The Mumbai Metropolitan Region (MMR) saw a significant increase in land acquisitions, with developers purchasing 407 acres across 19 deals-the highest in three years. Nationwide, land purchases grew by 41%, with major deals in MMR involving prime locations like Khalapur, Palghar, and Khopoli. Developers such as Birla Estates, K Raheja Corp, and Mahindra & Mahindra led key transactions. Land prices surged from INR 11 crore to INR 17 crore per acre. Most land was acquired for residential projects, with growing interest in Tier II and III cities like Nagpur and Indore, signaling strong future real estate activity.Read more

Bollywood actor Kajol Devgan has purchased a 4,365 sq. ft. commercial retail space in Goregaon, Mumbai, for INR 28.78 crore, paying INR 65,940 per sq. ft. with INR 1.72 crore stamp duty and four car parking spaces. This reflects the growing trend of celebrities investing in commercial real estate for rental income and capital appreciation. Kajol previously bought an office space in Andheri for INR 7.64 crore, while Ajay Devgan acquired five office units (INR 45 crore) and a Juhu bungalow (INR 60 crore). Mumbai's commercial real estate in suburban hubs like Goregaon and Andheri are attracting high-profile investors due to rising business demand.Read more

Sujata Agarwal, director of 9 Sky View Residences Pvt Ltd, has purchased three luxurious apartments in Mumbai's Juhu locality for a total cost exceeding INR 104 crore, inclusive of taxes. The properties are situated within the upscale Rustomjee Elements project, developed by Keystone Realtors. The three apartments, located on the 14th and 15th floors, collectively span over 12,333 sq ft (RERA carpet area) and were bought at an average rate of INR 83,769 per sq ft. The transaction was finalised earlier this week, with a total stamp duty of over INR 5 crore and an additional registration fee. The deal includes eight car parking spaces and highlights the continued demand for premium real estate in Juhu, a prime area favoured by Bollywood celebrities.Read more

The Navi Mumbai Municipal Corporation (NMMC) has intensified its efforts to ensure the roads and footpaths within its jurisdiction remain accessible to citizens. Municipal Commissioner Dr. Kailash Shinde has been regularly reviewing the city's management, highlighting the nuisance caused by abandoned vehicles and unauthorized vendors. These issues have been disrupting both traffic flow and the city's cleanliness. In response, the Encroachment Department has been instructed to issue notices to vehicle owners and take strict action under Sections 230 and 231 of the Maharashtra Municipal Corporation Act, 1949. Additionally, a campaign will soon be launched to remove unauthorized hawkers and vendors from sidewalks to restore public spaces to their intended use.Read more

The Navi Mumbai Municipal Corporation (NMMC) has launched a newly updated online property tax collection system, aimed at simplifying the payment process for residents. Municipal Commissioner Dr Kailash Shinde introduced this modernised system earlier this week, integrating advanced technologies such as net banking, UPI, QR codes, and digital wallets. As a result, online tax payments have reportedly increased by nearly 15%. Additionally, the Bharat Bill Payment System (BBPS) is set to be implemented within the next 2 weeks, offering residents 24x7 access to make secure payments through major banks and digital platforms. Furthermore, the Municipal Corporation has introduced the Abhay Yojana, granting a 50% concession on late payment penalties for arrears, encouraging citizens to settle outstanding dues by the end of March.Read more

The Adani Group has reportedly emerged as the highest bidder for the INR 36,000 crore redevelopment project of Motilal Nagar, situated in Goregaon West, Mumbai. This marks the conglomerate's third significant acquisition in Mumbai's real estate sector, following its involvement in the Dharavi slum redevelopment project and the purchase of a 17-acre plot in Bandra Reclamation. As per reports, Adani Properties Pvt Ltd (APPL) surpassed its closest competitor, L&T, by offering a higher built-up area. The redevelopment project, spanning 143 acres, has been designated a 'special project' by the Maharashtra government, with MHADA retaining control over the project and the land but working through a Construction and Development Agency (C&DA).Read more

By 2029, Mumbai airport will undergo a major transformation, including a redeveloped Terminal 1 (T1) and a possible relocation of the ATC tower to free up space. MIAL plans to construct a INR 894 crore, 3 km-long S-shaped airside tunnel to improve baggage and passenger transfers between Terminals 1 and 2. Additionally, T1 will be demolished and replaced, increasing its capacity to 2 crore passengers per annum (CPA), while T2's capacity will rise to 4.5 crore CPA, bringing Mumbai airport's total capacity to 6.5 crore CPA. Efforts to enhance runway efficiency could raise aircraft movements from 48 to 52-55 per hour, reinforcing Mumbai's status as a key aviation hub.Read more

Earlier this week, the Brihanmumbai Municipal Corporation (BMC) initiated action against two developers-Sumer Build Corporation Private Limited and RR Developers-over outstanding property tax dues amounting to INR 18 crore and INR 3.62 crore, respectively. As part of its ongoing crackdown on defaulters, the civic body has seized and attached their properties for failing to settle their dues within the stipulated period of 21 days. According to a BMC release, the property tax assessment and collection department has begun proceedings to seize and auction these assets. Sumer Build Corporation owns a plot in Mazgaon, while RR Developers has a plot situated in Gavanpada village, Mulund.Read more

