Advertisement
Interior designer Gauri Khan has sold her nearly 2,000 sq ft apartment in Kohinoor Altissimo, Dadar West, Mumbai, for INR 11.61 crore. The transaction, registered on March 28, 2025, saw buyers Devendra Chaukar and Vandana Agarwal acquiring the 21st-floor unit with two car parkings. The deal reflects a 37% appreciation since Khan purchased the property for INR 8.5 crore in August 2022, highlighting Mumbai's luxury real estate growth. Meanwhile, Shah Rukh Khan has leased two duplex apartments in Pali Hill, Khar, for INR 8.67 crore over three years, temporarily relocating as Mannat undergoes renovation. Mumbai continues to dominate India's luxury real estate market, with INR 3,652 crore invested in high-end homes in 2024 and INR 850 crore in the first two months of 2025.
Merino Shelters, a MAN Industries subsidiary, has partnered with Paradise Group to develop its 6-acre land in Nerul, Navi Mumbai, over six years. The deal includes an upfront payment of INR 70 crore and 30% of the RERA carpet area, valued at INR 650-INR 700 crore. The total monetisation is estimated at INR 770 crore. The land, near DY Patil Stadium and the upcoming Navi Mumbai International Airport, offers strong growth potential. MAN Industries aims to monetise non-core assets, while Paradise Group sees high development prospects.
The Brihanmumbai Municipal Corporation (BMC) has stationed a team of 10 personnel, including labourers and staff from the Licence Department, at Shahu Nagar Police Station to remove hawkers and improve traffic flow in Dharavi and Sion West. The decision follows a police request amid congestion caused by the closure of Sion bridge. Residents complain that the bridge closure has significantly increased travel time, with hawkers and haphazardly parked vehicles worsening congestion.
Residents of Andheri are preparing for increased traffic disruptions as the final phase of Gokhale Bridge construction progresses. The BMC is concreting the previously tarred approach road before the bridge fully opens in May 2025. From April 1 to May 15, traffic diversions have been implemented, restricting entry at key junctions, including Gold Spot Junction and Telly Gully Bridge. Motorists will need to use alternative routes, which locals fear may not efficiently handle peak-hour congestion.
Residents of Dharavi have been given until April 15 to submit their documents for verification to determine if they qualify for free housing within the redevelopment zone or rental housing outside it. Navbharat Mega Developers Pvt Ltd has tasked the Dharavi Redevelopment Project/Slum Rehabilitation Authority (DRP/SRA) with the survey. The move comes amid opposition from local political parties, with nearly 63,000 out of 95,000 structures already submitting documents. The redevelopment master plan is expected soon.
Mumbai's real estate market experienced a 10.3% year-on-year increase in property registrations in March, with a record INR 1,597 crore in stamp duty collections, marking a 45% YoY growth. High-value transactions drove the growth, with residential properties making up 80% of registrations. For FY 2024-25, registrations rose by 9%, and stamp duty collections increased by 22%. Premium properties, especially those priced above INR 2 crore, saw an uptick in demand, signalling shifting buyer preferences toward larger, higher-end homes. The Western and Central Suburbs remained the dominant real estate hubs, accounting for 78% of the total market share. However, the Central Suburbs experienced the most significant growth, increasing their share from 29% to 34%.
The Mumbai Metropolitan Region Development Authority (MMRDA) secured two prestigious awards at the Build India Infra Awards 2025, in recognition of its groundbreaking infrastructure projects. The Surya Regional Water Supply Scheme received the Impact Award in the Water Sector for its role in addressing the water crisis in Mumbai's western suburbs, while Mumbai Metro Lines 2A and 7 were honoured with the Impact Award in the Urban Transport Sector for enhancing connectivity and easing congestion. Both projects have significantly improved the quality of life for millions, contributing to sustainable development and better urban mobility.Read more
The construction of the new High Court building at Bandra East progressed significantly with the relocation of slum dwellers from Gautam Nagar, facilitated by the Slum Rehabilitation Authority (SRA). The 2.25-acre slum site is part of a larger 30-acre plot earmarked for the project. Under CEO Dr. Mahendra Kalyankar's leadership, SRA held multiple consultations, offering nearby Bandra East housing to 138 families. On March 26, 2025, 96 tenements were allotted via a transparent lottery, with provisions for shopkeepers and vulnerable residents. The relocation, set to conclude by April 10, was widely praised for its fairness, sensitivity, and efficiency, demonstrating strong coordination between PWD, SRA, and the community.Read more
Advertisement
The Maharashtra government is set to introduce a new policy aimed at encouraging the construction of iconic buildings in Mumbai. Deputy Chief Minister Shri Eknath Shinde announced the initiative in the legislative council, highlighting that historic structures from the British era have shaped Mumbai's identity. The proposed policy is expected to not only facilitate such constructions but also boost tourism. To address restrictions under existing development control rules, Shinde has directed the civic body to make necessary amendments under the Maharashtra Regional Town Planning Act, Section 37 (1).
