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

21 Mar 2025

Chhatrapati Shivaji Maharaj International Airport (CSMIA) authorities have proposed a significant increase in the User Development Fee (UDF). If approved, the revised charges are expected to come into effect from the next financial year. The proposal suggests raising UDF to INR 463 for international passengers and INR 325 for domestic travellers. While the Mumbai International Airport Limited (MIAL) has sought to hike the UDF, it has simultaneously recommended a 35 per cent reduction in landing and parking charges to provide some relief to airlines. A final decision on the proposed charges is anticipated to be made following a stakeholder meeting held earlier this week in New Delhi.Read more

Arun Nair

21 Mar 2025

Devipada Metro station on Line 7 in Borivli East can directly access the new Oberoi SkyCity Mall, thanks to a newly inaugurated foot overbridge (FOB). This structure directly connects the station's concourse level to the second floor of SkyCity Mall. Fully funded by Oberoi Realty under the public-private partnership (PPP) policy introduced in 2020, the FOB is designed to enhance pedestrian convenience while driving footfall to the commercial complex. This development sets a benchmark for integrated urban mobility in Mumbai, with similar initiatives planned for other metro stations.Read more

20 Mar 2025

In a major luxury real estate deal, SR Menon Properties LLP has purchased a 14,866 sq ft apartment at the Lodha Sea Face project in Worli, Mumbai, for INR 187.47 crore - at over INR 1.26 lakh per sq ft. Developed by Macrotech Developers Ltd, this under-construction project is attracting a number of HNI and UHNI investors. The transaction, registered this week, involved a stamp duty payment of INR 11.25 crore. Worli remains a hotspot for ultra-luxury properties, with 683 deals worth INR 7,326 crore recorded last year. This deal underscores the strong demand for premium residences in South Mumbai's elite micro-markets.Read more

20 Mar 2025

Novelty Chambers, home to the once-celebrated Novelty Cinema at Grant Road, South Mumbai, is set to be demolished after the Brihanmumbai Municipal Corporation (BMC) declared the building unsafe. The cinema, which stopped screening films 19 years ago, was one of Mumbai's most prominent single-screen theaters before the multiplex boom forced its closure. The building currently has only one operational office out of nine stories, while the ground floor remains home to the now-defunct theater. The site is expected to make way for a new residential high-rise.Read more

18 Mar 2025

Goregaon police recently registered a first information report (FIR) against Wadhwa Group, accusing the firm of cheating developer Polycon Realtors out of INR 57 crore. According to the FIR, Wadhwa Group directors, including Navin Makhija, allegedly failed to fulfil financial commitments made under an agreement. Despite receiving additional floor space index (FSI) and funds through a settlement deal, the obligations were reportedly not honoured. The dispute stems from a redevelopment project at Unnat Nagar Akshaya Cooperative Housing Society, originally awarded to Policon Realtors in 2003. The matter has since been transferred to the Economic Offences Wing (EOW) for further investigation.Read more

18 Mar 2025

The Mumbai Metropolitan Region (MMR) saw a significant increase in land acquisitions, with developers purchasing 407 acres across 19 deals-the highest in three years. Nationwide, land purchases grew by 41%, with major deals in MMR involving prime locations like Khalapur, Palghar, and Khopoli. Developers such as Birla Estates, K Raheja Corp, and Mahindra & Mahindra led key transactions. Land prices surged from INR 11 crore to INR 17 crore per acre. Most land was acquired for residential projects, with growing interest in Tier II and III cities like Nagpur and Indore, signaling strong future real estate activity.Read more

17 Mar 2025

Bollywood actor Kajol Devgan has purchased a 4,365 sq. ft. commercial retail space in Goregaon, Mumbai, for INR 28.78 crore, paying INR 65,940 per sq. ft. with INR 1.72 crore stamp duty and four car parking spaces. This reflects the growing trend of celebrities investing in commercial real estate for rental income and capital appreciation. Kajol previously bought an office space in Andheri for INR 7.64 crore, while Ajay Devgan acquired five office units (INR 45 crore) and a Juhu bungalow (INR 60 crore). Mumbai's commercial real estate in suburban hubs like Goregaon and Andheri are attracting high-profile investors due to rising business demand.Read more

