Real Estate Mumbai - Renting, Buying and Selling Flats and Offices to Corporates in Mumbai

Arkade Developers Sets Price Band for Rs 410 Crore IPO at Rs 121-128 per Share - Sep 11 2024

Century Textiles Acquires 10 Acres in Mumbai’s Worli for Rs 1,100 Crore - Sep 11 2024

Japan's Sumitomo Acquires Bombay Dyeing's 2-Acre Worli Land for Rs 440 Crore - Sep 11 2024

Bajaj Housing Finance IPO Fully Subscribed on Opening Day - Sep 10 2024

The Rs 6,560 crore initial public offering (IPO) of Bajaj Housing Finance was fully subscribed within hours of opening for bidding on September 9. The IPO received bids for 73.02 crore shares against 72.75 crore shares on offer, reflecting full subscription as of 14:03 hours on the National Stock Exchange (NSE).

Subscription Breakdown

- Non-Institutional Investors: 2.29 times subscription

- Retail Individual Investors (RIIs): 97% subscription

- Qualified Institutional Buyers (QIBs): 2% subscription

The IPO includes a fresh issue of equity shares worth Rs 3,560 crore and an offer-for-sale (OFS) of shares worth Rs 3,000 crore by Bajaj Finance, the parent company. The price band for the IPO is set at Rs 66-70 per share, and the offering will close on September 11.

Anchor Investors and Capital Use

Bajaj Housing Finance raised Rs 1,758 crore from anchor investors prior to the IPO. The proceeds from the fresh issue will be used to strengthen the company’s capital base and meet future capital requirements.

Regulatory Compliance and Market Context

This IPO is part of Bajaj Housing Finance's compliance with the Reserve Bank of India's (RBI) regulations, which mandate that upper-layer non-banking finance companies (NBFCs) be listed on stock exchanges by September 2025. Bajaj Housing Finance, a non-deposit-taking housing finance company registered with the National Housing Bank, offers a variety of mortgage solutions, including home loans, loans against property, and developer financing.

Lead Managers

The IPO is being managed by Kotak Mahindra Capital Company Ltd, BofA Securities India Ltd, SBI Capital Markets Ltd, Goldman Sachs (India) Securities Pvt Ltd, Axis Capital, and JM Financial Ltd.

With this IPO, Bajaj Housing Finance joins the ranks of other housing finance companies like Aadhar Housing Finance and India Shelter Finance, which have recently gone public.

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Kangana Ranaut Sells Pali Hill Row House for Rs 32 Crore - Sep 10 2024

Residents Oppose SRA Scheme in Juhu Koliwada - Sep 10 2024

Local residents in Juhu Koliwada have voiced strong opposition to a Slum Rehabilitation Authority (SRA) scheme being proposed for the area, asserting that the land is officially demarcated as Koliwada, not a slum, and thus cannot be redeveloped under slum schemes. Koliwadas, or traditional fishing villages, occupy prime sea-facing locations across Mumbai, and once designated as Koliwadas by the state government, they are protected from slum redevelopment.

Local BJP MLA Ameet Satam has raised concerns, writing to Mumbai Suburban Collector Rajendra Kshirsagar and the local police, urging them to take action against the builder attempting to push the SRA scheme. Satam emphasized that the government is drafting Special Development Control Rules (DCR) for Gaothans and Koliwadas, reinforcing that the SRA scheme cannot be implemented in such areas. He added that residents prefer self-development and are against any external SRA plans.

Developer’s Actions Under Scrutiny

Satam highlighted that the developer has been misleading and threatening residents to gain approval for the SRA project. "A fake biometric survey has been conducted, and some locals were reportedly forced to sign undertakings," Satam revealed, noting that this has created an atmosphere of fear among the community.

In response to these concerns, Satam recently held a meeting with locals to discuss the issues, leading to a formal request for an FIR against the developer and associates involved in the irregularities. "I stand with the locals and will ensure no injustice is done," Satam stated.

Historical Significance of Koliwadas

Juhu Koliwada, like many others, is a historic fishing village, home to Mumbai's original settlers—the Kolis, Agris, and Bhandaris. These villages are located on the seafront and boast a rich history dating back centuries. While SRA projects are already underway in Koliwadas like Sewri, Sion, Worli, and Deonar, they have faced opposition from the Koli community, which seeks to preserve the cultural and historical significance of these areas.

In 2017, officials had proposed the creation of Special DCR to facilitate redevelopment in Gaothans and Koliwadas, but the community remains apprehensive about any projects that could disrupt their heritage and livelihoods.

Conclusion

The opposition to the SRA scheme in Juhu Koliwada underscores the tension between development and the preservation of Mumbai’s cultural heritage. As local residents push for self-development and protection of their traditional land, the outcome of this dispute will be crucial for the future of Koliwadas across the city.

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New GST Notices on Leasehold Land Transfers Raise Real Estate Concerns - Sep 10 2024

The real estate sector is grappling with fresh concerns as authorities issue notices to recover Goods & Services Tax (GST) dues on the transfer of leasehold land. This development has sparked debate among industry stakeholders, as it could significantly affect future transactions and the overall real estate market.

Key Issue: Sale of Land or Service?

The controversy centers on whether the transfer of leasehold land should be classified as a sale of land or as a service. While land sales are traditionally exempt from GST, the authorities argue that these transactions qualify as a service, subjecting them to an 18% GST. This tax is in addition to the existing stamp duty imposed by state governments, resulting in a potential dual tax burden.

In India, many land parcels are leased by industrial development corporations and governmental bodies. When the original leaseholder transfers these leasehold rights to another party, the question arises: should this be treated as a land sale, which is exempt from GST, or as a service, attracting an 18% tax?

Legal Challenges and Industry Concerns

Legal experts, including Abhishek A Rastogi, founder of Rastogi Chambers, have contested the GST applicability in court. Rastogi argues that imposing GST on leasehold land transfers creates a situation of double taxation, with both stamp duty and GST being levied on the same transaction. He maintains that this contradicts the conceptual framework of GST, which aims to avoid tax cascading.

Tax professionals generally believe that transferring leasehold land is akin to the sale of immovable property and should not fall under GST’s purview. However, tax authorities classify these transfers as services, insisting they fall within the GST framework.

Potential Impact on Real Estate

The additional 18% GST could increase the overall cost of acquiring leasehold land, a burden that could ultimately be passed on to homebuyers. This development could drive up project costs, particularly in transactions involving leasehold land.

Some of the GST notices issued now aim to ensure that demands are raised before they become time-barred under the limitation period. The outcome of this issue could set a precedent for how leasehold land transfers are treated under the GST regime going forward, potentially reshaping the landscape of future real estate transactions.

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SEBI Chief Refrains from Commenting on Real Estate Investment Trusts Amid Conflict of Interest Allegations - Sep 10 2024

Raymond Expects Real Estate Vertical to be Listed by August 2025 - Sep 10 2024

Raymond Group, a nearly century-old diversified conglomerate, is preparing to list its real estate vertical by July or August 2025, according to Chairman & Managing Director Gautam Hari Singhania. The demerger process is currently underway, and once completed, the group will have three independent listed entities: Real Estate, Lifestyle, and Engineering. Each vertical will have its own board of governance and growth strategies.

Growth and Financial Targets

Singhania outlined Raymond's growth objectives, expecting a 15% annual increase in sales and 15-20% pre-tax earnings (EBITDA). With Raymond now a debt-free organization, Singhania emphasized that the company is well-positioned to explore both organic and inorganic growth opportunities across its verticals.

Raymond Lifestyle and Expansion Plans

Raymond Lifestyle, which houses the group's apparel-related businesses, is expected to be listed soon. This vertical will include brands like The Raymond Shop, Ethnix, and offerings in garmenting, suiting, shirting, and wedding fabrics. Singhania revealed plans to open 800 to 900 new stores over the next three years, aiming to double EBITDA during the same period. New segments, including sleepwear and innerwear, are also being explored.

Explosive Growth in Real Estate

Raymond's real estate vertical, which started with projects in Thane under the GS series, is expected to witness explosive growth. With Mumbai's ongoing development, Singhania sees significant opportunities for expansion in the city and surrounding areas.

Engineering and Auto Sectors

Raymond's engineering vertical, focused on auto and aerospace sectors, also presents substantial growth potential. Singhania noted that this segment will remain a key focus as part of Raymond's overall growth strategy.

Global Expansion and International Markets

The group is also expanding its international presence. Raymond currently has a unit in Ethiopia serving the U.S. market, and it plans to strengthen its distribution network in GCC countries and Saudi Arabia, targeting the large Indian diaspora. The company already operates 50 outlets in the Middle East and plans to increase this number in the near future.

Financial Performance

For the fiscal year ending March 2024, Raymond reported consolidated revenue of Rs 9,286 crore. As the largest integrated textile company in the world, Raymond exports suits to over 60 countries, including the U.S., Canada, Europe, Japan, and the Middle East.

With its real estate and lifestyle verticals poised for substantial growth, and the engineering segment showing promise, Raymond is positioned for a transformative period, driven by strategic expansion and market demand.

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PVR INOX to Monetise Real Estate Assets and Shift to FOCO Model for Growth - Sep 10 2024

Leading multiplex operator PVR INOX has announced plans to monetise non-core real estate assets in prime locations such as Mumbai, Pune, and Vadodara, as it transitions to a more capital-light growth strategy. According to its latest annual report, the company will close 60-70 underperforming screens in FY25 while adding 120 new screens, focusing on profitable growth.

Key Strategic Moves

To reduce capital expenditure on new screen additions by 25-30%, PVR INOX will partner with developers, shifting to a Franchise-Owned, Company-Operated (FOCO) model. This approach will allow the company to share capex for new screens while still operating them. PVR INOX is also exploring the monetisation of owned real estate assets to become a "net-debt free" company in the foreseeable future.

Expansion in South India

As part of its long-term strategy, PVR INOX aims to focus on expanding its presence in South India, which has a high demand for films but fewer multiplexes compared to other regions. Around 40% of its new screen additions will be in this underpenetrated market.

Profit-Driven Growth

In FY24, PVR INOX opened 130 new screens but also closed 85 underperforming ones as part of its ongoing portfolio optimization efforts. This rationalisation aligns with its goal to enhance profitability by exiting non-performing assets. Despite reduced capital expenditure, the company remains committed to growth, planning to open 110-120 new screens in FY25.

Financial Performance

In FY24, PVR INOX reported revenue of Rs 6,203.7 crore and a loss of Rs 114.3 crore, marking the first full year of operations for the merged entity. The company reduced its net debt by Rs 136.4 crore to Rs 1,294 crore.

During the year, PVR INOX saw ticket prices grow by 10% and food and beverage (F&B) spending per head rise by 11%, driven largely by synergies from the PVR-INOX merger. Looking ahead, the company expects more moderate growth in ticket prices and F&B spending, in line with historical trends.

Future Focus

PVR INOX aims to restore pre-pandemic operating margins by enhancing return on capital and generating free cash flow. The company is also focusing on driving customer footfalls through innovative acquisition and retention strategies while reducing costs through renegotiated rental contracts and leaner organisational structures.

With a renewed focus on profitability and expansion in high-demand regions, PVR INOX is positioning itself for sustained growth while maintaining a firm commitment to operational efficiency.

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Dharavi NGOs Support Redevelopment Survey, Accuse Non-Locals of Opposing the Project - Sep 10 2024

Several non-governmental organizations (NGOs) in Dharavi have extended their support to the ongoing state government-led survey of informal tenants in Asia's largest slum, while accusing non-locals of attempting to derail the $3 billion redevelopment project by spreading misinformation. These NGOs have written letters to the Dharavi Redevelopment Project/Slum Rehabilitation Authority (DRP/SRA), a Maharashtra government body overseeing the project in partnership with the Adani Group.

Eight NGOs and citizen welfare associations, involved in diverse welfare activities such as health, education, and women empowerment, recently met with DRPPL (Dharavi Redevelopment Project Pvt. Ltd.) CEO and expressed their support for the survey. Noor Mohammed Khan of the Global Giving Foundation raised 13 key questions, ranging from free maintenance to the fate of residents who arrived after the 2000 cutoff date for eligibility.

