Reliance Infrastructure on Thursday announced the cancellation of Rs 12,000 crore (Rs 120 billion) Mumbai's Metro Line 2 project citing non-fulfillment of certain obligations by Maharashtra government.
Expansion of its development portfolio, brokerage upgrades, and strong outlook have led to a 15 per cent gain for the stock of real estate major Godrej Properties (GPL) in six trading sessions. The company recently acquired a 53-acre land parcel in Joka, Kolkata with an estimated development potential of 1.3 million square feet of saleable area with an estimated revenue potential of Rs 500 crore.
Call it an expectation of revival in the real estate market or improving liquidity, bulge bracket property deals have made a comeback in the country's commercial capital.
The maximum inventories are in 1 and 2 BHK configurations totaling 587,500 units.
A recent report by Citi had pegged the total amount stuck in stalled projects across seven major Indian cities (Bengaluru, Mumbai Metropolitan region, National Capital Region, Ahmedabad, Hyderabad, Kolkata and Pune) at Rs 80,000 crore.
The weather department on Wednesday issued a rain 'red alert' warning for Mumbai and adjoining areas and asked the authorities to be prepared to handle any situation.
The government also stated that the people working in essential sectors must be fully vaccinated and should have completed the 14 days post-inoculation before they can be allowed to board local trains.
Godrej Properties Ltd has acquired legendary film actor, director and producer Raj Kapoor's bungalow at Chembur in Mumbai for around Rs 100 crore to develop a luxury housing project with a sales potential of Rs 500 crore. The land was purchased from the Kapoor family, legal heirs of Raj Kapoor, the company said in a regulatory filing. When contacted, Godrej Properties executive chairman Pirojsha Godrej told PTI: "The total size of the land is around 1 acre.
Former Maharashtra minister and Shiv Sena-Uddhav Balasaheb Thackeray leader Aaditya Thackeray on Monday claimed nearly '50 people', including 'some middlemen' and personal assistants, will be part of the delegation that will travel with Chief Minister Eknath Shinde for the World Economic Forum (WEF) gathering in Davos, Switzerland.
Red signal for Mumbai Metro Phase II.
PropEquity, the real estate data analytics and research firm, attributed the fall in absorption in these markets to lack of demand from investors.
Hazare, who reached Mumbai on Monday night from his village Ralegan Siddhi, paid respects at Mahatma Gandhi's statue in Juhu before proceeding to the fast venue, MMRDA ground, in suburban Bandra in a rally.
Bollywood veteran actor Anupam Kher visited Mumbai Metropolitan Region Development Authority to express his support to Team Anna and passage of Jan Lokpal Bill. Toral Varia Deshpande speaks to Anupam Kher.
Housing sales have jumped over two-fold during July-September period at 62,800 units across seven major cities on better demand driven by low mortgage rates and hiring in IT/ITeS sector, according to property consultant Anarock. Sales of residential properties stood at 29,520 units in the year-ago period and 24,560 units in the previous quarter. The seven cities tracked by Anarock are Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune.
Property sizes are shrinking in Mumbai.
Billionaire Gautam Singhania on Monday announced separation from wife Nawaz, saying the two have decided to pursue different paths. Singhania, 58, had married Nawaz Modi, daughter of solicitor Nadar Modi, in 1999. "This Diwali is not going to be the same as many in the past," Singhania, chairman and managing director of textiles-to-real estate conglomerate Raymond Ltd, said in social media posts.
Many government departments, including Mumbai Metropolitan Region Development Authority, Revenue and Forest, Brihanmumbai Municipal Commission, Home, Environment Ministry, Public Works Department and Uran Land department, were issued summons directing them to produce before the commission, all documents pertaining to the scam-hit Adarsh Society on Monday. However, except BMC, all the departments sought one week's time to submit all the files along with an index.
The security at the ground of Mumbai Metropolitan Regional Development Authority in suburban Bandra-Kurla Complex will comprise 2,000 constables, 200 sub-inspectors of police, six platoons of state reserve police force, three teams of Quick Response Team and two Bomb Detection and Disposal Squads.
Town planning authority MMRDA on Tuesday said that nearly 150 patients at its COVID facility in Bandra Kurla Complex (BKC) have been shifted to another location as a precaution in the wake of the Nisarga Cyclone which is expected to make a landfall close to the city on Wednesday.
The Mumbai town planning agency has said it can't spare land in the commercial BKC area for a terminal due to demand from private firms
'Why has Maharashtra slipped up over the past couple of decades?' 'Not only is this question critical for residents of the state, but given that it accounts for 14% of India's GDP, a faster-growing Maharashtra implies a faster-growing India as well, point out Shishir Gupta and Rishita Sachdeva.
The Mumbai Metropolitan Region Development Authority (MMRDA) on Friday said it has initiated an enquiry into Thursday night's mishap where two girders of an under-construction bridge on Eastern Freeway collapsed leading to the death of one person and injuring eight others.
15 to 25 per cent of property registrations in Mumbai come from redevelopment, with over 3,500 projects approved by May 2024.
While Mumbai is home to India's costliest real estate, Thane is the fastest growing housing market in the country
Average housing prices have increased in the range of 13-33 per cent in the last three years across seven major cities on high demand, according to real estate consultant Anarock. Hyderabad's Gachibowli recorded the highest 33 per cent increase in average residential prices in the past three years. In Gachibowli, the average residential prices as of October 2023-end stood at Rs 6,355 per square feet as against Rs 4,790 per square feet in October 2020.
Members of the controversial Adarsh Housing Society on Monday approached the Bombay high court, challenging the cancellation of the Occupation Certificate and the cut in electricity and water supply. The Society's occupation certificate was cancelled by the Mumbai Metropolitan Region Development Authority and its power and water supplies were cut by the civic body on November 3 after it was revealed that the building was constructed in alleged violation of civic rules.
Coming down heavily on Team Anna's agitation, the Bombay high court on Friday said it can't allow "parallel canvassing" when Parliament is seized with debate on Lokpal Bill and questioned its decision to seek exemption from charges to use MMRDA grounds for Anna Hazare's proposed fast.
Following the success of the Rs 4,050-crore Wadala land deal in central Mumbai, at least three government agencies are planning to sell plots worth at least Rs 60 billion (Rs 6,000 crore) in the next two months.
The death toll rose to 3,717 with 127 new deaths being recorded on Friday.
The Mumbai Metropolitan Region Development Authority on Tuesday received huge response for its Iconic Tower in Wadala (a Mumbai suburb) with Lodha Crown Buildmart Pvt Ltd quoting more than double the reserve price of Rs 40,000 per sq mt.
Anna Hazare, who is suffering from fever, on Tuesday refused to give up his fast despite requests from close aides.
'Developers are into profit-making. And there's not too much money in the affordable segment.' 'So, they don't do affordable housing.'
Starlight Systems, a unit of Piramal Sunteck Realty, has sought a four-year staggered payment option to pay Rs 496 crore (Rs 4.96 billion) for two plots it won in the financial district of Mumbai in the last financial year.
Pressure is mounting on Reliance Infrastructure to change the name of metro rail project, with a senior minister in the Congress-NCP led Maharashtra government joining the chorus of Opposition leaders making similar demand.
Check out the winners and the entertainers of two star-studded nights.
'Republic Day week has consistently been a lucrative period for the film industry.'
The mega block, which started at Thursday midnight, has affected the suburban services on CR's main corridor, causing inconvenience to lakhs of office-goers.
The power failure comes at a time when the state is reeling under power deficit.
