14 Dec 2023

Toronto-Dominion (TD) Bank has set a new record in Mumbai’s real estate market, renewing its lease at Maker Maxity in Bandra-Kurla Complex (BKC) at Rs 604 per sq ft per month. This rate surpasses previous highs set by LinkedIn and Bank of China in India's most expensive office district. The deal for the 1,600-sq-ft space highlights BKC's status as a prime corporate hub, even as global trends show weaker demand. This lease renewal by the Canadian banking giant underscores the sustained appeal and strategic significance of BKC in Mumbai's growing commercial landscape.Read more

13 Dec 2023

Kandivali West in Mumbai is a lively neighbourhood blending homes and businesses. It offers a mix of apartments and houses, making it attractive for families and professionals. November saw a rise in home transactions with 92 sales, reflecting the festive season buzz. Sangam Emporio Towers and Skylon Suburbia led with 5 deals each. Prices ranged from Rs. 11,000 to Rs. 30,000 per square foot. Most flats sold this month were below 500 square feet. With 95 percent of sales below Rs. 2 crores, it's clear that Kandivali West is an affordable choice, ideal for first-time buyers or those looking to upgrade.Read more

13 Dec 2023

Mumbai police arrested Niraj Vaid, director of Srinath Builders, in connection with a cheating case where a complainant paid nearly Rs 3.3 crore for a Ghatkopar flat, facing delays in possession. Vaid has around 10 cases related to cheating and forgery, and this arrest follows a similar incident in 2020. The complainant alleged Srinath Builders failed to complete the project on time, leading to the cheating case. Vaid and his wife faced accusations of accepting bookings but selling flats to third parties in earlier cases. This highlights recurring legal issues, emphasizing the need for regulatory compliance and transparency in real estate projects.Read more

12 Dec 2023

The recently constructed concrete road in Aarey Colony, Mumbai, has developed cracks at various locations, raising concerns about the quality of construction. The Brihanmumbai Municipal Corporation's (BMC) Road department officials have acknowledged the issue and assured residents that necessary repairs will be carried out. The construction project involved the concretization of Aarey Colony's main road from Goregaon Junction to the L & T junction of Powai. The project, initiated in 2022 and expected to be completed by 2025 with a budget of Rs. 51 crore, has a 10-year defect liability period.Read more

09 Dec 2023

The Mumbai Trans Harbour Link (MTHL), envisioned in 1962, symbolizes connectivity between Mumbai Island and Navi Mumbai. Despite delays, work began in 2018 with a proposed opening on December 25, 2023. While deck work nears completion, crucial technological systems under Package 4, including toll and transport management, pose challenges. The BJP announced the bridge's opening, contrasting with the MMRDA's acknowledgment of pending works. Over 97% of the sea link is finished, yet concerns persist about traffic management. The MTHL, India's longest sea bridge, represents ambition tempered by logistical complexities in infrastructure development.Read more

08 Dec 2023

The results of the third exam for real estate agents conducted by Maharashtra Real Estate Regulatory Authority (MahaRERA) in the immovable property sector were announced on December 7, with 89% of the 4954 candidates passing. With 4461 candidates successful, 3803 are male and 658 females. Two candidates aged 80 and above add uniqueness to the results. MahaRERA has mandated the exam to certify and train the real estate agents and keep the agents informed to bring in awareness and uniformity in the sector. The deadline for obtaining certifications for all agents is January 1, 2024.Read more

08 Dec 2023

Mumbai's ultra-luxury real estate market, featuring homes over Rs. 40 Crore, has seen a phenomenal 247% increase in sales value in 2023 compared to the previous year. Dominating the sector, Mumbai recorded 53 of the 58 high-end transactions in top Indian cities. The market, fuelled post-COVID-19, attracted predominantly businessmen and professionals, highlighting a shift in luxury housing demand. This surge underscores a significant recovery and transformation in the luxury real estate sector, marking a new era of upscale living preferences among India's wealthy populace.Read more

07 Dec 2023

The BMC is actively reassessing two ambitious projects on Little Gibbs Road, Malabar Hill, situated above twin coastal road tunnels, following the Silkyara tunnel collapse. This safety review, triggered by a citizen-activist complaint, involves scrutinizing proposals for 3-4 storey basement construction by Aakar Architects and Barai Architects. Both firms, acting as liaising consultants, received no-objection certificates for high-rise buildings. Concerns arose about the potential risks to the twin tunnels and their structural integrity. Chief Engineer MM Swami emphasized adherence to the original plans for safety. Barai Architects acknowledged the BMC's letter, while Aakar Architects' response remains pending.Read more

06 Dec 2023

Tenants associations across Mumbai are urging the chief minister and housing minister to appoint senior counsel and a reputable solicitor firm to advocate for the Maharashtra Rent Control Act, 1999, and Chapter VIII of the MHADA Act before the Supreme Court. The Property Owners Association and other stakeholders have challenged the constitutional validity of these acts since 2000, with a crucial hearing scheduled for February 6. Tenants fear a ruling in favour of property owners could jeopardize rent control in Maharashtra, potentially allowing arbitrary rents and evictions. Political leaders, including Mumbai's guardian minister and BJP representatives, pledge to address tenant concerns and protect their interests.Read more

