13 Nov 2024

Renowned Marathi singer, music director, and filmmaker Avadhoot Gupte, along with his wife Girija, recently acquired a high-end apartment in Khar West, Mumbai for INR 7.75 crore. The property, located in Rustomjee Paramount, covers a carpet area of 126.14 sq. m. and includes three dedicated parking spaces. Known for its luxurious amenities and connectivity, Khar West has become a preferred destination for elite buyers, with nearby conveniences such as prestigious schools, premium retail outlets, and proximity to the international airport. The trend of celebrity investments in the Bandra area has been strong, as seen with recent purchases by other prominent figures like Ranveer Singh and Deepika Padukone. Gupte, celebrated for his contributions to the Marathi music and film industry, continues to expand his presence within Mumbai's elite property landscape.Read more

12 Nov 2024

The recently announced Haji Ali Improvement Plan aims to enhance accessibility and safety at Mumbai's iconic Haji Ali shrine. Managed by the Public Works Department (PWD), the first phase will focus on strengthening the existing pathway to the shrine, which usually becomes inaccessible during high tide. The pathway will be widened and elevated by 1.5 metres above high tide levels, with stonework and safety railings added to ensure stability and security. The project's first phase costs INR 20.10 crore, with a one-year completion timeline. Future phases, led by the BMC and MMRDA, will include beautification, parking improvements, and facilities for hawkers and visitors.Read more

12 Nov 2024

The Bombay High Court ruled that promoters of a Santacruz East housing society cannot proceed with additional construction based solely on a general clause in the Flat Purchase Agreement. Justice Sharmila Deshmukh emphasised that under the Maharashtra Ownership Flats Act (MOFA), 1963, explicit, informed consent from all flat buyers is mandatory for any construction beyond the original plan. The court dismissed the promoters' claim to retain Floor Space Index (FSI) rights, ruling they cannot bypass legal obligations to gain additional development rights. This judgement reinforces MOFA's provisions, ensuring transparency and protecting flat owners' rights in housing development projects.Read more

12 Nov 2024

In a long-running eviction dispute, the Bombay High Court upheld the orders of the Small Causes Court to return an 800 sq ft flat in Dadar to the landlord, the late Dilipkumar Purandare. The rent for the spacious flat was INR 396.75 monthly and the State did not pay rent arrears from 1 December 1989. The court ruled that while mathematical precision is not expected in regular rent payments, the State cannot avoid paying the monthly rent for years during the pendency of the eviction suit, as per the Maharashtra Rent Control Act. Rejecting the State's and Mumbai Police Commissioner's appeals, the High Court directed them to hand over vacant possession of the flat by 30 November, ending the 20-year-old battle over the government-occupied premises.Read more

11 Nov 2024

One month into the initial operation of Metro 3's Aqua Line, connecting Aarey JVLR to Bandra Kurla Complex, ridership has topped 600,000, with an average of 20,000 daily commuters. The 12.44-km stretch saw its highest ridership on the first Sunday after launch, with 27,108 passengers. Key routes include Bandra Kurla Complex to Marol Naka and SEEPZ to Marol Naka, where intersecting lines have also boosted traffic. Nine trains currently run at 7.30-minute intervals, soon to be reduced to 6.40 minutes if demand holds. Upcoming retail spaces and the National Common Mobility Card launch by December 2024 will enhance commuter convenience further.Read more

08 Nov 2024

Certus Capital, a real estate investment firm, has invested INR 150 crore in two mid-market housing projects in Mumbai Metropolitan Region (MMR) by JSB Group and Dynamix Group, targeting areas near Mumbai Airport and Vasai. Covering 385,000 sq ft, the projects could generate over INR 750 crore in revenue. This aligns with Certus's plan to invest INR 1,000 crore in secured credit by year-end. With investments in Pune, Chennai, and prospective ventures in Bengaluru and Hyderabad, Certus is diversifying its portfolio. The firm's digital platform Earnnest.me has attracted a 77% reinvestment rate, underlining investor confidence in its real estate-focused strategy.Read more

08 Nov 2024

Federal Bank has acquired a 1.01 lakh square feet office space across five floors in the VIOS Tower, Wadala, Mumbai, for approximately INR 330 crore, marking a strategic move to enhance its urban presence. This purchase, including 145 car parking spaces, aligns with the bank's growth trajectory, as it reported a record net profit of INR 1,057 crore for the quarter. The VIOS Tower, part of the New Cuffe Parade project, reflects a broader trend of financial institutions consolidating operations in central hubs due to rising demand for office spaces. This acquisition underscores the evolving dynamics of Mumbai's commercial real estate market.Read more

