12 Feb 2025

The Brihanmumbai Municipal Corporation (BMC) has assured that construction on crucial bridges, including Carnac, Vikhroli, and Gokhale, will be completed before the monsoon. Additional Municipal Commissioner (Projects) Abhijeet Bangar stated that all bridges would be opened for traffic within the stipulated timeframe. BMC Chief Bhushan Gagrani reviewed the progress and called for better coordination among departments. The Sion flyover, Gokhale Bridge, and Belasis Bridge are also being prioritised, with specific deadlines set for their completion. Efforts are being made to expedite the removal of obstructions, including abandoned structures and commercial establishments, to ensure timely execution.Read more

12 Feb 2025

Anu Malik and his wife, Anju Malik, have sold two adjoining apartments in Santacruz West, Mumbai, for INR 14.49 crore. Located in Khushi Belmondo, the properties span a total of 233.64 square meters (2,515 square feet) and include two car parking spaces. The deal incurred a stamp duty of INR 86.91 lakh and registration charges of INR 30,000. The sale was officially recorded in February 2025, as per IGR documents. This transaction highlights the ongoing demand for luxury real estate in Mumbai's western suburbs, particularly in Santacruz West, where property prices have seen steady growth. The area's appeal is driven by its connectivity, proximity to business hubs, and increasing investment interest from high-net-worth individuals.Read more

11 Feb 2025

Akshay Kumar and Twinkle Khanna have sold their Worli luxury apartment for INR 80 crore. Located on the 39th floor of the Three Sixty West tower, the 6,830 sq. ft. property includes four car parking spaces. The sale, registered earlier this month, incurred a stamp duty of INR 4.80 crore. Akshay originally bought the apartment in 2015 for INR 27.95 crore before transferring it to Twinkle for INR 32 crore. The transaction highlights the ongoing boom in Mumbai's luxury real estate market, with celebrities and high-net-worth individuals continuing to see high-end properties as both lifestyle assets and lucrative investments.Read more

11 Feb 2025

The Brihanmumbai Municipal Corporation (BMC) plans to impose property tax on commercial establishments in slum areas, aiming to generate INR 350 crore in FY 2025-26. This move is part of a broader strategy to increase revenue, with the total property tax collection target set at INR 5,200 crore. Additionally, the BMC is considering introducing a Solid Waste Management (SWM) user charge after further legal consultation. While the tax aims to fund urban services and infrastructure, it has faced criticism for its potential impact on small businesses. This approach aligns with urban bodies' efforts to expand tax bases amid growing infrastructure demands.Read more

11 Feb 2025

Billionaire Uday Kotak, founder-director of Kotak Mahindra Bank, has made a major real estate investment by purchasing 12 residential units in Mumbai's upscale Worli Sea Face for INR 202 crore. The acquisition, which includes 7,418 sq ft of carpet area in the Shiv Sagar building, is among the most expensive transactions in the city. The deal reflects a growing trend of ultra-high-net-worth individuals (UHNIs) investing in Mumbai's luxury housing market. With all units situated across the ground, first, and second floors, speculation arises about potential redevelopment plans. This purchase further cements Worli's status as a prime location for India's wealthiest, alongside similar high-profile acquisitions in recent years.Read more

10 Feb 2025

HDFC Bank has secured a significant office lease deal in Mumbai's Andheri East, spanning over 4.50 lakh sq ft across seven floors in a commercial tower. The long-term lease, valued at over INR 1,020 crore, includes a clause for rental escalation every 36 months. The agreement commenced last week and provides exclusive access to 227 car parking spaces. Additionally, HDFC Bank is divesting non-core real estate assets, including high-profile properties like HDFC House in South Mumbai, to streamline its portfolio and enhance its financial strength. This move is part of a broader trend in India's growing office space market, driven by economic expansion and rising demand.Read more

10 Feb 2025

MHADA has set a target to construct eight lakh homes in the next five years, focusing on affordable and rental housing, including for mill workers and dabbawalas. Deputy CM Eknath Shinde, speaking at a recent MHADA event in Thane, highlighted the strong public response to the latest housing lottery, with over 31,000 applicants for 2,100 flats and 117 plots. He emphasised the need for policy changes to support workers in Mumbai and stressed transparency in the allocation process. Additionally, the government is encouraging state agencies to take over stalled redevelopment projects in the MMR to ensure their completion.Read more

10 Feb 2025

A public notice regarding the land acquisition for the Sahitya Ratna Annabhau Sathe research and training center has been issued in the Mumbai Suburban District. While the acquisition aims to establish a space dedicated to preserving and promoting Sathe's legacy, concerns over its impact on local communities have emerged. The project also raises questions about the broader implications for urban redevelopment in Mumbai and the social and economic changes that may follow. The public is invited to submit objections or complaints within 30 days.Read more

