Top New Projects in Mumbai

Housing societies in Maharashtra have raised concerns about several aspects of the draft rules framed under the Maharashtra Cooperative Societies Act, 1960. The feedback was submitted after the state government published the draft on April 15, inviting public comments until May 15. Among the primary issues raised were the uniformity in maintenance charges, the procedures for transferring shares, and quorum requirements for redevelopment meetings.

The state government received over 300 objections and suggestions, with housing societies highlighting the need for clarity and consistency in the implementation of the rules. The draft rules, which have been pending since the Act was amended in 2019, aim to standardise various processes across cooperative housing societies in Maharashtra. Some of the key proposals in the draft include a uniform service charge on a per-unit basis, which would replace the current practice of calculating maintenance fees based on carpet area. This change is expected to address disputes over maintenance charges among society members.

Additionally, the rules propose reducing the interest on delayed maintenance payments from 21% per annum to 12% simple interest, providing relief to residents struggling with arrears. The rules also suggest creating dedicated funds for reserves, sinking funds, major repairs, education, and welfare, and formalising society name reservations under Rule 106 C-2. The draft simplifies the process for filling casual vacancies in managing committees without needing election authority clearance.

For redevelopment projects, the proposed rules increase the borrowing limit for societies to 10 times the approved land value (up from 10 times the society's own funds) and mandate that the developer selection process be video-recorded in the presence of at least 51% of the members. However, some objections were raised about these provisions, particularly around the borrowing limit and video-recording requirement.

While housing federations have welcomed the draft rules, they stress the urgency of swift implementation. Many believe that the delay in finalising the rules has left housing societies vulnerable to legal ambiguity. The final rules are expected to be cleared by the state cabinet in June, marking a significant step toward resolving long-standing issues in cooperative housing governance.

Property registrations in Mumbai saw a decline of 4% year-on-year in May 2025, with a total of 11,565 properties being registered. Despite this dip, stamp duty collections witnessed a growth of 3%, contributing 1,062 crore to the state’s revenue. The increase in stamp duty is largely attributed to higher transactions in the 5 crore and above property segment, which continues to drive the city’s revenue growth.

Residential properties accounted for approximately 80% of all registrations in May 2025. The decline in registrations was observed in the 1 crore to 5 crore segment, where sales momentum slowed. In contrast, properties priced above 5 crore saw an increase in registration share from 5% in May 2024 to 7% in May 2025.

On a year-to-date basis, Mumbai recorded a 24% increase in registrations, totalling 64,461 properties, with a 17% rise in revenue, surpassing 5,696 crore in stamp duty collections.

In terms of property size, apartments up to 1,000 sq ft continued to dominate registrations, accounting for 83% of transactions, consistent with the previous year. The 500–1,000 sq ft range remained the most preferred, making up 44% of the registrations. However, there was a noticeable shift towards larger homes, with the 1,000–2,000 sq ft segment rising from 13% to 14%, and properties over 2,000 sq ft increasing from 2% to 3%. This reflects a steady, albeit gradual, change in buyer preferences toward more spacious living spaces.

Godrej Properties has acquired a 14-acre land parcel in the Kharadi-Wagholi region of Pune for a new residential development project. The development will primarily feature premium group housing, offering a total developable area of 3.7 million sq ft, with an estimated revenue potential of 4,200 crore.

The Kharadi-Wagholi area is one of Pune's most sought-after destinations, and it has been known for its connectivity and rapid growth in recent years. This acquisition marks Godrej Properties’ strategic entry into this high-demand micro-market.

In the fourth quarter of FY25, the company achieved a 7% year-on-year increase in booking value, reaching 10,163 crore. The company sold 3,703 homes, totalling 7.52 million sq ft. For the full fiscal year, Godrej Properties posted a remarkable 31% year-on-year growth, with total booking value at 29,444 crore, driven by the sale of 25.73 million sq ft.

