16 Sep 2024

CREDAI-MCHI, representing the real estate industry in the Mumbai Metropolitan Region (MMR), has urged the government to review the GST framework impacting redevelopment, affordable housing, and rehabilitation projects. In a submission to Goa's Chief Minister and GST Council member, Shri Pramod Sawant, the organization highlighted issues like the lack of Input Tax Credit (ITC), which raises costs for both developers and homebuyers. CREDAI-MCHI seeks flexibility in GST rates and calls for relief on redevelopment schemes, especially for slum rehabilitation and dilapidated buildings. The body emphasizes real estate's role in economic revival and the need for affordable housing solutions in Mumbai.Read more

16 Sep 2024

Bollywood actor and BJP MP Kangana Ranaut has sold her Pali Hill bungalow in Mumbai for INR 32 crore to Kamalini Holdings. The ground-plus-three-storey property, spanning 3,075 square feet with a 565 square feet garage, was sold at INR 1.04 lakh per square foot. Ranaut had bought the property in 2017 for INR 20.7 crore and converted it into an office for her production house, Manikarnika Films. Despite being partially demolished by BMC in 2020 due to structural violations, the property's value grew significantly as reflected in its sale price. The Pali Hill area is known for housing Bollywood celebrities and high-end luxury properties.Read more

13 Sep 2024

The Arkade Developers is launching a INR 410-crore initial public offering (IPO) on 16th September, closing on 19th September. The IPO consists entirely of fresh equity shares with no offer-for-sale (OFS) component. Anchor investor bidding will open on September 13. The company has already raised INR 20 crore through a pre-IPO placement. Proceeds will fund the ongoing and the future real estate projects, land acquisition, and corporate purposes. Arkade Developers, based in Mumbai, has developed 1.80 million square feet of residential property. The shares will be listed on the BSE and NSE, with Unistone Capital as the lead manager.Read more

13 Sep 2024

Incuspaze has expanded its footprint in Bengaluru by leasing 325,000 square feet of office space at QUBE Software Park, Outer Ring Road, catering to over 5,000 seats. This follows a recent lease of 156,000 square feet in Whitefield, as the company targets one million square feet of space in the city within a year. With Bengaluru's IT sector driving demand for scalable workspaces, Incuspaze plans to add two million square feet across key South Indian cities. Established in 2016, the company now operates 4 million square feet across 44 locations in 18 cities.Read more

13 Sep 2024

Bollywood actor Anupam Kher has made a major real estate investment, purchasing a commercial office space in Andheri, Mumbai, for over INR 3.88 crore. His acquisition is part of a broader trend of Bollywood celebrities, including Kangana Ranaut and Karan Johar, investing in Mumbai's prime real estate. Ranaut recently bought an office space for INR 1.56 crore, while Johar is renting a luxurious duplex for INR 8 lakhs per month. The demand for high-end properties in Mumbai remains strong, driven by affluent individuals and industry professionals seeking both personal and investment opportunities in the city's prime locations.Read more

13 Sep 2024

The Navi Mumbai Municipal Corporation (NMMC) recently demolished an unauthorized RCC building in Sector 9, Airoli, after its owners failed to comply with a notice from the Encroachment Department. The structure, located behind Machhi Market and owned by Sagar Nath Rama Madhavi, was being built without the required permits. Despite a notice under the Maharashtra Regional and Town Planning Act, 1966, construction continued, prompting partial demolition of the third floor on 11th September 2024. The NMMC used manual labor due to site constraints. This action, directed by Commissioner Dr. Kailas Shinde, is part of ongoing efforts to curb illegal constructions in the area.Read more

12 Sep 2024

In 2024, sales of ultra-luxury homes priced above INR 40 crore remained robust in Mumbai, Hyderabad, Gurugram, and Bengaluru, with a total of 25 properties sold for INR 2,443 crore from January to August. Mumbai led with 21 sales totaling INR 2,200 crore, underscoring its status as India's priciest residential market. The demand for high-end homes persisted despite rising costs, with average prices increasing by 2% for homes over INR 40 crore and 14% for those above INR 100 crore. The trend indicates strong interest from high-net-worth individuals and suggests continued growth in the ultra-luxury sector through the year.Read more

12 Sep 2024

Mumbai Metro Rail Corporation (MMRC) hosted a site visit for Japan's House of Councillors members, including Mr. Kazuhiko AOKI, at BKC station of Metro Line-3. Senior officials from MMRC briefed the delegation on the project's progress, challenges, and its potential to revolutionise Mumbai's connectivity. Following the briefing, the members rode the Metro Line-3 from BKC to Marol Naka. They expressed approval of the project's advancement and the effective utilisation of Japan's Official Development Assistance (ODA), which significantly contributes to improving city mobility and access.Read more

12 Sep 2024

Bollywood director Karan Johar has signed a three-year lease for a luxury duplex in Mumbai's Bandra West, renting a condo on the 2nd and 3rd floors of a Pali Hill tower for INR 8.10 lakh monthly, rising to INR 8.93 lakh in the third year. The total rental value over three years exceeds INR 3.06 crore. Johar also leased his Bandra apartment to actor Imran Khan for INR 9 lakh monthly. High-end properties in Mumbai's prime areas, like Bandra and Worli, are in high demand, driving up rental prices due to limited availability and the growing allure of luxury living.Read more

11 Sep 2024

IBM has renewed its lease for 830,000 square feet in Bengaluru's Embassy Golf Links Business Park, marking a significant office leasing transaction in India this year. The ten-year lease, costing INR 143 crore annually, involves a monthly rate of INR 140 per square foot, with planned escalations of 12% and 15% after five and eight years, respectively. Despite the rise of remote work, demand for office space remains strong, with India's leasing market up 19% in the first half of 2024. IBM's continued expansion underscores the importance of physical office environments amid evolving work trends.Read more