Arun Nair

12 Feb 2025

The Brihanmumbai Municipal Corporation (BMC) has proposed a INR 74,427.41 crore budget for 2025-26, marking a 14% increase from the previous year. With infrastructure at its core, the budget allocates significant funds to projects like the Coastal Road, Goregaon-Mulund Link Road, and major bridge reconstructions. Revenue generation strategies include land monetisation, increased FSI premiums, and enhanced property tax collections. Financial discipline remains a priority, with digitisation and PPP models for asset management. Additionally, pedestrian-friendly initiatives, parking solutions, and urban transformation projects like the 'Mumbai Eye' are key highlights, reinforcing BMC's vision for a sustainable and connected city.Read more

Arun Nair

12 Feb 2025

The Brihanmumbai Municipal Corporation (BMC) is considering converting an unused cycling track along Flank Road into a Pay and Park facility to address traffic congestion near Shanmukhananda Hall, Sion. With 2,700+ attendees per event, the hall generates parking demand for 300 cars, leading to illegal parking, safety hazards, and resident complaints. BMC's multi-level robotic parking projects in Mumbadevi, Matunga, and Bhulabhai Desai Road have faced technical and public resistance, causing cancellations. As Mumbai's parking crisis worsens, BMC must overcome logistical and financial hurdles to implement sustainable parking solutions for the city's growing urban needs.Read more

12 Feb 2025

Thane is witnessing rapid development with the successful implementation of the cluster scheme by the state government. Deputy Chief Minister Eknath Shinde urged the Maharashtra Chamber of Housing Industry (MCHI) to take the lead in transforming Thane into the top city in the country. The government is providing various incentives to developers, and Mr. Shinde encouraged them to contribute towards fulfilling the dream of affordable housing for the common man. The 22nd CREDAI-MCHI property exhibition was inaugurated in Thane, bringing together key officials and industry leaders to discuss the city's infrastructural progress, including major projects like Metro lines and tunnel constructions. Plans for water security and sustainable urban growth were also highlighted.Read more

12 Feb 2025

Anu Malik and his wife, Anju Malik, have sold two adjoining apartments in Santacruz West, Mumbai, for INR 14.49 crore. Located in Khushi Belmondo, the properties span a total of 233.64 square meters (2,515 square feet) and include two car parking spaces. The deal incurred a stamp duty of INR 86.91 lakh and registration charges of INR 30,000. The sale was officially recorded in February 2025, as per IGR documents. This transaction highlights the ongoing demand for luxury real estate in Mumbai's western suburbs, particularly in Santacruz West, where property prices have seen steady growth. The area's appeal is driven by its connectivity, proximity to business hubs, and increasing investment interest from high-net-worth individuals.Read more

Vidhi Sangoi

11 Feb 2025

India's industrial real estate sector is booming, with investments reaching USD 2.5 billion in 2024-a 190% increase from 2023. The surge is driven by the PLI scheme, the "China Plus One" strategy, and demand for logistics parks. Gujarat, Tamil Nadu, and Karnataka account for 72% of PLI investments, with firms like Foxconn and Tata expanding operations. Developers such as IndoSpace and Blackstone are investing heavily in logistics parks. With large-scale industrial hubs like AURIC and Dholera SIR, India's manufacturing shift is accelerating, solidifying the country's position as a global industrial powerhouse.Read more

11 Feb 2025

Akshay Kumar and Twinkle Khanna have sold their Worli luxury apartment for INR 80 crore. Located on the 39th floor of the Three Sixty West tower, the 6,830 sq. ft. property includes four car parking spaces. The sale, registered earlier this month, incurred a stamp duty of INR 4.80 crore. Akshay originally bought the apartment in 2015 for INR 27.95 crore before transferring it to Twinkle for INR 32 crore. The transaction highlights the ongoing boom in Mumbai's luxury real estate market, with celebrities and high-net-worth individuals continuing to see high-end properties as both lifestyle assets and lucrative investments.Read more

11 Feb 2025

Billionaire Uday Kotak, founder-director of Kotak Mahindra Bank, has made a major real estate investment by purchasing 12 residential units in Mumbai's upscale Worli Sea Face for INR 202 crore. The acquisition, which includes 7,418 sq ft of carpet area in the Shiv Sagar building, is among the most expensive transactions in the city. The deal reflects a growing trend of ultra-high-net-worth individuals (UHNIs) investing in Mumbai's luxury housing market. With all units situated across the ground, first, and second floors, speculation arises about potential redevelopment plans. This purchase further cements Worli's status as a prime location for India's wealthiest, alongside similar high-profile acquisitions in recent years.Read more

10 Feb 2025

The Pune and Pimpri Chinchwad metro network will expand with a budget allocation of INR 838.96 crore for FY 2025-26. Maha Metro will prioritize the PCMC-Nigdi and Swargate-Katraj extensions, ensuring financial stability for ongoing projects. While Phase 1 is operational, pending infrastructure work at Khadki and Range Hills stations continues. Metro ridership reached 160,000 daily commuters in January. Additionally, INR 230 crore has been allocated for Mula-Mutha river pollution abatement, with funds supporting Sewage Treatment Plants (STPs). These initiatives will enhance urban transit, last-mile connectivity, and sustainability, ensuring Pune's continued infrastructural growth.Read more

10 Feb 2025

HDFC Bank has secured a significant office lease deal in Mumbai's Andheri East, spanning over 4.50 lakh sq ft across seven floors in a commercial tower. The long-term lease, valued at over INR 1,020 crore, includes a clause for rental escalation every 36 months. The agreement commenced last week and provides exclusive access to 227 car parking spaces. Additionally, HDFC Bank is divesting non-core real estate assets, including high-profile properties like HDFC House in South Mumbai, to streamline its portfolio and enhance its financial strength. This move is part of a broader trend in India's growing office space market, driven by economic expansion and rising demand.Read more

07 Feb 2025

To alleviate Bengaluru's congestion, the Karnataka State Cabinet has approved a plan to develop satellite towns with enhanced road and rail connectivity. The towns of Devanahalli, Nelamangala, Hoskote, Doddaballapur, and Magadi will be included in this initiative. The Greater Bengaluru Development Authority (GBDA) will oversee the development of areas within Ramanagara district, integrating the Bidadi Smart City project. Spanning over 8,943 acres, the project aims to provide employment opportunities and create a well-planned urban environment. The township, located along the Bengaluru-Mysuru expressway, will follow a work-live-play; model, with a globally recognised firm appointed to draft the master plan. The initiative is a major step towards sustainable urban expansion.Read more