promising a lavish and comfortable lifestyle. The project is expected to be completed by January 2026 and is registered under RERA, ensuring compliance with regulatory norms. This joint venture signifies a successful partnership between Ajmera Cityscapes and West Avenue Realty, aiming to provide exceptional living experiences to discerning residents.Read more

13 Jul 2023

Mumbai is experiencing a trend of vertical growth, with developers taking advantage of high floor space index (FSI) in certain rehabilitation housing schemes to construct taller buildings. A prime example is the construction of India's tallest residential twin towers, Aaradhya Avaan, under cluster redevelopment regulations. Concerns are raised about Mumbai's infrastructure capacity to handle these massive constructions. Experts highlight potential negative consequences such as abuse of building materials, increased costs, concretization of open spaces, and dense living conditions. While proponents argue that Mumbai's infrastructure can handle the increased load, critics point out the lack of proper zoning laws and haphazard development.Read more

12 Jul 2023

Due to breaches in the walls brought on by a nearby construction project, the Amarnath High School building in Govandi, Mumbai, is degrading and putting the lives of its 941 students in peril. Six classrooms have been closed by the administration of the school, while the pupils are still in danger in the open ones. Since the school's request for a neighbouring building from the Brihanmumbai Municipal Corporation (BMC) was declined, rehabilitation cannot begin without moving the school. To identify a solution that guarantees the safety of the pupils and averts similar circumstances in the future, the BMC must collaborate with the school administration.Read more

12 Jul 2023

Bollywood actor Kartik Aaryan has recently acquired a luxury apartment in the prestigious Juhu area of Mumbai for a whopping Rs 17.50 crore. The apartment, located on the second floor of the Siddhi Vinayak Building in Presidency Society, boasts a carpet area of approximately 1,594 square feet. This high-profile purchase makes it one of the most expensive deals in the locality, which is renowned for housing Bollywood celebrities, directors, producers, and industrialists. Notably, Kartik Aaryan's family already owns another apartment in the same society.Read more

10 Jul 2023

In a late-night incident in Mumbai's Malad West, nearly 20 families were evacuated from a building after a floor in one of the flats collapsed, resulting in two injuries. The affected flat was located on the fourth floor of Navjivan Cooperative Housing Society's C wing in Evershine Nagar. Following an inspection by BMC officials, the residents were asked to immediately vacate the premises due to safety concerns. The injured individuals are reported to be in stable condition. The building's redevelopment is underway, with plans to demolish it if necessary.Read more

08 Jul 2023

K Raheja Corp Homes has unveiled Maestro, a collection of ultra-luxury limited edition homes situated in Mumbai's Juhu micro-market. Maestro offers approximately 100,000 square feet of premium saleable area with stunning views. Residences are designed by renowned Eco-Id Architects. The project has received its RERA certification and possession is scheduled for 2026. Notable features include a rooftop infinity pool, extensive amenities, and a strong focus on sustainability with IGBC Gold pre-certification.Read more

07 Jul 2023

Bollywood star Ajay Devgn has invested over Rs 45 crore in acquiring five office spaces in Mumbai's Andheri suburb. The properties, spread over 13,293 sq ft within the under-construction 'Signature' commercial tower, were purchased in transactions concluded in April. The deal includes 14 exclusive parking slots. This purchase adds to Devgn's growing real estate portfolio, echoing the trend among high-net-worth individuals, particularly from Bollywood, of investing in property despite rising prices and mortgage rates.Read more

05 Jul 2023

A cave-in near Magathane Metro station in Borivli East has resulted in prompt action by the Brihanmumbai Municipal Corporation (BMC) and safety measures by the Mumbai Metro Operation Corporation Limited (MMMOCL). The incident was caused by deep excavation conducted by a builder for a private project, leading to the collapse of a stormwater drain chamber and potential risks to the station's foundation. The BMC has issued a stop work notice and filed an FIR against the responsible builder, while the MMMOCL is working closely with the BMC to ensure the safety of metro services and implement necessary measures at the site.Read more

05 Jul 2023

In a bid to compensate those affected by the Navi Mumbai International Airport project, the City and Industrial Development Corporation (CIDCO) has allocated 46 plots to Project Affected Persons (PAPs) via a computerised draw. The plots, given under rehabilitation and resettlement and the 22.5% compensation schemes, reflect CIDCO’s commitment to fair processes and generous compensation. The development also includes substantial benefits like rental disbursements, one-time special assistance, and agricultural compensation.Read more

04 Jul 2023

As part of their Siddha Seabrook project in Kandivali, Mumbai, Siddha Group and Sejal Group have secured the Occupation Certificate for two Slum Rehabilitation Authority towers. Over 450 households are housed in the towers, with the tallest residential tower in Kandivali being in the Open Sale Component. Siddha and Sejal Group have been making significant strides in the redevelopment space in Mumbai, establishing themselves as major players in the industry.Read more

03 Jul 2023

According to CBRE South Asia Pvt. Ltd, Mumbai hosts an impressive 77% of India's high-rise buildings. The city's skyline evolution is primarily due to scarce land availability and rapid urbanization. This growth, while creating premium real estate, has also led to a rise in land prices. Other Indian cities like Hyderabad, Kolkata, and Noida trail behind, contributing 8%, 7%, and 5% to the high-rise landscape, respectively. The majority of these towering structures are residential, signalling Mumbai's upward trajectory in addressing urban housing needs.Read more