04 Mar 2025

Mumbai's real estate market recorded 11,541 property registrations in February 2025 that yielded INR 896 crore in stamp duty revenue. The monthly registrations indicated a 4% increase from January, despite a slight decline compared to the previous year. Residential transactions, particularly in the premium segment, accounted for 80% of the transactions. The demand for properties below INR 50 lakh fell by 19%. Market preferences shifted towards larger apartments. Central Suburbs saw the largest growth in market share from 29% to 33%. Industry leaders expressed confidence in sustained growth driven by government initiatives and market stability.Read more

04 Mar 2025

The Yamuna Expressway Industrial Development Authority (YEIDA) has transferred 230 acres of land to Bayview Bhutani Film City Private Limited, marking a major step in developing the Noida Film City near the upcoming Noida International Airport. The project, part of a larger 1,000-acre plan, aims to transform the region into a film production hub, creating an estimated 500,000 jobs. With sustainability measures, a film institute, and advanced shooting facilities, the Film City is expected to attract filmmakers and boost economic growth. Its strategic location and infrastructure development will further enhance the region's long-term economic prospects.Read more

04 Mar 2025

Navi Mumbai Municipal Transport (NMMT) is set to modernize its fleet by replacing diesel buses with electric and CNG vehicles, backed by a INR 270 crore budget allocation. Currently operating 255 electric buses, NMMT plans to add 140 more next year. Charging stations and CNG refueling points will be installed through PPP and EPC models. The upgrade includes an Intelligent Transport Management System (ITMS) for improved scheduling, tracking, and mobile ticketing. Expanding routes and leasing a commercial complex in Vashi will boost revenue. This initiative aligns with sustainability goals, enhancing public transport efficiency in the Mumbai Metropolitan Region.Read more

03 Mar 2025

The construction of Mumbai Metro 7A, intended to link Gundavali with Chhatrapati Shivaji Maharaj International Airport, has been halted due to a breach of the Airport Authority of India's (AAI) air funnel zone regulations. The Mumbai Metropolitan Region Development Authority (MMRDA) has since sought a revised clearance from AAI to recommence work. The 3.42-kilometre-long corridor, featuring both elevated and underground sections, is being built by J Kumar Infraprojects Ltd, with consultancy provided by Systra MVA Consulting. AAI had initially approved construction with a height restriction 2.9 metres lower than the project's specifications. MMRDA has requested AAI to reconsider, arguing that adjusting the metro line's height is technically unfeasible.Read more

03 Mar 2025

The construction of two flyovers near Mahalaxmi Railway Station, approved five years ago, is still ongoing. The Brihanmumbai Municipal Corporation (BMC) has directed an expedited schedule, aiming for completion by October 31, 2026, even during the monsoon. The INR 497 crore project includes an 803-meter cable-stayed bridge on Keshavrao Khadye Road and a 639-meter flyover on Dr. E. Moses Road. These flyovers aim to ease congestion on the 100-year-old Mahalaxmi bridge. Challenges, including encroachments and railway permissions, have delayed progress. Once completed, the project will improve connectivity between Mahalaxmi, Worli, and Haji Ali, reducing traffic congestion significantly.Read more

Vidhi Sangoi

03 Mar 2025

The 464-km Raipur-Visakhapatnam Expressway, part of Bharatmala Pariyojana Phase-I, is set to enhance connectivity across Chhattisgarh, Odisha, and Andhra Pradesh. Expected to be completed in 2025 at an estimated cost of INR 20,000 crore, the project will reduce travel time from 14 to 7 hours. Constructed under the Hybrid Annuity Model, the expressway will boost manufacturing, logistics, and real estate along its route, while improving access to Visakhapatnam Port. Environmental safeguards, including wildlife crossings and afforestation, are integrated into the project. This transformative corridor will drive economic expansion, trade efficiency, and regional development in eastern India.Read more

Vidhi Sangoi

03 Mar 2025

The dispute between MMRDA and French engineering firm Systra India over Mumbai Metro projects has intensified, involving allegations of contractual breaches, corruption, and unfair termination. Systra, engaged in Metro lines 5, 7A, and 9 under a INR 90.76 crore contract, has accused MMRDA of undue demands and payment suspensions. MMRDA has refuted the claims, citing confidentiality breaches, safety lapses, and unauthorized staffing. The Bombay High Court ruled MMRDA's termination notice 'arbitrary,' ordering a fair hearing. With diplomatic intervention from the French Embassy and political scrutiny in Maharashtra, the conflict raises concerns over governance, transparency, and international business relations.Read more

28 Feb 2025

Alia Bhatt's production house, Eternal Sunshine Production Pvt Ltd, has rented a luxurious apartment in Bandra, Mumbai, for INR 9 lakh per month. The 6th-floor apartment in Vastu Building, Pali Hill, has been rented out from Narendra Shetty for four years with an annual rent hike of 5%. An INR 36 lakh security deposit was paid, for which stamp duty was INR 1.25 lakh and registration charges of INR 1,000 were paid. This lease is the follow-up to the company's high-profile acquisition of an INR 37.80 crore flat in Bandra West in 2023. Pali Hill continues to be a real estate hotbed, with recent transactions involving cricketer KL Rahul and infrastructure company Apco Infratech, which acquired properties worth INR 20 crore and INR 155 crore, respectively.Read more

28 Feb 2025

The Navi Mumbai International Airport (NMIA) is anticipated to be inaugurated in May, as confirmed by officials familiar with the matter. The Directorate General of Civil Aviation (DGCA) recently conducted an assessment of the airport. The latest review indicated that 90 percent of the issues identified previously had been resolved. The airport operator is set to apply for an aerodrome license by the end of February, with the Aeronautical Information Publication (AIP) expected to be approved by early March and published before the end of April. Once this process is completed, the airport is expected to begin operations. The new airport is projected to handle 10-12 million passengers annually, with further expansion plans in place.Read more

Vidhi Sangoi

28 Feb 2025

The 1,271-km Surat-Chennai Economic Corridor (SCEC), part of Bharatmala Pariyojana Phase II, is set to transform connectivity between India's western and southern regions. With an estimated cost of INR 45,000 crore, the expressway will reduce travel time from 35 to 16 hours, benefiting industries like textiles, automobiles, and logistics. The project, executed under a hybrid annuity model, will drive real estate growth in tier-2 and tier-3 cities while incorporating smart highway technology and eco-friendly measures. Expected to be operational by December 2026, SCEC will enhance trade efficiency and economic integration between Gujarat, Maharashtra, Karnataka, Telangana, Andhra Pradesh, and Tamil Nadu.Read more