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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
09 Dec 2024
Bollywood actor Shraddha Kapoor has leased a luxurious apartment in Mumbai's upscale Juhu area for a monthly rent of INR 6 lakh. The apartment, spanning 3,929 square feet, is located on the third floor of a high-end residential tower. Kapoor has paid the full rental amount for the 12-month lease term in advance. The deal, which was registered earlier this week, also includes access to four car parking spaces. Juhu remains a sought-after location for Bollywood celebrities, known for its proximity to the beach and premium amenities.Read more
09 Dec 2024
Mumbai's property registrations rose by 5% year-on-year in November 2024, with 10,216 units registered compared to 9,736 the previous year, according to Knight Frank India. The premium segment saw significant growth, with properties priced at INR 2 crore and above comprising 23% of registrations, up from 17% in 2023. Stamp duty collections surged 30%, reflecting increased transactions in high-value properties. Industry experts attribute this trend to affluent buyers' preference for spacious, high-quality homes that offer better long-term value.Read more
09 Dec 2024
In response to worsening air quality in Mumbai, the Maharashtra Pollution Control Board (MPCB) has prohibited the establishment of new ready-mix concrete (RMC) plants within municipal corporation limits in the Mumbai Metropolitan Region (MMR). Existing plants must implement dust control measures and meet compliance requirements within three months or face penalties. New RMC plants outside city limits are subject to stringent location and operational rules, including bank guarantees and air quality monitoring. The MPCB is collaborating with civic authorities to improve air quality across the region.Read more
09 Dec 2024
The House of Abhinandan Lodha (HoABL) has acquired the American Center in South Mumbai for over INR 56 crore. The seven-storey building, previously part of the US Consulate General, has remained vacant for a decade after the consulate moved to BKC. HoABL plans to develop the property into a luxury residential project with views of Marine Drive and Mumbai Harbour. The deal was finalised after receiving approvals from both the US and Indian governments. This acquisition adds to HoABL's growing portfolio of developments across India, with significant future revenue potential.Read more
09 Dec 2024
Mumbai Metro has partnered with the 'Toilet Service App' to improve cleanliness and accessibility of toilets at 30 metro stations on the Metro 7 and 2A corridors. The app provides real-time information on toilet availability and condition, allowing passengers to easily locate and use facilities. It also enables passengers to report issues, ensuring prompt action is taken. Metro staff can monitor and maintain cleanliness through the app. Passengers can download the app by scanning a QR code at the stations. This initiative enhances hygiene standards and improves the overall commuter experience, focusing on convenience and passenger satisfaction.Read more
06 Dec 2024
05 Dec 2024
The Mumbai Coastal Road Project (MCRP) has achieved a major milestone with the launch of the final girder for the bow-string bridge connecting the coastal road to the Bandra Worli Sea Link (BWSL). This new girder will facilitate north-bound traffic towards Bandra, Andheri, and Bandra Kurla Complex. The project is now 94% complete, with ancillary tasks such as installing signage, painting, and creating the carriageway underway. The girder launch, carried out from the Arabian Sea due to land constraints, overcame challenges posed by shallow waters and bedrock at Worli. The bridge, interchange, and underpass are expected to open sequentially in January.Read more
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04 Dec 2024
The Slum Rehabilitation Authority (SRA) has issued a tender for the redevelopment of Om Namo Sujalam Sufalam Society, a slum colony in Santacruz East with nearly 1,000 tenements. Efforts to redevelop the site began 39 years ago but faced setbacks due to builder disputes and lack of developer interest. Situated near the Western Express Highway and Bandra Kurla Complex, the colony covers over 21,000 square metres. The latest tender includes a 46-month deadline, revised from the previous 24 months, with a INR 20 crore bank guarantee. Developers with experience in projects worth INR 200 crore or more are eligible to bid.Read more
