31 Jan 2025

The Vasai Virar City Municipal Corporation (VVMC) is demolishing 41 unauthorised buildings in Achole, Nalasopara East, constructed on land reserved for civic amenities. Built without approvals between 2010 and 2012, these structures have displaced thousands. Despite political assurances, residents were forcibly evicted, with their belongings left on the streets. Legal action followed a public interest petition, with courts ordering the demolition of these illegal constructions. The evictions reflect the human cost of systemic corruption and poor governance in urban development.Read more

30 Jan 2025

The Brihanmumbai Municipal Corporation (BMC) has proposed an ambitious plan to revamp the 26-kilometre Western Express Highway (WEH) spanning from Bandra East to Dahisar. This initiative, revealed during a recent meeting, aims to address traffic bottlenecks, improve road quality, and standardise footpaths, signage, and medians. Civic chief Bhushan Gagrani emphasised collaboration among agencies, including the BMC, traffic police, and MSRDC, to ensure effective implementation. Immediate measures, such as improved drainage systems, robust streetlights, and removal of scrap vehicles, were also highlighted. If successful, this project could bring significant relief to over 2.2 million daily commuters.Read more

30 Jan 2025

Bollywood actor Akshay Kumar has sold his 1,073 sq. ft. apartment in Oberoi Realty's Sky City complex in Borivali East for INR 4.25 crore, marking a 78% appreciation from his 2017 purchase price of INR 2.38 crore. The transaction, registered in January 2025, incurred a stamp duty of INR 25.5 lakh and registration charges of INR 30,000. Sky City remains a sought-after development, recording 216 sale registrations in 2024, with an average resale price of INR 39,522 per sq. ft. Kumar's sale highlights Mumbai's robust luxury real estate market amid rising celebrity property transactions.Read more

30 Jan 2025

The Maharashtra government's Dharavi Redevelopment Project (DRP), a multi-billion-dollar initiative, guarantees housing benefits for all residents, including former landowners under the cancelled Vacant Land Tenure (VLT) scheme. The Adani Group, through its joint venture Navbharat Mega Developers Private Ltd (NMDPL), will oversee the redevelopment process, building affordable housing and commercial spaces. Former landowners and private societies in the Dharavi Notified Area (DNA) are encouraged to participate in this transformative urban renewal project. Sustainable infrastructure, vocational training, and eco-friendly job opportunities are key components of the project aimed at uplifting the Dharavi community.Read more

30 Jan 2025

The Dharavi Redevelopment Project has made significant payments totalling INR 428 crore for land acquisitions in Mulund, Kurla, and Deonar to build rental housing for ineligible residents, identified through an ongoing survey. The SPV, Navbharat Mega Developers Pvt Ltd (NMDPL), with Adani Realty holding 80% equity, has faced legal challenges with some land, such as in Bhandup and Kanjurmarg, still under litigation. Despite paying for Mulund salt pan land and Kurla dairy land, physical possession remains pending. Additionally, the state government must address statutory compliance and compensation for lessees. Meanwhile, protests have erupted in Kurla and other areas, with residents opposing the project and demanding alternative uses for the land, adding further complications to the redevelopment efforts.Read more

29 Jan 2025

Tata Investment Corporation, the non-banking financial arm of the Tata Group, has purchased office space spanning two floors in Mumbai's Wadala locality for approximately INR 150 crore. The acquisition, located in the VIOS project at New Cuffe Parade, includes a total area of 43,000 sq ft. The company's purchase comprises the entire 17th and 22nd floors, accompanied by exclusive rights to 63 parking slots. The transaction highlights a notable outright purchase trend in India's commercial real estate sector, contrasting with the market's leasing dominance.Read more

27 Jan 2025

Mumbai's iconic Sea Rock Hotel, a landmark property with a rich history, will soon make a comeback as Taj Bandstand under the Indian Hotels Company Ltd. (IHCL). The construction of this luxury sea-facing property in Bandra is set to begin in the latter half of 2025, pending necessary approvals. This will mark IHCL's fifth luxury property in Mumbai, further solidifying its presence in the upscale hotel segment. The hotel's redevelopment comes after decades of setbacks, including legal disputes and environmental clearance hurdles.Read more

