ASK Property Fund, part of Blackstone-backed ASK Asset & Wealth Management Group, is investing INR 190 crore in a residential project in Mumbai's Borivali (West). This investment will fund the redevelopment of a 6-acre site by Kalpataru Group, creating 310 new residential units across a 6.5 lakh square feet saleable area. The project targets the upper-middle segment and benefits from Borivali West's excellent connectivity to roads, railways, and metro networks, along with robust social infrastructure. This marks ASK Property Fund's second collaboration with Kalpataru Group, reinforcing their strong partnership. The area has seen a property sales increase of 18-20% year-on-year in 2023.Read more

The Mumbai Metropolitan Region saw a 10% year-over-year growth in average registered home sales value in the second quarter of 2024. The analysis conducted by the Square Yards suggests that there is a demand for high valued homes. Developers have observed significant growth of bulk sales in peripheral regions while the suburbs ask for luxury and ultra-luxury projects. The Lodha Group remains on top of the board in total registered transactions and total value sales. Peripheral suburb areas like Kalyan-Dombivali are leading the market while Mumbai's southern micro market dominated the region with the highest record for average sales.Read more

Cricket star KL Rahul and actress Athiya Shetty have made a notable entry into Mumbai's high-end property market with the purchase of a luxury apartment for over INR 20 crore. Located in the prestigious Pali Hill area on Nargis Dutt Road, the apartment spans 3,350 square feet within the Sandhu Palace tower and includes four car parking spaces. This purchase, along with a stamp duty of INR 1.20 crore, underscores the high value of prime real estate in Mumbai. The couple's investment highlights the ongoing trend of celebrities investing in Mumbai's lucrative property market, reflecting its appeal as both a personal and financial asset.Read more

JSW Infrastructure, India's second-largest private port operator, has acquired office space in Navi Mumbai's L&T Seawoods Grand Central for INR 88 crore. The 52,690 square feet space, spread across 11 units in the complex, includes 52 dedicated parking spaces. This strategic leasing decision aligns with the broader trend of flexible office space solutions in India, offering room for growth and adaptation. Despite an 8% drop in net profit for Q1 2024, JSW's 20% revenue increase to INR 1,104 crore underscores its expansion plans. The move enhances its presence in a key business district, supporting future growth.Read more

The Royal Western India Turf Club transferred a 120-acre parcel of the Mahalaxmi Racecourse to the Brihanmumbai Municipal Corporation for a park project. In return, the Mahayuti government renewed RWITC's lease on 91 acres with an INR 133-crore lease rent concession for 30 years and waived nearly INR 120 crore in past dues, totaling an INR 253-crore loss for the state and BMC. Despite the finance department's objections, the State Cabinet approved the proposal. RWITC had requested a reduced lease rent and waiver of arrears, citing its contribution to the park project. Attempts to contact RWITC's secretary were unsuccessful.Read more

Following a serious incident where a slab fell from the Jog Flyover on Mumbai's Western Express Highway, injuring a driver, the Brihanmumbai Municipal Corporation (BMC) has asked the Mumbai Metropolitan Regional Development Authority (MMRDA) to address the urgent repairs. A recent Veermata Jijabai Technological Institute (VJTI) audit found the flyover's superstructure in poor condition. However, BMC hesitates to act due to ongoing legal disputes involving Hiranandani Constructions Pvt Ltd (HCPL), responsible for maintenance since 2005. HCPL, citing INR 64 crore in expenditures and legal issues, has not addressed the repairs. MMRDA, previously overseeing the flyover, is now expected to intervene.Read more

The Union Budget 2024-25 prioritizes urban development under the Viksit Bharat initiative, aiming to enhance infrastructure and reshape urban living. Mumbai's western suburbs are benefiting from significant infrastructure improvements, with these areas accounting for 31% of the city's registered home sales value-INR 14,467 crore out of INR 46,833 crore from April to June 2024. Enhanced connectivity and amenities are driving demand, especially in Borivali, Kandivali, Malad, and Goregaon. CREDAI-MCHI and CRE Matrix report a 13% increase in housing sales but a 35% decline in new launches for FY 2024. Key projects like Metro Line 3 and the Coastal Road are expected to boost property values and attract further investment.Read more

In July 2024, Mumbai's real estate market saw a significant 19% increase in property registrations, reaching 12,160 transactions, up from 10,221 in July 2023. Stamp duty collections also surged by over 27% to INR 1,055 crore, compared to INR 832 crore in the previous year. June 2024 had strong performance with 11,673 registrations and collections of INR 1,014 crore. Experts attribute this growth to strong buyer confidence, economic factors, and favorable policy measures. Mr. Prashant Sharma of NAREDCO Maharashtra and Mr. Pritam Chivukula of Tridhaatu Realty highlight the market's resilience and shifting buyer preferences towards larger and luxury units.Read more

