In 2023, the Mumbai Metropolitan Region (MMR) achieved a historic milestone with an all-time high of 9.9 million square feet in Industrial & Logistics (I&L) leasing, fueled by robust activities in the second half. Dominated by third-party logistics (3PL) players at 73%, the MMR leasing dynamics showcased remarkable growth. Nationally, the I&L sector recorded a peak of 38.8 million square feet in leasing activity across eight cities, driven by structured operational models and increased demand for last-mile delivery solutions. The sector's resilience and strategic realignment has set the stage for continued growth.Read more

Samsung has inaugurated its premium store, Samsung BKC, in Mumbai's Bandra Kurla Complex, marking the company's first Online-to-Offline (O2O) store in India. Spanning 8,000 sq. ft, the store features eight lifestyle zones showcasing how Samsung products integrate into daily life. Samsung BKC offers over 1,200 product choices from an online digital catalogue, allowing exploration and pre-booking of the latest Galaxy S24 series. Beyond product displays, Samsung BKC will host Learn @ Samsung workshops and a Creator's Workshop for customization. This move positions Samsung as a strong contender in Mumbai's competitive tech retail landscape, challenging its biggest competitor Apple in Bandra Kurla Complex.Read more

Ajmera Luxe Realty Private Limited (ALRPL), a joint venture between Ajmera Realty & Infra India Limited (ARIIL) and Keystone Realtors Limited (Rustomjee), is set to redevelop a housing society in Bandra West, Mumbai. With both entities will hold a 50% stake. The joint project anticipates a Gross Development Value (GDV) of Rs 760 crores. The objective is to deliver high-end residential apartments in Bandra with a distinctive offering, aiming for a carpet area of 130,000 sq. ft. This collaboration leverages the strengths of Ajmera Realty and Rustomjee to contribute to urban rejuvenation and cater to the demand for premium housing in Mumbai's competitive real estate market.Read more

Santacruz West, a vibrant and well-connected suburb in Mumbai's western region, experienced significant real estate activity in December. With 32 apartments changing hands across 15 buildings, the area showcased a mix of high-end residential properties. Developer Sales dominated the market, capturing 62.5% of total sales. Sunbeam Apartment led with the highest number of deals, closing 9 transactions, followed by Ruparel Panache with 4 deals. The most expensive apartment, priced at Rs. 16.17 Crores, was in 81 Crest, while the most affordable option, at Rs. 45 Lakhs, was in Mehta Jaising Sanjeevani. The rate per square foot ranged from Rs. 10,000 to Rs. 60,000, with a weighted average of Rs. 35,506. About 75% of the flats were sold below 1,000 square feet, and around 67% were priced between Rs. 1 Crore and Rs. 5 Crores, reflecting the diverse real estate landscape in Santacruz West.Read more

CREDAI-MCHI, the apex body of the real estate industry in the Mumbai Metropolitan Region (MMR), will host the 31st edition of India's Largest Property Expo this weekend. The event, held from January 26th to 28th, 2024, at the Jio World Convention Centre in BKC, features the theme "Zero is our Hero," highlighting the initiative of zero registration fees and zero stamp duty on home purchases. With over 1000 properties showcased by 100+ developers, the expo aims to make homeownership more accessible and affordable. Developers like Piramal Realty, Adani Realty, Raymond Realty, Dosti Realty, Rustomjee Group, Ajmera Realty & Infra India, L&T, and others will participate, along with financial institutions such as HDFC, SBI, Tata Capital, Bank of Baroda, ICICI Bank, Axis Bank, and more.Read more

Tridhaatu Morya, a flagship project by Tridhaatu Realty in Mumbai, is offering an exclusive Republic Day deal for the first 26 customers on January 26, 2024. Buyers of luxury 2 BHK homes can avail a unique Rs 26 lakh discount within the 26-hour window, bringing the starting price down to Rs 1.83 crores from Rs 2.09 crores. Mr. Pritam Chivukula, Co-Founder & Director of Tridhaatu Realty, emphasizes the limited-time nature of the offer, urging prospective buyers to act quickly. Conveniently located in Chembur, Tridhaatu Morya offers easy access to major transportation routes, providing a blend of luxury living and strategic connectivity. The project features 1, 2, and 3 BHK units across two phases, offering options for various preferences and needs.Read more

