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26 Mar 2025
Etonhurst Capital Partners has raised over INR 180 crore in the first closing of its INR 500 crore fund focused on redevelopment projects in Mumbai. The round saw participation from family offices, HNIs, and The Guardian Real Estate Advisory's family office. The capital will support construction, regulatory approvals, and marketing to ensure smooth project execution. With many of Mumbai's aging residential structures requiring urgent redevelopment, Etonhurst plans to deploy over 60% of the funds within the year, targeting high-demand urban zones. Registered as a Category II AIF with SEBI, the firm aims to close the fund by end-2025 and scale up to INR 2,000 crore.
26 Mar 2025
The Bombay High Court has dismissed a petition by stable owners in Versova, Mumbai, allowing the long-pending Ramdas Nagar slum rehabilitation project to proceed. The petitioners, occupying the land for over six decades, challenged eviction notices issued by the BMC in 2024. However, the court ruled that unauthorized occupants cannot dictate terms to landowners or developers. The decision accelerates the redevelopment plan led by One Stop Business Services LLP, which had faced delays due to resistance from 11 remaining structures. This ruling reinforces legal compliance in urban redevelopment and sets a precedent against unauthorized settlements obstructing infrastructure projects.
26 Mar 2025
The Mumbai Metropolitan Region Development Authority (MMRDA) is advancing plans for Metro Line 14, a 45 km corridor linking Kanjurmarg to Badlapur, enhancing connectivity to Mumbai's eastern suburbs. Currently in the Detailed Project Report (DPR) phase, construction is expected to commence within a year. The line will pass through key areas like Ambernath and Dombivli, reducing congestion and travel time. Environmental assessments and regulatory approvals are underway. This expansion aligns with Mumbai's broader metro development strategy, promising improved suburban mobility, increased real estate investments, and reduced vehicular pollution, supporting sustainable urban growth.Read more
26 Mar 2025
A 3,000 sqm open space in Mumbai's Vakola, initially meant for public use, has been reclaimed after a 12-year battle against illegal encroachment by hawkers. The prolonged effort, led by former corporator Brian Miranda and supported by residents and volunteers, aimed to restore the plot for community use. The Brihanmumbai Municipal Corporation (BMC) recently demolished illegal structures on the site, which had been occupied for years. Miranda's campaign faced multiple legal and bureaucratic hurdles, including a Supreme Court ruling that reinforced the space's designation as a public amenity. The plot has now been transformed into a vibrant garden and children's play area.
26 Mar 2025
The Navi Mumbai Water Transport Project aims to provide a faster and eco-friendly commuting alternative between Mumbai and Navi Mumbai, reducing road congestion. Key developments include the Nerul Passenger Water Terminal (NPWT) and passenger jetties along Mumbai's western and eastern coasts, connecting major locations via water taxis. The INR 1,300 crore Eastern Water Transport Project, backed by CIDCO and the Maharashtra government, will enhance connectivity with South Mumbai, Elephanta Island, and the upcoming Navi Mumbai International Airport. Despite bureaucratic hurdles, the project is set to improve transit efficiency, boost regional infrastructure, and support sustainable urban mobility.Read more
25 Mar 2025
The National Stock Exchange (NSE) is set to transform its current Bandra-Kurla Complex (BKC) headquarters into a captive data hub and relocate its primary offices to a newly allotted one-acre site in G Block, BKC, on an 80-year lease. This move supports NSE's expansion and plans for a modern headquarters to be completed within three years. The current Exchange Plaza building, historically significant for Mumbai's financial shift from Nariman Point to BKC, will continue housing key IT and listing services. NSE's expansion reflects its global stature as a leading derivatives exchange, focused on technological innovation and strengthening India's financial infrastructure.
25 Mar 2025
The Bombay High Court upheld the closure order against a suburban mall for failing to secure environmental clearance, highlighting the severity of its ecological impact. The court rejected the company's plea, affirming that applying for clearance under an amnesty scheme did not justify ongoing operations. It directed the Maharashtra Pollution Control Board to enforce the closure immediately. The bench ruled that pending applications did not override legal obligations, reaffirming the necessity of strict environmental compliance.
