26 Jun 2025

The Bombay High Court has struck down Section 17(2) of Goa's Town and Country Planning (TCP) Act, criticising unchecked land-use conversions in Bardez taluka, including Calangute and Candolim. Between March 2023 and early 2024, over 353 approvals reclassified 2.65 million sqm of orchards and paddy fields into settlement zones-bypassing planning norms and public scrutiny. The court called the move 'disastrous,' highlighting systemic failures in Goa's urban planning. This follows past judicial interventions halting Outline Development Plans and the 2021 Regional Plan notification. While the Goa government has appealed the decision, the ruling marks a win for civic groups seeking transparent, eco-sensitive development.Read more

25 Jun 2025

Mumbai, long regarded as India's most expensive housing market, has witnessed a slight improvement in affordability for the first time, following a cumulative 100 basis point reduction in the RBI's repo rate since February. Knight Frank India's latest Affordability Index reveals Mumbai's EMI-to-income ratio dropped to 48%, just below the 50% unaffordability threshold. While affordability improved across most major cities, Delhi-NCR saw a minor dip, and Bengaluru and Hyderabad remained unchanged. Experts believe the softer home loan rates will boost buyer sentiment and potentially drive up sales.Read more

25 Jun 2025

Chembur is swiftly emerging as one of Mumbai's most promising growth corridors, propelled by the soon-to-be-operational Metro Line 2B that connects DN Nagar to Mandale. Spanning 23.6 km with 20 stations, this corridor enhances the suburb's accessibility to key business hubs and integrates it with Mumbai's wider infrastructure web. Supported by major road and rail networks, Chembur's mobility appeal is attracting homebuyers and investors alike. Property rates have already appreciated by 8% in the past year, and with Phase 1 of the metro nearing completion, a further price increase of 15-20% is anticipated.Read more

25 Jun 2025

The Maharashtra government has appointed MMRDA as the nodal agency for the Dharavi Multi-Modal Transit Hub (MMTH), aimed at transforming connectivity across Mumbai. The hub will integrate Mahim, Sion, and Chunabhatti railway stations with Metro Lines 2B, 3, 8, and 11, and connect to the BKC Bullet Train station, Mumbai airport, and the upcoming Navi Mumbai airport. It will also extend BKC's Personal Rapid Transit (PRT) system to Dharavi. The project includes amenities like offices, retail, hotels, and a convention centre. MMRDA will soon begin feasibility studies, with officials describing the hub as a key step in Dharavi's inclusive urban redevelopment.Read more

25 Jun 2025

Actor R. Madhavan and his wife Sarita have leased their 4,182 sq. ft. luxury apartment in Signia Pearl, BKC, Mumbai, to BP Exploration for INR 6.5 lakh per month. The two-year lease, registered on June 11, totals INR 1.60 crore. Signia Pearl, developed by Sunteck Realty, is home to celebrities and top business figures. Located in the Bandra Kurla Complex-Mumbai's premium commercial hub and BFSI hotspot-the area sees high rental demand from senior executives.Read more

24 Jun 2025

Adani Airports Holdings Ltd (AAHL), a subsidiary of Adani Enterprises and India's largest private airport operator, has secured USD 1 billion in project financing for Mumbai International Airport Ltd (MIAL). The deal includes a USD 750 million bond issuance maturing in July 2029 for refinancing, with an option to raise an additional USD 250 million. The funds will support MIAL's capital expenditure programme for modernisation and expansion. Notably, this marks India's first investment-grade bond issuance in the airport sector, with participation from global institutional investors including Apollo-managed funds, BlackRock, and Standard Chartered.Read more

24 Jun 2025

NCC Urban Infrastructure Ltd has entered Mumbai's real estate sector with a redevelopment project in Versova, involving 4 lakh sq ft of built-up area and projected revenue of INR 700 crore. Known for operations in cities like Bengaluru, Hyderabad, and Dubai, the company is expanding across western India. Redevelopment is a growing trend in MMR, with other out-of-region developers like Ramky Estates, Kolte Patil, and DLF also entering via similar routes. Mumbai's 25,000+ buildings eligible for redevelopment, along with government incentives and steady housing demand, make the region a lucrative choice. The move aligns with broader goals for affordable housing by 2030.Read more

24 Jun 2025

The BMC's first attempt to lease out three prime land parcels;at Malabar Hill, Worli, and near Crawford Market;for long-term revenue has faced setbacks. The Malabar Hill plot was withdrawn after objections from BEST and local residents citing its designation as a public garden. At Crawford Market, Central Railway requested a portion for a skywalk-linked passenger outlet, complicating the full-site tender. Meanwhile, the RBI showed interest in the Worli parcel but didn�t submit a bid. BMC is evaluating the received bids, aiming to raise funds for major projects like the Dahisar�Mira Bhayander coastal road and Mulund-Goregaon tunnel by monetising dormant land.Read more

