The Navi Mumbai Municipal Corporation has taken decisive action against unauthorized constructions in the Airoli division, specifically targeting an RCC building at Sagarnath Rama Madhvi in Diva Village. Despite issuing a notice under Section 54 of the Maharashtra Regional Planning and Town Planning Act, 1966, the unauthorized construction continued. Following a High Court order, the demolition of the fifth floor began, utilizing manual tools due to site access limitations. This operation was supported by a team of laborers and officials from the Airoli Division, highlighting the Corporation's commitment to enforcing regulations and addressing illegal constructions effectively.Read more

Mt K Kapital has raised over INR 500 crore for its maiden real estate fund, targeting projects in the Mumbai Metropolitan Region (MMR). The fund focuses on quick turnaround residential developments with low equity investments, aiming for an internal rate of returns (IRRs) exceeding 25%. In collaboration with Keystone Realtors, it plans to invest in 10 to 12 redevelopment projects. The firm's founder, Binitha Dalal, highlights their commitment to channeling capital effectively in the real estate sector, backed by a SEBI-approved Category II Alternative Investment Fund license.Read more

NITI Aayog has introduced an ambitious master plan to transform the Mumbai Metropolitan Region (MMR) into a global economic hub. The proposal includes developing 10 planned cities, 2 tourism hubs, and 7 business districts, focusing on rehabilitating 2.2 million slum households into affordable housing. The plan identifies seven core industries to drive growth and aims to enhance tourism significantly. Infrastructure improvements will include substantial office, hotel, and warehousing space, as well as new educational and healthcare facilities.Read more

The Dharavi redevelopment project is introducing incentives to attract investment, including relaxed open space requirements in front of buildings, aimed at fostering a more usable urban environment. S.V.R. Srinivas, CEO of the Dharavi Redevelopment Project, has requested the authority to allow these relaxations without charging a premium, provided they do not compromise public safety. Adjustments will be considered in cases of demonstrable hardship, with the CEO required to justify any changes in writing. A proposed new sub-clause in the Development Control & Promotion Regulations 2034 seeks to clarify the implications for open space requirements, which currently mandate a 10ft setback.Read more

CREDAI-MCHI congratulated Maharashtra Chief Minister Shri Eknath Shinde on receiving the 2nd World Agriculture Prize for his contributions to environmental protection and sustainable development. The organization emphasized its support for initiatives that foster socio-economic growth and a greener Maharashtra. CREDAI-MCHI President Domnic Romell highlighted the alignment of sustainable agriculture with real estate goals, while Secretary Dhaval Ajmera praised the Chief Minister's commitment to farmers. The event featured discussions on global food security, showcasing collaboration between government and private sectors in promoting sustainable practices.Read more

The Mumbai Income Tax Appellate Tribunal (ITAT) has sent a case back to the Income Tax (I-T) authorities for further investigation regarding a tax deduction claimed by P. Shah. Shah invested INR 9.5 crore from a share sale into two adjacent apartments in Navi Mumbai, claiming a tax exemption under Section 54-F, which allows for tax-free long-term capital gains if invested in a single residential unit. The I-T department rejected his claim, arguing the two apartments are separate properties, but Shah argued they should be considered one unit. The ITAT directed physical verification to confirm if the apartments were merged into one.Read more

Morgan Stanley has consolidated its Mumbai Global In-house Centre operations into a single campus at Oberoi Commerz III, marking a significant investment in the region. With a lease covering 1.1 million sq. ft. and a rental payout exceeding INR 2,122 crore over nearly ten years, this move underscores the firm's commitment to India. The expansion aligns with a broader trend of multinational companies growing their global insourcing centres in India, reflecting the country's robust talent pool. Despite global economic uncertainties, India's office sector continues to thrive, achieving record leasing figures in recent months.Read more

Utpal Sheth, CEO of Rare Enterprises, recently purchased a luxury sea-view apartment in Mumbai's upscale Worli area for over INR 123 crore. The apartment, located on the 54th floor of Oberoi Three Sixty West, offers 15,795 square feet of space, including a large balcony. The deal, registered earlier this week, involved a stamp duty of around INR 7.40 crore. Mumbai's real estate market continues to thrive, with record-high sales in 2023, led by South and Central Mumbai's high-value transactions involving prominent business leaders and celebrities.Read more

