Raymond Realty's residential project, 'The Address by GS,' led home sales in Bandra East during Q1 FY25, achieving INR 291 crore in sales and 96 units sold, more than double the next highest project. CEO Harmohan Sahni credits this success to the company's emphasis on timely delivery and high quality, underscored by their early completion of a previous project. With new Joint Development Agreements (JDAs) in premium Mumbai areas and a revenue potential of over INR 7,000 crore, Raymond Realty's expansion and focus on luxury have solidified its position among India's top real estate players.Read more

The MMRDA plans to evict illegal occupants from 1,336 tenements in Kurla, initially meant for slum dwellers displaced by airport expansion. The operation, set from October 7 to 10, follows the discovery of unauthorised residents by MMRDA in 2021. Originally built by HDIL for Bharat Nagar slum rehabilitation, these units now house individuals who paid up to INR 5 lakh to agents. Local activists and advocates highlight issues with lease renewals and unpaid rents. The eviction underscores Mumbai's housing challenges and the need for better oversight and transparent rehabilitation processes.Read more

The Supreme Court has requested the Chief Justice of the Bombay High Court to form a bench to initiate its own review of the Maharashtra Slum Areas Act of 1971. This review aims to identify issues in the law's implementation. With over 1,600 cases pending, the law's implementation faces significant problems. The Supreme Court directed the Chief Justice to form a bench for this crucial review, emphasising the judiciary's critical role in ensuring access to justice. The decision came during the dismissal of an appeal from Yash Developers, who faced the cancellation of a long-delayed slum redevelopment project.Read more

Mumbai's Brihanmumbai Municipal Corporation (BMC) has relaxed its cement concrete (CC) road tender conditions for the second phase, moving away from 2023's stringent requirements. This shift has allowed previously ineligible companies, such as RPS Infraprojects, to qualify. RPS Infraprojects, once blacklisted in 2016, has now secured a significant INR 1,566 crore project in the city's western suburbs. The new criteria include relaxed experience requirements and a ten-year lookback period. Critics argue these changes could compromise tender integrity, while BMC believes the revisions will foster greater competition and potentially lower costs.Read more

Mumbai's Chhatrapati Shivaji Maharaj Terminus (CSMT) is set for a significant upgrade as Central Railway (CR) fast-tracks the extension of Platforms 12 and 13, moving the completion date from December to August. The extension will increase platform lengths to accommodate 24-coach trains, enhancing capacity by 20%. CR General Manager R.K. Yadav reported 40% of the work is complete, and the expedited timeline is due to simpler construction compared to past extensions. The upgrade aims to address overcrowding at CSMT, which handles over 1,200 local and 100 long-distance trains daily.Read more

Prime Minister Narendra Modi recently inaugurated the third phase of the Goregaon Mulund Link Road (GMLR) in Mumbai, a key project aimed at connecting the Western Express Highway (WEH) and Eastern Express Highway (EEH). Spanning 12.20 kilometres, this phase will reduce travel time from 90 minutes to 25 minutes and is set to be completed by November 2028 at an estimated cost of INR 14,000 crore. The project includes major tunnels under Sanjay Gandhi National Park, designed to cut carbon emissions by 22,400 tons annually. The GMLR will alleviate traffic congestion and boost Mumbai's infrastructure.Read more

The Mumbai Metropolitan Region Development Authority (MMRDA) plans to lease seven plots in Bandra-Kurla Complex (BKC) to raise approximately INR 5,497 crore for infrastructure projects. The plots, spread across commercial and residential uses, have reserve prices of INR 3.4 lakh and INR 3.5 lakh per square metre, respectively. Estimated revenues include INR 3,657 crore from commercial leases and INR 2,290 crore from residential ones. This initiative aims to support Mumbai's infrastructure amidst financial challenges, including a projected INR 75,000 crore cost for Metro projects. MMRDA's leasing strategy reflects its commitment to enhancing urban development and economic growth.Read more

The Maharashtra government has approved a joint venture between the Slum Rehabilitation Authority (SRA) and the Mumbai Metropolitan Region Development Authority (MMRDA) to redevelop Ramabai Ambedkar Nagar slum in Ghatkopar. This 33.15 hectare project will be the first of its kind, combining efforts of two government agencies. SRA will handle biometric surveys, land acquisition, and permissions, while MMRDA will manage architects, contractors, and construction. The INR 4,000 crore project aims to rehabilitate 17,500 slum dwellers within three years. The initiative marks a strategic move to expedite slum redevelopment in Mumbai, addressing long standing delays by private developers.Read more

