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 The Malabar Hill plot was withdrawn after objections from BEST and local residents citing its designation as a public garden.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

20 Jun 2025

The Supreme Court has backed the Bombay High Court's order for the demolition of 17 unauthorised multi-storey buildings in Thane's Shil-Dighar area. Built without approvals on privately owned land, these structures have been linked to underworld encroachment and municipal negligence. The Court warned of dangerous precedents if such violations continue unchecked, applauding the High Court's tough stance. Though the demolition affects over 400 flats, the bench emphasised that buyers cannot claim rights over illegal constructions. In a related matter, the Court granted a one-week stay on the demolition of a nearby unauthorised dargah, urging legal compliance while respecting religious sensitivity.Read more

20 Jun 2025

The Navi Mumbai Municipal Corporation (NMMC) has identified 501 buildings as structurally unsafe in its 2025-2026 safety survey under Section 264 of the Maharashtra Municipal Corporation Act. Of these, 51 are marked as 'C-1'-critically dangerous and unfit for occupation-requiring urgent evacuation and demolition. Another 51 fall under 'C-2A' (to be vacated and repaired), 297 under 'C-2' (repairable without vacating), and 49 under 'C-3' (minor repairs). The list is publicly available on the NMMC website. Residents of C-1 buildings have been issued notices, with water and electricity cut-offs planned. The civic body warns that failure to vacate may lead to severe consequences during the monsoon.Read more

19 Jun 2025

The Slum Rehabilitation Authority (SRA) of Brihanmumbai has introduced SoftTech Engineers' AutoDCR Online Building Permission System to digitalise and expedite the approval process for slum redevelopment projects. Designed to replace traditional manual procedures, this automation aims to reduce processing time, enhance transparency, and ensure regulatory compliance. Developed by SoftTech Engineers Limited, a pioneer in AEC tech solutions, the platform enables online submission and scrutiny of building plans. The initiative reflects SRA's broader commitment to technological integration for better urban governance and improved living conditions in rehabilitation zones.Read more