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.
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 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.
While Mumbai is home to India's costliest real estate, Thane is the fastest growing housing market in the country
'In the past six months, capital markets have seen a dip, and realty is struggling. The stock-market investor will be cautious of putting that investment in real estate when there may be a slowdown coming.'
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.
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.
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.
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.
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.
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.
The death toll rose to 3,717 with 127 new deaths being recorded on Friday.
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.
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.
The government will provide necessary land at a nominal rate.
Flight operations at the Mumbai airport were suspended for nearly half an hour as visibility dropped well below the required 550 meter-mark
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.
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The commissioning of the 3-km Versova to Azad Nagar stretch of Mumbai Metro-I project will not be operational from September, as the Central Railway Safety Commissioner's approval is still awaited.
The deal is expected to be around Rs 1,000 crore (Rs 10 billion) in size and will take a month to conclude, a person involved with the talks between the two groups said. The plot is a part of the 18.5-acre land RIL had bought in 2006 from Mumbai Metropolitan Region Development Authority for Rs 1,104 crore (Rs 11.04 billion) in an auction.
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.
On July 31, one of the five shortlisted companies, IRB Infrastructure, had said it would not bid for MTHL.
MMRDA is set to sell 5 more properties in BKC after receiving record bids for plot earlier. Out of the 5 plots, 2 are meant for residential structures while 2 are for commercial places and one for a gymnasium.
The power failure comes at a time when the state is reeling under power deficit.
Amid the continuing stand-off with the Bharatiya Janata Party over the proposal to appoint a Chief Executive Officer for Mumbai, the Shiv Sena on Monday warned its former ally to consult it before taking any such decision for the megapolis.
Suburbs from Vile Parle to Goregaon have 205 unsold units.
Housing sales across seven major cities are estimated to fall 47 per cent year-on-year to 1.38 lakh units this year on lower demand because of the COVID-19 pandemic, according to property consultant Anarock. New housing supply, too, is likely to fall 46 per cent to 1.28 lakh units in 2020 in seven cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Chennai and Kolkata.
The cyclone is likely to bring heavy rainfall in its wake in parts of Maharashtra, Gujarat and Goa. The light showers/drizzle in parts of Mumbai city, its suburbs and neighbouring districts of Thane and Palghar on Monday morning brought some respite to people from the sweltering heat and humidity.
A separate standard operating procedure will be issued by the tourism department for precautions to be taken while operating these establishments, an official release said.
Housing sales rose 36 per cent year-on-year to a record 120,280 units across seven major cities during the July-September period on robust demand amid stable mortgage rate, according to Anarock. Housing sales stood at 88,230 units in the year-ago period across the seven major cities. Releasing the data, real estate consultant Anarock said average housing prices across the seven cities grew 11 per cent annually in the July-September period this year.
The housing inventory overhang in the top seven cities in India stood at a five-year low of 20 months at the end of the January-March quarter, data from real estate consultancy Anarock showed on Monday. It was the highest at 55 months in the quarter ending December 2020. The inventory overhang is the amount of time it would take to sell the current housing listings in an area. A lower overhang denotes higher demand in a particular area.
15 to 25 per cent of property registrations in Mumbai come from redevelopment, with over 3,500 projects approved by May 2024.
With the Japanese government taking a lead in funding the megapolis' many signature infrastructure projects, the World Bank has evinced interest in funding the proposed Charkop-Dahisar and Wadala-Teen Hath Naka Metro projects.
Urban planners and real estate experts say bad town planning in Mumbai and rising deaths during the ongoing pandemic are a "sad reality". Dev Chatterjee and Raghavendra Kamath report.
'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.
Highlighting that mutation in a virus is a natural phenomenon, the civic body said citizens should do not panic and appealed to them to follow COVID-19-appropriate behaviour.