Table Space secured a long-term lease for 1.31 lakh sq ft from Runwal in Mumbai's Andheri suburb, with a cumulative rental payout exceeding Rs 333 crore. The agreement included an option to lease an additional 1.97 lakh sq ft, expanding the deal size to nearly 3.30 lakh sq ft. The estimated total rental value, reaching around Rs 800 crore, positions it among India's largest co-working office space lease deals. This strategic move reflects Table Space's significant role in the evolving workspace landscape, contributing to India's office space market.Read more

A study by the Indian Institute of Technology (IIT) Bombay has helped the Brihanmumbai Municipal Corporation (BMC) tackle longstanding traffic congestion on Swami Vivekananda Road (SV Road) in Malad, Mumbai. The economic impact analysis conducted by IIT Bombay demonstrated that the economic toll of traffic congestion outweighed the costs of removing structures impeding road-widening efforts. This justification empowered the BMC to expedite the removal of 328 structures obstructing a crucial 2.4 km stretch of SV Road, thereby providing relief to commuters in the Goregaon-Kandivali belt. The positive outcomes include improved average speeds and successful relocation or compensation for affected parties.Read more

Stock market investors Halan family has secured eight luxury apartments totalling 15,996 sq ft in Mumbai's Worli for Rs 103.98 crore. Purchased from K Raheja Corp's Raheja Modern Vivarea, the deal includes 16 parking spaces. The Halan family, with diverse holdings, paid over Rs 6 crore in stamp duty for the properties. Raheja Modern Vivarea is an under-construction project and offers unobstructed views of Mahalaxmi Racecourse and the Arabian Sea, drawing high-profile buyers in a vibrant real estate market. This transaction adds to the vibrant real estate landscape of Mumbai, and Raheja Modern Vivarea continues to be a sought-after address for high-profile buyers.Read more

Mumbai-based Keystone Realtors, operating under the 'Rustomjee' brand, witnessed a robust 26% annual growth in sales bookings, totaling Rs 1,423 crore during April-December 2023. The company, focusing on Mumbai Metropolitan Region housing projects, reported a 9% rise in sales bookings volume, reaching 0.82 million sq ft. Customer collections surged by 32% to Rs 1,533 crore during this period. Keystone Realtors launched four projects in the first nine months of the fiscal, with an estimated sales value of Rs 2,238 crore. With a completed area of 23 million sq ft and a pipeline exceeding 39 million sq ft, the firm maintains a substantial project portfolio.Read more

The Dharavi Redevelopment Project Pvt Ltd (DRPPL), a joint venture between Adani Group and the Maharashtra Government, recently announced its eligibility criteria for free housing under the scheme. All those who can prove to be residents of Dharavi slums prior to 1 January, are eligible for free housing with a minimum size of 350 square feet, featuring independent kitchens and attached toilets. The rest of the residents will be accommodated across multiple land parcels across the city under the Navi Dharavi plan. Adani Group won the bid for the project in November 2023 and has since enlisted the likes of renowned architect Hafiz Contractor and international companies Sasaki and Buro Happold to executive the project.Read more

Vratika Gupta, CEO and Founder of luxury home décor company Maison Sia, recently acquired a lavish home in Mumbai's renowned "Three Sixty West" skyscraper for Rs 116.4 crore. The condo spans 12,138 square feet and includes eight dedicated parking slots, with a stamp duty of Rs 5.82 crore. Gupta's new neighbours include actors Shahid Kapoor and Akshay Kumar. In 2023, the project made headlines for India's largest property deal when family members and associates of D'Mart founder Radhakrishna Damani purchased 28 units for a staggering Rs 1,238 crore. Other notable deals in the complex include Niraj Bajaj, the MD and Chairman of Mukand who paid Rs 120 crore for an apartment, the promoter of Everest Food Products Private Limited who invested Rs 73.50 crore in an apartment in October 2023 and Avener Capital and Bajaj Consultants acquired a duplex for around Rs 100 crore in March 2023.Read more