The Enlighten Foundation, in a letter to DRPPL CEO SVR Srinivas, emphasized that residents and commercial owners are not against the survey or the redevelopment project. "The opposition comes from a small group of non-locals with vested interests," said Rajeshkumar Panirselvam, president of the Enlighten Foundation.

Local residents and associations, such as Chhatrapati Shivaji Maharaj CHS, also voiced their support for the project, which has been delayed for decades. "Many generations have waited for this redevelopment, and now we are finally seeing positive steps forward," stated the association in its letter.

The survey, which began on March 18, 2024, has already covered over 11,000 tenements through door-to-door visits, and more than 30,000 tenements, including residential, commercial, and religious structures, have been numbered. The mapping of Dharavi's 600 acres is essential for the redevelopment, which is expected to take seven years. Eligible residents will be rehoused in 350 sq ft flats within Dharavi, while ineligible residents will be relocated elsewhere in Mumbai.

Key local groups, such as the Thevar Samajam, representing Dharavi's Tamil community, have expressed their excitement about the redevelopment and their desire to be part of the transformation. Youth groups, including the Dharavikar Iron Group and Om Shri Gauri Mitra Mandal, have volunteered as facilitators for the survey, citing the urgent need for redevelopment to provide basic amenities to future generations.

The All India Police Jan Seva Sanghatana has also urged the Dharavi administration to address misinformation about the project through direct engagement with residents. Local residents have even requested legal action against those opposing the survey process, highlighting the strong local support for the redevelopment.

With over 40 DRP survey teams working in challenging conditions, including heavy rainfall and waterlogged lanes, the survey aims to leave no tenement unaccounted for. The number of teams is expected to increase to 100 in the near future. This comprehensive mapping is crucial to ensure the success of Maharashtra's first-ever policy where both eligible and ineligible residents will receive homes.

After decades of stalled attempts, the Dharavi redevelopment plan, initiated through a global tender, is gaining momentum with increasing local support. This project is more than just real estate; it represents a transformative journey for one of Mumbai’s most densely populated areas.

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Sanofi India to Sell 1.5 Lakh Sq Ft Mumbai Headquarters - Jul 19 2024

Sanofi's Indian arm is set to sell its 150,000 sq ft headquarters in Mumbai’s Powai locality. This move is part of a broader strategy to relocate and expand its operations, including shifting its Sanofi Consumer Healthcare division to a newly leased office in the Vikhroli suburb.

Key Details:

- Location: Powai, Mumbai.

- Size: 150,000 sq ft.

- Expected Sale Value: Approximately Rs 250 crore.

- New Location: Sanofi Consumer Healthcare division moving to Vikhroli.

- Lease Agreement: Long-term lease with initial occupancy from June 2024.

Background:

- Acquisition: The Powai property was acquired from L&T Realty in 2013 and became Sanofi’s headquarters in 2015.

- Relocation Plan: The Vikhroli office lease is part of a strategic plan to consolidate operations and improve infrastructure.

Strategic Move:

Sanofi’s decision to sell the Powai property aligns with its asset monetization strategy and growth plans for its divisions. The new Vikhroli office is expected to accommodate the Sanofi Consumer Healthcare division, with additional space leased for other operations. The Powai asset sale is anticipated to fetch around Rs 250 crore based on current market rates.

Demerger:

- Consumer Health Business: In May 2023, Sanofi's board decided to demerge its consumer health business into a separate entity. This move, approved by shareholders in December and sanctioned by the National Company Law Tribunal, Mumbai, in May 2024, led to the formation of Sanofi Consumer Healthcare Ltd.

- New Entity Operations: The demerged entity will operate from the newly leased Vikhroli office, which is currently being fitted out.

Market Context:

- Importance of Indian Market: Sanofi India's Managing Director, Rodolfo Hrosz, highlighted the significance of the Indian market and the company’s commitment to launching 1-2 products annually from its innovation portfolio.

- Growth in Office Sector: Despite global economic challenges, the Indian office sector has shown robust demand. Recent data shows a record gross leasing of 33.5 million sq ft in the first half of the year, up 29% from the previous year, reflecting strong market fundamentals and resilience.

Strategic Benefits:

- Operational Efficiency: The move to a modern office in Vikhroli is expected to enhance operational efficiency and support the company's growth strategies.

- Asset Monetization: Selling the Powai property allows Sanofi to unlock capital for reinvestment in core business areas and new growth opportunities.

Conclusion:

Sanofi’s decision to sell its Powai headquarters and move to Vikhroli is a strategic move aimed at optimizing operations and supporting future growth. The sale is expected to generate significant capital, while the new office space will provide a modern, efficient environment for Sanofi’s continued expansion in India.

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Hindalco to Sell Land Parcel to Ekamaya Properties for Rs 595 Crore - Jul 19 2024

Nielsen Media Leases 1.52 Lakh sq ft in Mumbai's Goregaon - Jul 19 2024

Nielsen Media, a global leader in audience measurement and analytics, has secured a substantial office space lease in Mumbai's western suburb of Goregaon. The company has entered into a long-term lease agreement for over 152,000 sq ft of office space in the commercial tower Oberoi Commerz III, part of the larger Oberoi Garden City layout.

Key Details:

- Lease Duration: Over 10 years.

- Total Rental Cost: More than Rs 465 crore, excluding rental escalations.

- Rental Escalation Clause: 15% increase every three years.

- Lock-in Period: Five years.

Office Space Allocation:

- Nielsen Media: Will occupy the 36th to 38th floors, totaling 109,851 sq ft, plus an additional terrace carpet area of 2,553 sq ft.

- What’s On Media: A group company of Nielsen Media, will take the 35th floor, covering 37,932 sq ft, plus a terrace of 1,920 sq ft.

- Total Monthly Rent: Rs 3.88 crore initially, with Rs 2.87 crore for Nielsen Media and Rs 1.01 crore for What’s On Media.

- Parking: Exclusive access to 164 car parking slots.

Lease Agreement Timeline:

- Commencement: January 2025.

- Fit-out Period: Seven months starting from June 1, 2024.

Location Benefits:

- Oberoi Garden City: An 80-acre premium mixed-use development in Goregaon, adjacent to a metro station.

- Oberoi Commerz III: A 2.9-million-sq-ft tower housing key occupiers, including global investment bank Morgan Stanley.

Strategic Move:

Nielsen Media’s new office space is expected to serve as its global capability center (GCC) in India. This significant lease aligns with the broader trend of global occupiers returning strongly to the Indian office market, driven by technology and BFSI (Banking, Financial Services, and Insurance) sectors.

Market Context:

The Indian office market has shown remarkable resilience and growth, with gross leasing in the first half of the year reaching a record 33.5 million sq ft, up 29% from the previous year. This surge underscores confidence in India’s commercial real estate market despite global economic uncertainties, and the trend is expected to continue with robust demand from various sectors.

This significant leasing deal by Nielsen Media highlights the strong fundamentals and attractiveness of Mumbai’s commercial real estate market.

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ESR Group Leases 48,800 sq ft Industrial Space to UPM Raflatac in Navi Mumbai - Jul 19 2024

Bombay HC Orders Seven Members in Way of Society Redevelopment to Vacate or Pay Rs 5 Lakh - Jul 19 2024

Mumbai Police Book Shriji Developers' Directors for Cheating - Jul 19 2024

Four People Booked for Cheating Navi Mumbai Builder of Rs 66.75 Lakh in Land Deal - Jul 19 2024

Marico’s Priyanjali Mariwala Acquires Luxury Apartment in Mumbai's BKC for Rs 65 Crore. - Jul 10 2024

Priyanjali Mariwala, a member of the promoter family of consumer goods company Marico, has purchased a luxury apartment in Mumbai’s prestigious Bandra-Kurla Complex (BKC) for Rs 65.25 crore. The apartment, spanning nearly 8,300 sq ft on the first floor of the super-premium residential tower Signature Island, was bought from Starlight Systems, a part of Sunteck Realty, the project’s developer. The deal, valued at Rs 78,690 per sq ft, also includes exclusive access to four car parking slots.

Details of the Transaction

Mariwala paid a stamp duty of Rs 3.26 crore for the registration of the deal, which was finalized on July 1. Notably, the Maharashtra government offers a 1% concession in prevailing stamp duty for women homebuyers, reducing the stamp duty charge to 5% for this transaction.

About Priyanjali Mariwala

Priyanjali Mariwala, married to Rishabh Mariwala, leads the ASCENT Foundation, a not-for-profit organization established by Marico Chairman Harsh Mariwala. The foundation aims to support high-potential entrepreneurs in scaling their enterprises and enhancing their entrepreneurial journeys.

Celebrity Residents and High-End Leasing

Signature Island, consisting of three towers developed by Sunteck Realty, has attracted several prominent personalities from various sectors, including Uday Kotak, Gautam Adani, Vikram Pandit, Gunit Chaddha, and Mihir Doshi. Bollywood actress Aishwarya Rai Bachchan, Ashok Wadhwa, and Sonam Kapoor are also among the apartment owners in this luxurious complex.

In 2021, Abbott Healthcare leased a 5,000 sq ft apartment in the tower for a monthly rental of around Rs 10 lakh, totaling over Rs 3.60 crore for the 36-month tenure. Current lease rentals in the tower range from Rs 15 lakh per month for smaller duplexes to Rs 20 lakh for larger duplex apartments.

Real Estate Market Trends

The Indian residential real estate market reached an 11-year high in sales during the first half of 2024, driven by stable economic conditions and strong market confidence despite higher mortgage rates. Mumbai, the largest and most expensive property market, has been at the forefront of this trend, with over 10,000 property registrations each month in the first half of 2024 and 11 consecutive months of year-on-year growth in registrations since August 2023.

The acquisition of a luxury apartment by Priyanjali Mariwala in BKC underscores the continued demand for high-end residential properties in Mumbai. This purchase, along with other significant investments in Signature Island, highlights the appeal of premium real estate in one of the city’s most prestigious business districts.

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Bombay High Court Denies Relief to 41 Illegal Vasai Buildings Facing Demolition - Jul 10 2024

The Bombay High Court has denied any relief from demolition to 41 buildings in Vasai, Palghar district, ruling that they are "wholly illegal and unauthorized." These buildings were constructed on land reserved for a sewage treatment plant and dumping ground.

Court's Decision and Observations

A division bench of Justices M S Sonak and Kamal Khata observed that the buildings are "patently illegal" and directed flat owners to vacate the premises by September 30. The court allowed this extension on the condition that the owners submit an undertaking to vacate.

In June, the bench, while hearing a petition against the buildings, stated there was no impediment for the Vasai Virar City Municipal Corporation (VVCMC) to take action against such structures. Following this, the VVCMC demolished some buildings and issued demolition notices to 41 others, instructing occupants to vacate within 24 hours.

Petition for Relief Denied

Fifteen flat owners moved to the High Court seeking relief from the demolition. However, the court refused their plea, noting that the petitioners failed to show that their buildings were constructed with proper authorization. The court suggested that the flat owners could sue the builder or developer for damages, as they may have been deceived.

Criticism of Civic Body

The bench criticized the civic body for its lack of prompt action, which allowed such illegal structures to be built. "The civic body is encouraging land mafia and poor people are suffering in all this," the court stated. The judges emphasized that the land reserved for essential infrastructure like sewage treatment and dumping grounds cannot be usurped.

Temporary Relief Due to Monsoon

Acknowledging the ongoing monsoon season, the court ordered that the demolition should not be carried out until September 30. However, flat owners must submit an undertaking within a month to vacate the premises by the end of September.

Conclusion

The Bombay High Court's decision underscores the importance of adhering to legal and regulatory frameworks in construction. It also highlights the need for civic bodies to take timely action to prevent illegal developments and protect essential infrastructure.

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MMRDA Secures Rs 850 Crore from KfW for Urban Infrastructure Development - Jul 02 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) has secured over Rs 850 crore from the German state-owned development bank KfW to bolster urban infrastructure development in and around the Mumbai Metropolitan Region. Additionally, MMRDA will contribute approximately Rs 365 crore from its own resources, bringing the total funding for these projects to Rs 1,215 crore.

