Hiranandani Communities is aiming to generate revenue exceeding INR 1,100 crore from the initial phase of its new residential project, The Arena, within the sprawling 588-acre Hiranandani Fortune City township in Panvel. Featuring around 600 units, the project taps into the rising demand for quality housing in the Mumbai Metropolitan Region, fuelled by increasing incomes, growing employment opportunities, and the migration of skilled talent seeking comprehensive living environments. The township has already delivered more than 2,200 apartments, with high occupancy rates and over 3,000 satisfied residents.Read more

The Navi Mumbai Municipal Corporation (NMMC) has flagged 527 buildings as dangerous following a recent survey under the Maharashtra Municipal Corporation Act. It has reiterated that structures over 30 years old must undergo a structural audit by a certified civil or structural engineer registered with the civic body. Property owners must submit proof of completed repairs and certification confirming the building's safety. A fine of INR 25,000 or the annual property tax whichever is higher may be levied on those failing to comply. Citizens have also been strongly advised to vacate unsafe premises immediately.Read more

In a recent ruling, the Maharashtra Real Estate Regulatory Authority (MahaRERA) rejected refund claims submitted by six homebuyers of a Chembur housing project who had defaulted on payment obligations during the pandemic. While five of them sought to withdraw from the project, one requested an extension. MahaRERA concluded that none were eligible under Section 18 of the RERA Act, as the defaults were on the buyers' part. However, one buyer was granted a refund in line with the terms of the agreement. The ruling underlines the regulator's position on payment discipline and its limited scope for leniency, even under pandemic-related hardships.Read more

Kanakia Group has entered into a significant joint venture with international real estate major Hines and Japanese financial institutions to develop a premium office project in Mumbai's Bandra Kurla Complex (BKC). Valued at INR 12,825 crore, this marquee development is planned across a 4.5-acre plot acquired from the Mumbai Metropolitan Region Development Authority. The collaboration brings together Kanakia's local execution expertise, Hines' global real estate proficiency, and robust Japanese institutional capital. This alliance underscores the growing interest of global investors in India's Grade-A commercial real estate and positions BKC for another round of premium development.Read more

Apple India has signed a lease for 12,616 sq ft of retail space at Oberoi Sky City Mall, Borivali, Mumbai's marking its second store in Maharashtra and fourth in India. The 10-year, 10-month lease carries an annual rent of INR 2.08 crore, with a 15% escalation every three years. The deal includes 150 sq m of storage space, five parking spots, and a security deposit of INR 1.04 crore. A revenue-sharing clause requires Apple to pay 2% of store revenue for 42 months, rising to 2.5% thereafter. The store expands Apple's retail footprint beyond Mumbai's city centre, targeting the growing suburban market. This move complements Apple's broader India strategy of boosting domestic sales and manufacturing. By entering suburban hubs, Apple is adapting to India's evolving consumer landscape and strengthening its retail presence in key growth corridors.Read more

Actor Jaideep Ahlawat and wife Jyoti Hooda have purchased a premium apartment in Poorna Apartments, Andheri West. The 1,950 sq ft carpet area home (2,341 sq ft built-up) includes four parking spaces. The transaction, recently registered, involved a stamp duty of INR 60 lakh and registration charges of INR 30,000. Andheri West remains a top choice for high-net-worth buyers due to its proximity to business districts and entertainment hubs, reflected in strong property demand and rising values.Read more

The Confederation of Real Estate Developers' Associations of India (CREDAI) has applauded the Reserve Bank of India's recent 50 basis points cut in the repo rate, describing it as a timely and courageous move aimed at stimulating demand in the housing market. With this latest step, the cumulative reduction now stands at 100 basis points over the past six months. CREDAI believes the decision will significantly improve buyer sentiment, especially in the mid-income and affordable segments, and enhance the financial viability of projects catering to this market. The move comes at a time when housing sales have shown a decline in major cities, indicating the need for strong policy support.Read more

In a significant stride towards sustainable urban transformation, the Saifee Burhani Upliftment Trust (SBUT), under its flagship Saifee Burhani Upliftment Project (SBUP), marked World Environment Day by reinforcing its commitment to eco-conscious redevelopment in Bhendi Bazaar. The initiative goes beyond structural renewal, incorporating native greenery, renewable energy, water and waste management systems, and thoughtful urban planning that balances cultural modern resilience. SBUT's efforts are setting an unprecedented benchmark for future cities that prioritise both people and the planet.Read more

