After a 20-year legal battle, Doreen Fernandes, a widow living in Santacruz, has secured victory in her dispute against Chhagan Bhujbal and his family over her rightful share following the sale of her ancestral bungalow. The Bhujbals, accused of land grabbing, settled by agreeing to pay Rs.8.41 crore as a final resolution. Doreen, the sole caregiver to her three autistic sons, gained public attention through activist Anjali Damania's expose. The financial settlement brings relief to Doreen and she plans to invest it wisely and establish a trust for her sons' future. She has expressed gratitude towards Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis for their intervention.Read more

In 2023, Mumbai witnessed a 4% YoY surge in property registrations, hitting a record high of 1,26,907 units, surpassing the previous year's peak at 1,22,035 units, as per data from real estate consultant Knight Frank India. The state government collected Rs 10,869 crore in stamp duty, marking a 22% increase from the previous year. December alone saw a 31% YoY rise in registrations, reaching 12,255 units in Mumbai city. Knight Frank's data, sourced from the Department of Registrations and Stamps, Maharashtra government, indicates a robust market with residential units constituting 80% of the registered properties.Read more

Between April 1 and December 31, 2023, the BMC generated Rs 638 crore, constituting 10% of the property tax target for 2023–24. Legal complexities in retrospective tax assessment led to delayed bill distribution, making the Rs. 6,000 crore targets by March 31 challenging. The BMC faced revenue declines due to property tax exemptions and pandemic-induced deferrals. In 2022–23, the revised target of Rs 4,800 crore was surpassed with a collection of Rs 5,575 crore. Property tax bills for 2023–24, recently distributed with objections, involve provisional bills to be settled by taxpayers in two installments, concluding on March 25, 2024.Read more

In a significant development, the Gautam Adani-led joint venture for transforming Mumbai's Dharavi, one of Asia's largest slums, has enlisted a team of global experts. The team, including renowned architect Hafeez Contractor and international firms like Sasaki and Buro Happold, faces challenges amid public scrutiny and protests. This ambitious $619 million project, backed by Maharashtra government, seeks to revitalize the densely populated area, lacking basic amenities like clean water and toilets. The initiative promises not just physical reconstruction but a socio-economic upliftment, marking a pivotal moment in urban renewal and community development.Read more

The Malabar Hill micro-market in Mumbai has experienced a 10% appreciation in premium housing, reaching an average weighted carpet area price of Rs.1.01 lakh per sq ft in Q3 2023-24, according to a study by Liases Foras. This growth is attributed to ongoing infrastructure developments in South Mumbai, including the Cuffe Parade to Seepz underground Aqua Metro Line and the Coastal Road project. Sales increased from 17 units in Q3 2019 to 52 in Q3 2023, with decreased unsold inventory and a rise in new housing supply, marking a positive shift in market dynamics. The average price per sq ft surpassed Rs.1 lakh for the first time in five years.Read more

Bollywood actor John Abraham has made a significant real estate acquisition with the purchase of a prestigious bungalow on Linking Road, Khar, Mumbai, for a whopping amount of Rs 75 crore. The property, named 372 Nirmal Bhavan, was previously owned by Pravin Nathalal Shah and his family. The transaction, officially signed on December 27, amounted to Rs 70.8 crore, with an additional Rs 4.25 crore paid as stamp duty. The prime location on Linking Road is known for high commercial property rates, making it a strategic investment for Abraham. The move aligns with the trend of Bollywood celebrities actively engaging in Mumbai's real estate market.Read more

MICL Group has introduced a new chapter in urban living with its upcoming project in Pali Hill, Bandra West. This exclusive development, marked by meticulous attention to detail, signifies luxury as a lifestyle. Man Infraconstruction Ltd, a significant player in real estate, plans to redevelop the Virgo Co-operative Housing Society Limited property. MICL holds a substantial 34% stake in this venture and anticipates an impressive revenue of Rs. 500 Crores from this landmark 50,000 sq. ft. venture. Positioned in the heart of Bandra West, it offers limited residential units, emphasizing a unique living experience.Read more

Mumbai's Housing and Area Development Authority (MHADA) conducted its first online lottery for the Master List scheme, granting larger homes to 265 tenants residing in transit homes, as part of a redevelopment initiative. The scheme addresses housing needs for those displaced due to dilapidation or road widening projects, with lottery winners receiving residences that are 100 square feet larger than initially allocated. This marks a significant step in addressing housing challenges in Mumbai, while ensuring transparency in distribution and fulfilling the aspirations of residents awaiting their own homes.Read more

The BMC's online property tax bills, issued with an apparent hike, led to confusion and concerns among citizens. A footnote in the bills referred to invalidated rules and ad hoc issuance, sparking questions. Municipal Commissioner Chahal clarified the online terms emphasizing no tax increase this year. He further said that they would generate actual property tax bills, mentioning only the payable amount. The BMC is navigating challenges in property tax regulations after a Supreme Court Order. Former corporator Asif Zakaria raised queries on the apparent increase, emphasizing the importance of clear communication and legal consistency in municipal tax processes.Read more

Bollywood icon Amitabh Bachchan has leased four commercial units totalling 10,800 sq. ft. in Mumbai's Oshiwara area to Warner Music India Limited for an annual rent of Rs 2.07 crore. The five-year lease, beginning March 2024, will get Bachchan a revenue totalling over Rs 11 crore for the entire tenure. Bachchan had purchased these units in August 2023 for a total of Rs 29 crore. Bollywood stars, including Kartik Aryan, Manoj Bajpayee and Ajay Devgn, investing in commercial spaces for higher rental yields reflects a growing trend. Commercial properties offer 6-10% gross yields, outperforming residential real estate, making them attractive investments for high-net-worth individuals like Bollywood celebrities.Read more