27 Jan 2025

The Mumbai Metropolitan Region Development Authority (MMRDA) has secured USD 40 billion (INR 3.5 lakh crore) in investments through 11 Memorandums of Understanding (MoUs) at the World Economic Forum in Davos. These agreements, encompassing urban transport, infrastructure, and technological advancements, aim to drive economic growth and innovation in the Mumbai Metropolitan Region (MMR) over the next 3-5 years. With participation from global giants such as Crossrail International, Blackstone Inc., and Temasek Capital, the partnerships reinforce MMR's position as a global investment hub, aligning with Maharashtra's USD 1 trillion economy target.Read more

24 Jan 2025

The Maharashtra government has granted a Commencement Certificate (CC) for the Dharavi redevelopment project, allowing the Adani Group-led consortium to begin construction on a 6.4-acre railway land parcel in Matunga West. This marks the start of the USD 3 billion initiative covering nearly 600 acres, aimed at providing modern housing and commercial spaces for over a million residents. The project, expected to be completed in seven years, involves international partners like Sasaki, Buro Happold, and Hafeez Contractor. With a focus on infrastructure and community development, it promises to set a precedent for urban renewal efforts in India and beyond.Read more

24 Jan 2025

The completion of the Kasarwadavli-Gaimukh Metro 4A route has been postponed to April 2025, extending the timeline by over a year and increasing project costs to INR 503 crore from the initial INR 440 crore. The delay, attributed to undisclosed challenges, has caused significant traffic congestion on Ghodbunder Road, raising concerns among commuters and activists. The 2.7 km metro stretch is part of the larger 56 km corridor connecting CSMT to Mira Road. As residents await updates, the MMRDA faces pressure to enhance transparency and accelerate work to minimize further disruptions and economic impacts.Read more

24 Jan 2025

Bollywood actor Shahid Kapoor has leased his 1,400 sq. ft. apartment in Versova's Cozy Apartments for INR 75,000 per month, with a planned rent increase to INR 78,750 after the first year. The lease, registered in January 2025, includes a security deposit of INR 2,25,000. This move underscores the growing trend among celebrities to diversify their income through real estate investments. Versova's popularity and rising property values make it an attractive rental hub. As Mumbai's demand for rental properties surges, Kapoor's decision highlights the strategic financial planning many actors are adopting to secure long-term returns.Read more

24 Jan 2025

The Brihanmumbai Municipal Corporation (BMC) recently revised its auction plans for prime plots in Worli, Crawford Market, and Malabar Hill. Due to a lack of bids, the auction for the Worli plot will be retendered, while the Crawford Market plot auction has been paused on the orders of the Chief Minister following concerns raised by the local fishing community. The Malabar Hill plot, which houses an important electricity station, will not be auctioned due to the high cost of relocation. The retendering process for the Worli asphalt plant plot is still on track.Read more

23 Jan 2025

Bollywood actor Hrithik Roshan has leased a 2,727 sq ft commercial property in Mumbai's Lotus Corporate Park, Goregaon, for INR 5.62 lakh per month. This deal underscores the growing demand for premium office spaces in strategic business hubs. In a separate transaction, playback singer Stebin Ben purchased a luxurious duplex apartment in Bandra's Iconic 7 Co-op Housing Society for INR 6.67 crore, reflecting the sustained appeal of upscale residential properties in Mumbai's prime localities. These high-profile transactions highlight key trends in Mumbai's real estate market, with rising interest in both modern commercial spaces and luxury homes in sought-after areas.Read more

23 Jan 2025

The Mumbai Metro Rail Corporation (MMRCL) has temporarily put its plans to lease a 4.2-acre land parcel in Nariman Point for property development on hold. Originally, the plot was intended for monetisation through a long-term lease agreement, with an RFP issued earlier this week. However, a public notice announced its withdrawal, citing "technical issues" that need resolution. The land, which was once used as office space by political parties, is seen as a prime location for mixed-use development. MMRCL aims to revisit the proposal in the near future after addressing these issues.Read more