30 Jan 2024

Four individuals, including one impersonating an Enforcement Directorate (ED) official, were arrested in Mumbai for attempting to extort Rs. 164 crore ($22 million) from a prominent developer. Involved in real estate, the suspects threatened the victim with an ED case, captured on CCTV at a Bandra coffee shop. A FIR has been filed against seven individuals, with two more suspects sought by the police. The extortion attempt stemmed from an alleged monetary dispute between the victim and one of the wanted suspects. The complainant reported the incident to the police, leading to the arrest of the accused.Read more

30 Jan 2024

Union Living, founded in 2020, is injecting Rs 10 crore to expand its co-living spaces in Mumbai, unveiling plans for 1,000 beds with customised features. Presently operating 1,050 beds across Mumbai, Pune, and Ahmedabad, the startup's strategic investment aims to meet diverse tenant preferences. The expansion includes properties in Mahalakshmi, Juhu, Khar/Santacruz, Goregaon/Malad, Chembur, and Navi Mumbai, with three of them set as Built-to-Suit (BTS) spaces. Union Living's commitment to quality co-living aligns with the rising demand, signalling positive impacts on Mumbai's real estate scene.Read more

30 Jan 2024

In 2023, the Mumbai Metropolitan Region (MMR) achieved a historic milestone with an all-time high of 9.9 million square feet in Industrial & Logistics (I&L) leasing, fueled by robust activities in the second half. Dominated by third-party logistics (3PL) players at 73%, the MMR leasing dynamics showcased remarkable growth. Nationally, the I&L sector recorded a peak of 38.8 million square feet in leasing activity across eight cities, driven by structured operational models and increased demand for last-mile delivery solutions. The sector's resilience and strategic realignment has set the stage for continued growth.Read more

26 Jan 2024

Tridhaatu Morya, a flagship project by Tridhaatu Realty in Mumbai, is offering an exclusive Republic Day deal for the first 26 customers on January 26, 2024. Buyers of luxury 2 BHK homes can avail a unique Rs 26 lakh discount within the 26-hour window, bringing the starting price down to Rs 1.83 crores from Rs 2.09 crores. Mr. Pritam Chivukula, Co-Founder & Director of Tridhaatu Realty, emphasizes the limited-time nature of the offer, urging prospective buyers to act quickly. Conveniently located in Chembur, Tridhaatu Morya offers easy access to major transportation routes, providing a blend of luxury living and strategic connectivity. The project features 1, 2, and 3 BHK units across two phases, offering options for various preferences and needs.Read more

26 Jan 2024

Table Space secured a long-term lease for 1.31 lakh sq ft from Runwal in Mumbai's Andheri suburb, with a cumulative rental payout exceeding Rs 333 crore. The agreement included an option to lease an additional 1.97 lakh sq ft, expanding the deal size to nearly 3.30 lakh sq ft. The estimated total rental value, reaching around Rs 800 crore, positions it among India's largest co-working office space lease deals. This strategic move reflects Table Space's significant role in the evolving workspace landscape, contributing to India's office space market.Read more

24 Jan 2024

Stock market investors Halan family has secured eight luxury apartments totalling 15,996 sq ft in Mumbai's Worli for Rs 103.98 crore. Purchased from K Raheja Corp's Raheja Modern Vivarea, the deal includes 16 parking spaces. The Halan family, with diverse holdings, paid over Rs 6 crore in stamp duty for the properties. Raheja Modern Vivarea is an under-construction project and offers unobstructed views of Mahalaxmi Racecourse and the Arabian Sea, drawing high-profile buyers in a vibrant real estate market. This transaction adds to the vibrant real estate landscape of Mumbai, and Raheja Modern Vivarea continues to be a sought-after address for high-profile buyers.Read more

23 Jan 2024

Mumbai-based Keystone Realtors, operating under the 'Rustomjee' brand, witnessed a robust 26% annual growth in sales bookings, totaling Rs 1,423 crore during April-December 2023. The company, focusing on Mumbai Metropolitan Region housing projects, reported a 9% rise in sales bookings volume, reaching 0.82 million sq ft. Customer collections surged by 32% to Rs 1,533 crore during this period. Keystone Realtors launched four projects in the first nine months of the fiscal, with an estimated sales value of Rs 2,238 crore. With a completed area of 23 million sq ft and a pipeline exceeding 39 million sq ft, the firm maintains a substantial project portfolio.Read more

