Top New Projects in Mumbai

In a significant development, Ramesh Shah (65) and his son Rahul Shah (40), the promoters of Radius Sumer Developers, were arrested by the Economic Offences Wing (EOW) of Mumbai Police on charges of defrauding 78 buyers in a stalled housing project in Mazagaon, South Mumbai. The duo is accused of luring the buyers to invest a total of ?35.7 crore into the "Harbour Heights" project, which was never developed.

The father-son duo was arrested from their luxurious apartment in Gamdevi and was later produced before a special MPID (Maharashtra Protection of Interest of Depositors) court, where they were remanded to police custody. The case centers around an investment scam that began in 2016, with buyers lured into the project during an exhibition in Hong Kong. The project, promoted as a lucrative real estate investment, failed to take off, with only minimal construction completed by 2019, despite repeated assurances from the developers.

The complainants, Mahesh Mirani and his brother Purushottam, both non-resident investors, had booked flats in the project, which was initially presented as a promising opportunity for NRIs seeking investment in Indian real estate. The agreement involved the purchase of 18,181 sq ft of carpet area at a cost of ?28,875 per sq ft, amounting to a total investment of ?52.5 crore. The advance payment of ?21.95 crore was made through official banking channels and documented with tax receipts and booking forms.

However, despite a lock-in period and provisions for a refund if construction did not proceed, only a plinth-level certificate was issued by 2019, and the construction stalled. In April 2019, a cancellation agreement was signed, and eight cheques totalling ?35.7 crore, including interest and taxes, were issued by Radius Sumer Developers. These cheques were dishonoured due to insufficient funds, which led to accusations of deliberate default and fraud.

The case highlights the growing concern of fraudulent practices in the real estate sector, with developers failing to deliver on their commitments and defrauding investors. The arrested developers face charges of cheating under Section 420 of the IPC and the MPID Act. The EOW continues to investigate the case, with additional claims from other investors who were similarly affected by the failed project.

Ramky Estates & Farm, a Hyderabad-based realty developer, has officially entered the Mumbai property market with a significant slum rehabilitation redevelopment project in the Chembur suburb. Spanning 1.5 acres, the project holds a total development potential of approximately 463,000 sq ft, including 237,000 sq ft of free-sale area, which is expected to yield a revenue potential of over ?550 crore.

The project involves the rehabilitation of over 400 slum dwellings, with an overall estimated cost exceeding ?300 crore. It is anticipated to be completed in 3 to 3.5 years, including the rehabilitation work, marking Ramky's first venture into the Mumbai Metropolitan Region (MMR).

This project signifies Ramky Estates' commitment to participating in socially impactful and capital-efficient ventures. The developer plans to offer premium housing in the free-sale component of the redevelopment, further contributing to the city's housing needs. The Letter of Intent (LOI) for the project was initially issued in 2004 and later revised in 2011-12, with the LOI transfer to a special purpose vehicle (SPV) expected in the coming months.

Ramky Estates is also working on other strategic acquisitions and redevelopment projects as part of its expansion strategy in Mumbai. The company's entry into the region reflects the growing demand for redevelopment projects in Mumbai, driven by the limited availability of vacant land.

Macrotech Developers, a leading real estate company based in Mumbai, is setting its sights on expanding into the Delhi-NCR residential market. The company, which operates under the well-known 'Lodha' brand, is actively looking to acquire land for group housing projects in this high-growth region.

Currently, Macrotech Developers has a strong presence in the Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. However, the company sees significant potential in the Delhi-NCR market and is in the process of identifying land parcels for its pilot projects. The company plans to approach the market cautiously, leveraging its experience to establish a strong foothold before scaling operations.

Macrotech has already made progress by acquiring a land parcel in Gurugram last fiscal for the development of an industrial and logistics park, and discussions are ongoing for potential residential land acquisitions in the region. The company is optimistic about the future growth of its Pune and Bengaluru markets, while also planning to expand its footprint in Delhi-NCR.

As part of its strategic growth, Macrotech Developers has been acquiring multiple land parcels. In the 2024-25 fiscal year alone, the company acquired 10 new parcels for residential projects, with an estimated revenue potential of ?23,700 crore. This is in line with their ambitious plan to invest over ?8,000 crore this fiscal to add new projects worth ?25,000 crore to its portfolio.

With its strong performance in sales bookings, a record ?17,630 crore in the last fiscal, and an optimistic outlook for the Indian real estate sector, Macrotech Developers remains focused on expanding its business and launching significant residential projects in key markets.

