11 Oct 2024

The Brihanmumbai Municipal Corporation (BMC) is planning to acquire a 22-acre site at Film City in Goregaon to set up a casting yard and a boring machine for a tunnel linking Mulund and Goregaon. This initiative will involve cutting down approximately 700 trees, prompting opposition from environmentalists. Film City, adjacent to Sanjay Gandhi National Park, is a wildlife haven. The project has yet to receive final approvals, and concerns have been raised regarding deforestation and prior commitments to compensatory afforestation. The planned 6.3-kilometre tunnel aims to cut travel time significantly, with a completion target set for October 2028.Read more

11 Oct 2024

The recently launched Phase I of the Aarey to BKC metro line opened smoothly earlier this week, attracting over 15,500 passengers on its first day. The Marol to BKC segment, benefiting from connections to other metro lines, saw significant usage. While initial ridership included many joyriders, traffic increased during peak hours. Commuters reported reduced travel times and appreciated the infrastructure. However, issues like poor mobile connectivity, lack of escalators, and last-mile access remain concerns. Tickets are available at INR 10 through various methods.Read more

10 Oct 2024

Mumbai city recorded over 105,608 property registrations in the first nine months of 2024, contributing more than INR 8,877 crores to the state treasury. This represents a 12% year-on-year growth in registrations and a 6% increase in revenue. While September saw a decline in registrations due to the inauspicious period of 'Shraadh', overall demand remains strong, particularly for high-value properties. The city's residential market continues to thrive, driven by economic prosperity and a growing preference for homeownership.Read more

10 Oct 2024

Mumbai is experiencing a significant transformation, with key developments like Vadhvan Port, Navi Mumbai International Airport (NMIA), and the Navi Mumbai Airport Influence Notified Area (NAINA) reshaping its logistical landscape. Vadhvan Port aims to become a global maritime hub, enhancing trade and creating numerous jobs. The NMIA will alleviate pressure on existing airports and stimulate regional economic growth by attracting businesses. Additionally, NAINA is set to see a surge in real estate demand due to its proximity to the airport. Together, these projects will improve connectivity and drive economic development in the region.Read more

10 Oct 2024

MHADA recently announced a computerised housing lottery for 2,030 flats in Mumbai, attracting over 130,000 applicants. The flats, ranging from 32 to 45 square metres and priced between INR 3.2 million and INR 10 million, have generated significant interest, particularly those built by private developers. While many properties offer competitive pricing compared to private developments, some flats have maintenance issues that need addressing. MHADA focuses on affordability for low-income groups, ensuring essential services like water and electricity are included, but luxury amenities are not part of the offerings.Read more

10 Oct 2024

The Bombay High Court has upheld the termination of Atlantic Construction Co. as the developer for the Versova village redevelopment project, emphasizing the necessity of securing at least 51% consent from eligible slum-dwellers as mandated by the Development Control & Promotion Regulations, 2034. The court ruled that Atlantic failed to meet this threshold, with only 37 out of 97 eligible slum-dwellers providing consent. This decision follows a lengthy history of developer failures, with the Slum Rehabilitation Authority (SRA) initially terminating earlier developers due to inaction.Read more

10 Oct 2024

In an inspiring collaboration between Project Mumbai, MMRDA, and the U.S. Consulate in BKC, 50 recycled plastic benches have been installed across Bandra Kurla Complex. Made from citizen-donated plastic waste, these benches not only offer comfortable seating but also feature artistic designs that celebrate Mumbai's cultural essence. This initiative promotes recycling, raises awareness about sustainability, and engages the community, contributing to a cleaner, greener urban environment.Read more

09 Oct 2024

The Mumbai Metro Rail Corporation (MMRC) plans to raise at least INR 5,173 crore by leasing a 4.2-acre plot in Nariman Point, previously used for political offices. This land will support the construction of the Vidhan Bhavan Metro station and is expected to yield significant proceeds for ongoing Metro projects and debt repayments to the Japan International Cooperation Agency (JICA). Major firms, including Blackstone and Tata Group, have expressed interest in the lease, with the bidding deadline set for November 27.Read more

