18 Sep 2024

The legal feud between Nusli Wadia of the Wadia Group and the Aditya Birla Group has concluded with a significant land transaction. Century Textiles and Industries, a subsidiary of Aditya Birla Group, purchased a 10-acre land parcel in Mumbai's Worli area for INR 1,100 crore. This deal merges existing leasehold interests with ownership rights and expands Century's total landholding to 30 acres, with an estimated booking value of INR 28,000 crore. The increasing demand for prime land in major Indian cities highlights the growing need for residential and commercial developments amid urban expansion.Read more

17 Sep 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) and the World Economic Forum (WEF) have signed a Memorandum of Understanding (MoU) to transform Mumbai into a global financial center. Chief Minister Eknath Shinde highlighted expectations for Mumbai's GDP to double and emphasized the creation of a special central cell within MMRDA to drive this vision. Deputy Chief Minister Devendra Fadnavis outlined initiatives like the Atal Setu-MTHL bridge and port expansions to boost infrastructure and the digital economy. The MoU aligns with the NITI Aayog's report, aiming to increase the region's GDP to $1.5 trillion by 2047, create 25-28 lakh jobs, and establish Mumbai as a leading global fintech and financial hub.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

16 Sep 2024

The Delhi Development Authority (DDA) has introduced a new system for delivering flat documents to buyers in a customised folder, following instructions from Lieutenant Governor VK Saxena. This folder includes all essential documents, such as the possession letter and various certificates, aiming to simplify the process and enhance the buyer experience. Additionally, a new format for the possession slip will feature a photograph of the buyer to ensure authenticity and add a memorable touch to the transaction. This initiative, starting with Golf View Apartments in Dwarka, reflects the DDA's commitment to improving property transactions.Read more

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

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 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

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

10 Sep 2024

The Indian government has approved the transfer of 256 acres of salt pan land in Mumbai to the Maharashtra government, advancing the Dharavi Redevelopment Project. This Union Cabinet decision supports the creation of rental housing for Dharavi's slum dwellers. The land, situated in Kanjurmarg, Wadala, and Mulund, will be leased for 99 years to facilitate the project. Aimed at improving living conditions for over one million residents, this initiative marks a crucial step in addressing Mumbai's urban housing challenges while ensuring transparency and accountability in its execution.Read more

10 Sep 2024

Ashley Biharilal Nagpal, promoter of furniture brand EBCO, and his wife, Bianca A Nagpal, purchased a luxurious apartment in Mumbai's Oberoi 360 West for over INR 115.5 crore. The 7,139 sq. ft. residence, located on the 60th floor, is priced at approximately INR 1.62 lakh per sq. ft., making it one of India's most significant residential deals. This transaction, finalized on August 28, highlights Mumbai's booming luxury real estate market, which continues to break records amid strong demand from high-net-worth individuals.Read more

10 Sep 2024

As Ganesh Chaturthi approaches, Group Satellite is celebrating with special, limited-time offers for homebuyers. Their project, Aarambh Avyaan, is presenting 1 BHK homes starting at an all-inclusive price of INR 54.50 Lacs. Buyers can secure a home with a 10% down payment plus Stamp Duty, enjoying financial freedom throughout 2024. Each purchase includes a 10 GM Gold Coin and a Modular Kitchen. This offer is valid until September 18, 2024. According to Mr. Himanshu Jain, the festive season is an opportune time for home investment, and Group Satellite's deals align with ongoing infrastructure developments in Mumbai.Read more

10 Sep 2024

Siddha Group, in collaboration with Sejal Group, announces the Express of Interest (EOI) Phase for their final tower, "WOW OR NEVER," at 'Siddha Sky' in Sion NX. From August 29 to October 3, 2024, buyers can access EOI benefits worth INR 21 Lacs. The project features 5 towers with 39 storeys each, connected by Mumbai's first Rooftop Skywalk. Offering 2 & 3 Bed Lifestyle Residences, it includes over 4 acres of open space, a 22,000 sqft Resident's Club, and a range of unique amenities.Read more

09 Sep 2024

Curated Living Solutions Pvt Ltd (CLSPL) and Shree Banbai Nenshi Trust (BNMV) Trust have partnered to launch Ivy League House, a 325-bed student hostel in Juhu, Mumbai. Spanning 100,000 square feet on Gulmohar Road, this all-female hostel caters to students from nearby institutions like NMIMS and Mithibai College. The initiative reflects a rising trend in premium student accommodations amid high demand and urban challenges. Emphasizing secure, supportive living environments, the project aims to set new standards in student housing. With a projected shortfall of 20 million student beds by the decade's end, this development addresses a crucial market need.Read more