Hyatt Hotels has launched 'The Grand Showroom' in Mumbai, a luxury venue designed for corporate parties, lavish weddings, and high-profile events. This new space, part of the Grand Hyatt Mumbai, responds to the growing demand for opulent event spaces, which saw a 25% increase in social events from 2022 to 2023. Managed by Juniper Hotels, the venue is expected to generate INR 45-50 crore in its first year of operations in 2025, highlighting the shift towards personalized and upscale gatherings in the city's hospitality landscape.Read more

Godrej Properties has acquired three acres in Vastrapur, Ahmedabad, to develop 0.9 million square feet of residential space, with an estimated booking value of INR 1,300 crore. The project offers diverse apartment configurations in a prime location with excellent connectivity and amenities. Additionally, Godrej emerged as the highest bidder for a group housing project in Kharghar, Navi Mumbai, and is planning a 6.54-acre development, offering around 2 million square feet of space. With an expected total revenue potential of INR 3,500 crore, these projects reflect the company's focus on strategic growth, addressing varied housing needs, and reinforcing its leadership in India's real estate market.Read more

A recent CREDAI-MCHI report reveals that Mumbai remains India's priciest city for rental housing, with 1 BHK rents averaging INR 5.18 lakh annually, far outpacing the salaries of junior employees. Mid- and senior-level professionals are also burdened by high rental costs, leading many to consider relocating to more affordable cities like Bengaluru and Delhi-NCR. The report warns of a potential talent drain as rising costs and unaffordable housing may drive skilled professionals out of Mumbai, jeopardizing the city's workforce and future real estate investments.Read more

The reconstruction of the historic Carnac Bunder Bridge has made significant progress with the successful positioning of the first girder for the new structure. This development follows the demolition of the 154-year-old bridge, which served as a crucial east-west link in South Mumbai, and was closed to vehicles in August 2022. The recent girder installation involved sliding a 550-metric tonne girder over 70 meters above railway tracks, executed under the supervision of MS RITES and in collaboration with the Brihanmumbai Municipal Corporation (BMC) and Central Railway. The bridge is projected to be operational by May 2025, restoring vital connectivity and alleviating congestion in Masjid Bunder and surrounding areas.Read more

The Supreme Court has dismissed a Special Leave Petition from families residing in 41 illegal buildings in Agrawal Nagari, Nalasopara, allowing the Vasai Virar Municipal Corporation (VVMC) to proceed with demolitions. The residents, served a 24-hour eviction notice, had sought relief from the Bombay High Court, which extended the eviction deadline but did not halt the demolitions. The court noted the unauthorized constructions were erected without the necessary approvals, with part of the land designated for public projects. The civic body has requested police protection to carry out the demolitions and plans to cut off utilities to the affected buildings.Read more

Mumbai's first elevated forest walkway through Malabar Hill Forest is expected to open by December 2024, provided the Brihanmumbai Municipal Corporation (BMC) remains on track. Nearly 90% complete, the INR 22 crore project, inspired by Singapore's forest walkways, faced delays due to staff shortages and election activities. Spanning 705 metres with views of the Arabian Sea, the eco-sensitive trail will feature a birdwatching zone and a glass-bottom deck. Efforts have been made to protect the environment, and no trees were harmed during construction. The walkway aims to enhance Mumbai's green spaces while maintaining ecological balance.Read more

Bhaane Retail, a subsidiary of Shahi Exports, has acquired South Mumbai's iconic Rhythm House for INR 30 crore through an insolvency auction. Once a cultural landmark since the 1940s, the music store attracted Bollywood legends before closing in 2016. Previously owned by fugitive Nirav Modi, the property was seized by the Enforcement Directorate in connection with the Punjab National Bank scam. Spanning 16,000 square feet, the heritage building will now be revitalized by Bhaane, marking a key moment in preserving Mumbai's cultural legacy. The company aims to expand its retail presence, bringing new life to the iconic site.Read more

Navi Mumbai police have filed a case against four individuals for allegedly defrauding a Mumbai-based interior designer of over INR 68 lakh by falsely selling her land. The complaint, lodged at the Nerul police station, noted that one accused has died. Senior Inspector Bramhanand Naikwadi revealed that the accused sold a plot in Pali, Raigad district, to a 46-year-old victim but failed to deliver possession. Sumit Jain, who was recently murdered, is among the accused, along with real estate agent Vitthal Baban Nakde, Virendra Kadam, and Chandrakant Sawant, who allegedly impersonated the land's legitimate owner. No arrests have been made yet.Read more