The Brihanmumbai Electric Supply and Transport (BEST) undertaking has begun reshaping its operational strategy to align with growing demand near Mumbai Metro and railway stations. Over the past week, officials reported a significant increase in short-distance feeder services, especially around key Metro routes like Lines 2A and 7. Instead of running long traditional bus routes, BEST is focusing on improving last-mile connectivity through mini and midi buses. This transition is backed by passenger data insights and is expected to optimise efficiency and reduce travel time for commuters.Read more

In a significant move to protect occupants of structurally unsafe buildings in Mumbai, the Maharashtra Housing and Area Development Authority (MHADA) has introduced a monthly rental support of INR 20,000 for tenants residing in 96 cessed buildings declared critically dangerous. The decision, announced earlier this week, comes amid growing concern over safety risks with the monsoon approaching. The authority also plans to lease 400 temporary tenements through third-party agencies to house displaced residents. This initiative attempts to bridge a stark gap in available transit accommodation, with over 2,400 residents in need but fewer than 800 units presently ready for occupation.Read more

A special court in Mumbai has formally closed the long-running criminal case against real estate developer Niranjan Hiranandani, linked to the Powai Area Development Scheme (PADS). The closure follows a report from the Maharashtra Anti-Corruption Bureau (ACB), which found no substantial evidence of wrongdoing. The case stemmed from allegations that Hiranandani's firm, part of a 1980s tripartite agreement with the state, had failed to deliver promised affordable housing, instead building luxury residences on concessional land, allegedly causing a loss of INR 30,000 crore. The ACB's report found no proof of corruption or conspiracy, a view the court upheld, stating that further proceedings would serve no purpose. The verdict concludes a decades-old case surrounding one of Mumbai's major urban development projects and underscores the scrutiny on public-private real estate ventures.Read more

Mumbai's property market recorded 11,565 housing registrations last week, generating INR 1,062 crore in revenue for the Maharashtra government. This marks a 17.7% year-on-year increase, compared to 9,823 registrations during the same period last year, as per government data. It is also the second-highest May figure in 12 years, after May 2022's spike due to pandemic-era stamp duty concessions. Knight Frank India reported that 80% of these registrations were for residential properties, with Mumbai's western suburbs accounting for 60% of the activity. Despite no new government incentives, stamp duty revenue rose 7% from last year's INR 992 crore. The steady rise in registrations highlights strong buyer confidence and sustained demand in the city's property market. The data indicates a positive trend for Mumbai real estate, driven by long-term investment sentiment.Read more

The reconstruction of Mumbai's iconic Byculla bridge, officially the Dr Babasaheb Ambedkar Railway Bridge, has reached the halfway point, with completion targeted by late 2025. The bridge connects NM Joshi Marg to Rani Baug and Clare Road, serving as a vital east-west link over Central Railway tracks. The revamped structure will enhance connectivity to key routes like the Eastern Express Highway, P D'Mello Road, and Mohammed Ali Road. MMRDA officials reported near-completion of substructure work on the eastern side, with western-side construction underway. Steel girder installation will begin shortly. The old bridge was dismantled following safety concerns flagged by IIT Bombay and Central Railway. Phased construction, night work, and coordination with rail authorities have helped the project regain momentum after earlier delays. Once completed, the bridge will significantly ease traffic flow and improve transport connectivity in South Mumbai.Read more

Tata Digital Pvt Ltd has leased approximately 59,000 sq. ft. of office space across three floors at One International Centre in Mumbai's Lower Parel business district. The five-year lease covers the 15th, 16th, and 17th floors, with a monthly rent of INR 1.05 crore plus INR 12.32 lakh in CAM charges, totalling about INR 1.18 crore monthly. The lease includes a 5% annual rent escalation and a rent-free period from February 1 to July 15, 2025. Tata Digital has paid INR 7.07 crore as security deposit and secured 49 car parking slots, with additional parking available at INR 10,000 per slot. This move reflects sustained demand for premium office spaces in Lower Parel, a preferred hub for corporate occupiers due to its strategic location, connectivity, and modern amenities.Read more

The Navi Mumbai Municipal Corporation (NMMC) has intensified action against unauthorized construction in Airoli. Acting on the Municipal Commissioner's directives, the encroachment department demolished an illegally built RCC structure behind Vinita Apartments in Sector 20. Despite prior notices under Section 54 of the Maharashtra Regional and Town Planning Act, 1966, the builder continued work without approval. The operation involved demolition equipment, a specialized crew, and an on-site encroachment team. A penalty of INR 50,000 was also imposed on the violator. NMMC has announced that such enforcement will continue citywide to deter violations and uphold planned urban development. The move underscores NMMC's commitment to preserving Navi Mumbai's orderly infrastructure and protecting law-abiding residents. Ongoing vigilance will be key to sustaining the city's growth and urban integrity.Read more