10 Jun 2025

Apple India has signed a lease for 12,616 sq ft of retail space at Oberoi Sky City Mall, Borivali, Mumbai's marking its second store in Maharashtra and fourth in India. The 10-year, 10-month lease carries an annual rent of INR 2.08 crore, with a 15% escalation every three years. The deal includes 150 sq m of storage space, five parking spots, and a security deposit of INR 1.04 crore. A revenue-sharing clause requires Apple to pay 2% of store revenue for 42 months, rising to 2.5% thereafter. The store expands Apple's retail footprint beyond Mumbai's city centre, targeting the growing suburban market. This move complements Apple's broader India strategy of boosting domestic sales and manufacturing. By entering suburban hubs, Apple is adapting to India's evolving consumer landscape and strengthening its retail presence in key growth corridors.Read more

10 Jun 2025

Actor Jaideep Ahlawat and wife Jyoti Hooda have purchased a premium apartment in Poorna Apartments, Andheri West. The 1,950 sq ft carpet area home (2,341 sq ft built-up) includes four parking spaces. The transaction, recently registered, involved a stamp duty of INR 60 lakh and registration charges of INR 30,000. Andheri West remains a top choice for high-net-worth buyers due to its proximity to business districts and entertainment hubs, reflected in strong property demand and rising values.Read more

10 Jun 2025

The Confederation of Real Estate Developers' Associations of India (CREDAI) has applauded the Reserve Bank of India's recent 50 basis points cut in the repo rate, describing it as a timely and courageous move aimed at stimulating demand in the housing market. With this latest step, the cumulative reduction now stands at 100 basis points over the past six months. CREDAI believes the decision will significantly improve buyer sentiment, especially in the mid-income and affordable segments, and enhance the financial viability of projects catering to this market. The move comes at a time when housing sales have shown a decline in major cities, indicating the need for strong policy support.Read more

10 Jun 2025

In a significant stride towards sustainable urban transformation, the Saifee Burhani Upliftment Trust (SBUT), under its flagship Saifee Burhani Upliftment Project (SBUP), marked World Environment Day by reinforcing its commitment to eco-conscious redevelopment in Bhendi Bazaar. The initiative goes beyond structural renewal, incorporating native greenery, renewable energy, water and waste management systems, and thoughtful urban planning that balances cultural modern resilience. SBUT's efforts are setting an unprecedented benchmark for future cities that prioritise both people and the planet.Read more

09 Jun 2025

The Brihanmumbai Electric Supply and Transport (BEST) undertaking has begun reshaping its operational strategy to align with growing demand near Mumbai Metro and railway stations. Over the past week, officials reported a significant increase in short-distance feeder services, especially around key Metro routes like Lines 2A and 7. Instead of running long traditional bus routes, BEST is focusing on improving last-mile connectivity through mini and midi buses. This transition is backed by passenger data insights and is expected to optimise efficiency and reduce travel time for commuters.Read more

09 Jun 2025

In a significant move to protect occupants of structurally unsafe buildings in Mumbai, the Maharashtra Housing and Area Development Authority (MHADA) has introduced a monthly rental support of INR 20,000 for tenants residing in 96 cessed buildings declared critically dangerous. The decision, announced earlier this week, comes amid growing concern over safety risks with the monsoon approaching. The authority also plans to lease 400 temporary tenements through third-party agencies to house displaced residents. This initiative attempts to bridge a stark gap in available transit accommodation, with over 2,400 residents in need but fewer than 800 units presently ready for occupation.Read more

09 Jun 2025

A special court in Mumbai has formally closed the long-running criminal case against real estate developer Niranjan Hiranandani, linked to the Powai Area Development Scheme (PADS). The closure follows a report from the Maharashtra Anti-Corruption Bureau (ACB), which found no substantial evidence of wrongdoing. The case stemmed from allegations that Hiranandani's firm, part of a 1980s tripartite agreement with the state, had failed to deliver promised affordable housing, instead building luxury residences on concessional land, allegedly causing a loss of INR 30,000 crore. The ACB's report found no proof of corruption or conspiracy, a view the court upheld, stating that further proceedings would serve no purpose. The verdict concludes a decades-old case surrounding one of Mumbai's major urban development projects and underscores the scrutiny on public-private real estate ventures.Read more

09 Jun 2025

Mumbai's property market recorded 11,565 housing registrations last week, generating INR 1,062 crore in revenue for the Maharashtra government. This marks a 17.7% year-on-year increase, compared to 9,823 registrations during the same period last year, as per government data. It is also the second-highest May figure in 12 years, after May 2022's spike due to pandemic-era stamp duty concessions. Knight Frank India reported that 80% of these registrations were for residential properties, with Mumbai's western suburbs accounting for 60% of the activity. Despite no new government incentives, stamp duty revenue rose 7% from last year's INR 992 crore. The steady rise in registrations highlights strong buyer confidence and sustained demand in the city's property market. The data indicates a positive trend for Mumbai real estate, driven by long-term investment sentiment.Read more

