The Mumbai Metropolitan Region Development Authority (MMRDA) has entered into a significant partnership with Brookfield, a renowned global investment firm, to accelerate infrastructure development in the Mumbai Metropolitan Region (MMR). This collaboration aims to transform MMR into a Global Economic Hub within the next five to seven years. The MoU, facilitated by MMRDA Metropolitan Commissioner Dr. Sanjay Mukherjee, has secured an unprecedented Foreign Direct Investment (FDI) of USD 12 billion (INR 103,800 crore). Additionally, MMRDA's participation in the World Economic Forum (WEF) Annual Summit in Davos has resulted in further MoUs amounting to USD 40 billion. The agreement prioritises Metro projects, urban infrastructure, and sustainable development, supporting Maharashtra's vision of achieving a USD 1 trillion economy while contributing to India's USD 5 trillion economic target.Read more

Cricketer Rohit Sharma and his father, Gurunath Sharma, have rented out their 1,298 sq ft apartment in Lodha Marquise, Lower Parel, for INR 2.6 lakh per month. The lease, registered on January 27, was signed with businessman Murali Krishnan Nair and includes two parking spaces. Sharma bought the property for INR 5.45 crore in 2013 and has been expanding his real estate portfolio, leasing two Bandra apartments in January 2024 for INR 3 lakh monthly. His strategic investments reflect Mumbai's rising rental demand in luxury housing, with celebrity transactions influencing market trends in prime locations.Read more

Wankhede Stadium, an iconic landmark in Indian cricket, recently celebrated its 50th anniversary with a grand event hosted by the Mumbai Cricket Association (MCA). Sponsored by Sugee Group, the evening was filled with nostalgia and performances by renowned artists, accompanied by a spectacular laser show. The event brought together cricketing legends, including Sunil Gavaskar, Sachin Tendulkar, Rohit Sharma, and Ajinkya Rahane, to honour the stadium's historic legacy. Groundsmen and support staff were also recognised for their contributions. The occasion reinforced Mumbai's cricketing heritage and its continued role in shaping future generations of players.Read more

Bollywood director Subhash Ghai and his wife, Mukta Ghai, sold their 1,760 sq. ft. apartment in Andheri West's Rustomjee Elita for INR 12.85 crore on January 22, 2025. Purchased in 2016 for INR 8.72 crore, the sale reflects a 47% appreciation. The property fetched INR 72,000 per sq. ft., exceeding Andheri's premium rates of INR 65,000 per sq. ft. This transaction aligns with Mumbai's luxury housing boom, following recent high-profile sales like Amitabh Bachchan's INR 83 crore Andheri duplex and Akshay Kumar's INR 4.25 crore Borivali flat. Improved infrastructure and surging demand for high-end properties continue to bolster Mumbai's real estate market.Read more

The Maharashtra government has approved the Metro 8 corridor, connecting Navi Mumbai International Airport to Mumbai's Chhatrapati Shivaji Maharaj International Airport, under a Public-Private Partnership (PPP) model. The 35-km corridor, featuring 20 stations, will integrate key hubs like Kurla and Mankhurd while enhancing multimodal connectivity. CIDCO will prepare the project report, with an estimated cost of INR 15,000 crore and a six-year completion timeline. While Metro 8 aims to boost airport accessibility, its success hinges on careful execution, financial sustainability, and learning from previous PPP challenges.Read more

The Mumbai Suburban District Collectorate has sanctioned INR 57 crore for strengthening 261 hillocks and landslide-prone sites in the city's suburbs, aiming to prevent accidents and loss of life during the monsoon. This decision was made during a recent District Planning and Development Committee (DPDC) meeting chaired by Mumbai suburban guardian minister Ashish Shelar. The Geological Survey of India has identified 299 such sites, with 38 located in the island city. The government will consult IIT-Bombay to implement effective safety measures. In addition to landslide prevention, the DPDC has approved an overall budget of INR 943 crore for 2025-26, which includes INR 30 crore for tourism, police infrastructure upgrades, and initiatives against illegal encroachments.Read more

The UK government, in collaboration with the Department for Transport (DfT) and Crossrail International (CI), has signed a Memorandum of Understanding (MoU) with the Mumbai Metropolitan Region Development Authority (MMRDA). The partnership, announced during the World Economic Forum, aims to accelerate Mumbai's metro expansion and establish a world-class, integrated transport system. The MoU focuses on sustainable urban growth, innovation, and knowledge exchange, leveraging expertise from UK institutions like Transport for London and Network Rail. The initiative is set to bolster UK-India ties while promoting economic growth and advanced infrastructure development.Read more