09 Oct 2024

Malad residents welcomed the partial opening of the T-shaped flyover at Mith Chowki, aimed at easing traffic congestion. Inaugurated by Union Minister Piyush Goyal and local officials, the project has taken nearly two years and cost INR 45 crore. The east-west arm, now operational, connects Marve to the Western Express Highway, while the southern arm is expected to open by year-end. Despite some tension during the inauguration, the bridge currently allows only one-way traffic for two-wheelers and light motor vehicles due to ongoing Metro construction.Read more

09 Oct 2024

Xanadu Realty, in collaboration with Delta Group, Bhagwati Group, and Pyramid Group, has announced Celestria, a premium residential project in Airoli, Navi Mumbai. Spanning 1 million square feet and valued at INR 1,800 crore, the development will offer nearly 1,000 units of 2BHK, 3BHK, and 4BHK homes. With prices ranging from INR 1.4 crore to INR 4 crore, Celestria is set to redefine luxury living in Navi Mumbai, combining innovative design and quality construction in one of the city's prime residential hubs.Read more

09 Oct 2024

In a significant development for thousands of commuters on the western line, the Western Railway (WR) has announced the completion of the sixth railway track between Goregaon and Kandivali. Normal suburban local services on this route are set to resume shortly. Earlier this week, the Commissioner of Railway Safety (CRS) conducted a trial run on the new line using a special train that reached speeds of 120 km/h. The chief public relations officer of Western Railway, Vineet Abhishek, confirmed that all necessary works have been completed, eliminating the need for further mega blocks.Read more

08 Oct 2024

Mumbai is poised for a transformative change in urban transport with the launch of Phase I of Metro Line 3 by the Mumbai Metro Rail Corporation Ltd (MMRCL), inaugurated by Prime Minister Narendra Modi. Spanning 12.5 km from Aarey JVLR to Bandra-Kurla Complex (BKC), the project aims to revolutionise commuting in a densely populated city. With costs ballooning from INR 23,136 crore to INR 37,275 crore, funding is largely provided by the Japan International Cooperation Agency (JICA). MMRCL is also auctioning a 4.2-acre plot in Nariman Point, projected to generate at least INR 5,173 crore to support ongoing projects. Once operational, Metro Line 3 will significantly ease transport burdens, featuring ten stations and eight-coach trains for a projected ridership of 14 lakh daily. Accessibility enhancements and partnerships for last-mile connectivity further solidify the project's commitment to modernising Mumbai's public transport infrastructure.Read more

08 Oct 2024

Kanakia Spaces, a real estate developer, has announced plans to invest over INR 1,100 crore in the redevelopment of two large housing societies in Borivali, Mumbai. Spanning 3.3 acres, the project holds potential for over 1.2 million sq ft of development, with a projected value exceeding INR 1,500 crore. The project will begin within six months and is expected to be completed in four years. Despite challenges such as tenant disputes and regulatory hurdles, redevelopment projects remain a key growth area in Mumbai's land-starved real estate market.Read more

08 Oct 2024

In September, Mumbai property registrations fell 14% year-on-year to just over 9,100 units, down from 10,694 the previous year, largely due to the Shraadh period, a time when people avoid major transactions. Knight Frank reported this decline, noting that the culturally significant 12-day Shraadh, which ran from September 29 to October 14 in 2023, often impacts the primary and secondary real estate markets. As a prominent global consultancy, Knight Frank provides market analysis, transaction advisory, and strategic consulting across sectors, helping clients navigate market trends like this seasonal slowdown, common in the real estate sector during Shraadh.Read more

08 Oct 2024

The Real Estate Appellate Tribunal (MREAT) has reversed a MahaRERA order, requiring the promoter of a Jogeshwari (East) project to refund INR 13.5 lakh plus 2% interest to allottees who booked a flat in 2019. The developer had previously forfeited the booking amount after the allottees requested cancellation due to loan difficulties. MREAT found that the promoter violated Section 13 of the RERA Act 2016 by accepting more than 10% of the flat's cost without a written agreement. The tribunal highlighted that there was no evidence of loss from the cancellation, reinforcing the need for justifiable reasons for forfeiture.Read more