Advertisement
12 Dec 2024
Nexus Seawoods, part of Nexus Select Trust and India's first listed Retail REIT, has unveiled AAYAM, Maharashtra's largest cuboid anamorphic screen, transforming in-mall advertising. The 15-foot wide, 9-foot-high screen, located in the mall's central atrium, offers a 360-degree, distortion-free visual experience, enabling brands to deliver immersive content that resonates with consumers. Designed for stability and visibility, AAYAM provides a unique platform for product launches and interactive campaigns, appealing to the tech-savvy audience of Navi Mumbai. This innovative collaboration between Nexus Seawoods and S&O Investments sets a new benchmark in retail advertising, enhancing brand engagement and consumer connection.Read more
12 Dec 2024
The Brihanmumbai Municipal Corporation (BMC) has launched its first-ever initiative to lease three high-value plots in Malabar Hill, Worli, and Fort for 30 years, aiming to generate revenue for infrastructure projects. The tender process, extended to December 16 following bidder queries, includes eligibility criteria of a minimum INR 300 crore turnover and INR 150 crore net worth over the past three years. Developers have shown strong interest in these prime plots, with assurances from BMC on compliance with Coastal Regulation Zone (CRZ) rules and pending possession formalities with BEST. This strategic monetization move reflects transparency, collaboration, and significant potential for urban development funding.Read more
11 Dec 2024
The Bombay High Court has condemned the rising trend of frivolous legal petitions being filed to hinder redevelopment projects. In a recent case, a tenant resisted vacating an 83-year-old bungalow in Mumbai's Kandivali area, claiming tenancy rights. The court dismissed the petition, citing it as an obstructionist tactic aimed at delaying redevelopment. Imposing an INR 5 lakh penalty on the petitioner, the court stressed the need for deterrents against such cases, which it termed a 'sophisticated form of extortion.' The bench highlighted that these tactics impose financial burdens on landlords and developers while undermining legitimate redevelopment efforts.Read more
10 Dec 2024
Prestige Mulund Realty Private Limited
10 Dec 2024
Bank of America has signed a 12-year lease for over 160,000 sq ft in Mumbai's Powai at K Raheja Corp's Cignus Powai, marking a significant expansion and relocation of its operations. The deal, valued at INR 350 crore, includes an option to add 100,000 sq ft, raising the total to 250,000 sq ft and the rental commitment to INR 600 crore. This move aligns with the BFSI sector's growing demand for office space in Mumbai, driven by technological advancements and metro connectivity. Bank of America plans to begin operations at the new site within 6-8 months.Read more
09 Dec 2024
Prestige Mulund Realty Private Limited
09 Dec 2024
State Street Corporation has leased a 250,000 sq. ft. office tower in Mumbai's Bandra-Kurla Complex (BKC) from Brookfield Properties for over INR 350 crore. The 10-year agreement, part of the Equinox Business Park, will house State Street's global capability center. This move highlights India's growing appeal for multinational firms, driven by a skilled workforce and favorable business conditions. With a 99% occupancy rate, Equinox Business Park hosts major tenants like Tata Communications and Mirae Asset Capital Markets. State Street's investment underscores India's rising prominence in global financial services and the growing demand for premium office spaces in hubs like BKC.Read more
09 Dec 2024
Bollywood actor Shraddha Kapoor has leased a luxurious apartment in Mumbai's upscale Juhu area for a monthly rent of INR 6 lakh. The apartment, spanning 3,929 square feet, is located on the third floor of a high-end residential tower. Kapoor has paid the full rental amount for the 12-month lease term in advance. The deal, which was registered earlier this week, also includes access to four car parking spaces. Juhu remains a sought-after location for Bollywood celebrities, known for its proximity to the beach and premium amenities.Read more
09 Dec 2024
Mumbai's property registrations rose by 5% year-on-year in November 2024, with 10,216 units registered compared to 9,736 the previous year, according to Knight Frank India. The premium segment saw significant growth, with properties priced at INR 2 crore and above comprising 23% of registrations, up from 17% in 2023. Stamp duty collections surged 30%, reflecting increased transactions in high-value properties. Industry experts attribute this trend to affluent buyers' preference for spacious, high-quality homes that offer better long-term value.Read more
09 Dec 2024
