The Mumbai Metropolitan Region saw a 10% year-over-year growth in average registered home sales value in the second quarter of 2024. The analysis conducted by the Square Yards suggests that there is a demand for high valued homes. Developers have observed significant growth of bulk sales in peripheral regions while the suburbs ask for luxury and ultra-luxury projects. The Lodha Group remains on top of the board in total registered transactions and total value sales. Peripheral suburb areas like Kalyan-Dombivali are leading the market while Mumbai's southern micro market dominated the region with the highest record for average sales.Read more

Cricket star KL Rahul and actress Athiya Shetty have made a notable entry into Mumbai's high-end property market with the purchase of a luxury apartment for over INR 20 crore. Located in the prestigious Pali Hill area on Nargis Dutt Road, the apartment spans 3,350 square feet within the Sandhu Palace tower and includes four car parking spaces. This purchase, along with a stamp duty of INR 1.20 crore, underscores the high value of prime real estate in Mumbai. The couple's investment highlights the ongoing trend of celebrities investing in Mumbai's lucrative property market, reflecting its appeal as both a personal and financial asset.Read more

The Royal Western India Turf Club transferred a 120-acre parcel of the Mahalaxmi Racecourse to the Brihanmumbai Municipal Corporation for a park project. In return, the Mahayuti government renewed RWITC's lease on 91 acres with an INR 133-crore lease rent concession for 30 years and waived nearly INR 120 crore in past dues, totaling an INR 253-crore loss for the state and BMC. Despite the finance department's objections, the State Cabinet approved the proposal. RWITC had requested a reduced lease rent and waiver of arrears, citing its contribution to the park project. Attempts to contact RWITC's secretary were unsuccessful.Read more

Following a serious incident where a slab fell from the Jog Flyover on Mumbai's Western Express Highway, injuring a driver, the Brihanmumbai Municipal Corporation (BMC) has asked the Mumbai Metropolitan Regional Development Authority (MMRDA) to address the urgent repairs. A recent Veermata Jijabai Technological Institute (VJTI) audit found the flyover's superstructure in poor condition. However, BMC hesitates to act due to ongoing legal disputes involving Hiranandani Constructions Pvt Ltd (HCPL), responsible for maintenance since 2005. HCPL, citing INR 64 crore in expenditures and legal issues, has not addressed the repairs. MMRDA, previously overseeing the flyover, is now expected to intervene.Read more

The Union Budget 2024-25 prioritizes urban development under the Viksit Bharat initiative, aiming to enhance infrastructure and reshape urban living. Mumbai's western suburbs are benefiting from significant infrastructure improvements, with these areas accounting for 31% of the city's registered home sales value-INR 14,467 crore out of INR 46,833 crore from April to June 2024. Enhanced connectivity and amenities are driving demand, especially in Borivali, Kandivali, Malad, and Goregaon. CREDAI-MCHI and CRE Matrix report a 13% increase in housing sales but a 35% decline in new launches for FY 2024. Key projects like Metro Line 3 and the Coastal Road are expected to boost property values and attract further investment.Read more

In July 2024, Mumbai's real estate market saw a significant 19% increase in property registrations, reaching 12,160 transactions, up from 10,221 in July 2023. Stamp duty collections also surged by over 27% to INR 1,055 crore, compared to INR 832 crore in the previous year. June 2024 had strong performance with 11,673 registrations and collections of INR 1,014 crore. Experts attribute this growth to strong buyer confidence, economic factors, and favorable policy measures. Mr. Prashant Sharma of NAREDCO Maharashtra and Mr. Pritam Chivukula of Tridhaatu Realty highlight the market's resilience and shifting buyer preferences towards larger and luxury units.Read more

Abha Gupta and Shreekrishna Gupta, part of the Lloyds Group promoter family, have acquired a luxurious triplex penthouse for INR 107.15 crore in Worli, Mumbai. Located in the Sea Crest building on Dr. Annie Besant Road, the 13,207 sq ft property boasts a price of INR 81,133 per square foot and includes 16 car parking spaces. This personal investment reflects Mumbai's booming luxury real estate market, characterised by record-high property sales and increasing demand in premium areas like "Billionaire's Row." The transaction highlights the city's status as a hub for ultra-luxury living, attracting industrialists, celebrities, and other high-profile buyers.Read more

Japanese conglomerate Shinryo Corporation is entering the Indian market by acquiring an 85% stake in Mumbai-based GMP Technical Solutions for an equity valuation of INR 185 crore (USD 22 million). This move aims to capitalise on the growing demand for clean room technology in India's electronics and pharmaceutical sectors. Clean rooms, crucial for manufacturing sensitive products, require controlled environments. GMP, India's second-largest clean room equipment maker, specialises in partitions and will benefit from Shinryo's HVAC expertise. This acquisition is driven by India's booming electronics and pharmaceutical industries, valued at USD 70 billion and USD 45 billion in 2023, respectively.Read more

