14 Mar 2025

Lodha has acquired a prime land parcel in Jogeshwari West, Mumbai, for a premium residential project, strengthening its presence in the western suburbs. Following the announcement, Lodha's stock surged 5.12%, closing at INR 1,131.75. The company added eight new projects in MMR, Bengaluru, and Pune in FY 2024-25, with a gross development value of INR 19,500 crore. India's real estate sector is experiencing record land acquisitions, driven by housing demand, infrastructure growth, and investor confidence. With increasing global and domestic financial backing, land transactions remain a key driver of growth in metro and tier-2 cities.Read more

14 Mar 2025

The Brihanmumbai Municipal Corporation (BMC) has reopened the bidding process for two key plots-Chhatrapati Shivaji Maharaj Market in Fort and the Worli Asphalt Plant plot-in an effort to generate revenue. The civic body has set a target to raise INR 1,183 crore through a 30-year lease of these parcels. The base prices have been reduced by nearly 70% compared to the earlier bids that failed to attract interest. The revised prices are now based on the approved zonal Floor Space Index (FSI) from the Development Plan, rather than the maximum usable FSI. This step is part of the BMC's strategy to address financial pressures stemming from ongoing infrastructure projects and to expand its revenue sources.Read more

13 Mar 2025

Build Capital successfully exited its investment in a Slum Rehabilitation Authority (SRA) project near Bandra-Kurla Complex (BKC), Mumbai, marking another strong return in structured real estate financing. The firm's early-stage investment helped the developer overcome delays, align with DCPR 2034 guidelines, and improve project economics. With 2.25 lakh sq. ft. of carpet area, the project is expected to generate INR 725 crore in revenue. The exit delivered a 19.76% IRR, with timely interest payments to investors. Build Capital's CEO, Kuldeep Jain, emphasized their role in reviving projects and confirmed their ongoing focus on structured debt solutions for real estate development.Read more

13 Mar 2025

BNP Paribas has leased a 3,497 sq. ft. office at Maker Maxity, BKC, at INR 811 per sq. ft. per month, totaling INR 17 crore over five years. This deal reinforces BKC's status as India's most expensive commercial hub. The lease includes three parking spaces and a 5% annual rent escalation. Tesla recently secured a INR 881 per sq. ft. lease at Maker Maxity, marking another high-profile transaction. BKC, Mumbai's central business district (CBD), houses global giants like Apple, Netflix, Amazon, and Pfizer, along with key financial institutions and government offices, solidifying its status as India's premier corporate hub.Read more

13 Mar 2025

The Supreme Court has declined to halt the Dharavi redevelopment project in Mumbai, currently undertaken by Adani Properties Pvt Ltd. The court issued notices to the Maharashtra government and Adani Properties following a petition by Seclink Technologies Corporation, which challenged a previous Bombay High Court decision upholding the project's tender process. Seclink, initially the highest bidder in 2018, had its tender scrapped, leading to Adani's successful bid in 2022. Seclink offered to increase its bid by 20%, but the court did not stay the project. Adani has commenced work, employing around 2,000 people. The Supreme Court has directed Adani to process all project-related payments through a single bank account, with the next hearing scheduled for the week of May 25.Read more

13 Mar 2025

The Brihanmumbai Municipal Corporation (BMC) has issued an INR 85 crore tender for the operation and maintenance of the Mumbai Coastal Road Project over five years. Responsibilities include firefighting systems, patrolling, towing, lane marking, and signage upkeep. While critical systems like tunnel ventilation, SCADA, and UPS will remain under the current contractor for two more years, they will later be integrated into the new contract. Additionally, BMC has partnered with Tata Sons to enhance road dividers along a 4.4 km stretch and is seeking CSR support for open space development. These efforts aim to enhance Mumbai's key transport infrastructure and public spaces.Read more

13 Mar 2025

Bollywood actor Akshay Kumar has reportedly sold his apartment in Borivali East, Mumbai, for INR 4.35 crore. The property, situated in Oberoi Realty's Sky City project, spans 1,073 sq. ft. and includes two dedicated car parking spaces. This transaction was registered earlier this week, attracting a stamp duty of INR 26.1 lakh and registration charges amounting to INR 30,000. Market data has shown that Sky City continues to perform strongly, with 208 sale registrations between March last year and this February, amounting to INR 818 crore. Notably, Amitabh Bachchan and Abhishek Bachchan were reported to have acquired multiple units in the same project last year.Read more

12 Mar 2025

The Slum Rehabilitation Authority (SRA) in Mumbai has invited applications for the empanelment of developers to undertake redevelopment projects under its jurisdiction. Application forms will be available from 7th March to 21st March 2025 at the SRA office in Bandra (East). Developers must submit detailed documentation, including project experience, financial turnover, and manpower availability. Empanelled developers will be responsible for tasks such as site demarcation, transit arrangements, construction, and obtaining necessary approvals. The selection process ensures that only competent developers are enlisted, with annual revisions to maintain high standards.Read more

12 Mar 2025

Bollywood actor and producer Priyanka Chopra Jonas has sold four residential apartments in Andheri West's Lokhandwala Complex for INR 16.17 crore. Among these, a duplex spanning the 18th and 19th floors fetched INR 6.35 crore. The deals were executed by her mother, Madhu Chopra, and registered earlier this week, incurring a cumulative stamp duty of INR 84.47 lakh. This follows her previous real estate sales in the same area, including two apartments to filmmaker Abhishek Chaubey for INR 6 crore in late 2023 and a commercial property for INR 7 crore earlier that year.Read more

