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

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