The Bombay High Court has set aside the Thane district deputy registrar's decision rejecting deemed conveyance for four housing societies due to incomplete layout development. Justice Sandeep Marne ruled that pending development cannot be a reason to deny applications if an occupation certificate has been issued. The court highlighted procedural shortcomings, such as illegible sanctioned plans and discrepancies in area certificates, allowing petitioners and developers to submit fresh documents. The case has been remanded for reconsideration, ensuring fair evaluation under Maharashtra Ownership Flats Act provisions.
Amit Rathi, co-founder of QiCAP.AI, has acquired a luxury apartment worth INR 89.91 crore in Palais Royale, Mumbai's tallest building. Located on the 62nd floor, the 7,685 sq ft apartment was bought at INR 1.17 lakh per sq ft. The transaction, registered on March 22, 2025, included five parking spaces and incurred a stamp duty of INR 5.39 crore and an INR 30,000 registration fee. Rathi, previously a non-executive director of Anand Rathi Wealth, co-founded QiCap, a global quantitative multi-asset trading and investment platform. Palais Royale is located in the coveted neighborhood of Worli in Mumbai.
The Maharashtra government has amended DCPR-2034 to allow the use of Transferable Development Rights (TDR) for redevelopment in Mumbai's airport funnel zone, which includes Santacruz, Vile Parle, and Kurla. Due to aviation height restrictions, developers in these areas struggled to fully utilize permissible FSI, making redevelopment unviable. The new rule permits TDR equal to the existing or basic carpet area-whichever is higher-offering developers flexibility to build within limits and transfer excess rights elsewhere. The change aims to modernize aging structures while ensuring aviation safety. Similar models have been used globally, such as Oslo's redevelopment of Fornebu Airport into a sustainable urban hub.Read more
Zydus Family Trust has purchased a 17,384 sq ft apartment in Oberoi Realty's 'Oberoi 360 West' project located in Worli, Mumbai, for INR 200 crore, equating to approximately INR 1.15 lakh per sq ft. The transaction was registered on March 27, 2025. The trust, promoted by Zydus Lifesciences and Zydus Wellness, includes trustees such as Zydus Group Chairman Pankaj R Patel, Pritiben P Patel, and Sharvil P Patel. This acquisition underscores the growing demand for luxury and ultra-luxury housing in the post-pandemic era.
The Dharavi Redevelopment Project has marked a key milestone by surveying over 63,000 tenements, surpassing the 2007-08 figure of 60,000. Unlike past surveys that focused only on ground-floor units, the current initiative includes upper floors, ensuring a more inclusive rehabilitation process. Over 95,000 tenements have been mapped, and 89,000 units numbered, with strong resident participation. Navbharat Mega Developers plans to construct around 1.5 lakh tenements, addressing Dharavi's dense, vertical growth. Officials emphasize that non-participation in the survey could forfeit housing benefits. This progress signals a transformative step toward comprehensive urban renewal, with community engagement and careful execution vital for delivering sustainable housing without disrupting the area's social and economic fabric.
The long-awaited reopening of Mumbai's Gokhale Bridge is scheduled for May 15, marking a significant milestone in the city's infrastructure overhaul. Originally built in 1975, the bridge partially collapsed in July 2018, leading to its eventual demolition in November 2022. The reconstruction, costing INR 232 crore, faced multiple delays but is now nearing completion. The eastbound arm is already operational, while the westbound section will soon follow. The reopening is expected to ease congestion between Andheri East and West, restoring a crucial commuter link that was severed for years. However, concerns remain over alignment mismatches with the existing road network, which could lead to additional challenges.
Sanjeev Agarwal, CEO of global pharma firm Althera, has purchased three luxury apartments in Raheja Modern Vivarea, South Mumbai, for INR 72.65 crore, as per property registration documents accessed by Zapkey.com. The acquisitions were made in two phases, with the first two apartments bought on February 17, 2025, for INR 26.42 crore and INR 20.09 crore, while the third was purchased on May 22, 2024, for INR 26.14 crore. The combined RERA carpet area of the properties exceeds 8,100 sq ft, and the deal included seven car parking spaces. A stamp duty of approximately INR 4.35 crore and a registration fee of INR 90,000 were paid. This purchase adds to the trend of high-value real estate transactions in South Mumbai, following acquisitions by Nirmal Bang Securities' promoters and Creative Plastics Group in recent years.
Advertisement
