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

29 Nov 2023

Bollywood icon Amitabh Bachchan has gifted his Juhu bungalow, "Prateeksha," to his daughter Shweta Nanda. The property, divided into two plots totalling 16,840 sq ft, was officially transferred through two gift deeds on November 8th this year. Amitabh Bachchan and Jaya Bachchan owned the larger plot, while the smaller plot was solely owned by Amitabh Bachchan. The stamp duty paid for both gift deeds was Rs 50.65 lakh. The Bachchans own several other properties in the notable Juhu area, including the bungalows ‘Jalsa’ their primary residence and ‘Janak’ which is said to be used as an office.Read more

29 Nov 2023

The Bombay High Court's ban on open carrying of construction debris, implemented to combat rising pollution, has lapsed, potentially bringing relief to 9,000 construction sites in Mumbai. Initially imposed on November 6 and extended until November 19, the ban aimed to curb pollution caused by the transportation of debris. The BMC is now likely to permit the uncovered transport of construction debris by trucks, addressing concerns raised by project proponents about the inconvenience caused by debris accumulation. The Union environment ministry had directed stringent measures against debris transport due to its significant contribution to air pollution in the Mumbai Metropolitan Region.Read more

29 Nov 2023

The reopening of the Delisle Bridge in Mumbai after a five-year closure is a significant relief for commuters heading to South Mumbai. The bridge, closed in 2018 due to structural concerns, underwent reconstruction as a collaborative effort between the BMC and Western Railway. Despite facing challenges, such as shortages of oxygen and gravel during the pandemic, and missing multiple deadlines, the bridge has finally reopened to traffic. The Delisle Bridge is a vital link for pedestrians and commuters accessing commercial and office complexes in Lower Parel, providing essential connectivity in the region.Read more

29 Nov 2023

BMC is set to revamp Mumbai's Eastern Freeway with a Rs 33.66 crore project, calling for tenders to address crucial upgrades. The 16.8-kilometer elevated road, linking Mankhurd to P D'Mello Road, has been operational since 2014 under BMC's jurisdiction. Identified issues include potholes and joints affecting traffic flow, prompting comprehensive repairs. The project covers bridge bearing changes, pothole fixes, and utility management over 18 months. Once completed, it promises smoother and safer commuting, representing a key stride in BMC's commitment to Mumbai's transportation infrastructure.Read more

28 Nov 2023

NAREDCO Maharashtra is advocating for a reduction in premiums for affordable and other categories of housing in the state. President of NAREDCO Maharashtra, Sandeep Runwal, emphasized that such a move would support the government's "Housing for All" initiative by making home ownership more accessible to a broader segment of the population. Dr. Niranjan Hiranandani, Chairman of NAREDCO, acknowledged the challenges, particularly in Mumbai, where there is a cap of Rs 45 lakh for affordable housing. He urged the state government to consider re-pricing the affordable housing segment and increasing the cap to align with market rates.Read more

28 Nov 2023

The Maharashtra State Housing Minister, Shri Atul Save, recently announced plans to amend the Housing Policy, aligning with the 'Housing for All' vision. The objective is to ensure every citizen owns a home, utilizing initiatives like MHADA, SRA, and others. This initiative echoes the PM Awaas Yojana, focusing on affordable housing. The government prioritizes the real estate sector, aiming for increased investment and housing development in Mumbai and the state. The upcoming Housing Policy will address pending issues, streamline approvals through a one-window clearance, and encourage developer participation. The government is committed to providing ten lakh houses for the Low-Income Group (LIG) in the OBC category.Read more

28 Nov 2023

At the recent NAREDCO Maharashtra HOMETHON Property Expo 2023 in Mumbai, Deputy Chief Minister Shri Devendra Fadnavis addressed various real estate issues, including the high interest rate of 18% compounded annually charged by MHADA to developers. He acknowledged the industry's demand for reducing premiums and assured that the state government is working to address these concerns, emphasizing the government's commitment to improving conditions in the real estate sector. Fadnavis also praised the impact of MahaRERA in transforming the real estate industry and increasing buyers' faith by creating a genuine market with level-playing field conditions for developers following MahaRERA rules.Read more

28 Nov 2023

Chheda Nagar, a 156-acre residential cluster in Mumbai with a 50-year history, faces a new twist in its land dispute. A court stayed the suburban collector's 2022 order declaring the area as state government land. The collector's decision canceled titles, recognized housing societies' rights, and restricted BMC's authority. The Salt Commissioner, Government of India, Chheda family, and Maharashtra government are key claimants. Legal battles, dating back to the 1970s, continue, impacting redevelopment plans. Residents sought relief through land conversion, but the court's stay, pending final decision, has left the fate of Chheda Nagar in limbo.Read more

