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03 Apr 2025
Residents of Dharavi have been given until April 15 to submit their documents for verification to determine if they qualify for free housing within the redevelopment zone or rental housing outside it. Navbharat Mega Developers Pvt Ltd has tasked the Dharavi Redevelopment Project/Slum Rehabilitation Authority (DRP/SRA) with the survey. The move comes amid opposition from local political parties, with nearly 63,000 out of 95,000 structures already submitting documents. The redevelopment master plan is expected soon.
03 Apr 2025
Mumbai's real estate market experienced a 10.3% year-on-year increase in property registrations in March, with a record INR 1,597 crore in stamp duty collections, marking a 45% YoY growth. High-value transactions drove the growth, with residential properties making up 80% of registrations. For FY 2024-25, registrations rose by 9%, and stamp duty collections increased by 22%. Premium properties, especially those priced above INR 2 crore, saw an uptick in demand, signalling shifting buyer preferences toward larger, higher-end homes. The Western and Central Suburbs remained the dominant real estate hubs, accounting for 78% of the total market share. However, the Central Suburbs experienced the most significant growth, increasing their share from 29% to 34%.
03 Apr 2025
The Mumbai Metropolitan Region Development Authority (MMRDA) secured two prestigious awards at the Build India Infra Awards 2025, in recognition of its groundbreaking infrastructure projects. The Surya Regional Water Supply Scheme received the Impact Award in the Water Sector for its role in addressing the water crisis in Mumbai's western suburbs, while Mumbai Metro Lines 2A and 7 were honoured with the Impact Award in the Urban Transport Sector for enhancing connectivity and easing congestion. Both projects have significantly improved the quality of life for millions, contributing to sustainable development and better urban mobility.Read more
03 Apr 2025
The construction of the new High Court building at Bandra East progressed significantly with the relocation of slum dwellers from Gautam Nagar, facilitated by the Slum Rehabilitation Authority (SRA). The 2.25-acre slum site is part of a larger 30-acre plot earmarked for the project. Under CEO Dr. Mahendra Kalyankar's leadership, SRA held multiple consultations, offering nearby Bandra East housing to 138 families. On March 26, 2025, 96 tenements were allotted via a transparent lottery, with provisions for shopkeepers and vulnerable residents. The relocation, set to conclude by April 10, was widely praised for its fairness, sensitivity, and efficiency, demonstrating strong coordination between PWD, SRA, and the community.Read more
02 Apr 2025
The Maharashtra government is set to introduce a new policy aimed at encouraging the construction of iconic buildings in Mumbai. Deputy Chief Minister Shri Eknath Shinde announced the initiative in the legislative council, highlighting that historic structures from the British era have shaped Mumbai's identity. The proposed policy is expected to not only facilitate such constructions but also boost tourism. To address restrictions under existing development control rules, Shinde has directed the civic body to make necessary amendments under the Maharashtra Regional Town Planning Act, Section 37 (1).
02 Apr 2025
The Bombay High Court has set aside the Thane district deputy registrar's decision rejecting deemed conveyance for four housing societies due to incomplete layout development. Justice Sandeep Marne ruled that pending development cannot be a reason to deny applications if an occupation certificate has been issued. The court highlighted procedural shortcomings, such as illegible sanctioned plans and discrepancies in area certificates, allowing petitioners and developers to submit fresh documents. The case has been remanded for reconsideration, ensuring fair evaluation under Maharashtra Ownership Flats Act provisions.
02 Apr 2025
Amit Rathi, co-founder of QiCAP.AI, has acquired a luxury apartment worth INR 89.91 crore in Palais Royale, Mumbai's tallest building. Located on the 62nd floor, the 7,685 sq ft apartment was bought at INR 1.17 lakh per sq ft. The transaction, registered on March 22, 2025, included five parking spaces and incurred a stamp duty of INR 5.39 crore and an INR 30,000 registration fee. Rathi, previously a non-executive director of Anand Rathi Wealth, co-founded QiCap, a global quantitative multi-asset trading and investment platform. Palais Royale is located in the coveted neighborhood of Worli in Mumbai.
02 Apr 2025
The Maharashtra government has amended DCPR-2034 to allow the use of Transferable Development Rights (TDR) for redevelopment in Mumbai's airport funnel zone, which includes Santacruz, Vile Parle, and Kurla. Due to aviation height restrictions, developers in these areas struggled to fully utilize permissible FSI, making redevelopment unviable. The new rule permits TDR equal to the existing or basic carpet area-whichever is higher-offering developers flexibility to build within limits and transfer excess rights elsewhere. The change aims to modernize aging structures while ensuring aviation safety. Similar models have been used globally, such as Oslo's redevelopment of Fornebu Airport into a sustainable urban hub.Read more
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02 Apr 2025
Zydus Family Trust has purchased a 17,384 sq ft apartment in Oberoi Realty's 'Oberoi 360 West' project located in Worli, Mumbai, for INR 200 crore, equating to approximately INR 1.15 lakh per sq ft. The transaction was registered on March 27, 2025. The trust, promoted by Zydus Lifesciences and Zydus Wellness, includes trustees such as Zydus Group Chairman Pankaj R Patel, Pritiben P Patel, and Sharvil P Patel. This acquisition underscores the growing demand for luxury and ultra-luxury housing in the post-pandemic era.
