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

Balaji Rao

04 Oct 2024

Construction of residential skyscrapers has surged globally over the last decade due to rapid urbanisation and land scarcity. Developing cities like Mumbai are at the helm of this evolution, with over 800 high-rise structures already in use and another 200 currently under construction. While skyscrapers are seen as a symbol of progress and luxury by many, the reality is far more complex. These towering structures often compromise comfort, safety, and sustainability. They require more resources to build and maintain, and their environmental impact is significant. They are unsuited for Indian weather and infrastructure and can reduce access to natural ventilation and sunlight if not planned well. By focusing on low-rise, high-density developments, urban planners and developers can offer a better quality of life and a more sustainable future for residents.Read more

04 Oct 2024

Kishore Mishrilal Bang, promoter of Nirmal Bang Securities, has acquired two luxury apartments in the under-construction Raheja Modern Vivaria project in Mahalaxmi, south Mumbai, for approximately INR 45.69 crore. The combined carpet area of the apartments is 5,255 square feet, reflecting the increasing appeal of high-end real estate in the city. Developed by K Raheja Corp Homes, the project is expected to be completed by 2028 and replaces a former textile mill. This acquisition underscores the growing trend of luxury living among prominent business figures in Mumbai.Read more

04 Oct 2024

The Brihanmumbai Municipal Corporation (BMC) D-ward has issued a tender worth INR 1.2 crore for desilting Banganga Tank in Walkeshwar after a previous contractor caused damage to the heritage steps by using an excavator. Following public outrage and a registered FIR, BMC terminated the contract with Savani Heritage Conservation. Although the contractor completed 10 to 12 percent of the work under a separate INR 4.5 crore contract, fresh tenders are now set to be floated.Read more

04 Oct 2024

Earlier this month, the Maharashtra government approved acquiring 255.9 acres of environmentally sensitive salt-pan land from the Central government to house individuals excluded from the Adani Group-led Dharavi Redevelopment Project. While the Central government approved the transfer in September, environmental activists and Dharavi residents have opposed it. Salt pans help mitigate flooding, raising concerns about environmental hazards. The land will be used for affordable housing for those ineligible for Dharavi’s redevelopment. Opposition parties claim the plan prioritizes corporate interests over residents' needs. Environmentalists warn of potential flooding, referencing the deadly 2005 deluge, urging the government to reconsider its approach.Read more

03 Oct 2024

The Navi Mumbai International Airport (NMIA) has completed its runway construction, with a trial flight scheduled for October 5, attended by Prime Minister Narendra Modi. CIDCO chairman Sanjay Shirsat expressed optimism about the project, anticipating domestic operations by March 2025 and international flights by June 2025. Developed by Adani Airports and CIDCO, NMIA will feature four terminals and is expected to alleviate pressure on Mumbai's existing airport.Read more