23 Jan 2025

Bollywood actor Hrithik Roshan has leased a 2,727 sq ft commercial property in Mumbai's Lotus Corporate Park, Goregaon, for INR 5.62 lakh per month. This deal underscores the growing demand for premium office spaces in strategic business hubs. In a separate transaction, playback singer Stebin Ben purchased a luxurious duplex apartment in Bandra's Iconic 7 Co-op Housing Society for INR 6.67 crore, reflecting the sustained appeal of upscale residential properties in Mumbai's prime localities. These high-profile transactions highlight key trends in Mumbai's real estate market, with rising interest in both modern commercial spaces and luxury homes in sought-after areas.Read more

23 Jan 2025

In response to a Bombay High Court order, the Navi Mumbai Municipal Corporation (NMMC) has introduced a new policy for parking space requirements in residential and commercial buildings. The policy, which is more stringent than previous regulations, outlines the number of parking spaces developers must provide based on the size of homes. It includes provisions for different home sizes, ranging from small flats to larger properties, and mandates that 5% of parking space be reserved for visitors. Feedback from residents has been gathered, and the final proposal will be sent to the state government for approval. This new policy is aimed at addressing the growing parking demand in the city.Read more

23 Jan 2025

The Mumbai Metro Rail Corporation (MMRCL) has temporarily put its plans to lease a 4.2-acre land parcel in Nariman Point for property development on hold. Originally, the plot was intended for monetisation through a long-term lease agreement, with an RFP issued earlier this week. However, a public notice announced its withdrawal, citing "technical issues" that need resolution. The land, which was once used as office space by political parties, is seen as a prime location for mixed-use development. MMRCL aims to revisit the proposal in the near future after addressing these issues.Read more

23 Jan 2025

Apple Inc. has leased 6,526 sq. ft. of office space in Mumbai's Bandra-Kurla Complex (BKC) at a record-breaking INR 738 per sq. ft., the highest office rental rate in India. The deal, registered in December 2024, includes an additional 2,126 sq. ft. of terrace space, bringing the effective rate to INR 666 per sq. ft. This move highlights Apple's growing focus on India, following its flagship store launches in 2023. The expansion aligns with India's booming office market, which saw a 23% rise in gross leasing in 2024, reinforcing Mumbai's status as a prime business hub.Read more

22 Jan 2025

Amitabh Bachchan has sold his duplex apartment in Mumbai's Oshiwara for INR 83 crore, marking a 168% appreciation from his 2021 purchase price of INR 31 crore. The luxurious 5,186 sq. ft. property, part of Crystal Group's The Atlantis, was previously rented to actress Kriti Sanon. Bachchan's real estate investments span luxury residences and commercial spaces, including recent acquisitions in Borivali, Alibaug, and Ayodhya. His strategic investments, including leasing commercial units to Warner Music India, reflect a well-planned approach to maximizing returns in Mumbai's booming luxury real estate market, further cementing his role as a savvy property investor.Read more

Vidhi Sangoi

21 Jan 2025

The Mumbai Coastal Road Project (MCRP), a transformative 29.20-km expressway connecting South Mumbai to Kandivali, has achieved 69% completion, with major milestones in earthwork, granular sub-base, and undersea tunnel construction. Designed to reduce travel time from two hours to 40 minutes, the project incorporates eco-friendly measures, including carbon emission reduction and coastal green spaces. Estimated at INR 12,700 crore, MCRP promises economic growth and tourism benefits while addressing environmental concerns. Despite delays due to COVID-19 and land acquisition challenges, authorities remain optimistic about timely completion, positioning Mumbai as a leader in sustainable urban infrastructure.Read more

21 Jan 2025

GECOM International has acquired a luxury triplex apartment at Signature Island in Mumbai's Bandra-Kurla Complex (BKC) for approximately INR 100 crore, reflecting the city's booming high-end real estate market. The 11,295 sq. ft. residence comes with ten parking slots and a stamp duty payment of nearly INR 6 crore. Signature Island, home to business tycoons and celebrities, continues to attract elite buyers. Mumbai's luxury property segment is witnessing record growth, with increased demand from industrialists and foreign investors. GECOM's purchase underscores the city's evolving real estate landscape, driven by rising wealth and a preference for exclusive living spaces.Read more

