07 Aug 2023

The late Bollywood legend Dilip Kumar's Pali Hill bungalow in Mumbai is set to be transformed into a luxury residential complex. The Ashar Group, who have teamed up with Kumar's family, will oversee the development, which will also feature a museum dedicated to the actor's life and career on the ground floor. Construction is underway, with completion expected well ahead of the 2027 delivery date. The anticipated revenue from the project is estimated at INR 900 crores. Legal hurdles that had previously stalled development have been resolved, clearing the way for this unique fusion of heritage and modern living.Read more

05 Aug 2023

In July 2023 property registrations in Mumbai are expected to reach 10,214 units, a 10% decline from last year, but revenue collection remains steady at INR 832 crores. Despite a dip in overall registrations, the luxury segment (properties valued at INR 1 crore and above) continues to thrive, accounting for 57% of the registrations. This sustained demand in the higher price segment, coupled with resilience against interest rate hikes, underscores the ongoing strength of Mumbai's residential market.Read more

05 Aug 2023

AG Enviro Infra Projects and Metro Waste Handling are partnering to construct two waste plants in Mumbai to process 1,200 tonnes of construction waste daily, producing precast concrete products. The Bombay Municipal Corporation is recruiting supervisors to oversee the plant construction. One plant in Gorai will handle waste from the western suburbs, and the other in Shilphata will process waste from the eastern suburbs and the city. The BMC has introduced the "Debris on Call" facility to ensure proper waste disposal and prevent unauthorized dumping. The plants will process drains and paver blocks, with AG Enviro Infra Projects and Metro Waste Handling selling the products. The plants are scheduled to be operational by February 2024.Read more

03 Aug 2023

Union Bank of India, Bank of Baroda and Yes Bank have issued e-auction sale notices for the sale of immovable assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The online auction will be conducted on a dedicated platform, where interested bidders must register themselves beforehand to qualify. Properties sold at these auctions will be offered on a an "as is what is," "whatever there is," and "without recourse basis". Therefore, the rules of caveat emptor apply. Interested bidders are required to register on the designated e-auction platform, and meet the specific eligibility criteria to participate.Read more

03 Aug 2023

Olive by Embassy, a prominent player in real estate, plans to launch 2,500 co-living beds in Bengaluru and Mumbai to meet the rising demand for affordable and innovative housing solutions. Focused on millennials and young professionals, the project aims to create collaborative living spaces with shared amenities, emphasizing sustainability and design excellence. By targeting India's bustling metropolitan cities, Olive seeks to redefine urban living experiences and set a precedent for the future of co-living. Leveraging expertise and strategic partnerships, the company aims to expedite construction and deliver high-quality living spaces within a year.Read more

02 Aug 2023

Mumbai's Pali Hill, a prestigious locality in Bandra, has become a celebrity hotspot, attracting Bollywood stars and notable personalities. The area's serene ambiance, lush green surroundings, and strategic positioning make it an ideal residential destination. Recently, Bollywood film producer and director Dinesh Vijan purchased a duplex apartment in Pali Hill for approximately Rs 100 crore, making it one of the most expensive residential property deals in the country. The building the flat is located in is being developed by Rustomjee and is scheduled to be completed in January 2026.Read more

01 Aug 2023

L&T has been awarded the bid to construct Rs 1,959 crore elevated Dahisar-Bhayander Link Road, aiming to improve connectivity and ease congestion. The 5km stretch will connect Kandarpada Metro station in Dahisar (W) to Uttan Road in Bhayander (W). The project includes marine environment and intertidal zone work, bridges, pavements, and seven-storey mechanised parking lots with a bus terminus. The project notably is still pending approvals from the Coastal Zone management authorities, Salt Pan Commissioner and the Environmental Ministry.Read more

01 Aug 2023

Mumbai's Aarey Milk Colony is witnessing a significant crackdown on illegal structures, led by the CEO's office, resulting in over 150 demolitions. The initiative, marking a major operation against illegal constructions, is set to intensify post-monsoon. Applauded by environmental advocates, the actions aim to safeguard the forest, local biodiversity and wildlife from encroachments. Collaboration with the forest department, dairy department, MCGM, and police is in place to ensure Aarey forest becomes an encroachment-free zone.Read more

29 Jul 2023

Commuters at Chhatrapati Shivaji Maharaj Terminus (CSMT) will soon enjoy direct access to the Aqua Line metro station through a state-of-the-art underground pedestrian subway. Stretching 365 meters, the subway will streamline movement and provide seamless transitions between the two major transit modes. Starting from platform number 1 at CSMT, the subway's endpoint will be Azad Maidan metro station. Funding for the project will be a joint effort between the Maharashtra government and Indian Railways. The subway will boast modern amenities, including travelators, lifts, escalators, refreshment sections, and toilet blocks, ensuring a comfortable travel experience for all.Read more

29 Jul 2023

K Raheja Corp, a prominent real estate developer, acquired a 3.72-acre land parcel in Mumbai's Mulund suburb for Rs 130 crore, intending to develop a premium residential project. The company recently completed the transaction, paying stamp duty and the initial amount to the landowner. K Raheja Corp plans to pay the remaining balance after nine months from the deed's execution or upon receiving the commencement certificate. The company's interest in residential developments aligns with the current trend of developers utilizing land for housing projects amid a positive housing market upcycle.Read more

