Bollywood singer Sonu Nigam's father, Agam Kumar Nigam, has acquired a luxurious property in the upscale Versova neighbourhood of Mumbai for a staggering sum of INR 12 crore. The apartment, situated on the 10th floor, is located along the Versova Sea Link and spans an impressive area of 2,022 square feet. Mumbai has recently seen many noteworthy transactions, including Mavjibhai Shamjibhai Patel's INR 97.4 crore apartment purchase in Oberoi 360 West, Shahid Kapoor and Mira Kapoor's INR 60 crore luxury sea-view apartment, and Anil Gupta's INR 270 crore investment in the Lodha Malabar project. These high-value deals showcase Mumbai's status as a premier destination for the country's elite seeking premium real estate investments.Read more

The Brihanmumbai Municipal Corporation (BMC) recently demolished a 50-year-old bakery in Byculla, Mumbai, occupying 500 square meters of land owned by the civic body. The bakery, which had been operating in the Kamathipura area since 1974, was allegedly hindering the redevelopment process of the area. Despite being provided an alternate location in Goregaon by the BMC, the bakery owner continued to use both premises, leading to a legal battle. The court ultimately ruled in favour of the BMC, allowing the demolition to proceed under the supervision of 25 BMC officials and 20 police officers. The civic body has already issued a letter of intent for the redevelopment of the 3,400 square meter area, which includes 117 tenants, ensuring the creation of a 22-story rehabilitation wing, a 35-storey sale tower, and a new public playground. This case sets a precedent for the BMC's renewed efforts to reclaim illegally occupied plots across Mumbai for public benefit.Read more

A new report from property consultancy Anarock reveals that the number of skyscrapers over 40 floors tall in the Mumbai Metropolitan Region will grow by 34% between 2024-2030. There are currently 361 high-rise buildings in the MMR, with 154 completed so far and another 207 scheduled for completion in the next six years. Rising population levels and higher development densities permitted over the last decade are fuelling demand for tall buildings. The state government's recent reduction of premiums for additional constructed space is also encouraging more high-rise development among builders. South Central Mumbai currently has the most towers, though growth is projected across all areas in the coming years.Read more

In May 2024, property registrations in Mumbai's municipal region surged 22% year-on-year to 12,000 units, driven by robust housing demand, according to Knight Frank India. This growth led to a 24% rise in state revenue, reaching INR 1,034 crore. Residential units constituted 80% of these registrations. The market has seen consistent year-on-year growth for ten months since August 2023, with high-value properties, particularly those above INR 1 crore, comprising a significant portion of sales. Central and Western suburbs were the most popular, accounting for over 75% of registrations. Knight Frank expects this positive trend to continue, supported by strong economic growth and favorable interest rates.Read more

Mumbai's luxury apartment market is booming, driven by a growing domestic demand for high-end living and a limited supply of prime properties. Bollywood star Shahid Kapoor and his wife recently bought a sea-view apartment for over INR 60 crore in the prestigious Three Sixty West project in Worli. This is Kapoor's second purchase in the same tower, following a duplex he bought in 2018 for INR 58.57 crore. His latest acquisition spans 6,176 square feet with three car parking spaces. The trend reflects increased interest from celebrities and business tycoons in Mumbai's luxury real estate, further boosting the market.Read more

In a significant real estate transaction, Godrej & Boyce Manufacturing Company has sold an office spread over nearly 58,500 sq ft across two floors in the Godrej One commercial complex in Vikhroli, Mumbai, to its sister company, Godrej Industries, for INR 157 crore. The sale includes exclusive access to 75 car parking slots. The existing lease of the 9th-floor office space to Simpliwork Offices has been transferred to Godrej Industries. This move aligns with the recent ownership realignment within the Godrej Group, where Jamshyd Godrej and his family will oversee the Godrej Enterprises Group, while Nadir Godrej will lead the Godrej Industries Group. The transaction highlights the group's strategic restructuring and its focus on streamlining operations and asset management.Read more