07 Feb 2025

The NCLT Mumbai has approved the merger of Kingmaker Developers (KDPL) with Real Gem Buildtech (RGBPL), marking a strategic consolidation for Keystone Realtors. KDPL acquired 100% of RGBPL for INR 231.42 crore under a share purchase agreement with DB Realty on November 6, 2023. Following the merger, RGBPL will become a wholly-owned subsidiary of Keystone Realtors, replacing KDPL. The move aligns with the industry trend of mergers to enhance market presence. With the real estate sector recovering, Keystone aims to leverage RGBPL's projects and expertise to strengthen its position and drive growth.Read more

07 Feb 2025

Bollywood director Subhash Ghai and his wife Mukta Ghai have purchased a luxurious 4 BHK apartment in the 81 Aureate project, located in Bandra West, Mumbai, for INR 24 crore. The 4,364 sq. ft. apartment features a built-up area of 5,239 sq. ft. and comes with three car parking spaces. The transaction included a stamp duty of INR 1.44 crore and registration charges of INR 30,000. The project has witnessed several transactions, amounting to a total value of INR 76 crore between February 2024 and January 2025. The growing popularity of luxury real estate in Mumbai, especially among Bollywood personalities, is contributing to rising property prices in the area.Read more

07 Feb 2025

Sunny Leone, actress and entrepreneur, has expanded her business portfolio by purchasing an office space for INR 8 crore in Veer Signature, a premium commercial project in Oshiwara, Mumbai. The property spans 1,905 sq ft of carpet area and includes three parking spaces, with a stamp duty payment of INR 35.01 lakh and registration fees of INR 30,000. Registered in February 2025, the office was acquired from Aishwarya Property and Estates. Veer Signature has attracted Bollywood stars like Amitabh Bachchan and Ajay Devgn, reflecting the growing trend of celebrity investments in Mumbai's commercial real estate.Read more

07 Feb 2025

The Brihanmumbai Municipal Corporation (BMC) has sought clarity from the Mumbai Metropolitan Region Development Authority (MMRDA) regarding an INR 550 crore unpaid property tax linked to J Kumar Infraprojects Limited. The dispute arises from seven plots allocated by MMRDA for metro construction casting yards and ready-mix concrete plants. While Clause 2.7 of the tender indicates that MMRDA is responsible for property tax, lease agreement Condition 5 assigns the liability to J Kumar Infraprojects. The contractor insists MMRDA must pay, while MMRDA maintains the tax burden rests with the contractor. The resolution of this issue is crucial as BMC pursues its INR 6,200 crore property tax target.Read more

07 Feb 2025

Mumbai's real estate market is on a growth trajectory, with 2025 poised to be a pivotal year for property investments. Key locations such as Mulund, Borivali, Malad-Goregaon, Panvel, Chembur, and Sion are emerging as prime investment destinations. Industry experts highlight factors such as improved connectivity, robust infrastructure, and evolving buyer preferences that contribute to their appeal. From Mulund's luxury living and Borivali's green surroundings to Panvel's affordability and Sion's central connectivity, each area offers unique advantages. These developments indicate a promising future for both investors and homebuyers seeking growth and value in Mumbai's dynamic real estate sector.Read more

06 Feb 2025

The Brihanmumbai Municipal Corporation (BMC) is introducing a digital system to manage and track unauthorized construction complaints, enhancing transparency and efficiency. The platform will integrate data from Property Tax, Legal, and Building Proposal departments, allowing citizens to verify if a building or flat has illegal modifications. The new web and mobile applications will enable faster verification of approved plans, reducing delays in complaint resolution. Additionally, legal case tracking and automatic fine integration with property tax will improve enforcement. The system, expected to launch soon, aims to streamline complaint handling and strengthen action against unauthorized constructions in Mumbai.Read more

06 Feb 2025

Panasonic Life Solutions India Private Limited has acquired a 6,586 sq. meter land parcel in Andheri East, Mumbai, worth INR 160 crore, according to property registration documents. The transaction, registered on January 29, 2025, included a stamp duty of INR 9.60 crore and a registration fee of INR 30,000. The land was purchased from River Rose Developers LLP. Andheri East is a major commercial and residential hub, well-connected to key transport links, and home to a thriving business ecosystem. Over the past year, the area saw strong property sales and rental demand. The acquisition signals Panasonic's commitment to India's growth, especially in Mumbai.Read more