Regions like NCR, Mumbai, and Bangalore contributed significantly to the company’s sales, amounting to 10,523 crore, 8,034 crore, and 5,089 crore, respectively. Customer collections in Q4 FY25 stood at 6,961 crore, reflecting a 48% increase compared to the previous year. For the entire fiscal year, the collections totalled 17,047 crore, marking a 49% growth.

Looking ahead, Godrej Properties plans to scale its residential bookings to over 32,500 crore in FY26, targeting a 20% growth. This will be achieved through the launch of over 40,000 crore worth of inventory and sales.

Unsold luxury homes (priced above 2.5 crore) in Mumbai have seen a 36% rise in the first quarter of 2025, with approximately 8,420 units remaining unsold by the end of the quarter. This marks a significant increase compared to the previous year. In Q1 2024, the unsold luxury stock had dropped to around 6,180 units, reflecting a 53% year-on-year decrease.

The first quarters of 2023 and 2024 have seen notable declines in unsold luxury stock, with a decrease of 29% in Q1 2023 compared to Q1 2022. The luxury segment had been on a downward trajectory, but the recent rise in unsold units signals a shift.

The rise in unsold luxury homes is attributed to the significant number of new units introduced into the market. While demand for luxury homes remains strong, challenges such as high prices and global economic uncertainties have impacted sales in the last year.

In a positive development, the Maharashtra State Revenue Department reported record-high property registration revenues for the period between January and May 2025. The total revenue from property registrations in Mumbai reached 5,695 crore, reflecting a 17% increase from the same period in 2024. Additionally, the number of property registrations hit 64,461, marking a 6% increase from last year.

Despite the overall sluggishness in the housing market in Q1 2025, the increase in property registration revenues and transactions suggests a steady recovery in the market. March 2025 stood out with the highest property registrations in three years, significantly surpassing numbers from the COVID-19 period when stamp duties were reduced. The total registration revenue in March 2025 exceeded 1,589 crore, indicating sustained demand in Mumbai’s real estate sector.

Kanakia Group has announced a strategic joint venture with Hines, Mitsubishi Estate Co. (MEC), and Sumitomo Corporation to develop a large-scale commercial project in Bandra Kurla Complex (BKC), Mumbai. The project, set to span across a three-acre land parcel, will offer a total of 1.5 million sq ft of office space, catering to the growing demand for premium commercial real estate in one of Mumbai's most sought-after business districts.

In this partnership, Kanakia Group serves as the land partner, while Hines, MEC, and Sumitomo Corporation bring their expertise as institutional investors and development partners. The project, which is being designed by global architecture firm Kohn Pedersen Fox (KPF), is poised to become a significant addition to Mumbai's commercial infrastructure.

As part of its strategic shift towards an asset-light business model, Kanakia Group has reduced its debt to under 1,000 crore. The company currently has over 8.6 million sq ft of upcoming projects with a gross development value (GDV) of 12,825 crore, demonstrating its continued commitment to expanding its footprint in the real estate sector.

The new office space project in BKC is expected to meet the growing demand for modern, high-quality office spaces, providing a prime location for businesses in the heart of Mumbai’s commercial hub.

The Maharashtra government has approved the Dharavi redevelopment master plan, a significant step towards transforming one of Asia’s largest slums into a modern urban hub. The approval comes after a detailed presentation on the redevelopment project that aims to preserve Dharavi's commercial identity while ensuring the rehabilitation of its residents.

The redevelopment plan prioritises an environmentally sustainable approach, with a focus on integrating the commercial sector. It also ensures that all original residents are provided with homes under the project, offering a fair and transparent process for housing allocation, although specific criteria will be applied to different groups of residents.

As part of the first phase, slum rehabilitation buildings will be constructed on a 28-acre land parcel, where each eligible household will be offered a 350 sq ft home with two toilets, addressing the issue of inadequate sanitation facilities in the area.

To encourage developers, the government has waived all premiums and offered a reimbursement of the state’s share of GST for five years. In addition, the government has mandated the use of Dharavi Transfer Development Rights (TDR) for all redevelopment projects in the city, which could impact property prices across Mumbai.

