Arun Nair

The Brihanmumbai Municipal Corporation (BMC) has proposed changes to the reservation status of 60 land parcels between Goregaon and Dahisar to facilitate phase two of the Mumbai Coastal Road project. These adjustments, part of the Development Plan 2034, affect plots in Eksar, Malad (West), Malvani, Pahadi (Goregaon), Charkop, and Dahisar, aligning them with upcoming infrastructure needs. The 25-kilometre Coastal Road phase 2, costing INR 20,000 crore, will connect the Versova-Bandra Sea Link to Dahisar, with integration planned for the Goregaon-Mulund Link Road. The BMC is inviting public suggestions and objections within a 30-day window, followed by a public hearing.Read more

Mumbai's iconic Laxmi Nivas bungalow, located on Nepean Sea Road, has been sold for INR 276 crore, making it one of the city's most expensive property transactions. Once a secret refuge for freedom fighters during the Quit India Movement, the 19,891 sq ft colonial bungalow was sold by the Kapadia family to Vageshwari Properties Pvt. Ltd., linked to Elina Nikhil Meswani of Reliance Industries. Built in 1904 and owned by the Kapadia family since 1917, the property holds significant historical value and development potential of around 45,000 sq ft. This sale adds to a series of high-value real estate deals in Mumbai's luxury market.Read more

The Navi Mumbai Municipal Corporation (NMMC) has introduced the Abhay scheme, aimed at recovering outstanding water bill payments from its customers. The initiative provides a 50% discount on late fees and penalty amounts for all categories of water bill payers, including gram panchayats connected to the primary water channel between Morbe Dam and Kalamboli. The scheme is set to be implemented from 21 March 2025 to 31 March 2025, encouraging citizens to clear their dues within this timeframe. The NMMC has urged residents to take advantage of this opportunity to settle pending payments.Read more

In a significant move marking the end of an era, Air India recently shifted its booking office from the historic Air India building to CR2 Mall at Nariman Point. The 23-storey tower, a prominent feature of Mumbai's skyline since 1974, was sold to the Maharashtra government for INR 1,600 crore last year as part of the airline's asset monetisation programme. The building, known for its signature centaur logo and billboard of international destinations, had remained an iconic landmark along Marine Drive for nearly fifty years. Tata Group, which acquired the carrier in 2022 for INR 18,000 crore, has been focusing on streamlining operations.Read more

The G-North ward office of the Brihanmumbai Municipal Corporation (BMC) is contemplating relocating the iconic Dadar Kabutarkhana due to longstanding complaints from local residents regarding health hazards linked to pigeon droppings and feathers. Residents have raised concerns about respiratory ailments and skin conditions, especially among children and the elderly. The civic body is considering relocating the structure to a less congested area with fewer residential buildings. However, there is resistance from the Kabutarkhana trust, which maintains that the structure is part of Dadar's identity and denies any serious health risks.Read more

The Navi Mumbai Municipal Corporation's Property Tax Department announced its decision to auction seized properties with pending property tax dues. The civic body has begun the process of appointing authorised government valuers to assess these properties. Citizens whose properties are under seizure action have been urged by Municipal Commissioner Dr Kailash Shinde to clear their outstanding tax liabilities immediately to avoid the auction of their assets. A public advertisement has been issued, and responses from 10 government-registered valuers have been received. The Corporation also encouraged citizens to benefit from the ongoing 'Abhay' scheme offering a penalty waiver for lump sum payments.Read more

Ajmera Realty & Infra India Ltd (ARIIL) has won the redevelopment contract for Ascot Co-operative Housing Society in Andheri West, covering 2,319 sq. m. with a potential sales revenue of INR 320 crore and a carpet area of 71,300 sq. ft. This project aligns with Mumbai's growing redevelopment trend, addressing infrastructure aging and land scarcity. Similar efforts include Kalpataru's INR 2,000 crore projects in Chembur and Goregaon and Mahindra Lifespace's INR 1,800 crore Borivali redevelopment. The move highlights ARIIL's asset-light strategy while contributing to Mumbai's modernization and urban renewal.Read more