The National Payments Corporation of India (NPCI) has leased 1.15 lakh sq ft of office space in Goregaon, Mumbai, for INR 2.15 crore per month, totaling over INR 136 crore for a five-year period. The lease includes a 15% rent escalation after three years. This expansion aligns with NPCI's efforts to bolster India's digital payments infrastructure. The move reflects the rising demand for premium commercial real estate in Mumbai, driven by growing digitalization and hybrid work trends. Goregaon's strategic location and connectivity make it a preferred destination for corporate expansions.Read more

The Vasai Virar City Municipal Corporation (VVMC) is demolishing 41 unauthorised buildings in Achole, Nalasopara East, constructed on land reserved for civic amenities. Built without approvals between 2010 and 2012, these structures have displaced thousands. Despite political assurances, residents were forcibly evicted, with their belongings left on the streets. Legal action followed a public interest petition, with courts ordering the demolition of these illegal constructions. The evictions reflect the human cost of systemic corruption and poor governance in urban development.Read more

The Brihanmumbai Municipal Corporation (BMC) has proposed an ambitious plan to revamp the 26-kilometre Western Express Highway (WEH) spanning from Bandra East to Dahisar. This initiative, revealed during a recent meeting, aims to address traffic bottlenecks, improve road quality, and standardise footpaths, signage, and medians. Civic chief Bhushan Gagrani emphasised collaboration among agencies, including the BMC, traffic police, and MSRDC, to ensure effective implementation. Immediate measures, such as improved drainage systems, robust streetlights, and removal of scrap vehicles, were also highlighted. If successful, this project could bring significant relief to over 2.2 million daily commuters.Read more

Bollywood actor Akshay Kumar has sold his 1,073 sq. ft. apartment in Oberoi Realty's Sky City complex in Borivali East for INR 4.25 crore, marking a 78% appreciation from his 2017 purchase price of INR 2.38 crore. The transaction, registered in January 2025, incurred a stamp duty of INR 25.5 lakh and registration charges of INR 30,000. Sky City remains a sought-after development, recording 216 sale registrations in 2024, with an average resale price of INR 39,522 per sq. ft. Kumar's sale highlights Mumbai's robust luxury real estate market amid rising celebrity property transactions.Read more

The Maharashtra government's Dharavi Redevelopment Project (DRP), a multi-billion-dollar initiative, guarantees housing benefits for all residents, including former landowners under the cancelled Vacant Land Tenure (VLT) scheme. The Adani Group, through its joint venture Navbharat Mega Developers Private Ltd (NMDPL), will oversee the redevelopment process, building affordable housing and commercial spaces. Former landowners and private societies in the Dharavi Notified Area (DNA) are encouraged to participate in this transformative urban renewal project. Sustainable infrastructure, vocational training, and eco-friendly job opportunities are key components of the project aimed at uplifting the Dharavi community.Read more

The Dharavi Redevelopment Project has made significant payments totalling INR 428 crore for land acquisitions in Mulund, Kurla, and Deonar to build rental housing for ineligible residents, identified through an ongoing survey. The SPV, Navbharat Mega Developers Pvt Ltd (NMDPL), with Adani Realty holding 80% equity, has faced legal challenges with some land, such as in Bhandup and Kanjurmarg, still under litigation. Despite paying for Mulund salt pan land and Kurla dairy land, physical possession remains pending. Additionally, the state government must address statutory compliance and compensation for lessees. Meanwhile, protests have erupted in Kurla and other areas, with residents opposing the project and demanding alternative uses for the land, adding further complications to the redevelopment efforts.Read more

Tata Investment Corporation, the non-banking financial arm of the Tata Group, has purchased office space spanning two floors in Mumbai's Wadala locality for approximately INR 150 crore. The acquisition, located in the VIOS project at New Cuffe Parade, includes a total area of 43,000 sq ft. The company's purchase comprises the entire 17th and 22nd floors, accompanied by exclusive rights to 63 parking slots. The transaction highlights a notable outright purchase trend in India's commercial real estate sector, contrasting with the market's leasing dominance.Read more