03 Oct 2024

Princeton Digital Group has partnered with K Raheja Corp's Mindspace Business Parks REIT to create its largest data centre campus in India at Mindspace Airoli West. The agreement includes a 20-year lease for five buildings across 16 acres, adding one million square feet to Princeton's portfolio. The project will enhance the REIT's total footprint to 1.6 million square feet, supporting the growing demand for data centres in Navi Mumbai, a hub for infrastructure and AI technology.Read more

03 Oct 2024

During the recent WSO INDIA OHS&E Professional Development Symposium, the Mumbai Metropolitan Region Development Authority (MMRDA) received the prestigious Gold 4-Star Trophy for its Mumbai Metro Line 09 project, known as the Dream Line. This recognition underscores MMRDA's strong commitment to maintaining high safety and health standards in the construction industry. Under the adept leadership of Dr. Sanjay Mukherjee, MMRDA prioritises the welfare of its workers while ensuring projects are executed efficiently. Spanning 13.581 kilometres and featuring seven stations, this corridor will significantly improve regional connectivity and establish new benchmarks for safety practices in future urban infrastructure developments.Read more

03 Oct 2024

Maha Mumbai Metro Operation Corporation Ltd. has extended its train services from October 7 to October 11, 2024, to accommodate the surge in late-night commuters during the Navaratri festival. The metro will introduce twelve additional trips between Gundavali and Andheri West, increasing the total number of trips to 294. The last trains will depart at 12:30 AM, running every 15 minutes during extended hours to ensure safe and convenient transportation for festival-goers. This initiative reflects the metro's dedication to providing reliable, accessible public transport, allowing passengers to fully enjoy the celebrations without transportation concerns.Read more

02 Oct 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) has approved a significant sum of INR 8,498 crore for a Slum Rehabilitation Scheme at Ramabai Ambedkar Nagar and Kamraj Nagar in Ghatkopar (East). This project aims to rehabilitate approximately 17,000 slum dwellers over 48 months, providing free housing and essential infrastructure. The initiative, supported by the Government of Maharashtra, will enhance living standards while promoting sustainable urban development and aiding the Eastern Freeway extension.Read more

02 Oct 2024

Metro Line 5, also known as the Orange Line, is a key addition to Mumbai's transit system, stretching 24.90 km and featuring 15 elevated stations to connect areas like Thane, Bhiwandi, and Kalyan. The project aims to alleviate traffic congestion and offer efficient public transportation. A recent milestone in the project was the successful erection of two special spans-57.50 and 46 meters long-using high-capacity cranes, completed efficiently in just five hours. This achievement showcases the technical expertise and careful planning of the construction team, with the line expected to be completed by 2025, pending logistical factors.Read more

02 Oct 2024

The Rail Land Development Authority (RLDA) has announced bids for a prime railway land parcel of over 10,000 square meters in Mahalaxmi, offering immense potential for high-end residential projects, luxury hotels, and Grade-A office spaces. The site, with a reserve price of INR 805 crore and an FSI of 4.05, is expected to stimulate economic growth and transform Mumbai's skyline. Featuring dual-road access, it is suitable for diverse developments. RLDA officials anticipate strong competition, as the successful bidder will create a landmark project that sets new standards for luxury and innovation in the city's real estate market.Read more

02 Oct 2024

CREDAI-MCHI recently hosted the first-of-its-kind 'Redeveloping Mumbai: Ease of Doing Redevelopment (EODR)' exhibition at the Jio Convention Centre this week. The exhibition facilitated connections between over 900 housing societies and 40 leading developers. A key highlight was the launch of the Ease of Doing Redevelopment Report, showcasing insights into Mumbai's redevelopment landscape. The event featured discussions on streamlining processes and a commitment to transparency and inclusivity from government officials. A panel discussion included industry leaders, enhancing the dialogue on legal frameworks and redevelopment strategies.Read more

01 Oct 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) has secured a significant loan of INR 31,673.79 crores from Power Finance Corporation (PFC) to finance nine key infrastructure projects. This funding will cover 80% of the total project costs and includes initiatives such as the Thane Coastal Road, the Eastern Freeway extension, and multiple elevated roads and bridges. These developments aim to improve connectivity and enhance the quality of life in MMR, transforming its transportation landscape.Read more

01 Oct 2024

The Navi Mumbai Municipal Corporation has taken decisive action against unauthorized constructions in the Airoli division, specifically targeting an RCC building at Sagarnath Rama Madhvi in Diva Village. Despite issuing a notice under Section 54 of the Maharashtra Regional Planning and Town Planning Act, 1966, the unauthorized construction continued. Following a High Court order, the demolition of the fifth floor began, utilizing manual tools due to site access limitations. This operation was supported by a team of laborers and officials from the Airoli Division, highlighting the Corporation's commitment to enforcing regulations and addressing illegal constructions effectively.Read more