17 Mar 2025

Sujata Agarwal, director of 9 Sky View Residences Pvt Ltd, has purchased three luxurious apartments in Mumbai's Juhu locality for a total cost exceeding INR 104 crore, inclusive of taxes. The properties are situated within the upscale Rustomjee Elements project, developed by Keystone Realtors. The three apartments, located on the 14th and 15th floors, collectively span over 12,333 sq ft (RERA carpet area) and were bought at an average rate of INR 83,769 per sq ft. The transaction was finalised earlier this week, with a total stamp duty of over INR 5 crore and an additional registration fee. The deal includes eight car parking spaces and highlights the continued demand for premium real estate in Juhu, a prime area favoured by Bollywood celebrities.Read more

17 Mar 2025

The Navi Mumbai Municipal Corporation (NMMC) has intensified its efforts to ensure the roads and footpaths within its jurisdiction remain accessible to citizens. Municipal Commissioner Dr. Kailash Shinde has been regularly reviewing the city's management, highlighting the nuisance caused by abandoned vehicles and unauthorized vendors. These issues have been disrupting both traffic flow and the city's cleanliness. In response, the Encroachment Department has been instructed to issue notices to vehicle owners and take strict action under Sections 230 and 231 of the Maharashtra Municipal Corporation Act, 1949. Additionally, a campaign will soon be launched to remove unauthorized hawkers and vendors from sidewalks to restore public spaces to their intended use.Read more

17 Mar 2025

The Navi Mumbai Municipal Corporation (NMMC) has launched a newly updated online property tax collection system, aimed at simplifying the payment process for residents. Municipal Commissioner Dr Kailash Shinde introduced this modernised system earlier this week, integrating advanced technologies such as net banking, UPI, QR codes, and digital wallets. As a result, online tax payments have reportedly increased by nearly 15%. Additionally, the Bharat Bill Payment System (BBPS) is set to be implemented within the next 2 weeks, offering residents 24x7 access to make secure payments through major banks and digital platforms. Furthermore, the Municipal Corporation has introduced the Abhay Yojana, granting a 50% concession on late payment penalties for arrears, encouraging citizens to settle outstanding dues by the end of March.Read more

17 Mar 2025

The Adani Group has reportedly emerged as the highest bidder for the INR 36,000 crore redevelopment project of Motilal Nagar, situated in Goregaon West, Mumbai. This marks the conglomerate's third significant acquisition in Mumbai's real estate sector, following its involvement in the Dharavi slum redevelopment project and the purchase of a 17-acre plot in Bandra Reclamation. As per reports, Adani Properties Pvt Ltd (APPL) surpassed its closest competitor, L&T, by offering a higher built-up area. The redevelopment project, spanning 143 acres, has been designated a 'special project' by the Maharashtra government, with MHADA retaining control over the project and the land but working through a Construction and Development Agency (C&DA).Read more

17 Mar 2025

By 2029, Mumbai airport will undergo a major transformation, including a redeveloped Terminal 1 (T1) and a possible relocation of the ATC tower to free up space. MIAL plans to construct a INR 894 crore, 3 km-long S-shaped airside tunnel to improve baggage and passenger transfers between Terminals 1 and 2. Additionally, T1 will be demolished and replaced, increasing its capacity to 2 crore passengers per annum (CPA), while T2's capacity will rise to 4.5 crore CPA, bringing Mumbai airport's total capacity to 6.5 crore CPA. Efforts to enhance runway efficiency could raise aircraft movements from 48 to 52-55 per hour, reinforcing Mumbai's status as a key aviation hub.Read more

14 Mar 2025

Earlier this week, the Brihanmumbai Municipal Corporation (BMC) initiated action against two developers-Sumer Build Corporation Private Limited and RR Developers-over outstanding property tax dues amounting to INR 18 crore and INR 3.62 crore, respectively. As part of its ongoing crackdown on defaulters, the civic body has seized and attached their properties for failing to settle their dues within the stipulated period of 21 days. According to a BMC release, the property tax assessment and collection department has begun proceedings to seize and auction these assets. Sumer Build Corporation owns a plot in Mazgaon, while RR Developers has a plot situated in Gavanpada village, Mulund.Read more

14 Mar 2025

After years of demand, a fire station will finally be established in Versova. The Maharashtra government announced in the legislative assembly that the facility would be constructed at Chitrakoot Ground in Andheri West. To make way for the project, all illegal encroachments on the land will be removed, and a tender will be issued within six months. The decision follows concerns raised by local MLA Ameet Satam, who highlighted the consequences of the area's lack of a fire station, particularly citing a tragic incident in January where a 75-year-old resident lost his life in a fire. The absence of a nearby fire station forces residents to rely on brigades from Irla and Goregaon, significantly delaying emergency response times.Read more