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

13 Jul 2023

Mumbai is experiencing a trend of vertical growth, with developers taking advantage of high floor space index (FSI) in certain rehabilitation housing schemes to construct taller buildings. A prime example is the construction of India's tallest residential twin towers, Aaradhya Avaan, under cluster redevelopment regulations. Concerns are raised about Mumbai's infrastructure capacity to handle these massive constructions. Experts highlight potential negative consequences such as abuse of building materials, increased costs, concretization of open spaces, and dense living conditions. While proponents argue that Mumbai's infrastructure can handle the increased load, critics point out the lack of proper zoning laws and haphazard development.Read more

12 Jul 2023

Due to breaches in the walls brought on by a nearby construction project, the Amarnath High School building in Govandi, Mumbai, is degrading and putting the lives of its 941 students in peril. Six classrooms have been closed by the administration of the school, while the pupils are still in danger in the open ones. Since the school's request for a neighbouring building from the Brihanmumbai Municipal Corporation (BMC) was declined, rehabilitation cannot begin without moving the school. To identify a solution that guarantees the safety of the pupils and averts similar circumstances in the future, the BMC must collaborate with the school administration.Read more

12 Jul 2023

Bollywood actor Kartik Aaryan has recently acquired a luxury apartment in the prestigious Juhu area of Mumbai for a whopping Rs 17.50 crore. The apartment, located on the second floor of the Siddhi Vinayak Building in Presidency Society, boasts a carpet area of approximately 1,594 square feet. This high-profile purchase makes it one of the most expensive deals in the locality, which is renowned for housing Bollywood celebrities, directors, producers, and industrialists. Notably, Kartik Aaryan's family already owns another apartment in the same society.Read more

10 Jul 2023

In a late-night incident in Mumbai's Malad West, nearly 20 families were evacuated from a building after a floor in one of the flats collapsed, resulting in two injuries. The affected flat was located on the fourth floor of Navjivan Cooperative Housing Society's C wing in Evershine Nagar. Following an inspection by BMC officials, the residents were asked to immediately vacate the premises due to safety concerns. The injured individuals are reported to be in stable condition. The building's redevelopment is underway, with plans to demolish it if necessary.Read more

08 Jul 2023

K Raheja Corp Homes has unveiled Maestro, a collection of ultra-luxury limited edition homes situated in Mumbai's Juhu micro-market. Maestro offers approximately 100,000 square feet of premium saleable area with stunning views. Residences are designed by renowned Eco-Id Architects. The project has received its RERA certification and possession is scheduled for 2026. Notable features include a rooftop infinity pool, extensive amenities, and a strong focus on sustainability with IGBC Gold pre-certification.Read more

07 Jul 2023

Bollywood star Ajay Devgn has invested over Rs 45 crore in acquiring five office spaces in Mumbai's Andheri suburb. The properties, spread over 13,293 sq ft within the under-construction 'Signature' commercial tower, were purchased in transactions concluded in April. The deal includes 14 exclusive parking slots. This purchase adds to Devgn's growing real estate portfolio, echoing the trend among high-net-worth individuals, particularly from Bollywood, of investing in property despite rising prices and mortgage rates.Read more

05 Jul 2023

A cave-in near Magathane Metro station in Borivli East has resulted in prompt action by the Brihanmumbai Municipal Corporation (BMC) and safety measures by the Mumbai Metro Operation Corporation Limited (MMMOCL). The incident was caused by deep excavation conducted by a builder for a private project, leading to the collapse of a stormwater drain chamber and potential risks to the station's foundation. The BMC has issued a stop work notice and filed an FIR against the responsible builder, while the MMMOCL is working closely with the BMC to ensure the safety of metro services and implement necessary measures at the site.Read more

05 Jul 2023

In a bid to compensate those affected by the Navi Mumbai International Airport project, the City and Industrial Development Corporation (CIDCO) has allocated 46 plots to Project Affected Persons (PAPs) via a computerised draw. The plots, given under rehabilitation and resettlement and the 22.5% compensation schemes, reflect CIDCO’s commitment to fair processes and generous compensation. The development also includes substantial benefits like rental disbursements, one-time special assistance, and agricultural compensation.Read more

04 Jul 2023

As part of their Siddha Seabrook project in Kandivali, Mumbai, Siddha Group and Sejal Group have secured the Occupation Certificate for two Slum Rehabilitation Authority towers. Over 450 households are housed in the towers, with the tallest residential tower in Kandivali being in the Open Sale Component. Siddha and Sejal Group have been making significant strides in the redevelopment space in Mumbai, establishing themselves as major players in the industry.Read more