In Navi Mumbai, a major crackdown on unauthorised constructions has been launched across eight locations, guided by Commissioner Dr. Kailas Shinde and Deputy Commissioner Dr. Rahul Gethe. Actions included demolitions in Belapur, Turbhe, Koparkhairane, and Ghansoli, where structures by Mahesh Kumbhar, Ravindra Waghmare, Vasudev Patil, Dilip Patil, Atmaram Yedge, Jayashree Shinde, Sonu Gupta, and Sagarnath Madhavi were removed. This effort involved a range of equipment and personnel, ensuring strict adherence to urban planning laws. Authorities pledge continued action to enforce regulations and prevent further violations.Read more

Abha Gupta and Shreekrishna Gupta, part of the Lloyds Group promoter family, have acquired a luxurious triplex penthouse for INR 107.15 crore in Worli, Mumbai. Located in the Sea Crest building on Dr. Annie Besant Road, the 13,207 sq ft property boasts a price of INR 81,133 per square foot and includes 16 car parking spaces. This personal investment reflects Mumbai's booming luxury real estate market, characterised by record-high property sales and increasing demand in premium areas like "Billionaire's Row." The transaction highlights the city's status as a hub for ultra-luxury living, attracting industrialists, celebrities, and other high-profile buyers.Read more

Japanese conglomerate Shinryo Corporation is entering the Indian market by acquiring an 85% stake in Mumbai-based GMP Technical Solutions for an equity valuation of INR 185 crore (USD 22 million). This move aims to capitalise on the growing demand for clean room technology in India's electronics and pharmaceutical sectors. Clean rooms, crucial for manufacturing sensitive products, require controlled environments. GMP, India's second-largest clean room equipment maker, specialises in partitions and will benefit from Shinryo's HVAC expertise. This acquisition is driven by India's booming electronics and pharmaceutical industries, valued at USD 70 billion and USD 45 billion in 2023, respectively.Read more

The BMC is launching a INR 116-crore net-zero building in Santacruz to meet the Centre's 2070 net-zero emissions target. This eco-friendly project will replace the H/East ward office, utilising energy-efficient systems, rainwater harvesting, and sewage treatment to convert waste into reusable resources. The building aims to achieve net-zero certification under LEED and IGBC standards, with a completion timeline of ten years. This initiative aligns with upcoming elections, emphasising environmental compliance and sustainability.Read more

The Dharavi redevelopment project, a joint venture between the Adani Group and the Maharashtra government, has reached a critical juncture. The blueprint is ready, but relocating an estimated one lakh households is a major hurdle. Dharavi Redevelopment Project Limited (DRPPL) will build nearly 1.5 lakh homes for these residents on around 1,000 acres across Mumbai, dubbed 'Nav Dharavis'. Finding suitable land is challenging due to Mumbai's space constraints, with 540 acres identified but facing environmental and regulatory issues. The project's ambitious seven-year timeline for relocation and rehabilitation, and a total 17-year completion goal, hinges on overcoming land acquisition, relocation, and community acceptance challenges.Read more

On July 27, 2024, at 4:45 am, the Navi Mumbai Municipal Corporation (NMMC) responded to the collapse of Indira Niwas, a four-story building in Shahabaz Village, Belapur. By 5:00 am, rescue operations were underway with teams from the NMMC fire brigade, NDRF, and key officials including Dr. Kailas Shinde and Mr. Sharad Pawar. Two individuals were rescued and are stable, while three others were found dead. The building, housing 39 adults and 16 children, has been evacuated, with the victims' families set to receive aid from the Chief Minister's Assistance Fund.Read more

Suryoday Small Finance Bank has made a strategic move by acquiring 59,457 square feet of office space in the L&T Seawoods Grand Central complex, Nerul, for INR 100 crore. This acquisition, spanning 12 units across three wings, supports the bank's current operations and future growth plans. With exclusive access to over 58 car parking spaces, the new office reflects the bank's expansion strategy amidst a thriving market. The investment aligns with Suryoday's recent performance rise, reporting a 56.4% profit increase. This expansion underscores the bank's commitment to capitalizing on Navi Mumbai's robust business environment.Read more

Mumbai's 112-year-old Sion Road Over Bridge (ROB) will shut down completely from midnight on July 31, 2024, for a major demolition and reconstruction project. The bridge, vital for connecting Sion East and West, will be rebuilt to enhance safety and traffic flow. The project, beginning August 1, 2024, and ending July 31, 2026, will significantly impact traffic. Diversion plans include rerouting through Sion Hospital Junction, K.K. Krishnan Menon Road, and St. Rohidas Marg. No-parking zones will be enforced to manage congestion. Despite short-term inconveniences, the new bridge promises improved commute efficiency.Read more

Mumbai's Metro 3 project, set to open its first phase from Aarey Colony to Bandra Kurla Complex (BKC) by September 2024, faces delays due to a contractor falling behind schedule. The Mumbai Metro Rail Corporation (MMRC) identified a joint venture led by J Kumar Infra as responsible for the incomplete work at six stations. Despite progress in other areas, 5% of station work remains unfinished, leading to a penalty of INR 2 crore for negligence during the monsoon. The state government remains optimistic about meeting the revised deadline, with the project currently 98% complete.Read more