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19 Feb 2025
Protean eGov Technologies has secured a lease for 68,021 sq ft of office space at One International Center in Lower Parel, Mumbai. The lease, facilitated by Colliers India, spans five years at a monthly rental rate of INR 185 per sq ft. The company aims to establish an innovative workspace aligned with its mission of digital governance. The commercial real estate sector continues to thrive, with Mumbai witnessing a fourfold increase in Global Capability Centres (GCCs) uptake in 2024. Additionally, recent large-scale office space transactions, including those by NPCI and HDFC Bank, indicate strong demand in Mumbai.Read more
19 Feb 2025
The Brihanmumbai Municipal Corporation (BMC) has temporarily suspended its plan to concretise the Auxilium Convent Road in Pali Hill after strong opposition from local residents. The decision followed a formal complaint highlighting concerns about dust pollution, environmental damage, and access issues for emergency vehicles. BMC Commissioner Bhushan Gagrani directed civic officials to engage with residents before proceeding further. Similar opposition has been observed in other parts of Mumbai, including Bandra West, Colaba, and Marine Drive, where citizens have urged the civic body to prioritise roads in poor condition rather than reconstructing those in good shapeRead more
19 Feb 2025
The Brihanmumbai Municipal Corporation (BMC) has taken stringent action against tax defaulters by attaching 18 under-construction buildings of DBS Realty in Sangharsh Nagar, Chandivli, to recover outstanding property tax amounting to INR 179 crore. The civic body has issued notices under Section 203 of the Mumbai Municipal Corporation Act, warning that if the dues are not cleared within 21 days, an auction will be initiated. The BMC has set a property tax collection target of INR 6,200 crore for 2024-25 and has already collected INR 4,823 crore. The BMC has listed 500 defaulters, including leading real estate developers and government bodies, with total pending dues soaring to INR 5,397 crore.Read more
18 Feb 2025
A special court in Mumbai recently approved the auction of 13 properties belonging to Gitanjali Gems Limited, a company owned by fugitive diamond trader Mehul Choksi, the primary accused in the Punjab National Bank (PNB) loan fraud case. The court ruled that maintaining idle properties would result in depreciation. These properties include residential and commercial units in Mumbai and Surat. The Enforcement Directorate (ED) had no objection to the liquidator's plea, and the sale proceeds will be deposited as fixed deposits in favour of the court. Choksi has been residing in Antigua since 2018, while investigations into his financial misconduct continue.Read more
18 Feb 2025
A major fire broke out in Mumbai's Oshiwara furniture market on 11th February, gutting at least ten shops. Although no casualties were reported, shop owners estimated their losses exceeding INR 20 crore, particularly devastating as they were still recovering from a similar fire incident in March 2023. The blaze, which began in a furniture godown, quickly spread to adjacent shops. Over 20 fire engines and water tankers were deployed to control the fire, categorised as Level 2 (major). The cause of the fire remains unknown. In the past few months, Mumbai has witnessed multiple fire incidents. As per government data, over the past three years, Mumbai has recorded approximately 13,000 fire incidents, resulting in 65 deaths and 473 injuries.Read more
18 Feb 2025
Google India Private Limited and Google Cloud India Private Limited have extended their office space leases in Mumbai's Bandra-Kurla Complex (BKC), one of India's most expensive commercial districts. The renewal agreements, covering office spaces in the First International Financial Centre (FIFC), amount to a total rental expenditure of INR 304 crore over five years. Google India has secured two floors spanning 1.10 lakh sq ft for a monthly rent of INR 3.55 crore, while Google Cloud India has leased a single floor measuring 38,678 sq ft for INR 1.24 crore per month. The agreements, effective from June 2025, include a 15% rent escalation clause after 36 months.Read more
17 Feb 2025
The Maharashtra Housing and Area Development Authority (MHADA) is set to introduce a new online system for lease deed conveyance in Mumbai, aiming to reduce delays and bureaucratic hurdles in property transactions. The digital platform will allow residents and developers to apply, track, and manage lease documents online, enhancing transparency and efficiency. This initiative aligns with the government's digitization efforts and could boost investment in Mumbai's housing sector. As affordable housing demand rises, MHADA's move seeks to simplify real estate processes, ensuring smoother transactions and better housing resource management in the city.Read more
17 Feb 2025
Navi Mumbai Municipal Corporation (NMMC) currently operates seven sewage treatment plants utilising advanced Sequencing Batch Reactor (SBR) technology. To optimize the use of treated wastewater, tertiary treatment plants equipped with Ultra Filtration and Ultraviolet-Based Technology have been established at Koparkhairane and Airoli under the Central Government's Amrut Mission. The recycled water, post-tertiary treatment, is supplied to industries in the TTC Industrial Area for non-potable use. With redevelopment projects underway and declining rainfall leading to a drinking water shortage, the municipal corporation has mandated that developers utilise tertiary treated recycled water for approved construction projects to ensure efficient water management.Read more