Focus on Sustainable Development

The funds from KfW and MMRDA will be allocated to various sustainable development initiatives, including:

- Green Corridors: Development of eco-friendly pathways and green spaces.

- Solid Waste Management Systems: Enhanced systems for waste collection, recycling, and disposal.

- Recycling and Reuse Facilities: Infrastructure to support waste recycling and reuse.

- Renewable Energy Solutions: Projects aimed at promoting the use of renewable energy.

These initiatives are part of the MMR Urban Infrastructure Amenities Project, designed to improve environmental sustainability and enhance the quality of life for residents in the bustling metropolitan area.

Previous KfW Financing

Before this agreement, KfW had given in-principle approval for two loans totaling over 545 million Euros (Rs 4,767 crore) to support key mass transit projects in Mumbai. These include:

- Metro Line 4: Extending from Wadala in central Mumbai to Kasarvadavli in Thane.

- Metro Line 4A: Extending connectivity from Kasarvadavli to Gaimukh in Thane.

These fully elevated lines will span 34.82 km with 32 stations, significantly easing daily commutes and contributing to a cleaner, less congested city. The 545-million-euro loan is the highest financing approved for any Indian entity to date.

Infrastructure Development by MMRDA

MMRDA is actively working on significant infrastructure projects, including the development of 14 different metro lines across Mumbai and the Mumbai Metropolitan Region. With a total length of 337 km, this is the longest metro network being developed simultaneously by a single agency anywhere in the world.

Conclusion

The collaboration between MMRDA and KfW highlights a strong commitment to sustainable urban development and improved public transportation. These projects are set to transform Mumbai's infrastructure, providing long-term benefits for the city's residents and environment.

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Bombay HC Criticizes State and SRA for Delays in Wadala Redevelopment Project - Jul 02 2024

The Bombay High Court has strongly criticized the State government and the Slum Rehabilitation Authority (SRA) for failing to address the stalled redevelopment project in Wadala (E). The project, which has left occupants without their promised permanent accommodation or transit rent since 2013, prompted the court's sharp rebuke.

Background

Justices Mahesh Sonak and Kamal Khata, in their order on Wednesday, stated, "The State and the SRA cannot adopt such an approach to the matter when the occupants who vacated their premises in 2013 are neither close to getting their promised permanent accommodation nor any transit rent." The court was hearing a petition filed by 20 members of Shaikh Misree SRA CHS. Omkar Realtors and Developers Pvt Ltd, the original developer, stopped paying transit rent in 2015/2016, citing financial difficulties. To date, the rehabilitation building work has not started.

Developer Change Proposal

During a previous hearing, the SRA informed the court that lender J C Flowers Asset Reconstruction Pvt Ltd had submitted an application to take over the project, including Omkar’s assets and liabilities. However, the lender’s advocate, Vinod Kothari, clarified that their proposal only sought a change of the developer.

Court's Directives

The judges asserted that the petitioners are entitled to transit rent and "cannot be made to run from pillar to post to recover their dues." They criticized both the developer and the lender for their unwillingness to pay arrears and reprimanded the State and SRA for their inaction. "None of the respondents are serious about solving the petitioners’ most genuine problem," the judges noted.

They highlighted that Omkar, despite claiming financial incapacity, is unwilling to relinquish the project to a new developer. The judges declared, "This unfortunate situation cannot continue any longer," emphasizing that Omkar "cannot declare that it has no means to pay the transit accommodation rent, which it is statutorily duty-bound to pay."

Immediate Actions Required

The court directed Omkar to deposit all rent arrears by July 24. If Omkar fails to comply, its Managing Director must appear in court personally and submit an affidavit disclosing all company assets. The judges also noted that despite having ample time, the SRA and State government had not made decisions on the proposals from Omkar and the lender, and were seeking further adjournments almost six months later.

Final Deadline

The court ordered the SRA and the State government to make firm decisions on the proposals within two weeks, aiming to expedite the resolution of this prolonged issue and ensure the occupants receive their due accommodations and rents.

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Bombay HC Nullifies Allotment of Plot Reserved for Sports Complex to Progressive Homes - Jul 02 2024

In a significant ruling, the Bombay High Court has mandated the Maharashtra government to reclaim 20 acres of land in Ghansoli, Navi Mumbai, originally reserved for a government sports complex, from realty developer Kalpataru’s subsidiary, Ixora Properties. The decision underscores the court’s concern over the state’s prolonged failure to develop the sports complex, initially intended to foster sports and nation-building.

Background and Legal Battle

In an affidavit filed by Aseemkumar Gupta, Principal Secretary of the Urban Development Department (UDD), it was revealed that the state government had taken a stance that the cost of the 20 acres, as demanded by CIDCO, would be Rs 2500 crore. This pricing was contested by the court, especially given CIDCO's prior allotment of 36 acres to the Navi Mumbai Municipal Corporation (NMMC) for a sports complex at a significantly lower lease premium of Rs 22 crore.

Court's Criticism and Orders

The HC criticized the state government and UDD officials for their "lackadaisical approach" over the past 20 years, resulting in the failure to establish the international-standard sports complex on the 61-acre CIDCO plot. The court also quashed CIDCO's 2017 decision to allot part of this land to a builder, Progressive Homes, for commercial use, calling it "objectionable, arbitrary, and illegal."

Justice Girish Kulkarni and Justice Jitendra Jain emphasized the necessity of accessible sports facilities in urban areas like Navi Mumbai, highlighting the detrimental impact on children and youth deprived of these amenities. The court noted the importance of sports in the development of citizens and the nation, reinforcing that such facilities should not be compromised for commercial exploitation.

Future Directions and Additional Sports Complex

While the state had proposed relocating the sports complex to a remote site in Mangaon taluka, 115 km away, the HC deemed this move impractical due to the lack of infrastructure in the rural area. The court suggested that while an additional sports complex could be developed in Raigad, it should not substitute the one planned for Navi Mumbai.

Public Interest Litigation (PIL) and Ruling Impact

The ruling came in response to a PIL filed in 2019 by the Indian Institute of Architects, Navi Mumbai chapter, represented by Shekhar Bagool and Kaushal Jadia. The PIL argued against the conversion of land reserved for the government sports complex into commercial use. The court’s judgment paves the way for better sports facilities and policies in the state, ensuring that the land in Ghansoli is used as intended for the public good.

Conclusion

The Bombay High Court’s decision highlights the importance of prioritizing public interest and sports development over commercial gains. The ruling directs CIDCO to hand over the entire plot in sectors 12 and 12A to the state for the sports complex, either free or at government rates, reinforcing the role of sports in the holistic development of the community.

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ICICI Prudential AMC Acquires Office Tower from Kalpataru in Mumbai for Rs 315 Crore - Jul 02 2024

ICICI Prudential Asset Management Company has purchased an entire commercial tower in Santacruz, Mumbai, for over Rs 315 crore from realty developer Kalpataru’s subsidiary, Ixora Properties. This newly acquired tower, part of the Kalpataru Infinia project, is expected to become the asset management company's new head office. The 12-storey building, along with three basements, offers a carpet area of over 60,000 sq ft and is built on one-third of an acre. Another tower in the project, offering over 120,000 sq ft of office space, is still under construction.

This acquisition is noteworthy amidst the current trend of leasing rather than purchasing office space outright. ICICI Prudential AMC paid over Rs 18.90 crore in stamp duty for the transaction, which was finalized on June 27. A source close to the development mentioned that the asset management company plans to relocate its corporate office from Bandra-Kurla Complex to this new location, with fit-out work starting soon and operations expected to commence next year.

ICICI Prudential AMC, India's second-largest asset management company, reported average assets under management of Rs 8.03 lakh crore as of June's end. The new commercial tower is just a five-minute drive from their current office in Bandra-Kurla Complex and includes 114 vehicle parking slots.

Recent acquisitions by ICICI Prudential Life Insurance Company and ICICI Securities reflect the sustained growth in India's office sector. ICICI Prudential Life Insurance Company recently secured 252,000 sq ft of office space in IT park Mindspace, Malad West, marking one of the largest office lease transactions in the country this year. Additionally, ICICI Securities leased more than 188,000 sq ft of office space in IT park Mindspace, Juinagar, Navi Mumbai, for over 12 years.

Despite global economic challenges, the Indian office sector has shown robust demand. Net absorption in India’s top seven office markets reached 41.97 million sq ft in 2023, the second-highest annual absorption on record, trailing only 2019 levels. This performance underscores the strong demand fundamentals and resilience of the Indian office market.

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The first phase of Mumbai Metro 3 is scheduled to be completed by December 2024. - Jun 28 2024

The Bombay High Court has strongly criticized the Maharashtra government and the Slum Rehabilitation Authority (SRA) for significant delays in replacing the builder of a redevelopment project. - Jun 28 2024

Sobha plans rights issue starting June 28 to raise up to Rs 2,000 crore - Jun 28 2024

1,700 shanties in Bandra West demolished for urban renewal project aimed at slum rehabilitation. - Jun 28 2024

Aamir Khan purchases an apartment in Pali Hill, Bandra West, for Rs 10 crore. - Jun 28 2024

Amitabh Bachchan Acquires Additional Office Spaces in Mumbai's Andheri Suburb. - Jun 28 2024

Bollywood legend Amitabh Bachchan has expanded his real estate portfolio with the acquisition of three more office properties in the Oshiwara locality of Mumbai’s Andheri suburb, for nearly Rs 60 crore. This purchase adds to his existing ownership of four offices in the same commercial tower, totaling over 12,000 sq ft of built-up area and 10,800 sq ft of carpet area.

In September, ET reported that Bachchan had acquired an entire floor in the tower and leased it to Warner Music India under a long-term five-year agreement. The new office spaces, spanning 8,429 sq ft of carpet area, are situated on the 27th, 28th, and 29th floors of the ready-to-move commercial tower. The deal also includes exclusive access to three car parking slots. Amitabh Bachchan paid over Rs 3.57 crore in stamp duty for the registration of the deal, which was finalized on June 20.

In addition to his commercial investments, Bachchan has recently acquired a land parcel from the House of Abhinandan Lodha (HoABL) in Alibaug to build a luxury villa. In January, he purchased another plot in a 7-star mixed-use development near the Shri Ram Janmabhoomi Temple in Ayodhya for constructing a house. The Bachchan family owns several properties in Mumbai. Recently, Amitabh and his wife Jaya gifted their lavish bungalow, Prateeksha, in Juhu to their daughter Shweta Nanda, formalizing the transfer through two distinct gift deeds.

The Bachchan family's real estate activities are part of a broader trend among Bollywood celebrities investing in high-end properties. Recently, Abhishek Bachchan bought six apartments in a premium residential project in Borivali for Rs 15.42 crore. Other Bollywood figures such as Kartik Aryan, Sara Ali Khan, Amrita Singh, Ajay Devgan, and Kajol have also invested in the same commercial tower in Oshiwara. High-net-worth individuals in the entertainment industry, including Shahrukh Khan, Shilpa Shetty, Akshay Kumar, and Aishwarya Rai, continue to see real estate as a top investment choice. Recent high-end property acquisitions by stars like Ranveer Singh, Hrithik Roshan, Rani Mukherjee, Alia Bhatt, Disha Patani, and Janhvi Kapoor further underscore this trend.

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MahaRERA to Enforce Grievance Redressal Cells for Realty Projects - Jun 28 2024

Common JVPD Plots Belong to 14 Housing Societies, Not Mhada - Jun 28 2024

Court Rules in Favor of 14 Housing Societies Over State Housing Authority in JVPD

MUMBAI: In a significant ruling, the Bombay High Court has declared that common plots (utilities and amenities) in the Juhu Vile Parle Development (JVPD) area are owned by 14 housing societies and not by the state housing authority, Mhada. Justice Bharati Dangre's order earlier this week clarified that Mhada holds no rights, title, or interest in these plots following the execution of registered common plot conveyances along with individual plot conveyances in favor of the 14 societies. The decision came after one of the societies legally challenged Mhada’s claim over these plots.

