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The Bombay High Court recently heard an appeal by a Pune developer challenging orders directing payment of interest to two homebuyers for delayed possession of their homes beyond the promised dates of August 2016 and September 2017. While dismissing the appeal, the High Court upheld the homebuyers' right to claim interest for delayed possession under Section 18 of RERA, even after taking possession. In its ruling, the Court clarified that homebuyers can take possession first before filing complaints with MahaRERA to avoid further losses, and that Section 18 applies to both homebuyers who have withdrawn or are continuing in delayed projects.Read more
Bollywood actor Imran Khan and girlfriend Lekha Washington have leased a sea-facing apartment in Bandra from producer Karan Johar for three years, joining a trend among celebrities preferring luxury rentals in Mumbai. The Clefepete apartment costs INR 9 lakh per month with a INR 27 lakh security deposit. Similarly, stars like Kriti Sanon, Vicky Kaushal, and Katrina Kaif opt for leased accommodations rather than purchasing a property. Some actors, like Tiger Shroff and Ranbir Kapoor, have purchased real estate as an investment. With Mumbai's real estate prices high, renting offers flexibility and quality living spaces for celebrities, ensuring the continued popularity of luxury rentals in prime Mumbai locations like Bandra and Juhu among Bollywood stars.Read more
In March 2024, Mumbai saw a surge in property registrations, with over 14,411 properties registered, indicating a strong real estate market. Most registrations were for residential units, especially in Central and Western suburbs, showing high demand for homes with modern amenities. Though stamp duty revenue dropped due to a high base effect from the previous year, monthly figures showed a 29% increase, reaching INR 1,143 crore. Homebuyers favoured mid-sized properties, but there's also a growing interest in larger homes, reflecting changing preferences. Overall, Mumbai's real estate market remains robust, driven by confident buyers and diverse housing options.Read more
The Brihanmumbai Municipal Corporation (BMC) aims to merge the Gopal Krishna Gokhale Bridge with the Barfiwala Flyover by seeking Election Commission of India (ECI) permission to expedite construction during the code of conduct period. Costing INR 8 crore, the merge involves lifting the last four spans of the flyover to align with the bridge. Veermata Jeejabai Technological Institute (VJTI) confirmed the feasibility in their report, estimating a 90-day process. The BMC awaits a second opinion from IIT-Bombay before floating tenders. The Gokhale Bridge's elevation, due to railway guidelines, caused misalignment with the flyover, constructed in 2008, prompting the merge for seamless connectivity.Read more
In a significant judgment, the Bombay High Court has approved the redevelopment of a Mumbai housing society by Truearth Developers, rejecting an insolvent builder's claim over the project. The court emphasized that the Insolvency and Bankruptcy Code cannot be used to delay development or deny transit rent payments to displaced residents. It criticized the practice as "absurd" and "inequitable", underscoring that society members should not suffer due to a builder's insolvency. The ruling reaffirms residents' fundamental rights to redevelopment and compensation, setting an important precedent that prioritizes citizens' welfare over narrow corporate interests.Read more
The state government approved CIDCO's redevelopment policy for dilapidated buildings in NAINA, granting a 30% extra area. Villagers demand 2.5 FSI for feasibility. The policy applies to 94 villages in NAINA, covering 225.59 sq km, particularly those with Town Planning Schemes ready. Residents of dilapidated or 30-year-old buildings will benefit, with either extra FSI or additional construction area without premium. NPBSUS opposes the policy, advocating for 2.5 FSI and implementation of Unified Development Control and Promotion Regulations (UDCPR). Panvel MLA Prashant Thakur supports the decision, citing safety concerns for residents. The debate continues between government initiatives and villagers' demands for sustainable redevelopment.Read more
In a decisive move, the Bombay High Court has instructed the Navi Mumbai Municipal Corporation (NMMC) to dismantle an unauthorised structure situated on CIDCO land within the span of eight weeks. The court firmly dismissed any possibility of regularisation through fines or compensation, emphasising the paramount importance of private interests aligning with the public good. Identified as belonging to Ishwar Mavji Patel, the structure's illegal status underscores the necessity for strict adherence to legal regulations governing land usage and construction in the region.Read more
