27 Jul 2023

The affordable housing market in India's top seven cities is facing a downturn, with demand shrinking by 20% in H1 2023, according to ANAROCK Research. Escalating land costs and other pandemic-induced factors are being blamed. Conversely, the luxury housing segment is thriving. As a result, developers are shifting focus to mid-range and premium projects. Mumbai, Pune, and NCR saw the most new affordable housing supply in H1 2023, despite the overall contraction. The change underscores a significant shift in real estate market trends.Read more

27 Jul 2023

NHSRCL has given a sizable contract of Rs 215,697 crore to Larsen & Toubro (L&T) for the construction of the Thane, Virar, and Boisar stations for the Mumbai-Ahmedabad High-Speed Rail project. This completes the 508-kilometer-long bullet train route between Mumbai and Ahmedabad's civil construction phase. The project seeks to dramatically cut down on travel time, stimulate economic growth, and give passengers access to cutting-edge amenities. The high-speed rail corridor promises to overhaul India's transportation system and usher in a new era of effective and modern train travel by utilizing cutting-edge technology and environmentally friendly methods.Read more

26 Jul 2023

The Haji Qasim Ismail Building in Mahim, owned by Waqf Board, experienced a dangerous incident when the third-floor slab collapsed due to water seepage, resulting in no casualties or injuries. The authorities promptly evacuated 150 people and relocated them to nearby accommodations for their safety. The building's poor condition prior to the incident raised concerns, leading to the decision to demolish the damaged portion. The Mumbai Municipal Corporation is taking the safety and security of residents in damaged buildings seriously, providing necessary support and relocation arrangements to prevent harm to occupants of vulnerable structures.Read more

26 Jul 2023

In order to build a third prison in Mumbai, the state of Maharashtra is looking for land in Gorai. Long-term offenders will be catered to by this new institution, saving them from having to frequently appear in court throughout their trials. The choice was made as a response to the problem of overcrowding in current jails. Additionally, a second jail with a multi-story design and capacity for about 5000 inmates is planned for construction at Mankhurd. These programs demonstrate the government's dedication to updating and improving the infrastructure of prisons in order to build a more resilient and effective criminal justice system.Read more

25 Jul 2023

The Maharashtra State Road Transport Corporation (MSRTC) embarks on a significant redevelopment initiative for the Borivali bus depot in Mumbai. With an estimated cost of Rs 515 crore, MSRTC plans to construct a 16-storey building to optimize land usage and generate additional revenue streams. The proposal involves retaining core depot functions on the ground floor and first three floors while leasing the remaining floors to a developer for commercial development. The modernization of maintenance facilities and bus parking aims to improve service frequency and passenger experience. MSRTC's commitment to sustainability is evident in their plan to introduce over 5,100 electric buses on a wet lease basis. With vast land parcels in the Mumbai Metropolitan Region, MSRTC's dedication to enhancing public transportation and optimizing resources holds immense potential for future development.Read more

25 Jul 2023

The Bombay High Court's recent directive has drawn attention to the issue of non-payment of transit rent to slum dwellers during the redevelopment process in the city. Emphasizing the role of the Slum Rehabilitation Authority (SRA), the court calls for prompt payment of transit rent and the establishment of a Nodal Officer to handle grievances from cooperative societies of slum dwellers. The court's focus on transparency and accessibility aims to empower vulnerable communities and avoid an overload of court cases. The directive aims to ensure justice for slum dwellers and address the financial hardships they may face during the redevelopment process.Read more

24 Jul 2023

The renowned Barwale family, associated with the prestigious Maharashtra Hybrid Seeds Co (Mahyco), has made a noteworthy property acquisition in Mumbai's upscale Malabar Hill area. Purchasing a lavish sea-view apartment in the luxurious Lodha Malabar residential tower for over Rs 122 crore, the Barwale family's deal has garnered attention for its staggering per sq ft valuation of Rs 1.28 lakh. The apartment, spanning nearly 9,546 sq ft, comes with exclusive access to six car parking slots.Read more

24 Jul 2023

In Mumbai, the Special Investigation Team (SIT) of the Economic Offences Wing is investigating alleged irregularities in the Brihanmumbai Municipal Corporation's (BMC) expenditures, totalling a staggering Rs 12,000 crore. The SIT recently interrogated developer Alpesh Ajmera for eight hours in connection with the suspected Dahisar Eksar land scam. The SIT is focusing on three inquiries: the first involves a Rs 206 crore scam related to the swift appreciation of land acquired by BMC; the second looks into a Rs 200 crore misappropriation of funds within BMC departments; and the third delves into 60 projects worth Rs 5,000 crore executed across five BMC departments to uncover potential irregularities and conflicts.Read more

21 Jul 2023

In a significant move, the Central government has doubled the Economically Weaker Section's (EWS) income eligibility cap under the Pradhan Mantri Awas Yojana - Urban (PMAY-U) to INR 6 lakh, particularly affecting the Mumbai Metropolitan Region. This revision broadens the scope of affordable housing schemes, allowing more applicants to benefit from MHADA and CIDCO's housing lottery. Concurrently, MHADA's Mumbai board has unveiled a preliminary list of 1,06,799 participants for the upcoming housing lottery, initially scheduled for July 18. MHADA is soon expected to announce a revised date and location.Read more

21 Jul 2023

In a landmark move, the Maharashtra Government has officially handed the monumental Dharavi Redevelopment Project to the Adani Group. The Rs 20,000 crore project focuses on rebuilding the Dharavi slums, in close proximity to Mumbai's BKC business district. Adani Properties, after winning a competitive bidding process, has a seven-year timeframe to rehabilitate over 650,000 residents. This transformative project promises to reshape one of the world's most densely populated slums into a well-planned urban sector.Read more

