06 Aug 2024

MHADA's Mumbai Board issued offer letters to 158 eligible applicants from old cessed buildings through a computerised lottery on December 28, 2023. The State housing and OBC welfare minister Atul Save announced a waiver of the INR 70,500 NOC fee for each recipient. Applicants must comply with the offer letter's conditions or face cancellation. Initially, 444 flats were available; 212 out of 265 applicants were found eligible after re-verification. Document verification for the remaining 53 applicants is still in progress. MHADA plans to hold another lottery soon for the sale of 2,000 flats in prime locations across Mumbai.Read more

05 Aug 2024

The Bombay High Court upheld the Maharashtra Government's decision to increase lease rents in Bandra based on the Ready Reckoner (RR) rate, affirming its appropriateness given Bandra's high-end real estate. However, the court ruled that rent must remain fixed for the entire lease duration, not revised every five years as per government resolutions from 2006, 2012, and 2018. Justice B P Colabawalla and Justice Somasekhar Sunderesan noted that the revised rents, ranging from less than INR 2,000 to a maximum of INR 6,000 per month, were not exorbitant given Bandra's prime location. They emphasized that lessees have used the land almost free of cost since 1951, making the rent increase reasonable. However, the court struck down the clause for periodic rent revision, stating both the state and lessees cannot unilaterally modify the lease terms.Read more

05 Aug 2024

Eldeco Infrastructure and Properties Ltd. has acquired a 20,000 sq metre plot near the upcoming Jewar Airport for INR 96.86 crore through an auction by the Yamuna Expressway Industrial Development Authority (YEIDA). Purvanchal Projects also secured a 40,000 sq metre plot for INR 149.47 crore. These strategic moves aim to capitalise on the anticipated development rise around the new aviation hub. Eldeco's expansion continues with acquisitions in Gurugram, including 11.2 acres in Sector 80 for INR 275 crore. The company's extensive portfolio spans the NCR and other key locations like Sonepat and Greater Noida West. Recent funding of INR 350 crore from HDFC Capital Advisors bolsters Eldeco's growth prospects.Read more

05 Aug 2024

Nielsen Media and its subsidiary Whats On India Media are scaling up in Mumbai with a significant office space lease. Located in Commerze III, International Business Park, Oberoi Gardens, Goregaon East, the lease spans 1.52 lakh square feet. Whats On India Media secures 39,852 square feet on the 35th floor, including part of the terrace, with 42 parking slots. Monthly rent is INR 1.004 crore, backed by an INR 8.03 crore security deposit. Nielsen Media leases 1.12 lakh square feet across the 36th-38th floors and terrace, with 122 free parking slots. Monthly rent for their space totals INR 2.87 crore.Read more

05 Aug 2024

CapitaLand India Trust (CLINT) has acquired Building Q2 in Navi Mumbai for approximately INR 6.76 billion (USD 106.99 million), expanding its commercial real estate footprint. The 820,000 square feet property, fully leased to notable tenants including Mizuho Bank and ICICI Bank, adds to CLINT's portfolio, which now totals around 21.8 million square feet in India - a 4% increase. This strategic move follows the 2021 acquisition of Building Q1, further establishing CLINT in Navi Mumbai's thriving commercial market. The investment highlights CLINT's commitment to growth in high-potential markets, reinforcing its position in the Indian office space sector.Read more

05 Aug 2024

The Mumbai Metropolitan Region Development Authority, in partnership with the Slum Rehabilitation Authority, is undertaking a significant redevelopment project in Ramabai Ambedkar Nagar, Ghatkopar. Over 14,224 families, or 85 percent of residents, have qualified for new housing. The project, approved by Chief Minister Eknath Shinde, coincides with the Eastern Freeway expansion to Thane and involves an INR 3,200 crore investment. It aims to rehabilitate 16,575 slum dwellers, improving their living conditions. The initiative will create 75 lakh square feet of commercial space, potentially generating INR 10,000 crore in revenue, and will also incorporate an additional 5,000 flats for the MMRDA.Read more

02 Aug 2024

Cricket star KL Rahul and actress Athiya Shetty have made a notable entry into Mumbai's high-end property market with the purchase of a luxury apartment for over INR 20 crore. Located in the prestigious Pali Hill area on Nargis Dutt Road, the apartment spans 3,350 square feet within the Sandhu Palace tower and includes four car parking spaces. This purchase, along with a stamp duty of INR 1.20 crore, underscores the high value of prime real estate in Mumbai. The couple's investment highlights the ongoing trend of celebrities investing in Mumbai's lucrative property market, reflecting its appeal as both a personal and financial asset.Read more

02 Aug 2024

JSW Infrastructure, India's second-largest private port operator, has acquired office space in Navi Mumbai's L&T Seawoods Grand Central for INR 88 crore. The 52,690 square feet space, spread across 11 units in the complex, includes 52 dedicated parking spaces. This strategic leasing decision aligns with the broader trend of flexible office space solutions in India, offering room for growth and adaptation. Despite an 8% drop in net profit for Q1 2024, JSW's 20% revenue increase to INR 1,104 crore underscores its expansion plans. The move enhances its presence in a key business district, supporting future growth.Read more

02 Aug 2024

The Royal Western India Turf Club transferred a 120-acre parcel of the Mahalaxmi Racecourse to the Brihanmumbai Municipal Corporation for a park project. In return, the Mahayuti government renewed RWITC's lease on 91 acres with an INR 133-crore lease rent concession for 30 years and waived nearly INR 120 crore in past dues, totaling an INR 253-crore loss for the state and BMC. Despite the finance department's objections, the State Cabinet approved the proposal. RWITC had requested a reduced lease rent and waiver of arrears, citing its contribution to the park project. Attempts to contact RWITC's secretary were unsuccessful.Read more

02 Aug 2024

In July 2024, Mumbai's real estate market saw a significant 19% increase in property registrations, reaching 12,160 transactions, up from 10,221 in July 2023. Stamp duty collections also surged by over 27% to INR 1,055 crore, compared to INR 832 crore in the previous year. June 2024 had strong performance with 11,673 registrations and collections of INR 1,014 crore. Experts attribute this growth to strong buyer confidence, economic factors, and favorable policy measures. Mr. Prashant Sharma of NAREDCO Maharashtra and Mr. Pritam Chivukula of Tridhaatu Realty highlight the market's resilience and shifting buyer preferences towards larger and luxury units.Read more