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27 Mar 2025
Brookfield Group's subsidiary, Moon Holdings, has acquired a 6-acre land parcel in Mumbai's Powai through a structured deal with two Supreme Infrastructure Group companies for approximately INR 115 crore. The acquisition strengthens Brookfield's commercial real estate portfolio, which currently spans 55 million sq. ft. across India. Located near Supreme Business Park in Hiranandani Gardens, the land is part of a 30-acre parcel earmarked for road development by MMRDA. While Brookfield's subsidiary gains control of the asset, future development hinges on resolving encumbrances linked to the original landowner, positioning the deal as a strategic step in expanding its Mumbai office space footprint.
27 Mar 2025
The Maharashtra Housing and Area Development Authority (MHADA) has announced that its Chhatrapati Sambhajinagar Housing and Area Development Board will conduct its first Janata Darbar Din on March 28, 2025, to facilitate direct grievance redressal. The initiative, modeled after Lokshahi Din, aligns with Maharashtra's 100-day action plan, prioritizing citizen concerns under directives from the state's leadership. The forum, chaired by the Chief Officer of the Board, will be held at the Board's office on CBS Road, with written applications due by March 27. The move follows a similar initiative by MHADA's Nashik Board, which successfully conducted its first Janata Darbar Din earlier this month and will now hold the sessions regularly.
27 Mar 2025
Mumbai-based real estate investment platform Mt. K Kapital is preparing to launch its second fund with a target corpus of INR 2,500 crore, significantly larger than its first fund of INR 790 crore. The new fund will focus on financing housing projects in major cities like Delhi-NCR, Bengaluru, Pune, and Mumbai, collaborating with leading developers to drive sector growth. The firm's first fund, which raised capital from institutions such as SBI, SBI Life, and ICICI Bank, has already deployed 50% of its corpus into projects by Keystone Realtors under the 'Rustomjee' brand in the Mumbai Metropolitan Region. The second fund is expected to be launched by the end of the year.
26 Mar 2025
26 Mar 2025
The Special Investigation Team (SIT) has arrested a senior city survey officer and a clerk in Goregaon, Mumbai, for allegedly manipulating land records to enable illegal property transfers. The officials reportedly altered ownership details to benefit private parties, leading to financial losses and legal disputes for genuine owners. This case highlights the growing issue of land fraud in Mumbai, especially in high-demand areas like Goregaon. Similar scams have surfaced in Bengaluru and Hyderabad, prompting stricter government measures like digitization and blockchain-based land records to prevent corruption and ensure transparency in property transactions.
26 Mar 2025
CIDCO has allocated 7,850 flats under its mass housing scheme across five nodes Taloja, Kharghar, Kalamboli, Ghansoli, and Dronagiri in Navi Mumbai. The draw, aimed at economically weaker sections (EWS) and lower-income groups (LIG), was conducted for nearly 1.24 lakh applicants. The scheme offered 5,300 flats under the EWS category and 2,500 under the LIG category, priced between INR 18 lakh to INR 31 lakh. CIDCO also offered a 5% rebate on the base cost for immediate payment. Successful applicants must pay 25% within a month and the remaining balance as per a 7-year schedule. CIDCO has tied up with several banks and NBFCs to facilitate loans for the buyers.
26 Mar 2025
Aruna Babulal Varma, the wife of Omkar Realtors' promoter Babulal Varma, purchased a high-end apartment at Four Seasons Private Residences in Mumbai's upscale Worli locality for INR 68 crore, as revealed by property registration documents. The apartment spans 5,291 sq ft, featuring an additional 310 sq ft balcony and an exclusive area of 922 sq ft. The transaction was reportedly registered at a rate of INR 1.29 lakh per sq ft. Stamp duty of INR 3.42 crore and a registration fee of INR 30,000 were paid for the acquisition. The sale was made by Providence Land Private Limited. Worli continues to attract premium real estate deals, including a recent record-breaking sale by Macrotech Developers.
26 Mar 2025
Ravi Puravankara, founder and chairman of Puravankara Ltd, has acquired 12 commercial units in Business Park 2, Church Road, Marol, Andheri, Mumbai, for a total of INR 242 crore. The purchases were made through RockFort Estate Developer Pvt Ltd and registered on March 19, 2025. The units ranged from 6,749 to 9,998 square feet, with prices between INR 15.65 crore and INR 23.19 crore per unit. This acquisition aligns with Puravankara's investment strategy via its family office. The company continues to strengthen its portfolio, having recently secured prime land in Bengaluru and Thane for large-scale residential and mixed-use developments.
26 Mar 2025
The Mumbai Metropolitan Region Development Authority (MMRDA) has clarified that fewer than 4,000 trees will be felled for the proposed Metro 9 car depot at Uttan, Mira Bhayandar. This clarification follows earlier reports suggesting nearly 10,000 trees would be cut, which had sparked significant backlash from environmentalists and locals. MMRDA officials stated that the initial figures represented two separate proposals submitted to the Mira Bhayandar Municipal Corporation (MBMC), but only 3,716 trees would ultimately be axed, while the rest would be transplanted or spared. Despite this reduction, concerns remain about the ecological impact and the transparency of the process.
26 Mar 2025
Etonhurst Capital Partners has raised over INR 180 crore in the first closing of its INR 500 crore fund focused on redevelopment projects in Mumbai. The round saw participation from family offices, HNIs, and The Guardian Real Estate Advisory's family office. The capital will support construction, regulatory approvals, and marketing to ensure smooth project execution. With many of Mumbai's aging residential structures requiring urgent redevelopment, Etonhurst plans to deploy over 60% of the funds within the year, targeting high-demand urban zones. Registered as a Category II AIF with SEBI, the firm aims to close the fund by end-2025 and scale up to INR 2,000 crore.
