17 Jun 2025

The Brihanmumbai Municipal Corporation (BMC) has approved construction of two new arms to connect the Ghatkopar-Mankhurd Link Road (GMLR) flyover directly to the Sion-Panvel Highway. Estimated at INR 1,051 crore, the project aims to ease traffic congestion at the busy Maharashtra Nagar T-junction. Currently, the GMLR flyover lacks a direct link to the highway, forcing vehicles through bottlenecks. The new flyover arms-measuring 1.47 km and 1.93 km-will bypass this signal, offering seamless access. The extensions, standing 8.5 metres high and 620 metres long, will begin construction soon following land acquisition and approvals from the Coastal Zone Management Authority and Mangroves Department. The alignment also considers proximity to metro lines and nearby airports. An earlier plan for a third arm via the Harbour line remains stalled due to pending clearances from Central Railway.Read more

16 Jun 2025

The Enforcement Directorate (ED) has seized assets worth INR 33.89 crore from Mumbai-based Sai Group under the Prevention of Money Laundering Act. The action stems from an investigation into alleged misuse of funds earmarked for redevelopment projects in D N Nagar, Andheri, Kandivali, and Goregaon. Properties seized include agricultural land, residential flats, shops, and a bungalow in Mumbai and Ahmednagar. Promoters Jayesh and Deep Tanna face charges of cheating, forgery, and criminal breach of trust, with losses to homebuyers estimated at INR 85.75 crore. ED raids across nine locations uncovered shell firms, suspected benami assets, and potential international links. Jayesh Tanna remains in judicial custody. The case echoes past high-profile redevelopment scams like Patra Chawl and Adarsh Society, underscoring systemic issues in Mumbai's real estate sector.Read more

16 Jun 2025

Ashwin Sheth Group has acquired a 50% stake in the luxury 'One Marina' redevelopment project on Marine Drive, South Mumbai, and secured INR 540 crore funding from Singapore-based PAG to support its development. The 10 lakh sq. ft. project is expected to generate INR 2,300 crore in revenue upon completion. The stake was acquired from Vallabh Sheth and Jitendra Sheth, former joint stakeholders along with landowner YM Infra. PAG's USD 65 million investment will be used for project construction. Ashwin Sheth Group aims to position One Marina as a prestigious address in South Mumbai. The collaboration reflects confidence in premium redevelopment ventures and aligns with the group's strategy to revitalise legacy assets. With over 38 million sq. ft. delivered and 7 million sq. ft. under development, Ashwin Sheth Group continues to expand its footprint in India's luxury housing segment.Read more

12 Jun 2025

In a significant development, the Bombay High Court instructed the Mumbai Metropolitan Region Development Authority (MMRDA) to deposit an arbitration award of INR 1,169 crore with the court registry amid an ongoing legal battle with Mumbai Metro One Pvt Ltd (MMOPL), a subsidiary of Reliance Infrastructure. This order followed MMRDA's appeal challenging earlier arbitral rulings over cost disputes linked to Mumbai's first metro line. The court made it clear that any stay on the award would only be considered after the deposit, reinforcing the seriousness of arbitration enforcement in India.Read more

12 Jun 2025

The Dharavi Redevelopment Project (DRP), backed by a joint venture between the Maharashtra government and the Adani Group, is prioritising inclusive rehabilitation under the theme of "housing for all". DRP CEO SRV Srinivas emphasised that the plan would not only ensure housing for eligible and ineligible residents but would also revitalise Dharavi into a potential SME hub. With a rehabilitation budget of INR 97,500 crore, the plan aims to create equitable access to homes, amenities, and livelihoods, ensuring sustainable community growth and resisting ghettoisation.Read more

12 Jun 2025

Tribeca Developers has launched Trilive, a built-for-rent studio apartment project in Marol, Andheri, aimed at India's growing population of millennial professionals seeking premium rental housing. Despite strong demand, studio apartments form less than 0.5% of India's housing stock. Trilive addresses this gap by offering 650 tech-enabled, fully serviced units with modern amenities like rooftop lounges, co-working spaces, and private balconies. The project is managed by Housr, which operates over 75 properties across five cities, and promises investors a rental yield of over 6% with a nine-year leaseback. This marks one of India's largest managed rental housing ventures and reflects a strategic collaboration between Tribeca, Housr, and Starwing Group. With future plans to scale up to 8,000 beds across cities, Trilive combines premium urban living with hassle-free ownership-presenting a new standard in India's rental housing landscape.Read more

11 Jun 2025

Hiranandani Communities is aiming to generate revenue exceeding INR 1,100 crore from the initial phase of its new residential project, The Arena, within the sprawling 588-acre Hiranandani Fortune City township in Panvel. Featuring around 600 units, the project taps into the rising demand for quality housing in the Mumbai Metropolitan Region, fuelled by increasing incomes, growing employment opportunities, and the migration of skilled talent seeking comprehensive living environments. The township has already delivered more than 2,200 apartments, with high occupancy rates and over 3,000 satisfied residents.Read more

