06 Jun 2025

Tata Digital Pvt Ltd has leased approximately 59,000 sq. ft. of office space across three floors at One International Centre in Mumbai's Lower Parel business district. The five-year lease covers the 15th, 16th, and 17th floors, with a monthly rent of INR 1.05 crore plus INR 12.32 lakh in CAM charges, totalling about INR 1.18 crore monthly. The lease includes a 5% annual rent escalation and a rent-free period from February 1 to July 15, 2025. Tata Digital has paid INR 7.07 crore as security deposit and secured 49 car parking slots, with additional parking available at INR 10,000 per slot. This move reflects sustained demand for premium office spaces in Lower Parel, a preferred hub for corporate occupiers due to its strategic location, connectivity, and modern amenities.Read more

06 Jun 2025

The Navi Mumbai Municipal Corporation (NMMC) has intensified action against unauthorized construction in Airoli. Acting on the Municipal Commissioner's directives, the encroachment department demolished an illegally built RCC structure behind Vinita Apartments in Sector 20. Despite prior notices under Section 54 of the Maharashtra Regional and Town Planning Act, 1966, the builder continued work without approval. The operation involved demolition equipment, a specialized crew, and an on-site encroachment team. A penalty of INR 50,000 was also imposed on the violator. NMMC has announced that such enforcement will continue citywide to deter violations and uphold planned urban development. The move underscores NMMC's commitment to preserving Navi Mumbai's orderly infrastructure and protecting law-abiding residents. Ongoing vigilance will be key to sustaining the city's growth and urban integrity.Read more

05 Jun 2025

Mumbai's luxury real estate market has recorded a sharp 36% increase in unsold inventory during the first quarter of 2025, reversing a consistent downward trend observed over the past two years. This spike is largely attributed to the influx of high-value housing units, priced above INR 2.5 crore, introduced within the Mumbai Metropolitan Region (MMR). While demand in this segment remains steady, a combination of elevated prices and global economic headwinds has tempered the pace of sales. Despite the setback in the premium segment, the city's overall property market continues to display strength, with property registrations and associated revenue reaching new heights in the past few months.Read more

05 Jun 2025

Mumbai ranks 6th worldwide among 97 cities for data centre capacity under construction, per Cushman & Wakefield's 2025 Global Data Center Market Comparison report. The city is adding 335 MW, expected to expand operational capacity by 62%. U.S. cities lead the list-Virginia (1,834 MW), Atlanta, Columbus, Dallas, and Phoenix-while Mumbai tops Asia-Pacific markets. Executive Managing Director Gautam Saraf highlighted Mumbai's strategic edge: a resilient digital backbone, reliable power, and growing interest from hyperscale operators. The city currently hosts over 50% of India's total data centre capacity, supported by assets like 12 cable landing stations and the MIST submarine cable. While land and power availability remain challenges, strong demand from cloud computing and AI workloads continues to drive growth. With a robust infrastructure pipeline, Mumbai is poised to strengthen its role as India's data centre hub.Read more

05 Jun 2025

Tesla India Motor & Energy Pvt Ltd has secured a 24,565 sq ft warehousing facility in Lodha Logistics Park, Kurla-West, Mumbai, with a starting monthly rent of INR 37.53 lakh. The lease, spanning five years, was signed with Macrotech Developers Ltd and includes a 5% annual escalation clause. According to CRE Matrix, the total lease outflow is expected to reach INR 24 crore. This development marks another step in Tesla's multi-city rollout strategy in India, which includes previous activity in Pune, BKC, and Delhi-NCR. The warehousing operations are scheduled to begin in the coming year.Read more

05 Jun 2025

The Maharashtra government recently approved revised terms for utilizing an 8.5-hectare Mother Dairy land plot in Kurla. This decision aims to rehabilitate ineligible slum dwellers from Dharavi, India's largest slum cluster. The redevelopment plan encompasses not only housing but also essential amenities like schools, hospitals, and shopping complexes. This decision follows a Government Resolution issued last year handing over the land to the Slum Rehabilitation Authority (SRA). The ambitious Dharavi project aims to rehabilitate 8.5 lakh families, with 3.5 lakh requiring land outside Dharavi itself. However, local residents and political leaders have opposed the move, citing environmental concerns and demanding alternative land use such as botanical gardens and hospitals.Read more

03 Jun 2025

The Brihanmumbai Municipal Corporation (BMC) rcently confirmed that property tax rates have not increased; the rise in tax bills stems from updated ready reckoner (RR) rates for FY 2025-26. RR rates, revised for the first time in a decade, set minimum property values for taxation. An average 15.89% uptick in tax bills is also due to a statutory capital value revision under Section 154(1)(c) of the Mumbai Municipal Corporation Act-last updated in 2015, with the 2020 revision delayed due to COVID-19. The BMC also announced a temporary suspension of solid waste management fees after intervention by Maharashtra's Chief Minister and Deputy CM. Residential units under 500 sq. ft. remain exempt from property tax. As civic elections approach, property tax policies and enforcement could become a key issue, with public focus on fairness and accountability in Mumbai's civic administration.Read more

03 Jun 2025

Mumbai-based Kanakia Group has entered into a strategic joint venture with US-headquartered Hines and Japanese conglomerates Mitsubishi Estate and Sumitomo Corporation to develop a premium 1.5 million sq ft office complex at Bandra Kurla Complex (BKC), Mumbai. This collaboration will see Kanakia provide the land parcel, while Hines, MEC, and Sumitomo step in as institutional investors and development partners. The project, spread over 3 acres, is set to feature not only office spaces but also F&B and retail elements. This marks a major milestone in Hines' expansion in India and strengthens its long-term strategic presence in Mumbai.Read more

03 Jun 2025

Pharma tycoon Leena Gandhi Tewari made headlines recently for paying an incredible INR 639 crore for two duplex apartments with a view of the sea in Mumbai's affluent Worli neighborhood. The acquisition, inclusive of stamp duty and GST, brought the total transaction value to approximately INR 703 crore, establishing it as the most expensive residential property deal in India to date. Located within the ultra-premium Naman Xana tower, the 22,572 sq. ft. apartments reflect a growing trend among ultra-rich individuals particularly from the pharma sector towards high-end residential investments in the financial capital.Read more

02 Jun 2025

The Brihanmumbai Municipal Corporation (BMC) has raised property tax rates by up to 15% for the 2025-26 assessment year, impacting over 9 lakh residential properties. This marks the first property tax revision since 2015-16. The increase, reflected in the latest property tax bills, varies by area, influenced by updated ready reckoner (RR) rates. Locations with higher RR rate revisions have seen steeper tax hikes. Properties with carpet areas under 500 sq ft remain exempt, continuing to benefit nearly 16 lakh households. BMC had delayed implementing new rates due to pending state approvals, which are now cleared. While officials say the hike aligns with current economic indicators, some residents have raised concerns over lack of notice and transparency. The change comes amid ongoing redevelopment, legal disputes, and monsoon preparedness, highlighting the need for more predictable civic engagement on taxation matters in Mumbai's evolving urban landscape.Read more