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02 Apr 2025
Amit Rathi, co-founder of QiCAP.AI, has acquired a luxury apartment worth INR 89.91 crore in Palais Royale, Mumbai's tallest building. Located on the 62nd floor, the 7,685 sq ft apartment was bought at INR 1.17 lakh per sq ft. The transaction, registered on March 22, 2025, included five parking spaces and incurred a stamp duty of INR 5.39 crore and an INR 30,000 registration fee. Rathi, previously a non-executive director of Anand Rathi Wealth, co-founded QiCap, a global quantitative multi-asset trading and investment platform. Palais Royale is located in the coveted neighborhood of Worli in Mumbai.
02 Apr 2025
The Maharashtra government has amended DCPR-2034 to allow the use of Transferable Development Rights (TDR) for redevelopment in Mumbai's airport funnel zone, which includes Santacruz, Vile Parle, and Kurla. Due to aviation height restrictions, developers in these areas struggled to fully utilize permissible FSI, making redevelopment unviable. The new rule permits TDR equal to the existing or basic carpet area-whichever is higher-offering developers flexibility to build within limits and transfer excess rights elsewhere. The change aims to modernize aging structures while ensuring aviation safety. Similar models have been used globally, such as Oslo's redevelopment of Fornebu Airport into a sustainable urban hub.Read more
02 Apr 2025
Zydus Family Trust has purchased a 17,384 sq ft apartment in Oberoi Realty's 'Oberoi 360 West' project located in Worli, Mumbai, for INR 200 crore, equating to approximately INR 1.15 lakh per sq ft. The transaction was registered on March 27, 2025. The trust, promoted by Zydus Lifesciences and Zydus Wellness, includes trustees such as Zydus Group Chairman Pankaj R Patel, Pritiben P Patel, and Sharvil P Patel. This acquisition underscores the growing demand for luxury and ultra-luxury housing in the post-pandemic era.
01 Apr 2025
Navi Mumbai is rapidly emerging as a prime commercial real estate hub, driven by its strategic location, robust infrastructure, and affordability. The city benefits from excellent connectivity via the Mumbai-Pune Expressway, the Mumbai Trans Harbour Link, and the upcoming Navi Mumbai International Airport. Infrastructure projects like metro expansions and road network improvements further enhance its appeal. Affordable office spaces, coupled with lower operational costs, attract multinational corporations, startups, and Global Capability Centres. The proposed International Corporate Park in Kharghar is expected to be a game-changer. With a projected 13% annual growth rate in commercial real estate, Navi Mumbai presents a lucrative investment opportunity.Read more
01 Apr 2025
The Dharavi Redevelopment Project has marked a key milestone by surveying over 63,000 tenements, surpassing the 2007-08 figure of 60,000. Unlike past surveys that focused only on ground-floor units, the current initiative includes upper floors, ensuring a more inclusive rehabilitation process. Over 95,000 tenements have been mapped, and 89,000 units numbered, with strong resident participation. Navbharat Mega Developers plans to construct around 1.5 lakh tenements, addressing Dharavi's dense, vertical growth. Officials emphasize that non-participation in the survey could forfeit housing benefits. This progress signals a transformative step toward comprehensive urban renewal, with community engagement and careful execution vital for delivering sustainable housing without disrupting the area's social and economic fabric.
01 Apr 2025
The long-awaited reopening of Mumbai's Gokhale Bridge is scheduled for May 15, marking a significant milestone in the city's infrastructure overhaul. Originally built in 1975, the bridge partially collapsed in July 2018, leading to its eventual demolition in November 2022. The reconstruction, costing INR 232 crore, faced multiple delays but is now nearing completion. The eastbound arm is already operational, while the westbound section will soon follow. The reopening is expected to ease congestion between Andheri East and West, restoring a crucial commuter link that was severed for years. However, concerns remain over alignment mismatches with the existing road network, which could lead to additional challenges.
01 Apr 2025
Sanjeev Agarwal, CEO of global pharma firm Althera, has purchased three luxury apartments in Raheja Modern Vivarea, South Mumbai, for INR 72.65 crore, as per property registration documents accessed by Zapkey.com. The acquisitions were made in two phases, with the first two apartments bought on February 17, 2025, for INR 26.42 crore and INR 20.09 crore, while the third was purchased on May 22, 2024, for INR 26.14 crore. The combined RERA carpet area of the properties exceeds 8,100 sq ft, and the deal included seven car parking spaces. A stamp duty of approximately INR 4.35 crore and a registration fee of INR 90,000 were paid. This purchase adds to the trend of high-value real estate transactions in South Mumbai, following acquisitions by Nirmal Bang Securities' promoters and Creative Plastics Group in recent years.
01 Apr 2025
The state government has announced that the height of stilt parking will no longer count towards the permissible building height under the 12.5% scheme in Navi Mumbai. This decision aims to facilitate redevelopment projects that were previously hindered by height restrictions. Deputy Chief Minister Shri Eknath Shinde stated that the Unified Development Control and Promotion Regulations (UDCPR) will be updated immediately to reflect this change. The 12.5% scheme, initiated by CIDCO in 1994, allocates developed land to project-affected persons (PAPs) whose land was acquired for Navi Mumbai's development. By excluding stilt parking from height calculations, the government seeks to accelerate redevelopment and benefit numerous residents in the region.