In response to worsening air quality in Mumbai, the Maharashtra Pollution Control Board (MPCB) has prohibited the establishment of new ready-mix concrete (RMC) plants within municipal corporation limits in the Mumbai Metropolitan Region (MMR). Existing plants must implement dust control measures and meet compliance requirements within three months or face penalties. New RMC plants outside city limits are subject to stringent location and operational rules, including bank guarantees and air quality monitoring. The MPCB is collaborating with civic authorities to improve air quality across the region.Read more
Advertisement
09 Dec 2024
The Navi Mumbai Municipal Corporation (NMMC) has classified 527 buildings as hazardous under Section 264 of the Maharashtra Municipal Corporation Act, urging mandatory structural assessments for properties over 30 years old. Building owners must obtain safety certifications from NMMC-approved engineers by March 2025 or face penalties of INR 25,000 or the annual property tax amount, whichever is higher. Urgent measures include evacuating 62 critically dangerous C-1 category buildings, slated for demolition. Other structures require varying levels of repairs. The directive highlights the need for swift compliance to mitigate safety risks, but activists stress the importance of effective enforcement to ensure public safety.Read more
09 Dec 2024
The House of Abhinandan Lodha (HoABL) has acquired the American Center in South Mumbai for over INR 56 crore. The seven-storey building, previously part of the US Consulate General, has remained vacant for a decade after the consulate moved to BKC. HoABL plans to develop the property into a luxury residential project with views of Marine Drive and Mumbai Harbour. The deal was finalised after receiving approvals from both the US and Indian governments. This acquisition adds to HoABL's growing portfolio of developments across India, with significant future revenue potential.Read more
09 Dec 2024
Mumbai Metro has partnered with the 'Toilet Service App' to improve cleanliness and accessibility of toilets at 30 metro stations on the Metro 7 and 2A corridors. The app provides real-time information on toilet availability and condition, allowing passengers to easily locate and use facilities. It also enables passengers to report issues, ensuring prompt action is taken. Metro staff can monitor and maintain cleanliness through the app. Passengers can download the app by scanning a QR code at the stations. This initiative enhances hygiene standards and improves the overall commuter experience, focusing on convenience and passenger satisfaction.Read more
06 Dec 2024
Prestige Mulund Realty Private Limited
05 Dec 2024
A non-profit organisation has filed a petition with the National Green Tribunal (NGT) to prevent commercial development on an open space in Navi Mumbai's Pawane chemical zone, home to over 200 trees. The plot, known as OS-7, has been allocated for a hotel by MIDC, raising concerns among environmentalists about the loss of green space that serves as a pollution buffer between the chemical zone and a residential area. MIDC's recent move to reclaim the land has sparked further debate, with environmental groups urging alternative resettlement solutions for project-affected persons (PAPs).Read more
05 Dec 2024
The Mumbai Coastal Road Project (MCRP) has achieved a major milestone with the launch of the final girder for the bow-string bridge connecting the coastal road to the Bandra Worli Sea Link (BWSL). This new girder will facilitate north-bound traffic towards Bandra, Andheri, and Bandra Kurla Complex. The project is now 94% complete, with ancillary tasks such as installing signage, painting, and creating the carriageway underway. The girder launch, carried out from the Arabian Sea due to land constraints, overcame challenges posed by shallow waters and bedrock at Worli. The bridge, interchange, and underpass are expected to open sequentially in January.Read more
04 Dec 2024
Mumbai will host India's largest single-location Grade A warehousing and industrial park at the Jawaharlal Nehru Port Authority (JNPA) SEZ in Navi Mumbai. The park spans 4.45 million square feet, featuring 3.95 million square feet of warehousing, 0.25 million square feet each for offices and industrial space, and parking for over 600 trucks. Strategically located near JNPA, highways, and the upcoming Navi Mumbai Airport, it will benefit businesses in sectors like chemicals, FMCG, and pharmaceuticals. Offering GST exemptions and logistical cost savings of up to 15%, the facility aims to enhance port efficiency, support exports, and create over 5,000 jobs.Read more
04 Dec 2024
The Slum Rehabilitation Authority (SRA) has issued a tender for the redevelopment of Om Namo Sujalam Sufalam Society, a slum colony in Santacruz East with nearly 1,000 tenements. Efforts to redevelop the site began 39 years ago but faced setbacks due to builder disputes and lack of developer interest. Situated near the Western Express Highway and Bandra Kurla Complex, the colony covers over 21,000 square metres. The latest tender includes a 46-month deadline, revised from the previous 24 months, with a INR 20 crore bank guarantee. Developers with experience in projects worth INR 200 crore or more are eligible to bid.Read more
Advertisement