L&T Realty, the real estate arm of Larsen & Toubro, has made its first outright land acquisition, securing a 34-acre parcel in Panvel, near Mumbai, for over ?102 crore. This marks a significant shift in the company’s growth strategy, which has traditionally focused on joint development agreements (JDAs) and joint venture (JV) partnerships.

The land, located near the riverfront in Panvel, is currently zoned for industrial use. However, it remains uncertain whether L&T Realty intends to change the land’s use for residential development or to establish a precast manufacturing facility to support its construction operations.

This acquisition reflects L&T Realty's evolving approach to expansion, moving beyond collaborations and into direct land purchases. Although this deal may not be as large as the company's ongoing projects, it signals a strategic direction for future growth.

Panvel, part of the Mumbai Metropolitan Region, has become a growing real estate hub due to its proximity to major infrastructure projects like the Navi Mumbai International Airport, the Mumbai Trans Harbour Link, and CIDCO's NAINA development, enhancing the area’s connectivity and appeal for developers.

Maharashtra Chief Minister Devendra Fadnavis announced that the BKC to Acharya Atre Chowk section of Mumbai Metro Line 3 will begin operations from May 10, 2025. This marks a significant milestone in the city's Metro expansion. On Friday, Fadnavis, along with Deputy Chief Minister Eknath Shinde, rode a Metro train through the underground corridor from BKC to Siddhivinayak Temple, ahead of the official launch.

Metro Line 3: Phase 2A Operational from May 10
The Phase 2A stretch of Metro Line 3, also known as the Aqua Line, spans 9.77 km and includes six stations: Dharavi, Shitaladevi, Dadar West, Siddhivinayak, Worli, and Acharya Atre Chowk. The BKC to Acharya Atre Chowk section is the second phase of Metro Line 3 and will be open to the public from Saturday, May 10, 2025.

Final Phase to Open in August
The final phase of the Metro Line, connecting Acharya Atre Chowk to Cuffe Parade, is expected to open in August 2025, with Prime Minister Narendra Modi to be invited for the inaugural event. Once completed, the full Metro stretch, spanning 33 km, will provide seamless connectivity between key business districts like BKC, Worli, Lower Parel, and Prabhadevi.

Engineering Marvel
This underground Metro corridor is India's longest underground Metro route, passing beneath the Mithi River and densely populated areas like Girgaon. The project is an engineering marvel, offering state-of-the-art infrastructure with multiple entry and exit points to reduce congestion.

Improved Connectivity and Fare Details
With the completion of Phase 2A, Metro Line 3 will provide improved access to important destinations like Siddhivinayak Temple, Shitaladevi Temple, and Mahim Dargah. Travel between BKC and Acharya Atre Chowk will take 15-20 minutes, with a fare range of ?10 to ?40. The travel time between JVRL Aarey and Acharya Atre Chowk will be 36 minutes, with a fare of ?60.

Long-Term Benefits
Metro 3 is expected to remove around five lakh vehicles from the roads, leading to fuel savings and reduced travel time. Once fully operational, passengers will be able to travel the entire 33 km stretch within an hour. Mumbai Metro Rail Corporation (MMRC) plans to run 244 services on the corridor with eight Metro trains, ensuring efficient service.

Additionally, a common mobility card for all modes of transport, including Metro, monorail, and buses, is being trialed, with the goal of a commercial rollout soon. The collaboration with Google will also enable passengers to track the location of BEST buses in real-time, enhancing the convenience of city travel.

MHADA has launched an initiative to expedite the redevelopment of cessed buildings in Mumbai’s island city. The Maharashtra Housing and Area Development Authority (MHADA) will be reaching out to the landlords and tenant associations of 13,091 cessed buildings, urging them to submit proposals for redevelopment. The letters will also be prominently displayed on the buildings themselves, informing residents and owners of the updated rules.

Under the recently amended Section 79A of the Maharashtra Housing and Area Development (MHADA) Act, landowners now have the first opportunity to submit a redevelopment proposal to MHADA, provided they obtain irrevocable consent from 51% of the tenants or residents. The proposal must be submitted within six months. If the landowner does not act within the given timeframe, the tenants, through their cooperative housing society, are granted the opportunity to submit a proposal themselves, also requiring the consent of 51% of the residents. If no proposals are submitted by either party, MHADA can acquire the property and land for redevelopment.

This initiative is backed by a push to make use of the additional floor space index (FSI) available under Regulations 33(7) and 33(9) of the Development Control and Promotion Regulations (DCPR)-2034, which would help facilitate redevelopment projects.

MHADA has already completed structural audits for 555 cessed buildings and plans to finish inspecting the remaining buildings within the next year, further strengthening the redevelopment drive in the city.