01 Apr 2025
Maharashtra Deputy Chief Minister Shri Eknath Shinde announced a major policy change allowing owners and builders within the airport's funnel zone to receive equivalent Transfer of Development Rights (TDR) if height restrictions prevent full utilisation of the Floor Space Index (FSI). Concessions in premium charges for open space deficiencies and FSI exclusions for staircases and lifts have also been introduced. This move is expected to facilitate redevelopment in areas like Santacruz, Vile Parle, and Kurla. A provision in the Development Control and Promotion Regulations (DCPR-2034) has been approved to ease redevelopment constraints. The decision follows repeated appeals from local representatives who highlighted the financial non-viability of redevelopment due to height restrictions.
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01 Apr 2025
The Brihanmumbai Municipal Corporation (BMC) is launching a digital dashboard to provide real-time updates on its 400-km road concreting project. Designed for internal use, the system will enable senior officials to monitor progress efficiently. An appointed agency will update project data, track roadworks, and address challenges. The INR 12,000-crore initiative aims to complete 75% of phase one and 50% of phase two by June 2025. While initially for internal use, the dashboard may be made accessible to citizens in the future, enhancing transparency in Mumbai's road development efforts.
01 Apr 2025
The Brihanmumbai Municipal Corporation (BMC) has issued notices to 20 housing societies in Juhu for modifying footpaths on Gulmohar Road and N S Road, impacting pedestrian movement. Following complaints from residents, officials found unauthorised carriageways constructed for vehicle entry and exit, creating safety hazards, particularly for senior citizens. Activists highlighted the growing issue of footpath encroachments, especially in redeveloped buildings. The BMC has directed societies to rectify these modifications as per its guidelines. Residents have urged stricter enforcement to prevent further encroachments and ensure safe pedestrian pathways.
31 Mar 2025
Bollywood actress Kajol Devgan has sold her 762 sq ft apartment in Hiranandani Gardens, Powai, for INR 3.1 crore. The property, located on the 21st floor of Atlantis Co-Operative Housing Society, comes with two stack car parking spaces, with a per sq ft rate of approximately INR 40,682 based on the RERA carpet area. The deal was registered on March 20, with Vrushali Rajnish Rane and Rajnish Vishvnath Rane as the buyers. This transaction follows Kajol's recent purchase of a 4,365 sq ft commercial space in Goregaon West for INR 28.78 crore earlier this month. In 2023, she acquired an office space in Andheri West for INR 7.64 crore and an apartment in Mumbai for INR 16.50 crore. Meanwhile, her husband, Ajay Devgn, had leased out a commercial office space spanning 3,455 sq ft in Mumbai for a monthly rent of INR 7 lakh last year.
31 Mar 2025
The Jawaharlal Nehru Port Authority (JNPA) has announced plans to construct an iconic high-rise corporate office at Mallet Bunder in Mumbai. The 20-floor building, adjacent to the Ferry Wharf and Mumbai Cruise Terminal, will be developed at an estimated cost of INR 1,000 crore. The Mumbai Port Authority has allotted a 12,804 sq. m. plot for this project. The building will also house offices of key port-related organisations, including DG Shipping, IPGL, and IPA. JNPA has received in-principle approval from the Ministry of Ports, Shipping & Waterways. The office will feature a digital observatory, a state-of-the-art auditorium, and a ground-floor canteen. Engineers India Ltd. has been appointed as the project consultant for structural design, engineering, and construction management. The project is expected to be completed within two years after obtaining the necessary approvals and permissions.
31 Mar 2025
The Bombay High Court dismissed a petition by Bhosale Homes challenging a 2016 stop-work notice issued by CIDCO for its Ulwe project in Navi Mumbai. The court ruled that a development agreement cannot override a disputed land title, affirming CIDCO's authority to halt construction. Bhosale Homes had claimed to be the land's lessee since 2008 and argued that a similar stop-work notice was overturned in 2018 for another project. However, CIDCO contended that the land was allocated to Sir Mohammed Yusuf Trust under the 12.5% scheme. The HC upheld CIDCO's decision, stating that land title disputes must be resolved in a civil court.
31 Mar 2025
The Property Tax Department of the Navi Mumbai Municipal Corporation (NMMC) has decided to auction seized properties with outstanding tax dues. Notices have been issued to 454 property owners across eight wards, urging them to clear their arrears immediately to avoid auction proceedings from April 2025. Under the Maharashtra Municipal Corporation Act, properties with unpaid taxes face seizure and subsequent auction. To facilitate the process, authorised government valuers are being appointed. Additionally, NMMC has introduced the 'Abhay Yojana', offering a 50% waiver on late payment charges until the end of March 2025, with tax payment centres remaining open on weekends.Read more
28 Mar 2025
Hermes Distillery has purchased 10 residential units in Prestige Ocean Tower, Marine Lines, Mumbai, for INR 199.35 crore. The total built-up area of the apartments is 25,650 sq ft, with each unit offering a carpet area of 2,482 sq ft and a built-up area of 2,565 sq ft. The deal, registered in January 2025, reflects a per-unit price between INR 19.39 crore and INR 20.54 crore. Each apartment has three parking spaces, for a total of thirty parking spaces, and the total stamp duty paid is INR 11.96 crore. Prestige Ocean Tower, developed by Prestige Projects, is located on a 2.3-acre site and features 2 and 3 BHK residences.
28 Mar 2025
Maharashtra Chief Minister Shri Eknath Shinde has announced that all street concretization work in Mumbai will be completed by May 31. The initiative, which began in January 2023, covers over 20 major roads and has faced criticism over delays and disruptions. In a recent review meeting, Shinde assured MLAs that the project would be expedited and addressed concerns regarding road quality and slow execution. Deputy Chief Minister Shri Devendra Fadnavis also emphasized the government's commitment to achieving full concretization of Mumbai's roads by 2027.
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