Background of the JVPD Area

JVPD is now an upscale neighborhood, home to Bollywood producers, superstars, wealthy businessmen, and professionals. The ready reckoner rate for a plot in this area ranges from Rs 1-1.5 lakh per square meter, while residential flats cost around Rs 65,000 per square foot. Around 1950, the Bombay government acquired approximately 223 acres for housing schemes in Juhu and Vile Parle, at the request of the Juhu Vile Parle Development Cooperative Housing Association Ltd.

Legal Proceedings and Conveyance History

The plaintiffs, including Vithalnagar CHS Ltd and Juhu Vile Parle Cooperative Housing Association Ltd, stated that in 1951, the government issued an order for the land's development and assigned the execution to the Bombay Housing Board (BHB). BHB then entered into 10 separate building plot conveyances with the societies, followed by three more conveyances in 1956. These conveyances transferred the JVPD housing scheme plots on the left bank of Irla Nullah to each co-owner society for consideration, with the societies paying Rs 60 lakh for a total area of six lakh square yards (123 acres).

Dispute Over Common Plots

The common plots included 18 amenity plots, 16 utility plots, 40 feet internal roads, and canalization and creek of JVPD. Between 2010 and 2011, the 14 societies issued notices to BMC and Mhada to complete the acquisition of plots reserved for various purposes such as a library, playground, municipal retail market, DP Road, garden, and recreation ground. Acquisition proceedings began upon receipt of the purchase notices, but were suspended in 2017 when BMC and Mhada claimed that the common plots belonged to Mhada and that the co-owner societies were tenants.

High Court's Decision

Vithalnagar CHS Ltd, one of the co-owner societies, approached the Bombay High Court to resolve the ownership issue. The court observed: “Since the corporation, without raising the challenge to the Deed of Conveyance and transfer of land in favour of societies by the Board, which act the Board indulged in with prior permission from the Government of Bombay. After the lapse of almost 64 years, it is not open for the corporation to adopt such a stand premised on its own reading of deeming of vesting of the open lands in its favour once the scheme was completed.”

Conclusion

This ruling confirms that the common plots in the JVPD area legally belong to the 14 housing societies, providing clarity and closure to a longstanding dispute over land ownership in one of Mumbai's most prestigious neighborhoods.

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Dharavi Redevelopment Project Requests Five-Year Lease for 15 Acres in BKC - Jun 28 2024

Major Request from MMRDA for Project Facilitation

MUMBAI: Dharavi Redevelopment Project Pvt. Ltd. (DRPPL), a special purpose vehicle formed by the state government and the Adani Group, has formally requested a five-year lease for 15 acres of land in Bandra-Kurla Complex (BKC) from the Mumbai Metropolitan Region Development Authority (MMRDA). The land, previously used as a Metro works casting yard, is essential for storing heavy machinery required for the extensive redevelopment of Dharavi.

Background of the Dharavi Redevelopment

In November 2022, the Adani Group secured the bid to redevelop Dharavi with an initial investment of Rs 5,069 crore. The redevelopment project spans 600 acres and aims to transform one of Mumbai’s largest slum areas, housing nearly 12 lakh residents.

Request Details and Intentions

According to sources, DRPPL sent a letter on June 11, requesting the BKC land at commercial rates and agreeing to adhere to MMRDA’s terms and conditions if allocated. An MMRDA official confirmed the deliberation on this request. The SPV is actively seeking land outside Dharavi to support the redevelopment efforts.

Additional Land Acquisitions for the Project

- Railway Land Development Authority (RLDA): On March 13, 2024, RLDA transferred 27.57 acres, including a scrapyard near Mahim station, to DRPPL. This land is critical for building around 1-1.5 lakh tenements of 350 square feet each for eligible residents.

- Brihanmumbai Electric Supply and Transport (BEST): DRPPL has also requested 12 acres from BEST, encompassing two prominent bus depots in Sion East — Dharavi and Kalakilla. These depots, with a total parking capacity for about 300 buses, include offices, staff housing, and amenities for drivers and conductors.

Government Support and Future Plans

In February 2024, the Maharashtra cabinet approved a proposal to request 283.4 acres of salt pan land from the Centre at the current market value on a 99-year lease for the Dharavi Redevelopment Project. This is an exception to the usual 30-year lease period, highlighting the project’s importance.

Conclusion

The Dharavi Redevelopment Project is moving forward with significant land acquisition efforts to facilitate the transformation of one of Mumbai’s most densely populated areas. The request for 15 acres in BKC from MMRDA marks a critical step in ensuring the project’s progress and success, promising a substantial upgrade in living conditions for Dharavi’s residents.

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Abhishek Bachchan acquires 6 flats in Oberoi Sky City, Borivali East. - Jun 28 2024

MCGM Declines Stop Work Notice for Godrej Properties' Kandivali Project - Jun 28 2024

Municipal Decision Favors Continuation of Construction

The Municipal Corporation of Greater Mumbai (MCGM) has decided against issuing a stop work notice for Godrej Properties’ ongoing residential project in Kandivali. This decision comes despite a request from the defence ministry’s Central Ordnance Depot (COD), which had raised concerns about the project's proximity to the Kandivali COD complex.

Defence Ministry Concerns

The defence ministry unit had previously written to the civic authority, requesting a suspension of work at the 'Godrej Reserve' project, citing its closeness to the COD complex. The project spans an 18.6-acre land parcel and is estimated to generate Rs 7,000 crore in revenue. According to the company’s FY24 regulatory filing, approximately 1.91 million sq ft of the project has been launched, with bookings for 1.51 million sq ft worth Rs 2,693 crore already secured.

MCGM's Legal Standpoint

The MCGM, in its response to the COD, highlighted that numerous ongoing developments are within the vicinity of the COD in Kandivali and Malad. The civic authority noted that these projects comply with the circular dated October 21, 2016, which allows construction beyond 10 meters from defence establishments. Therefore, issuing stop work notices to such projects would not be in accordance with the law.

Official Statement

The letter from MCGM’s building proposal department, dispatched to the COD on Tuesday, stated: “The construction being undertaken is permissible under the provisions of the Maharashtra Regional Town Planning Act, 1966, and Development Plan, 2034, which was formulated after considering all aspects of safety and security. We have not received any suggestion/objection while making the development plan 2034, and there is vast existing urban settlement and construction in the vicinity.”

Defence Ministry Guidelines

In a note issued in May, the COD had pointed out that the Godrej plot is within 500 meters of the Kandivali complex, referring to the union government’s May 2011 guidelines. These guidelines prohibit construction within 100 meters of any defence establishment and limit construction to a maximum of four storeys within 100-500 meters, pending a no-objection certificate (NOC) from the defence ministry. However, the project's permission was granted during a transitional period between the Bombay High Court's decision to discontinue the NOC requirement and the Supreme Court’s ruling to uphold it in February.

Godrej Properties' Project Potential

Godrej Properties acquired the plot in December 2022, planning a development potential of about 3.72 million sq ft with an estimated revenue potential of nearly Rs 7,000 crore. The project will mainly feature premium residential apartments and some retail units, benefiting from a prime location with access to the Western Express Highway, metro, and suburban railway stations.

Record Performance

Godrej Properties reported its best-ever quarterly and annual performance in terms of sales bookings, net profit, collections, project deliveries, and business development for the period ending March.

Conclusion

The decision by MCGM to continue Godrej Properties' Kandivali project underscores the regulatory balance between urban development and security considerations, paving the way for further advancements in Mumbai's real estate landscape.

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Puravankara Board Approves Rs 1,000 Crore Fundraising via QIP - Jun 18 2024

New Committee Appointed to Study Amendments to Maharashtra Apartment Ownership Act - Jun 18 2024

State Government Forms New 10-Member Panel

The Maharashtra state government has appointed a new 10-member committee to review and propose amendments to the Maharashtra Apartment Ownership Act, 1970. This decision comes just eight months after a 15-member panel submitted its recommendations on the same subject, raising concerns among housing sector activists.

Background and Initial Committee

In October last year, a 15-member committee under the state cooperative department submitted a comprehensive report with detailed suggestions for amending the act. Despite this effort, the state government has neither implemented the recommendations nor provided any feedback, leaving activists frustrated. Maharashtra has over 1 lakh buildings governed by the Apartment Act, including 15,000 in Pune district.

Formation of the New Committee

On June 7, the state housing department announced the formation of a new committee through a government resolution (GR). This panel is led by the Commissioner for Cooperation and Registrar of Cooperative Societies and includes members from the property registration department, home department, settlement commissioner’s department, Pune collector, and law department officials. The new committee is tasked with studying the act and proposing amendments within three months.

Concerns and Criticisms

The decision to form a new committee has been met with skepticism. Advocate Shreeprasad Parab, expert director of the State Housing Federation, criticized the exclusion of experts from Pune Federation and the Maharashtra State Housing Federation. He emphasized the need to address the concerns of apartment associations in major cities like Pune, Thane, Navi Mumbai, Mumbai, Nashik, Nagpur, and Sambhajinagar. Many apartment associations are passing resolutions to dissolve and form cooperative housing societies to facilitate redevelopment.

A housing activist expressed confusion over the government's decision to disregard the previous committee's report, calling it a waste of time and effort.

Official Statements

Commissioner for Cooperation Deepak Taware stated that the new report would be submitted in consultation with committee members. Suhas Patwardhan, chairperson of the Maharashtra State Housing Federation, expressed hope that the government would consider the amendments proposed by the earlier committee.

MK Rao, a member of an apartment association, pointed out that while the proposed amendments aim to ease redevelopment, eviction of those obstructing redevelopment could lead to extended legal battles.

Conclusion

The Maharashtra Apartment Ownership Act, of 1970, which governs apartment ownership, management, and transfer in the state, is under review once again. The formation of the new committee has sparked debate over the government's approach and the potential implications for apartment owners and associations across Maharashtra.

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Sobha Limited Announces Rs 2,000 Crore Rights Issue - Jun 18 2024

Leadership Transition at Kolte-Patil Developers: CEO Rahul Talele Resigns, Atul Bohra Appointed as Successor - Jun 18 2024

Continuous Rise in Residential Real Estate Prices Since 2013 - Jun 18 2024

Strong Growth Amid Inflation Moderation

Residential real estate prices have shown a continuous upward trend since 2013, appreciating at a compound annual growth rate (CAGR) of 13% over the last two years. This rise comes despite the moderation of Consumer Price Index (CPI) inflation, which averaged 1.3% annually, settling at 5.4% by the end of FY24, as per data from Anarock.

Post-Election Price Trends

Shobhit Agarwal, MD & CEO of ANAROCK Capital, highlighted that average residential prices across the top seven cities increased at a CAGR of 6% following the 2019 elections. Prices rose from Rs 5,600 per sq ft in June 2019 to Rs 7,550 per sq ft by the end of FY24. A similar trend was observed post-2014 elections, with prices rising over 6% from Rs 4,895 per sq ft in 2013 to Rs 5,168 per sq ft in 2014.

Supply and Demand Dynamics

Over the past decade, periods of stable price growth were witnessed when the supply of real estate exceeded demand, aligning with inflation rates in the pre-pandemic era. From 2013 to 2020, the top seven cities saw a cumulative supply of 23.55 lakh units against a demand of 20.68 lakh units. Inventory levels peaked at approximately 8 lakh units by the end of 2016.

Post-Pandemic Market Recovery

Following the pandemic, the residential real estate market experienced a rapid recovery, leading to significant price growth that has outpaced general inflation. This recovery is a testament to the resilience and enduring demand in the residential real estate sector, according to Anarock.

Conclusion

The continuous rise in residential real estate prices, coupled with the market’s recovery post-pandemic, underscores the robust growth and strong demand within the sector. As the market continues to evolve, these trends highlight the attractiveness of residential real estate as a lucrative investment option.

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Godrej Family Acquires Three Luxurious Sea-View Apartments in Malabar Hill for Rs 180 Crore - Jun 18 2024

In a landmark real estate transaction, Godrej Industries’ Chairman Nadir Godrej and his family have secured three luxury sea-view apartments in South Mumbai’s prestigious Malabar Hill. The total acquisition cost for these properties amounts to nearly Rs 180 crore, sourced from a subsidiary of the JSW Group.