03 Jul 2023

According to CBRE South Asia Pvt. Ltd, Mumbai hosts an impressive 77% of India's high-rise buildings. The city's skyline evolution is primarily due to scarce land availability and rapid urbanization. This growth, while creating premium real estate, has also led to a rise in land prices. Other Indian cities like Hyderabad, Kolkata, and Noida trail behind, contributing 8%, 7%, and 5% to the high-rise landscape, respectively. The majority of these towering structures are residential, signalling Mumbai's upward trajectory in addressing urban housing needs.Read more

03 Jul 2023

K Raheja Corp Homes and media production company Cinevista have partnered to develop a four-acre parcel in Mumbai's Kanjurmarg locality. The premium residential project, expected to be completed within five years, will see K Raheja retain 75.5% of the developed space, while Cinevista will hold the remaining 24.5%. The anticipated total value of this ambitious development is estimated to exceed Rs 446 crore. This venture marks K Raheja Corp Homes' first project in Mumbai's eastern suburbs.Read more

01 Jul 2023

Macrotech Developers, a subsidiary of the Lodha Group, has emerged as the successful bidder for V Hotels Ltd., acquiring the Tulip Star (formerly Centaur Hotel Juhu) in Mumbai. The Committee of Creditors declared Macrotech Developers as the resolution applicant for the bankrupt hospitality company. Macrotech Developers highlighted the real estate assets of V Hotels that hold potential for residential and allied development. Additionally, Macrotech Developers acquired a land parcel in Kanjur Marg from HDFC. These acquisitions further solidify Macrotech Developers' position in the real estate industry and showcase their commitment to innovation and growth.Read more

29 Jun 2023

The luxury real estate market in Mumbai is experiencing a positive trend as the unsold inventory of high-end homes witnesses a notable decline. Factors such as favorable policy reforms, including GST and RERA, along with improved economic conditions, have contributed to increased demand for luxury properties. Developers have made strategic adjustments, offering flexible payment plans and attractive discounts to entice buyers. While challenges like high land acquisition costs persist, experts predict a gradual recovery in the luxury real estate market as sustained demand and improving economic indicators create a brighter future.Read more

28 Jun 2023

The Bombay High Court has taken a strong stance against the directors of Avarsekar Realty by issuing a showcause notice for civil contempt of court. This action was taken due to their willful disobedience of a court order in a petition filed by a flat purchaser of the builder's luxurious 42-storey skyscraper, which is currently under construction in Mahim. The buyer had initially approached the Maharashtra Real Estate Regulatory Authority (MahaRERA) to seek compensation for the delayed possession of the flat, thus commencing a legal battle.Read more

27 Jun 2023

The Bombay High Court has expressed shock and concern over the high levels of fraud in a slum rehabilitation scheme at Bandra Kurla Complex (BKC). The court criticized the existing policy and law governing slum redevelopment and called for reforms to combat trafficking and profiteering. It proposed granting slum dwellers usage rights instead of ownership rights for the allocated flats. The court appointed a court receiver for the BKC project, directed the identification of trespassers and transferees, and suggested insulating the Slum Rehabilitation Authority (SRA) from political influences.Read more

26 Jun 2023

Kandoi Fabrics and one of its directors have recently purchased two luxury sea-facing apartments in Malabar Hill, Mumbai, for over Rs 108 crore. The properties, totaling nearly 9,300 sq ft, are located in Lodha Malabar, a super-luxury residential tower developed by Macrotech Developers. This acquisition marks the company's second major purchase in the same project, following a Rs 217 crore deal in March. The transactions reflect the continued robust activity in India's luxury real estate market.Read more

26 Jun 2023

In Dombivli, Mumbai, the Runwal Group has begun construction on Central Avenue, the sixth phase of their Runwal Gardens development. The complex consists of two 32-story towers with more than 900 residential units that range in size from 421 square feet to 523 square feet. The units are priced starting at INR 44 lakh ($59,000). The project has excellent access to Thane, Navi Mumbai, and Mumbai. It is also adjacent to infrastructural developments like the Virar-Alibaug multimodal corridor and the proposed Kalyan Taloja metro line. An 11-acre central park, a cricket field, an amphitheater, picnic spots, and other facilities are also included in the project.Read more

26 Jun 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to introduce a groundbreaking initiative aimed at improving the real estate market in the state. MahaRERA plans to implement a comprehensive grading system for real estate projects, making it easier for prospective homebuyers to make informed decisions when selecting a property. This will be the first initiative of its kind undertaken by any RERA authority in the country, highlighting Maharashtra's commitment to transparency and consumer protection.Read more