28 Oct 2024

The reconstruction of the historic Carnac Bunder Bridge has made significant progress with the successful positioning of the first girder for the new structure. This development follows the demolition of the 154-year-old bridge, which served as a crucial east-west link in South Mumbai, and was closed to vehicles in August 2022. The recent girder installation involved sliding a 550-metric tonne girder over 70 meters above railway tracks, executed under the supervision of MS RITES and in collaboration with the Brihanmumbai Municipal Corporation (BMC) and Central Railway. The bridge is projected to be operational by May 2025, restoring vital connectivity and alleviating congestion in Masjid Bunder and surrounding areas.Read more

25 Oct 2024

The Supreme Court has dismissed a Special Leave Petition from families residing in 41 illegal buildings in Agrawal Nagari, Nalasopara, allowing the Vasai Virar Municipal Corporation (VVMC) to proceed with demolitions. The residents, served a 24-hour eviction notice, had sought relief from the Bombay High Court, which extended the eviction deadline but did not halt the demolitions. The court noted the unauthorized constructions were erected without the necessary approvals, with part of the land designated for public projects. The civic body has requested police protection to carry out the demolitions and plans to cut off utilities to the affected buildings.Read more

25 Oct 2024

Mumbai's first elevated forest walkway through Malabar Hill Forest is expected to open by December 2024, provided the Brihanmumbai Municipal Corporation (BMC) remains on track. Nearly 90% complete, the INR 22 crore project, inspired by Singapore's forest walkways, faced delays due to staff shortages and election activities. Spanning 705 metres with views of the Arabian Sea, the eco-sensitive trail will feature a birdwatching zone and a glass-bottom deck. Efforts have been made to protect the environment, and no trees were harmed during construction. The walkway aims to enhance Mumbai's green spaces while maintaining ecological balance.Read more

24 Oct 2024

Bhaane Retail, a subsidiary of Shahi Exports, has acquired South Mumbai's iconic Rhythm House for INR 30 crore through an insolvency auction. Once a cultural landmark since the 1940s, the music store attracted Bollywood legends before closing in 2016. Previously owned by fugitive Nirav Modi, the property was seized by the Enforcement Directorate in connection with the Punjab National Bank scam. Spanning 16,000 square feet, the heritage building will now be revitalized by Bhaane, marking a key moment in preserving Mumbai's cultural legacy. The company aims to expand its retail presence, bringing new life to the iconic site.Read more

24 Oct 2024

The Maharashtra government has sanctioned INR 41.21 crore for the redevelopment of the Siddharth Vihar hostel in Wadala, following the intervention of Ramdas Athawale, chairman of the People's Education Society and Central Minister of State for Social Justice and Empowerment. The hostel, declared dilapidated in 2015, was demolished by the BMC for safety reasons. Architect Shashi Prabhu initially proposed a renovation plan costing INR 78 crore, but funding delays raised concerns. After continued discussions, the government approved the funds, with the project to be carried out under Public Works Department regulations. This redevelopment will modernize the hostel, honoring BR Ambedkar's legacy and improving educational infrastructure.Read more

23 Oct 2024

Bollywood actor Sara Ali Khan recently purchased two office spaces in Oshiwara, Mumbai, for over INR 22.26 crores, alongside her mother Amrita Singh. This investment follows her previous acquisition of an office in the same tower last year. Several other Bollywood celebrities, including Amitabh Bachchan and Shahrukh Khan, have also invested in properties there. The trend highlights the real estate market's appeal among high-net-worth individuals in the film industry.Read more

23 Oct 2024

Paradigm Realty is offering exclusive festive promotions across three of its premier residential projects-Paradigm 71 Midtown in Chembur, Paradigm Anantaara in Borivali (West), and Paradigm Artteza in Santacruz (West). These offers provide significant savings and privileges for homebuyers and investors. At Artteza, luxurious 2 BHK apartments start from INR 3.51 crore, featuring air-conditioned homes and modern modular kitchens. Paradigm Anantaara offers 2 & 3 BHK residences from INR 2.14 crore, with easy payment plans, while 71 Midtown in Chembur has 1 & 2 BHK homes starting at INR 1.09 crore. Offers include low upfront payments, EMI options, and zero SDR, valid until November 30, 2024.Read more

