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28 Mar 2025
Maharashtra Chief Minister Shri Eknath Shinde has announced that all street concretization work in Mumbai will be completed by May 31. The initiative, which began in January 2023, covers over 20 major roads and has faced criticism over delays and disruptions. In a recent review meeting, Shinde assured MLAs that the project would be expedited and addressed concerns regarding road quality and slow execution. Deputy Chief Minister Shri Devendra Fadnavis also emphasized the government's commitment to achieving full concretization of Mumbai's roads by 2027.
28 Mar 2025
Hermes Distillery has purchased 10 residential units in Prestige Ocean Tower, Marine Lines, Mumbai, for INR 199.35 crore. The total built-up area of the apartments is 25,650 sq ft, with each unit offering a carpet area of 2,482 sq ft and a built-up area of 2,565 sq ft. The deal, registered in January 2025, reflects a per-unit price between INR 19.39 crore and INR 20.54 crore. Each apartment has three parking spaces, for a total of thirty parking spaces, and the total stamp duty paid is INR 11.96 crore. Prestige Ocean Tower, developed by Prestige Projects, is located on a 2.3-acre site and features 2 and 3 BHK residences.
27 Mar 2025
Mumbai-based real estate investment platform Mt. K Kapital is preparing to launch its second fund with a target corpus of INR 2,500 crore, significantly larger than its first fund of INR 790 crore. The new fund will focus on financing housing projects in major cities like Delhi-NCR, Bengaluru, Pune, and Mumbai, collaborating with leading developers to drive sector growth. The firm's first fund, which raised capital from institutions such as SBI, SBI Life, and ICICI Bank, has already deployed 50% of its corpus into projects by Keystone Realtors under the 'Rustomjee' brand in the Mumbai Metropolitan Region. The second fund is expected to be launched by the end of the year.
27 Mar 2025
The Maharashtra Housing and Area Development Authority (MHADA) has announced that its Chhatrapati Sambhajinagar Housing and Area Development Board will conduct its first Janata Darbar Din on March 28, 2025, to facilitate direct grievance redressal. The initiative, modeled after Lokshahi Din, aligns with Maharashtra's 100-day action plan, prioritizing citizen concerns under directives from the state's leadership. The forum, chaired by the Chief Officer of the Board, will be held at the Board's office on CBS Road, with written applications due by March 27. The move follows a similar initiative by MHADA's Nashik Board, which successfully conducted its first Janata Darbar Din earlier this month and will now hold the sessions regularly.
27 Mar 2025
Brookfield Group's subsidiary, Moon Holdings, has acquired a 6-acre land parcel in Mumbai's Powai through a structured deal with two Supreme Infrastructure Group companies for approximately INR 115 crore. The acquisition strengthens Brookfield's commercial real estate portfolio, which currently spans 55 million sq. ft. across India. Located near Supreme Business Park in Hiranandani Gardens, the land is part of a 30-acre parcel earmarked for road development by MMRDA. While Brookfield's subsidiary gains control of the asset, future development hinges on resolving encumbrances linked to the original landowner, positioning the deal as a strategic step in expanding its Mumbai office space footprint.
27 Mar 2025
Mumbai Metro Line 6, known as the Pink Line, is a 15.18 km elevated corridor connecting Swami Samarth Nagar in Andheri to Vikhroli (EEH), with 13 stations along key areas such as JVLR, SEEPZ, and Powai. Aiming to improve east-west connectivity, the project is set for completion this year, with daily ridership projected at 7.69 lakh by 2031. The line will intersect with Metro Lines 2A, 3, 4, and 7, and connect to Western and Central Railways at Jogeshwari and Kanjurmarg. With a budget of INR 6,716 crore, the Pink Line will significantly reduce congestion on JVLR, Western Express Highway, and SV Road.Read more
27 Mar 2025
Cricketer Suryakumar Yadav and his wife, Devisha Yadav, have acquired two luxury apartments in Deonar, Mumbai for INR 21.1 crore. The units, located in Godrej Sky Terraces, span a combined carpet area of approximately 4,222.7 sq. ft. and come with six designated parking spaces. The transaction, registered on March 21, incurred a stamp duty of INR 1.26 crore and a registration fee of INR 30,000. The project, covering 1.05 acres, has recorded 25 sales worth INR 202 crore in the past year, with an average price of INR 52,433 per sq. ft. Deonar offers strong connectivity via the Chembur railway station, Mumbai Monorail, and key expressways. Meanwhile, other notable real estate transactions in Mumbai include Zaheer Khan's INR 11 crore apartment purchase in Elphinstone Road and Rohit Sharma's Lower Parel property rental for INR 2.6 lakh per month.
27 Mar 2025
Bollywood actress Huma Qureshi and her brother Saqib Saleem have leased a 3,370 sq ft luxury villa in Equest Condominium on Juhu Tara Road, Mumbai, for a monthly rent of INR 10 lakh, according to property registration documents. The villa, owned by Impact Films Pvt Ltd, includes an additional 2,654 sq ft basement, four car parking slots, a swimming pool, and a garden. The rental agreement, registered on February 25, 2025, is for 60 months with a 48-month lock-in period, a security deposit of INR 30 lakh, and a 10% rent escalation after 36 months. Juhu remains a Bollywood hotspot, home to several film stars and recent high-value property deals.
