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HDFC Bank has secured an entire 8-storey office building with a total area of 400,000 sq ft in the Mindspace Airoli West complex, Navi Mumbai, under a long-term lease agreement for 10 years. The bank will pay over INR 320 crore in rent, including a 15% escalation every three years, as per agreements with Mindspace Business Parks REIT. The building, previously part of a special economic zone, will be central to HDFC Bank's operational expansion. The Airoli region continues to experience high demand from data centres and financial services, further driving leasing activity.Read more
Actor Shah Rukh Khan's iconic sea-facing residence, Mannat, located in Bandra, is set to expand with plans to add two more floors to the existing annexe. The actor's wife, Gauri Khan, submitted an application to the Maharashtra Coastal Zone Management Authority (MCZMA) in early November, seeking approval to add 616.02 square metres of space. This request follows a 2019 amendment to Coastal Regulation Zone (CRZ) rules, enabling increased construction in the area. The project, estimated to cost INR 25 crore, is awaiting approval from a committee headed by Pravin Darade. The expansion will add a seventh and eighth floor to the six-storey structure, which currently features two basements and a ground floor.Read more
Navi Mumbai Municipal Corporation (NMMC) recently conducted demolition operations on unauthorized constructions in Nerul and Ghansoli following non-compliance with issued notices. The first demolition targeted a property in Nerul, involving a large team of workers and equipment. In Ghansoli, the construction of additional floors without approval was also demolished, with a penalty of INR 50,000 imposed. NMMC continues to crack down on illegal building activities in the region.Read more
The Mumbai Metro Rail Corporation (MMRC) is constructing a new pedestrian crossing across the Jogeshwari-Vikhroli Link Road (JVLR) to improve access to the Aarey-JVLR Metro station on Line 3. Phase I of the Metro 3 corridor, connecting Aarey to BKC, opened this month with an average ridership of 22,000 daily. Safety concerns arose due to a lack of pedestrian pathways, prompting MMRC to install blinker signals, rumble strips, and nearby bus stops for last-mile connectivity. Track laying for the 21 km BKC-Cuffe Parade Phase II section is complete, with 88% overall project progress. Metro 3, once fully operational, will enhance Mumbai's connectivity through vital interchanges and improved accessibility.Read more
The BMC's environment department has issued an SOP for sub-engineers to monitor air pollution control measures at construction sites. Contractors must submit Environmental Management Plans (EMP) detailing pollution sources and mitigation strategies. Ward-level sub-engineers from the mechanical and electrical engineering department will inspect sites, ensure compliance, impose penalties for violations, and collaborate with the SWM department to address dust and waste burning issues. Non-compliance may lead to show cause notices or stop-work orders. Monitoring squads, disrupted due to elections, will soon resume operations, ensuring stricter enforcement of air quality regulations at infrastructure project sites.Read more
Nexus Seawoods, part of Nexus Select Trust and India's first listed Retail REIT, has unveiled AAYAM, Maharashtra's largest cuboid anamorphic screen, transforming in-mall advertising. The 15-foot wide, 9-foot-high screen, located in the mall's central atrium, offers a 360-degree, distortion-free visual experience, enabling brands to deliver immersive content that resonates with consumers. Designed for stability and visibility, AAYAM provides a unique platform for product launches and interactive campaigns, appealing to the tech-savvy audience of Navi Mumbai. This innovative collaboration between Nexus Seawoods and S&O Investments sets a new benchmark in retail advertising, enhancing brand engagement and consumer connection.Read more
The Brihanmumbai Municipal Corporation (BMC) has launched its first-ever initiative to lease three high-value plots in Malabar Hill, Worli, and Fort for 30 years, aiming to generate revenue for infrastructure projects. The tender process, extended to December 16 following bidder queries, includes eligibility criteria of a minimum INR 300 crore turnover and INR 150 crore net worth over the past three years. Developers have shown strong interest in these prime plots, with assurances from BMC on compliance with Coastal Regulation Zone (CRZ) rules and pending possession formalities with BEST. This strategic monetization move reflects transparency, collaboration, and significant potential for urban development funding.Read more