23 Jun 2025

The Brihanmumbai Municipal Corporation's Tree Authority has approached the Supreme Court seeking approval to cut 1,134 trees in Film City, Mumbai, to facilitate the Goregaon-Mulund Link Road (GMLR) project�a key infrastructure initiative aimed at connecting the Western and Eastern Express Highways and reducing travel time by nearly an hour. Respecting the Court's earlier directive barring tree felling in Aarey without explicit permission, the Authority clarified that the proposed development does not fall within the protected Aarey Milk Colony. The trees are required for constructing twin tunnels over a 6.2-km stretch, particularly for pit excavation and tunnel boring machine operations. A shift in the launching shaft's location to avoid displacing a tribal hamlet has also increased the number of trees to be felled. The Tree Authority has sought permission to remove 95 trees in the first phase and requested the liberty to return for further approvals in the next phase of the project.Read more

Mr. Chintan Sheth, Chairman and Managing Director, Sheth Realty

23 Jun 2025

The central suburbs of Mumbai, particularly Sion and Mulund, are rapidly emerging as high-demand housing destinations, driven by robust infrastructure development and expanding metro connectivity. The introduction of new metro lines, including the Aqua Line and upcoming Line 4, has significantly enhanced access to key business districts, spurring residential interest and capital appreciation. These areas offer improved commute times, upgraded amenities, and redevelopment-led luxury housing, making them appealing to professionals and families alike. With the upcoming Navi Mumbai International Airport, central suburbs are strategically positioned for further growth and rising property values.Read more

23 Jun 2025

Larsen & Toubro (L&T) has mobilised INR 500 crore through the issuance of non-convertible debentures (NCDs) tied to environmental, social and governance (ESG) benchmarks. The NCDs, valued at INR 1 lakh each and carrying an interest rate of 6.35%, will mature in 2028 and bear annual interest. The issuance is part of SEBI�s ESG Debt Securities Framework and is expected to be listed on the NSE. Meanwhile, L&T recorded a 25% increase in consolidated profit after tax for the March quarter, supported by higher operational revenues and an exceptional gain.Read more

23 Jun 2025

The Mumbai Metropolitan Region Development Authority (MMRDA) has introduced a strict penalty policy to address labour shortages and fast-track metro construction. Effective immediately, contractors will face fines of INR 1 lakh per day for workforce shortfalls between 25-50%, and INR 2 lakh per day if the deficit exceeds 50%, with no exceptions or prior notice. These penalties are in addition to existing fines for project delays and will be enforced across key metro corridors set to be commissioned by year-end, including Lines 2B, 4, 4A, and 9. MMRDA officials will conduct regular site audits and review consultant reports to monitor compliance, as the authority aims to curb persistent manpower issues that have historically hampered metro progress.Read more

23 Jun 2025

The BMC�s first attempt to lease out three prime land parcels�at Malabar Hill, Worli, and near Crawford Market�for long-term revenue has faced setbacks. The Malabar Hill plot was withdrawn after objections from BEST and local residents citing its designation as a public garden. At Crawford Market, Central Railway requested a portion for a skywalk-linked passenger outlet, complicating the full-site tender. Meanwhile, the RBI showed interest in the Worli parcel but didn�t submit a bid. BMC is evaluating the received bids, aiming to raise funds for major projects like the Dahisar�Mira Bhayander coastal road and Mulund�Goregaon tunnel by monetising dormant land.Read more

20 Jun 2025

The Maharashtra government has rolled out major financial incentives, including stamp duty concessions, to drive large-scale redevelopment and industrial housing projects across the state. Key among these is a stamp duty waiver for the Special Purpose Vehicle (SPV) overseeing the Dharavi redevelopment-one of the world's largest slum transformation efforts-applicable to all property transactions within the notified area. Separately, a 50% stamp duty concession has been granted to residential units under the Integrated Industrial Area (IIA) policy, with Pen Township in Raigad becoming the first project to benefit. These incentives aim to reduce costs, attract investment, and accelerate planned urban and industrial growth.Read more

20 Jun 2025

Mumbai's ambitious road concreting project, launched in January 2023, has achieved 49% completion across 2,121 roads, with 36% fully finished end-to-end. The Brihanmumbai Municipal Corporation (BMC) reports that the initiative is progressing on schedule and aims for total completion by May 2027. Phase 1 covered 700 roads, of which 343 (102 km) are complete, with another 239 roads partially done. In Phase 2, 428 roads (84 km) are fully ready, while 375 have been partially completed. Quality control is being overseen by IIT Bombay, ensuring robust standards through surprise checks and detailed testing. Post-monsoon, remaining works will resume, with strict no-dig policies now in place on completed roads.Read more