25 Mar 2025
The Brihanmumbai Municipal Corporation (BMC) has proposed changes to the reservation status of 60 land parcels between Goregaon and Dahisar to facilitate phase two of the Mumbai Coastal Road project. These adjustments, part of the Development Plan 2034, affect plots in Eksar, Malad (West), Malvani, Pahadi (Goregaon), Charkop, and Dahisar, aligning them with upcoming infrastructure needs. The 25-kilometre Coastal Road phase 2, costing INR 20,000 crore, will connect the Versova-Bandra Sea Link to Dahisar, with integration planned for the Goregaon-Mulund Link Road. The BMC is inviting public suggestions and objections within a 30-day window, followed by a public hearing.Read more
25 Mar 2025
Mumbai's iconic Laxmi Nivas bungalow, located on Nepean Sea Road, has been sold for INR 276 crore, making it one of the city's most expensive property transactions. Once a secret refuge for freedom fighters during the Quit India Movement, the 19,891 sq ft colonial bungalow was sold by the Kapadia family to Vageshwari Properties Pvt. Ltd., linked to Elina Nikhil Meswani of Reliance Industries. Built in 1904 and owned by the Kapadia family since 1917, the property holds significant historical value and development potential of around 45,000 sq ft. This sale adds to a series of high-value real estate deals in Mumbai's luxury market.Read more
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25 Mar 2025
The Navi Mumbai Municipal Corporation (NMMC) has introduced the Abhay scheme, aimed at recovering outstanding water bill payments from its customers. The initiative provides a 50% discount on late fees and penalty amounts for all categories of water bill payers, including gram panchayats connected to the primary water channel between Morbe Dam and Kalamboli. The scheme is set to be implemented from 21 March 2025 to 31 March 2025, encouraging citizens to clear their dues within this timeframe. The NMMC has urged residents to take advantage of this opportunity to settle pending payments.Read more
25 Mar 2025
The Brihanmumbai Municipal Corporation (BMC) is developing a mobile app and tracking system to monitor the movement of construction and demolition (C&D) waste from collection to disposal, aiming to curb illegal dumping in water bodies, mangroves, and open spaces. Under the auto-development Control Regulations (DCR) system, applicants for construction or repair permissions must declare the waste volume and select an approved dump site. The system tracks debris movement and time slots and requires truck drivers to upload images during collection and dumping. Site operators must update the system with the quantity dumped. The initiative also supports two underutilized C&D processing plants, as BMC seeks to reduce reliance on unregulated debris handlers and promote responsible waste disposal through designated facilities.
24 Mar 2025
In a significant move marking the end of an era, Air India recently shifted its booking office from the historic Air India building to CR2 Mall at Nariman Point. The 23-storey tower, a prominent feature of Mumbai's skyline since 1974, was sold to the Maharashtra government for INR 1,600 crore last year as part of the airline's asset monetisation programme. The building, known for its signature centaur logo and billboard of international destinations, had remained an iconic landmark along Marine Drive for nearly fifty years. Tata Group, which acquired the carrier in 2022 for INR 18,000 crore, has been focusing on streamlining operations.Read more
24 Mar 2025
The G-North ward office of the Brihanmumbai Municipal Corporation (BMC) is contemplating relocating the iconic Dadar Kabutarkhana due to longstanding complaints from local residents regarding health hazards linked to pigeon droppings and feathers. Residents have raised concerns about respiratory ailments and skin conditions, especially among children and the elderly. The civic body is considering relocating the structure to a less congested area with fewer residential buildings. However, there is resistance from the Kabutarkhana trust, which maintains that the structure is part of Dadar's identity and denies any serious health risks.Read more
24 Mar 2025
The Navi Mumbai Municipal Corporation's Property Tax Department announced its decision to auction seized properties with pending property tax dues. The civic body has begun the process of appointing authorised government valuers to assess these properties. Citizens whose properties are under seizure action have been urged by Municipal Commissioner Dr Kailash Shinde to clear their outstanding tax liabilities immediately to avoid the auction of their assets. A public advertisement has been issued, and responses from 10 government-registered valuers have been received. The Corporation also encouraged citizens to benefit from the ongoing 'Abhay' scheme offering a penalty waiver for lump sum payments.Read more
24 Mar 2025
Ajmera Realty & Infra India Ltd (ARIIL) has won the redevelopment contract for Ascot Co-operative Housing Society in Andheri West, covering 2,319 sq. m. with a potential sales revenue of INR 320 crore and a carpet area of 71,300 sq. ft. This project aligns with Mumbai's growing redevelopment trend, addressing infrastructure aging and land scarcity. Similar efforts include Kalpataru's INR 2,000 crore projects in Chembur and Goregaon and Mahindra Lifespace's INR 1,800 crore Borivali redevelopment. The move highlights ARIIL's asset-light strategy while contributing to Mumbai's modernization and urban renewal.Read more
21 Mar 2025
Navi Mumbai Municipal Corporation (NMMC) has launched a special amnesty scheme for property tax defaulters from March 1 to 31, 2024, to boost tax collection. Taxpayers paying between March 1 and 20 will receive a 75% waiver on penalties, while those paying between March 21 and 31 will get a 50% waiver. The scheme is voluntary and applies only if the full outstanding tax amount is paid at once. Payments can be made online or at NMMC offices. As of now, NMMC has collected INR 530 crore against a target of INR 801 crore. No concessions apply after March 31.Read more
21 Mar 2025
The City and Industrial Development Corporation (CIDCO) is spearheading one of India's largest public housing projects in Navi Mumbai under the Pradhan Mantri Awas Yojana (PMAY). Spread across 600 acres at 20 locations from Vashi to Taloja, the initiative aims to deliver 67,235 affordable housing units catering to economically weaker sections (EWS) and low-income groups (LIG). Prices for EWS flats start at INR 25 lakh, while LIG flats can reach over INR 97 lakh. Earlier this year, 5,000 units were sold, with keys handed over to several families. The project is expected to be completed in phases by the end of 2027.Read more
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