20 Jan 2025

Playback singer Stebin Ben has purchased a luxurious duplex apartment in Mumbai's prestigious Bandra area for INR 6.67 crore. The 1,484 sq ft carpet area property, located in the Iconic 7 Co-op Housing Society, was jointly acquired with his family. The transaction included INR 40.02 lakh in stamp duty and INR 30,000 in registration fees. Known for his contributions to Bollywood films and web series, Ben's investment reflects his rising success in the entertainment industry. His career mirrors broader trends, with playback singers branching into independent music, enhancing their financial and professional growth while capitalizing on Bandra's luxury real estate appeal.Read more

20 Jan 2025

Dream11 CEO Harsh Anand Jain has acquired a luxurious sea-view apartment in Mumbai's upscale Malabar Hill for over INR 138.41 crore. Located on the 23rd habitable floor of Lodha Malabar, the residence spans 9,546 sq ft, making it one of India's costliest properties by per sq ft rate. The deal also includes six exclusive car parking slots, with Jain paying over INR 8.30 crore in stamp duty. This transaction follows 2023's record-setting purchase of a triplex in the same tower for INR 369 crore. The Mumbai property market, led by high-value transactions in South and Central Mumbai, continues to dominate India's luxury real estate landscape.Read more

20 Jan 2025

K Raheja Corp Real Estate Pvt Ltd, a prominent Mumbai-based developer, has purchased a 5.75-acre land parcel in Kandivali East's Ashok Nagar for INR 466 crore, as per documents accessed via CRE Matrix. The acquisition, finalised recently, involved a stamp duty payment of INR 3.17 crore. The company has paid INR 210 crore as a deposit, with a five-year timeline to obtain necessary approvals from the Brihanmumbai Municipal Corporation (BMC). This deal is part of K Raheja Corp's consistent efforts to strengthen its presence in Mumbai's real estate market.Read more

20 Jan 2025

The southbound connector of Mumbai's coastal road, linking the Bandra-Worli Sea Link (BWSL) to Marine Drive, is set to open to the public from January 26. This marks a significant milestone in the city's infrastructure. While some interchanges and the sea-facing promenade are slated for completion in the coming months, the project, which began in October 2018, has already demonstrated a substantial reduction in travel time and fuel consumption. With an INR 13,983 crore investment, this initiative is expected to boost commuting and recreational activities for residents.Read more

17 Jan 2025

The Supreme Court upheld the Brihanmumbai Municipal Corporation's (BMC) ownership of a INR 660 crore, five-acre plot in Lower Parel, reversing a Bombay High Court ruling favoring Century Textiles (now Aditya Birla Real Estate). The land, leased in 1927 for worker housing, was intended to revert to the BMC after the lease expired in 1955. Century Textiles' 2017 ownership claim was dismissed, with the court emphasizing its worker welfare purpose. BMC officials plan development under Regulation 35 of the Development Control and Promotions Rules to benefit mill workers. The ruling underscores the importance of community-focused urban planning amid rising commercial pressures.Read more

17 Jan 2025

The 32nd Property and Home Finance Expo, organised by CREDAI-MCHI, is set to take place at the Jio World Convention Centre, aiming to transform the home-buying experience. With over 100 top developers showcasing 500+ projects across 5,000+ locations, the event introduces the "Book Your Home in 10 Minutes" initiative, enabling buyers to secure homes quickly and effortlessly. Highlights include exclusive discounts, financial assistance from leading institutions, and special offerings like "Pink Sunday," empowering women homebuyers with additional benefits. The expo promises engaging experiences, attractive deals, and futuristic innovations.Read more

17 Jan 2025

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced a two-year tenure limit for representatives of Self-Regulatory Organisations (SROs) to prevent conflicts of interest and ensure domain expertise. The move aims to streamline the registration process for housing projects by appointing specialists in legal, financial, and technical matters. MahaRERA has instructed the seven recognised SROs, including NAREDCO West Foundation and CREDAI-MCHI, to replace representatives exceeding the tenure limit. The decision underscores the regulator's commitment to ensuring efficient project scrutiny and expeditious issuance of registration numbers.Read more

17 Jan 2025

Oberoi Realty has been appointed by Mumbai's Slum Rehabilitation Authority to redevelop a 2.5-acre Bandra Reclamation parcel owned by MHADA. The project grants the developer 3.2 lakh sq ft of RERA carpet area as free-sale entitlement under the city's Development Control Regulations. Known for its premium location near the Bandra-Worli Sea Link and Bandra-Kurla Complex, Bandra remains a prime hub for residential and commercial projects. This initiative aligns with Mumbai's urban renewal strategy to replace slum settlements with organized urban spaces. Alongside this, Oberoi Realty announced a luxury residential and resort development spanning 81 acres in Alibaug, further expanding its premium portfolio.Read more