The recent auction of plots in Navi Mumbai by CIDCO saw a tepid response, with only 15 of 47 plots receiving qualified bids, despite ongoing mega-projects that typically drive up property demand. Developers cited high base prices as the primary reason for the limited interest, arguing that the location of many plots did not justify the high rates. CIDCO, however, refuted these concerns, with Vice Chairman Vijay Singhal noting that prices were based on an independent market analysis by Knight Frank, not CIDCO. Some plots saw bids as much as 118% above the base rate. Godrej Properties, among successful bidders, purchased three plots in Kharghar for INR 716.58 crore. While the auction saw fewer bids, it highlights varying demand across locations in Navi Mumbai.Read more

The Maharashtra government has sanctioned INR 41.21 crore for the redevelopment of the Siddharth Vihar hostel in Wadala, following the intervention of Ramdas Athawale, chairman of the People's Education Society and Central Minister of State for Social Justice and Empowerment. The hostel, declared dilapidated in 2015, was demolished by the BMC for safety reasons. Architect Shashi Prabhu initially proposed a renovation plan costing INR 78 crore, but funding delays raised concerns. After continued discussions, the government approved the funds, with the project to be carried out under Public Works Department regulations. This redevelopment will modernize the hostel, honoring BR Ambedkar's legacy and improving educational infrastructure.Read more

Bollywood actor Sara Ali Khan recently purchased two office spaces in Oshiwara, Mumbai, for over INR 22.26 crores, alongside her mother Amrita Singh. This investment follows her previous acquisition of an office in the same tower last year. Several other Bollywood celebrities, including Amitabh Bachchan and Shahrukh Khan, have also invested in properties there. The trend highlights the real estate market's appeal among high-net-worth individuals in the film industry.Read more

Paradigm Realty is offering exclusive festive promotions across three of its premier residential projects-Paradigm 71 Midtown in Chembur, Paradigm Anantaara in Borivali (West), and Paradigm Artteza in Santacruz (West). These offers provide significant savings and privileges for homebuyers and investors. At Artteza, luxurious 2 BHK apartments start from INR 3.51 crore, featuring air-conditioned homes and modern modular kitchens. Paradigm Anantaara offers 2 & 3 BHK residences from INR 2.14 crore, with easy payment plans, while 71 Midtown in Chembur has 1 & 2 BHK homes starting at INR 1.09 crore. Offers include low upfront payments, EMI options, and zero SDR, valid until November 30, 2024.Read more

The launch of the first phase of Mumbai Metro Line-3 marks a transformative milestone for the city's transport network, offering substantial connectivity improvements. Inaugurated by Prime Minister Narendra Modi, the INR 14,120 crore Aqua Line is Mumbai's first underground metro, linking Bandra Kurla Complex (BKC) to Aarey and covering key transit points like T2 and Santacruz. Real estate leaders highlight that Metro Line-3 will significantly boost accessibility, particularly benefitting South Mumbai and suburban areas, where infrastructure developments are poised to drive property demand and values. The metro's integration with other lines, such as Line 1 at Marol Naka, promises a more connected and accessible city. Complemented by projects like the Coastal Road and Santacruz-Chembur Link Road, Mumbai is set to emerge as a global urban hub by 2025, ready to meet the demands of its growing population and dynamic economy.Read more

Temasek Holdings has facilitated Manipal Health Enterprises in acquiring a five-storey hospital in Mumbai's Andheri for INR 115 crore. The property spans 2.6 acres and features approximately 225,000 square feet of built-up area. This acquisition is part of a broader strategy to enhance Manipal's market presence, following its stake increases in Medica Synergie and AMRI Hospitals.Read more

The Maharashtra State Consumer Disputes Redressal Commission recently directed a builder to compensate a Navi Mumbai family with INR 2.75 lakh for poor service and defects in their flat. The complaint, filed in 2019 by Ulwe residents Vir Bhan Sharma (65) and Disha Sharma (27), accused Dhulchand Naik, the proprietor of M/s Ashtavinayak Developer, of failing to address multiple issues, including severe leakage, non-functional lift, and improper fittings in their flat. The case highlights ongoing concerns over unfair trade practices in the real estate sector, with builders being held accountable for poor maintenance and unfulfilled promises.Read more

Godrej Properties (GPL) has won the bid to develop a 6.54-acre group housing project in Kharghar, Navi Mumbai, offering around two million square feet of residential space with an estimated revenue potential of INR 3,500 crore. In the first half of the financial year, GPL saw a 62% rise in collections and over 200% growth in operational cash flow. The company added eight new projects, with a saleable area of 11 million square feet and a booking value potential of INR 12,650 crore.Read more