Tag: Mumbai real estate

IndustryLatest Stories

Labour Shortage and Costs Halt Mumbai Real Estate Projects

MUMBAI: The real estate sector in Mumbai is facing serious challenges, with slowing construction, rising costs, and slipping delivery timelines. An ongoing labor shortage and the increasing cost of materials, fueled by geopolitical tensions, have caused an execution crisis in the industry. The sector has traditionally relied on skilled workers from states like West Bengal, Odisha, Uttar Pradesh, and Bihar. However, recent shifts in regional dynamics and economic opportunities have caused thousands of these laborers to return home. According to developers, this is not a fleeting issue; it appears to be a significant structural shortage. Vishal Ratanghayra, founder and CEO…

CommercialLatest Stories

Maharashtra Advances on ₹1,600 Crore Air India Building Buyout

MUMBAI: The Maharashtra government is moving toward acquiring the historic Air India building in South Mumbai. The Finance Department has transferred ₹1,600 crore to the Public Works Department, initiating the process to finalize an agreement with Air India Assets Holding Limited. A senior PWD official mentioned that a draft of the agreement will be reviewed to ensure accuracy and is expected to be signed within the next two weeks. The Centre approved the building’s sale to Maharashtra for ₹1,601 crore in March 2024, and the state cabinet gave the go-ahead for the acquisition in November 2025. Once the agreement is…

IndustryLatest Stories

Adani Acquires 17 Lakh Sq Meters in Motilal Nagar Project

MUMBAI: Gautam Adani, India’s wealthiest individual, is set to receive approximately 17 lakh square meters of land for sale in Motilal Nagar. His group plans to invest ₹1 lakh crore to carry out a redevelopment project in suburban Goregaon, according to a senior government official. The Motilal Nagar Redevelopment Project, spanning 143 acres, has the potential to develop 28 lakh square meters of space. Out of this, more than 10.5 lakh square meters will be allocated to original tenants and the Maharashtra Housing and Area Development Authority (MHADA), as stated by the body’s vice president and chief executive, Sanjeev Jaiswal.…

IndustryLatest Stories

Suraj Estate Developers Buys ₹18 Crore Land in Dadar West

NEW DELHI: Suraj Estate Developers has purchased a plot of land in Dadar West, Mumbai, for ₹18 crore, according to a company statement. The deal comprises a cash payment of ₹8.53 crore and an obligation to provide approximately 2,200 sq ft of space to the landowners, bringing the total transaction value to ₹18 crore. Rahul Thomas, the company’s whole-time director, stated, “We are focused on disciplined growth, selective acquisitions, and efficient execution, and we are exploring additional opportunities that align with our strategic objectives.” The company plans to redevelop the land, which has a saleable carpet area of 0.18 lakh…

IndustryLatest Stories

Mumbai: BMC to Sell Prime Worli Plot for ₹455 Crore

Representative AI image MUMBAI: Following an inquiry ordered by junior urban development minister Madhuri Misal regarding BMC’s Rs 600-crore tender for the redevelopment of its municipal testing laboratory in Worli, the civic body has launched a tender to sell a prime 5,166 sqm plot to builders for “commercial exploitation” at a starting price of Rs 455 crore. The highest bidder will have the opportunity to construct residential or commercial towers on the site. BMC initially aimed to redevelop the laboratory and construct a new facility along with a multistory robotic parking tower and commercial units on this residentially zoned plot.…

CommercialLatest Stories

Aristo Pharma Acquires ₹111 Crore Office in Andheri West

Mumbai: Aristo Pharmaceuticals has acquired office space spanning two floors in a commercial tower located in Andheri West, a western suburb of Mumbai, for over Rs 111.26 crore, marking one of the significant office transactions this year. The pharmaceutical company purchased units on the first and second floors of Parinee I from Parinee Realty and an individual seller. The deal was officially registered on March 27. The total carpet area acquired exceeds 18,300 sq ft, while the usable area, including loft space, is approximately 28,300 sq ft, according to property registration documents accessed via Propstack. This acquisition represents a carpet…

IndustryLatest Stories

Keystone Realtors to Redevelop 8 Housing Societies in Andheri East

MUMBAI: Keystone Realtors has been awarded a significant redevelopment project for Om Nagar Co-operative Housing Society Federation in Andheri (East), Mumbai, with an estimated gross development value of approximately ₹1,775 crore. The project entails the redevelopment of eight housing societies, covering a total land area of around 20,569.90 square meters. As reported by the company, the redevelopment will facilitate the rehabilitation of 637 current members from these societies, and it is projected to create a free-sale potential of about five lakh square feet of carpet area. Boman Irani, chairman and managing director of Keystone Realtors, stated, “We are enhancing our…

Latest StoriesResidential

Mumbai’s January Stamp Duty Collections Soar Amid Big Home Sales

Mumbai, which stands as the nation’s largest and priciest property market, has achieved its highest-ever stamp duty earnings for January. This surge can be attributed to substantial transactions, despite a decline in registration volumes. According to data from the Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra, the financial hub recorded 11,219 property registrations in January, generating over Rs 1,012 crore in stamp duty revenue for the state. Registration numbers saw an 8% decrease compared to the previous year, yet this performance marks the second-highest January on record. This trend suggests that transaction activity remains resilient in the…

IndustryLatest Stories

Oberoi Realty Wins Bid for 11-Acre Bandra East Land

Representative AI image NEW DELHI: Oberoi Realty has won the highest bid for a long-term lease of approximately 45,371 square meters (about 11 acres) of railway land in Bandra East, Mumbai. This was confirmed after the financial bids were opened by the Railway Land Development Authority (RLDA), a statutory body under the Ministry of Railways. The company submitted a bid of ₹5,400 crores, quoted as net present value (NPV), for a 99-year lease on the land, which is strategically located along the Western Express Highway and has potential for around 19.5 lakh sq ft of floor space index (FSI). As…

IndustryLatest Stories

Keystone Realtors’ Q3 FY26 Sales Drop 3% to ₹837 Crore

NEW DELHI: Keystone Realtors Ltd, a real estate firm, reported a 3% drop in sales bookings to ₹837 crore in Q3 of this fiscal year, having launched only one housing project. This compares to ₹863 crore during the same period last year. The Mumbai-based company operates under the Rustomjee brand. In the first nine months of this fiscal year, the firm saw a 23% increase in sales bookings, reaching ₹2,676 crore, up from ₹2,174 crore in the previous year, as stated in a regulatory filing. Boman Irani, CMD of Keystone Realtors Ltd, emphasized that the company maintains strong operational momentum.…