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26 Mar 2025
The Bombay High Court has dismissed a petition by stable owners in Versova, Mumbai, allowing the long-pending Ramdas Nagar slum rehabilitation project to proceed. The petitioners, occupying the land for over six decades, challenged eviction notices issued by the BMC in 2024. However, the court ruled that unauthorized occupants cannot dictate terms to landowners or developers. The decision accelerates the redevelopment plan led by One Stop Business Services LLP, which had faced delays due to resistance from 11 remaining structures. This ruling reinforces legal compliance in urban redevelopment and sets a precedent against unauthorized settlements obstructing infrastructure projects.
26 Mar 2025
The Mumbai Metropolitan Region Development Authority (MMRDA) is advancing plans for Metro Line 14, a 45 km corridor linking Kanjurmarg to Badlapur, enhancing connectivity to Mumbai's eastern suburbs. Currently in the Detailed Project Report (DPR) phase, construction is expected to commence within a year. The line will pass through key areas like Ambernath and Dombivli, reducing congestion and travel time. Environmental assessments and regulatory approvals are underway. This expansion aligns with Mumbai's broader metro development strategy, promising improved suburban mobility, increased real estate investments, and reduced vehicular pollution, supporting sustainable urban growth.Read more
26 Mar 2025
A 3,000 sqm open space in Mumbai's Vakola, initially meant for public use, has been reclaimed after a 12-year battle against illegal encroachment by hawkers. The prolonged effort, led by former corporator Brian Miranda and supported by residents and volunteers, aimed to restore the plot for community use. The Brihanmumbai Municipal Corporation (BMC) recently demolished illegal structures on the site, which had been occupied for years. Miranda's campaign faced multiple legal and bureaucratic hurdles, including a Supreme Court ruling that reinforced the space's designation as a public amenity. The plot has now been transformed into a vibrant garden and children's play area.
26 Mar 2025
The Navi Mumbai Water Transport Project aims to provide a faster and eco-friendly commuting alternative between Mumbai and Navi Mumbai, reducing road congestion. Key developments include the Nerul Passenger Water Terminal (NPWT) and passenger jetties along Mumbai's western and eastern coasts, connecting major locations via water taxis. The INR 1,300 crore Eastern Water Transport Project, backed by CIDCO and the Maharashtra government, will enhance connectivity with South Mumbai, Elephanta Island, and the upcoming Navi Mumbai International Airport. Despite bureaucratic hurdles, the project is set to improve transit efficiency, boost regional infrastructure, and support sustainable urban mobility.Read more
25 Mar 2025
The National Stock Exchange (NSE) is set to transform its current Bandra-Kurla Complex (BKC) headquarters into a captive data hub and relocate its primary offices to a newly allotted one-acre site in G Block, BKC, on an 80-year lease. This move supports NSE's expansion and plans for a modern headquarters to be completed within three years. The current Exchange Plaza building, historically significant for Mumbai's financial shift from Nariman Point to BKC, will continue housing key IT and listing services. NSE's expansion reflects its global stature as a leading derivatives exchange, focused on technological innovation and strengthening India's financial infrastructure.
25 Mar 2025
The Bombay High Court upheld the closure order against a suburban mall for failing to secure environmental clearance, highlighting the severity of its ecological impact. The court rejected the company's plea, affirming that applying for clearance under an amnesty scheme did not justify ongoing operations. It directed the Maharashtra Pollution Control Board to enforce the closure immediately. The bench ruled that pending applications did not override legal obligations, reaffirming the necessity of strict environmental compliance.
25 Mar 2025
The Brihanmumbai Municipal Corporation (BMC) has proposed changes to the reservation status of 60 land parcels between Goregaon and Dahisar to facilitate phase two of the Mumbai Coastal Road project. These adjustments, part of the Development Plan 2034, affect plots in Eksar, Malad (West), Malvani, Pahadi (Goregaon), Charkop, and Dahisar, aligning them with upcoming infrastructure needs. The 25-kilometre Coastal Road phase 2, costing INR 20,000 crore, will connect the Versova-Bandra Sea Link to Dahisar, with integration planned for the Goregaon-Mulund Link Road. The BMC is inviting public suggestions and objections within a 30-day window, followed by a public hearing.Read more
25 Mar 2025
Mumbai's iconic Laxmi Nivas bungalow, located on Nepean Sea Road, has been sold for INR 276 crore, making it one of the city's most expensive property transactions. Once a secret refuge for freedom fighters during the Quit India Movement, the 19,891 sq ft colonial bungalow was sold by the Kapadia family to Vageshwari Properties Pvt. Ltd., linked to Elina Nikhil Meswani of Reliance Industries. Built in 1904 and owned by the Kapadia family since 1917, the property holds significant historical value and development potential of around 45,000 sq ft. This sale adds to a series of high-value real estate deals in Mumbai's luxury market.Read more
25 Mar 2025
The Navi Mumbai Municipal Corporation (NMMC) has introduced the Abhay scheme, aimed at recovering outstanding water bill payments from its customers. The initiative provides a 50% discount on late fees and penalty amounts for all categories of water bill payers, including gram panchayats connected to the primary water channel between Morbe Dam and Kalamboli. The scheme is set to be implemented from 21 March 2025 to 31 March 2025, encouraging citizens to clear their dues within this timeframe. The NMMC has urged residents to take advantage of this opportunity to settle pending payments.Read more
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