Prime Real Estate Acquisition

The under-construction super-luxury residential project, Ruparel House, is situated on Ridge Road at the pinnacle of Malabar Hill. This prime location offers breathtaking views of the iconic Queen’s Necklace. Developed by R House Realty, part of JSW Realty, the project promises unparalleled luxury and exclusivity.

Property Details

The Godrej family has acquired apartments on the sixth, seventh, and eighth floors of the upcoming tower. These properties collectively span 13,836 sq ft, which includes 1,029 sq ft dedicated to exclusive deck and covered balcony areas. The transactions were registered on June 12. Notably, the Godrej family has paid Rs 10.79 crore in stamp duty alone for these registrations.

Additional Perks

As part of this high-value deal, the buyers will have exclusive access to 12 car parking slots within the tower, which features 14 residential levels, each comprising a single apartment per floor. The project is slated for completion by December 2027.

Record-Setting Transaction

This property deal, inclusive of stamp duty and GST, is valued at Rs 1.44 lakh per sq ft, positioning it among the most expensive real estate transactions in the country.

Robust Real Estate Market Performance

The year 2023 saw an unprecedented surge in residential property sales across India’s top eight cities, driven by strong demand in mid-income, premium, and luxury segments. Mumbai, recognized as the country’s largest and most expensive property market, led this growth trend. The city achieved record property deal registrations, surpassing the 10,000 mark each month for the first five months of 2024. This streak included ten consecutive months of year-on-year growth in registrations since August 2023.

Key Market Drivers

South and Central Mumbai, known for hosting India’s most expensive apartments, have significantly contributed to this performance. The micro-market has witnessed numerous high-value transactions involving industrialists, CXOs, actors, and sports personalities over recent years.

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Oberoi Exquisite at Goregaon East - May 30 2024

Oberoi Exquisite at Goregaon East: A Brief Overview for Home Buyers and Renters in Mumbai

Located in the bustling suburb of Goregaon East, Oberoi Exquisite is a premier residential development by Oberoi Realty, one of Mumbai's most renowned real estate developers. This luxurious project is designed to cater to the needs of discerning home buyers and renters seeking a blend of comfort, convenience, and modern living.

Prime Location

Oberoi Exquisite enjoys a strategic location in Goregaon East, offering excellent connectivity to major business districts, entertainment hubs, and educational institutions. The development is close to the Western Express Highway, making commutes to Andheri, Bandra, and even South Mumbai relatively hassle-free. The proximity to Goregaon Railway Station and the upcoming Metro line further enhances its accessibility.

Luxurious Living Spaces

The apartments at Oberoi Exquisite are spacious and well-designed, offering a range of configurations to suit different needs. Home buyers and renters can choose from 3 and 4 BHK units, all of which are designed with contemporary aesthetics and high-quality finishes. The large windows and balconies provide ample natural light and stunning views of the cityscape or the lush greenery surrounding the complex.

World-Class Amenities

Residents of Oberoi Exquisite have access to a plethora of amenities that promote a luxurious and active lifestyle. These include:

- A state-of-the-art clubhouse

- Swimming pool

- Fully equipped gymnasium

- Landscaped gardens

- Children's play area

- Sports facilities such as tennis and squash courts

The project also boasts excellent security measures, including 24/7 surveillance and a dedicated concierge service, ensuring a safe and comfortable living environment.

Community and Lifestyle

Oberoi Exquisite is part of a larger residential enclave, fostering a sense of community among residents. The development is close to Oberoi Mall, which offers a variety of shopping, dining, and entertainment options. Additionally, top schools, hospitals, and recreational facilities are within easy reach, making it an ideal choice for families.

Investment Potential

For home buyers, Oberoi Exquisite represents a solid investment opportunity due to its premium location, high-quality construction, and the reputation of Oberoi Realty. Renters can enjoy the benefits of living in a luxurious setting with modern amenities and excellent connectivity.

In summary, Oberoi Exquisite at Goregaon East is a prestigious residential development that offers a perfect blend of luxury, convenience, and lifestyle, making it an attractive choice for both home buyers and renters in Mumbai.

Current Rents for 1690 Sq.ft - 3 BHK are around 1.50 to 1.60 Lakhs

Current Rents for 1820 Sq.ft - 3 BHK are around 1.60 Lakhs to 1.80 Lakhs

Usually the apartments come semi furnished for renting with 1 or 2 car parking spaces in Podium of the building.

The outright prices vary from 6 cr for a 1690 Sq.ft and 6.30 Cr for lower floors in Oberoi Exquisite.

For more information on Renting, Buying or Selling, Please Call Sandeep Sadh - 9820030685.

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Macrotech Developers to invest Rs 3,500-4,000 crore this fiscal year in land acquisitions - May 27 2024

Realty firm Macrotech Developers Ltd plans to invest Rs 3,500-4,000 crore this fiscal year to acquire new land parcels and enter joint development agreements for housing projects, capitalizing on the increasing demand for residential properties. Known for its Lodha brand, Macrotech Developers is a leading developer with a strong presence in the Mumbai Metropolitan Region (MMR) and Pune, and it has recently expanded into Bengaluru.

In a recent earnings call, Managing Director and CEO Abhishek Lodha disclosed the company's intention to allocate Rs 3,500-4,000 crore for new business development, focusing on land acquisition for future projects. The planned expenditure on new business development amounts to Rs 35-40 billion, with some funds allocated for previously acquired land. The company aims for a 60:40 mix of owned land to joint development agreements (JDAs).

Last fiscal year, Macrotech Developers added land parcels for housing projects with a potential sales value exceeding Rs 20,000 crore, surpassing their guidance of Rs 17,500 crore. The company saw a 20 percent increase in sale bookings to Rs 14,520 crore, with a target of 21 percent growth to Rs 17,500 crore this fiscal year. To achieve this, Macrotech Developers plans to launch 17 housing projects, covering 10 million square feet and a revenue potential of Rs 12,000 crore, across three cities. The company may increase its launch pipeline if more land is acquired.

Macrotech Developers is optimistic about the housing market and plans to invest over Rs 5,000 crore in project construction this fiscal year, aiming to deliver more than 10,000 apartments, up from around 8,200 units last year. Despite a recent 11 percent decline in consolidated net profit to Rs 665.5 crore in the March quarter, the company's total income grew to Rs 4,083.9 crore. For the 2023-24 fiscal year, Macrotech Developers reported a three-fold increase in profit to Rs 1,549.1 crore, with total income rising to Rs 10,469.5 crore. The company has delivered approximately 100 million square feet of real estate and is developing over 110 million square feet in its current and planned projects.

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L&T Realty Signs Agreement for Collaborative Development of 12.2 Acres of Land in Thane. - May 23 2024

L&T Realty, the real estate development division of Larsen & Toubro, has engaged in a collaborative effort to develop a 12.2-acre land parcel located in Thane’s Panchpakhadi area. The project, aimed at rehabilitating numerous slum pockets, holds a substantial development potential exceeding 3.12 million sq ft. Originally initiated by developer Jagdale Infrastructure, which secured a letter of intent from the Slum Rehabilitation Authority in 2022, L&T Realty has now joined as a partner in the venture. Under the terms of the agreement, L&T Realty will act as the primary developer, receiving 69% of the project's profits, with the remaining 31% going to Jagdale Infrastructure. Anticipated to span five years, the project encompasses the redevelopment of over 20 slum societies. Financial documents accessed through CRE Matrix estimate L&T Realty's profit share at approximately Rs 698 crore, while Jagdale Infrastructure is expected to receive around Rs 303 crore. The joint development agreement, facilitated by L&T Realty's subsidiary L&T Parel Project, involved a stamp duty payment exceeding Rs 34.88 crore during the transaction's registration on May 7. Originally owned by the Maharashtra government, the land was designated as a slum rehabilitation area in October 2016. Occupied by slum dwellers organized into numerous societies, the project aims to provide over 1.2 million sq ft of rehabilitation space. L&T Realty's responsibilities encompass the design, development, construction, marketing, branding, and sale of the project's free-sale component. Additionally, the company will oversee partner responsibilities related to approvals and rehabilitation construction. Despite attempts to obtain clarification from L&T Realty and Jagdale Infrastructure, responses to ET's email queries were unavailable at the time of publication. Joint development and redevelopment initiatives play a pivotal role in optimizing land use, particularly in the face of escalating land prices and diminishing vacant parcels in major urban centers. By revitalizing existing properties and efficiently utilizing limited space, such projects contribute significantly to sustaining urban property market growth and vibrancy, making them essential components of the contemporary real estate landscape.

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Awfis Space Solutions IPO fully subscribed on Day 1. - May 23 2024

The Bombay High Court has granted bail to the founder of ABIL Group in connection with the Yes Bank-DHFL scam. - May 23 2024

Developer from Thane Arrested for Defrauding Apartment Buyers. - May 23 2024

Thane Police's Crime Branch Unit-5 has apprehended a developer accused of defrauding two flat buyers of nearly Rs 2 crore. The buyers had been assured possession of their flats but were left waiting for over eight years due to alleged legal complications. In 2016, the complainants entered into agreements with the developer to purchase flats of approximately 650 square feet each in the Mogharpada area of Ghodbunder Road.

Trusting the developer, they secured bank loans and began monthly EMI payments. However, despite fulfilling their financial obligations, the buyers never received possession of the flats. Whenever they inquired, they were met with excuses regarding legal issues, according to Senior Inspector Vikas Ghodke of the Thane Crime Branch. Ghodke explained that a legal dispute arose when the landowner, on whose land the building was constructed, filed a case against the developer. The court subsequently barred the developer from selling the flats to third parties. Despite these court orders, the developer proceeded with registration and accepted payments from the buyers, promising them possession but failing to deliver.

The developer continuously postponed handing over the flats, citing the civil court's order preventing him from obtaining the necessary occupational certificate (OC). The complainant initially sought a refund, which the developer declined, offering the option to stay in the flat purchased. However, due to the incomplete building and lack of elevator facilities, the complainant refused. Subsequently, when the complainant again requested a refund and handed over a cheque, it was dishonored by the bank.

Consequently, the complainant lodged a case at the Kasarwadavali police station under sections related to cheating in the Indian Penal Code. The accused was presented in court and remanded to police custody for two days for further investigation. Police disclosed that the developer faces three similar cases.

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Managing Director of Kiran Gems Purchases Mumbai Worli Apartment for Over Rs 97 Crore. - May 21 2024

Mavjibhai Patel, the managing director and a member of the promoter group of Kiran Gems, one of the world's largest natural diamond manufacturers, has acquired a luxurious sea-view apartment in Mumbai's upscale Worli area for approximately Rs 97 crore. The apartment, spanning 14,911 square feet of Rera carpet area, is situated on the 47th floor of one of the wings of the Three Sixty West tower on Dr. Annie Besant Road. Patel jointly purchased the apartment with two other family members, with stamp duty alone amounting to over Rs 5.84 crore for the transaction.

Patel acquired the apartment directly from Sahana Group's Skylark Buildcon and Moon Rays Realty, both part of the joint venture Oasis Realty, which developed the project in collaboration with Oberoi Realty. Three Sixty West is a mixed-use development featuring two towers, one of which houses The Ritz-Carlton Hotel, while the other will accommodate luxury residences managed by The Ritz-Carlton. As part of the deal, the buyer will have exclusive access to nine car parking slots within the tower, and the apartment will include an additional balcony area of 884 square feet.

Established in 1985, Kiran Gems specializes in the production of diamonds and precious stones and is recognized as a sightholder, authorized to purchase rough diamonds directly from De Beers Group, one of the world's leading diamond miners. The sale of residential properties in the top eight cities reached an all-time high in 2023, driven by robust demand across mid-income, premium, and luxury segments. Mumbai, being the largest and most expensive property market in the country, experienced record-breaking performance, particularly in South and Central Mumbai, attracting significant transactions involving industrialists, CXOs, actors, and sports personalities in recent years.

