22 Aug 2024

The Adani Group has committed a 51% stake in the Navi Mumbai International Airport (NMIAL) to the State Bank of India (SBI), securing a funding facility of INR 12,770 crore for the airport's construction. Despite delays, the new airport aims to handle 90 million passengers and 2.6 million tonnes of cargo annually by 2031-32. Adani Enterprises targets a March FY25 launch, three months later than planned. The group, facing financial strain with consolidated losses of INR 227 crore in FY24, is boosting its borrowing limit to INR 30,000 crore to support ongoing and future projects.Read more

21 Aug 2024

Saugata Gupta, Managing Director and CEO of Marico, has purchased a luxury apartment in Mumbai's Worli area for INR 36.4 crore. The 4,372-square-foot residence, situated on the 24th floor of an exclusive project, cost INR 83,264 per square foot and includes five car parking spaces. The deal, finalised on July 29 with a stamp duty of INR 2.18 crore, highlights the ongoing boom in Mumbai's luxury real estate market. With over 10,000 property registrations per month in 2024 and a surge in high-value transactions, Mumbai remains India's most sought-after market for affluent buyers.Read more

21 Aug 2024

L&T Realty has partnered with Valor Estate to develop a residential project in Bandra Reclamation, Mumbai, with an investment of over INR 8,500 crore. The project will cover 7.5 acres and feature 1.6 million square feet of luxury housing, including a planned 200-key hotel. Valor Estate will retain 20% of the revenue if sales are below INR 55,000 per square foot, with potential to increase to 27% if sales exceed INR 80,000. The development, delayed since 2006, aims to be completed in five to six years and includes rehabilitating 1,050 tenements by 2027-28.Read more

20 Aug 2024

The Maharashtra State Board of Wakf is investigating whether a plot in Bhendi Bazaar, Mumbai, sold to the Saifee Burhani Upliftment Trust (SBUT) is legally Wakf property. This follows a Supreme Court order from May 17, requiring the Board to determine the plot's status within 12 weeks. The property, over 150 years old and originally owned by the Haji Ismail Haji Habib Musafirkhana Trust, was sold to SBUT in 2016 for redevelopment. While SBUT argues the plot is not Wakf land, tenants and interveners claim it is, citing a functioning mosque on-site. The Supreme Court's directive to maintain "status quo" has halted redevelopment work. The investigation, ongoing since July 24, 2024, aims to resolve this dispute and determine the plot's future amid SBUT's broader redevelopment efforts in Bhendi Bazaar.Read more

20 Aug 2024

Suraksha Smart City has launched a new affordable housing lottery under the Pradhan Mantri Awas Yojana (PMAY), offering 1BHK units at an effective price of INR 19,99,999 after a government subsidy of INR 2.50 lakh. These units will be allocated on a first-come, first-served basis through the lottery system. Eligible buyers with an annual income up to INR 6 lakh will also benefit from a reduced stamp duty of INR 1,000. The project includes over 100 amenities and employs Precast Construction Technology. Located near Vasai Railway Station, it offers excellent connectivity and convenience within the Mumbai Metropolitan Region (MMR).Read more

20 Aug 2024

The Mumbai Metropolitan Region (MMR) has seen only a 5% increase in average flat sizes over the past five years, growing from 784 square feet in 2019 to 825 square feet by early 2024, according to an Anarock Group report. The year 2020 was an outlier with a 21% increase in flat sizes, but sizes peaked at 840 square feet in 2022 before declining by 5% in 2023. This contrasts sharply with regions like the National Capital Region (NCR), where average flat sizes surged by 96%. High property prices and limited space in Mumbai have constrained the growth of flat sizes, reflecting broader housing dynamics and consumer preferences in urban India.Read more

19 Aug 2024

Arbour Investments has committed INR 50 crore to "The Altitude," a high-end residential and commercial development by VDV Group in Tardeo, South Mumbai. Strategically located opposite the Imperial Towers and near key commercial hubs, the 41-storey project features luxurious amenities such as an infinity-edge pool, sky lounge, and terrace barbecue pavilion. Designed by a renowned hotel designer, "The Altitude" aims to set a new standard in luxury living. The partnership leverages Arbour's investment expertise and VDV's extensive real estate experience, marking a significant milestone in South Mumbai's evolving real estate landscape.Read more