However, the approval has not been without controversy. Concerns have been raised over the completion of the survey, the lack of public scrutiny, and the potential displacement of residents. Critics argue that the plan is being pushed through without adequate consultation and a finalised survey, questioning the legitimacy of the process.

Despite the opposition, the government is moving forward with the plan, aiming to revitalize Dharavi and improve the living conditions for its residents while transforming the area into a more sustainable and commercially viable space.

Mumbai-based real estate and construction giant Shapoorji Pallonji Group has raised $3.4 billion in one of India's largest-ever private credit transactions. This monumental financing saw around a dozen large investors, including global investment firms Ares Management Corp, Cerberus Capital Management, Davidson Kempner Capital Management, and Farallon Capital Management, purchase zero-coupon rupee bonds yielding 19.75%. The bonds, which mature in three years, represent a significant step in the growing private credit sector in India.

Deutsche Bank, which acted as the sole arranger of the deal, also participated by investing around $900 million. Other prominent investors in the deal included ASK Wealth Advisors, family offices, and domestic private credit funds like EAAA India Alternatives Ltd., which purchased approximately $85 million worth of the bonds. The deal highlights the increasing interest and investment in India's infrastructure and real estate development, bolstered by Prime Minister Narendra Modi's infrastructure push.

This financing marks a pivotal moment for the Indian private credit industry, which continues to gain momentum as it meets the growing demands for capital across various sectors, including renewable energy, transportation, and urban development.

Tata Digital, the digital business entity of the Tata Group, has secured a long-term lease for nearly 59,000 sq ft of office space across three floors in Mumbai’s Lower Parel. The office is in the One International Centre, a prominent commercial tower in one of Mumbai’s key business districts. The five-year lease agreement includes a monthly rental of 1.05 crore, with an additional 12.32 lakh for common area maintenance (CAM), resulting in a total monthly outgoing of approximately 1.18 crore.

The agreement also features an annual rental escalation clause of 5%. Tata Digital will enjoy a rent-free period from February 1 to July 15, 2025, with the license fee becoming payable from July 16, 2025.

The leased space includes units across the 15th, 16th, and 17th floors of the One International Centre. Tata Digital has also arranged for 49 car parking spaces with the lease, with additional parking slots available for 10,000 per month each. A security deposit of 7.07 crore has been paid by Tata Digital for the transaction. The deal marks a significant development in the office leasing market, which has shown resilience in 2025, driven by sustained demand from global capability centres (GCCs) and increasing demand for premium office spaces in top business districts.

In a landmark ruling, the Bombay High Court has directed the residents of Cozihom Cooperative Housing Society, located in the prestigious Pali Hill area of Mumbai, to vacate the premises within six months. The case dates back to the 1950s when Bollywood legend Meena Kumari and her husband, filmmaker Kamal Amrohi, bought a 2.5-acre plot for Rs 5 lakh and leased it to a developer who built the five buildings that now house the society.

The dispute began in the 1970s when Kamal Amrohi accused the society of failing to pay the full rent for the leased land. The agreed rent was Rs 8,835 per month, but the society contended that part of the land did not belong to the original landowner, leading to a reduction in the rent paid. In 1991, Amrohi filed for eviction due to arrears of rent totalling Rs 66,060. Despite his passing in 1993, his children continued the legal battle.

On April 23, 2025, the Bandra Small Causes Court ruled in favour of Tajdar Amrohi, Kamal Amrohi's son, and Arham Land Developers. The court directed that the society vacate the property within six months. The society, which houses 162 families, mostly senior citizens, intends to challenge the order in the Bombay High Court.

The society claims to have cleared all pending rent dues with interest and deposited the amount in an escrow account for the last two decades. The legal dispute, they argue, pertains solely to the land, not the buildings constructed on it. The court's decision cited the lease agreement, which included a clause stating that failure to pay the agreed rent could result in the termination of the lease, allowing the lessors to reclaim possession of both the land and the buildings.

