04 Sep 2023

The Mumbai luxury housing market has seen a remarkable surge of nearly 50% in sales, with figures jumping from ?4,524 crore in H1 2022 to ?8,817 crore in the corresponding period this year. A recent report by India Sotheby's International Realty and CRE Matrix highlights this growth and identifies Worli as a favoured luxury destination. In H1 2023, 533 units were sold, a rise from 419 units in H1 2022. Primary market sales reached 388 units worth ?8,817 crore in H1 2023 compared to 267 units worth ?4,816 crore in H1 2022. Notably, the market witnessed larger luxury apartment sales, with 63 homes sold in 2023 compared to 18 in 2018, and a surge in 2,000-4,000 sq ft apartment sales.Read more

04 Sep 2023

Mumbai-based industrial and logistics real estate developer, Prakhhyat Group, has joined forces with Morgan Stanley Real Estate Investing (MSREI) in a strategic collaboration to construct a cutting-edge Class A warehousing complex near Mumbai spanning 0.7 million sq. ft. The venture, in which MSREI will hold a 95% stake, is projected to attract an investment ranging between INR 300-350 crore. This initiative marks MSREI's inaugural foray into Mumbai's Bhiwandi sub-market. The 25-acre K Square Logistics Park will feature state-of-the-art facilities catering to diverse sectors such as e-commerce, third-party logistics, FMCG, and FMCD.Read more

04 Sep 2023

The Maharashtra government has defended the transparency of the 2022 tender process for the Dharavi slum redevelopment project, stating that no undue favour was shown to Adani Group. The government's response came in reply to a petition by Seclink Technologies Corporation challenging the project's award to Adani Properties. The government asserted that the cancellation of the old tender was justified, and the new process attracted more bidders. The government emphasized the project's importance and inclusivity in accommodating non-eligible slum tenements. The Adani Group had won the bid, prompting the legal challenge, while the government maintained the legitimacy of the new tender.Read more

04 Sep 2023

A tragic fire outbreak at the Galaxy Hotel near Mumbai's Chhatrapati Shivaji Maharaj International Airport has claimed the lives of three individuals and left two others injured. The victims were passengers in transit, and the fire occurred due to a suspected short circuit. The hotel lacked integrated firefighting systems, and the presence of combustible materials intensified the flames. This incident underscores the critical importance of stringent fire safety measures, especially in older establishments. It serves as a sombre reminder of the need for comprehensive fire safety regulations and their strict implementation to prevent such tragedies in the future.Read more

02 Sep 2023

The reconstruction of Mumbai's Gokhale Bridge has faced a setback as the BMC's bridges department seeks the demolition of 13 structures on the Andheri East side to accommodate a crane necessary for assembling the bridge girder. While the structures hinder construction, concerns arise due to monsoon-related court orders preventing demolitions and evictions. The contractor requires more space to manoeuvre the crane, but only nine encroached structures can be demolished in October post-monsoon. The bridge, previously marred by delays, must meet a deadline for one side's completion by October. The project reflects challenges in urban infrastructure development amidst regulatory constraints.Read more

02 Sep 2023

Union Living unveils Varsity, a premium student housing in Mumbai's prime Santacruz-Juhu area, boasting a swift 90% occupancy rate post-launch. Besides offering 221 beds with modern amenities, Varsity fosters a unique sense of community through curated workshops and a mind-enhancing app subscription. Located near top educational and medical facilities, Varsity blends luxury with affordability, catering to various housing preferences. Founded in 2020 by Parth Soni and Rishabh Soni, Union Living is revolutionizing student accommodations, with ambitious expansion plans in the pipeline.Read more

02 Sep 2023

Self-redevelopment is becoming a popular choice among housing societies in Maharashtra, especially in Mumbai, where many old and dilapidated buildings are in need of restoration. Approximately 580 housing societies are moving toward self-redevelopment, where residents take charge of revamping their societies instead of relying on developers. This approach offers greater control, mitigates delays, and ensures proper fund utilization. The Maharashtra government has recognized this trend and introduced policies to streamline the process, including faster approvals within three months and tax benefits. This initiative aims to empower housing societies to improve their infrastructure and provide a better living experience for residents.Read more

