Kanakia Spaces, a real estate developer, has announced plans to invest over INR 1,100 crore in the redevelopment of two large housing societies in Borivali, Mumbai. Spanning 3.3 acres, the project holds potential for over 1.2 million sq ft of development, with a projected value exceeding INR 1,500 crore. The project will begin within six months and is expected to be completed in four years. Despite challenges such as tenant disputes and regulatory hurdles, redevelopment projects remain a key growth area in Mumbai's land-starved real estate market.Read more

In September, Mumbai property registrations fell 14% year-on-year to just over 9,100 units, down from 10,694 the previous year, largely due to the Shraadh period, a time when people avoid major transactions. Knight Frank reported this decline, noting that the culturally significant 12-day Shraadh, which ran from September 29 to October 14 in 2023, often impacts the primary and secondary real estate markets. As a prominent global consultancy, Knight Frank provides market analysis, transaction advisory, and strategic consulting across sectors, helping clients navigate market trends like this seasonal slowdown, common in the real estate sector during Shraadh.Read more

The Real Estate Appellate Tribunal (MREAT) has reversed a MahaRERA order, requiring the promoter of a Jogeshwari (East) project to refund INR 13.5 lakh plus 2% interest to allottees who booked a flat in 2019. The developer had previously forfeited the booking amount after the allottees requested cancellation due to loan difficulties. MREAT found that the promoter violated Section 13 of the RERA Act 2016 by accepting more than 10% of the flat's cost without a written agreement. The tribunal highlighted that there was no evidence of loss from the cancellation, reinforcing the need for justifiable reasons for forfeiture.Read more

Balaji Rao

Construction of residential skyscrapers has surged globally over the last decade due to rapid urbanisation and land scarcity. Developing cities like Mumbai are at the helm of this evolution, with over 800 high-rise structures already in use and another 200 currently under construction. While skyscrapers are seen as a symbol of progress and luxury by many, the reality is far more complex. These towering structures often compromise comfort, safety, and sustainability. They require more resources to build and maintain, and their environmental impact is significant. They are unsuited for Indian weather and infrastructure and can reduce access to natural ventilation and sunlight if not planned well. By focusing on low-rise, high-density developments, urban planners and developers can offer a better quality of life and a more sustainable future for residents.Read more

Kishore Mishrilal Bang, promoter of Nirmal Bang Securities, has acquired two luxury apartments in the under-construction Raheja Modern Vivaria project in Mahalaxmi, south Mumbai, for approximately INR 45.69 crore. The combined carpet area of the apartments is 5,255 square feet, reflecting the increasing appeal of high-end real estate in the city. Developed by K Raheja Corp Homes, the project is expected to be completed by 2028 and replaces a former textile mill. This acquisition underscores the growing trend of luxury living among prominent business figures in Mumbai.Read more

The Brihanmumbai Municipal Corporation (BMC) D-ward has issued a tender worth INR 1.2 crore for desilting Banganga Tank in Walkeshwar after a previous contractor caused damage to the heritage steps by using an excavator. Following public outrage and a registered FIR, BMC terminated the contract with Savani Heritage Conservation. Although the contractor completed 10 to 12 percent of the work under a separate INR 4.5 crore contract, fresh tenders are now set to be floated.Read more

Earlier this month, the Maharashtra government approved acquiring 255.9 acres of environmentally sensitive salt-pan land from the Central government to house individuals excluded from the Adani Group-led Dharavi Redevelopment Project. While the Central government approved the transfer in September, environmental activists and Dharavi residents have opposed it. Salt pans help mitigate flooding, raising concerns about environmental hazards. The land will be used for affordable housing for those ineligible for Dharavi’s redevelopment. Opposition parties claim the plan prioritizes corporate interests over residents' needs. Environmentalists warn of potential flooding, referencing the deadly 2005 deluge, urging the government to reconsider its approach.Read more

The Navi Mumbai International Airport (NMIA) has completed its runway construction, with a trial flight scheduled for October 5, attended by Prime Minister Narendra Modi. CIDCO chairman Sanjay Shirsat expressed optimism about the project, anticipating domestic operations by March 2025 and international flights by June 2025. Developed by Adani Airports and CIDCO, NMIA will feature four terminals and is expected to alleviate pressure on Mumbai's existing airport.Read more

