02 May 2025

The Maharashtra government has approved a cluster redevelopment plan for 19 old buildings near Mumbai’s Elphinstone bridge, postponing immediate demolition amid strong resident opposition. Initially, buildings like Haji Noorani and Laxmi Niwas were marked for demolition, but concerns over displacement and indefinite delays in a combined redevelopment prompted protests. At a joint meeting with residents and authorities, officials agreed to prioritize resident relocation before proceeding with the bridge’s removal. The BMC and MSRDC will now revise the redevelopment strategy, incorporating public feedback and assessing infrastructure impacts. Demolition will only begin once a clear, phased plan and proper housing arrangements are in place.Read more

02 May 2025

Former cricketer Sanjay Manjrekar has sold his 2,315 sq ft apartment in Mumbai’s Raheja Imperia, Lower Parel, for INR 13.5 crore, according to property documents reviewed by Zapkey. The April 8 transaction included one parking space and INR 81 lakh in stamp duty. Lower Parel’s evolution into a prime residential and commercial hub continues to attract celebrities and professionals. Manjrekar’s sale reflects broader trends, with recent high-profile purchases by KL Rahul, Suniel Shetty, and Suryakumar Yadav. These transactions highlight strong momentum in Mumbai’s luxury real estate market, supported by strategic moves from both individuals and corporations across India’s property landscape.Read more

01 May 2025

In a bid to make redevelopment more affordable for residents of aging cessed buildings in Mumbai, the Maharashtra Housing and Area Development Authority (MHADA) has slashed the charges for additional space to 100% of the ready reckoner rate (RRR), down from 110%. This policy applies to beneficiaries of the December 2023 housing lottery and aims to accelerate urban renewal. The move also covers tenants in stalled redevelopment projects and those in unsafe buildings, offering compensation and inclusion in official lists. With this initiative, MHADA hopes to revive stalled projects and improve housing conditions for residents in old neighborhoods.Read more

01 May 2025

The Nagpur bench of the Bombay High Court recently overturned a GST demand placed on Shrinivasa Realcon, in a landmark ruling that will have an effect on Maharashtra's real estate market. The court determined that the development agreement in question did not involve a taxable transfer of development rights (TDR), as the construction utilized existing Floor Space Index (FSI) without acquiring additional rights. This ruling provides clarity on the applicability of GST to development agreements lacking explicit TDR transactions.Read more

30 Apr 2025

A new 550-metre underpass connecting Mumbai's Coastal Road to the Worli-Sewri corridor is set to open by early May, offering southbound motorists from Dadar and Prabhadevi direct access to Nariman Point and Marine Drive. Built to ease congestion at Worli-Haji Ali, the tunnel will allow seamless entry onto the Coastal Road without using crowded city streets. Finishing works like signage, lighting, and surfacing are underway. Part of the 10.58-km Coastal Road project, the underpass is expected to significantly cut travel time to Mumbai's central business districts and improve traffic flow along the city's key commercial arteries.Read more

30 Apr 2025

The BMC has set November 30, 2025, as the new target to open the Belasis Bridge, aiming to boost east-west connectivity in Mumbai's central districts. After a project review, officials also scheduled the Canara Bridge reopening by June 10, 2025, and the Sion Flyover completion by May 31, 2026. Demolition and underpass construction work at Sion West will begin post-monsoon. Real estate players in Byculla and Mumbai Central expect the Belasis Bridge to ease traffic congestion, enhancing the appeal of ongoing redevelopment projects. The accelerated timelines are part of BMC's broader efforts to decongest critical city routes.Read more

30 Apr 2025

The Gopal Krishna Gokhale bridge in Andheri is on track to complete its main construction by April 30, 2025, according to Brihanmumbai Municipal Corporation (BMC) officials. Although the structure itself is nearly finished, traffic opening will depend on further inspections and approvals from railway authorities. Minor works such as signage and barriers will continue post-completion. The bridge will improve east-west connectivity in Andheri, alleviating traffic on SV Road and the Western Express Highway. Meanwhile, the Vikhroli flyover project, though 95% complete, faces delays due to complex engineering challenges, with a completion target set for May 31.Read more

29 Apr 2025

Mumbai's long-awaited integrated transport app, Mumbai One, is expected to launch on May 1, aiming to streamline city travel across metro, suburban rail, and buses. Developed by MMRDA, the app will let commuters plan multi-modal journeys, view fares, and eventually purchase tickets via UPI or wallet payments. While metro integration will be available at launch, full integration with Indian Railways and BEST buses may take longer. Currently in testing, the app faces technical challenges like real-time fare updates. Experts say seamless functioning could be a game-changer for Mumbai's fragmented public transport network, improving commuter convenience across the city.Read more