Group Satellite launches the final phase of its affordable housing project, Aarambh, with Aarambh Avyaan in Malad East, setting new standards for luxury living. With meticulously crafted 1 BHK homes starting from INR 50 Lacs, Avyaan offers an exclusive subvention scheme for early bird buyers. The project offers international design finesse and over 25 lavish amenities, including a rooftop garden, meditation area, and plunge pool. Clever space utilisation, large windows, and excellent connectivity make Avyaan the epitome of intelligently designed living spaces in Mumbai, promising a significant lifestyle upgrade and attractive investment opportunities.Read more
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Google is set to acquire a vast 22.5-acre plot in Navi Mumbai for INR 850 crores, signaling its plan to establish its inaugural captive data centre in India. Unlike leased facilities, this centre would be wholly owned and operated by Google, ensuring enhanced data security and service reliability. Strategically located, Navi Mumbai offers robust connectivity to major global hubs, making it an ideal choice. With India's digital growth surging, driven by factors like 5G and e-commerce, Google's investment underscores its commitment to meet the nation's escalating data demands. This move aligns with industry trends as tech giants vie to tap into India's burgeoning market, cementing their position in the global data centre arena.Read more
K Raheja Corp has signed an agreement to jointly develop a 2.5-acre land parcel in Mumbai's Worli, aiming for a luxury residential project with revenue potential exceeding INR 2,000 crore. The revenue share structure allocates 57% to K Raheja Corp and 43% to the landlord. The developer will handle planning, design, approvals, execution, branding, and sales, aiming to complete the project within five years. The development, covering around 3 lakh sq ft carpet area, includes an office building and commercial outlets. Mumbai's luxury housing market has seen significant growth, with a surge in sales value and transactions, particularly in upscale areas like South Mumbai and Worli-Prabhadevi.Read more
Bank of America secures over 1 lakh sq ft office space in Mumbai's Mindspace, Malad. The facility, spanning 2.70 lakh sq ft, will accommodate 3,000 employees across operations and technology. Leased for 9 years, the deal amounts to INR 120 crore. Proximity to talent and access to metro lines drove the choice of location. The space, leased through BA Continuum India, expands the bank's Global Business Services Unit, operational since 2004 across five Indian cities. The move reflects sustained growth in India's office sector, evidenced by ICICI Prudential's recent lease of 252,000 sq ft in the same IT park.Read more
Chhatrapati Shivaji Maharaj Terminus (CSMT), a UNESCO World Heritage site, is set for a grand makeover. A recent high-level meeting chaired by Anil Kumar Khandelwal, member (infrastructure) of the Railway Board, discussed the INR 2,450-crore redevelopment plan. The project includes a common elevated deck stretching from D N Road to P D'Mello road and a 24x7 City Centre named 'Rail-O-Polis'. Offices housed in the administrative building on D N Road will likely be relocated as part of the modernization. The revamped CSMT will also feature improved amenities and connectivity, integrating with various modes of public transit.Read more
The Mumbai Metropolitan Region Development Authority (MMRDA) is said to receive INR 500 crore from Shivshahi Punarvasan Prakalp Ltd. (SSPL) for rental payments in the Ramabai Amebedkar Nagar redevelopment project at Ghatkopar. MMRDA aims to smoothly execute the slum redevelopment, although the specific rent amounts for households are pending. This marks MMRDA's first slum redevelopment endeavor. Additionally, MMRDA will collaborate with the slum rehabilitation authority for the Ramabai Ambedkar redevelopment project and for clearing land for the Eastern Freeway extension to Thane. The project, covering 33.15 hectares with 16,575 slum dwellers, will cost approximately INR 3,200 crore.Read more
Birla Estates released a show apartment at Birla Niyaara in Worli, Mumbai, including Silas, the New Signature Tower. The event featured a magnificent aerial act and an immersive customer experience developed in collaboration with specialised partners from the United Kingdom and the United States. K.T. Jithendran, Birla Estates' MD and CEO, stressed the tower's iconic status and invitation to experience uber-luxury living. The celebrity-attended launch praised the location's character. Silas boasts spectacular views and LifeDesigned residences in one of Mumbai's greatest integrated complexes, carrying on the Aditya Birla Group's tradition.Read more
Knight Frank India's Prime Global Cities Index Q4 2023 unveils significant shifts in real estate dynamics. Mumbai soars to third globally, with prime residential prices surging 10% year-on-year, driven by affluent buyers seeking upscale living amid economic strength. Conversely, Bengaluru slips to 27th place despite a 2.2% price growth, prompting scrutiny of its competitiveness. Meanwhile, the National Capital Region rises to 16th, reflecting resilience and investor appeal. Globally, the index records a robust 3.7% uptick, with Manila leading at 26.3%, Dubai at 15.1%, and Shanghai at 8.6%. As a crucial benchmark, the index guides stakeholders in navigating dynamic real estate landscapes worldwide.Read more
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