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Bombay High Court Releases Landowner on Bail in Building Collapse Case. - May 21 2024

The Bombay High Court has granted bail to a landowner from Bhiwandi who was arrested last year following a residential building collapse that resulted in the favorths of eight individuals and injuries to more than 13 others in April. Indarpal Patil was arrested by the Narpoli Police Station in Thane on May 1, charged under sections 304(2), 337, 338, and 427 read with 34 of the Indian Penal Code. The court, while granting bail to Patil, noted that the allegation regarding the installation of a mobile tower on the building's terrace without considering its structural stability was certified by the structural engineer, 'Unique Design,' on March 19, 2023. The court stated that the question of whether Patil had the necessary intention or knowledge to cause the victims' deaths, falling under section 304 of the Penal Code, would be determined during the trial.

Patil's counsel, Sana Raees Khan, argued that Patil had no involvement in the building collapse incident and that the allegations made by the prosecution regarding the building's construction without planning authority permission were incorrect. It was stated that the building was constructed with the prior permission of the Gram Panchayat Val, Tal. Bhiwandi, and the mobile tower was installed after obtaining a stability certificate from the consulting structural engineer. Khan further pointed out that a government inquiry revealed the building collapsed due to excess goods stored beyond its capacity, for which Patil was not responsible.

Assistant Public Prosecutor Tanveer Khan opposed the bail plea, citing the loss of eight lives in the incident and witness statements indicating negligence in necessary repairs and maintenance by Patil, leading to the building collapse.

Judge NJ Jamadar, in granting bail, emphasized that while the building collapse resulted in loss of life and injury, the question of Patil's complicity would be decided during the trial. Considering the completion of the investigation, Patil's community ties, and the remote possibility of evidence tampering, the judge exercised discretion in favor of granting bail.

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IL&FS Seeks Fresh Approval from MMRDA for Transfer of Mumbai Headquarters - May 21 2024

Struggling infrastructure lender IL&FS has submitted a new application to the Mumbai Metropolitan Region Development Authority (MMRDA) seeking approval for the transfer of its headquarters, a renowned 10-story property located in Mumbai's Bandra-Kurla Complex (BKC), to global institutional investor Brookfield Asset Management. While the authority recently granted approval for the sublease of the property, known as The IL&FS Financial Center (TIFC), based on IL&FS's request, the sale approved by the National Company Law Tribunal (NCLT) is for a complete transfer.

A senior MMRDA official informed "The current approval for the transaction is based on IL&FS's application, and a revised approval will be issued after reviewing it under the land disposal policy." stating that the MMRDA's granted approval deviates from the one sought for the assignment or sale of TIFC according to the NCLT order, which constrains both parties' ability to finalize the transaction as per the agreed terms. IL&FS has requested a re-issuance of approval from MMRDA.

Brookfield indicated that the property transfer is in advanced stages, with various approvals secured, including clearance from the NCLT. The affiliate of Brookfield, Chronos Properties, signed a definitive agreement in March 2022 and has already disbursed a significant portion of the purchase consideration. The deal is expected to conclude shortly, according to a Brookfield spokesperson.

The transaction, valued at over Rs 1,080 crore, involves one of the iconic properties in BKC, encompassing 4.5 lakh square feet. IL&FS has already received 10% of the total consideration. This deal is part of the resolutions filed by the government-appointed board with the NCLT under the Insolvency and Bankruptcy Code (IBC) in 2016. The IL&FS Financial Center, one of the initial structures in BKC, holds significance in India's commercial landscape.

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Prestige Estates Projects' CEO Venkata Narayana K Steps Down - May 21 2024

Venkata Narayana K, the chief executive officer (CEO) of realty firm Prestige Estates Projects, has resigned from his position to pursue personal endeavors. Venkata, who took on the role of CEO in August 2017 after serving in various capacities for 20 years within the company, tendered his resignation from the CEO position and board committees effective May 10, 2024. The board accepted his resignation during a meeting held on Friday, but Venkata will remain with the company as a non-key managerial personnel (KMP) to ensure a smooth transition until August 10, 2024.

Before assuming the role of CEO, Venkata held positions such as Chief Financial Officer and Company Secretary within the company. In his resignation letter, he expressed his intention to pursue other interests, including the establishment of a Real Estate Fund.

Chairman & Managing Director Irfan Razack outlined the company's strategic roadmap by appointing various business heads for different verticals and geographies. Amit Mor is appointed as CFO, Swaroop Anish as the Executive Director & CEO Residential Segment & Business Development, Juggy Marwaha as CEO Office Segment, Muhammed Ali is CEO of the Retail Segment, and Suresh Singaravelu as the Executive Director & CEO of the Hospitality Segment. Tariq Ahmed is assigned as Executive Director & CEO of West India, Faiz Rezwan as Executive Director overseeing construction and execution of projects, Zayd Noaman as Executive Director overseeing business development and corporate finance, and Uzma Irfan as Director responsible for corporate communications, marketing, and branding strategies. Sana Rezwan, as Executive Director, will focus on charting the growth trajectory for North India, particularly the NCR.

Prestige Estates Projects is recognized as one of the prominent real estate developers in the country, operating across various segments of the sector in major cities.

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BMC Achieves Rs 3,905 Crore Property Tax Collection; Aims for Rs 4,500 Crore Target - May 21 2024

Vacant retail space in abandoned shopping malls increased by 58% in 2023 across eight cities - May 21 2024

According to Knight Frank, the count of deserted shopping malls, those with more than 40% vacancy, escalated to 64 last year from 57 in 2022 across eight prominent cities. The real estate consultancy Knight Frank India unveiled a report titled 'Think India Think Retail 2024', delving into the dynamics of shopping centers and main streets in 29 cities.

The report highlighted a significant surge in underperforming retail properties across eight major Tier I cities. A total of 64 shopping malls, encompassing about 13.3 million square feet of leasable space, were designated as 'Ghost Shopping Centers' in 2023. This marks a 58% increase in area compared to the previous year's 8.4 million square feet, resulting in an estimated devaluation of Rs 6,700 crore or USD 798 million in 2023.

The National Capital Region (NCR) accounted for the highest stock of ghost shopping centres, measuring 5.3 million square feet, followed by Mumbai with 2.1 million square feet and Bengaluru with 2 million square feet. Hyderabad was the sole city to experience a decrease in ghost shopping centre stock, down by 19% to 0.9 million square feet in 2023. Kolkata recorded the most significant rise in ghost shopping centres at 237% year-on-year, although from a smaller base. Of the total 64 ghost malls across the top 8 cities, Knight Frank data revealed that Delhi-NCR housed 21, Bengaluru 12, Mumbai 10, Kolkata 6, Hyderabad 5, Ahmedabad 4, and Chennai and Pune 3 each. Shishir Baijal, Chairman & Managing Director of Knight Frank India, emphasized the importance of an enriched retail experience for shoppers, underscoring the significance of physical retail spaces.

Baijal highlighted the exceptional performance of Grade A malls, maintaining strong occupancy, foot traffic, and conversion rates, while Grade C assets and ghost shopping centres lagged, urging landlords to revitalise or divest such properties.

Additionally, Knight Frank noted a reduction in the total number of shopping centres in Tier I cities over the past year, despite the addition of 8 new retail centres. The total count dropped to 263 in 2023 as 16 shopping centres shut down, either demolished due to various factors or permanently closed or auctioned. The report encompassed 340 shopping centres and 58 high streets across 29 Indian cities, compiled through primary surveys examining retail locations to provide comprehensive store-level information.

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BMC publishes list of 188 hazardous, dilapidated buildings. - May 21 2024

Godrej & Boyce and Godrej Properties to maintain partnership for Mumbai land development. - May 21 2024

Godrej Group entities, Godrej & Boyce and Godrej Properties have agreed to continue their Memorandums of Understanding (MoU) for the development of land in Mumbai's eastern suburb of Vikhroli, as part of an ownership realignment of their shareholdings in the Godrej Companies. This development will proceed as and when Godrej & Boyce, the landowner and developer, decides to move forward. According to a joint release, this collaboration aims to create a holistic space where urban development and biodiversity coexist harmoniously. Jamshyd Godrej, CMD of Godrej & Boyce, emphasized that the synergy between Godrej Construction and Godrej Properties has led to successful real estate projects in Vikhroli. Godrej Construction, a division of Godrej & Boyce, designed and built four phases of the Godrej Platinum residential development project, with a total constructed area of 1 million sq ft, marketed by Godrej Properties. Recently, a new project, Godrej Vistas, was launched under this arrangement. Pirojsha Godrej, Executive Chairperson of Godrej Properties, expressed enthusiasm for continuing the partnership to transform Vikhroli into a world-class neighbourhood that offers an exceptional quality of life and sustainable development.

The Godrej Group owns over 3,400 acres in Vikhroli, with around 1,000 acres suitable for development, valued at approximately Rs 1 lakh crore. The land includes ecologically sensitive mangroves, which were certified as India's first ISO 14001 forest in 1997. Acquired in the 1940s during World War II, the property was initially granted to a Parsee merchant by the East India Company in the 1830s and later expanded by the Godrej family through negotiations with over 200 neighbouring landowners. Godrej Properties, which holds 58.48% of the group's real estate arm, plays a key role in monetizing the group's land bank through development management agreements (DMA), providing long-term business visibility.

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Kalpataru to undertake redevelopment of a four-acre housing society in Mumbai. - May 21 2024

Realty developer Kalpataru Ltd has secured the rights to redevelop a large housing society spanning nearly 4 acres in Mumbai's western suburb of Andheri, specifically in the Lokhandwala area, according to sources familiar with the matter. The redevelopment project is expected to cover over 8 lakh sq ft, including 5 lakh sq ft of saleable area, with a projected revenue of over Rs 2,100 crore. Currently, the layout comprises 12 residential buildings with 290 apartments spread across 1.90 lakh sq ft. The project will involve rehousing and providing 3 lakh sq ft of redeveloped space. The company has signed the development agreement and aims to complete the project within four years. “The developer is currently planning the layout and design, which will feature unobstructed views of the mangroves,” said one source.

In June, it was reported that Kalpataru acquired the rights to redevelop a nearly 6-acre housing society in Mumbai's Borivali suburb, planning to invest around Rs 700 crore in a 700,000 sq ft residential project expected to generate Rs 1,300 crore in revenue and be completed in 3-4 years. This project involves the Yoganand Co-Operative Housing Society, housing nearly 400 residents.

In recent years, many real estate developers have shifted to asset-light models, such as joint development and development management agreements. Redeveloping old housing societies is a significant aspect of Mumbai's property market due to limited vacant land. In July, Maharashtra's government announced that members of redeveloped housing societies need not pay stamp duty on their new permanent accommodations, except for a nominal Rs 100 fee, while the main agreement will be charged as per conveyance. This decision is expected to boost redevelopment efforts for old housing societies across the state.

Despite rising interest rates and property prices, Mumbai's property market continues to break records, driven by luxury, premium, and mid-income segment properties. The city is reaching new heights in property registrations and stamp duty revenue collection.

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Pirojsha transformed the real estate landscape at Godrej step by step. - May 21 2024

Pirojsha's Godrej stepped into the role of executive director at Godrej Properties, the real estate branch of the long-standing Godrej conglomerate, fresh from Columbia University's business school. This was in 2008, amid the global financial crisis when the real estate sector in India was struggling with a trust deficit due to a lack of funds and delayed housing projects. Homebuyers were distressed by financial and business uncertainties. At just 28, Pirojsha embarked on a methodical approach to strengthen and expand Godrej Properties, a trait frequently mentioned by those who have worked with him.

Senior executives who collaborated with Pirojsha noted his analytical and data-driven decision-making style and his exceptional interpersonal skills. Under his leadership, the company became one of the first Indian real estate firms to adopt a capital-lite business model, focusing on joint developments and development management agreements rather than traditional land banking. This strategy proved successful.