28 Nov 2023

Last week, Home First Finance Company witnessed substantial share transactions as its promoters, True North Fund V LLP and Aether Mauritius Ltd, along with Warburg Pincus affiliate Orange Clove Investments BV, engaged in open-market sales totalling Rs 753 crore. Following these transactions, the combined shareholding of the promoters diminished from 30.19 percent to 23.69 percent, and Orange Clove Investments BV's equity decreased from 26.43 percent to 23.16 percent. Simultaneously, SmallCap World Fund Inc. and Fidelity Global Investment Fund Asia Pacific Equity Fund collectively acquired 28.71 lakh shares. The repercussions of these activities manifested in a 3.99 percent decline in Home First Finance Company India's shares.Read more

28 Nov 2023

Construction has commenced on a 3,747-meter-long boundary wall in Mumbai's Aarey Milk Colony for safeguarding 812 acres of designated forested area. The Public Works Department (PWD) is overseeing the project. Allegations of tree damage by locals prompted forest department investigations, finding no evidence of harm. While wildlife enthusiasts welcome the protective measure, green activists criticizes the construction, citing hindrance to animal movement and the fact that walls or any such construction is not allowed in an Ecologically Sensitive Zone (ESZ)/Forest area.Read more

25 Nov 2023

NAREDCO Maharashtra is gearing up for the second edition of the HOMETHON Property Expo 2023, India's largest real estate event at the JIO World Convention Centre, Bandra-Kurla Complex (BKC), Mumbai, from November 24 to 26, 2023. Following the remarkable success of last year's inaugural expo, this edition boasts an even greater developer presence. With prominent developers and leading housing finance companies giving attractive offers, the expo anticipates a revenue generation of Rs. 1000 crore for the finance companies, leveraging the post-Diwali surge in homebuyer sentiments.Read more

25 Nov 2023

Siddha Group, in collaboration with Sejal Group, celebrates the receipt of the Occupational Certificate for 'Siddha Seabrook,' their first premier 57-storied residential project in Mumbai. Located in Kandivali (W), this iconic tower stands as the tallest in the area. Despite Covid-related delays, the project, with 282 well-designed units, including 2 BHK Smart & Premium and 3 BHK Premium + Sky Garden apartments, was completed in 60 months. Boasting luxurious amenities, scenic views, and strategic connectivity in Kandivali, the project signifies Siddha Group's commitment to quality and timely deliveryRead more

25 Nov 2023

After an 11-year legal battle, the Usha Sadan Housing Society has won its case against the BMC regarding the demolition of an 'unauthorized' structure in one of its wings. The city civil court dismissed the municipal order, criticizing the BMC for initiating proceedings without an approved building plan. The society argued that the structure in question had existed since the building's construction in 1958 and was used for storing old files. The court questioned the basis for deeming the structure unauthorized and emphasized the lack of examination of the complainant resident. This victory highlights the importance of due process in such matters.Read more

25 Nov 2023

In October, Mumbai Central's real estate market experienced robust activity with 35 high-end deals. The luxury segment saw significant transactions, with Lodha Bellevue and K Raheja Modern Vivarea leading in the number of flats sold. K Raheja Modern Vivarea also recorded the highest sale value for a flat at Rs. 21.76 Crores, with a substantial per square foot rate of Rs. 75,761. Shelaji Avenues led in the affordable segment with 5 deals. The weighted average rate per square foot settled around Rs. 31,000, showcasing the diverse range of housing options in the area. Mumbai Central's allure is evident in the diverse aspirations of its residents, ranging from luxury to affordability, solidifying its status as a sought-after locale.Read more

25 Nov 2023

The property market in Mumbai's south and central regions, known for luxury apartments and high prices, has witnessed a significant decrease in unsold luxury apartment inventory. This decline, the lowest in the past 15 years, is attributed to an increase in the pace of sales outstripping the number of new property launches. Over the last 12 months, more than 722 luxury apartments priced at Rs 10 crore and above were sold, compared to the introduction of 532 new apartments, according to Liases Foras Real Estate Rating & Research. The market has experienced a surge in prices, maintaining a weighted average price at approximately Rs 65,500 per sq ft, positioning it as one of the costliest globally.Read more