The 158th MMRDA meeting, chaired by Chief Minister Eknath Shinde, focused on enhancing connectivity and infrastructure in the Mumbai Metropolitan Region. Key decisions included the revision of the Backbay Reclamation development plan, which prioritizes residential and commercial zoning while preserving natural features. Additionally, an access-controlled highway was approved to improve travel times between key areas, along with the establishment of a Project Implementation Unit for the Economic Master Plan. These initiatives aim to bolster Mumbai's status as a global economic hub.Read more

KA Enterprises LLP, owned by Bollywood star Deepika Padukone and her father, Prakash Padukone, has made a notable entry into the real estate market with the purchase of a luxury apartment in Mumbai's Bandra West for about INR 17.78 crore. This property, situated in the sought-after Sagar Resham Co-operative Housing Society near Bandstand, spans approximately 1,846 square feet and includes a designated parking space. In a related transaction, Deepika's mother-in-law, Anju Bhavnani, acquired an adjacent apartment for around INR 19.13 crore. This growing trend of celebrity investments in Bandra West includes notable figures like Aamir Khan, Tripti Dimri, K.L. Rahul, and Athiya Shetty, highlighting the area's appeal as a prime residential hotspot.Read more

The Mumbai Metropolitan Region Development Authority (MMRDA) signed a Memorandum of Collaboration (MoC) with the World Economic Forum (WEF), marking it as the first parastatal agency to do so. The partnership aims to advance sustainable urban development and enhance economic growth in the Mumbai Metropolitan Region (MMR), projecting its GDP contribution to reach INR 300 billion by 2030. It emphasises global expertise, job creation, and infrastructure innovation, while supporting Maharashtra's climate goals. Prof. Klaus Schwab highlighted the MoC's potential to position Mumbai as a leading global city.Read more

Mumbai's first underground Metro, the aqua line, is set to begin operations from Aarey Colony to Bandra-Kurla Complex (BKC) by 1st October, pending safety clearance. This 12.5 km stretch is part of the larger 33.5 km Colaba-Seepz-Aarey Metro Line 3. Once inaugurated, the line will operate 96 daily services, connecting key locations like the Chhatrapati Shivaji Maharaj International Airport and the Marol Naka station. With a capacity of 650,000 passengers per day, the project aims to enhance Mumbai's urban transit system, reducing travel time while promoting inclusivity through women operators and staff involvement.Read more

Sanjay Shirsat, the newly appointed chairman of the City and Industrial Development Corporation (CIDCO) aims to transform leasehold land in Maharashtra into freehold, addressing long-standing demands from Navi Mumbai residents. He took office earlier this week, succeeding a position that had been vacant for four years. While residents advocate for freeholding, CIDCO maintains that acquired land remains leasehold. Shirsat pledged to seek government support and emphasised the importance of timely project completion, focusing on the interests of those affected and the broader community in Navi Mumbai.Read more

Prithviraj Sukumaran's production company has acquired a duplex in Mumbai's upscale Pali Hill for INR 30.6 crore, confirming the area's appeal among Bollywood stars. Apco Infratech has also purchased a sea-view triplex for INR 155 crore in the same neighbourhood. Pali Hill, known for its luxury properties and celebrity residents, continues to attract high-profile investments, with local property prices starting around INR 1 lakh per square foot. The area's rich cultural legacy and stunning views reinforce its status as a prime residential choice for affluent buyers, ensuring ongoing demand in Mumbai's luxury real estate market.Read more

The Brihanmumbai Municipal Corporation (BMC) has issued an INR 918 crore tender to construct two flyovers connecting Ghatkopar, Mankhurd, and Vashi to ease traffic. One flyover will extend from the Ghatkopar-Mankhurd Link Road (GMLR) towards Vashi, while the other will connect the Sion-Panvel highway to GMLR. Concerns have arisen over the flyovers' alignment with the ongoing Metro Line 8 project. The flyovers aim to reduce congestion and improve connectivity in key Mumbai areas.Read more

The HOMETHON Property Expo 2024, organised by NAREDCO Maharashtra, will take place from October 4 to 6 at the JIO World Convention Centre in Mumbai. Following last year's success with 55,000 visitors and INR 1,050 crore in sales, this year's expo promises over 1,000 projects from leading developers, covering a wide range of prices from INR. 19 lakhs to 9 crores. Bollywood stars Riteish and Genelia Deshmukh will serve as brand ambassadors. Attendees can benefit from attractive home loan offers and exclusive discounts, enhancing the home-buying experience.Read more