03 Jan 2025

The Brihanmumbai Municipal Corporation (BMC) has directed the suspension of all construction activities in Byculla and Borivli East following sustained Air Quality Index (AQI) levels above 200, indicating "poor" air quality. The directive applies to private and public projects, including civic and state infrastructure initiatives. Monitoring of AQI levels in Worli and Colaba-Navy Nagar will determine if similar measures are necessary there. Non-compliance could result in legal action against violators under the Maharashtra Regional Town Planning Act and the civic body has pledged stricter enforcement of these measures.Read more

03 Jan 2025

Dharavi Redevelopment Project Pvt Ltd (DRPPL), responsible for the redevelopment of Dharavi, Asia's largest slum in Mumbai, has rebranded as Navbharat Mega Developers Pvt Ltd (NMDPL). The change has been approved by both the company's board of directors and the Ministry of Corporate Affairs. NMDPL is a joint venture between the Government of Maharashtra and the Adani Group. While the Adani Group holds an 80% stake, the Maharashtra government retains a 20% share. The rebranding aims to distinguish the company from the Dharavi Redevelopment Authority (DRP), the state government agency overseeing the project. In November 2022, Adani Properties won the rights to lead the INR 20,000-crore project.Read more

02 Jan 2025

Under the leadership of Chief Minister Shri Devendra Fadnavis and the guidance of Deputy Chief Minister Eknath Shinde, the Mumbai Metropolitan Region Development Authority (MMRDA) has introduced stringent guidelines to reduce dust pollution from construction activities. These measures focus on controlling dust, monitoring construction sites, managing debris, and regulating vehicle transport. They also include penalties for non-compliance. The guidelines are designed to enhance air quality and promote sustainable urban development, reflecting the MMRDA's commitment to both environmental protection and urban growth.Read more

02 Jan 2025

The upcoming Navi Mumbai International Airport (NMIA) is anticipated to reduce congestion at Chhatrapati Shivaji Maharaj International Airport (CSMIA) by 2025, with operations expected to commence in May that year. The airport, featuring one terminal and one runway in its first phase, will accommodate 20 million passengers and 0.8 million tons of cargo annually. Spread across 1,160 hectares, NMIA is India's largest greenfield airport and is designed to handle 90 million passengers annually upon full completion. Developed through a public-private partnership involving Adani Airports Holdings Limited and CIDCO, the airport honours activist Dinkar Balu Patil, pivotal in shaping Navi Mumbai's development.Read more

02 Jan 2025

In 2024, apartment sales in Greater Mumbai and Thane saw a slight decline, with Greater Mumbai experiencing a 3% drop and Thane a 6% drop compared to the previous year. However, Navi Mumbai saw a significant growth of 23%. The Mumbai Metropolitan Region (MMR) as a whole recorded sales of 1,55,335 units, with Greater Mumbai contributing to 69% of these sales. The report from Anarock Property Consultants also noted a reduction in new supply, particularly in Mumbai and Navi Mumbai, while Thane saw a slight decline in new launches. Additionally, the region's unsold stock saw a reduction, particularly in Greater Mumbai.Read more

01 Jan 2025

A 48-year-old doctor in Thane has reportedly been defrauded of INR 70 lakh by three individuals in a property scam. The trio allegedly sold the doctor a flat in Navi Mumbai's Kalamboli area that had already been sold to another party. Despite receiving the payment, they failed to hand over possession of the flat or return the money. The victim filed a complaint earlier this week, leading to the registration of a case against the accused under charges of cheating and criminal breach of trust.Read more

01 Jan 2025

Mumbai is preparing to open its first elevated forest walkway by New Year, with the Brihanmumbai Municipal Corporation (BMC) overseeing the project. The 482-metre trail, situated on Malabar Hill, offers stunning views of the city and Girgaon Chowpatty. Despite challenges like protecting trees, difficult terrain, and limited working hours, over 90 per cent of the construction has been completed. The walkway, designed to minimise disruption to the environment, has been built with minimal concrete and includes special measures to protect British-era pipelines beneath it. The final phase is expected to be completed by the end of January.Read more

