Latest Property News on 'Mumbai'

Massive project being developed in Chembur, Mumbai

The huge project is being developed and executed in Chembur, Mumbai by GA Builders, an “RNA Corp Group” company that would provide “New Homes” to more than 1950 tenants, according to a media release. The Subhash Nagar Colony, built by MHADA, is about 55 years old and comprises 57 buildings that house 36 members each. On completion of the mass housing project, the tenants would be re-housed in flats with an area of 320 sq. ft. plus 65 square feet in the form of a flowerbed, niche or dry area with all necessary amenities. After obtaining all the requisite approvals for the redevelopment of the project and after setting up the transits for tenements, the company is all set to make its mark in Mumbai real estate sector.

“We have so far built 744 flats for the residents in five buildings, and have finalized plans to build eight more buildings for 546 families who have signed for redevelopment.” Mr. Manoj John, spokesman for RNA Corp said. He added that more than 1300 families out 1950 have accepted their plan to turn Subhash Nagar into mini-township. Mr. John further said “Considering the sheer scale of this project, we have undertaken extensive infrastructure enhancement drive that includes setting up of drainage and sewerage infrastructure, underground water lines, recreation grounds, playgrounds, internal roads. Underground and overhead tanks will ensure uninterrupted water supply with an added provision for piped gas connection.” Read More »

Real Estate Market in Mumbai Hit by a Slowdown

Mumbai’s realty market, which in recent years witnessed an astronomical price increase bringing it in the league of the worlds most expensive cites, is finally taking a beating. Property sales that have been growing at a clip of about 20% every year have plummeted by 17% in 2007-08, the first time in six years.

Though the property market in the country’s financial capital has been rife with talk of a slump for some time now, this is the first time figures prove the extent of the slowdown. Information about residential and commercial property sales from the stamp duty registration office show almost 12,000 fewer transactions during the last financial year compared to the year before. From April 2007 to March 2008, 62,595 flats were purchased in Mumbai as against 74,555 in 2006-07. Read More »

State-Run Drug Companies Banking on Realty Pill to Boost Bottom-Line

State-run pharmaceutical corporations, struggling to survive competition with private sector companies, are now emerging in a new avatar –– as developers of commercial complexes and IT parks because of their massive land holdings.

The recently-revived Bengal Chemicals and Pharmaceuticals Ltd (BCPL) is building a 38-floor sky scraper at Worli in Mumbai overlooking the Arabian Sea. The new office complex at this two acre land in the heart of Mumbai will be ready in about 18 to 24 months. Read More »

Bandra Replacing South Mumbai as Property Hotspot

South Mumbai has always been the preferred home to Mumbai’s upper crust for years. But now with virtually no land to be had in the Island City, the elite are moving into the suburbs and Bandra seems to be the hot new destination.

Malabar Hill, home to the city’s elite and till now the most famous of addresses in South Mumbai, is facing serious competition from Bandra, popularly known as the Queen of the suburbs. Read More »

Mumbai Airport Upgrade to Open up Mega Retail Space

The Mumbai airport’s upgradation will open up a humungous 5.7 crore sq ft or about 132 acres of real estate (almost seven Oval maidans), exclusively for non-aeronautical purposes like retail, commercial and hospitality. The area is mainly around Sahar village, Kurla and Kalina.

According to a Cushman & Wakefield report on Airport Realty, the modernization and upgradation of 47 airport projects across the country is expected to generate 78 million sq ft (1,790 acres) for commercial purposes by 2015. Read More »

Aamir Khan Ready to Pay Rs 33 cr for Mumbai Property

Bollywood star Aamir Khan has plans to buy a residential society in Mumbai for his personal studio.

Reports say the actor-director has offered to shell out Rs 33 crore for the society, Vrindavan, in Santacruz.

Aamir Khan Productions has approached the owners of the society to buy the 22-apartment complex. Read More »

At Rs 1.2L/sqft, Vinod Khanna sets Realty Record in Mumbai

Little Gibbs Road at Malabar Hill is a charming, up market residential enclave where the crème de la crème live, virtually cut off from the hustle and bustle of a congested Mumbai.

On Tuesday, one of its most prominent landmark buildings, Il Palazzo, created a national record after an apartment here was sold at an astonishing rate of Rs 1.20 lakh a square foot — each floor tile more expensive than a Nano car. Read More »

Kotak Eeady to Pay Rs 600 Crore for Contractor House

Yet another large property deal is brewing in Mumbai. The Kotak Mahindra group is in talks with developer Orbit Corporation to buy the ‘Hafeez Contractor House’— a prime commercial property of Orbit—for over Rs 600 crore. Sources said Kotak may use its property fund Kotak Realty Fund for the proposed transaction. When contacted, Orbit CFO Ramashrya Yadav said: “We are in talks with various interested parties. We cannot disclose names. Once the deal is signed, we will inform stock exchanges.” Kotak Realty Fund CEO S Srinivasan declined to comment.

At present, real estate and retail funds operating in India are trying to buy into commercial properties to improve valuations. Many funds and developers are exploring options to float Real Estate Mutual Funds in India and Real Estate Investment Trusts in overseas market where higher valuations would help. Read More »

Hyper City Retail to Focus on Big Box and Multi-Channel Format

Hyper City Retail, part of Mumbai-based K Raheja Corp, which also owns the Shoppers Stop chain of department stores, has called off plans to launch convenience formats, ExpressCity, announced last year. The retailer is instead shifting its growth plans to focus on the big box format and multi-channel retailing.

Officials said it made better business sense to focus on larger formats since the profit margins in convenience formats were too low. The current crop of convenience formats, including Subhiksha, Reliance Fresh and Spencers, are struggling with the challenges of operating a low-margin grocery business in the face of spiraling real estate costs, high supply-chain costs and tough competition from the traditional formats. Read More »

HDIL gets Nod for Mumbai Slum Project

The real estate developer Housing Development and Infrastructure Limited (HDIL) got the government approval for the coveted Mumbai airport slum rehabilitation programme today. HDIL had earlier bagged the project from the Mumbai International Airport (MIAL).

“The tenement limit has been increased to 270 sq ft from 225 sq ft. As the size of the tenement has gone up, the transfer of development rights will increase accordingly by about 20 per cent more,” said HDIL Managing Director Sarang Wadhawan. Read More »