19 Jul 2023

Prestige Estates Projects has acquired a prime sea-facing land parcel in south Mumbai for over Rs 704 crore, setting a new benchmark for land prices. The plot, valued at over Rs 306 crore per acre, was purchased from DB Realty's subsidiary. Prestige Group plans to develop luxury residential towers on the plot, further expanding its presence in Mumbai's luxury real estate market. Additionally, Prestige Estates Projects has obtained complete ownership of two key projects in central Mumbai. The ongoing market consolidation favours established developers, leading to increased activity in land transactions across major property markets.Read more

18 Jul 2023

The Brihanmumbai Municipal Corporation (BMC) has proposed collaboration with the Maharashtra Housing and Area Development Authority (MHADA) to tackle unauthorized constructions in Mumbai. The BMC seeks to establish joint teams for inspections, as MHADA holds the authority for granting repair permissions. The proposal emerged due to difficulties faced by BMC officials when investigating complaints about unauthorized constructions in cessed buildings.Read more

18 Jul 2023

Prominent fashion designer, Ulka Chandrashekhar Nair, is facing legal heat as the Economic Offences Wing (EOW) of the Mumbai police charges her with defrauding a builder out of Rs 20.52 crore in a property redevelopment scam. Despite receiving a Rs 19 crore payment and Rs 1 crore for preparations, Nair allegedly refused to surrender her property for the agreed redevelopment. Nair, however, has dismissed these claims as a scheme by the builder to illegitimately gain control of her property. The case continues to unfold.Read more

17 Jul 2023

The Mumbai Municipal Corporation (BMC) has unveiled plans to revamp fifteen slums located in the suburban areas of the city, aiming to improve living conditions and infrastructure. A budget of Rs 5 crore has been allocated for each slum, with the funds coming from the District Planning Committee (DPC). The renovation plan includes the construction of cement tunnels to consolidate underground utilities and widen roads. The DPC meeting, attended by MLAs representing the suburban areas, approved a budget of Rs 977 crore for various civic projects, including infrastructure improvement, slum rehabilitation, skill development initiatives, and women and child welfare schemes.Read more

15 Jul 2023

Man Infraconstruction's property development entity, MICL Real Estate, has made a significant acquisition by obtaining the development rights for ten adjacent housing societies in the Ghatkopar suburb of Mumbai. This strategic move was executed through MICL's subsidiary, MICL Creators LLP, in which it holds a 60% partnership interest. The redevelopment of these housing societies will be carried out as a cluster redevelopment project under regulation 33(9) of the Development Control Promotion and Regulation (DCPR), 2034.Read more

15 Jul 2023

LP Logiscience, the warehousing and contract logistics division of the Liladhar Pasoo Group, unveils a state-of-the-art Grade A warehouse in Bhiwandi, Mumbai. With a focus on sustainability, this green warehouse spans 15 acres and offers 500,000 square feet of storage space. It features advanced infrastructure including solar power generation, rainwater harvesting, and environmentally friendly transportation using electric and CNG vehicles. LP Logiscience aims to revolutionize the warehousing sector by providing efficient, technology-driven solutions while minimizing carbon footprint. The Bhiwandi warehouse marks a significant milestone in their commitment to sustainability and future plans for expansion.Read more

15 Jul 2023

The Bombay High Court has expressed concerns about corruption and fraudulent practices in the Slum Rehabilitation Authority's (SRA) allotment and entitlement processes. To address these issues, the court has recommended the implementation of regular biometric surveys and Aadhaar-based identification to eliminate fraud and trafficking. The court also emphasized the need to prevent political interference in the SRA's operations, allowing only specific government officials to hold meetings in their offices. A petition filed by a cooperative housing society prompted the court to expedite the hearing, and the SRA has resumed biometric identification and surveys in response.Read more

14 Jul 2023

Office leasing in Mumbai reached 1.3 million square feet in Q2 2023, as per CBRE South Asia Pvt. Ltd's latest report. The uptake was largely driven by the BFSI, technology, and engineering & manufacturing sectors. Notably, mid-sized transactions dominated the leasing scene. Nationwide, leasing activity grew by 12% Q-o-Q. Domestically, flexible space operators, technology firms, and BFSI led the absorption. Despite a slight downturn in H1 2023, the resilient demand underscores the positive trajectory for India's commercial real estate sector.Read more

14 Jul 2023

Axis Asset Management Company, the mutual fund investment arm of Axis Bank, has leased two floors in Mumbai's Lower Parel for its future head office. With a space of over 63,000 square feet in 'One Lodha Place', Axis AMC aims to consolidate its operations and support key functions. The lease agreement includes a monthly rent of Rs 1.2 crore and a tenure of nine years. This strategic move reflects Axis AMC's growth plans and commitment to providing an efficient working environment. The tower's upper floors will be reserved for Lodha, while Axis AMC will have exclusive access to designated parking slots.Read more

14 Jul 2023

Ajmera Cityscapes and West Avenue Realty have unveiled their collaborative project, Atlantis, an opulent 18-storey luxury tower located in Khar (West), Mumbai. The grand launch event was attended by notable dignitaries, including MLAs Ashish Shelarji and Parag Shah Ji. Atlantis offers luxurious 3 and 4-bedroom residences with modern amenities, promising a lavish and comfortable lifestyle. The project is expected to be completed by January 2026 and is registered under RERA, ensuring compliance with regulatory norms. This joint venture signifies a successful partnership between Ajmera Cityscapes and West Avenue Realty, aiming to provide exceptional living experiences to discerning residents.Read more