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

26 Sep 2024

Mumbai's first underground Metro, the aqua line, is set to begin operations from Aarey Colony to Bandra-Kurla Complex (BKC) by 1st October, pending safety clearance. This 12.5 km stretch is part of the larger 33.5 km Colaba-Seepz-Aarey Metro Line 3. Once inaugurated, the line will operate 96 daily services, connecting key locations like the Chhatrapati Shivaji Maharaj International Airport and the Marol Naka station. With a capacity of 650,000 passengers per day, the project aims to enhance Mumbai's urban transit system, reducing travel time while promoting inclusivity through women operators and staff involvement.Read more

26 Sep 2024

KA Enterprises LLP, owned by Bollywood star Deepika Padukone and her father, Prakash Padukone, has made a notable entry into the real estate market with the purchase of a luxury apartment in Mumbai's Bandra West for about INR 17.78 crore. This property, situated in the sought-after Sagar Resham Co-operative Housing Society near Bandstand, spans approximately 1,846 square feet and includes a designated parking space. In a related transaction, Deepika's mother-in-law, Anju Bhavnani, acquired an adjacent apartment for around INR 19.13 crore. This growing trend of celebrity investments in Bandra West includes notable figures like Aamir Khan, Tripti Dimri, K.L. Rahul, and Athiya Shetty, highlighting the area's appeal as a prime residential hotspot.Read more

26 Sep 2024

In a significant move for India's infrastructure, Highways Infrastructure Trust (HIT) has secured the highest bid of INR 6,661 crore to acquire two road stretches along the Hyderabad-Nagpur corridor. Backed by KKR's Singapore arm, HIT outperformed competitors like Adani Road Transport and IRB Infrastructure in the National Highways Authority of India's (NHAI) monetization initiative. This project, part of the toll-operate-transfer (ToT) model, is the first of the financial year, contributing to NHAI's ambitious goal of raising INR 54,000 crore from operational roads. With 33 stretches identified for monetization, this effort underscores the increasing investment in India's road network.Read more

25 Sep 2024

Prithviraj Sukumaran's production company has acquired a duplex in Mumbai's upscale Pali Hill for INR 30.6 crore, confirming the area's appeal among Bollywood stars. Apco Infratech has also purchased a sea-view triplex for INR 155 crore in the same neighbourhood. Pali Hill, known for its luxury properties and celebrity residents, continues to attract high-profile investments, with local property prices starting around INR 1 lakh per square foot. The area's rich cultural legacy and stunning views reinforce its status as a prime residential choice for affluent buyers, ensuring ongoing demand in Mumbai's luxury real estate market.Read more

25 Sep 2024

The Bangalore Development Authority (BDA) is mandating the switch to the e-khata system for all properties within its jurisdiction, impacting over 2 lakh properties. This new digital system replaces the traditional paper khata to enhance transparency and prevent issues such as double registrations, illegal transactions, and fraud. Existing khata holders need an e-khata only if they sell, transfer, or gift their property. Each property will be assigned a unique ID through the Kaveri-2 software. Applications for e-khata can be made online via the Karnataka Seva Sindhu portal, with processing taking 3-5 days. This update aims to streamline and secure property transactions.Read more

25 Sep 2024

The Maharashtra Housing and Area Development Authority (MHADA) has proposed capping the prices of housing-stock and amenities for the Economically Weaker Section (EWS) and Lower Income Group (LIG) in all state housing projects. This move aims to prevent developers from charging open market prices, undermining affordable housing efforts. Under the 2020 Unified Development Control and Promotion Regulations (UDCPR), 20% of plots over 4,000 sq. m. must be allocated for EWS and LIG housing. The proposal includes limiting additional charges to the actual cost or 5%, whichever is less. MHADA seeks approval from the urban development department for this cap.Read more

25 Sep 2024

The HOMETHON Property Expo 2024, organised by NAREDCO Maharashtra, will take place from October 4 to 6 at the JIO World Convention Centre in Mumbai. Following last year's success with 55,000 visitors and INR 1,050 crore in sales, this year's expo promises over 1,000 projects from leading developers, covering a wide range of prices from INR. 19 lakhs to 9 crores. Bollywood stars Riteish and Genelia Deshmukh will serve as brand ambassadors. Attendees can benefit from attractive home loan offers and exclusive discounts, enhancing the home-buying experience.Read more

24 Sep 2024

Mr. Manoj Saunik, the Principal Advisor to the Maharashtra Chief Minister and former Chief Secretary, assumed charge as the third Chairman of Maharashtra Real Estate Regulatory Authority (MahaRERA), succeeding Mr. Ajoy Mehta. Before taking charge, Honourable Housing Minister Mr. Atul Save administered the oath of office. MahaRERA members, including Mr. Mahesh Pathak and Dr. Vasant Prabhu, welcomed Mr. Saunik at the headquarters in Bandra Kurla Complex. A 1987 batch IAS officer, Mr. Saunik has held key positions in the state and central government, including Additional Chief Secretary of Finance, District Collector of Nashik, and Joint Secretary in the Ministry of Defence.Read more