12 Mar 2025

A record-breaking luxury apartment sale in Mumbai's Juhu area saw Paresh and Avni Shah purchase a 9,863 sq. ft. unit in Avalon Tower for INR 106 crore, marking a price of over INR 1 lakh per sq. ft. The transaction reflects Mumbai's booming high-end real estate market, with the tower's completion set for 2028. Similar luxury sales have been recorded across India, including a INR 75 crore penthouse in Delhi, an INR 80 crore villa in Bengaluru, and a INR 45 crore apartment in Chennai. Rising demand for luxury homes signals strong investment potential in India's real estate sector.Read more

12 Mar 2025

Deputy CM Shri Eknath Shinde has announced that the Maharashtra government will explore the use of Transfer of Development Rights (TDR) for buildings in Mumbai's airport funnel zone, which face height restrictions delaying redevelopment. The move, benefiting over 6,000 buildings and nearly 6-8 lakh residents in Vile Parle, Santacruz, Kurla, and Ghatkopar, aims to allow developers to compensate for lost floor space through TDR, making projects viable. Additionally, MHADA is expediting the redevelopment of dilapidated cessed buildings, appointing a full-time land acquisition officer and issuing notices to 854 owners. The initiative aligns with similar TDR models used in Delhi, easing Mumbai's housing shortage while ensuring aviation safety.Read more

11 Mar 2025

Mumbai's BMC has launched a policy to convert vacant land tenancy (VLT) plots into leased properties for public purposes, aiming to boost revenue and streamline land use. Covering 3,600 VLT plots in key areas like Dadar, Sion, and Parel, the initiative seeks to prevent encroachments and optimize urban planning. The policy, expected to generate INR 2,000 crore in four years, includes a one-time premium (62.5% of ready reckoner rate) and annual ground rent. While implementation challenges remain, the BMC asserts that this move will enhance land management and contribute to Mumbai's urban transformation.Read more

11 Mar 2025

The Brihanmumbai Municipal Corporation (BMC) has ordered an accelerated completion of the Dindoshi-Goregaon-Dadasaheb Phalke Film City flyover, a key part of the 12.2 km Goregaon-Mulund Link Road (GMLR). Officials are deploying extra workforce and three shifts to expedite construction. The six-lane, 1,265-meter flyover is crucial for east-west connectivity, reducing travel time from 75-90 minutes to just 15-25 minutes. The GMLR project, set for completion by 2028, includes twin 4.7 km underground tunnels beneath Sanjay Gandhi National Park. This initiative is expected to boost real estate in Mulund, Malad, and Goregaon, improving Mumbai's urban transport network.Read more

11 Mar 2025

The Bombay High Court has granted the Maharashtra Housing and Area Development Authority (MHADA) approval to redevelop Motilal Nagar in Goregaon, spanning 143 acres, through a construction and development agency (C&DA). This decision follows years of legal disputes and resident opposition. The court emphasized that individual cooperative housing societies focusing solely on their interests could lead to fragmented development, hindering systematic urban planning and infrastructure upgrades. The state government has designated the project as "special," maintaining MHADA's oversight while authorizing the engagement of a C&DA due to economic feasibility. This ruling paves the way for large-scale redevelopment, addressing long-standing issues like waterlogging and infrastructure deficiencies.Read more

Vriti Gothi

11 Mar 2025

Mumbai Metro Line 1, operated by Reliance Infrastructure, will introduce shorter trips between Andheri and Ghatkopar to ease congestion and accommodate 20,000 additional passengers during peak hours. Based on a trial run, 88% of commuters travel between Andheri and Ghatkopar, prompting special services from 8:30 AM - 10:30 AM and 6:00 PM - 8:00 PM. The metro's frequency will reduce to 3 minutes and 15 seconds, improving efficiency. This move will enhance connectivity, reduce travel time, and benefit office-goers, reinforcing Mumbai's public transport network and easing congestion at key transit points.Read more

Vriti Gothi

11 Mar 2025

Maharashtra CM Shri Devendra Fadnavis recently announced that most of Mumbai's 374-km metro network will become operational by 2027, with several lines, including Metro Line 3 (Aqua), 7A, 4, and 4A, launching by year-end. Meanwhile, officials are considering extending the underground stretch of Metro Line 5 (Orange Line) from 2 km to 5 km to reduce demolition and displacement. The 24.9 km Orange Line, linking Thane, Bhiwandi, and Kalyan, is expected to cut travel time to 35-40 minutes. Despite delays, completion is targeted for 2026-27.Read more

11 Mar 2025

The Navi Mumbai Municipal Corporation (NMMC) has launched Abhay Yojana, offering a 50% concession on late penalty charges for property tax defaulters who clear their dues between March 10-31, 2025. However, only full payments qualify for the discount. Amidst ongoing legal action against defaulters, NMMC has also introduced the Bharat Bill Payment System (BBPS) to simplify tax payments. Citizens can now pay via UPI, online banking, debit/credit cards, and mobile wallets through the NMMC website and mobile app. A 24/7 helpline (022-62531727) has been set up for assistance. These initiatives aim to boost tax collection, improve transparency, and enhance civic administration.Read more