19 Aug 2024

IDFC First Bank has leased 1.64 lakh square feet at Commerze III, Goregaon East, for INR 3.85 crore per month, marking a major expansion. The lease, covering floors 22 to 25, is valued at INR 34 crore in security deposits and includes 165 parking slots. With a rent of INR 233 per sq ft and a 15% escalation after three years, the agreement reflects the rising demand for premium office space in Mumbai. The lease registration, with a stamp duty of INR 74.65 lakh, signals a rebound in the commercial real estate market as businesses adapt to new workspace needs.Read more

19 Aug 2024

Billionaire entrepreneur Yohan Poonawalla and his wife, Michelle, have purchased a 30,000 sq. ft mansion in Cuffe Parade, South Mumbai, with an investment between INR 400 crore and INR 750 crore. The mansion, to be named "Poonawalla Mansion," will serve as their secondary residence. Yohan, known for his roles in the Poonawalla Engineering Group and Poonawalla Stud Farms, and Michelle, leading MYP Design Studio, plan to infuse modern luxury with historical charm. This acquisition underscores the rising value of luxury real estate in South Mumbai, joining other elite investors in the area.Read more

16 Aug 2024

Nitco Ltd has sold a 16,250 square meter (approximately four acres) land parcel in Kanjurmarg East, Mumbai, to Runwal Group for INR 232 crore. This strategic location benefits from excellent connectivity, near the Eastern Express Highway, Jogeshwari-Vikhroli Link Road, and Kanjurmarg Railway Station, with upcoming Metro Lines set to enhance its value further. The sale reflects high demand for prime Mumbai real estate and underscores Nitco Ltd's focus on optimizing its asset portfolio. Runwal Group, with 14 ongoing projects in Mumbai, sees significant potential in this rapidly developing area.Read more

16 Aug 2024

Several prop-tech startups have recently secured funding, including Truva, a Mumbai-based real estate tech firm that raised USD 3 million in a round led by Stellaris Venture Partners. Notable individual investors, such as Myntra founder Mukesh Bansal and Curefoods founder Ankit Nagori, also participated. Founded in 2023, Truva offers a platform with detailed property listings, financing help, and features like natural light scores and 3D tours. The investment will support team expansion, product development, and scaling operations. Since its launch, Truva has facilitated transactions worth over INR 30 crore and plans to expand beyond Powai and Bandra.Read more

15 Aug 2024

The Mumbai Metro Rail Corporation (MMRCL) has started preliminary work on the Metro 11 underground corridor connecting Wadala to Regal Cinema, involving a geo-technical survey crucial for the Detailed Project Report. This revised route, passing through Byculla, Bhendi Bazar, and Crawford Market, aims to better serve high-density areas and commercial districts. Expected to cost INR 16,000 crore, the project will reduce reliance on buses and taxis in congested areas, offering a more efficient transportation alternative. The Japan International Cooperation Agency (JICA) is prepared to discuss funding once approvals are in place, marking a significant step in enhancing Mumbai's infrastructure.Read more

15 Aug 2024

As India celebrates 77 years of Independence, the real estate sector is buzzing with special offers from developers, reflecting strong homebuyer confidence. Siddha Sejal Group and Chandak Group are leading the charge with compelling deals on premium projects. Siddha Sejal Group's ALTAIRE COLLECTION at Siddha Sky in Sion NX is offering smartly designed residences with a 77% discount on stamp duty & registration rates. Chandak Group's 'Forever Homes Fiesta' provides attractive discounts across four prime projects. These offers make luxury living more accessible, allowing aspiring homeowners to secure their dream homes at unbeatable prices, while celebrating the spirit of freedom and prosperity.Read more

15 Aug 2024

Mumbai's Siddhivinayak Temple will receive a INR 500 crore upgrade to improve facilities for devotees during the Ganesh festival. Spearheaded by local politicians, the plan includes enhanced access via Mumbai Metro Line 3, new pathways, widened roads, and removal of nearby unauthorized structures. Vendors will be relocated, and new amenities like expanded shoe racks and restrooms will be added. Modern upgrades will feature new signage, Wi-Fi, and CCTV. The renovations aim to accommodate the temple's 40,000 daily visitors and enhance their festival experience.Read more