07 May 2025

In April 2025, Mumbai's real estate market recorded 12,142 property transactions-a 4% annual increase and the highest April figure in 13 years. Despite a 6% drop in stamp duty revenue, residential demand remained dominant, comprising 80% of transactions. Premium properties gained traction, with deals above INR 2 crore rising to 25% of total sales. While compact homes led in volume, demand for larger apartments also showed resilience. Central and South Mumbai witnessed a slight increase in market share, reflecting renewed interest. This robust performance signals enduring end-user confidence, supported by stable interest rates and expanding infrastructure across the city.Read more

07 May 2025

Mumbai may soon witness the construction of its first underground railway corridor, linking Chhatrapati Shivaji Maharaj Terminus (CSMT) to Parel. Spanning over 17.5 km in two phases, the project is projected to cost around INR 3,000 crore and aims to decongest the city's Central Railway line. Railway authorities have initiated a feasibility study, which includes soil testing and survey work. If approved, the corridor could significantly improve passenger flow, particularly during peak hours, with trains running 25 metres below ground. The project is currently at a conceptual stage, pending further approvals and financial evaluations.Read more

06 May 2025

MHADA is set to redevelop its Bandra East headquarters through a public-private partnership (PPP), replacing the current office with a multi-storey commercial tower near BKC. The selected developer will construct MHADA's new offices free of cost in exchange for rights to lease or sell a portion of the commercial space. The site's proximity to BKC and Bandra station positions it as a prime redevelopment opportunity within Mumbai's urban renewal zone. Once land ownership clearances are obtained, the project will proceed. MHADA may extend this model to other high-value properties, using commercial redevelopment to fund future affordable housing initiatives.Read more

06 May 2025

Indian cricketer Yuzvendra Chahal has leased a 1,399 sq ft luxury apartment in Andheri West, Mumbai for INR 3 lakh per month, with a two-year agreement and a 5% rent hike after the first year. The Transcon Triumph property is owned by actress and former Miss World India Natasha Suri. The move follows Chahal's recent divorce from Dhanashree Verma and reflects a growing trend of cricketers investing in Mumbai's high-end real estate. With premium amenities and proximity to studios and business hubs, Andheri West remains a prime choice for celebrities and athletes seeking upscale, well-connected urban residences.Read more

06 May 2025

Dawat-e-Hadiyah, the Dawoodi Bohra community's administrative arm, has acquired Killick House, a Grade 1 heritage structure in Mumbai's Fort area, for over INR 72 crore. Spread across 27,577 sq ft, the property-once headquarters of Killick Nixon Ltd-was purchased from Nippon Investment and Finance Co. in early 2025 via four agreements. This follows the trust's 2017 purchase of Fort House for INR 300 crore. Situated next to Cathedral School on Hornby Road, Killick House exemplifies colonial-era architecture. The acquisition highlights Dawat-e-Hadiyah's ongoing efforts to safeguard Mumbai's historical landmarks amid rapid urban development, reinforcing community-led heritage conservation in India's financial capital.Read more

Mr. Sanjay Daga, CEO and Managing Director of Anex Advisory

06 May 2025

Mumbai, once cherished as Bombay the city of dreams is now grappling with urban strain marked by crumbling infrastructure, outdated housing, and unchecked congestion. With nearly 40% of its population living in slums and an overburdened transport system, the demand for resilient urban development has never been more urgent. Redevelopment is emerging as a compelling answer, promising upgraded infrastructure, modern amenities, and economic upliftment. As infrastructure projects like the Coastal Road and Metro Line 3 align with this momentum, the city's skyline and socio-economic dynamics could see transformative change if challenges such as regulatory hurdles and community displacement are addressed holistically.Read more

05 May 2025

Actor Vicky Kaushal has renewed the lease on his 2,781 sq ft sea-facing apartment in Mumbai's Raj Mahal project, paying INR 17.01 lakh monthly rent for two years and INR 17.86 lakh in the third, totaling INR 6.2 crore over three years. The deal includes a INR 1.75 crore deposit and three parking spots. This move reflects a growing trend among Bollywood celebrities choosing high-end rentals over ownership for flexibility and access to prime locations. With Juhu remaining a celebrity hotspot, the trend is shaping Mumbai's luxury real estate market towards premium rental offerings over outright purchases.Read more

02 May 2025

Former cricketer Sanjay Manjrekar has sold his 2,315 sq ft apartment in Mumbai’s Raheja Imperia, Lower Parel, for INR 13.5 crore, according to property documents reviewed by Zapkey. The April 8 transaction included one parking space and INR 81 lakh in stamp duty. Lower Parel’s evolution into a prime residential and commercial hub continues to attract celebrities and professionals. Manjrekar’s sale reflects broader trends, with recent high-profile purchases by KL Rahul, Suniel Shetty, and Suryakumar Yadav. These transactions highlight strong momentum in Mumbai’s luxury real estate market, supported by strategic moves from both individuals and corporations across India’s property landscape.Read more