28 Jul 2023

DLF and Trident Buildtech have signed a joint venture (JV) agreement to re-enter the Mumbai real estate market. Pegeen Builders & Developers , a subscriber of DLF, will give Trident 9800 equity shares as part of the agreement. The JV seeks to partner on a project in Andheri (W), Mumbai to rehabilitate slums and improve the living conditions of slum dwellers. DLF's strategic move to increase its presence in Mumbai's dynamic real estate sector and support urban development in the city is marked by the move. The project's completion date is set for August 31, 2023.Read more

28 Jul 2023

The construction of the super specialty wing at JJ Hospital in Mumbai has faced significant delays, with only 24% of the project completed over the past three years. The project, estimated at Rs. 700 crore, aims to provide comprehensive medical services and add 1200 beds to the existing hospital. The decision on whether to grant an extension to the current builder or assign the project to another developer rests with the Public Works and State Medical Education Department.Read more

28 Jul 2023

A new report by India Sotheby’s International Realty and CRE Matrix reveals a significant 50% surge in sales of Mumbai's luxury homes in H1 CY’23. High-end properties priced above Rs 10 crore have sold to the tune of Rs 11,400 crore, underlining a healthy return of confidence in India's real estate market. The robust increase aligns with a boom in overall residential sales and the growing affluence of India's financial capital, Mumbai. The ultra-luxury segment (Rs 40-70 crore) also witnessed a 64% growth, further showcasing the city's economic resilience.Read more

27 Jul 2023

Aditya Birla Finance, a subsidiary of Aditya Birla Capital, extends Rs 40 crore debt to Agami Realty's premium residential project near Mumbai's BKC. The project covers a quarter-acre of land with a development potential of 1 lakh sq. ft and a free-sale component of 45,000 sq. ft. The revenue potential is estimated at over Rs 225 crore. Prashant Khandelwal, CEO of Agami Realty, expresses confidence in the funding. Aditya Birla Capital recently raised Rs 3,000 crore through QIP with a robust investor response. Designed by Reza Kabul, the project offers 2.5 and 3-bed residences with sky-decks, priced from Rs 4 crore onwards.Read more

27 Jul 2023

The affordable housing market in India's top seven cities is facing a downturn, with demand shrinking by 20% in H1 2023, according to ANAROCK Research. Escalating land costs and other pandemic-induced factors are being blamed. Conversely, the luxury housing segment is thriving. As a result, developers are shifting focus to mid-range and premium projects. Mumbai, Pune, and NCR saw the most new affordable housing supply in H1 2023, despite the overall contraction. The change underscores a significant shift in real estate market trends.Read more

27 Jul 2023

NHSRCL has given a sizable contract of Rs 215,697 crore to Larsen & Toubro (L&T) for the construction of the Thane, Virar, and Boisar stations for the Mumbai-Ahmedabad High-Speed Rail project. This completes the 508-kilometer-long bullet train route between Mumbai and Ahmedabad's civil construction phase. The project seeks to dramatically cut down on travel time, stimulate economic growth, and give passengers access to cutting-edge amenities. The high-speed rail corridor promises to overhaul India's transportation system and usher in a new era of effective and modern train travel by utilizing cutting-edge technology and environmentally friendly methods.Read more

26 Jul 2023

The Haji Qasim Ismail Building in Mahim, owned by Waqf Board, experienced a dangerous incident when the third-floor slab collapsed due to water seepage, resulting in no casualties or injuries. The authorities promptly evacuated 150 people and relocated them to nearby accommodations for their safety. The building's poor condition prior to the incident raised concerns, leading to the decision to demolish the damaged portion. The Mumbai Municipal Corporation is taking the safety and security of residents in damaged buildings seriously, providing necessary support and relocation arrangements to prevent harm to occupants of vulnerable structures.Read more

26 Jul 2023

In order to build a third prison in Mumbai, the state of Maharashtra is looking for land in Gorai. Long-term offenders will be catered to by this new institution, saving them from having to frequently appear in court throughout their trials. The choice was made as a response to the problem of overcrowding in current jails. Additionally, a second jail with a multi-story design and capacity for about 5000 inmates is planned for construction at Mankhurd. These programs demonstrate the government's dedication to updating and improving the infrastructure of prisons in order to build a more resilient and effective criminal justice system.Read more

25 Jul 2023

The Maharashtra State Road Transport Corporation (MSRTC) embarks on a significant redevelopment initiative for the Borivali bus depot in Mumbai. With an estimated cost of Rs 515 crore, MSRTC plans to construct a 16-storey building to optimize land usage and generate additional revenue streams. The proposal involves retaining core depot functions on the ground floor and first three floors while leasing the remaining floors to a developer for commercial development. The modernization of maintenance facilities and bus parking aims to improve service frequency and passenger experience. MSRTC's commitment to sustainability is evident in their plan to introduce over 5,100 electric buses on a wet lease basis. With vast land parcels in the Mumbai Metropolitan Region, MSRTC's dedication to enhancing public transportation and optimizing resources holds immense potential for future development.Read more

25 Jul 2023

The Bombay High Court's recent directive has drawn attention to the issue of non-payment of transit rent to slum dwellers during the redevelopment process in the city. Emphasizing the role of the Slum Rehabilitation Authority (SRA), the court calls for prompt payment of transit rent and the establishment of a Nodal Officer to handle grievances from cooperative societies of slum dwellers. The court's focus on transparency and accessibility aims to empower vulnerable communities and avoid an overload of court cases. The directive aims to ensure justice for slum dwellers and address the financial hardships they may face during the redevelopment process.Read more