Vriti Gothi

08 Jan 2025

Property registrations in Mumbai's city municipal area showed a modest increase in December, reaching 12,415 units, compared to 12,285 in the same period the previous year. Residential properties accounted for 80% of the total registrations. The total number of property registrations in 2024 stood at over 141,000 units, marking a rise from the previous year's 126,937. Shishir Baijal, Chairman and MD of Knight Frank India, emphasized the resilience of Mumbai's property market, highlighting strong demand, particularly for premium homes, and its importance as a long-term investment and economic driver.Read more

08 Jan 2025

The Bombay High Court has temporarily halted the distribution of 80 transit apartments in MHADA's Bombay Dyeing Mill redevelopment project, providing relief to over 35 former mill workers. The workers alleged irregularities, including "double allotments," and claimed only six of the 11 buildings on the site were allocated to them, violating Development Control Regulations. The petitioners demanded all 240 apartments in the current construction be reserved for workers, citing a lengthy waiting list. This case underscores the ongoing housing struggles of Mumbai's mill workers, who have sought accommodations since the mills' closure. The court will review the matter in February 2025 to ensure compliance with housing regulations.Read more

08 Jan 2025

The promoter group of Metro Brands has expanded its luxury real estate investments, acquiring three sea-view apartments in Mumbai's iconic Palais Royale tower for over INR 243 crore. Located on the 61st and 62nd floors, the apartments span over 23,000 square feet and rank among India's most expensive, priced at INR 1.05-1.07 lakh per square foot. This follows a recent family purchase of two units in the same tower for INR 162 crore. Funded by their September sale of a stake in Metro Brands for INR 749.7 crore, the transactions underscore the enduring demand for Mumbai's ultra-luxury real estate among affluent buyers.Read more

07 Jan 2025

The Brihanmumbai Municipal Corporation (BMC) collected over INR 5,847 crore in property taxes by December 2024, achieving 62% of its INR 6,200 crore target for the fiscal year 2024-25. This marks a 21% increase compared to the previous year's collection of INR 4,800 crore by the same period. Improved digital payment systems, streamlined arrears management, and enhanced communication with property owners contributed to this success. With over INR 433 crore collected in just the last two days of 2024, the BMC's efficient strategies underscore its strong financial performance and its ability to exceed targets, boosting Mumbai's civic infrastructure funding.Read more

07 Jan 2025

The Maharashtra Housing and Development Authority (MHADA)'s Mumbai Board is set to start the construction of over 35,000 homes as part of the state government's 100-day initiative. The projects include the rehabilitation of 27,000 slums in Sanjay Gandhi National Park, the redevelopment of Abhyudaya Nagar, and the rebuilding of 25 buildings for Sindhi refugees in GTB Nagar. Groundbreaking ceremonies for these projects will take place soon, and construction is expected to commence over the next two months. The projects will add significant housing space and provide an additional 63,000 sq m for future housing units.Read more

07 Jan 2025

Following BMC's stop-work orders at 45 construction sites in Borivali East and Byculla, the R-Central ward issued similar notices to 66 additional sites, including Metro 3. The TMC served show-cause notices to 39 sites for non-compliance with dust pollution controls, while the Panvel Municipal Corporation warned 164 builders for pollution violations. Bhushan Gagrani, BMC's commissioner, ordered ongoing restrictions in Byculla until air quality improves. Authorities enforced stringent measures, including dust suppression, air quality monitoring, and environmental management plans. Gagrani inspected multiple sites to assess compliance, while TMC fined 151 non-complying sites and warned 39 for complete violations.Read more

06 Jan 2025

Vibha Shanghvi, part of Sun Pharmaceuticals' promoter group, has purchased two luxury apartments in Mumbai's Worli for INR 130 crore. Located in the under-construction Naman Xana tower, the properties span 6,458 and 5,813 sq. ft., priced at INR 65 crore each, with rates exceeding INR 1 lakh per sq. ft. The high-profile acquisition reflects Mumbai's thriving luxury real estate market, driven by strong demand and high-net-worth buyers. Recent similar transactions, including one by Barnsley Football Club's owner, highlight the growing appeal of upscale properties in South Mumbai. Analysts anticipate continued momentum in the city's premium real estate segment.Read more