07 Nov 2024

Bollywood actor Sunil Shetty and his son Ahan Shetty recently purchased a 1,200-square-foot property in Mumbai's Khar West for INR 8.01 crore through a bank auction. The transaction, finalized earlier this month, included a stamp duty of INR 40.08 lakh. Additionally, Amitabh and Abhishek Bachchan made headlines for acquiring ten apartments worth INR 24.95 crore in Mulund. The Mumbai property market continues to attract celebrities, with notable investments from stars like Sara Ali Khan and Kartik Aaryan, driven by high rental yields and capital appreciation in both commercial and residential sectors.Read more

07 Nov 2024

The Deonar landfill, Mumbai's oldest, has accumulated 2 crore metric tonnes of waste over 311 acres since 1927, reaching heights comparable to a 12-story building. With 124 acres designated for the Dharavi Redevelopment Project (DRP), clearing this section-containing 80 lakh metric tonnes of waste-will be a challenging task. The estimated cleanup will take 6-7 years and cost over INR 1,000 crore. The BMC plans to employ bio-mining to treat the waste. However, environmental concerns like leachate pollution and the need for clear responsibilities for containment measures add complexities, underscoring the need for coordinated efforts and substantial funding.Read more

07 Nov 2024

The House of Hiranandani, led by Surendra Hiranandani, has announced a strategic investment of INR 12,500 crore to expand its footprint in the Mumbai Metropolitan Region (MMR) over the next two years. This initiative includes luxury developments spanning over 7.3 million square feet and key projects in Thane and Chembur. With a growing commercial portfolio and a commitment to sustainable luxury, the company aims to enhance the urban landscape and meet the rising demand for premium residential and commercial spaces in the region.Read more

06 Nov 2024

Nariman Point, Mumbai's historic business hub, is witnessing a revival in demand for office space despite being overshadowed by Bandra Kurla Complex (BKC) in recent years. With limited quality space, recent leases by foreign consulates and major companies are driving interest. Notable deals include the Polish Consulate's 3,000-square-foot lease in Nirmal Building and the German Consulate's 7,442-square-foot space in Hoechst House. Improved connectivity via the Coastal Road and Metro Line 3 has further fueled demand, pushing rents up by 8-10% this year. Experts anticipate continued growth, with projected new developments adding crucial office space to the area.Read more

06 Nov 2024

The Brihanmumbai Municipal Corporation (BMC) plans to launch an online trading platform for Development Rights Certificates (DRC), resembling a stock exchange. The platform will enable citizens to invest in Transferable Development Rights (TDR), with all DRCs dematerialised and maintained electronically. This initiative aims to streamline TDR transactions, allowing individual homeowners and societies to buy small DRC amounts for property modifications without brokers. Currently, TDR transfers are informal, often monopolised by brokers, leading to inflated pricing and potential legal disputes. By promoting transparency and fair pricing, this electronic marketplace will modernise Mumbai's real estate sector, benefiting property owners and developers alike.Read more

06 Nov 2024

Kansai Nerolac Paints has entered into a lease agreement worth INR 726 crore with Aethon Developers, aiming to monetize its idle land holdings. This partnership follows the company's decision to sell a prime land parcel in Lower Parel, reflecting its strategy to transform unused assets into financial resources. The Mumbai real estate market is experiencing rising demand, making this move timely. Additionally, Kansai Nerolac acquired revisionary rights to another Lower Parel property for INR 48 crore, demonstrating its commitment to the evolving real estate landscape. These initiatives not only enhance the company's financial position but also contribute to the development of urban infrastructure in the area.Read more

05 Nov 2024

Bollywood legends Amitabh and Abhishek Bachchan have invested INR 24.95 crore in residential properties in Mulund West, Mumbai, within Oberoi Realty's project, Eternia. The acquisition includes ten apartments, totaling 10,216 sq. ft., with Abhishek securing six units for INR 14.77 crore. This investment continues the family's trend of significant real estate transactions, accounting for over 25% of celebrity deals in the Mumbai Metropolitan Region since 2020. In 2024, they have invested over INR 100 crore across various properties. Their portfolio reflects a strategic focus on prime real estate, aligning with the growing demand for luxury housing in Mumbai.Read more

05 Nov 2024

The Brihanmumbai Municipal Corporation (BMC) recently issued stop-work notices to two construction sites in Vile Parle and JB Nagar, Andheri East, for failing to follow air pollution control guidelines. Following residents' complaints, BMC squads found dust and debris violations, with debris falling onto nearby buildings and inadequate dust coverings at the sites. Under BMC's new air pollution guidelines, construction sites over 70 meters must use 35-foot-high metal enclosures and tarpaulin covers during demolition, along with continuous water sprinkling.Read more