Chandak Group, a renowned Mumbai-based real estate developer with over 35 years of experience, has been honoured with the Times Redevelopment Award 2024 for 'Transformation Excellence Western Suburbs'. Their extensive portfolio includes 10 active projects across 12 million square feet, enhancing living standards for over 10,000 families. Key projects include Chandak Highscape City and Chandak Treesourus. Specialising in Society and Slum Redevelopment Schemes, Chandak Group focuses on transforming ageing neighbourhoods into modern, well-planned communities. Their approach aims to uplift living conditions and create thriving environments, responding to Mumbai's growing need for redevelopment.Read more

The Mumbai State Government is planning to redevelop the area around Mantralaya, Vidhan Bhavan, and ministers' bungalows into a modern complex named Mahavista, inspired by Delhi's Central Vista. The Public Works Department (PWD) will issue a global tender for innovative 3D designs to replace outdated structures, addressing space constraints and modernising facilities. With a deadline for design submissions set for August 26, the project aims to balance historical significance with contemporary functionality, potentially setting a new standard for government architecture and urban planning in Mumbai.Read more

Mumbai's monsoon season has resulted in 16,162 reported potholes across the city, with 42% located on the Eastern and Western Express Highways. The Brihanmumbai Municipal Corporation (BMC) has already filled 16,005 potholes and allocated INR 275 crore for further repairs. With major roads like the EEH and WEH seeing heavy wear and tear, the BMC is working round-the-clock to complete basic patchwork and plans to convert 400 km of roads to concrete. As Ganeshotsav approaches, efforts intensify to ensure safe and smooth roads for the upcoming celebrations.Read more

The Bombay High Court criticised the Brihanmumbai Municipal Corporation (BMC) and Maharashtra Housing and Area Development Authority (MHADA) for their 25-year delay in issuing an Occupation Certificate (OC) for a redeveloped property in Mahim. The court directed MHADA to issue a No Objection Certificate (NOC) by August 30, and the BMC to grant the OC by September 20. The case involves a redevelopment project by Raj Realtors, with tenants facing financial and service hardships due to the lack of an OC. The court also ordered BMC and MHADA to investigate their officers' actions and rectify the situation.Read more

The Brihanmumbai Municipal Corporation (BMC) is set to finish assembling the girder for the southern arm of Andheri's Gokhale bridge by August 23, aiming to pave the railway section by November 14. The full southern arm is expected to open by May 2025. This project marks a significant infrastructure upgrade in Andheri. Despite delays leading to a change in the engineering team, BMC remains committed to enhancing connectivity. The northern arm, operational since February 26, has already reduced congestion, with the southern expansion expected to further improve traffic flow.Read more

Chandak Group, a leading Mumbai real estate developer, launched an innovative digital Raksha Bandhan campaign titled "Deliver Rakhi in Just 30 Seconds." This initiative addressed the challenges of geographical distance by allowing siblings to send personalized Digital Rakhis instantly via an Augmented Reality (AR) filter. Running from August 17 to August 19, 2024, the campaign saw over 3,000 Digital Rakhis sent globally, blending modern technology with traditional celebrations. The campaign bridged distances, making Raksha Bandhan a memorable occasion for families and communities.Read more

Saugata Gupta, Managing Director and CEO of Marico, has purchased a luxury apartment in Mumbai's Worli area for INR 36.4 crore. The 4,372-square-foot residence, situated on the 24th floor of an exclusive project, cost INR 83,264 per square foot and includes five car parking spaces. The deal, finalised on July 29 with a stamp duty of INR 2.18 crore, highlights the ongoing boom in Mumbai's luxury real estate market. With over 10,000 property registrations per month in 2024 and a surge in high-value transactions, Mumbai remains India's most sought-after market for affluent buyers.Read more