In a significant move, Amazon India has leased over 1.14 lakh sq. ft. of office space in Mumbai’s Vikhroli area, expanding its presence in the city’s eastern business corridor. The long-term lease agreements, spanning five years, were finalized across four separate contracts, with a combined starting monthly rent of more than Rs. 1.73 crore.

The largest of the leases, signed by Amazon Seller Services, covers 42,700 sq. ft. of space at a starting monthly rent of Rs. 78.56 lakh. The agreement also includes 37 car parking slots, with 27 provided free of charge and the remaining 10 charged at Rs. 8,508.55 each per month.

Other Amazon group entities, including Amazon Development Centre India, Amazon Data Services India, and Amazon Smart Commerce Solutions, have secured additional office spaces of 19,926 sq. ft., 16,447 sq. ft., and 15,181 sq. ft., respectively. These leases come with a uniform rent of Rs. 184 per sq. ft. across all contracts.

The agreements, which begin on January 1, 2025, also feature a 5% annual rent escalation. Notably, the leases include a total of 133 car parking spaces, with 100 offered free of charge.

This expansion signals Amazon's continued investment in Mumbai’s growing commercial real estate market, especially in emerging business districts outside the traditional business hubs of Bandra-Kurla Complex and Worli.

Oberoi Realty has successfully completed the sale of a Rs. 1,250 crore stake in its joint venture company, I-Ven Realty, to Alpha Wave Ventures II LP. The deal was finalised following the board's approval and execution of the definitive agreements in March 2025, with the transaction being officially completed on May 9, 2025.

As part of the stake sale, Alpha Wave Ventures has been allotted 2,77,778 Series A compulsorily convertible preference shares (CCPS) at an issue price of Rs. 44,999.964 per share, along with 10 Class A equity shares at Rs. 10 each. This investment grants Alpha Wave Ventures a 21.74% stake in I-Ven Realty on a fully diluted basis.

Following the transaction, Oberoi Realty's stake in I-Ven Realty now stands at 39.13% on a fully diluted basis.

This stake sale is part of Oberoi Realty's broader strategy to unlock value from its joint venture and introduce a strategic, long-term institutional partner to help scale the platform. The proceeds from the transaction will be used to repay outstanding loans and redeem existing preference shares, benefiting both Oberoi Realty and its key stakeholders, including Vikas Oberoi, one of the major investors in I-Ven Realty.

The successful completion of this deal marks a significant milestone for Oberoi Realty, enabling the company to strengthen its financial position and focus on future growth, while Alpha Wave Ventures brings in fresh capital and expertise to help further develop I-Ven Realty's projects.

Actress Amrita Puri, along with her parents Aditya and Anita Puri, has purchased a luxurious apartment in the World One building, located in Lower Parel, Mumbai, for Rs. 37 crore. The apartment, spanning an impressive 505.85 square meters (5,446.53 sq ft) of built-up area, is part of The World Towers, developed by the Lodha Group, one of Mumbai’s premier residential complexes.

The transaction, which was officially registered in April 2025, also includes four designated car parking spaces. The deal involved a stamp duty payment of Rs. 2.22 crore and registration charges of Rs. 30,000, as per the documents reviewed by the Inspector General of Registration (IGR).

World One: A Prestigious Address in Mumbai

World One, located in the prominent Lower Parel neighborhood, stands as a symbol of luxury living, offering residents unparalleled views and access to high-end amenities. The building is part of The World Towers, a landmark development by the Lodha Group, which is known for its commitment to creating world-class residences.

This acquisition further highlights the demand for high-end real estate in prime locations like Lower Parel, continuing to attract luxury buyers looking for expansive spaces and exclusive amenities.

Mumbai's Malabar Hill area is witnessing tensions over the ongoing construction work along Walkeshwar Road, following concerns raised by local residents regarding the shrinking of the road's width. On April 26, the Brihanmumbai Municipal Corporation (BMC) issued a stop-work notice to architect Preeti Kashyap Barai and developer Dilip Chunilal Chandan for unauthorised construction at a plot located along the road.

The notice was served after the BMC’s D ward office flagged issues with the construction, stating that the commencement certificate had not been properly endorsed according to the last amended plans. The notice directs the builder to halt work until further orders from the building proposal department, which is investigating the reduction in road length (RL) along Walkeshwar Road.

The ward office has given the architect and developer 24 hours to submit the required permissions for the construction. If the work proceeds without the proper approvals, the BMC warned that the construction materials and machinery will be removed, and police will be asked to ensure compliance.

