01 Jul 2025

Property registrations in Mumbai municipal limits recorded a slight decline for June, closing at approximately 11,600 units, as per data released by Knight Frank India. The final tally reached 11,586 registrations by 8:15 pm on June 30, slightly below the 11,673 units recorded in June 2024. The figures encompass transactions from both the primary and secondary markets, reflecting the overall residential activity within the Brihanmumbai Municipal Corporation (BMC) jurisdiction.Read more

01 Jul 2025

CREDAI-MCHI supported Design POV 2025, held at Jio World Convention Centre from June 27-29, joining conversations on design, innovation, and urban development. A key panel on June 27, moderated by Dr. Harshul Savla, explored breaking myths around affordable housing and design. Speakers highlighted that modern luxury is about natural light, ventilation, spatial comfort, and well-being, not just expensive finishes. They advised against maximizing FSI at the cost of quality and emphasized the role of sustainability and wellness features like rainwater harvesting and efficient ventilation. Panelists stressed using data tools to align with market needs and balancing affordability with thoughtful, community-focused design.Read more

01 Jul 2025

MMRDA has cut the estimated cost of the planned Uttan-Virar sea link project from INR 87,427 crore to INR 52,652 crore, saving around INR 35,000 crore. The reduction comes after a redesign that changed lane configurations from 4+4 to 2+2 lanes and shifted from a twin-pillar to single-pillar structural design. The sea link portion was also shortened from 24.4 km to 19 km, while the project's total length remains 55.1 km. About 72% of the new cost will be financed through loans, with the rest via state equity. Deputy CM Eknath Shinde has asked MMRDA to speed up approvals and submit a detailed project report.Read more

01 Jul 2025

MMRCL has partnered with India Retail Hub Private Limited (IRHPL) to set up branded retail outlets, restaurants, offices, lounges, and food zones at Kotak-BKC and CSMIA-T2 stations along the Metro 3 corridor. This move comes as daily ridership jumped 114%-from about 24,500 to over 52,600-after a new stretch opened in May. IRHPL, known for its work in airport retail, will bring global brands and in-house labels to 32,000 sq. ft. of space across 35 locations within the two stations. This strategy follows a global trend of integrating retail into transport hubs, boosting commuter convenience and generating extra revenue for metro operators.Read more

01 Jul 2025

Bollywood actor Jeetendra Kapoor and daughter Ekta Kapoor have sold their apartment in Mumbai's Omkar 1973 Worli project for INR 12.25 crore, or about INR 57,000 per square foot. The 2,149 sq ft flat includes two parking spaces and was officially registered on June 8, 2025. The Kapoors had bought it in 2017 for INR 11.52 crore. Omkar 1973 is a luxury residential project that has faced legal hurdles, including a stay order on new flat sales due to pending rent disputes with displaced residents. Despite this, resale activity continues. As of late 2021, less than half of the project's 136 launched apartments have been booked.Read more

29 Jun 2025

The BMC has leased an 8,116 sq. m land parcel near Crawford Market, home to the Chhatrapati Shivaji Maharaj Market, for INR 369 crore-13% below the base price of INR 428 crore. Awarded to AAV Developers LLP for 30 years, the deal includes provisions for public infrastructure like a staircase, lift, and escalators for a planned foot over-bridge linking CSMT station to Mahatma Jyotiba Phule Mandai. Despite concerns over public utility and limited bidding-only two offers were received-the sale is part of BMC's strategy to ease financial pressure from infrastructure liabilities, which now exceed INR 2 lakh crore.Read more

29 Jun 2025

JP Morgan has signed a 10-year lease for 1.16 lakh sq. ft. of office space in a newly built tower at Mumbai's Bandra Kurla Complex (BKC), developed by Sumitomo's Goisu Realty. The deal, valued at INR 6.91 crore in monthly rent with 15% escalations every three years, includes a INR 62.23 crore security deposit. The new space, spanning two floors, will serve as the bank's front office from October 2026. BKC, a key BFSI hub, continues to attract top firms-Tesla also recently leased showroom space nearby. Sumitomo is expanding rapidly in Mumbai, with major property acquisitions in Worli and Lower Parel.Read more