The BMC is launching a INR 116-crore net-zero building in Santacruz to meet the Centre's 2070 net-zero emissions target. This eco-friendly project will replace the H/East ward office, utilising energy-efficient systems, rainwater harvesting, and sewage treatment to convert waste into reusable resources. The building aims to achieve net-zero certification under LEED and IGBC standards, with a completion timeline of ten years. This initiative aligns with upcoming elections, emphasising environmental compliance and sustainability.Read more

The Dharavi redevelopment project, a joint venture between the Adani Group and the Maharashtra government, has reached a critical juncture. The blueprint is ready, but relocating an estimated one lakh households is a major hurdle. Dharavi Redevelopment Project Limited (DRPPL) will build nearly 1.5 lakh homes for these residents on around 1,000 acres across Mumbai, dubbed 'Nav Dharavis'. Finding suitable land is challenging due to Mumbai's space constraints, with 540 acres identified but facing environmental and regulatory issues. The project's ambitious seven-year timeline for relocation and rehabilitation, and a total 17-year completion goal, hinges on overcoming land acquisition, relocation, and community acceptance challenges.Read more

Mumbai's 112-year-old Sion Road Over Bridge (ROB) will shut down completely from midnight on July 31, 2024, for a major demolition and reconstruction project. The bridge, vital for connecting Sion East and West, will be rebuilt to enhance safety and traffic flow. The project, beginning August 1, 2024, and ending July 31, 2026, will significantly impact traffic. Diversion plans include rerouting through Sion Hospital Junction, K.K. Krishnan Menon Road, and St. Rohidas Marg. No-parking zones will be enforced to manage congestion. Despite short-term inconveniences, the new bridge promises improved commute efficiency.Read more

Mumbai's Metro 3 project, set to open its first phase from Aarey Colony to Bandra Kurla Complex (BKC) by September 2024, faces delays due to a contractor falling behind schedule. The Mumbai Metro Rail Corporation (MMRC) identified a joint venture led by J Kumar Infra as responsible for the incomplete work at six stations. Despite progress in other areas, 5% of station work remains unfinished, leading to a penalty of INR 2 crore for negligence during the monsoon. The state government remains optimistic about meeting the revised deadline, with the project currently 98% complete.Read more

Red Fox IT Infra, a subsidiary of Redbrick Offices, has made a notable move in Mumbai's commercial real estate sector by acquiring 22 office units in the Times Square building, Marol. Spanning 87,000 square feet, the purchase totals INR 267.5 crore (USD 33 million) and includes 88 car parking slots. This significant acquisition underscores the rising demand for office space in Mumbai, mirrored by recent high-value transactions across the city. The move positions Red Fox IT Infra strategically amid the city's thriving commercial real estate market.Read more

ICICI Prudential Asset Management Company has acquired the Kalpataru Infinia building in Santacruz East for INR 315 crore, highlighting Mumbai's robust commercial real estate market. This 12-story building, with a total area of 63,733 square feet and 114 parking spaces, translates to approximately INR 4,940 per square foot. The deal, which includes a stamp duty of INR 18.9 crore, underscores the premium on prime office spaces in Mumbai. This acquisition, amid a slowdown in other cities, reflects Mumbai's strong economic base and limited supply of high-quality office spaces.Read more

The Brihanmumbai Municipal Corporation (BMC) has requested the Urban Development Department (UDD) to allocate 50% of the Vital Urban Transport Project (VUTP) funds for its projects, including the Coastal Road and Goregaon-Mulund Link Road. These projects have substantial budgets and are deemed crucial. The BMC has collected INR 5,000 crore through a 1% development-fee under VUTP, already paying INR 2,000 crore to the Mumbai Metropolitan Region Development Authority (MMRDA). With 14 metro projects under VUTP, seven within BMC's jurisdiction, BMC seeks to reserve the remaining INR 3,000 crore for its own initiatives. UDD has yet to decide.Read more

Medanta Hospital has acquired a 2.2-acre plot in Mumbai's Oshiwara suburb for INR 1.25 billion (approximately USD 18.4 million). This strategically located plot, auctioned by the Maharashtra Housing and Area Development Authority (MHADA), will be developed into a new hospital. Medanta's winning bid nearly doubled the reserve price of INR 67.5 crore (approximately USD 8.4 million). The acquisition underscores Medanta's commitment to expanding its reach and providing high-quality healthcare. Founded in Gurugram in 2004, Medanta aims to enhance healthcare access in Mumbai, benefitting residents with more specialised medical care options. Construction is expected to begin soon.Read more