01 Jan 2025

The National Green Tribunal (NGT) directive has halted nearly 200 real estate projects in Mumbai Metropolitan Region, mandating central oversight for developments exceeding 20,000 sq. m. within a 5-km radius of eco-sensitive zones. Key areas affected include Sanjay Gandhi National Park, Flamingo bird sanctuaries, and Tungareshwar Wildlife Sanctuary. The transition from state to central environmental clearance has caused delays, increasing costs and uncertainty for developers. CREDAI-MCHI and other stakeholders have petitioned the Supreme Court for interim relief. While the directive highlights environmental priorities, better administrative coordination is crucial to balance sustainability with urban development.Read more

01 Jan 2025

Lenders to Mumbai Metro One, which operates the Versova-Ghatkopar line, are nearing an agreement to sell their outstanding debt to the National Asset Reconstruction Company (NARCL), a government-backed bad loan aggregator. NARCL has proposed an offer of INR 1,063 crore to acquire Mumbai Metro One's INR 1,226 crore debt. This offer, which includes 15% in cash and the rest as security receipts, triggered a Swiss challenge auction but has yet to be finalised. The deal excludes foreign currency loans raised by Mumbai Metro One. Meanwhile, the government-backed bad bank is also considering restructuring the debt.Read more

31 Dec 2024

Jagdish Naresh Master, a renowned stock market trader, has purchased a 7,139 sq. ft. apartment on the 60th floor of Oberoi Three Sixty West, Worli, for INR 106 crore, at INR 1.50 lakh per sq. ft. His wife, Urjita Master, acquired a flat on the 59th floor for INR 105 crore last month, showcasing their preference for luxury real estate. Jagdish paid INR 3.97 crore in stamp duty, adhering to differential stamp duty norms. These high-value transactions highlight Mumbai's thriving luxury real estate market, driven by demand for premium homes in prime locations, reinforcing the city's position as India's top property investment hub.Read more

30 Dec 2024

Private equity (PE) investments in Indian real estate reached USD 4.2 billion in 2024, a 32% rise from the previous year, driven by warehousing and residential sectors. Warehousing led with USD 1.9 billion (45% of total), a 136% increase, fueled by e-commerce growth. Residential investments doubled to USD 1.2 billion, showing a 104% rise due to recovering housing demand. Mumbai attracted 50% of PE inflows, with USD 2 billion largely in warehousing. The UAE emerged as the top foreign investor, contributing USD 1.7 billion. Despite a 38% drop in office sector investments, the market shows strong potential across key segments and regions.Read more

27 Dec 2024

The National Financial Reporting Authority (NFRA) has penalized two auditors, Chetan Desai and Rakesh Rathi of Haribhakti & Co LLP, for professional misconduct during the audit of DB Realty (now Valor Estate Ltd) for FY 2015-16. Desai was fined INR 5 lakh and banned for five years, while Rathi received a INR 3 lakh fine and a three-year ban. The NFRA uncovered lapses, including failure to scrutinize INR 3,894.43 crore in guarantees and inadequate review of loans worth INR 1,326.92 crore, mostly to related parties. This action underscores NFRA's commitment to enhancing accountability in financial reporting and upholding auditing standards in India.Read more

27 Dec 2024

The Brihanmumbai Municipal Corporation (BMC) has introduced stringent guidelines to combat air pollution in Mumbai, targeting emissions from construction activities and road dust. Key measures include banning wood as cooking fuel, prohibiting bonfires at construction sites, and deploying vigilance teams to enforce compliance. The Solid Waste Management Department will oversee dust control at construction sites, while engineers and supervisors are mandated to adhere to strict protocols. Building on earlier initiatives, the BMC�s action plan emphasises public awareness and collaboration to address urban pollution. These efforts aim to create a cleaner, sustainable environment, balancing the city�s development with public health priorities.Read more

27 Dec 2024

Three leading developers—Prestige Group, RC Group, and Valor Estate—are set to redevelop 19 housing societies in Mumbai’s Bandra area, with a Gross Development Value (GDV) of INR 7,000 crore. Prestige Group will lead design, financing, and construction, while RC Group and Valor Estate focus on regulatory approvals and stakeholder coordination. Construction begins in Q1 2025, targeting completion by 2029. Despite the absence of a cluster redevelopment policy, the project highlights Mumbai’s push to address aging infrastructure. Experts see this as a model for transforming MHADA colonies, unlocking significant redevelopment potential in the city.Read more