02 May 2025

The Maharashtra government has approved a cluster redevelopment plan for 19 old buildings near Mumbai’s Elphinstone bridge, postponing immediate demolition amid strong resident opposition. Initially, buildings like Haji Noorani and Laxmi Niwas were marked for demolition, but concerns over displacement and indefinite delays in a combined redevelopment prompted protests. At a joint meeting with residents and authorities, officials agreed to prioritize resident relocation before proceeding with the bridge’s removal. The BMC and MSRDC will now revise the redevelopment strategy, incorporating public feedback and assessing infrastructure impacts. Demolition will only begin once a clear, phased plan and proper housing arrangements are in place.Read more

02 May 2025

The Bombay High Court has dismissed a PIL against the demolition of the British-era Elphinstone bridge, allowing the MMRDA to proceed with the Sewri-Worli Connector project. The court upheld technical reports declaring the bridge unsafe, despite local protests. The 4.5-km elevated corridor will improve east-west connectivity, linking the Mumbai Trans Harbour Link to the coastal road and easing traffic near major hospitals and Dadar-Parel stations. Meanwhile, residents in Sewri are demanding in-situ rehabilitation, saying MMRDA’s INR 25–40 lakh compensation is inadequate. Authorities are set to resume demolition and reassess rehabilitation plans, though local resistance may continue to pose challenges.Read more

02 May 2025

BEST is set to roll out last-mile connectivity for Mumbai Metro Line 3’s remaining phases, introducing 27 new bus routes to connect commuters with underground stations. Ten routes will serve the Dharavi to Acharya Atre Chowk stretch using 29 buses, linking areas like Dadar, Wadala, and Mahim. For the Acharya Atre to Cuffe Parade stretch, 17 more routes are in planning. BEST will adopt a ring-route model and upgrade station exits with bus bays. A tie-up with Google Maps will provide real-time bus tracking and ETAs, enhancing commuter convenience and supporting non-motorised transit across high-density zones.Read more

02 May 2025

The Maharashtra government has approved a INR 1,800 crore, 1.26-km connector linking Bandra Fort to the Bandra-Worli Sea Link to ease traffic at Bandra Reclamation and SV Road junctions. The six-lane road, to be built by MSRDC, will serve as a second sea link entry point from Bandstand, benefiting daily commuters and tourists. While the project includes land acquisition and rehabilitation, concerns remain about its impact on Bandstand’s public spaces. Officials plan minimal disruption with entry near Taj Lands End and a small exit at Bandra Fort. The connector forms part of a larger plan to decongest western Mumbai through parallel corridors.Read more

01 May 2025

The Nagpur bench of the Bombay High Court recently overturned a GST demand placed on Shrinivasa Realcon, in a landmark ruling that will have an effect on Maharashtra's real estate market. The court determined that the development agreement in question did not involve a taxable transfer of development rights (TDR), as the construction utilized existing Floor Space Index (FSI) without acquiring additional rights. This ruling provides clarity on the applicability of GST to development agreements lacking explicit TDR transactions.Read more

01 May 2025

In a bid to make redevelopment more affordable for residents of aging cessed buildings in Mumbai, the Maharashtra Housing and Area Development Authority (MHADA) has slashed the charges for additional space to 100% of the ready reckoner rate (RRR), down from 110%. This policy applies to beneficiaries of the December 2023 housing lottery and aims to accelerate urban renewal. The move also covers tenants in stalled redevelopment projects and those in unsafe buildings, offering compensation and inclusion in official lists. With this initiative, MHADA hopes to revive stalled projects and improve housing conditions for residents in old neighborhoods.Read more

01 May 2025

The anti-encroachment department conducted a drive under the direction of Additional Commissioner (2) Dr. Rahul Gethe and Assistant Commissioner (Encroachment) Mr. Bhagwat Doifode by the directives from Navi Mumbai Municipal Corporation Commissioner Dr. Kailas Shinde. The drive, aimed at removing homeless encroachments, led to the eviction of 48 homeless individuals near L&T Bridge, Sector-42, Seawoods, Navi Mumbai. The action was overseen by Assistant Commissioner Dr. Amol Palve and involved a team including engineers, staff, and police personnel. The municipal corporation has stated that such actions will continue in the future.Read more

30 Apr 2025

A new 550-metre underpass connecting Mumbai's Coastal Road to the Worli-Sewri corridor is set to open by early May, offering southbound motorists from Dadar and Prabhadevi direct access to Nariman Point and Marine Drive. Built to ease congestion at Worli-Haji Ali, the tunnel will allow seamless entry onto the Coastal Road without using crowded city streets. Finishing works like signage, lighting, and surfacing are underway. Part of the 10.58-km Coastal Road project, the underpass is expected to significantly cut travel time to Mumbai's central business districts and improve traffic flow along the city's key commercial arteries.Read more