22 Jan 2024

The Dharavi Redevelopment Project Pvt Ltd (DRPPL), a joint venture between Adani Group and the Maharashtra Government, recently announced its eligibility criteria for free housing under the scheme. All those who can prove to be residents of Dharavi slums prior to 1 January, are eligible for free housing with a minimum size of 350 square feet, featuring independent kitchens and attached toilets. The rest of the residents will be accommodated across multiple land parcels across the city under the Navi Dharavi plan. Adani Group won the bid for the project in November 2023 and has since enlisted the likes of renowned architect Hafiz Contractor and international companies Sasaki and Buro Happold to executive the project.Read more

19 Jan 2024

Vratika Gupta, CEO and Founder of luxury home décor company Maison Sia, recently acquired a lavish home in Mumbai's renowned "Three Sixty West" skyscraper for Rs 116.4 crore. The condo spans 12,138 square feet and includes eight dedicated parking slots, with a stamp duty of Rs 5.82 crore. Gupta's new neighbours include actors Shahid Kapoor and Akshay Kumar. In 2023, the project made headlines for India's largest property deal when family members and associates of D'Mart founder Radhakrishna Damani purchased 28 units for a staggering Rs 1,238 crore. Other notable deals in the complex include Niraj Bajaj, the MD and Chairman of Mukand who paid Rs 120 crore for an apartment, the promoter of Everest Food Products Private Limited who invested Rs 73.50 crore in an apartment in October 2023 and Avener Capital and Bajaj Consultants acquired a duplex for around Rs 100 crore in March 2023.Read more

19 Jan 2024

The Bombay High Court has dismissed Maharashtra Housing and Area Development Authority's (MHADA) plea for relaxed height restrictions on a proposed 40-storey building near Mumbai's International Airport. Citing the paramount importance of civil aviation safety, Justices Gautam Patel and Kamal Khata emphasized concerns raised by the civil aviation ministry's appellate authority regarding the building's height. MHADA sought to construct 560 low-cost housing units at Kopri village, Powai, within the airport's 4km radius. The court upheld the reduced height of 96.68m AMSL, rejecting MHADA's challenge and emphasizing universal civil aviation safety standards. The decision sets a precedent for responsible urban development near airports.Read more

19 Jan 2024

The Mumbai Trans Harbour Link (MTHL), a 21-kilometer sea bridge, recently opened after six years, enhancing city connectivity. However, the Brihanmumbai Municipal Corporation (BMC) is struggling to complete two smaller road overbridges, comprising only three percent of MTHL's size. The Vikhroli overbridge, initiated in May 2018, faced delays due to design changes, encroachments, and utility shifts, increasing costs from Rs 47.75 to Rs 97.37 crore. Similarly, the Vidyavihar overbridge, started in March 2018, faced setbacks, escalating costs from Rs 99.98 to Rs 178.93 crore. Activists cite coordination issues among government agencies, emphasizing the urgency of efficient project management for timely infrastructure completion in Mumbai's growing landscape.Read more

18 Jan 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced the "One Stand-alone Project: One MahaRERA Number" policy to combat developers obtaining multiple registration numbers for the same project, causing project delays. These multiple registrations led to difficulties in obtaining occupancy certificates and basic civic facilities for homebuyers. Ajoy Mehta, MahaRERA Chairman, emphasized the policy's aim to prevent delays and aid homebuyers. The order mandates promoters to submit a Declaration-cum-Undertaking, ensuring no existing registrations for the proposed project or any part of it. The policy seeks to streamline processes, avoid disputes, and protect stakeholders' interests and is to become effective immediately.Read more

18 Jan 2024

In response to a Bombay High Court directive, Romell Real Estate Private Limited, the owner of Castelino Building in Vile Parle Gaothan, has committed to offering alternative accommodation to its four tenants before proceeding with the structure's demolition for redevelopment. The Brihanmumbai Municipal Corporation had earlier disconnected water and electricity services to the building due to safety concerns. The court emphasized the responsibility of property owners to rebuild dangerous structures and ordered the tenants' evacuation from the C1-categorized building by February 5. Romell Real Estate pledged equal carpet area alternatives and potential ownership of flats to the tenants in the redevelopment project.Read more

18 Jan 2024

The Bombay High Court has overturned a 1995 ruling, allowing construction above seven feet on a historic Altamount Road property in Malabar Hill. The property, initially a 38,000-square-yard plot conveyed in 1890, had restrictions imposed by Dady Manekji Limji, preventing structures above seven feet on the land. Despite subsequent conveyances and divisions in 1957, a 1995 city civil court order mandated the demolition of constructed columns above the said height. The recent High Court decision, citing evidence of high-rises in the vicinity, deems the restriction as outdated, paving the way for the property's long-delayed development.Read more