Indian cricketer Prithvi Shaw has purchased a luxurious 4-bedroom house located on the eighth floor of the high-end residential tower 81 Aureate in Mumbai's Bandra neighbourhood. Spread over 2,209 square feet, the INR 16.5 crore property also includes an additional 1,654 square foot terrace and boasts amenities like a terrace pool, floor-to-ceiling windows, and stylish interiors. The purchase is indicative of the real estate frenzy in Mumbai that has captured celebrities alike, with several other cricketers also investing in high-end residential and weekend properties in and around the city in recent times.Read more

Mumbai's Keystone Realtors, recognized for its Rustomjee brand, saw a rise in sales bookings, reaching INR 2,266 crore in FY23-24, marking a 41% increase from the previous fiscal year. Moreover, the company sold 1.21 million square feet of space, up 17% from the previous year. Notably, the final quarter of FY23-24 witnessed a remarkable 78% surge in sales bookings, with INR 843 crore in bookings, and a 36% increase in area sold. Analysts credit this growth to the persistent demand for homeownership, favourable interest rates, and the reputation of developers like Rustomjee for quality and reliability. CEO Boman Irani expressed optimism, citing achievements across various metrics.Read more

Mumbai-based NBFC, Infinity Fincorp, secured a USD 26 million funding round led by Jungle Ventures to aid small businesses' access to formal credit. Targeting micro-entrepreneurs often neglected by traditional banks, Infinity specialises in lending to businesses like tea shops and small manufacturers. With a loan book exceeding INR 750 crore across 20,000 loans, the funding will expand their reach. Founder Shrikant Ravalkar plans to invest in distribution, accelerating their mission. With micro-enterprises forming over 95% of Indian businesses facing a credit gap exceeding USD 500 billion, Infinity's investment promises a more inclusive and prosperous economic future.Read more

From May 1st, businesses in Mumbai face double property tax penalties if they lack Marathi signage on storefronts. The Brihanmumbai Municipal Corporation has already inspected 87,000 shops, issued 3,000 legal notices, and fined 343 businesses a total of INR 32 lakh. Illuminated signs without Marathi will have licenses revoked, costing INR 25,000 to INR 1.5 lakh to renew. This enforcement follows a Supreme Court-granted two-month compliance window, which ended in November 2023. The Marathi signage requirement aims to promote linguistic diversity and inclusion, catering to the state's predominantly Marathi-speaking population. Businesses are urged to comply quickly to avoid disruptions and additional costs.Read more

The Bombay High Court took issue with a demand of 24% interest on alleged ground rent arrears by MHADA as a condition for conveying land ownership to a cooperative society. MHADA also sought advance ground rent till 2026 totaling over INR 18 crore. The HC said the demand was unacceptable and directed MHADA to execute a land lease agreement and conveyance deed for the commercial building within three weeks. It asked MHADA to consider its observations while revising the demand legally within the next 10 weeks, failing which conveyance cannot be delayed.Read more

The Brihanmumbai Municipal Corporation (BMC) gears up to launch a crucial 120-metre girder with a bowstring arch, connecting the southbound coastal road to the Bandra-Worli sea link on April 16-17. Overcoming challenges of the rocky seabed, the BMC devised a meticulous plan, assembling the bridge at Nhava village jetty before transporting it to Worli. Spanning 850 metres with 270 metres of steel, the project showcases engineering prowess, managed by AECOM, coordinating stakeholders and addressing design complexities. As the BMC works on the northbound arm, the launch signifies Mumbai's infrastructure progress, promising improved transportation and urban development.Read more

Godrej Properties Limited (GPL) achieved a milestone in Mumbai with Godrej Reserve, Kandivali, selling INR 2,690 crore worth of inventory within 15 months of acquisition. This success highlighted the demand for premium residential properties in well-connected areas like Kandivali. The project benefits from Kandivali's developed infrastructure and excellent connectivity via the Western Express Highway and metro lines. With a potential revenue of INR 7,000 crore, Godrej Reserve strengthens GPL's foothold in Mumbai's suburbs. Additionally, GPL entered Hyderabad's market in February with a 12.5-acre acquisition in Rajendra Nagar, highlighting its commitment to providing quality living spaces across India.Read more