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14 Feb 2025
Anamudi Real Estates LLP, linked to the Godrej family, has acquired a prime 560 sqm plot in Mumbai's upscale Juhu for INR 80.83 crore. The purchase, recorded in February 2025, highlights the area's continued demand among high-net-worth individuals and investors. The deal included a INR 4.85 crore stamp duty and INR 30,000 registration fee. Juhu's real estate market saw 175 transactions worth INR 1,346 crore in 2024, with an average property price of INR 72,166 per sq. ft. This acquisition underscores the Godrej family's growing presence in Mumbai's luxury real estate segment.Read more
14 Feb 2025
With the Brihanmumbai Municipal Corporation (BMC) planning to involve private entities in the development and maintenance of open spaces along the Mumbai Coastal Road Project (MCRP), citizens have urged the civic body to establish a dense, native tree forest on a 70-hectare land parcel near the arterial road. The 7.5-km-long promenade is expected to open by May 2025, but development on the landward side is yet to commence. In response, Save Our Coast Mumbai has initiated an online petition, which has garnered over 13,500 signatures, calling for ecological zoning, transparent public consultation, and the integration of the Mumbai Climate Action Plan (MCAP) to enhance air quality and climate resilience. Citizens advocate for a zoning strategy that includes a dense forest for residential protection, a green public area, and walking trails with medicinal and fruit-bearing trees.Read more
14 Feb 2025
The NAREDCO NextGen Conclave 2025, held in Mumbai, showcased key developments in the real estate sector, with a focus on MSRTC's land bank development, regulatory reforms, and industry trends. Shri Pratap Sarnaik, Honourable Minister of Transport, Maharashtra, announced plans to fast-track the development of MSRTC bus depots, encouraging developers to participate in the initiative. The event also marked the launch of NAREDCO NextGen's 'Digital Learning Hub' for real estate professionals. Discussions revolved around financial innovations, urban development, and the transformative impact of AI, alongside insights from industry leaders on sustainable growth and regulatory changes. The conclave concluded with the announcement of the upcoming NAREDCO Maharashtra Annual Members Meet 2025 in Goa.Read more
14 Feb 2025
Actress Gauhar Khan has recently invested in three properties within Shiv Kutir Co-operative Housing Society, Versova, Mumbai, for a total of INR 10.13 crore. One apartment, purchased solely in her name, cost INR 2.80 crore, while two others were jointly acquired with her husband, Zaid Darbar, for INR 7.33 crore. The deals, registered earlier this month, offer a combined carpet area of 3,498 sq ft with provisions for three parking spaces. Versova has historically been a popular residential choice among Bollywood celebrities. These transactions incurred a total stamp duty of INR 57.95 lakh and registration charges of INR 60,000, reflecting Mumbai's thriving premium real estate market.Read more
12 Feb 2025
The Brihanmumbai Municipal Corporation (BMC) has proposed a INR 74,427.41 crore budget for 2025-26, marking a 14% increase from the previous year. With infrastructure at its core, the budget allocates significant funds to projects like the Coastal Road, Goregaon-Mulund Link Road, and major bridge reconstructions. Revenue generation strategies include land monetisation, increased FSI premiums, and enhanced property tax collections. Financial discipline remains a priority, with digitisation and PPP models for asset management. Additionally, pedestrian-friendly initiatives, parking solutions, and urban transformation projects like the 'Mumbai Eye' are key highlights, reinforcing BMC's vision for a sustainable and connected city.Read more
12 Feb 2025
The Brihanmumbai Municipal Corporation (BMC) is considering converting an unused cycling track along Flank Road into a Pay and Park facility to address traffic congestion near Shanmukhananda Hall, Sion. With 2,700+ attendees per event, the hall generates parking demand for 300 cars, leading to illegal parking, safety hazards, and resident complaints. BMC's multi-level robotic parking projects in Mumbadevi, Matunga, and Bhulabhai Desai Road have faced technical and public resistance, causing cancellations. As Mumbai's parking crisis worsens, BMC must overcome logistical and financial hurdles to implement sustainable parking solutions for the city's growing urban needs.Read more
12 Feb 2025
The City and Industrial Development Corporation (CIDCO) has entered into four significant Memorandums of Understanding (MoUs) at the World Economic Forum in Davos to propel economic and infrastructural advancements in Navi Mumbai. These agreements include a collaboration with Eruditus to develop an International Educity with an investment of INR 20,000-INR 25,000 crore, expected to generate 20,000 direct jobs. Additionally, BookMyShow is set to establish a large-scale outdoor entertainment arena in Maharashtra with an investment of INR 1,700 crore, creating approximately 500 jobs. Other key MoUs include a INR 25,000 crore data centre project with Panchshil Realty and a INR 1,500 crore logistics park with Welspun World, aiming to boost Maharashtra's digital and logistics sectors.Read more
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