Mumbai's luxury apartment market is booming, driven by a growing domestic demand for high-end living and a limited supply of prime properties. Bollywood star Shahid Kapoor and his wife recently bought a sea-view apartment for over INR 60 crore in the prestigious Three Sixty West project in Worli. This is Kapoor's second purchase in the same tower, following a duplex he bought in 2018 for INR 58.57 crore. His latest acquisition spans 6,176 square feet with three car parking spaces. The trend reflects increased interest from celebrities and business tycoons in Mumbai's luxury real estate, further boosting the market.Read more

In a significant real estate transaction, Godrej & Boyce Manufacturing Company has sold an office spread over nearly 58,500 sq ft across two floors in the Godrej One commercial complex in Vikhroli, Mumbai, to its sister company, Godrej Industries, for INR 157 crore. The sale includes exclusive access to 75 car parking slots. The existing lease of the 9th-floor office space to Simpliwork Offices has been transferred to Godrej Industries. This move aligns with the recent ownership realignment within the Godrej Group, where Jamshyd Godrej and his family will oversee the Godrej Enterprises Group, while Nadir Godrej will lead the Godrej Industries Group. The transaction highlights the group's strategic restructuring and its focus on streamlining operations and asset management.Read more

Bhuleshwar, a historic locality in South Mumbai, is renowned for its cultural heritage and blend of traditional and modern structures. Home to iconic temples like the Mumbadevi Temple, it offers diverse housing options ranging from modest apartments to refurbished colonial-era buildings. In April, New Jawahar Mansion led real estate transactions, with resale properties dominating the market. Property sizes varied significantly, catering to different buyer preferences, with prices per square foot averaging around INR 23,995. A significant portion of sales fell within the INR 1 crore range. Bhuleshwar's strong market activity, strategic location, and rich cultural landscape make it a desirable area for both residents and investors.Read more

Karan Bhagat, CEO of 360 ONE, purchased two sea-view apartments in Mumbai's Worli area for INR 170 crore, setting a new record in India's luxury real estate market. Located in the prestigious Three Sixty West project by Oberoi Realty, the deal amounts to approximately INR 1.31 lakh per square foot. The transaction, spanning 12,900 square feet and including eight parking spaces, underscores the growing demand for ultra-luxury properties in prime Mumbai locations. This record-breaking purchase highlights the city's thriving luxury real estate sector, catering to affluent buyers seeking prestigious addresses and exclusive amenities.Read more

Mumbai's Brihanmumbai Municipal Corporation (BMC) collected INR 4,856 crore in property tax for FY 2023-24, the lowest in two years and below the previous year's INR 4,994 crore. Despite surpassing its INR 4,800 crore target, delays in issuing tax bills and staffing shortages due to Lok Sabha elections hindered collections. Controversy over a proposed 17.5% tax hike and subsequent bill revisions further impacted efforts. K/East ward led with INR 463 crore, while B ward collected the least at INR 33 crore. The BMC has not raised property taxes since 2015, balancing revenue generation and public sentiment remains critical.Read more

Mumbai's housing market is booming. New home registrations rose 17% in May 2024 compared to last year, with a strong demand for mid-sized apartments (500-1,000 sq. ft). This hot market is fueled by rising incomes, a potential post-pandemic preference for city living, and overall economic stability. Experts point to strong buyer confidence and favorable interest rates as reasons for the growth, with stamp duty collections jumping over 19% as well. While property prices might be rising, the continued increase in sales suggests this growth is likely to stay, creating a positive environment for potential homebuyers in Mumbai.Read more

A recent ruling by the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) determined that for an under-construction property, the date of taking possession should be considered when determining eligibility for tax benefits under Section 54 of the Income Tax Act. Section 54 of the Income Tax Act allows taxes on long-term capital gains from selling an old home to be reduced by investing in a new property within a specified time period. However, an Income Tax officer denied benefits to a non-resident couple citing the purchase agreement date, not possession date. ITAT ruled in favour of the taxpayers, holding that possession date, which fell within the required period, determined eligibility for the tax break.Read more

K Raheja Corp Homes recently launched Raheja Amaltis, a luxurious residential project in Sion, Mumbai, near the Chembur-BKC connector. It features spacious 3 to 4-bedroom homes with decks, offering views of the BKC skyline and Maharashtra Nature Park scheduled for completion by 2027. Amenities include a rooftop infinity pool, fitness center, sky bar, and more. Designed for corporate leaders and elite professionals, Raheja Amaltis emphasizes sustainability with advanced water treatment and energy-efficient fixtures. Its strategic location ensures excellent connectivity to major business hubs in the city.Read more