06 Dec 2023

hBits, a fractional ownership platform in India, has acquired 13,500 sq. ft. of prime commercial real estate in Mumbai's bustling Goregaon area, valuing at INR 27.31 crore. This strategic move opens a Grade A commercial real estate investment avenue for retail investors. The property, near Mumbai's economic hub, is leased to a prominent Indian-origin multinational tech firm for five years, ensuring a solid 3-year lock-in period. Boasting robust financial metrics with a 9% gross entry yield and a 15.49% expected internal rate of return, hBits aims for an INR 500 crore AUM by March 2024, capitalizing on Mumbai's thriving commercial real estate demand.Read more

05 Dec 2023

The Everest Food Products promoter group, known for the Everest spice brand, has invested over Rs 143.50 crore in two sea-view Mumbai apartments, boosting the total deal size to exceed Rs 213 crore. Previously securing a 53rd-floor residence in Oberoi Three Sixty West for Rs 73.50 crore, they expanded with an adjacent apartment and a similar-sized one on the 50th floor. The 53rd-floor unit was directly acquired from Oberoi Realty, while the 50th-floor residence was bought from SKS Infrabuild. Registered in November, these acquisitions include exclusive access to eight parking slots each, totalling 14 parking slots within the tower.Read more

02 Dec 2023

Residents of Hiranandani Gardens in Powai are mobilizing to oppose Canadian real estate company Brookfield Properties' plan to replace the Citipark building with a mega mall. The proposed 18-storey tower in the bustling Central Avenue has raised concerns about increased congestion, worsened traffic during peak hours, and potential dust and noise pollution during construction. Residents also lament the diminishing green cover, signalling a broader transformation from a predominantly residential to a more commercialized neighbourhood. While Brookfield Properties claims efforts to increase green cover, residents are forming an official forum to voice concerns, even as the mall proposal awaits BMC approval.Read more

02 Dec 2023

Roha Realty and Sabari Group have announced a strategic joint venture in Chembur, strengthening Roha Realty's position in the Mumbai Metropolitan Region. The collaboration aims to redefine premium living with sustainable residences covering 6 lakh sq. ft. and an estimated revenue of Rs 1000 crore. This follows Roha Realty's redevelopment agreement with MHADA for two societies in Subhash Nagar, aligning with their commitment to community enhancement. The collaboration with Sabari Group and the Subhash Nagar redevelopment anticipates generating approximately Rs. 1,500 crores, furthering Roha Realty's vision to be a leading developer prioritizing enduring value and customer-centric principles.Read more

02 Dec 2023

Breach Candy and Jaslok hospitals in Mumbai are undergoing substantial expansions to meet rising patient demands. Breach Candy plans to operate from a new 11-storey building with upgraded facilities like ICUs, outpatient departments, and isolation wards, costing around Rs300 crores. Jaslok is reorganizing spaces for better patient movement, adding annexes with specialized units like ICUs and dialysis. Both hospitals aim to optimize functionality, improve fire safety, and create separate parking facilities. These initiatives reflect their commitment to evolving healthcare needs while ensuring top-notch care for patients in South Mumbai.Read more

02 Dec 2023

In a concerning trend, a second fire occurred within a week in South Mumbai, this time at Nathani Heights, a 21-storey residential building in Agripada. Fortunately, all six families were safely evacuated, and no casualties were reported in this level 1 fire. The blaze originated in the electrical duct between the 5th and 15th floors, prompting a swift response from the Mumbai Fire Brigade. The building's upgraded inbuilt firefighting system played a crucial role in managing the situation. The incident underlines the importance of adhering to fire safety norms and regulations, emphasizing the need for residents to comply with guidelines and promote responsible electrical usage to prevent future incidents.Read more

01 Dec 2023

Home buying in Mumbai is undergoing a significant shift, as buyers now prioritize convenience over the traditional emphasis on location. Modern home buyers seek proximity to large retail outlets, malls and social infrastructure to align with their busy lifestyles. This shift reflects a more knowledgeable and research-oriented approach. Improved connectivity in Mumbai and the MMR region, driven by ongoing infrastructure projects, has contributed to this transformation. Areas like Goregaon, Kandivali, Borivali and Mira Road in the western suburbs are witnessing heightened demand, driven by connectivity improvements and better social infrastructure. This trend signifies a departure from the traditional focus on location, with convenience and lifestyle choices taking precedence.Read more

01 Dec 2023

The Bombay High Court, in a landmark decision, has assured tenants of the Ismail Baug building in Malad that their tenancy rights will be preserved despite the building's demolition. The court upheld the BMC's demolition notice, citing safety concerns, but emphasized that tenants would be reinstated once the building is reconstructed. The ruling came after a detailed consideration of conflicting structural audit reports and underlines the judiciary's commitment to balancing public safety with the protection of tenants' rights in urban development scenarios.Read more

30 Nov 2023

Godrej Properties Limited (GPL), the real estate arm of the Godrej Group, is set to launch a luxurious residential project in Mumbai following the strategic acquisition of Raj Kapoor's bungalow in Chembur. The project, with an estimated sales booking value of Rs 500 crore, promises state-of-the-art amenities and green spaces. GPL aims to further expand its presence in the real estate market, with a particular focus on Hyderabad. The company's strategic vision includes group housing and plotted development in key markets, exemplified by the successful launch of 18 projects with a cumulative future booking value exceeding Rs 32,000 crore.Read more