The state cabinet approved the redevelopment of 25 buildings in Sion Koliwada, Mumbai, housing Sindhi, Sikh, and Punjabi families displaced during Partition. The redevelopment, costing INR 3,000 crore, will be overseen by MHADA, providing 1,200 families with larger homes free of cost. A high-powered committee will monitor the project, ensuring at least 51% tenant consent. The buildings, erected in the 1950s and '60s for refugees, faced demolition notices from BMC in 2011. The initiative, long overdue, aims to address housing needs and marks MHADA's role as a special planning authority. Residents welcome the decision after years of efforts and displacement.Read more

The Brihanmumbai Municipal Corporation (BMC) is concreting roads in Mumbai's eastern suburbs, with a tender worth INR 1,224 crore covering 261 roads, augmenting ongoing work on 182 roads. Chief Minister Eknath Shinde's directive aims to eliminate potholes and enhance road quality within two years. Initially, tenders worth INR 5,800 crore for 400 kilometers were floated, later cancelled due to a lacklustre response. Fresh tenders of INR 6,080 crore for 397 kilometers were issued, but challenges persisted, leading to cancelled contracts and new tenders. Concerns about pace and quality remain, underscoring the need for addressing contractor performance and project execution issues.Read more

In a noteworthy decision, the Income-tax Appellate Tribunal (ITAT), Delhi bench, ruled in favor of a non-resident taxpayer regarding the taxation of the variance between the stamp duty value and the agreement value of a property in Mumbai. The case of Shyamkumar Madhavdas Chugh highlighted the discrepancy between the agreement and registration dates, leading to differing values. The ITAT held that this difference cannot be deemed 'Income from other sources,' citing Section 56(2)(vi)(b) and emphasizing the importance of considering the stamp duty value on the agreement date. This ruling sets a significant precedent in clarifying tax treatment for property transactions, especially concerning timing disparities.Read more

Phoenix Mills, a retail-led mixed-use asset developer, reported a 69% year-on-year rise in Q3 FY24. Consolidated net profit rose to INR 297 crore, with operating profit reaching INR 552 crore. Retail collections surged 30% to INR 700 crore, and rental income from retail grew 33% to INR 447 crore. The malls owned by the developers are operating at lifetime high lease occupancy and trading levels. The company also recorded robust leasing in commercial offices and maintains strong Average Room Rates (ARR) in hotels. Consolidated net debt stands at INR 2,230 crores. Residential sales show improvement, with gross sales of INR 515 crores in the first nine months of FY24.Read more

In response to public outcry, the Brihanmumbai Municipal Corporation (BMC) has scrapped a controversial draft policy concerning open spaces, confirmed by BMC Commissioner Iqbal Chahal. The policy, introduced in September 2023, aimed to lease playgrounds and recreation grounds to private entities and NGOs for up to five years, sparking widespread opposition. With concerns raised over potential exploitation and loss of control, the BMC has opted to maintain the existing adoption policy, allowing leases for eleven months. Chahal highlighted citizen concerns and stressed the importance of elected representatives shaping city policies. The decision, applauded by activists, signifies a victory for citizen engagement and the preservation of Mumbai's public spaces.Read more

Arkade Developers Ltd., a burgeoning real estate entity in Mumbai, unveiled Phase 1 of Arkade Nest, an upscale residential enclave in Mulund West's Sarvodaya Nagar, spanning a generous 2-acre expanse with six wings, three already operational. Concurrently, Arkade secured redevelopment contracts for Arunachal Co-op HSG Society in Goregaon East's Jay Prakash Nagar and Nutan Ayojan Co-op HSG Society in Malad West's Liberty Garden. These initiatives underscore Arkade's stature in Mumbai's real estate landscape, blending luxury, affordability, and quality craftsmanship while addressing market demands effectively.Read more

In June 2015, the Slum Redevelopment Authority (SRA) issued a circular aiming to regulate transit rent increases for slum dwellers affected by redevelopment projects. However, this directive has remained dormant, causing distress for occupants stuck in temporary accommodations. The Bombay High Court recently intervened following a representation by Wadala slum dwellers, urging the SRA to enforce the circular mandating a 5% transit rent increase. A division bench of justices instructed the SRA to expedite a decision, responding to a petition filed by 78 eligible slum dwellers from Wadala Village Welfare CHSL. Represented by senior advocate Ranjeet Thorat and advocate Yashodeep Deshmukh, concerns were raised regarding the fairness of developers' rent offers, contrasting market rates, and the SRA's inaction, highlighting the need for prompt resolution.Read more

Adani Realty and L&T Realty lead the race for a 24-acre development in Mumbai's Bandra Reclamation, following a stringent tender process by Maharashtra State Road Development Corporation (MSRDC). Originally attracting interest from major players like Godrej Properties and Mahindra Lifespaces, strict eligibility standards narrowed submissions to three contenders: L&T Realty, Adani Realty, and Mayfair Housing. Positioned near the Bandra-Worli Sea Link toll booth, the project holds significant commercial value, estimated at over INR 30,000 crore, with plans for a 45 lakh sq. ft. mini-township and an INR 8,000 crore payment obligation to MSRDC over the next decade-plus. Supervised by JLL, the tender imposed strict criteria, triggering opposition from locals citing environmental concerns and past agreements, potentially leading to legal challenges from groups like BRAVO.Read more