11 Jun 2025

Shaula Real Estates, a private firm where Tanya Dubash-daughter of Godrej Industries Chairman Adi Godrej-is a director, has acquired a lavish duplex apartment in Mumbai's Worli locality for nearly INR 226 crore. The purchase was part of the Naman Xana project, an upscale under-construction residential development. The deal, executed in May, stands out as one of the most expensive primary transactions this year, with the per sq ft value on the carpet area reaching approximately INR 2.45 lakh. The move reflects continued investor confidence in Mumbai's high-end residential market.Read more

11 Jun 2025

Veteran Bollywood actor Jeetendra Kapoor's family-owned firms, Pantheon Buildcon Pvt Ltd and Tusshar Infra Developers Pvt Ltd, concluded a landmark real estate deal involving two adjacent land parcels and built-up assets in Mumbai's Andheri area. The property, spanning nearly 9,665 square metres and including Balaji IT Park's three buildings, was acquired by NTT Global Data Centers & Cloud Infrastructure India Pvt Ltd for INR 855 crore. The transaction was formally registered recently, with stamp duty and registration charges duly settled, marking a significant move in Mumbai's commercial real estate and data centre sectors.Read more

10 Jun 2025

Kanakia Group has entered into a significant joint venture with international real estate major Hines and Japanese financial institutions to develop a premium office project in Mumbai's Bandra Kurla Complex (BKC). Valued at INR 12,825 crore, this marquee development is planned across a 4.5-acre plot acquired from the Mumbai Metropolitan Region Development Authority. The collaboration brings together Kanakia's local execution expertise, Hines' global real estate proficiency, and robust Japanese institutional capital. This alliance underscores the growing interest of global investors in India's Grade-A commercial real estate and positions BKC for another round of premium development.Read more

10 Jun 2025

In a recent ruling, the Maharashtra Real Estate Regulatory Authority (MahaRERA) rejected refund claims submitted by six homebuyers of a Chembur housing project who had defaulted on payment obligations during the pandemic. While five of them sought to withdraw from the project, one requested an extension. MahaRERA concluded that none were eligible under Section 18 of the RERA Act, as the defaults were on the buyers' part. However, one buyer was granted a refund in line with the terms of the agreement. The ruling underlines the regulator's position on payment discipline and its limited scope for leniency, even under pandemic-related hardships.Read more

10 Jun 2025

Apple India has signed a lease for 12,616 sq ft of retail space at Oberoi Sky City Mall, Borivali, Mumbai's marking its second store in Maharashtra and fourth in India. The 10-year, 10-month lease carries an annual rent of INR 2.08 crore, with a 15% escalation every three years. The deal includes 150 sq m of storage space, five parking spots, and a security deposit of INR 1.04 crore. A revenue-sharing clause requires Apple to pay 2% of store revenue for 42 months, rising to 2.5% thereafter. The store expands Apple's retail footprint beyond Mumbai's city centre, targeting the growing suburban market. This move complements Apple's broader India strategy of boosting domestic sales and manufacturing. By entering suburban hubs, Apple is adapting to India's evolving consumer landscape and strengthening its retail presence in key growth corridors.Read more

10 Jun 2025

Actor Jaideep Ahlawat and wife Jyoti Hooda have purchased a premium apartment in Poorna Apartments, Andheri West. The 1,950 sq ft carpet area home (2,341 sq ft built-up) includes four parking spaces. The transaction, recently registered, involved a stamp duty of INR 60 lakh and registration charges of INR 30,000. Andheri West remains a top choice for high-net-worth buyers due to its proximity to business districts and entertainment hubs, reflected in strong property demand and rising values.Read more

10 Jun 2025

The Confederation of Real Estate Developers' Associations of India (CREDAI) has applauded the Reserve Bank of India's recent 50 basis points cut in the repo rate, describing it as a timely and courageous move aimed at stimulating demand in the housing market. With this latest step, the cumulative reduction now stands at 100 basis points over the past six months. CREDAI believes the decision will significantly improve buyer sentiment, especially in the mid-income and affordable segments, and enhance the financial viability of projects catering to this market. The move comes at a time when housing sales have shown a decline in major cities, indicating the need for strong policy support.Read more

10 Jun 2025

In a significant stride towards sustainable urban transformation, the Saifee Burhani Upliftment Trust (SBUT), under its flagship Saifee Burhani Upliftment Project (SBUP), marked World Environment Day by reinforcing its commitment to eco-conscious redevelopment in Bhendi Bazaar. The initiative goes beyond structural renewal, incorporating native greenery, renewable energy, water and waste management systems, and thoughtful urban planning that balances cultural modern resilience. SBUT's efforts are setting an unprecedented benchmark for future cities that prioritise both people and the planet.Read more