K Raheja Corp Real Estate Pvt Ltd, a prominent Mumbai-based developer, has purchased a 5.75-acre land parcel in Kandivali East's Ashok Nagar for INR 466 crore, as per documents accessed via CRE Matrix. The acquisition, finalised recently, involved a stamp duty payment of INR 3.17 crore. The company has paid INR 210 crore as a deposit, with a five-year timeline to obtain necessary approvals from the Brihanmumbai Municipal Corporation (BMC). This deal is part of K Raheja Corp's consistent efforts to strengthen its presence in Mumbai's real estate market.Read more

The southbound connector of Mumbai's coastal road, linking the Bandra-Worli Sea Link (BWSL) to Marine Drive, is set to open to the public from January 26. This marks a significant milestone in the city's infrastructure. While some interchanges and the sea-facing promenade are slated for completion in the coming months, the project, which began in October 2018, has already demonstrated a substantial reduction in travel time and fuel consumption. With an INR 13,983 crore investment, this initiative is expected to boost commuting and recreational activities for residents.Read more

The Supreme Court upheld the Brihanmumbai Municipal Corporation's (BMC) ownership of a INR 660 crore, five-acre plot in Lower Parel, reversing a Bombay High Court ruling favoring Century Textiles (now Aditya Birla Real Estate). The land, leased in 1927 for worker housing, was intended to revert to the BMC after the lease expired in 1955. Century Textiles' 2017 ownership claim was dismissed, with the court emphasizing its worker welfare purpose. BMC officials plan development under Regulation 35 of the Development Control and Promotions Rules to benefit mill workers. The ruling underscores the importance of community-focused urban planning amid rising commercial pressures.Read more

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced a two-year tenure limit for representatives of Self-Regulatory Organisations (SROs) to prevent conflicts of interest and ensure domain expertise. The move aims to streamline the registration process for housing projects by appointing specialists in legal, financial, and technical matters. MahaRERA has instructed the seven recognised SROs, including NAREDCO West Foundation and CREDAI-MCHI, to replace representatives exceeding the tenure limit. The decision underscores the regulator's commitment to ensuring efficient project scrutiny and expeditious issuance of registration numbers.Read more

Oberoi Realty has been appointed by Mumbai's Slum Rehabilitation Authority to redevelop a 2.5-acre Bandra Reclamation parcel owned by MHADA. The project grants the developer 3.2 lakh sq ft of RERA carpet area as free-sale entitlement under the city's Development Control Regulations. Known for its premium location near the Bandra-Worli Sea Link and Bandra-Kurla Complex, Bandra remains a prime hub for residential and commercial projects. This initiative aligns with Mumbai's urban renewal strategy to replace slum settlements with organized urban spaces. Alongside this, Oberoi Realty announced a luxury residential and resort development spanning 81 acres in Alibaug, further expanding its premium portfolio.Read more

The Brihanmumbai Municipal Corporation (BMC) has initiated a road-widening project on a 300-400 meter stretch of the Western Express Highway near Aarey Check Naka in Goregaon, aiming to alleviate long-standing traffic congestion. The expansion will increase the road width from 45 meters to 57-61 meters, requiring the removal of 300 unauthorized structures and clearing obstructed water culverts. Implemented under the "Removal of Bottleneck Policy," the project offers monetary compensation for displaced businesses and residents. Expected to be completed in three months, this initiative will enhance traffic flow along the vital highway, benefiting thousands of daily commuters and improving Mumbai's urban connectivity.Read more

The Mumbai Metropolitan Region is addressing traffic and pollution challenges with a Certified Parking Area (CPA) policy requiring proof of parking for new four-wheeler registrations. Proposed by state transport commissioner Vivek Bhimanwar, the plan involves CPA certificates issued by the BMC and aims to curb congestion and promote urban mobility. Inspired by global models from cities like London and Tokyo, the policy will roll out alongside improved public transport. While experts warn of challenges, including parking disparities and potential misuse by builders, authorities are seeking public feedback to refine the policy. The initiative is a step toward sustainable urban living in Mumbai.Read more

Malabar Hill's Shantivan Gardens, now renamed "The Nest," is set to reopen by month's end, offering a revitalized urban green space focused on biodiversity and sustainability. Featuring 8,000 new plants, 350 species-including 200 native ones-and thematic zones for butterflies, birds, and medicinal plants, the garden promotes ecological balance. Infrastructure upgrades include a central gazebo, a stream, QR-coded plant details, and eco-friendly pathways. Executed by The Heritage Project, BMC, and corporate partners like Zensar Technologies, this initiative aligns with Mumbai's green corridor vision. "The Nest" exemplifies sustainable urban development, fostering community engagement and enhancing the city's green footprint.Read more

The Brihanmumbai Municipal Corporation (BMC) plans to build two new roads connecting S V Road and Anand Road near Malad railway station to alleviate traffic congestion. Spanning 9-15 meters in width, the roads aim to streamline traffic flow and reduce travel time for over 8,000 hourly commuters. Encroachments along the proposed routes will be cleared legally. Complementary road-widening measures are also being considered to enhance connectivity. Construction is set to begin soon, with completion expected within three to four months. This initiative reflects the BMC's broader strategy to improve urban mobility and address bottlenecks in Mumbai's busiest areas.Read more

