Real Estate News - Mumbai - Page 2

How Mumbai’s Central Suburbs are Getting a Premium Luxury Lift in Residential Real Estate by (Chintan Sheth is the Chairman & Managing Director of Sheth Realty.)

Mumbai is home to a growing luxury real estate market. Central suburbs like Sion and its surroundings are among the locations for a new offering of premium luxury homes. Till a few years ago, these micro-markets would not have been considered prime destinations for luxury housing.

Developers have however recognised the potential and its possibilities, particularly due to their proximity to commercial hubs like BKC and the development of social infrastructure, which are coming up with projects here. Mumbai’s central suburbs now, find themselves elevated into premium housing markets with its coveted residential offerings. These premium residences are tailored for Mumbai’s top executives, industry leaders, and visionaries, serving as ideal havens for those who set benchmarks and are part of the city’s ‘who’s who.’

Read more on Financial Express

Oberoi Realty to Develop Land in Bandra West, Mumbai

Oberoi Realty, a prominent real estate developer, has announced its plans to develop a prime parcel of land measuring 2,576 square metres in Bandra West, Mumbai. This project marks another significant addition to Oberoi Realty's portfolio, known for its luxury residential and commercial developments.

The project is expected to feature a mix of residential units, including spacious apartments and penthouses, designed to meet the lifestyle needs of discerning buyers. Additionally, the development will incorporate state-of-the-art facilities such as a fitness centre, swimming pool, landscaped gardens and dedicated parking spaces, ensuring residents enjoy a comprehensive and luxurious living environment...

The Bandra West project is also expected to positively impact the local real estate market, potentially driving up property values and attracting further investments in the vicinity. The development's strategic location, combined with Oberoi Realty's reputation for quality and excellence, positions it as a highly anticipated addition to Mumbai's real estate landscape...

Construction is slated to commence soon, with completion targeted within the next few years.

In summary, Oberoi Realty's upcoming development in Bandra West underscores the company's ongoing commitment to delivering high-quality real estate projects in Mumbai's most coveted locations. This new project is set to enhance the urban fabric of Bandra West, providing a luxurious and contemporary living options for its resident.

Read more at:

https://www.constructionworld.in/latest-construction-news/real-estate-news/oberoi-realty-to-develop-land-in-bandra-west-mumbai/59998

Valor Estate plans to launch three to four real estate projects in FY25, units to be priced between ₹1-5 crore

Listed real estate firm Valor Estate, formerly known as DB Realty, plans to launch three to four projects in the ongoing fiscal, including residential, commercial and hospitality projects across Mumbai Metropolitan Region (MMR). The company said it plans to focus on 1BHK to 4 BHK apartments in the price range of ₹1 to ₹5 crore, said Vinod Goenka, chairman and MD of Valor Estate.

According to Goenka, the Mumbai real estate market has shown resilience despite recent challenges. "While there has been a moderate slowdown in the ultra-luxury segment, the mid-segment and affordable housing sectors continue to witness robust demand."

"Our projects are located across Mumbai's prime locations, such as South Mumbai, Central Mumbai, and the suburbs. The projects slated for FY25 will be joint ventures with reputed developers," said Goenka.

The company recently tied up with L&T Realty for a project in Bandra Kurla Complex (BKC), Mumbai. Macrotech Developers, also known as Lodha, had also recently announced that it was exploring an association with the company for a project in Mumbai.

The company has partnered with several players like Bengaluru Prestige Estates, Rustomjee Group and Godrej Properties in the past.

The company plans to launch housing projects across all three segments, including luxury, mid segment and affordable.

Prices will range from ₹1crore to ₹5 crore

Credit: Hindustan Times

Mumbai ranks 2nd, New Delhi 3rd in global property price index;

Mumbai and New Delhi have recorded an annual increase in their real estate prices at 13% and 10.6% respectively, while Bengaluru has witnessed a modest 3.7% rise. Globally, Manila has topped the Knight Frank’s Prime Global Cities Index with an increase of 26%.

The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 44 cities worldwide. The index tracks nominal prices in local currency.

Knight Frank, an international property consultancy, in its recent report ‘Prime Global Cities Index Q2 2024’ noted that key residential markets of Mumbai, and New Delhi have recorded an increase in the annual property prices with the the country’s financial capital witnessing an increase of 13% YoY followed by New Delhi at 10.6% YoY. Manila saw housing prices increase by 26% YoY.

Mumbai, with a YoY price rise of 13% in prime residences, recorded the second highest (YoY) growth in prime residential prices in Q2 2024, pushing it up the ranking table to 2nd position from its 6th rank in Q2 2023. New Delhi, which recorded a rise of 10.6% YoY in prime residential property prices, made a jump in rankings going from 26th in Q2 2023 to 3rd in Q2 2024, the analysis showed.