01 Oct 2024

Mt K Kapital has raised over INR 500 crore for its maiden real estate fund, targeting projects in the Mumbai Metropolitan Region (MMR). The fund focuses on quick turnaround residential developments with low equity investments, aiming for an internal rate of returns (IRRs) exceeding 25%. In collaboration with Keystone Realtors, it plans to invest in 10 to 12 redevelopment projects. The firm's founder, Binitha Dalal, highlights their commitment to channeling capital effectively in the real estate sector, backed by a SEBI-approved Category II Alternative Investment Fund license.Read more

30 Sep 2024

NITI Aayog has introduced an ambitious master plan to transform the Mumbai Metropolitan Region (MMR) into a global economic hub. The proposal includes developing 10 planned cities, 2 tourism hubs, and 7 business districts, focusing on rehabilitating 2.2 million slum households into affordable housing. The plan identifies seven core industries to drive growth and aims to enhance tourism significantly. Infrastructure improvements will include substantial office, hotel, and warehousing space, as well as new educational and healthcare facilities.Read more

30 Sep 2024

The Dharavi redevelopment project is introducing incentives to attract investment, including relaxed open space requirements in front of buildings, aimed at fostering a more usable urban environment. S.V.R. Srinivas, CEO of the Dharavi Redevelopment Project, has requested the authority to allow these relaxations without charging a premium, provided they do not compromise public safety. Adjustments will be considered in cases of demonstrable hardship, with the CEO required to justify any changes in writing. A proposed new sub-clause in the Development Control & Promotion Regulations 2034 seeks to clarify the implications for open space requirements, which currently mandate a 10ft setback.Read more

30 Sep 2024

CREDAI-MCHI congratulated Maharashtra Chief Minister Shri Eknath Shinde on receiving the 2nd World Agriculture Prize for his contributions to environmental protection and sustainable development. The organization emphasized its support for initiatives that foster socio-economic growth and a greener Maharashtra. CREDAI-MCHI President Domnic Romell highlighted the alignment of sustainable agriculture with real estate goals, while Secretary Dhaval Ajmera praised the Chief Minister's commitment to farmers. The event featured discussions on global food security, showcasing collaboration between government and private sectors in promoting sustainable practices.Read more

30 Sep 2024

The Mumbai Income Tax Appellate Tribunal (ITAT) has sent a case back to the Income Tax (I-T) authorities for further investigation regarding a tax deduction claimed by P. Shah. Shah invested INR 9.5 crore from a share sale into two adjacent apartments in Navi Mumbai, claiming a tax exemption under Section 54-F, which allows for tax-free long-term capital gains if invested in a single residential unit. The I-T department rejected his claim, arguing the two apartments are separate properties, but Shah argued they should be considered one unit. The ITAT directed physical verification to confirm if the apartments were merged into one.Read more

27 Sep 2024

Morgan Stanley has consolidated its Mumbai Global In-house Centre operations into a single campus at Oberoi Commerz III, marking a significant investment in the region. With a lease covering 1.1 million sq. ft. and a rental payout exceeding INR 2,122 crore over nearly ten years, this move underscores the firm's commitment to India. The expansion aligns with a broader trend of multinational companies growing their global insourcing centres in India, reflecting the country's robust talent pool. Despite global economic uncertainties, India's office sector continues to thrive, achieving record leasing figures in recent months.Read more

27 Sep 2024

Utpal Sheth, CEO of Rare Enterprises, recently purchased a luxury sea-view apartment in Mumbai's upscale Worli area for over INR 123 crore. The apartment, located on the 54th floor of Oberoi Three Sixty West, offers 15,795 square feet of space, including a large balcony. The deal, registered earlier this week, involved a stamp duty of around INR 7.40 crore. Mumbai's real estate market continues to thrive, with record-high sales in 2023, led by South and Central Mumbai's high-value transactions involving prominent business leaders and celebrities.Read more

27 Sep 2024

The 158th MMRDA meeting, chaired by Chief Minister Eknath Shinde, focused on enhancing connectivity and infrastructure in the Mumbai Metropolitan Region. Key decisions included the revision of the Backbay Reclamation development plan, which prioritizes residential and commercial zoning while preserving natural features. Additionally, an access-controlled highway was approved to improve travel times between key areas, along with the establishment of a Project Implementation Unit for the Economic Master Plan. These initiatives aim to bolster Mumbai's status as a global economic hub.Read more