Oberoi Realty has secured a development agreement for a 2,576 square metre land parcel on Carter Road, Bandra (West), Mumbai. This project will generate around 40,000 square feet of free sale area, targeting the high demand for premium real estate. The company reported a 54% revenue increase to INR 1,441.95 crore and a profit after tax of INR 584.40 crore in Q1 FY25. This initiative underscores Oberoi Realty's strategic focus on key locations and sustainable urban development, contributing to Mumbai's vibrant real estate market.Read more

The Bandra-Versova Sea Link in Mumbai faces significant challenges, leading to a cost increase to INR 18,120 crore from the initial INR 11,332 crore. The Maharashtra government has extended the project deadline by 508 days due to design changes demanded by local fishermen and other complexities. The 17.17-kilometer sea link, essential for easing traffic congestion, now requires the Maharashtra State Road Development Corporation to secure an additional INR 6,788 crore to cover the overruns. Experts highlight the need for better planning and community engagement in future projects to avoid such escalations.Read more

L&T Realty and Valor Estate, jointly will develop a 10 acre land parcel of more than INR 20,000 crore.The land parcel will be located next to the upcoming Bombay High Court complex in Bandra-Kurla complex and is expected to be completed in over 5-6 years. Rehabilitation of 5,500 families living in slums will also be part of the project. The land parcel built will include premium housing, commercial spaces, and a 1000 key five star luxury hotel. L&T Realty did not comment and Valor Estate did not answer the media query.Read more

The Bombay High Court upheld the Maharashtra Government's decision to increase lease rents in Bandra based on the Ready Reckoner (RR) rate, affirming its appropriateness given Bandra's high-end real estate. However, the court ruled that rent must remain fixed for the entire lease duration, not revised every five years as per government resolutions from 2006, 2012, and 2018. Justice B P Colabawalla and Justice Somasekhar Sunderesan noted that the revised rents, ranging from less than INR 2,000 to a maximum of INR 6,000 per month, were not exorbitant given Bandra's prime location. They emphasized that lessees have used the land almost free of cost since 1951, making the rent increase reasonable. However, the court struck down the clause for periodic rent revision, stating both the state and lessees cannot unilaterally modify the lease terms.Read more

Nielsen Media and its subsidiary Whats On India Media are scaling up in Mumbai with a significant office space lease. Located in Commerze III, International Business Park, Oberoi Gardens, Goregaon East, the lease spans 1.52 lakh square feet. Whats On India Media secures 39,852 square feet on the 35th floor, including part of the terrace, with 42 parking slots. Monthly rent is INR 1.004 crore, backed by an INR 8.03 crore security deposit. Nielsen Media leases 1.12 lakh square feet across the 36th-38th floors and terrace, with 122 free parking slots. Monthly rent for their space totals INR 2.87 crore.Read more

The Mumbai Metropolitan Region Development Authority, in partnership with the Slum Rehabilitation Authority, is undertaking a significant redevelopment project in Ramabai Ambedkar Nagar, Ghatkopar. Over 14,224 families, or 85 percent of residents, have qualified for new housing. The project, approved by Chief Minister Eknath Shinde, coincides with the Eastern Freeway expansion to Thane and involves an INR 3,200 crore investment. It aims to rehabilitate 16,575 slum dwellers, improving their living conditions. The initiative will create 75 lakh square feet of commercial space, potentially generating INR 10,000 crore in revenue, and will also incorporate an additional 5,000 flats for the MMRDA.Read more

ASK Property Fund, part of Blackstone-backed ASK Asset & Wealth Management Group, is investing INR 190 crore in a residential project in Mumbai's Borivali (West). This investment will fund the redevelopment of a 6-acre site by Kalpataru Group, creating 310 new residential units across a 6.5 lakh square feet saleable area. The project targets the upper-middle segment and benefits from Borivali West's excellent connectivity to roads, railways, and metro networks, along with robust social infrastructure. This marks ASK Property Fund's second collaboration with Kalpataru Group, reinforcing their strong partnership. The area has seen a property sales increase of 18-20% year-on-year in 2023.Read more