Tag: Mumbai

CommercialLatest Stories

Starlink Leases Office Space in Mumbai’s Chandivali

Representative image Elon Musk’s Starlink Satellite Communications Pvt Ltd has taken a significant step in its expansion plans by leasing office space in the Chandivali suburb of Mumbai. This move is part of Starlink’s strategy to establish a presence in India as it aims to secure regulatory approvals and start operations in the country. This marks the first reported office space leased by Starlink in Mumbai, an important development as the company intensifies its efforts in India. The company has signed a lease for a ground floor area at the Boomerang commercial property in Chandivali, with the lease set for…

Latest StoriesResidential

Mumbai: Sanjan Bungalow’s Original Owners Challenge Sale

MUMBAI: The Davierwalla family, original owners of the Sanjan bungalow property—which was transformed into an affordable facility for the Parsi-Irani community—has firmly opposed its sale to a developer. The family sold the ancestral property in 1997 to the World Zoroastrian Organisation Trust Funds (WZOTF) for a nominal price of Rs 65 lakh, conditioned for community use only. Recently, TOI reported increasing backlash against WZOTF’s plan to sell the 2.5-acre property, citing losses due to low occupancy. In a letter to WZOTF trustees, sisters Anahita and Roshan Davierwalla declared they “strongly and unequivocally oppose the proposed sale of our ancestral property…

IndustryLatest Stories

NA Tax Scrapping Awaits GR; Pune Societies Get Notices

PUNE: Nearly a year after the state cabinet’s decision to abolish the non-agricultural (NA) tax in urban areas, housing societies are still awaiting an official government resolution (GR) to confirm the tax exemption. Several societies in Pune and Mumbai have received NA tax notices, leading some to pay the dues to avoid potential administrative actions. The NA tax, rooted in colonial times, is levied on properties built on agricultural land converted for non-agricultural use within municipal limits, excluding gaothan (village) areas. The cabinet’s decision to abolish this tax was made last October, but the law and judiciary department has delayed…

IndustryLatest Stories

Mumbai Builders Meet Civic Chief to Address Real Estate Issues

Representative image MUMBAI: In a significant step, leading developers and architects from organizations like CREDAI-MCHI, NAREDCO, BDA, and PEATA met with municipal commissioner Bhushan Gagrani on Friday. They addressed challenges hindering the real estate sector. The civic chief announced the establishment of a steering committee that will include representatives from these organizations and BMC officers from various departments. This committee will convene bi-weekly to tackle sector-related issues. As per a press release, meetings will be led by Chandrashekhar Undage, the deputy chief engineer in the commissioner’s office. “The commissioner has assured us of his attendance at these meetings monthly. This…

CommercialLatest Stories

How Negligence Devastated Mumbai High-Rise Offices

File photo MUMBAI: A fire broke out on Thursday in a 13-story commercial building in Jogeshwari, which reportedly violated safety regulations and lacked an Occupation Certificate. Firefighters took 8-10 engines and numerous personnel four hours to control the blaze at JSM Business Center in Behrambaug. Thankfully, there were no fatalities, though 27 individuals were rescued and treated for suffocation symptoms at Jogeshwari Trauma Hospital. The cause of the fire is still unknown, but tenants claim that the builders made unauthorized alterations throughout the structure. Additionally, a functional fire-fighting system was notably absent. The fire at JMS Business Owners Association started…

Latest StoriesRegulatory

Bombay HC Stops Flat Split, Backs Society’s Appeal

MUMBAI: The Bombay High Court has firmly opposed the conversion of a single housing unit into two apartments. On October 10, the court upheld a suburban society’s request to deny permission for structural modifications that would divide a flat into separate units. The interim order issued will remain effective until further directives are provided, ensuring the protection of the society’s rights until a final decision is made. The court noted that the society appears to have a compelling case for interim relief. Notices have been issued to the two residents of the flat, with the next hearing scheduled for November…

CommercialLatest Stories

Awfis targets 30% growth in FY26, seeks 40% non-core revenue

NEW DELHI: Awfis Space Solutions is set for significant growth in FY26, targeting a 30% increase in revenue, with aims to surpass ₹1,600 crore. The company anticipates adding about 40,000 new coworking seats in approximately 70 centers across India, leveraging its strategy of establishing medium-sized centers averaging 30,000 sq ft each. Rent for their flagship offering ranges from ₹8,000 to ₹20,000 per seat per month, depending on the location and product tier. Awfis boasts an impressive EBITDA margin guidance of 14%, with a strong return on capital employed (RoCE) of around 67%. The company maintains a nearly net-cash position with…

CommercialLatest Stories

Marathon & Adani Realty Team Up for Mumbai Commercial Project

NEW DELHI: Marathon Nextgen Realty (MNRL) has partnered with Adani Realty to launch the Monte South Commercial project in Byculla, Mumbai, focusing on office and retail spaces. The development will cover approximately 1.2 million sq ft and is valued at an estimated ₹3,400 crore. Monte South Commercial is part of the expansive Monte South campus, which includes four residential towers soaring over 64 storeys, amounting to over 1.6 million sq ft of residential saleable area. Published On Oct 21, 2025 at 12:00 PM IST Join the community of 2M+ industry professionals. Subscribe to our Newsletter for the latest insights &…

Latest StoriesResidential

Mumbai’s Redevelopment Will Create 44,000 New Homes: Report

NEW DELHI: A report by Knight Frank India states that by 2030, Mumbai’s current redevelopment initiatives (MCGM) are set to deliver 44,277 new homes, amounting to ₹1,305 billion. The report reveals that since 2020, a total of 910 housing societies have entered into development agreements (DAs), unlocking approximately 326.8 acres (1.32 million sq. meters) of potential land based on FSI utilization norms. Notably, around 160,000 societies are over 30 years old and eligible for redevelopment. In the Western Suburbs, areas with high population density from Bandra to Borivali are expected to contribute 32,354 new homes, representing 73% of the total…

Latest StoriesResidential

Over 87K Homes Sold in Q3 2025: Report

NEW DELHI: According to a report by Knight Frank India, the eight leading residential markets sustained their sales momentum, with 87,603 housing units sold in Q3 2025. Despite predictions of a market correction, residential sales saw a 1% year-on-year increase in Q3 2025, with year-to-date (YTD) figures slightly down by 1%. The sales momentum was supported by a rise in prices across all markets for Q3 2025, even though the supply of new units recorded a 2% decrease from the previous year, totaling 88,655 units. The macroeconomic conditions were stable, with inflation decreasing to 2.07% in August 2025, down from…