Credit: Hindustan Times

The Transformative Impact of New Infrastructure Developments on Mumbai's Real Estate Market

https://www.mid-day.com/buzz/article/the-transformative-impact-of-new-infrastructure-developments-on-mumbais-real-estate-market-2033

Oberoi Realty plans to come up with a 1.8 mn sq ft mall, a hotel and an office space in Mumbai

Listed real estate developer Oberoi Realty plans to come up with a 1.8 million sq ft mall, a hotel and a commercial office space in Mumbai’s Worli, said Vikas Oberoi, chairman and managing director of Oberoi Realty.

Worli is one of the costliest residential and commercial real estate markets in India. Pharmaceuticals major Glaxosmithkline Pharmaceuticals Ltd had sold its Worli plot for over ₹107 crore to I-Ven Realty Ltd, a joint venture between ICICI Venture Funds Management Company Ltd and Oberoi Constructions in 2013, according to news reports.

The construction of the project in Worli will probably start within the next two quarters, according to the company.

"We are going ahead with the mall, an office building and a small boutique hotel. We will start work probably within the next two quarters," Oberoi said during the investors call for Q1FY25.

Credit: Hindustan Times

Mumbai real estate deal: IT Park sold for ₹335 crore in Malad

Property Ventures (India) Pvt Ltd, a subsidiary of RK Marbles, has sold an IT Park in Mumbai's Malad area to Clear Bridge Ventures LLP for ₹335 crore, according to property registration documents accessed by CRE Matrix.

The IT Park spread across an area of 1.96 acres is located in the Linking Road area of Malad west.

The transaction was registered on August 23, 2024. The stamp duty paid for the transaction is Rs. 21.85 crore, according to the property registration documents.

The IT Park is a ground-plus-six floors property having a total saleable area of 1.47 lakh sq ft. It has 123 car parking spaces and six slots for vehicles, according to the documents.

An email query sent to Property Ventures (India) Pvt Ltd and Clear Bridge Ventures LLP did not get any response. In a recent land deal, automobile manufacturer Mahindra and Mahindra Limited had sold a 20.5 acres land parcel in Mumbai's Kandivali area for Rs. 210 crore.

The land was sold to Blueprintify Properties Pvt Ltd, a part of Pune-based real estate firm Rucha Group. The transaction was registered on July 24, 2024

The stamp duty paid for the transaction was Rs.13.41 crore, the documents showed. The land sold by Mahindra and Mahindra Limited is non-agricultural and is located in the Kandivali area where the company has an automobile manufacturing facility.

Credit: Hindustan Times

Navi Mumbai authorities crack down on unauthorised constructions in Ghansoli

https://www.hindustantimes.com/real-estate/maharashtra-tops-list-of-green-real-estate-projects-uttar-pradesh-bags-second-position-101725346263485.html

25 ultra luxury housing deals worth Rs. 2443 crore transacted across top cities in Jan-Aug, Mumbai dominates: Report

A total of 25 ultra-luxury homes priced more than ₹40 crore were sold in Mumbai, Hyderabad, Gurugram and Bengaluru in the first eight months of 2024 for a collective sales value of approximately Rs. 2,443 core, Anarock data showed.

Of the 25 ultra-luxury properties sold across the top cities in 2024 so far, Mumbai alone sold 21 units collectively worth Rs. 2,200 crore - an 84% share of the total deals in this segment across the top cities. At least two separate ultra-luxury home deals collectively worth Rs. 80 crore were closed in Hyderabad’s Jubilee Hills. Gurugram in NCR witnessed one ultra-luxury home sold for Rs. 95 crore, while Bengaluru also closed one deal worth Rs. 67.5 crore.

Of the 25 deals closed across cities this year, nine were of large ticket sizes worth over Rs. 100 crore each, and a collective sales value of Rs. 1,534 crore. Contrastingly, the whole of 2023 saw 10 such large deals for a collective sales value of Rs. 1,720 crore, the data showed.

Credit: Hindustan Times

NAREDCO asks Maharashtra government to allocate 5,000 slum projects in Mumbai to the industry body

The National Real Estate Development Council (NAREDCO) Maharashtra, an apex body of real estate developers, has asked the Maharashtra government to allocate 5,000 slum redevelopment projects to the industry body.

What is a slum redevelopment project?

In Maharashtra, slums are redeveloped with public and private partnerships (PPP) wherein real estate developers are given additional floor space index (FSI) in exchange for rehabilitating slum dwellers in homes of over 300 sq ft. The real estate developers after rehabilitating slum dwellers are permitted to sell the apartments built after utilizing the additional FSI in the open market.

The nodal agency for slum redevelopment projects in Maharashtra is the Slum Rehabilitation Authority (SRA). Ever since the inception of SRA in 1995, in all 2,353 projects have been completed and 2,57,403 families are residing in rehabilitated slums, as of March 2024 according to the Maharashtra government data.

Dharavi is an example of a slum redevelopment project, Dharavi Redevelopment Project Pvt Ltd (DRPPL), a joint venture between the Government of Maharashtra and the Adani Group, is executing the Dharavi redevelopment project for which the survey to collect data on eligible and ineligible slum dwellers is currently on. The authorities expect the survey to be completed by March 2025.

Credit: Hindustan Times