Princeton Digital Group has partnered with K Raheja Corp's Mindspace Business Parks REIT to create its largest data centre campus in India at Mindspace Airoli West. The agreement includes a 20-year lease for five buildings across 16 acres, adding one million square feet to Princeton's portfolio. The project will enhance the REIT's total footprint to 1.6 million square feet, supporting the growing demand for data centres in Navi Mumbai, a hub for infrastructure and AI technology.Read more

During the recent WSO INDIA OHS&E Professional Development Symposium, the Mumbai Metropolitan Region Development Authority (MMRDA) received the prestigious Gold 4-Star Trophy for its Mumbai Metro Line 09 project, known as the Dream Line. This recognition underscores MMRDA's strong commitment to maintaining high safety and health standards in the construction industry. Under the adept leadership of Dr. Sanjay Mukherjee, MMRDA prioritises the welfare of its workers while ensuring projects are executed efficiently. Spanning 13.581 kilometres and featuring seven stations, this corridor will significantly improve regional connectivity and establish new benchmarks for safety practices in future urban infrastructure developments.Read more

Maha Mumbai Metro Operation Corporation Ltd. has extended its train services from October 7 to October 11, 2024, to accommodate the surge in late-night commuters during the Navaratri festival. The metro will introduce twelve additional trips between Gundavali and Andheri West, increasing the total number of trips to 294. The last trains will depart at 12:30 AM, running every 15 minutes during extended hours to ensure safe and convenient transportation for festival-goers. This initiative reflects the metro's dedication to providing reliable, accessible public transport, allowing passengers to fully enjoy the celebrations without transportation concerns.Read more

The Mumbai Metropolitan Region Development Authority (MMRDA) has approved a significant sum of INR 8,498 crore for a Slum Rehabilitation Scheme at Ramabai Ambedkar Nagar and Kamraj Nagar in Ghatkopar (East). This project aims to rehabilitate approximately 17,000 slum dwellers over 48 months, providing free housing and essential infrastructure. The initiative, supported by the Government of Maharashtra, will enhance living standards while promoting sustainable urban development and aiding the Eastern Freeway extension.Read more

Metro Line 5, also known as the Orange Line, is a key addition to Mumbai's transit system, stretching 24.90 km and featuring 15 elevated stations to connect areas like Thane, Bhiwandi, and Kalyan. The project aims to alleviate traffic congestion and offer efficient public transportation. A recent milestone in the project was the successful erection of two special spans-57.50 and 46 meters long-using high-capacity cranes, completed efficiently in just five hours. This achievement showcases the technical expertise and careful planning of the construction team, with the line expected to be completed by 2025, pending logistical factors.Read more

The Rail Land Development Authority (RLDA) has announced bids for a prime railway land parcel of over 10,000 square meters in Mahalaxmi, offering immense potential for high-end residential projects, luxury hotels, and Grade-A office spaces. The site, with a reserve price of INR 805 crore and an FSI of 4.05, is expected to stimulate economic growth and transform Mumbai's skyline. Featuring dual-road access, it is suitable for diverse developments. RLDA officials anticipate strong competition, as the successful bidder will create a landmark project that sets new standards for luxury and innovation in the city's real estate market.Read more

CREDAI-MCHI recently hosted the first-of-its-kind 'Redeveloping Mumbai: Ease of Doing Redevelopment (EODR)' exhibition at the Jio Convention Centre this week. The exhibition facilitated connections between over 900 housing societies and 40 leading developers. A key highlight was the launch of the Ease of Doing Redevelopment Report, showcasing insights into Mumbai's redevelopment landscape. The event featured discussions on streamlining processes and a commitment to transparency and inclusivity from government officials. A panel discussion included industry leaders, enhancing the dialogue on legal frameworks and redevelopment strategies.Read more

The Mumbai Metropolitan Region Development Authority (MMRDA) has secured a significant loan of INR 31,673.79 crores from Power Finance Corporation (PFC) to finance nine key infrastructure projects. This funding will cover 80% of the total project costs and includes initiatives such as the Thane Coastal Road, the Eastern Freeway extension, and multiple elevated roads and bridges. These developments aim to improve connectivity and enhance the quality of life in MMR, transforming its transportation landscape.Read more