Recently, the group announced a succession plan where Pirojsha will succeed Nadir Godrej as chairperson of Godrej Industries in August 2026. In the meantime, he will serve as executive vice-chairperson of Godrej Industries Group. Shishir Baijal, chairman and managing director of Knight Frank India, praised Pirojsha as a leader well-suited to connect with Millennials and Gen-Z, who are becoming the dominant consumer segments in real estate.

Gaurav Pandey, MD and CEO of Godrej Properties highlighted Pirojsha’s dedication to employee and worker welfare, especially during the pandemic when he ensured the company maintained its focus on labour welfare, providing medical aid, rations, and timely payments. Nearly 25,000 workers were vaccinated, fed, and provided with sanitized living conditions during the lockdown.

Before his business school tenure, Pirojsha helped expand Godrej Properties' presence from two cities to ten by 2008. As executive director, he took the company public in 2010, raising $100 million. When he became CEO in 2012, the company lacked scale and project diversity. To address this, Pirojsha brought in an international consultant to streamline operations, focusing on high-return, low-risk projects rather than capital-intensive ones.

Godrej Properties is on track to exceed its business development target of Rs 15,000 crore for the 2023-24 financial year, focusing on acquiring new projects ready for immediate development rather than merely amassing land. Pirojsha's leadership has established a strong foundation for the company, and he now has the resources to further build on this success.

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Oberoi Realty to Collaboratively Develop 12,790 Sq Meters of Land in Mumbai. - May 21 2024

Brookfield plans $10 billion investment in Indian real estate in 3-5 years - Apr 29 2024

Brookfield Asset Management, a leading global institutional investor, is set to inject over $10 billion into India's real estate sector over the next three to five years. This ambitious investment strategy aims to seize the burgeoning opportunities presented by India's dynamic real estate market.

Ankur Gupta, Managing Partner and Head of Real Estate for Asia Pacific at Brookfield, expressed confidence in India's growth potential, reaffirming the firm's dedication to pursuing strategic avenues for expansion. Currently managing a portfolio exceeding 51 million sq ft across seven major Indian cities, Brookfield is poised to double its real estate assets under management (AUM) within the specified timeframe.

Brookfield's roadmap for growth in India revolves around diversification and expansion across residential, industrial, and retail segments. Gupta highlighted the untapped potential within India's real estate landscape relative to its advancing economy, underlining the firm's commitment to urban development and affordability through mixed-use projects.

The firm's strategy encompasses holistic asset management and strategic partnerships to navigate various market scenarios effectively. Notably, Brookfield's substantial investments in India's hospitality sector, particularly The Leela hotel portfolio, underscore its long-term commitment and execution capabilities within the Indian market.

Looking ahead, Gupta foresees promising growth prospects for The Leela and India's real estate sector as a whole, buoyed by positive industry trends and economic expansion. Brookfield remains actively engaged in identifying opportunities for portfolio expansion and capital optimization to sustain momentum.

With a diversified portfolio spanning listed Real Estate Investment Trusts (REITs) and segments such as commercial offices, hospitality, housing, industrial warehousing, and coworking spaces, Brookfield is poised to capitalize on India's evolving real estate landscape. Gupta stressed the significance of consistency and strategic focus in leveraging past successes to drive future growth initiatives.

Despite the intricacies of the Indian market, Brookfield views India as a premier investment destination with robust returns. Gupta attributed the firm's stellar track record in India to its relentless pursuit of operational excellence and adeptness in aligning with the favorable macroeconomic environment to drive business objectives forward.

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Macrotech Developers to invest Rs 5,000 crore in FY25 on construction of realty projects - Apr 29 2024

Macrotech Developers, led by MD and CEO Abhishek Lodha, is gearing up to escalate its investment in construction projects to over Rs 5,000 crore in the current fiscal year, aligning with the growth in sales and new supply. With a target to deliver more than 10,000 apartments during 2024-25, the company is strategically positioned to capitalize on the strong housing demand.

Lodha emphasized the successful achievement of all major targets for the previous fiscal year, including pre-sales, land acquisition, and debt reduction, amid robust housing demand. He highlighted the sustained demand in India's housing sector, driven by robust economic growth and increasing preference for home ownership.

In line with its growth trajectory, Macrotech Developers plans to launch more projects and acquire additional land for future development, ensuring consistent and predictable growth. The company intends to surpass its construction spending target by investing over Rs 5,000 crore in the current fiscal year, following a spending of Rs 3,700 crore in the previous year.

Despite some delays in project launches, Macrotech Developers aims to fulfill its commitment by scaling up unit deliveries to more than 10,000 units during 2023-24. The company, known for its presence across Mumbai Metropolitan Region (MMR), Pune, and Bengaluru, is expanding its footprint in the Bengaluru market following successful sales in initial projects.

Encouraged by the positive response in Bengaluru, the company is contemplating a potential housing project in another major tier I city. Additionally, Macrotech Developers has set a sales target of Rs 17,500 crore for the current fiscal year, reflecting a 21% growth from the previous year.

Lodha highlighted the company's robust performance in the previous fiscal year, marked by a three-fold jump in profit and significant growth in total income. With a focus on debt reduction and business expansion, Macrotech Developers has demonstrated its operational prowess and brand strength.

Having delivered around 100 million square feet of real estate and currently developing more than 110 million square feet, Macrotech Developers continues to cement its position as a key player in India's real estate sector.

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Amitabh Bachchan buys land parcel from HoABL to build luxury villa in Alibaug - Apr 29 2024

Bollywood icon Amitabh Bachchan has acquired a parcel of land in Alibaug, a coastal town near Mumbai, aiming to build a luxury villa in the renowned beachside area favored by affluent personalities. The transaction, valued at over Rs 10 crore, involved purchasing a quarter-acre plot from The House of Abhinandan Lodha. This acquisition follows Bachchan's recent investment in another property near the Shri Ram Janmabhoomi Temple in Ayodhya.

The Bachchan family already possesses several properties in Mumbai, including Jalsa, Prateeksha, and Janak bungalows in the upscale Juhu locality. Notably, they gifted their lavish Prateeksha bungalow to their daughter Shweta Nanda. Additionally, Bachchan leased out four office properties in Mumbai's Andheri suburb to Warner Music India last December.

This move by Bachchan reflects the ongoing trend of high-profile individuals, including Bollywood personalities, investing in real estate for both personal and investment purposes. Alibaug, with its scenic coastal charm and proximity to Mumbai, has become a sought-after destination for celebrities. Actress Suhana Khan, daughter of Shahrukh Khan, recently acquired her second property in Alibaug, joining other notable figures like Ranveer Singh, Deepika Padukone, Sachin Tendulkar, and Rohit Sharma in investing in the region.

Government initiatives aimed at enhancing connectivity between Mumbai and Alibaug, such as the Virar-Alibaug corridor and Mumbai Trans-Harbour Link, are further bolstering real estate development in the area. These infrastructure projects are expected to reduce travel time significantly, from over three hours to just over one hour, driving increased interest from developers, homebuyers, and investors alike.

India's luxury real estate sector is experiencing a surge in demand, fueled by high net worth individuals and NRIs looking to invest in upscale properties. The growing interest in luxury real estate, coupled with improved connectivity and infrastructure development, is propelling the growth of Alibaug as a premier destination for luxury living and investment.

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K Raheja Corp Plans Luxury Residential Redevelopment of SOBO Central Mall - Apr 29 2024

K Raheja Corp intends to transform SOBO Central Mall, the nation’s inaugural mall located in south Mumbai, into a sophisticated residential complex. The mall, previously known as Crossroads, has stood since the late 1990s in the esteemed Haji Ali locality, sprawling across 1.3 acres. The envisioned redevelopment aims to erect a striking 50-storey edifice offering panoramic sea views and boasting a potential development area of nearly 250,000 sq ft. Projections based on prevailing property rates suggest a revenue upwards of Rs 2,000 crore for the project.

The acquisition of the property, previously owned by Kishore Biyani’s Bansi Mall Management Company, was finalized by K Raheja Corp for Rs 476 crore. This transaction facilitated the settlement of debts owed by the former owner to creditors, led by Canara Bank. With this acquisition, K Raheja Corp has gained ownership of the mall along with its 150,000 sq ft leasable space.

Positioned amidst the affluent locales of Carmichael Road, Pedder Road, and Altamount Road, often dubbed as India’s Billionaires’ Row, this redevelopment project stands as one of the significant plots in the area. Unlike its smaller counterparts, which typically host housing society redevelopment ventures, this project promises an upscale residential experience.

K Raheja Corp's recent collaboration for the development of a 2.5-acre land parcel in Worli further underscores its commitment to luxury real estate. The proposed luxury residential project in Worli, estimated to yield over Rs 2,000 crore in revenue, reflects the developer's strategic expansion and emphasis on catering to the burgeoning demand for high-end properties.

The surge in demand for luxury housing, particularly evident in Mumbai's upscale neighborhoods like south Mumbai and Worli-Prabhadevi, has prompted realty developers to innovate and introduce premium offerings. With a focus on contemporary designs, world-class amenities, and personalized services, developers aim to meet the discerning preferences of affluent homebuyers, tapping into the lucrative luxury housing market.

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Mumbai Property Market Continues Sales Achieves Higher Targets - Mar 17 2024

In February 2024, Mumbai's real estate market showed a robust performance with a notable increase in property registrations. IGR Maharashtra reported 11,742 registrations, marking a substantial 21% rise from February 2023 and a 7% increase from January 2024. This surge is the highest for any February in the past twelve years, indicating a strong demand for real estate in India's financial hub.

Factors driving this growth include escalating income levels and a positive attitude towards homeownership. Unlike the peak in February 2022, attributed to post-pandemic pent-up demand, the current upswing is primarily fueled by increased income and a favorable homeownership outlook, according to Knight Frank India's analysis.

Despite the significant surge in registrations, stamp duty collections revenue experienced a 22% year-on-year decline, dropping from Rs 1,112 crore in February 2023 to Rs 865 crore in February 2024. This decrease is linked to exceptionally high collections in February 2023, influenced by the government's decision to limit tax deductions on capital gains from residential property sales after March 31, 2023. However, on a month-to-month basis, stamp duty collections saw a positive increase of 14%.

Homebuyer confidence in the Mumbai market remains strong, with a positive sentiment expected to continue. The shift in apartment size preferences was notable in February 2024, with a rise in the share of smaller apartments (500 sq ft and below) to 45%, compared to 34% the previous year.

Preferred locations for property purchases are the Central and Western suburbs, collectively accounting for over 73% of total registered properties. These areas are favored for their modern amenities, good connectivity, and new launches. Western suburb consumers (86%) and Central suburb consumers (92%) tend to buy within their micro-markets due to familiarity with the location and the availability of properties aligning with their budget and preferences.

Shishir Baijal, Chairman and Managing Director of Knight Frank India, commented on the positive market performance, stating that the Mumbai residential market has maintained exceptional strength in February. The sustained growth in property registrations reflects the market's resilience and allure, expected to continue with robust economic momentum and potential interest rate easing.

In summary, the Mumbai property market is currently thriving, driven by a surge in registrations, rising income levels, and a positive homeownership outlook. Despite a decline in stamp duty collections revenue under specific circumstances, the market displays resilience and growth potential, offering promising opportunities for investors, developers, and prospective homebuyers.

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Transfer Fees - Is it Justifed by Societies? - Mar 05 2024

In the South Mumbai real estate market, despite a legal cap of Rs 25,000 on transfer fees, housing societies are reportedly charging substantial amounts ranging from Rs 10 to 30 lakh for flat transfers. A recent incident involving a businessman selling his spacious flat in a luxury tower highlights this practice, with the society demanding a share of the sale amount for transferring ownership to the new buyer. Another example cited involves a seller paying Rs 28 lakh for the transfer of a 2,850 sq ft flat. These charges, often termed as 'voluntary donations,' are calculated as a percentage of the transaction value, typically around 2%, in areas like Lower Parel, Worli, and Prabhadevi. However, in some central Mumbai locations, sellers are reportedly asked to pay Rs 1,200 per sq ft.