D B Realty's board greenlights the demerger of its hospitality arm, aiming to boost shareholder value. By segregating hotel assets, the Mumbai-based firm seeks to attract specialized investors and talent, fostering expansion. The move, detailed in regulatory filings, tailors strategies to India's hospitality sector dynamics, enhancing operational focus and agility. The resulting entity targets superior returns and governance transparency, with equity shares to be listed post-demerger. Amidst a promising growth landscape in India's hospitality sector, D B Realty's proactive portfolio optimization aligns with its vision and growth objectives, prioritizing stakeholder interests throughout the process.Read more

The Brihanmumbai Municipal Corporation (BMC) has gained Coastal Regulation Zone (CRZ) clearance for three vital bridge projects in Mumbai's western suburbs. These include a cable-stayed bridge connecting Versova to Madh Island, which will significantly reduce travel time from 1.5 hours to 10 minutes. Despite CRZ clearance, further approvals from the forest department and Bombay High Court are required due to mangrove impact. The proposed bridges aim to improve connectivity and alleviate congestion, with the Madh-Versova bridge being the most crucial. Opposition from fishing communities necessitates consultations and temporary measures to minimise disruption. Progress varies across the six planned bridges, with some awaiting MCZMA clearance.Read more

The Mumbai-Ahmedabad bullet train project has achieved a significant milestone with the completion of the Vikhroli shaft, a key component in constructing the 21-kilometre-long tunnel, which includes India's first undersea passage. This development marks a crucial step forward in the project, enabling the commencement of tunnelling work towards Bandra Kurla Complex and Ghansoli. The National High Speed Rail Corporation Ltd (NHSRCL) officials confirmed the project's progress, highlighting the meticulous planning and execution to minimise environmental and community impact. This ambitious project promises to revolutionise high-speed rail connectivity between Mumbai and Ahmedabad, enhancing economic and social integration.Read more

After seven years, the iconic Eros Cinema in Mumbai has reopened as a cutting-edge 305-seater IMAX theatre. The cinema, which was originally commissioned in 1935 and created by architect Sohrabji Bhedwar, was meticulously restored under the supervision of conservation architect Kirtida Unwalla. The renovated cinema preserves its famous Art Deco facade and interior aesthetics while combining old-world charm with modern facilities. PVR Inox will manage the facility. The reopening symbolises an important cultural comeback for Mumbai by providing moviegoers with a one-of-a-kind film experience in a beloved architectural jewel.Read more

Commuters traveling between Chhatrapati Shivaji Maharaj International Airport and South Mumbai can expect smoother journeys soon. A new flyover linking Terminal 2 (T2) of the airport to the Sahar Elevated Road over the Western Express Highway is set to open by February 15, easing traffic congestion at the Vile Parle signal. An official from the Mumbai Metropolitan Region Development Authority (MMRDA) confirmed the near-completion of the 790-meter-long flyover, initiated in June 2021 at a cost of 248.43 crore. Prime Minister Narendra Modi may inaugurate this and other infrastructure projects during his Mumbai visit later this month.Read more

Axis Bank has secured a notable lease deal for office space in Mumbai's esteemed Parle Product Factory Compound, occupying over 81,300 square feet. The agreement encompasses three floors plus the base floor, with a monthly rental of INR 85.37 lakh and a five-year term starting February 1, 2024. A security deposit of around INR 5.12 crore was made, ensuring access to ample parking facilities for employees and clients. This deal reflects Mumbai's robust commercial real estate market, demonstrated further by recent agreements by Barclays Bank PLC, HDFC Bank, and the International Finance Corporation, underlining the city's pivotal role in India's economic growth.Read more

The Maharashtra government has extended the lease of Mumbai's iconic Wankhede Stadium for 30 years, following its expiration in 2018, valuing the 44,000 square meter plot at approximately INR 1,304 crore. The Mumbai Cricket Association (MCA) is mandated to pay an annual rent of INR 1.52 crore, plus an additional INR 8.58 crore covering the period from 2018 to 2023, a decision contested by the MCA due to what they perceive as excessive charges. Despite objections, the stadium remains a pivotal hub for cricket administration in India, with its history dating back to 1968 and hosting numerous prestigious events over the years.Read more

The Mumbai Metropolitan Region Development Authority (MMRDA) has announced a groundbreaking plan to convert Bandra Kurla Complex (BKC), Mumbai's bustling commercial hub, into a pedestrian-friendly area. Drawing inspiration from international models like Canary Wharf and Marina Bay, the initiative involves removing compound walls to enhance walkability and connectivity. MMRDA Commissioner Sanjay Mukherjee emphasised the need for seamless integration within BKC, promoting a more inclusive urban environment. The proposal, awaiting review, seeks to foster a vibrant, accessible public space, balancing modern aesthetics with practical urban planning.Read more