29 Apr 2025

Crown Worldwide Group has launched a Custom Bonded Warehousing service in India through its Crown Workspace & Warehousing division. Located in Mumbai, the facility offers secure, duty-free storage for high-value imported goods, including luxury items, electronics, and industrial cargo. The ISO-certified warehouse features digital management, ESD-safe handling, and 24/7 surveillance. Clients benefit from deferred customs duties, flexible storage, and faster market access. Crown's new service aims to streamline import-export operations while bridging global logistics standards with local needs. With expertise in inventory tracking and customs management across 60 countries, Crown continues to enhance logistics support for modern businesses in India.Read more

29 Apr 2025

Starting 1st May 2025, Mumbai International Airport will officially begin hand-carriage jewellery export operations, a major boost for India�s gem and jewellery trade. Enabled by CBIC Circular No. 09/2025-Customs, the move follows a successful mock drill involving key industry bodies and customs authorities. GJEPC Chairman Kirit Bhansali praised the initiative for simplifying logistics, especially for MSME exporters, and strengthening India's position as a global jewellery hub. A Standard Operating Procedure (SOP) will soon be issued to guide exporters. With a dedicated GJEPC office at the airport, the initiative promises greater flexibility, growth, and global reach for India's jewellery sector.Read more

28 Apr 2025

The Brihanmumbai Municipal Corporation (BMC) has directed its officials to strictly enforce Supreme Court guidelines on unauthorized constructions, following criticism from the Bombay High Court over inaction in a 2021 Andheri case. The court had ordered demolition of the illegal building and disciplinary action against officials involved. In line with the Supreme Court's rules, the BMC will now hold officers accountable for issuing completion certificates to illegal structures, which cannot be regularized regardless of occupancy. This move marks a broader effort to tackle illegal construction in Mumbai and ensure lawful urban development by reinforcing accountability and adherence to planning norms.Read more

25 Apr 2025

Mumbai's western suburbs, particularly the Malad-Goregaon corridor, have emerged as key residential hotspots, capturing 41% of Greater Mumbai project launches this year. Driven by a shift towards holistic, wellness-focused living, these areas blend affordability with modern convenience, proximity to workspaces, and enhanced lifestyle amenities. Developments increasingly incorporate nature-centric designs and health-focused features, aligning with the preferences of today's urban homebuyers. With the state budget identifying Goregaon as a future economic growth hub, the region is witnessing robust demand from both first-time buyers and luxury seekers, solidifying its place as the new centre of aspirational living.Read more

25 Apr 2025

Aamir Khan's residence in Mumbai's Pali Hill is being redeveloped into a luxury housing project by Atmosphere Realty, a joint venture between MICL, Wadhwa Group, and Chandak Group. The Virgo CHS, where Khan owns 12 flats, will be replaced with upscale 4 and 5 BHK sea-view apartments priced above INR 1 lakh per sq ft. Set for launch by December 2025, the project includes a rehab section for current residents. Khan recently bought another Pali Hill property worth over INR 9 crore. Despite a slowdown in the ultra-luxury segment, developers are confident in the project's success amid strong demand in premium locations.Read more

25 Apr 2025

India's real estate sector attracted USD 26.7 billion in equity inflows between 2022 and 2024, with Mumbai leading at USD 6.9 billion, according to a CII-CBRE report. Delhi-NCR and Bengaluru followed, with the three metros accounting for 62% of total investments. Land and development sites drew the highest share at 44%, while built-up office assets secured 32%. Tier-II cities gained traction, attracting USD 3 billion, driven by industrial growth and infrastructure upgrades. Institutional investors contributed 33% of the capital. With strong fundamentals and ongoing reforms, the sector is poised for sustained growth, appealing to a diverse mix of global and domestic investors.Read more

25 Apr 2025

Mumbai-based VC firm A91 Partners has closed its third fund at USD 665 million, reaffirming its focus on growth-stage investments in Indian startups across consumer, healthcare, financial services, and industrial sectors. Founded in 2018 by ex-Sequoia Capital India executives, the firm typically invests USD 50 million in expansion-ready ventures, with past bets on Digit Insurance, Atomberg, and Push Health. A91's latest fund signals investor confidence in India's long-term potential, despite recent funding slowdowns. The move aligns with a broader trend of successful VC fundraising, including Accel's USD 650 million Fund VIII and Stellaris USD 300 million fund, highlighting ongoing momentum in India's startup ecosystem.Read more

25 Apr 2025

The Navi Mumbai Municipal Corporation (NMMC) undertook decisive action against unauthorized constructions in Nerul and Belapur. Despite prior notices, violators failed to comply, prompting demolition under the guidance of Commissioner Dr. Kailas Shinde. In Nerul, an illegal mezzanine structure was removed and an INR 10,000 fine was imposed. Similarly, 72 unauthorized huts behind the Sector-20 cemetery in Belapur were cleared. The operations were carried out with the support of engineering staff, laborers, machinery, and police.Read more