27 Mar 2025
Western Railway is set to clear encroachments on a 15,000 sq. meter prime plot in Bandra (East) near the Western Express Highway, earmarked for long-term infrastructure projects. While the land will not be used for commercial purposes, it is reserved for future expansion of railway activities. The plot, currently divided by a nullah and partially encroached upon, has suffered damage due to the dumping of construction debris. Officials highlighted that these squatters will soon be relocated following due process. Previously, the Railways conducted anti-encroachment drives in 2022, but illegal occupants returned. The land, valued at approximately INR 150 crore, remains crucial for upcoming railway development in Mumbai.
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27 Mar 2025
InterGlobe Hotels (IGH), a joint venture between InterGlobe Enterprises and Accor, is expanding its presence in India through a greenfield development strategy focused on key metropolitan markets. Recently, IGH launched its fifth property in Mumbai at Bandra Kurla Complex (BKC), adding 206 rooms and expecting it to contribute nearly 25% of Mumbai revenue in the next three years. The company is now eyeing further growth in Delhi-NCR, Hyderabad, Bangalore, Pune, and Goa. Currently operating 23 hotels across India, IGH reported 14% revenue growth in 2024 and anticipates maintaining this momentum. The ibis brand, targeting business travelers, enjoys occupancy rates of up to 90%, with projected ADR growth of 5-10% in 2025.
26 Mar 2025
A 3,000 sqm open space in Mumbai's Vakola, initially meant for public use, has been reclaimed after a 12-year battle against illegal encroachment by hawkers. The prolonged effort, led by former corporator Brian Miranda and supported by residents and volunteers, aimed to restore the plot for community use. The Brihanmumbai Municipal Corporation (BMC) recently demolished illegal structures on the site, which had been occupied for years. Miranda's campaign faced multiple legal and bureaucratic hurdles, including a Supreme Court ruling that reinforced the space's designation as a public amenity. The plot has now been transformed into a vibrant garden and children's play area.
26 Mar 2025
26 Mar 2025
The Special Investigation Team (SIT) has arrested a senior city survey officer and a clerk in Goregaon, Mumbai, for allegedly manipulating land records to enable illegal property transfers. The officials reportedly altered ownership details to benefit private parties, leading to financial losses and legal disputes for genuine owners. This case highlights the growing issue of land fraud in Mumbai, especially in high-demand areas like Goregaon. Similar scams have surfaced in Bengaluru and Hyderabad, prompting stricter government measures like digitization and blockchain-based land records to prevent corruption and ensure transparency in property transactions.
26 Mar 2025
CIDCO has allocated 7,850 flats under its mass housing scheme across five nodes Taloja, Kharghar, Kalamboli, Ghansoli, and Dronagiri in Navi Mumbai. The draw, aimed at economically weaker sections (EWS) and lower-income groups (LIG), was conducted for nearly 1.24 lakh applicants. The scheme offered 5,300 flats under the EWS category and 2,500 under the LIG category, priced between INR 18 lakh to INR 31 lakh. CIDCO also offered a 5% rebate on the base cost for immediate payment. Successful applicants must pay 25% within a month and the remaining balance as per a 7-year schedule. CIDCO has tied up with several banks and NBFCs to facilitate loans for the buyers.
26 Mar 2025
Ravi Puravankara, founder and chairman of Puravankara Ltd, has acquired 12 commercial units in Business Park 2, Church Road, Marol, Andheri, Mumbai, for a total of INR 242 crore. The purchases were made through RockFort Estate Developer Pvt Ltd and registered on March 19, 2025. The units ranged from 6,749 to 9,998 square feet, with prices between INR 15.65 crore and INR 23.19 crore per unit. This acquisition aligns with Puravankara's investment strategy via its family office. The company continues to strengthen its portfolio, having recently secured prime land in Bengaluru and Thane for large-scale residential and mixed-use developments.
26 Mar 2025
The Navi Mumbai Water Transport Project aims to provide a faster and eco-friendly commuting alternative between Mumbai and Navi Mumbai, reducing road congestion. Key developments include the Nerul Passenger Water Terminal (NPWT) and passenger jetties along Mumbai's western and eastern coasts, connecting major locations via water taxis. The INR 1,300 crore Eastern Water Transport Project, backed by CIDCO and the Maharashtra government, will enhance connectivity with South Mumbai, Elephanta Island, and the upcoming Navi Mumbai International Airport. Despite bureaucratic hurdles, the project is set to improve transit efficiency, boost regional infrastructure, and support sustainable urban mobility.Read more
26 Mar 2025
The Mumbai Metropolitan Region Development Authority (MMRDA) is advancing plans for Metro Line 14, a 45 km corridor linking Kanjurmarg to Badlapur, enhancing connectivity to Mumbai's eastern suburbs. Currently in the Detailed Project Report (DPR) phase, construction is expected to commence within a year. The line will pass through key areas like Ambernath and Dombivli, reducing congestion and travel time. Environmental assessments and regulatory approvals are underway. This expansion aligns with Mumbai's broader metro development strategy, promising improved suburban mobility, increased real estate investments, and reduced vehicular pollution, supporting sustainable urban growth.Read more
26 Mar 2025
The Bombay High Court has dismissed a petition by stable owners in Versova, Mumbai, allowing the long-pending Ramdas Nagar slum rehabilitation project to proceed. The petitioners, occupying the land for over six decades, challenged eviction notices issued by the BMC in 2024. However, the court ruled that unauthorized occupants cannot dictate terms to landowners or developers. The decision accelerates the redevelopment plan led by One Stop Business Services LLP, which had faced delays due to resistance from 11 remaining structures. This ruling reinforces legal compliance in urban redevelopment and sets a precedent against unauthorized settlements obstructing infrastructure projects.
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