01 Sep 2023

Two senior citizens have appealed to the Bombay High Court to take action against those encroaching upon refuge areas in Kingston Tower, Mumbai, and restore them to their approved plans. The building, constructed under a SRA scheme, received an Occupancy Certificate up to the 26th floor in April 2013. Subsequently, violations emerged as flats were sold above this level, incorporating refuge areas into higher floors and blocking access to common terraces. Despite reporting violations to the BMC and the fire officer, no action was taken. The High Court directed BMC to address the complaint within two weeks, underscoring the importance of adhering to plans and safety regulations in construction projects. This intervention highlights the commitment to safety in the face of unforeseen events.Read more

31 Aug 2023

The Bombay High Court has directed the BMC's Technical Advisory Committee to independently assess structures damaged by unauthorized tenant demolitions along Old Agra Road in Kurla. Justices Patel and Khata emphasized excluding private audit reports and ruled reconstruction should halt. The move addresses widespread damages caused by tenants and ensures proper authorization for repairs. The court ordered the landlord to present repair plans on September 13 and warned tenants against obstructing the assessment, hinting at potential contempt proceedings.Read more

31 Aug 2023

Bollywood icons have long exhibited a keen interest in real estate investments. Recently, actress Kajol expanded her property holdings by acquiring a commercial unit in Mumbai's Andheri suburbs. The "DDLJ" star purchased a 2,100 sq ft space in the Signature Building. Similarly, Ajay Devgn bought commercial units in the same building earlier this year, paying a substantial Rs 45 crores for five units. Hrithik Roshan's production house secured office space, while Alia Bhatt's production house purchased a lavish apartment. Singer Sonu Nigam also invested in multiple office spaces in Andheri West. These instances highlight how Bollywood's influence intertwines with real estate, shaping Mumbai's property landscape.Read more

30 Aug 2023

Mumbai's Arkade Group is set for a transformative debut, aiming to launch an initial public offering (IPO) in December 2023. With plans to submit a draft red herring prospectus (DRHP) to SEBI by August 31, the real estate powerhouse seeks to raise approximately ?600 crores. Anticipating a valuation of ?4,000 crores, the IPO involves a 15 percent reduction in promoter equity. Arkade Group is engaged in multiple residential projects across Mumbai's micro-markets, while also eyeing the commercial real estate sector through a leasing model. The company's sales momentum has surged, reflecting upgraded offerings and a strategic shift in project focus.Read more

29 Aug 2023

Roha Realty, a renowned real estate developer focused on upscale residential apartments in Mumbai and Thane, has partnered with MHADA for the redevelopment of two large societies in Subhas Nagar, Chembur. Demonstrating its prowess as a premium developer, Roha Realty aims to enhance residents' lifestyles through modern spacious apartments, top-tier amenities, and sustainability measures. The project will merge the two societies into a unified entity, reflecting Roha's commitment to quality and design. Chembur's strategic location and connectivity make it an attractive market for luxury living, further bolstering the investment potential of this development. Roha Realty's dedication to transparency and client satisfaction drives its mission to be Mumbai's premier real estate developer.Read more

29 Aug 2023

Bandhan Bank, a private sector lender, is making strategic moves to expand its presence in Mumbai and beyond. With an investment of around Rs 160 crore, the bank is acquiring commercial space in Mumbai's Bandra Kurla Complex (BKC), marking its entry into the city's financial hub. The new corporate office, covering 40,000 sq ft, will also house a treasury and is expected to be completed by the end of the fiscal year. Additionally, the bank is setting up a zonal office and government business centre in New Delhi to enhance communication with government departments. A 65,000 sq ft back-office space in Navi Mumbai is also in progress to strengthen operational capacities. Bandhan Bank is not only expanding its physical footprint but also advancing its digital offerings, with plans to open more branches and diversify its portfolio.Read more