01 Apr 2025
The Dharavi Redevelopment Project has marked a key milestone by surveying over 63,000 tenements, surpassing the 2007-08 figure of 60,000. Unlike past surveys that focused only on ground-floor units, the current initiative includes upper floors, ensuring a more inclusive rehabilitation process. Over 95,000 tenements have been mapped, and 89,000 units numbered, with strong resident participation. Navbharat Mega Developers plans to construct around 1.5 lakh tenements, addressing Dharavi's dense, vertical growth. Officials emphasize that non-participation in the survey could forfeit housing benefits. This progress signals a transformative step toward comprehensive urban renewal, with community engagement and careful execution vital for delivering sustainable housing without disrupting the area's social and economic fabric.
01 Apr 2025
The long-awaited reopening of Mumbai's Gokhale Bridge is scheduled for May 15, marking a significant milestone in the city's infrastructure overhaul. Originally built in 1975, the bridge partially collapsed in July 2018, leading to its eventual demolition in November 2022. The reconstruction, costing INR 232 crore, faced multiple delays but is now nearing completion. The eastbound arm is already operational, while the westbound section will soon follow. The reopening is expected to ease congestion between Andheri East and West, restoring a crucial commuter link that was severed for years. However, concerns remain over alignment mismatches with the existing road network, which could lead to additional challenges.
01 Apr 2025
Sanjeev Agarwal, CEO of global pharma firm Althera, has purchased three luxury apartments in Raheja Modern Vivarea, South Mumbai, for INR 72.65 crore, as per property registration documents accessed by Zapkey.com. The acquisitions were made in two phases, with the first two apartments bought on February 17, 2025, for INR 26.42 crore and INR 20.09 crore, while the third was purchased on May 22, 2024, for INR 26.14 crore. The combined RERA carpet area of the properties exceeds 8,100 sq ft, and the deal included seven car parking spaces. A stamp duty of approximately INR 4.35 crore and a registration fee of INR 90,000 were paid. This purchase adds to the trend of high-value real estate transactions in South Mumbai, following acquisitions by Nirmal Bang Securities' promoters and Creative Plastics Group in recent years.
01 Apr 2025
Maharashtra Deputy Chief Minister Shri Eknath Shinde announced a major policy change allowing owners and builders within the airport's funnel zone to receive equivalent Transfer of Development Rights (TDR) if height restrictions prevent full utilisation of the Floor Space Index (FSI). Concessions in premium charges for open space deficiencies and FSI exclusions for staircases and lifts have also been introduced. This move is expected to facilitate redevelopment in areas like Santacruz, Vile Parle, and Kurla. A provision in the Development Control and Promotion Regulations (DCPR-2034) has been approved to ease redevelopment constraints. The decision follows repeated appeals from local representatives who highlighted the financial non-viability of redevelopment due to height restrictions.
01 Apr 2025
The Brihanmumbai Municipal Corporation (BMC) is launching a digital dashboard to provide real-time updates on its 400-km road concreting project. Designed for internal use, the system will enable senior officials to monitor progress efficiently. An appointed agency will update project data, track roadworks, and address challenges. The INR 12,000-crore initiative aims to complete 75% of phase one and 50% of phase two by June 2025. While initially for internal use, the dashboard may be made accessible to citizens in the future, enhancing transparency in Mumbai's road development efforts.
01 Apr 2025
The Brihanmumbai Municipal Corporation (BMC) has issued notices to 20 housing societies in Juhu for modifying footpaths on Gulmohar Road and N S Road, impacting pedestrian movement. Following complaints from residents, officials found unauthorised carriageways constructed for vehicle entry and exit, creating safety hazards, particularly for senior citizens. Activists highlighted the growing issue of footpath encroachments, especially in redeveloped buildings. The BMC has directed societies to rectify these modifications as per its guidelines. Residents have urged stricter enforcement to prevent further encroachments and ensure safe pedestrian pathways.
31 Mar 2025
Bollywood actress Kajol Devgan has sold her 762 sq ft apartment in Hiranandani Gardens, Powai, for INR 3.1 crore. The property, located on the 21st floor of Atlantis Co-Operative Housing Society, comes with two stack car parking spaces, with a per sq ft rate of approximately INR 40,682 based on the RERA carpet area. The deal was registered on March 20, with Vrushali Rajnish Rane and Rajnish Vishvnath Rane as the buyers. This transaction follows Kajol's recent purchase of a 4,365 sq ft commercial space in Goregaon West for INR 28.78 crore earlier this month. In 2023, she acquired an office space in Andheri West for INR 7.64 crore and an apartment in Mumbai for INR 16.50 crore. Meanwhile, her husband, Ajay Devgn, had leased out a commercial office space spanning 3,455 sq ft in Mumbai for a monthly rent of INR 7 lakh last year.
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