06 Jan 2025

A case has been registered against SK Realty (formerly Om Developers) for allegedly failing to transfer six flats in a redeveloped Tardeo building to MHADA, valued at INR 3.62 crore, as required under a redevelopment agreement. Instead, the flats were reportedly sold to private buyers, breaching the terms that granted the firm additional Floor Space Index (FSI). MHADA's deputy engineer, Anil Thakare, filed a complaint after repeated demands for the flats were ignored. The Nagpada police have charged the firm's directors with criminal breach of trust and cheating, with the case now under the Economic Offences Wing for further investigation.Read more

06 Jan 2025

Interior designer and entrepreneur Sussanne Khan has leased a residential property in Mumbai's prime Jogeshwari West area for a monthly rent of INR 2.37 lakh. The property, located in Agarwal Ind Estate, is a 2,329 sq ft (216.37 sq metre) space in a ready-to-move-in industrial development. The deal was formalised with a stamp duty of INR 13,500 and registration charges of INR 1,000. Square Yards, the real estate consultant managing the transaction, has reviewed the official property registration documents. Khan, the founder of The Charcoal Project, is known for her luxury interior design services for a global clientele.Read more

03 Jan 2025

WeWork India has leased 1.26 lakh sq ft across three floors in the Lightbridge commercial tower, Andheri East, Mumbai, with operations commencing in August 2025. The INR 1.38 crore monthly rental over the five-year lease underscores WeWork's strategic expansion in flexible workspaces amid rising demand for hybrid work models. The Lightbridge tower, a joint project by Gamma Constructions and Srishti Group, highlights the sector's resilience, with flexible operators accounting for 20% of new leases in India. WeWork's portfolio now spans over 8 million sq ft across 62 locations, cementing its role in reshaping India's commercial real estate market.Read more

03 Jan 2025

The Brihanmumbai Municipal Corporation (BMC) has directed the suspension of all construction activities in Byculla and Borivli East following sustained Air Quality Index (AQI) levels above 200, indicating "poor" air quality. The directive applies to private and public projects, including civic and state infrastructure initiatives. Monitoring of AQI levels in Worli and Colaba-Navy Nagar will determine if similar measures are necessary there. Non-compliance could result in legal action against violators under the Maharashtra Regional Town Planning Act and the civic body has pledged stricter enforcement of these measures.Read more

03 Jan 2025

Dharavi Redevelopment Project Pvt Ltd (DRPPL), responsible for the redevelopment of Dharavi, Asia's largest slum in Mumbai, has rebranded as Navbharat Mega Developers Pvt Ltd (NMDPL). The change has been approved by both the company's board of directors and the Ministry of Corporate Affairs. NMDPL is a joint venture between the Government of Maharashtra and the Adani Group. While the Adani Group holds an 80% stake, the Maharashtra government retains a 20% share. The rebranding aims to distinguish the company from the Dharavi Redevelopment Authority (DRP), the state government agency overseeing the project. In November 2022, Adani Properties won the rights to lead the INR 20,000-crore project.Read more

02 Jan 2025

Under the leadership of Chief Minister Shri Devendra Fadnavis and the guidance of Deputy Chief Minister Eknath Shinde, the Mumbai Metropolitan Region Development Authority (MMRDA) has introduced stringent guidelines to reduce dust pollution from construction activities. These measures focus on controlling dust, monitoring construction sites, managing debris, and regulating vehicle transport. They also include penalties for non-compliance. The guidelines are designed to enhance air quality and promote sustainable urban development, reflecting the MMRDA's commitment to both environmental protection and urban growth.Read more

01 Jan 2025

Mumbai is preparing to open its first elevated forest walkway by New Year, with the Brihanmumbai Municipal Corporation (BMC) overseeing the project. The 482-metre trail, situated on Malabar Hill, offers stunning views of the city and Girgaon Chowpatty. Despite challenges like protecting trees, difficult terrain, and limited working hours, over 90 per cent of the construction has been completed. The walkway, designed to minimise disruption to the environment, has been built with minimal concrete and includes special measures to protect British-era pipelines beneath it. The final phase is expected to be completed by the end of January.Read more

01 Jan 2025

The National Green Tribunal (NGT) directive has halted nearly 200 real estate projects in Mumbai Metropolitan Region, mandating central oversight for developments exceeding 20,000 sq. m. within a 5-km radius of eco-sensitive zones. Key areas affected include Sanjay Gandhi National Park, Flamingo bird sanctuaries, and Tungareshwar Wildlife Sanctuary. The transition from state to central environmental clearance has caused delays, increasing costs and uncertainty for developers. CREDAI-MCHI and other stakeholders have petitioned the Supreme Court for interim relief. While the directive highlights environmental priorities, better administrative coordination is crucial to balance sustainability with urban development.Read more