Navi Mumbai Municipal Corporation (NMMC) has launched a special amnesty scheme for property tax defaulters from March 1 to 31, 2024, to boost tax collection. Taxpayers paying between March 1 and 20 will receive a 75% waiver on penalties, while those paying between March 21 and 31 will get a 50% waiver. The scheme is voluntary and applies only if the full outstanding tax amount is paid at once. Payments can be made online or at NMMC offices. As of now, NMMC has collected INR 530 crore against a target of INR 801 crore. No concessions apply after March 31.Read more

The City and Industrial Development Corporation (CIDCO) is spearheading one of India's largest public housing projects in Navi Mumbai under the Pradhan Mantri Awas Yojana (PMAY). Spread across 600 acres at 20 locations from Vashi to Taloja, the initiative aims to deliver 67,235 affordable housing units catering to economically weaker sections (EWS) and low-income groups (LIG). Prices for EWS flats start at INR 25 lakh, while LIG flats can reach over INR 97 lakh. Earlier this year, 5,000 units were sold, with keys handed over to several families. The project is expected to be completed in phases by the end of 2027.Read more

Chhatrapati Shivaji Maharaj International Airport (CSMIA) authorities have proposed a significant increase in the User Development Fee (UDF). If approved, the revised charges are expected to come into effect from the next financial year. The proposal suggests raising UDF to INR 463 for international passengers and INR 325 for domestic travellers. While the Mumbai International Airport Limited (MIAL) has sought to hike the UDF, it has simultaneously recommended a 35 per cent reduction in landing and parking charges to provide some relief to airlines. A final decision on the proposed charges is anticipated to be made following a stakeholder meeting held earlier this week in New Delhi.Read more

Arun Nair

Devipada Metro station on Line 7 in Borivli East can directly access the new Oberoi SkyCity Mall, thanks to a newly inaugurated foot overbridge (FOB). This structure directly connects the station's concourse level to the second floor of SkyCity Mall. Fully funded by Oberoi Realty under the public-private partnership (PPP) policy introduced in 2020, the FOB is designed to enhance pedestrian convenience while driving footfall to the commercial complex. This development sets a benchmark for integrated urban mobility in Mumbai, with similar initiatives planned for other metro stations.Read more

In a major luxury real estate deal, SR Menon Properties LLP has purchased a 14,866 sq ft apartment at the Lodha Sea Face project in Worli, Mumbai, for INR 187.47 crore - at over INR 1.26 lakh per sq ft. Developed by Macrotech Developers Ltd, this under-construction project is attracting a number of HNI and UHNI investors. The transaction, registered this week, involved a stamp duty payment of INR 11.25 crore. Worli remains a hotspot for ultra-luxury properties, with 683 deals worth INR 7,326 crore recorded last year. This deal underscores the strong demand for premium residences in South Mumbai's elite micro-markets.Read more

Novelty Chambers, home to the once-celebrated Novelty Cinema at Grant Road, South Mumbai, is set to be demolished after the Brihanmumbai Municipal Corporation (BMC) declared the building unsafe. The cinema, which stopped screening films 19 years ago, was one of Mumbai's most prominent single-screen theaters before the multiplex boom forced its closure. The building currently has only one operational office out of nine stories, while the ground floor remains home to the now-defunct theater. The site is expected to make way for a new residential high-rise.Read more

Goregaon police recently registered a first information report (FIR) against Wadhwa Group, accusing the firm of cheating developer Polycon Realtors out of INR 57 crore. According to the FIR, Wadhwa Group directors, including Navin Makhija, allegedly failed to fulfil financial commitments made under an agreement. Despite receiving additional floor space index (FSI) and funds through a settlement deal, the obligations were reportedly not honoured. The dispute stems from a redevelopment project at Unnat Nagar Akshaya Cooperative Housing Society, originally awarded to Policon Realtors in 2003. The matter has since been transferred to the Economic Offences Wing (EOW) for further investigation.Read more