Local residents, led by architect Jashwant Mehta, have been vocal about the narrowing of Walkeshwar Road, pointing out that its width has decreased over time from its originally prescribed measurement of 27.5 meters. Mehta, who has lived in the area for years, emphasised the ongoing struggle to widen the road, which currently varies between 13 to 16 meters, and the lack of functional footpaths along the stretch. He stressed the long-standing effort to restore the road to its prescribed width, which has faced no action from the municipal corporation for over five decades.

While the building proposal department continues its investigation, the stop-work notice remains in effect until the issue is resolved.

The Maharashtra Housing and Area Development Authority (MHADA) has reported a significant increase in actual receipts for the financial year 2024–25, reaching Rs. 11,334.51 crore, a 39.69% growth compared to Rs. 8,113.88 crore in FY24.

Of the total receipts, Rs. 5,000 crore was recorded under revenue receipts, including income from Floor Space Index (FSI) premiums, interest on investments, building permit fees, rent, and service charges. In addition, Rs. 1,700 crore came from capital receipts, which include revenue from the sale of houses via lotteries and special schemes for unsold commercial units. The Mumbai Slum Improvement Board contributed Rs. 2,200 crore from the district planning office.

MHADA had requested Rs. 3,400 crore from the state government, including Rs. 2,350 crore for various schemes and Rs. 1,050 crore for loan repayments. The state government provided Rs. 1,758.60 crore in financial assistance.

MHADA has also initiated the online application process for the allotment of tenements to eligible original tenants and residents or their legal heirs residing in transit camps. The deadline for submitting applications is May 20, 2025.

The Maharashtra Housing and Area Development Authority (MHADA) is set to make around 15 crore official documents available to the public, a move aimed at improving transparency and streamlining administrative processes. By providing public access to these documents, the reliance on Right to Information (RTI) applications will be reduced, making information more accessible and hassle-free.

The scanned documents will be uploaded on MHADA's official website, with sensitive and classified documents remaining protected. The process of making these documents available is expected to be completed within a week. Emphasised that this initiative will simplify interactions and improve public access to essential information.

In addition to this move, MHADA is advancing its digital transformation agenda, focusing on online grievance redressal platforms. To support citizens without digital access, especially in rural areas, dedicated staff have been appointed, and public grievance meetings (Janata Darbars) have been organised to address concerns directly.

Upcoming key events, such as the key distribution ceremony for beneficiaries, are scheduled for May 15 in BDD Chawl, Worli. He mentioned that MHADA is targeting the delivery of 6.5 lakh homes across the Mumbai Metropolitan Region, including redevelopment projects at various locations such as Motilal Nagar, GTB Nagar, Sindhi Society, and PMGP Jogeshwari, as well as seven cluster redevelopment projects at Prabhadevi.

Indian singer Rahul Vaidya and his family have sold two residential apartments in Samartha Aangan, Oshiwara, Mumbai, for a total of Rs. 5 crore. The first apartment, spanning 102.41 square meters (1,102.38 square feet), was sold for Rs. 3 crore. The transaction incurred a stamp duty payment of Rs. 18 lakh and registration charges of Rs. 30,000, according to documents reviewed by Square Yards. This apartment was originally purchased by Vaidya and his family in May 2008 for Rs. 1.01 crore.

The second apartment, with a built-up area of 69.05 square meters (743.28 square feet), was sold for Rs. 2 crore. The stamp duty on this transaction was Rs. 12 lakh, with registration charges of Rs. 30,000. The family had purchased this apartment in May 2008 for Rs. 68.3 lakh.

Both sales transactions were registered in April 2025.

In a rare outright transaction in South Mumbai's Fort area, Dawat-e-Hadiyah, a charitable trust of the Dawoodi Bohra community, has acquired the heritage building 'Killick House' for over Rs 72 crore. The property, located on Hornby Road, was bought from Nippon Investment and Finance Company, which was previously part of the Videocon Group and served as a promoter group entity for Videocon Industries.

Killick House, situated next to the Cathedral School, spans a quarter of an acre and includes a basement, ground floor, and three upper floors, with a total built-up area of 27,577 sq ft. The building is classified under Heritage Grade 1 by the Heritage Conservation Committee. The transaction was completed through four separate agreements, with the first two registered in March, and one each in January and February.

This acquisition follows a similar purchase by Dawat-e-Hadiyah in 2017, when it acquired Fort House, another iconic property in South Mumbai, from the Videocon Group for around Rs 300 crore. The trust's acquisition of Killick House is significant as it marks one of the rare occasions when an entire building in this prestigious micro-market has been sold. The Fort area, known for its Victorian Gothic architecture and historical structures, has not seen many such deals.

This deal highlights the growing interest in prime real estate in South Mumbai, particularly heritage properties, and marks another significant investment by Dawat-e-Hadiyah in the city's real estate landscape.