The land, valued at over Rs 1,000 crore, was later sold to Arham Land Developers by Tajdar Amrohi in 2010 for Rs 5 crore, with the developers acquiring rights to the land and three buildings through a registered deed. The case has brought significant attention to the legacy of Meena Kumari and Kamal Amrohi, as well as the long-standing legal issues tied to the land in one of Mumbai's most sought-after locales.

The Brihanmumbai Municipal Corporation (BMC) has received significant interest from prominent developers for its slum rehabilitation initiative, with around 50 builders expressing interest in the redevelopment of 64 slum projects across the city. The initiative, under Regulation 33(10) of DCPR-2034, aims to redevelop slums situated on municipal lands. Developers, including Adani Realty, Wadhwa Group, Rustomjee, Dosti Realty, JSW Realty, DHS Group, Jalaram Developers, Nilyog Developers, Asha Developers, and Chandak Realty have shown keen interest in the project.

At a recent pre-bid meeting, representatives from these developers discussed the 32 conditions set by the BMC for the slum rehabilitation process, including the provisions and incentives being offered for the redevelopment. While the builders were optimistic about the prospects, they raised several concerns, the most pressing being the uncertainty around the number of slum households eligible for rehabilitation. Developers stressed the need for accurate surveys to determine the exact number of residents. They also called for flexibility in land reservations, as existing land reservations sometimes reduce the usable area available for redevelopment.

In response, BMC officials assured that the concerns raised by developers would be thoroughly reviewed, with the possibility of taking suitable steps to address these challenges. The overwhelming interest from top builders has given BMC confidence that the projects can be completed on time. Additionally, the administration hinted that certain policy relaxations could be considered if necessary to ensure the smooth and timely execution of the redevelopment projects.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has de-registered a significant number of property brokers, totaling 18,693, as part of its ongoing efforts to enforce greater transparency and professionalism within the real estate sector. The de-registration primarily stems from failures to renew licenses and non-completion of mandatory training and certification.

Of the de-registered agents, approximately 2,463 are from Mumbai city, 5,538 from Mumbai suburban areas, 4,303 from Thane, and 3,476 from Pune. The move reflects a robust regulatory push to ensure that property agents meet the required standards of professionalism, particularly in an industry that plays a critical role in real estate transactions across the state.

Since the inception of MahaRERA in May 2017, over 50,000 agents have registered with the authority. As of now, more than 31,000 registrations remain active. The deregistrations come as part of efforts to bring discipline to the intermediary segment, with agents required to undergo training and certification on key aspects of the Real Estate (Regulation and Development) Act, 2016. These include the model sale agreement, carpet area, allotment letters, and defect liability periods, crucial information that agents must communicate to homebuyers.

MahaRERA’s latest regulatory measures have also mandated that all agents hold a valid certificate from the authority to operate, a rule that was implemented in January 2024. This certification is now a prerequisite for both new registrations and renewals, with stringent actions promised for non-compliance. This is a significant step, as MahaRERA is the first state-specific real estate regulator to require such certification for property brokers.

In addition to Maharashtra’s active property market, the state also leads in the number of registered agents, with the Konkan region, including the Mumbai Metropolitan Region, having the highest concentration at 21,050. Agents from over 150 cities outside Maharashtra have also registered with MahaRERA, highlighting the state's critical role in the real estate landscape.

The de-registration of non-compliant brokers signals that MahaRERA is serious about its regulatory framework, ensuring that all real estate agents are not only registered but also adequately trained and certified, fostering trust and transparency in the industry.

The Maharashtra Cabinet has approved the state housing policy for 2025, titled ‘Majhe Ghar – Majhe Adhikar’ (My Home – My Rights), with an ambitious investment of 70,000 crore. The policy aims to build 35 lakh homes in the next five years, addressing the growing demand for affordable housing across the state.

