GECOM International has acquired a luxury triplex apartment at Signature Island in Mumbai's Bandra-Kurla Complex (BKC) for approximately INR 100 crore, reflecting the city's booming high-end real estate market. The 11,295 sq. ft. residence comes with ten parking slots and a stamp duty payment of nearly INR 6 crore. Signature Island, home to business tycoons and celebrities, continues to attract elite buyers. Mumbai's luxury property segment is witnessing record growth, with increased demand from industrialists and foreign investors. GECOM's purchase underscores the city's evolving real estate landscape, driven by rising wealth and a preference for exclusive living spaces.Read more

Playback singer Stebin Ben has purchased a luxurious duplex apartment in Mumbai's prestigious Bandra area for INR 6.67 crore. The 1,484 sq ft carpet area property, located in the Iconic 7 Co-op Housing Society, was jointly acquired with his family. The transaction included INR 40.02 lakh in stamp duty and INR 30,000 in registration fees. Known for his contributions to Bollywood films and web series, Ben's investment reflects his rising success in the entertainment industry. His career mirrors broader trends, with playback singers branching into independent music, enhancing their financial and professional growth while capitalizing on Bandra's luxury real estate appeal.Read more

Dream11 CEO Harsh Anand Jain has acquired a luxurious sea-view apartment in Mumbai's upscale Malabar Hill for over INR 138.41 crore. Located on the 23rd habitable floor of Lodha Malabar, the residence spans 9,546 sq ft, making it one of India's costliest properties by per sq ft rate. The deal also includes six exclusive car parking slots, with Jain paying over INR 8.30 crore in stamp duty. This transaction follows 2023's record-setting purchase of a triplex in the same tower for INR 369 crore. The Mumbai property market, led by high-value transactions in South and Central Mumbai, continues to dominate India's luxury real estate landscape.Read more

K Raheja Corp Real Estate Pvt Ltd, a prominent Mumbai-based developer, has purchased a 5.75-acre land parcel in Kandivali East's Ashok Nagar for INR 466 crore, as per documents accessed via CRE Matrix. The acquisition, finalised recently, involved a stamp duty payment of INR 3.17 crore. The company has paid INR 210 crore as a deposit, with a five-year timeline to obtain necessary approvals from the Brihanmumbai Municipal Corporation (BMC). This deal is part of K Raheja Corp's consistent efforts to strengthen its presence in Mumbai's real estate market.Read more

The southbound connector of Mumbai's coastal road, linking the Bandra-Worli Sea Link (BWSL) to Marine Drive, is set to open to the public from January 26. This marks a significant milestone in the city's infrastructure. While some interchanges and the sea-facing promenade are slated for completion in the coming months, the project, which began in October 2018, has already demonstrated a substantial reduction in travel time and fuel consumption. With an INR 13,983 crore investment, this initiative is expected to boost commuting and recreational activities for residents.Read more

The Supreme Court upheld the Brihanmumbai Municipal Corporation's (BMC) ownership of a INR 660 crore, five-acre plot in Lower Parel, reversing a Bombay High Court ruling favoring Century Textiles (now Aditya Birla Real Estate). The land, leased in 1927 for worker housing, was intended to revert to the BMC after the lease expired in 1955. Century Textiles' 2017 ownership claim was dismissed, with the court emphasizing its worker welfare purpose. BMC officials plan development under Regulation 35 of the Development Control and Promotions Rules to benefit mill workers. The ruling underscores the importance of community-focused urban planning amid rising commercial pressures.Read more

The 32nd Property and Home Finance Expo, organised by CREDAI-MCHI, is set to take place at the Jio World Convention Centre, aiming to transform the home-buying experience. With over 100 top developers showcasing 500+ projects across 5,000+ locations, the event introduces the "Book Your Home in 10 Minutes" initiative, enabling buyers to secure homes quickly and effortlessly. Highlights include exclusive discounts, financial assistance from leading institutions, and special offerings like "Pink Sunday," empowering women homebuyers with additional benefits. The expo promises engaging experiences, attractive deals, and futuristic innovations.Read more

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced a two-year tenure limit for representatives of Self-Regulatory Organisations (SROs) to prevent conflicts of interest and ensure domain expertise. The move aims to streamline the registration process for housing projects by appointing specialists in legal, financial, and technical matters. MahaRERA has instructed the seven recognised SROs, including NAREDCO West Foundation and CREDAI-MCHI, to replace representatives exceeding the tenure limit. The decision underscores the regulator's commitment to ensuring efficient project scrutiny and expeditious issuance of registration numbers.Read more

Oberoi Realty has been appointed by Mumbai's Slum Rehabilitation Authority to redevelop a 2.5-acre Bandra Reclamation parcel owned by MHADA. The project grants the developer 3.2 lakh sq ft of RERA carpet area as free-sale entitlement under the city's Development Control Regulations. Known for its premium location near the Bandra-Worli Sea Link and Bandra-Kurla Complex, Bandra remains a prime hub for residential and commercial projects. This initiative aligns with Mumbai's urban renewal strategy to replace slum settlements with organized urban spaces. Alongside this, Oberoi Realty announced a luxury residential and resort development spanning 81 acres in Alibaug, further expanding its premium portfolio.Read more