L&T Realty has partnered with Valor Estate to develop a residential project in Bandra Reclamation, Mumbai, with an investment of over INR 8,500 crore. The project will cover 7.5 acres and feature 1.6 million square feet of luxury housing, including a planned 200-key hotel. Valor Estate will retain 20% of the revenue if sales are below INR 55,000 per square foot, with potential to increase to 27% if sales exceed INR 80,000. The development, delayed since 2006, aims to be completed in five to six years and includes rehabilitating 1,050 tenements by 2027-28.Read more

The Maharashtra State Board of Wakf is investigating whether a plot in Bhendi Bazaar, Mumbai, sold to the Saifee Burhani Upliftment Trust (SBUT) is legally Wakf property. This follows a Supreme Court order from May 17, requiring the Board to determine the plot's status within 12 weeks. The property, over 150 years old and originally owned by the Haji Ismail Haji Habib Musafirkhana Trust, was sold to SBUT in 2016 for redevelopment. While SBUT argues the plot is not Wakf land, tenants and interveners claim it is, citing a functioning mosque on-site. The Supreme Court's directive to maintain "status quo" has halted redevelopment work. The investigation, ongoing since July 24, 2024, aims to resolve this dispute and determine the plot's future amid SBUT's broader redevelopment efforts in Bhendi Bazaar.Read more

Suraksha Smart City has launched a new affordable housing lottery under the Pradhan Mantri Awas Yojana (PMAY), offering 1BHK units at an effective price of INR 19,99,999 after a government subsidy of INR 2.50 lakh. These units will be allocated on a first-come, first-served basis through the lottery system. Eligible buyers with an annual income up to INR 6 lakh will also benefit from a reduced stamp duty of INR 1,000. The project includes over 100 amenities and employs Precast Construction Technology. Located near Vasai Railway Station, it offers excellent connectivity and convenience within the Mumbai Metropolitan Region (MMR).Read more

The Mumbai Metropolitan Region (MMR) has seen only a 5% increase in average flat sizes over the past five years, growing from 784 square feet in 2019 to 825 square feet by early 2024, according to an Anarock Group report. The year 2020 was an outlier with a 21% increase in flat sizes, but sizes peaked at 840 square feet in 2022 before declining by 5% in 2023. This contrasts sharply with regions like the National Capital Region (NCR), where average flat sizes surged by 96%. High property prices and limited space in Mumbai have constrained the growth of flat sizes, reflecting broader housing dynamics and consumer preferences in urban India.Read more

Arbour Investments has committed INR 50 crore to "The Altitude," a high-end residential and commercial development by VDV Group in Tardeo, South Mumbai. Strategically located opposite the Imperial Towers and near key commercial hubs, the 41-storey project features luxurious amenities such as an infinity-edge pool, sky lounge, and terrace barbecue pavilion. Designed by a renowned hotel designer, "The Altitude" aims to set a new standard in luxury living. The partnership leverages Arbour's investment expertise and VDV's extensive real estate experience, marking a significant milestone in South Mumbai's evolving real estate landscape.Read more

IDFC First Bank has leased 1.64 lakh square feet at Commerze III, Goregaon East, for INR 3.85 crore per month, marking a major expansion. The lease, covering floors 22 to 25, is valued at INR 34 crore in security deposits and includes 165 parking slots. With a rent of INR 233 per sq ft and a 15% escalation after three years, the agreement reflects the rising demand for premium office space in Mumbai. The lease registration, with a stamp duty of INR 74.65 lakh, signals a rebound in the commercial real estate market as businesses adapt to new workspace needs.Read more

Billionaire entrepreneur Yohan Poonawalla and his wife, Michelle, have purchased a 30,000 sq. ft mansion in Cuffe Parade, South Mumbai, with an investment between INR 400 crore and INR 750 crore. The mansion, to be named "Poonawalla Mansion," will serve as their secondary residence. Yohan, known for his roles in the Poonawalla Engineering Group and Poonawalla Stud Farms, and Michelle, leading MYP Design Studio, plan to infuse modern luxury with historical charm. This acquisition underscores the rising value of luxury real estate in South Mumbai, joining other elite investors in the area.Read more