22 Oct 2024

The launch of the first phase of Mumbai Metro Line-3 marks a transformative milestone for the city's transport network, offering substantial connectivity improvements. Inaugurated by Prime Minister Narendra Modi, the INR 14,120 crore Aqua Line is Mumbai's first underground metro, linking Bandra Kurla Complex (BKC) to Aarey and covering key transit points like T2 and Santacruz. Real estate leaders highlight that Metro Line-3 will significantly boost accessibility, particularly benefitting South Mumbai and suburban areas, where infrastructure developments are poised to drive property demand and values. The metro's integration with other lines, such as Line 1 at Marol Naka, promises a more connected and accessible city. Complemented by projects like the Coastal Road and Santacruz-Chembur Link Road, Mumbai is set to emerge as a global urban hub by 2025, ready to meet the demands of its growing population and dynamic economy.Read more

22 Oct 2024

Temasek Holdings has facilitated Manipal Health Enterprises in acquiring a five-storey hospital in Mumbai's Andheri for INR 115 crore. The property spans 2.6 acres and features approximately 225,000 square feet of built-up area. This acquisition is part of a broader strategy to enhance Manipal's market presence, following its stake increases in Medica Synergie and AMRI Hospitals.Read more

22 Oct 2024

During the nine-day Navratri festival, Mumbai's property market experienced a significant uptick, with 5,199 registrations, reflecting a 13.2% year-on-year increase. This surge generated Rs 502 crore in revenue, a notable rise from last year. Industry leaders attribute this growth to buyer confidence, strategic investments, and favourable economic conditions, suggesting continued positive momentum in the real estate sector.Read more

21 Oct 2024

The Bombay High Court has invalidated the Bank of India's designation of Pune Buildtech Pvt Ltd as 'fraud' and its related blacklisting, which restricted the firm's credit access. Additionally, the court ordered the bank to remove Pune Buildtech from its 'wilful defaulter' list and retract any reports sent to Credit Information Companies. This decision followed the firm's full settlement of INR 703.35 crore with the bank in June 2024, after which the bank issued a 'No Dues Certificate.' Despite this, the bank maintained the 'fraud' label, prompting the court to emphasize the importance of honoring consent terms, particularly after a one-time settlement (OTS) was reached. This ruling clears Pune Buildtech's path to restore its reputation and reaccess credit, highlighting the critical role of transparency and adherence to agreements in banking.Read more

21 Oct 2024

Over 40 citizens have voiced concerns to the Maharashtra Directorate of Archaeology and Brihanmumbai Municipal Corporation (BMC) over the restoration of Bandra Fort, claiming that the work undermines the 17th-century fort's historical integrity. Originally constructed by the Portuguese at Land's End, Bandra, the Grade-I heritage site was recently covered in cream-coloured plaster, which many residents see as damaging. The letter, authored by activist Zoru Bhathena, criticizes changes, including the removal of the heritage arch and application of lime plaster, which allegedly contravene heritage laws. The state Archaeology Department is investigating, potentially setting a precedent for future heritage restorations.Read more

18 Oct 2024

Maha Mumbai Metro Operations Corporation Ltd. has unveiled a groundbreaking WhatsApp-based ticketing service, aimed at enhancing commuter convenience and efficiency. Inaugurated by women commuters during the Navratri celebrations, this service is available on Metro Lines 2A and 7. It enables passengers to purchase tickets effortlessly through WhatsApp, fostering digital adoption and promoting eco-friendly practices. Commuters can generate multiple tickets in one transaction, making group travel even more convenient.Read more

18 Oct 2024

The Urban Development Department announced that Regulation 13(10) will not be included in the Development Control and Promotion Regulations (DCPR) 2034, affecting the redevelopment of Mumbai's Mahalaxmi Race Course. The Brihanmumbai Municipal Corporation (BMC) had proposed a 1.33 Floor Space Index (FSI) for the club, gymkhana, and stables on the 58.3-acre site, envisioning facilities like sports amenities, a clubhouse, and a veterinary hospital. However, the state government approved only an FSI of 0.3 for the 32-acre club area and maintained the existing built-up area for the 26.3-acre stables. The decision aligns with environmental priorities and heritage conservation, emphasizing sustainable development and the enhancement of public spaces within the Mahalaxmi Race Course area.Read more