Bhuleshwar, a historic locality in South Mumbai, is renowned for its cultural heritage and blend of traditional and modern structures. Home to iconic temples like the Mumbadevi Temple, it offers diverse housing options ranging from modest apartments to refurbished colonial-era buildings. In April, New Jawahar Mansion led real estate transactions, with resale properties dominating the market. Property sizes varied significantly, catering to different buyer preferences, with prices per square foot averaging around INR 23,995. A significant portion of sales fell within the INR 1 crore range. Bhuleshwar's strong market activity, strategic location, and rich cultural landscape make it a desirable area for both residents and investors.Read more

Karan Bhagat, CEO of 360 ONE, purchased two sea-view apartments in Mumbai's Worli area for INR 170 crore, setting a new record in India's luxury real estate market. Located in the prestigious Three Sixty West project by Oberoi Realty, the deal amounts to approximately INR 1.31 lakh per square foot. The transaction, spanning 12,900 square feet and including eight parking spaces, underscores the growing demand for ultra-luxury properties in prime Mumbai locations. This record-breaking purchase highlights the city's thriving luxury real estate sector, catering to affluent buyers seeking prestigious addresses and exclusive amenities.Read more

Mumbai's Brihanmumbai Municipal Corporation (BMC) collected INR 4,856 crore in property tax for FY 2023-24, the lowest in two years and below the previous year's INR 4,994 crore. Despite surpassing its INR 4,800 crore target, delays in issuing tax bills and staffing shortages due to Lok Sabha elections hindered collections. Controversy over a proposed 17.5% tax hike and subsequent bill revisions further impacted efforts. K/East ward led with INR 463 crore, while B ward collected the least at INR 33 crore. The BMC has not raised property taxes since 2015, balancing revenue generation and public sentiment remains critical.Read more

Mumbai's housing market is booming. New home registrations rose 17% in May 2024 compared to last year, with a strong demand for mid-sized apartments (500-1,000 sq. ft). This hot market is fueled by rising incomes, a potential post-pandemic preference for city living, and overall economic stability. Experts point to strong buyer confidence and favorable interest rates as reasons for the growth, with stamp duty collections jumping over 19% as well. While property prices might be rising, the continued increase in sales suggests this growth is likely to stay, creating a positive environment for potential homebuyers in Mumbai.Read more

A recent ruling by the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) determined that for an under-construction property, the date of taking possession should be considered when determining eligibility for tax benefits under Section 54 of the Income Tax Act. Section 54 of the Income Tax Act allows taxes on long-term capital gains from selling an old home to be reduced by investing in a new property within a specified time period. However, an Income Tax officer denied benefits to a non-resident couple citing the purchase agreement date, not possession date. ITAT ruled in favour of the taxpayers, holding that possession date, which fell within the required period, determined eligibility for the tax break.Read more

K Raheja Corp Homes recently launched Raheja Amaltis, a luxurious residential project in Sion, Mumbai, near the Chembur-BKC connector. It features spacious 3 to 4-bedroom homes with decks, offering views of the BKC skyline and Maharashtra Nature Park scheduled for completion by 2027. Amenities include a rooftop infinity pool, fitness center, sky bar, and more. Designed for corporate leaders and elite professionals, Raheja Amaltis emphasizes sustainability with advanced water treatment and energy-efficient fixtures. Its strategic location ensures excellent connectivity to major business hubs in the city.Read more

The much-anticipated Mumbai Coastal Road, a critical infrastructure project, has hit a snag with the discovery of a leakage in the recently opened south-bound tunnel. The Brihanmumbai Municipal Corporation (BMC) has now pushed forward the opening of the entire road by almost five months, from May to October this year, in order to address the issue. Maharashtra Chief Minister Eknath Shinde has assured the public that the main structure of the road is safe, and the leakage, which is from the expansion joints, is being addressed as a priority. The delay in the project's completion is also attributed to a labour shortage and the upcoming monsoon season, which will impact road construction. Despite these challenges, the BMC remains committed to delivering this crucial infrastructure project to the people of Mumbai.Read more