09 Jun 2025

The reconstruction of Mumbai's iconic Byculla bridge, officially the Dr Babasaheb Ambedkar Railway Bridge, has reached the halfway point, with completion targeted by late 2025. The bridge connects NM Joshi Marg to Rani Baug and Clare Road, serving as a vital east-west link over Central Railway tracks. The revamped structure will enhance connectivity to key routes like the Eastern Express Highway, P D'Mello Road, and Mohammed Ali Road. MMRDA officials reported near-completion of substructure work on the eastern side, with western-side construction underway. Steel girder installation will begin shortly. The old bridge was dismantled following safety concerns flagged by IIT Bombay and Central Railway. Phased construction, night work, and coordination with rail authorities have helped the project regain momentum after earlier delays. Once completed, the bridge will significantly ease traffic flow and improve transport connectivity in South Mumbai.Read more

06 Jun 2025

Tata Digital Pvt Ltd has leased approximately 59,000 sq. ft. of office space across three floors at One International Centre in Mumbai's Lower Parel business district. The five-year lease covers the 15th, 16th, and 17th floors, with a monthly rent of INR 1.05 crore plus INR 12.32 lakh in CAM charges, totalling about INR 1.18 crore monthly. The lease includes a 5% annual rent escalation and a rent-free period from February 1 to July 15, 2025. Tata Digital has paid INR 7.07 crore as security deposit and secured 49 car parking slots, with additional parking available at INR 10,000 per slot. This move reflects sustained demand for premium office spaces in Lower Parel, a preferred hub for corporate occupiers due to its strategic location, connectivity, and modern amenities.Read more

05 Jun 2025

Mumbai's luxury real estate market has recorded a sharp 36% increase in unsold inventory during the first quarter of 2025, reversing a consistent downward trend observed over the past two years. This spike is largely attributed to the influx of high-value housing units, priced above INR 2.5 crore, introduced within the Mumbai Metropolitan Region (MMR). While demand in this segment remains steady, a combination of elevated prices and global economic headwinds has tempered the pace of sales. Despite the setback in the premium segment, the city's overall property market continues to display strength, with property registrations and associated revenue reaching new heights in the past few months.Read more

05 Jun 2025

Mumbai ranks 6th worldwide among 97 cities for data centre capacity under construction, per Cushman & Wakefield's 2025 Global Data Center Market Comparison report. The city is adding 335 MW, expected to expand operational capacity by 62%. U.S. cities lead the list-Virginia (1,834 MW), Atlanta, Columbus, Dallas, and Phoenix-while Mumbai tops Asia-Pacific markets. Executive Managing Director Gautam Saraf highlighted Mumbai's strategic edge: a resilient digital backbone, reliable power, and growing interest from hyperscale operators. The city currently hosts over 50% of India's total data centre capacity, supported by assets like 12 cable landing stations and the MIST submarine cable. While land and power availability remain challenges, strong demand from cloud computing and AI workloads continues to drive growth. With a robust infrastructure pipeline, Mumbai is poised to strengthen its role as India's data centre hub.Read more

05 Jun 2025

Tesla India Motor & Energy Pvt Ltd has secured a 24,565 sq ft warehousing facility in Lodha Logistics Park, Kurla-West, Mumbai, with a starting monthly rent of INR 37.53 lakh. The lease, spanning five years, was signed with Macrotech Developers Ltd and includes a 5% annual escalation clause. According to CRE Matrix, the total lease outflow is expected to reach INR 24 crore. This development marks another step in Tesla's multi-city rollout strategy in India, which includes previous activity in Pune, BKC, and Delhi-NCR. The warehousing operations are scheduled to begin in the coming year.Read more

05 Jun 2025

The Maharashtra government recently approved revised terms for utilizing an 8.5-hectare Mother Dairy land plot in Kurla. This decision aims to rehabilitate ineligible slum dwellers from Dharavi, India's largest slum cluster. The redevelopment plan encompasses not only housing but also essential amenities like schools, hospitals, and shopping complexes. This decision follows a Government Resolution issued last year handing over the land to the Slum Rehabilitation Authority (SRA). The ambitious Dharavi project aims to rehabilitate 8.5 lakh families, with 3.5 lakh requiring land outside Dharavi itself. However, local residents and political leaders have opposed the move, citing environmental concerns and demanding alternative land use such as botanical gardens and hospitals.Read more

03 Jun 2025

The Brihanmumbai Municipal Corporation (BMC) rcently confirmed that property tax rates have not increased; the rise in tax bills stems from updated ready reckoner (RR) rates for FY 2025-26. RR rates, revised for the first time in a decade, set minimum property values for taxation. An average 15.89% uptick in tax bills is also due to a statutory capital value revision under Section 154(1)(c) of the Mumbai Municipal Corporation Act-last updated in 2015, with the 2020 revision delayed due to COVID-19. The BMC also announced a temporary suspension of solid waste management fees after intervention by Maharashtra's Chief Minister and Deputy CM. Residential units under 500 sq. ft. remain exempt from property tax. As civic elections approach, property tax policies and enforcement could become a key issue, with public focus on fairness and accountability in Mumbai's civic administration.Read more