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19 Dec 2024
Seema Singh, a member of Alkem Laboratories' promoter group, has purchased a sea-view luxury apartment in the Lodha Sea Face tower in Mumbai for INR 185 crore. The apartment spans 14,000 sq ft and is located on the 30th floor, with Singh also securing 9 parking spots. This marks the second-largest luxury deal in Mumbai this year, following a INR 270 crore transaction at Lodha Malabar. Singh, who recently sold a portion of her shares in Alkem Laboratories, paid a stamp duty of INR 9.25 crore. Property sales in Mumbai and other major cities have seen a significant rise in 2024, with the market expected to finish strong.Read more
19 Dec 2024
Bengaluru-based RMZ Corp, in partnership with the Canada Pension Plan Investment Board (CPPIB), plans to invest USD 750 million in redeveloping the iconic Kamal Amrohi Studio into a modern office complex named RMZ Nexus. Situated along Jogeshwari-Vikhroli Link Road (JVLR), the 10.94-acre project spans 3.74 million square feet across six towers. The project, scheduled for completion by 2027, will include direct metro integration and offer diverse amenities such as retail spaces, fine dining, wellness zones, and sky bars. RMZ aims to reshape Mumbai's commercial real estate landscape, underlining its commitment to India's growing economy.Read more
18 Dec 2024
The Bombay High Court ruled in favor of 38 tenants of the 80-year-old Kalyan Bhavan in Kalbadevi, granting them the right to redevelop the dilapidated cessed building after landlords failed to act within the six-month statutory period. Justices Ajay Gadkari and Kamal Khata set aside MHADA's earlier orders favoring the landlords and directed MHADA to issue a Letter of Intent (LoI) to the tenants. Despite landlords' claims of ongoing discussions, the court upheld tenants' rights under DCPR 2034 and the MHADA Act. This ruling reinforces tenant empowerment in redevelopment cases involving Mumbai's aging buildings.Read more
17 Dec 2024
The Brihanmumbai Municipal Corporation (BMC) has issued intimation notices to 474 contractors and real estate firms for failing to comply with environmental management plans and 27-point dust mitigation guidelines. Amid a moderate Air Quality Index (AQI) of 144 recorded earlier this week, the BMC emphasised stricter directives for construction sites, including deadlines to install sprinklers and anti-smog guns. The transport department warned of action against uncovered debris transport. The Bombay High Court, expressing concern over the city's deteriorating air quality, urged authorities to detail measures being implemented under existing laws.Read more
17 Dec 2024
Agarwal Holdings has acquired a 19,589.22 sq ft land parcel in Juhu, Mumbai, from Shapoorji Pallonji Gwalior, part of the Shapoorji Pallonji Group, for INR 455 crore. The transaction was completed and registered earlier last week, with a stamp duty of INR 27.30 crore and registration charges of INR 30,000. This follows Agarwal Holdings' previous land acquisition in Juhu in September 2022, where it purchased parcels covering 42,721.92 sq ft and 32,496.21 sq ft, valued at INR 332.8 crore. Agarwal Holdings also provides services like loan management, credit analysis, investment advice, insurance brokerage, and financial transaction handling.Read more
16 Dec 2024
Actor Shah Rukh Khan's iconic sea-facing residence, Mannat, located in Bandra, is set to expand with plans to add two more floors to the existing annexe. The actor's wife, Gauri Khan, submitted an application to the Maharashtra Coastal Zone Management Authority (MCZMA) in early November, seeking approval to add 616.02 square metres of space. This request follows a 2019 amendment to Coastal Regulation Zone (CRZ) rules, enabling increased construction in the area. The project, estimated to cost INR 25 crore, is awaiting approval from a committee headed by Pravin Darade. The expansion will add a seventh and eighth floor to the six-storey structure, which currently features two basements and a ground floor.Read more
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13 Dec 2024
The Mumbai Metro Rail Corporation (MMRC) is constructing a new pedestrian crossing across the Jogeshwari-Vikhroli Link Road (JVLR) to improve access to the Aarey-JVLR Metro station on Line 3. Phase I of the Metro 3 corridor, connecting Aarey to BKC, opened this month with an average ridership of 22,000 daily. Safety concerns arose due to a lack of pedestrian pathways, prompting MMRC to install blinker signals, rumble strips, and nearby bus stops for last-mile connectivity. Track laying for the 21 km BKC-Cuffe Parade Phase II section is complete, with 88% overall project progress. Metro 3, once fully operational, will enhance Mumbai's connectivity through vital interchanges and improved accessibility.Read more
12 Dec 2024
The BMC's environment department has issued an SOP for sub-engineers to monitor air pollution control measures at construction sites. Contractors must submit Environmental Management Plans (EMP) detailing pollution sources and mitigation strategies. Ward-level sub-engineers from the mechanical and electrical engineering department will inspect sites, ensure compliance, impose penalties for violations, and collaborate with the SWM department to address dust and waste burning issues. Non-compliance may lead to show cause notices or stop-work orders. Monitoring squads, disrupted due to elections, will soon resume operations, ensuring stricter enforcement of air quality regulations at infrastructure project sites.Read more
12 Dec 2024
The Brihanmumbai Municipal Corporation (BMC) has launched its first-ever initiative to lease three high-value plots in Malabar Hill, Worli, and Fort for 30 years, aiming to generate revenue for infrastructure projects. The tender process, extended to December 16 following bidder queries, includes eligibility criteria of a minimum INR 300 crore turnover and INR 150 crore net worth over the past three years. Developers have shown strong interest in these prime plots, with assurances from BMC on compliance with Coastal Regulation Zone (CRZ) rules and pending possession formalities with BEST. This strategic monetization move reflects transparency, collaboration, and significant potential for urban development funding.Read more
11 Dec 2024
The Bombay High Court has condemned the rising trend of frivolous legal petitions being filed to hinder redevelopment projects. In a recent case, a tenant resisted vacating an 83-year-old bungalow in Mumbai's Kandivali area, claiming tenancy rights. The court dismissed the petition, citing it as an obstructionist tactic aimed at delaying redevelopment. Imposing an INR 5 lakh penalty on the petitioner, the court stressed the need for deterrents against such cases, which it termed a 'sophisticated form of extortion.' The bench highlighted that these tactics impose financial burdens on landlords and developers while undermining legitimate redevelopment efforts.Read more
10 Dec 2024
10 Dec 2024
Bank of America has signed a 12-year lease for over 160,000 sq ft in Mumbai's Powai at K Raheja Corp's Cignus Powai, marking a significant expansion and relocation of its operations. The deal, valued at INR 350 crore, includes an option to add 100,000 sq ft, raising the total to 250,000 sq ft and the rental commitment to INR 600 crore. This move aligns with the BFSI sector's growing demand for office space in Mumbai, driven by technological advancements and metro connectivity. Bank of America plans to begin operations at the new site within 6-8 months.Read more
09 Dec 2024
09 Dec 2024
State Street Corporation has leased a 250,000 sq. ft. office tower in Mumbai's Bandra-Kurla Complex (BKC) from Brookfield Properties for over INR 350 crore. The 10-year agreement, part of the Equinox Business Park, will house State Street's global capability center. This move highlights India's growing appeal for multinational firms, driven by a skilled workforce and favorable business conditions. With a 99% occupancy rate, Equinox Business Park hosts major tenants like Tata Communications and Mirae Asset Capital Markets. State Street's investment underscores India's rising prominence in global financial services and the growing demand for premium office spaces in hubs like BKC.Read more
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