The Brihanmumbai Municipal Corporation (BMC) has initiated a road-widening project on a 300-400 meter stretch of the Western Express Highway near Aarey Check Naka in Goregaon, aiming to alleviate long-standing traffic congestion. The expansion will increase the road width from 45 meters to 57-61 meters, requiring the removal of 300 unauthorized structures and clearing obstructed water culverts. Implemented under the "Removal of Bottleneck Policy," the project offers monetary compensation for displaced businesses and residents. Expected to be completed in three months, this initiative will enhance traffic flow along the vital highway, benefiting thousands of daily commuters and improving Mumbai's urban connectivity.Read more

The Mumbai Metropolitan Region is addressing traffic and pollution challenges with a Certified Parking Area (CPA) policy requiring proof of parking for new four-wheeler registrations. Proposed by state transport commissioner Vivek Bhimanwar, the plan involves CPA certificates issued by the BMC and aims to curb congestion and promote urban mobility. Inspired by global models from cities like London and Tokyo, the policy will roll out alongside improved public transport. While experts warn of challenges, including parking disparities and potential misuse by builders, authorities are seeking public feedback to refine the policy. The initiative is a step toward sustainable urban living in Mumbai.Read more

ICICI Bank has leased 1.29 lakh sq ft of commercial space in Turbhe, Navi Mumbai, from Arihant Superstructures for an annual rent of nearly INR 9 crore. The lease, spread across four floors, includes a tenure of nine years with a 14% rental escalation every three years. Recently, HDFC Bank had also leased 4 lakh sq ft across eight floors in Airoli West's Mindspace Business Parks for over INR 320 crore over ten years. Navi Mumbai's evolving infrastructure, such as the Navi Mumbai International Airport, Atal Setu and metro projects, continues to boost its prominence as a hub for industries like banking and IT.Read more

Malabar Hill's Shantivan Gardens, now renamed "The Nest," is set to reopen by month's end, offering a revitalized urban green space focused on biodiversity and sustainability. Featuring 8,000 new plants, 350 species-including 200 native ones-and thematic zones for butterflies, birds, and medicinal plants, the garden promotes ecological balance. Infrastructure upgrades include a central gazebo, a stream, QR-coded plant details, and eco-friendly pathways. Executed by The Heritage Project, BMC, and corporate partners like Zensar Technologies, this initiative aligns with Mumbai's green corridor vision. "The Nest" exemplifies sustainable urban development, fostering community engagement and enhancing the city's green footprint.Read more

The Brihanmumbai Municipal Corporation (BMC) plans to build two new roads connecting S V Road and Anand Road near Malad railway station to alleviate traffic congestion. Spanning 9-15 meters in width, the roads aim to streamline traffic flow and reduce travel time for over 8,000 hourly commuters. Encroachments along the proposed routes will be cleared legally. Complementary road-widening measures are also being considered to enhance connectivity. Construction is set to begin soon, with completion expected within three to four months. This initiative reflects the BMC's broader strategy to improve urban mobility and address bottlenecks in Mumbai's busiest areas.Read more

The Brihanmumbai Municipal Corporation (BMC) has announced a three-month campaign from January to March 2025, targeting unauthorized constructions and enhancing property tax collections. Under Section 152(A) of the Mumbai Municipal Corporation Act, violators face a 200% penalty on property taxes, with demolition actions for non-compliance. Led by Additional Municipal Commissioner Ashwini Joshi, the initiative aims to ensure safety, compliance, and increased revenue before the financial year ends. Assistant Commissioner Vinayak Vispute emphasized proactive monitoring and public cooperation to foster adherence to construction regulations. The campaign reflects the BMC's commitment to creating a sustainable and organized urban environment for Mumbai's residents.Read more

Raj Chodankar, founder of RRP Electronics, has purchased a luxury apartment in Mumbai's Bandra-Kurla Complex (BKC) for INR 34 crore. The 3,132 sq. ft. apartment in Signia Pearl tower marks a significant family investment in Mumbai's premium real estate market. This transaction aligns with the city's trend of rising high-value property deals, driven by affluent buyers and resilient market growth. Simultaneously, RRP Electronics is investing over INR 5,000 crore in a semiconductor manufacturing plant in Maharashtra, reflecting its role in advancing India's tech sector. The purchase underscores the synergy between Mumbai's luxury real estate and economic innovation.Read more

Mumbai's second cable-stayed bridge, the Reay Road overbridge, is set to open in February 2025, replacing a century-old British-era structure. Built entirely on land, this six-lane, 385-meter bridge features pedestrian footpaths, a central pylon system, and architectural LED lighting. Constructed at a cost of INR 175 crore by MahaRail, the bridge enhances connectivity between Barrister Nath Pai Road and the Eastern Freeway. Its innovative design, using limited piers and cable-stayed technology, minimized disruption and expedited construction. The Reay Road bridge promises to improve traffic flow while adding a striking architectural feature to Mumbai's skyline, marking a milestone in the city's infrastructure development.Read more