After years of demand, a fire station will finally be established in Versova. The Maharashtra government announced in the legislative assembly that the facility would be constructed at Chitrakoot Ground in Andheri West. To make way for the project, all illegal encroachments on the land will be removed, and a tender will be issued within six months. The decision follows concerns raised by local MLA Ameet Satam, who highlighted the consequences of the area's lack of a fire station, particularly citing a tragic incident in January where a 75-year-old resident lost his life in a fire. The absence of a nearby fire station forces residents to rely on brigades from Irla and Goregaon, significantly delaying emergency response times.Read more

Lodha has acquired a prime land parcel in Jogeshwari West, Mumbai, for a premium residential project, strengthening its presence in the western suburbs. Following the announcement, Lodha's stock surged 5.12%, closing at INR 1,131.75. The company added eight new projects in MMR, Bengaluru, and Pune in FY 2024-25, with a gross development value of INR 19,500 crore. India's real estate sector is experiencing record land acquisitions, driven by housing demand, infrastructure growth, and investor confidence. With increasing global and domestic financial backing, land transactions remain a key driver of growth in metro and tier-2 cities.Read more

The Brihanmumbai Municipal Corporation (BMC) has reopened the bidding process for two key plots-Chhatrapati Shivaji Maharaj Market in Fort and the Worli Asphalt Plant plot-in an effort to generate revenue. The civic body has set a target to raise INR 1,183 crore through a 30-year lease of these parcels. The base prices have been reduced by nearly 70% compared to the earlier bids that failed to attract interest. The revised prices are now based on the approved zonal Floor Space Index (FSI) from the Development Plan, rather than the maximum usable FSI. This step is part of the BMC's strategy to address financial pressures stemming from ongoing infrastructure projects and to expand its revenue sources.Read more

Build Capital successfully exited its investment in a Slum Rehabilitation Authority (SRA) project near Bandra-Kurla Complex (BKC), Mumbai, marking another strong return in structured real estate financing. The firm's early-stage investment helped the developer overcome delays, align with DCPR 2034 guidelines, and improve project economics. With 2.25 lakh sq. ft. of carpet area, the project is expected to generate INR 725 crore in revenue. The exit delivered a 19.76% IRR, with timely interest payments to investors. Build Capital's CEO, Kuldeep Jain, emphasized their role in reviving projects and confirmed their ongoing focus on structured debt solutions for real estate development.Read more

BNP Paribas has leased a 3,497 sq. ft. office at Maker Maxity, BKC, at INR 811 per sq. ft. per month, totaling INR 17 crore over five years. This deal reinforces BKC's status as India's most expensive commercial hub. The lease includes three parking spaces and a 5% annual rent escalation. Tesla recently secured a INR 881 per sq. ft. lease at Maker Maxity, marking another high-profile transaction. BKC, Mumbai's central business district (CBD), houses global giants like Apple, Netflix, Amazon, and Pfizer, along with key financial institutions and government offices, solidifying its status as India's premier corporate hub.Read more

The Supreme Court has declined to halt the Dharavi redevelopment project in Mumbai, currently undertaken by Adani Properties Pvt Ltd. The court issued notices to the Maharashtra government and Adani Properties following a petition by Seclink Technologies Corporation, which challenged a previous Bombay High Court decision upholding the project's tender process. Seclink, initially the highest bidder in 2018, had its tender scrapped, leading to Adani's successful bid in 2022. Seclink offered to increase its bid by 20%, but the court did not stay the project. Adani has commenced work, employing around 2,000 people. The Supreme Court has directed Adani to process all project-related payments through a single bank account, with the next hearing scheduled for the week of May 25.Read more

The Brihanmumbai Municipal Corporation (BMC) has issued an INR 85 crore tender for the operation and maintenance of the Mumbai Coastal Road Project over five years. Responsibilities include firefighting systems, patrolling, towing, lane marking, and signage upkeep. While critical systems like tunnel ventilation, SCADA, and UPS will remain under the current contractor for two more years, they will later be integrated into the new contract. Additionally, BMC has partnered with Tata Sons to enhance road dividers along a 4.4 km stretch and is seeking CSR support for open space development. These efforts aim to enhance Mumbai's key transport infrastructure and public spaces.Read more

Bollywood actor Akshay Kumar has reportedly sold his apartment in Borivali East, Mumbai, for INR 4.35 crore. The property, situated in Oberoi Realty's Sky City project, spans 1,073 sq. ft. and includes two dedicated car parking spaces. This transaction was registered earlier this week, attracting a stamp duty of INR 26.1 lakh and registration charges amounting to INR 30,000. Market data has shown that Sky City continues to perform strongly, with 208 sale registrations between March last year and this February, amounting to INR 818 crore. Notably, Amitabh Bachchan and Abhishek Bachchan were reported to have acquired multiple units in the same project last year.Read more