While legally societies are only allowed to charge up to Rs 25,000 for transfers, the practice of demanding higher amounts under the guise of donations is widespread, especially in affluent areas like Cuffe Parade, Nariman Point, and Pedder Road. Such fees, collected ostensibly for infrastructure funds, have been criticized as 'arm-twisting' to bolster society or developer reserves. Despite being common across all property segments, this practice has raised concerns about its fairness, particularly in buildings with affluent occupants and well-funded societies.

Real estate experts point out that rising maintenance costs prompt societies to levy higher transfer fees, often categorized as voluntary contributions or donations to circumvent legal restrictions. Resistance to payment can result in delayed or denied No Objection Certificates (NOCs), leading many sellers to comply to avoid transaction delays. Some parties challenge these fees post-payment, seeking refunds on excessive charges. However, societies often justify these charges as exempt from income tax under the principle of "mutuality," which courts have historically upheld.

Advocates emphasize the need for societies to refrain from excessive charging and suggest seeking funds through general body resolutions rather than imposing burdensome fees on individual transactions. Despite legal precedents and objections, these practices persist, reflecting ongoing challenges within the real estate market.

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Another Metro Added to Mumbai's Amazing Metro Infra - Mar 05 2024

On Sunday, Maharashtra Chief Minister Eknath Shinde inaugurated the foundation laying for Metro Line 12, a significant infrastructure development connecting Kalyan with Taloja in Navi Mumbai. This extension is part of the larger Metro Line-5 project (Thane-Bhiwandi-Kalyan) and aims to enhance connectivity within the Mumbai Metropolitan Region (MMR). The new line comprises a fully elevated structure, encompassing 22.173 km with a total of 19 stations. The estimated project cost is Rs 5,865 crore, and it is projected to be completed by the end of 2027, according to an official release.

Chief Minister Shinde emphasized the considerable benefits that Metro Line 12 will bring to the residents of MMR, emphasizing the shorter and more convenient travel options it will offer between Kalyan, Taloja, south Mumbai, Thane, Mira-Bhayender, and Virar. He stated that the travel time between Kalyan and Taloja is expected to be reduced by 45 minutes once the Metro Line 12 becomes operational. Additionally, Shinde highlighted the strategic integration of Metro Line 12 with Navi Mumbai, foreseeing a new wave of development in the surrounding regions and anticipating growth in businesses.

Expressing optimism about the positive impact on traffic congestion, Chief Minister Shinde articulated the expectation of reduced fuel consumption and pollution. He recognized Maharashtra's significant strides in infrastructure development and economic growth, with the Mumbai Metropolitan Region playing a vital role in this progress. Commending the consistent expansion of the Metro network by the Mumbai Metropolitan Region Development Authority (MMRDA), he affirmed their commitment to sustainable urban development in and around the MMR.

In addition to his involvement in the Metro Line 12 project, Chief Minister Shinde attended a function where the ground-breaking ceremony for the Rs 150 crore Ambernath Shiv Mandir Area Development project was performed in Thane district. During this event, he reiterated the importance of spiritual and religious establishments while emphasizing the state government's prioritization of development.

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Mahindra Lifespaces Extremely Bullish on Future Developments - Mar 05 2024

Mahindra Lifespace Developers, the real estatsqand infrastructure arm of the Mahindra Group, is pursuing an ambitious strategy to achieve a five-fold growth in pre-sales over the next five years. This entails building a project pipeline with a development value exceeding Rs 45,000 crore, a target nearly ten times its existing range of Rs 4,000 crore to Rs 5,000 crore. The company's focus is set on joint developments, housing society redevelopments, and outright land acquisitions in key markets such as Mumbai, Pune, and Bengaluru.

To support this significant expansion, Mahindra Lifespaces plans to deploy over Rs 7,500 crore, utilizing internal funds, capital infusion from the Mahindra Group, and contributions from institutional investors. Recognized as a growth asset in the Mahindra portfolio, the company is committed to receiving resources and investments from Mahindra & Mahindra, its parent company.

In addition to internal funding, Mahindra Lifespaces is open to bringing in a financial partner at either a platform or project level and is considering raising debt, given its low debt-equity ratio. The company's pre-sales for the fiscal year 2022–23 were Rs 1,812 crore, and for the first nine months of the current fiscal year, it stood at Rs 1,243 crore. Notably, the company sold apartments worth Rs 800 crore in its newly launched Kandivali project.

The primary growth focus is expected to come from the residential business, while the industrial segment is anticipated to remain stable. Amit Sinha, MD & CEO, highlighted the positive experience in redevelopment projects, particularly in Mumbai, where the company secured rights to redevelop housing societies in Santacruz and Malad suburbs. Mahindra Lifespaces aims for redevelopment projects with a GDV threshold of Rs 1,000 crore.

Furthermore, the company is looking into horizontal development, as evidenced by its recent project launch in Chennai. Mahindra Lifespaces' current development footprint spans 35.06 million sq ft across seven Indian cities, encompassing ongoing and forthcoming residential projects, integrated developments, and industrial clusters. The existing portfolio includes 14.48 million sq ft across 14 ongoing and five new projects, along with over 5,000 acres under development in various locations.

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Maharashtra Government - New Rules for Development with Infra - Mar 05 2024

The Maharashtra government is aiming to enhance the usage of Metro and monorail services by introducing a new Regulation 33(23) focused on transit-oriented development (TOD) zones within the city's Development Control and Promotion Regulations - 2034. These TOD zones will be established within 500m of Metro and monorail stations, as per a government notification. To encourage affordability, the tenement size within TOD zones is set to a minimum of approximately 300 sq ft, similar to a slum rehabilitation tenement, and flats cannot be combined. This initiative aims to attract residents who can utilize these flats for their daily commute.

On February 20, the Mumbai Metropolitan Region Development Authority (MMRDA) reported 80 million ridership for Mumbai Metro Lines 2A and 7 over one year, prompting the government's notification. However, concerns about the gap between ridership estimates and actual demand have been raised. The proposed regulation suggests promoting high residential density in TOD zones, allowing a minimum floor space index (FSI) of 2.25 for a 40,000 sq ft plot, increasing to 4 FSI for a 2 lakh sq ft plot with a 9m road width. On a 27m wide road, a developer can utilize up to 7 FSI on a 2 lakh sq ft plot. FSI dictates the permissible construction on a given plot.

For the underground Colaba-BKC-Aarey Metro Line 3, plans include constructing a vestibule directly connecting to the station, facilitating easier entry and exit for commuters. Architect-activist Nitin Killawala cautioned against further densifying areas around public transport hubs in Mumbai, emphasizing the city's existing congestion. He suggested that this approach may be more suitable for the Mumbai Metropolitan Region, where there are vacant spaces around Metro stations, serving as an incentive for public transport usage. Killawala highlighted the demand for residences near, but not directly in front of, stations in Mumbai, citing price differences between various station areas.

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Maharashtra Property Registration Numbers Regain Highs - Mar 05 2024

The property registration department has successfully reached 83% of its revised revenue target for the fiscal year 2023-24, which was adjusted to Rs 50,000/- crore from the initial Rs 44,000/- crore due to the high volume of registrations and revenue collection. From April 1 to the end of February, the department recorded over two lakh monthly registrations, accumulating a total of Rs 24.98 lakh registrations and revenue collection of Rs 41,911.51 crore. This makes the registration department the second-largest contributor to the state exchequer. Monthly earnings have consistently exceeded Rs 3,500/- crore, emphasizing the department's robust financial performance.

As the financial year approaches its end on March 31, and with the anticipation of new Ready Reckoner (RR) rates, developers have appealed to the state government to maintain the current RR rates to sustain the prevailing market buoyancy. The RR rate, equivalent to the "circle rate" or "guidance value" in various parts of India, establishes the minimum per square foot rate for a property set by the state government. Developers argue that altering the RR rates could disrupt the positive market trend. In January, the state CREDAI (Confederation of Real Estate Developers' Associations of India) submitted a request to the government, emphasizing the need for rate stability in 2023 and suggesting rationalization of stamp duty charges for potential Floor Space Index (FSI).

State CREDAI President Pramod Khairnar emphasized the buoyancy of the market and cautioned against disturbing the trend by increasing RR rates. He proposed rationalizing and charging stamp duty based on the utilized FSI. CREDAI national vice president Sunil Furde echoed this sentiment, highlighting the improving property registrations and revenue generation. As 2024 marks an election year, there is a consensus among industry representatives that the state government should refrain from making changes at present.

In the previous fiscal year 2022-23, the state government had increased RR rates by an average of 8.8%, with a uniform hike of 8.8% for all municipal corporations, excluding Mumbai. In 2017-2018, the rates were raised by 5.9%. Ahead of the Lok Sabha elections, any adjustment to RR rates in Maharashtra after April 1 may require permission from the Election Commission of India, should the code of conduct come into effect by then, as indicated by a revenue official.

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Oberoi Realty Signs Agreement with Marriott International to Develop Hotels in Thane and Borivali - Feb 16 2024

Oberoi Realty Elevates Luxury Living with JW Marriott Hotel Thane Garden City and Marriott International Mumbai Marriott Hotel Sky City in BorivaliMumbai, 16th February 2024: Oberoi Realty today entered into an agreement with Marriott International, aimed at enriching luxury living experiences in the Mumbai Metropolitan

Region.

The agreement marks the development of two Marriott properties: JW Marriott Hotel Thane Garden City and Mumbai Marriott Hotel Sky City in Borivali, both set for completion in 2027-2028. These developments are positioned to redefine the landscape of urban living and hospitality in Mumbai, promising unparalleled experiences for both residents and visitors alike.

Speaking on the announcement, Mr. Vikas Oberoi, Chairman & Managing Director, Oberoi Realty Limited, said, “We are delighted to develop and bring the JW Marriott Hotel Thane Garden City to Thane and the Mumbai Marriott Hotel Sky City to Borivali.

The JW Marriott Hotel Thane Garden City will be set in Oberoi Garden City, Thane, our integrated development spread across 75 acres which will also consist of luxury residences and world class amenities.

The Mumbai Marriott Hotel Sky City will be part of Sky City, our integrated living development, spread across 25 acres in Borivali East which also consists of 8 luxury residential towers and the premium Sky City Mall that spans over 1.5 million square feet.

Combined with world-class interiors, design and architecture, this association builds upon our vision of foreseeing the absolute potential of spaces, our commitment to shape the future of Mumbai's real-estate landscape and to elevate and transform lifestyles not only for our customers but also the residents in both locations.

We look forward to continuing our long- standing association with Marriott International considering our ongoing management agreement with our hotels The Westin Mumbai Garden City and The Ritz-Carlton, Mumbai.”

JW Marriott Hotel Thane Garden City will be developed within Oberoi Garden City, Thane – an integrated development by Oberoi Realty. With the existing robust infrastructure and planned connectivity, Thane has created its own identity as an aspirational destination.

Building on the success of Oberoi Garden City, Goregaon, we are committed to enhancing Thane's lifestyle with luxury apartments, landscaped gardens, and world-class education. The JW Marriott Hotel Thane Garden City will add exemplary hospitality to the growing affluency of Thane.

Situated in Sky City by Oberoi Realty, Mumbai Marriott Hotel Sky City will further enhance the integrated lifestyle. We have delivered nearly 1500 apartments which are in the process of being handed over to their customers. Slated to launch in FY 2024-25, Sky City Mall is set to offer a gamut of experiences for the whole family with leading domestic and international

brands across apparel, electronics, lifestyle, entertainment options and culinary experiences.

With impeccable architecture, world-class amenities, seamless connectivity to the Metro and Western Express Highway, and the luxuries of Mumbai Marriott Hotel Sky City and the Sky City Mall, Sky City epitomizes the pinnacle of urban living.

These developments highlight Oberoi Realty's unwavering dedication to cultivate urban luxury communities. Embracing the core tenets of New Urbanism, Oberoi Realty strives to create dynamic and sustainable neighbourhoods that prioritize community well-being and connectivity, without compromising on luxury. Through innovative design principles and meticulous attention to detail, Oberoi Realty continues to lead the way in shaping the future of urban living in India. Residents can anticipate a seamless integration of luxury, convenience, and sustainability in every aspect of these developments.

Source - https://www.oberoirealty.com/media

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