The Mumbai Metropolitan Region Development Authority (MMRDA) has been assigned 1,387 hectares of prime coastal land for development in Malad, Mumbai. The decision, made in a meeting chaired by Maharashtra CM Eknath Shinde and DCM Devendra Fadnavis, aims to capitalize on the area's commercial potential with connectivity through Metro 2A and the proposed Coastal road. The Development Plan 2034 had initially earmarked the land for affordable housing, open spaces, IT, and tourism. However, activists and residents express concerns about environmental impact, advocating for preserving the coastal area's natural beauty.Read more

Kansai Nerolac Paints recently approved a sale of a land parcel in Lower Parel, Mumbai, along with its building, to Aethon Developers, a subsidiary of Runwal Developers, for Rs 726 crore. This decision aligns with the company's aim to monetize idle land parcels, turning them into valuable assets through strategic partnerships. Despite robust financial performance, with a 57.79% growth in net consolidated profit for Q2 FY24, the move reflects a broader industry trend of companies unlocking the value of unused real estate assets to enhance liquidity and reinvest in core operations or growth opportunities.Read more

India's debt markets are undergoing a notable evolution as companies with repayment defaults manage to attract investors and raise funds. Mumbai-based Damji Shamji Realty, rated as 'D' after defaulting on HDFC Bank's loan, successfully raised Rs 95 crore from the private placement bond market. This rare instance of a rated, secured, and listed bond by a D-rated company indicates a shift in the perception of junk bonds. The move, facilitated by ASK Real Estate Special Opportunities Fund IV, highlights the potential development of the bond market in India and offers distressed companies an avenue for fundraising, emphasizing the role of cash flow stability over traditional credit ratings.Read more

India is currently making impactful developments towards infrastructure, spurred by the government's dedication to align with the country's expanding economy. Mumbai, the financial capital, is one of the focal points of this surge, undergoing significant projects like the Mumbai Trans Harbour Link, Dombivli-Mankoli Bridge, Navi Mumbai International Airport and the Coastal Road. These endeavours not only aim to enhance connectivity and reduce travel times but also have a profound impact on Mumbai's real estate market, solidifying its position as a premier residential and commercial destination in India.Read more

Sachin Tendulkar's sports management company, SRT Sports Management, led by the cricket legend and his wife Anjali, has leased two apartments on Mount Mary Road in Mumbai's Bandra suburb. The lease, registered on December 7, involves monthly rentals of Rs 10.83 lakh for both 3,358 sq ft apartments located on the fifth floor of Raheja Bay. The exact lease tenure remains undisclosed. The company secured the deal directly from the developer Ferani Developers. SRT Sports Management is involved in managing the iconic cricketer's social and commercial engagements.Read more

ICICI Securities, the financial services arm of ICICI Bank, secures over 188,000 square feet of office space in Mindspace Juinagar, Navi Mumbai, through a 12-year lease. The deal with Newfound Properties & Leasing entails monthly rentals of Rs 92.15 lakh, escalating 4% annually. Commencing on January 1, 2024, the lease includes exclusive access to 190 parking slots. The BFSI sector's rising office space demand, outpacing IT, is evident in this notable transaction, showcasing sustained growth in India's 2023 office sector. Despite global challenges, the year stands to surpass the 2017–2019 average in office leasing activity in India.Read more

Over a year after the Slum Rehabilitation Authority (SRA) suspended projects in Mumbai's koliwadas pending demarcation, a recent order rejecting slum enclave status for Worli koliwada highlights ongoing challenges. The SRA insists no projects will proceed in koliwadas until specific development rules are established or the state revenue department demarcates boundaries. This decision underscores the complexity of balancing urban development with preserving cultural identities in Mumbai's fishing villages.Read more

Bollywood celebrities, known for their influence in fashion and film, mde substantial real estate acquisitions in 2023, showcasing a blend of luxury and financial acumen. Kartik Aaryan purchased a Mumbai apartment for Rs. 17.50 crore in Juhu. Sonakshi Sinha secured a Bandra apartment for Rs 11 crore, and Preity Zinta acquired a Pali Hill residence for Rs 17.01 crore. Samantha Ruth Prabhu invested in a sea-facing Mumbai apartment worth Rs 15 crore, and Ananya Panday celebrated her first home purchase, designed by Gauri Khan. Film producer Dinesh Vijan acquires a duplex in Pali Hill for an impressive Rs 103 crore. These acquisitions signify Bollywood's foray into upscale living and real estate prominence in 2023.Read more

Welspun One, a major in industrial real estate, is set to invest Rs 700 crore in building a 1.2 million sq. ft. industrial and logistics hub within the Jawaharlal Nehru Port Authority (JNPA) Special Economic Zone (SEZ) near Mumbai. This strategic partnership with JNPA aims to create futuristic infrastructure leveraging their respective strengths. The project is financed through debt and equity. Welspun One is near JNPA Port, which handles 35% share of India's container cargo. The initiative reflects Welspun One's commitment to transforming India's trade landscape and socio-economic development, marking the second deployment from its Rs 2,000-crore Fund 2.Read more

Suraj Estates, a prominent Mumbai Metropolitan Region developer focused on premium areas in South-Central Mumbai like Prabhadevi and Parel, conducted a successful Initial Public Offering (IPO) of Rs. 400 crores. The IPO was oversubscribed by 15.65 times. The company, with an impressive portfolio of over 10 lakh square feet in residential and commercial developments, aims to use the proceeds to reduce debt, acquire land, and for general corporate purposes. Analysts cite the company's impressive portfolio of over 10 lakh square feet in residential and commercial developments and its consistent growth, with FY23 profits rising 20.98% YoY and revenue rising 12% to Rs 306 crore, as the reason behind the enthusiasm in the market.Read more