04 Dec 2024
Urjita Jagdish Master, a stock market investor and director of Deep Financial Consultants, has purchased a luxury apartment in Mumbai's Oberoi Three Sixty West tower for over INR 105 crore. The 7,139 sq. ft. property on Worli's 59th floor boasts sea views and a price of INR 1.50 lakh per sq. ft., among India's most expensive deals. The transaction reflects Mumbai's booming luxury real estate market, driven by urbanization, high-net-worth buyers, and demand for exclusive living spaces. With top-tier amenities and record property sales in 2024, Mumbai remains a hotspot for affluent investments, shaping the future of India's luxury housing market.Read more
03 Dec 2024
The Mumbai Metro is transforming urban mobility in India's financial capital, easing traffic congestion and reshaping daily commutes. Initiated in 2004 by the Mumbai Metropolitan Region Development Authority (MMRDA), the project envisions a 339.6-kilometre network costing INR 1,53,384 crore. Operational lines include Line 1 (Blue Line), Line 2A (Yellow Line), Line 7 (Red Line), and the underground Line 3 (Aqua Line), improving connectivity and reducing travel times. Despite delays due to environmental concerns and policy indecision, the metro has achieved milestones like a daily ridership of 500,000 on the Blue Line. Expanding further, it promises a sustainable urban future.Read more
03 Dec 2024
The High Court of Bombay at Goa has requested replies from the concerned authorities in response to a public interest litigation that challenges development permissions granted by the Town and Country Planning (TCP) Department in a private forest area in Salvador do Mundo. Architect Dean D'Cruz argues that the TCP Department misrepresented the private forest map and manipulated development plans, increasing the settlement area while reducing the forested land. D'Cruz is calling for the cancellation of permissions for residential villas and other constructions, citing the environmental risks, including soil erosion and landslides, posed by hill-cutting, which is prohibited under the TCP Act.Read more
02 Dec 2024
The Brihanmumbai Municipal Corporation (BMC) is advancing two significant infrastructure projects: the second phase of the Coastal Road and the Dahisar-Bhayander Link Road (DBLR), together valued at INR 20,648 crore. The Coastal Road's second phase, spanning 22.93 kilometers from Versova to Dahisar, includes bridges, flyovers, and tunnels and awaits final environmental clearance from the forest department. This follows the successful completion of the first phase, operational since March 2024. Complementing the Coastal Road, the 5.6-kilometer DBLR will connect Dahisar to Bhayander, with sections under both BMC and MBMC jurisdiction. Together, these projects promise to revolutionize Mumbai's connectivity, improve traffic flow, and catalyze economic development, strengthening the city's position as a leading metropolitan hub.Read more
02 Dec 2024
The Mumbai Monorail, India's first monorail system, aimed to ease traffic congestion and improve connectivity in underserved areas. Proposed by the MMRDA in 2005, the INR 3,000 crore project spans 19.54 kilometres with 17 stations. Phase I opened in 2014 between Chembur and Wadala Depot, while Phase II to Sant Gadge Maharaj Chowk became operational in 2019. Despite advanced features like Communication-Based Train Control (CBTC), the monorail has faced challenges, including technical breakdowns and low ridership, leading to financial losses. Efforts like high-capacity rakes and operational restructuring aim to address issues, but its role in Mumbai's transit ecosystem remains debated.Read more
29 Nov 2024
Nippon Life India Asset Management has acquired 52,162 sq. ft. of office space in One Lodha Place, Lower Parel, Mumbai, for INR 486 crore. The deal, registered last week, includes two floors and exclusive signage rights for the 29th and 30th floors of the 36-floor commercial tower. Nippon Life plans to relocate its headquarters from Peninsula Business Park to this premium location, reflecting a strategic investment in Mumbai's thriving business district. This transaction underscores the resilience of demand for high-quality commercial spaces in the city, aligning with Nippon Life's growth trajectory and bolstering its corporate presence in a key financial hub.Read more
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