The Brihanmumbai Municipal Corporation (BMC) has announced a three-month campaign from January to March 2025, targeting unauthorized constructions and enhancing property tax collections. Under Section 152(A) of the Mumbai Municipal Corporation Act, violators face a 200% penalty on property taxes, with demolition actions for non-compliance. Led by Additional Municipal Commissioner Ashwini Joshi, the initiative aims to ensure safety, compliance, and increased revenue before the financial year ends. Assistant Commissioner Vinayak Vispute emphasized proactive monitoring and public cooperation to foster adherence to construction regulations. The campaign reflects the BMC's commitment to creating a sustainable and organized urban environment for Mumbai's residents.Read more

Raj Chodankar, founder of RRP Electronics, has purchased a luxury apartment in Mumbai's Bandra-Kurla Complex (BKC) for INR 34 crore. The 3,132 sq. ft. apartment in Signia Pearl tower marks a significant family investment in Mumbai's premium real estate market. This transaction aligns with the city's trend of rising high-value property deals, driven by affluent buyers and resilient market growth. Simultaneously, RRP Electronics is investing over INR 5,000 crore in a semiconductor manufacturing plant in Maharashtra, reflecting its role in advancing India's tech sector. The purchase underscores the synergy between Mumbai's luxury real estate and economic innovation.Read more

Mumbai's second cable-stayed bridge, the Reay Road overbridge, is set to open in February 2025, replacing a century-old British-era structure. Built entirely on land, this six-lane, 385-meter bridge features pedestrian footpaths, a central pylon system, and architectural LED lighting. Constructed at a cost of INR 175 crore by MahaRail, the bridge enhances connectivity between Barrister Nath Pai Road and the Eastern Freeway. Its innovative design, using limited piers and cable-stayed technology, minimized disruption and expedited construction. The Reay Road bridge promises to improve traffic flow while adding a striking architectural feature to Mumbai's skyline, marking a milestone in the city's infrastructure development.Read more

The Brihanmumbai Municipal Corporation (BMC) has set a record budget of INR 60,000 crore for FY 2024-25, focusing on roads, bridges, stormwater drains, and sewage management. Major allocations include INR 12,000 crore for roads like the Goregaon-Mulund Link Road and INR 26,000 crore for sewage treatment plants in Dharavi, Ghatkopar, and Bandra. Despite these investments, critics highlight delays and lack of transparency in fund utilization, especially since the suspension of elected representatives in 2022. The BMC has invited public feedback on the budget by January 17, 2025, aiming to enhance citizen involvement and accountability in addressing Mumbai's pressing infrastructure challenges.Read more

The Maharashtra Coastal Zone Management Authority (MCZMA) has approved a 1.5-km, four-lane cable-stayed bridge connecting Manori, Gorai, and Uttan with Marve. Currently, motorists must detour 29 km via Mira Bhayander, taking up to two hours during peak traffic. The project will require removing 45 mangrove trees, with compensatory planting in Palghar mandated at three times the affected area. Local residents and environmentalists have raised concerns about ecological damage and threats to livelihoods in villages like Dharavi Beth and Gorai. The bridge is part of the BMC's plan to construct six major western suburban bridges, aimed at easing traffic on SV Road, Link Road, and the Western Express Highway.Read more

Mumbai's office space leasing hit a milestone of 12.1 million sq. ft in 2024, with the October-December quarter alone contributing 5.6 million sq. ft, fueled by the BFSI sector (45%), flexible space operators (15%), and research and consulting firms (11%), according to CBRE. Nationally, office leasing across nine major cities reached a historic 79 million sq. ft, marking a 16% YoY growth. Green-certified office spaces saw robust demand, making up 56% of leasing activity in Q4. With sectors like BFSI and technology driving demand, Mumbai accounted for 15% of India's total office space absorption, solidifying its role in shaping market trends.Read more

Bollywood actor Varun Dhawan has made notable real estate investments, acquiring two luxury apartments in Juhu's "Twenty by DDecor" complex for INR 86.92 crore. The sixth-floor apartment, purchased with his mother, Karuna Dhawan, cost INR 42.40 crore, while the seventh-floor unit, acquired with his wife, Natasha, was priced at INR 44.52 crore. These purchases highlight a growing trend among Bollywood stars investing in Juhu, Mumbai's upscale neighborhood. Recent high-profile acquisitions, including Madhu Mantena's INR 25.75 crore investment in Jeevan Estates, reflect rising demand for properties in the area, driven by its beachfront appeal and premium location, ensuring strong returns for celebrity buyers.Read more

The Bombay High Court ruled that arbitration clauses in contracts cannot override the jurisdiction of RERA tribunals, affirming RERA's authority to resolve disputes between homebuyers and developers under the Real Estate (Regulation and Development) Act, 2016. Justice Madhav Jamdar's decision ensures that disputes under RERA's purview cannot be diverted to private arbitration, a move hailed as a significant step in protecting homebuyers' rights. This ruling came in a case where Rashmi Realty Builders sought arbitration despite a RERA tribunal's order for refunding INR 12 lakh. The decision highlights RERA's role as the exclusive dispute resolution mechanism for real estate conflicts.Read more