27 Jun 2025

The BMC has opened public consultation on a draft regulation (33(27)) to define and incentivise "iconic buildings" under Mumbai's DCPR 2034. Eligible structures must display standout design, scale, or architectural vision. Developers may receive FSI relaxations by paying a premium up to 50% of land value, split between BMC and the state. A high-powered committee, chaired by the Municipal Commissioner and including global and Indian experts, will vet proposals. Public scrutiny of designs is encouraged. The draft mandates non-residential use, 18 m road access, and public plazas. The move echoes Mumbai's legacy of iconic architecture, aiming to blend innovation with heritage-conscious development.Read more

26 Jun 2025

The Maharashtra government has allocated 30 acres in Bandra East's government colony for the new Bombay High Court complex, addressing severe space constraints at the existing 1878 Fort premises. Architect Hafeez Contractor will design the facility, featuring 75 courtrooms, judge residences, lawyers' chambers, archives, and amenities like daycare and parking. The move follows Supreme Court directives and a 2019 ruling, with phased handovers already underway. The broader 90-acre site will also host up to twelve 16-storey towers for civil servant housing and revenue-generating residential sales. The current Fort building, originally meant for 15 judges, now struggles to house 35 in overcrowded conditions.Read more

26 Jun 2025

Indian cricketer Shivam Dube has purchased two luxury apartments worth INR 27.5 crore in DLH Enclave, Oshiwara, Mumbai-spanning over 9,600 sq ft, including a 3,800 sq ft balcony. The deal was registered earlier this month with a INR 1.68 crore stamp duty. DLH Enclave is an ultra-premium complex, home to celebrities like Kapil Sharma and the late Irrfan Khan. The Oshiwara-Lokhandwala belt is a long-standing hub for entertainment industry professionals, known for upscale projects like Windsor Grand and Raheja Classic. With major redevelopment underway, led by builders like Puravankara and Rustomjee, the area is rapidly transforming into a modern luxury residential hotspot.Read more

26 Jun 2025

MMRDA has launched a INR 325 crore programme to upgrade rural roads across ten villages in Alibaug, following its recent appointment as the region's planning authority. The plan includes cement-concrete resurfacing on key stretches connecting villages to Alibaug's town centre. With tenders issued for detailed design and management, on-ground construction is slated to begin soon. This initiative forms part of a wider connectivity vision including multimodal corridors and ring-road projects that aims to improve access and boost land and tourism value in Alibaug and adjacent areas.Read more

26 Jun 2025

The Bombay High Court has struck down Section 17(2) of Goa's Town and Country Planning (TCP) Act, criticising unchecked land-use conversions in Bardez taluka, including Calangute and Candolim. Between March 2023 and early 2024, over 353 approvals reclassified 2.65 million sqm of orchards and paddy fields into settlement zones-bypassing planning norms and public scrutiny. The court called the move 'disastrous,' highlighting systemic failures in Goa's urban planning. This follows past judicial interventions halting Outline Development Plans and the 2021 Regional Plan notification. While the Goa government has appealed the decision, the ruling marks a win for civic groups seeking transparent, eco-sensitive development.Read more

25 Jun 2025

Mumbai, long regarded as India's most expensive housing market, has witnessed a slight improvement in affordability for the first time, following a cumulative 100 basis point reduction in the RBI's repo rate since February. Knight Frank India's latest Affordability Index reveals Mumbai's EMI-to-income ratio dropped to 48%, just below the 50% unaffordability threshold. While affordability improved across most major cities, Delhi-NCR saw a minor dip, and Bengaluru and Hyderabad remained unchanged. Experts believe the softer home loan rates will boost buyer sentiment and potentially drive up sales.Read more

25 Jun 2025

Chembur is swiftly emerging as one of Mumbai's most promising growth corridors, propelled by the soon-to-be-operational Metro Line 2B that connects DN Nagar to Mandale. Spanning 23.6 km with 20 stations, this corridor enhances the suburb's accessibility to key business hubs and integrates it with Mumbai's wider infrastructure web. Supported by major road and rail networks, Chembur's mobility appeal is attracting homebuyers and investors alike. Property rates have already appreciated by 8% in the past year, and with Phase 1 of the metro nearing completion, a further price increase of 15-20% is anticipated.Read more