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The Bombay High Court has condemned the rising trend of frivolous legal petitions being filed to hinder redevelopment projects. In a recent case, a tenant resisted vacating an 83-year-old bungalow in Mumbai's Kandivali area, claiming tenancy rights. The court dismissed the petition, citing it as an obstructionist tactic aimed at delaying redevelopment. Imposing an INR 5 lakh penalty on the petitioner, the court stressed the need for deterrents against such cases, which it termed a 'sophisticated form of extortion.' The bench highlighted that these tactics impose financial burdens on landlords and developers while undermining legitimate redevelopment efforts.Read more
Prestige Mulund Realty Private Limited
Bank of America has signed a 12-year lease for over 160,000 sq ft in Mumbai's Powai at K Raheja Corp's Cignus Powai, marking a significant expansion and relocation of its operations. The deal, valued at INR 350 crore, includes an option to add 100,000 sq ft, raising the total to 250,000 sq ft and the rental commitment to INR 600 crore. This move aligns with the BFSI sector's growing demand for office space in Mumbai, driven by technological advancements and metro connectivity. Bank of America plans to begin operations at the new site within 6-8 months.Read more
Prestige Mulund Realty Private Limited
State Street Corporation has leased a 250,000 sq. ft. office tower in Mumbai's Bandra-Kurla Complex (BKC) from Brookfield Properties for over INR 350 crore. The 10-year agreement, part of the Equinox Business Park, will house State Street's global capability center. This move highlights India's growing appeal for multinational firms, driven by a skilled workforce and favorable business conditions. With a 99% occupancy rate, Equinox Business Park hosts major tenants like Tata Communications and Mirae Asset Capital Markets. State Street's investment underscores India's rising prominence in global financial services and the growing demand for premium office spaces in hubs like BKC.Read more
Bollywood actor Shraddha Kapoor has leased a luxurious apartment in Mumbai's upscale Juhu area for a monthly rent of INR 6 lakh. The apartment, spanning 3,929 square feet, is located on the third floor of a high-end residential tower. Kapoor has paid the full rental amount for the 12-month lease term in advance. The deal, which was registered earlier this week, also includes access to four car parking spaces. Juhu remains a sought-after location for Bollywood celebrities, known for its proximity to the beach and premium amenities.Read more
Mumbai's property registrations rose by 5% year-on-year in November 2024, with 10,216 units registered compared to 9,736 the previous year, according to Knight Frank India. The premium segment saw significant growth, with properties priced at INR 2 crore and above comprising 23% of registrations, up from 17% in 2023. Stamp duty collections surged 30%, reflecting increased transactions in high-value properties. Industry experts attribute this trend to affluent buyers' preference for spacious, high-quality homes that offer better long-term value.Read more
In response to worsening air quality in Mumbai, the Maharashtra Pollution Control Board (MPCB) has prohibited the establishment of new ready-mix concrete (RMC) plants within municipal corporation limits in the Mumbai Metropolitan Region (MMR). Existing plants must implement dust control measures and meet compliance requirements within three months or face penalties. New RMC plants outside city limits are subject to stringent location and operational rules, including bank guarantees and air quality monitoring. The MPCB is collaborating with civic authorities to improve air quality across the region.Read more
The Navi Mumbai Municipal Corporation (NMMC) has classified 527 buildings as hazardous under Section 264 of the Maharashtra Municipal Corporation Act, urging mandatory structural assessments for properties over 30 years old. Building owners must obtain safety certifications from NMMC-approved engineers by March 2025 or face penalties of INR 25,000 or the annual property tax amount, whichever is higher. Urgent measures include evacuating 62 critically dangerous C-1 category buildings, slated for demolition. Other structures require varying levels of repairs. The directive highlights the need for swift compliance to mitigate safety risks, but activists stress the importance of effective enforcement to ensure public safety.Read more
The House of Abhinandan Lodha (HoABL) has acquired the American Center in South Mumbai for over INR 56 crore. The seven-storey building, previously part of the US Consulate General, has remained vacant for a decade after the consulate moved to BKC. HoABL plans to develop the property into a luxury residential project with views of Marine Drive and Mumbai Harbour. The deal was finalised after receiving approvals from both the US and Indian governments. This acquisition adds to HoABL's growing portfolio of developments across India, with significant future revenue potential.Read more
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