The Bombay High Court rejected a petition filed by the resolution professional of Truly Creative Developers Pvt Ltd, which is facing insolvency proceedings, to stop the Slum Rehabilitation Authority from acquiring a land parcel in Mumbai. The builder had acquired the land in the 1990s for a slum rehabilitation project but failed to complete it for over 16 years. In 2021, the slum society terminated Truly Creative as the builder and appointed a new one. The High Court observed that the resolution professional failed to explain how the land could be used to rehouse slum dwellers and deemed the petition an abuse of the legal process.Read more

Mrs. Rubal Prakhar Agarwal, IAS, was appointed as the new Managing Director of Maha Mumbai Metro Operation Corporation Ltd. (MMMOCL) on April 8, 2024. With extensive experience, including as Commissioner of the Integrated Child Development Services Scheme in Maharashtra, Mrs. Agarwal's leadership is expected to steer MMMOCL through its critical phase. The corporation, overseeing metro lines and the Mumbai Monorail, is vital as Mumbai expands its metro network by 337 kilometres. Mrs. Agarwal's appointment reflects MMMOCL's dedication to enhancing public transportation in the Mumbai Metropolitan Region, aligning with the Metropolitan Commissioner's vision for efficient operations and maintenance.Read more

In March, Mahim witnessed robust real estate activity with 24 apartments sold across nine buildings, emphasizing its allure among Mumbai homebuyers. Developer-sold units comprised 42% of transactions, while resale deals made up 37.5%, highlighting Mahim's market dynamism. Rising Midtown Bay led sales, followed by Laxmi Niwas Mahim, solidifying Mahim's status as a coveted locale. The range of properties, from INR 19.8 Lakhs to INR 6.06 crores, caters to diverse budgets. Units varied from 185 to 2,909 square feet, meeting varied needs. With prices per square foot ranging from INR 4,400 to INR 43,300, Mahim offers options for all budget brackets, affirming its inclusivity and attractiveness in Mumbai's real estate scene.Read more

Sunteck Realty Limited (SRL), a prominent luxury real estate developer in India, is expanding its annuity income business by leasing its second premium commercial building, Sunteck Icon, located at BKC Junction, to Bennett, Coleman & Co Ltd. This agreement, spanning 29 years, is expected to generate substantial revenue close to Rs 2,000 crore. The company plans to strategically position itself in Mumbai's key business districts, such as the Bandra-Kurla Complex (BKC) and Oshiwara District Centre (ODC), Goregaon (West). With a diversified pipeline of projects exceeding 50 million square feet and a doubling of its Gross Development Value (GDV) to INR 30,000 crores in FY '24, SRL is set for further growth and expansion.Read more

PNT Reporter

SWAMIH Fund has invested INR 300 crore in Hubtown's Rising City project in Mumbai, with the goal of speeding up completion and providing assistance to over 550 homebuyers who are awaiting possession. Rising City, located on the Eastern Express Highway, consists of six buildings with over 700 units. Despite initial delays owing to regulatory problems, the project acquired all essential licences by 2023. Hubtown, the sole developer presently, is dedicated to ensuring prompt delivery. The investment demonstrates SWAMIH Funds commitment to revitalising stalled real estate projects, tackling difficulties in the affordable housing sector, and supporting growth in Mumbai's thriving property market.Read more

PNT Reporter

The Dharavi Redevelopment Project (DRP) in Mumbai, tasked with rehabilitating over 1.2 million residents of Asia's largest slum, has acquired 27.6 acres of the required 45 acres of land from the Railway Land Development Authority. This will enable the construction of modern housing and recreational facilities for railway employees as well as rehabilitation apartments for Dharavi tenants. The complex will include over 820 apartments across four blocks designed by Hafeez Contractor and is expected to be completed within three years. The DRP paid INR 1000 crore for the land and will pay an additional INR 2800 crore over 17 years through revenue sharing.Read more

The BMC's assessment and collection department has issued notices to several Mumbai Metro contractors for over INR 370 crore in unpaid property tax. As metro construction works are ongoing across the city, contractors are liable to pay taxes on casting yard plots but some like HCC-MMC, CEC-ITD, Doga Soma and L&T have reported delays. Mumbai Metro One Pvt Ltd (MMOPL), which operates the city's first metro line, also owns two large land parcels in Andheri West but has not submitted taxes since 2013, leading the Andheri East and West wards to issue notices for INR 80 crore and INR 220 crore respectively. The BMC warns of cutting water supply or auctioning attached properties if dues remain unpaid by the fiscal year-end.Read more