A key component of the policy is the creation of the 20,000 crore 'Maha Aawas Nidhi', which will fund large-scale housing projects under the new framework. The initiative also focuses on slum rehabilitation, redevelopment, and the establishment of a grievance redressal committee to ensure quality standards and prevent delays in redevelopment. A 2,000 crore self-redevelopment fund will encourage cooperative housing societies to independently undertake redevelopment projects.

The policy includes a transformative rent-to-own model targeting working women, students, and industrial workers. These groups will be able to occupy homes on rent for up to 10 years, with an option to purchase the property after the rental period.

Additionally, the policy promotes integrated urban development with a focus on affordable housing, supported by robust infrastructure. It also introduces a State Housing Information Portal (SHIP) for transparent tracking and data-driven decision-making. This strategic approach aims to address the urgent need for affordable housing while supporting social equity and improving the urban landscape.

The Bombay High Court has dismissed an appeal filed by a resident of a cooperative housing society, which sought to stop the redevelopment of the building, affirming that the general body’s decision holds binding authority. The court clarified that any objections raised without challenging the resolutions passed by the society’s general body would only lead to unnecessary delays in the redevelopment process.

The case centred around a resident’s objection to the society’s redevelopment plans, citing concerns over land falling in the Coastal Regulation Zone (CRZ). However, the court emphasised that the general body holds the highest authority over decisions related to the society’s property. The resident, Mridula Chakraborty, sought to restrain the society from proceeding with the tender documents approved in the general body meeting, based on concerns raised about the CRZ zone and the size of the land.

The society presented evidence that the property did not fall under CRZ, as per the BMC’s CRZ remarks. The court also noted that the society had consulted with a project management consultant to address any procedural issues. It further highlighted that the petitioner’s objections were not formal challenges to the general body’s resolutions but were instead delaying the redevelopment process, which was detrimental to society as a whole.

This ruling reinforces the importance of upholding decisions made by a cooperative society’s general body and serves as a reminder of the authority vested in it for smooth and timely redevelopment initiatives.

Mumbai-based Kanakia Group is seeking approval from the Mumbai bench of the National Company Law Tribunal (NCLT) to demerge its real estate division from its other business activities. This restructuring plan involves the separation of Kanakia Spaces Realty Pvt Ltd and Transparent Developers Pvt Ltd, to streamline operations and attract investment.

The move is designed to offer more flexibility in capital raising for both the real estate arm and the group's other ventures. Legal counsel representing the group argued that this demerger would enhance operational efficiency, allowing each business to access funding more effectively and appeal to a wider pool of potential investors.

During the recent NCLT hearing, the division bench instructed the companies to submit additional documents, including details on contingent liabilities, ongoing legal proceedings, and comprehensive data on letters of credit. The group has reportedly received consent from the majority of unsecured creditors for the proposed scheme.

The Kanakia Group believes that by separating its real estate activities from its other businesses, it will be able to better focus on its strategic goals, attract investments, and potentially unlock higher valuations for both sectors.

The Slum Rehabilitation Authority (SRA) has taken a significant step towards reviving stalled slum redevelopment projects in Mumbai by inviting bids for the redevelopment of ten such schemes. These schemes, located across areas like Andheri West, Antop Hill in Wadala, Goregaon, Jogeshwari Vikhroli Link Road, Vikhroli, Chembur, and Deonar, involve rehabilitating a total of 4,740 slum households across 19 acres of land.

Historically, SRA had been issuing letters of intent and NOCs to private builders, but is now directly appointing contractors to complete these projects. The redevelopment process will be auction-based, with the winning bid being determined by the builder offering the highest number of PAP (Potential Additional Tenements) from the sale component.

The slum rehabilitation efforts are part of a larger initiative to address the 228 stalled schemes across the city, which are now being distributed to various government agencies, including MMRDA, BMC, MIDC, and CIDCO, among others. The move is expected to make substantial progress towards enhancing living conditions for thousands of families while also contributing to Mumbai's growing infrastructure development.