27 Feb 2025

Spanish fashion giant Zara has closed its 51,300 sq ft flagship store at Mumbai's Ismail Building due to rising rental costs, which had surged to over INR 30 crore annually. The store, operational since 2017, was housed in a restored 119-year-old heritage structure. Luxury retailer Pernia's Pop-Up Shop, owned by Purple Style Labs, has taken over the space with a five-year lease starting at INR 36 crore per year. This shift reflects changing retail trends in Mumbai, where high operational costs and increasing e-commerce adoption are prompting brands like Zara and Marks & Spencer to rethink their physical presence.Read more

27 Feb 2025

The Vasai-Virar City Municipal Corporation (VVCMC) demolished 41 illegal buildings in Vasai East's Agarwal Nagari over 22 days, displacing around 2,000 residents. The structures were built on land reserved for public utilities like water and sewage treatment plants. While activists criticize selective enforcement, the Bombay High Court has asked the state and VVCMC to present a rehabilitation plan. The civic body defends the demolitions as essential for urban planning. This case highlights the conflict between regulatory enforcement and residents' rights, raising concerns over the consistency and transparency of actions against unauthorized constructions.Read more

26 Feb 2025

The Bombay High Court was informed that a 24-acre land parcel near the Bandra-Worli Sea Link toll plaza, earmarked for commercial development, falls outside the coastal regulation zone (CRZ). This clarification, provided by the Union environment ministry and Adani Realty, counters PILs challenging the land allotment. The Maharashtra State Road Development Corporation (MSRDC) awarded the project to Adani Realty in 2024, expecting to generate INR 8,000 crore for infrastructure development. Adani Realty, also leading the INR 23,000 crore Dharavi Redevelopment Project, has pledged compliance with environmental and urban development regulations before commencing construction.Read more

26 Feb 2025

Landmark Developers and Sobha Ltd. purchased a 2.11-acre landholding along Jerbai Wadia Road, Parel, for INR 423.38 crore. The transaction, registered this week, is likely to open the doors for luxury residential and commercial areas. Sobha Ltd. has acquired a greater majority of the free-sale part, whereas Landmark Developers received a smaller portion. This transaction highlights the increasing interest in prime Mumbai locations, particularly for large-scale redevelopment projects. With Mumbai's real estate market witnessing a surge in land deals, infrastructure advancements and redevelopment efforts continue to drive demand for prime locations.Read more

25 Feb 2025

Bollywood superstar Shah Rukh Khan has leased two luxury duplex apartments in Mumbai's upscale Pali Hill locality, Khar West, for a combined annual rent of INR 2.9 crore. The leases, signed with producer Jackky Bhagnani and his family, are for 36 months and were registered on February 14. The first duplex, at Puja Casa, comes with a monthly rent of INR 11.54 lakh and a security deposit of INR 32.97 lakh, while the second, located in a building owned by Vashu Bhagnani, has a monthly rent of INR 12.61 lakh with a security deposit of INR 36 lakh. These high-end leases reflect a growing trend among Bollywood celebrities opting for rented luxury properties.Read more

25 Feb 2025

Awfis Space Solutions has disclosed in a BSE filing that its bank accounts with HDFC Bank and ICICI Bank were provisionally attached by the Joint Commissioner of State Tax in Mazgaon, Mumbai. The move refers to a purported excess input tax credit (ITC) violation of INR 4.42 crore that was availed in October 2024. The firm revealed that though this ITC was originally reversed in FY 2023-24, it was recovered in line with a Supreme Court order. But after changes in the CGST Act in 2025, the firm has now opted to reverse the ITC once again, with no financial implication on its operations. The board also separately approved the grant of 1,44,382 employee stock options under its ESOP scheme.Read more

25 Feb 2025

MHADA Vice President and CEO, Sanjeev Jaiswal, IAS, has formed a committee to investigate a cash-throwing incident at MHADA Headquarters and verify the eligibility of 11 applicants seeking transit tenements. These applicants, from the Vikhroli Kannamwar Nagar transit camp, were not residing in unsafe structures demolished for redevelopment and were previously excluded from housing allotments. The committee will review their claims and submit a report in 15 days. MHADA has emphasized transparency and warned against attempts to influence decision-making. The inquiry aims to ensure fair allocation of housing while preventing undue interference in administrative processes.Read more

25 Feb 2025

The Mumbai Metropolitan Region Development Authority (MMRDA) has launched an Online Development Permission System (ODPS) from February 1, streamlining approvals for building and construction projects, including slum rehabilitation. This system, covering areas like Bandra Kurla Complex and Wadala, enhances efficiency and transparency in urban planning. Previously available only in select zones, ODPS now extends across MMR, reducing the need for in-person visits. Similar digital initiatives are being implemented across India, including Assam, Gujarat, and Telangana. As urban governance shifts towards digital platforms, these efforts aim to simplify regulatory processes and improve the ease of doing business.Read more