The much-anticipated Mumbai Coastal Road, a critical infrastructure project, has hit a snag with the discovery of a leakage in the recently opened south-bound tunnel. The Brihanmumbai Municipal Corporation (BMC) has now pushed forward the opening of the entire road by almost five months, from May to October this year, in order to address the issue. Maharashtra Chief Minister Eknath Shinde has assured the public that the main structure of the road is safe, and the leakage, which is from the expansion joints, is being addressed as a priority. The delay in the project's completion is also attributed to a labour shortage and the upcoming monsoon season, which will impact road construction. Despite these challenges, the BMC remains committed to delivering this crucial infrastructure project to the people of Mumbai.Read more

Maha Mumbai Metro (MMMOCL) has established a state-of-the-art Monsoon Control Room to safeguard the seamless operation of Metro and Monorail services during the upcoming monsoon season. The control room is equipped with cutting-edge technology, including wind velocity anemometers and CCTV cameras, enabling real-time monitoring and risk mitigation. MMMOCL has also collaborated with the MCGM disaster management department, setting up a dedicated hotline for emergency coordination. With meticulous pre-monsoon maintenance, train overhaul preparations, and track inspections, the organization is committed to providing a consistently smooth and secure journey for Mumbaikars, even in challenging weather conditions. Passenger safety and satisfaction remain the top priorities, as MMMOCL stands ready to increase Metro frequency if needed.Read more

The Mumbai Metropolitan Region Development Authority (MMRDA) has set up a 24-hour Control Room to address various issues during the upcoming monsoon season, from June to September 2024. The Control Room aims to minimize inconveniences caused by factors such as uprooted trees, waterlogging, accidents, and traffic problems. With a team of over 300 engineers and 19 emergency response teams, the MMRDA has made comprehensive preparations, including installing water pumps, repairing drains, and coordinating with local authorities. The authority has also taken safety measures for its projects, such as the Atal Setu bridge and the Surya water supply project, to ensure continuous access and uninterrupted service.Read more

A technical issue on the Mumbai Western Railway network has led to significant delays in local train services, forcing commuters to turn to the Mumbai Metro for their travel needs. This sudden surge in metro ridership has resulted in unprecedented overcrowding at several stations along Lines 2A and 7, particularly at Borivali, Kurar, and Rashtriya Udyan. The Mumbai Metropolitan Development Authority (MMRDA), which operates the metro, has responded by adding extra train services to alleviate the rush. This immediate action aims to provide relief to commuters affected by the disruption on the Western Railway network.Read more

Mavjibhai Shamjibhai Patel, promoter of diamond company Kiran Gems, has purchased a 16,000 square foot apartment in Mumbai's luxury Oberoi 360 West project for INR 97.4 crore. Kiran Gems had recently relocated their headquarters from Surat to Mumbai. Located in upscale Worli, the apartment spans 14,911 square feet with additional expandable area. It includes nine parking slots. South and central Mumbai have seen numerous high-value property deals in recent years involving industrialists, corporate executives and celebrities due to the areas' prime sea-facing locations and most expensive apartments. With Patel's purchase, Oberoi 360 West continues its reputation as one of Mumbai's most luxurious residential projects housing prominent business families and individuals.Read more

Residents of the Santacruz West Khotwadi slum in Mumbai have complained about not receiving rent for their homes and shops over the past six years as part of an ongoing redevelopment project led by Transcon Developers. Despite attempts to communicate their issues, the residents allege their pleas have been ignored and they have faced intimidation. They are now appealing to the government for urgent intervention to address the matter and protect their rights. Transcon Developers shared details of rent payments made and communications with authorities, stating all dues have been cleared and that the construction of new rehab buildings is also nearing completion.Read more

After years of stagnation, the redevelopment of Topiwala Market near Goregaon railway station is set to progress with a new INR 151-crore tender issued by the BMC. Designed by Shashi Prabhu and Associates, the 16-story building will feature a market on the ground and first floors, parking podiums, an 800-seat auditorium, and residential floors for hospital doctors. Initial reluctance from vendors and legal hurdles delayed the project, originally started in 2017. After the COVID-19 pandemic caused further setbacks, the BMC terminated the previous contractor and issued a new tender. The modern complex will integrate market spaces, an auditorium, and residential units, prioritizing accessibility, sustainability, and community engagement.Read more