28 Aug 2023

Utilizing drone technology, the state government has completed mapping rural land parcels in 97% of villages, expediting boundary fixing, property validation, and card issuance. With 31,069 villages surveyed out of 31,984, this innovative approach has resolved disputes and generated over 12,496 maps and 8,846 property cards, enhancing property rights for rural households. Despite pandemic setbacks, the initiative underscores a transformative shift in land management.Read more

28 Aug 2023

Sumir Chadha, co-founder of WestBridge Capital, acquires a luxurious Mumbai apartment for over Rs 96.12 crore. The lavish 7,459 sq. ft residence on the 60th floor of the Oberoi Three Sixty West tower sets a new benchmark with a value of Rs 1.29 lakh per sq. ft. Chadha's stamp duty of Rs 3.59 crore finalizes the deal, also granting exclusive access to car parking slots. The WestBridge Capital leader's investment aligns with Mumbai's robust real estate market, showcasing resilience amid challenges. Oberoi Realty's strategic acquisitions and Mumbai's soaring property records contribute to the city's impressive real estate performance.Read more

28 Aug 2023

A three-storeyed building in Navi Mumbai's Nerul area collapsed last week, resulting in two fatalities and injuring two others. The incident, which took place around 9:11 pm in Sarsole Sector 6, saw a major section of the building's third floor crash onto the lower levels. While the interior was severely damaged, the exterior surprisingly remained intact. Immediate rescue operations were launched, with victims rushed to DY Patil Hospital. The cause of the collapse is under investigation.Read more

26 Aug 2023

Mumbai's Omkar Realtors has begun delivering homes in the world's tallest rehabilitation towers at Dhobi Ghat, Mahalaxmi. Around 1000 families have received new homes and retail units in Phase 1 of the project. Developed under the Maharashtra government's slum rehabilitation scheme, the initiative aims to house 16,000 slum residents across phases. The project, in collaboration with Piramal Realty, focuses on laundry-related labour and includes luxury housing. Omkar has a strong track record in slum redevelopment, delivering over 3,000 houses in a recent project. The iconic Dhobi business faces modernization challenges, adapting to water-efficient and healthier techniques.Read more

26 Aug 2023

In Mumbai's Matunga West, Sumit Woods Ltd. has presented exhibition apartments and a distinctive exercise facility for its Sumit Atulyam project. The building, which was finished in 15 months, features opulent residential units and facilities, such as three show flats and a cutting-edge exercise facility. Construction was sped up by the development of aluminum shuttering technology. With 60% of the project's sales completed, the managing director, Mitaram Jangid, expressed delight in its advancement and invited potential buyers to tour the sumptuous living quarters. P.N. Bhobe, Chief Architect of P.N. Bhobe & Associates oversaw the project's renovation.Read more

23 Aug 2023

Bank of Baroda recently published an e-auction notice for the sale of actor Sunny Deol's 'Sunny Villa' bungalow in Mumbai due to outstanding loan dues amounting to around Rs 56 crores. Scheduled for September 25, the auction notice was withdrawn on August 20, reportedly due to technical reasons. The Sarfaesi Act empowers banks to recover non-performing asset (NPA) dues without court intervention. Deol has the option to settle the dues and stop the auction. The Act mandates a legal notice, followed by a 60-day period to repay the loan, failing which the property can be sold. Sunny Deol, an actor and MP, won the Gurdaspur constituency seat in the 2019 elections. Bank of Baroda's swift action raises questions about the handling of NPAs within legal bounds.Read more

19 Aug 2023

In a recent case, the 62-year-old secretary of Sewree's Lodha Aria Co-op Housing Society was acquitted by the magistrate's court due to the Brihanmumbai Municipal Corporation's (BMC) inability to prove allegations. The BMC accused the secretary of not properly maintaining a swimming pool on the building's terrace, resulting in leakage in the apartment below. The complainant lacked expert evidence or relevant documents to trace the leakage's origin. The court's judgment highlighted crucial points: no approved layout plan proving the pool's existence, and no society bylaws indicating liability for internal leakage. The absence of substantial evidence led to the secretary's acquittal.Read more