24 Feb 2025

Recent developments in Mumbai infrastructure underscore the city's drive for enhanced urban connectivity and safety. The Mumbai Metropolitan Region Development Authority secured a INR 7326 crore loan to finance the ambitious Orange Gate to Marine Drive underground metro project, featuring a 9.2 km coastal road and 6.52 km dual tunnels with emergency lanes. These projects improve east-west links and establish a South Mumbai ring route. In parallel, Mumbai infrastructure news highlights the Brihanmumbai Municipal Corporation's civic budget increase, funding essential repairs, bridge reconstructions, and road upgrades across Mumbai and Thane, reaffirming a bold strategy for a resilient, globally competitive metropolis.Read more

24 Feb 2025

Actress Amrita Singh has bought a luxury residential apartment in the Peninsula building, part of Nutan Laxmi Cooperative Housing Society in Juhu, Mumbai, for INR 18 crore. The flat measures a built-up area of 252.04 square metres (2,712.9 square feet) and is accompanied by three car parking spots. The cost per square foot is INR 66,359. The deal involved paying stamp duty of INR 90 lakh and a registration fee of INR 30,000, according to documents from the Inspector General of Registration (IGR) seen by Square Yards. This purchase comes on the heels of a commercial property bought by Singh and her daughter Sara Ali Khan in Oshiwara in October 2024. Actor Varun Dhawan has also recently invested in two luxury flats in Juhu, making the area even more sought after as a hub for Bollywood stars.Read more

24 Feb 2025

The Bombay High Court ruled that developers cannot indefinitely postpone their statutory duties by citing contractual or procedural contingencies. It directed the district deputy registrar (DDR) of co-operative societies in Mumbai to issue a conveyance certificate to a Kandivali-based cooperative housing society that had been awaiting it for the past decade. Justice Amit Borkar stated that the developer's argument, which insisted on awaiting the completion of redevelopment and the formation of a federation before granting conveyance, lacked legal merit. The court highlighted that the Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management, and Transfer) Act, 1963 (MOFA) provides societies with an immediate and enforceable right to conveyance, irrespective of external contractual considerations.Read more

24 Feb 2025

Nisus Finance Services Co Limited has successfully exited its self-redevelopment housing project, Vishwasangam, in Mumbai with an IRR of approximately 21 per cent. The company initially invested INR 22 crore in the Pestom Sagar area of Ghatkopar, partnering with two housing societies and Trilogy Developers. As the first institutional investor in a society-led redevelopment, Nisus Finance provided both financial and strategic support over several years. The project combined commercial and residential elements to offer affordable redevelopment. This achievement highlights significant real estate investment in India, demonstrating confidence in navigating regulatory challenges and limited institutional funding within Mumbai's evolving redevelopment market.Read more

24 Feb 2025

With Navi Mumbai airport nearing operations, the Maharashtra government has kick-started plans for a third airport in Palghar near Vadhavan port. The Maharashtra Airport Development Company (MADC) has floated a request for proposals for the same. The Vadhavan port, situated 130 km from Mumbai, is being planned in two phases with completion by 2039. The port, which is part of the India-Middle East-Europe Economic Corridor, will be one of the world's top 10 ports and will need an estimated investment of INR 76,200 crore. The proposal for the third airport was discussed earlier while the Maharashtra Vikas Aghadi (MVA) government was in power, with the consideration given to areas in the Palghar district. The action comes as the region's infrastructure needs expand, especially since Mumbai's primary airport runs at almost full capacity. At the same time, Navi Mumbai airport is slated to be opened by May or June, starting with domestic flights before opening for international flights in July.Read more

24 Feb 2025

The Mumbai Metropolitan Region Development Authority (MMRDA) plans to generate nearly INR 6,000 crore by leasing seven land parcels in Bandra Kurla Complex. Despite strong interest in three commercial plots, residential plots have seen little demand. The auction, offering 80-year leases on 10 plots designated for commercial, residential, healthcare, education, and recreational uses, includes competitive reserve prices. With built-up potentials reaching up to 45,000 square metres on commercial sites, the authority aims to boost finances amid a funding shortfall. This move is a key development in the Mumbai property market, supporting extensive infrastructure investments across the region.Read more

21 Feb 2025

Enzyme Office Spaces has rented out 14,000 square feet of office space to Sugar Cosmetics at its facility in Andheri East, Mumbai. Originally leased from House of Hiranandani, the space was intended for Enzyme's own coworking centre but will now be fully occupied by Sugar Cosmetics for its five-year expansion plan. The lease provides seating for about 300 employees. Enzyme's CEO, Ashish Agarwal, highlighted the growing demand for flexible office spaces, especially in major cities. This agreement reflects the increasing trend of businesses choosing managed office solutions to meet their evolving needs.Read more