Tag: Mumbai

CommercialLatest Stories

JP Morgan Signs ₹1,000 Crore Office Lease in Mumbai BKC

In a landmark pre-lease agreement, U.S. financial giant JP Morgan has secured over 116,210 sq ft of office space in Sumitomo’s commercial tower within Mumbai’s Bandra-Kurla Complex (BKC). The deal involves a long-term lease of 10 years. The lease includes an initial 10-year term, with options to renew for up to three additional five-year extensions, potentially extending the total to 25 years. The estimated rental outflow for the first 10 years is close to Rs 1,000 crore, with total payments over the 25-year term anticipated to exceed Rs 2,500 crore, making it one of the most significant long-term commercial leases…

Latest StoriesRegulatory

Sudhanshu Infrastructure Faces Legal Action in Bhandup Case

MUMBAI: In a significant move against unauthorized construction and violations of urban planning regulations, the Slum Rehabilitation Authority (SRA) has filed a complaint with Bhandup police against Sudhanshu Infrastructure Pvt. Ltd. and its representatives, including Abhayjit Dubey, for alleged illegal structural alterations and unauthorized occupancy of Aniraj Tower in Bhandup (West), Mumbai. According to Laxmikant Manekar, Assistant Engineer at the SRA, the developer improperly constructed a hall instead of a permitted shop on the 8th floor without the necessary approvals under the Maharashtra Regional and Town Planning (MRTP) Act, 1966. This construction violates the approved building plan. Moreover, the developer…

CommercialLatest Stories

Dharavi Redevelopment: India’s Next Prime Business Hub

AI-generated Representative Image The redevelopment project of Dharavi, Asia’s largest slum, is set to introduce a dedicated commercial business district, enhancing both business and employment opportunities amidst one of the most ambitious urban transformations globally. A significant portion of the nearly 600-acre prime land in the heart of Mumbai, India’s financial hub, will be designated for commercial use, aiming to establish a central business district (CBD) that attracts diverse companies. This district is anticipated to feature Grade-A office spaces, premium retail, co-working areas, hotels, and infrastructure support, as per sources involved in the planning. “The commercial area will utilize land…

Latest StoriesResidential

Over 75% of Dharavi Tenement Holders Eligible for New Homes

MUMBAI: The Dharavi Redevelopment Project (DRP) has unveiled its first eligibility list, revealing that over 75% of tenement holders qualify for new homes under this ambitious slum redevelopment initiative, according to DRP data. Residents who moved to Dharavi before January 1, 2000, can qualify for a 350 sq ft flat within the area, assuming they provide the necessary documentation. Residents who established residence between January 1, 2000, and January 1, 2011, may be offered 300 sq ft units at alternative locations outside Dharavi. The first list identifies 505 households from Meghwadi and Ganesh Nagar in Mahim as eligible for rehabilitation.…

CommercialLatest Stories

IL&FS aims to block Brookfield’s bid for finance center

MUMBAI: Brookfield, a leading global alternative investment firm, is back in the spotlight along with the historic IL&FS building, which has played a significant role in establishing BKC as Mumbai’s financial district. The bankrupt financier that sold the property to a Brookfield-affiliated entity is now seeking to overturn its recent court decision, alleging that the global asset manager did not meet the bid’s requirements and that the bid security has expired. Sources within the finance industry suggest that rising commercial property values in BKC have rendered Brookfield’s original offer for the IL&FS Centre—formerly occupied by HDFC—less appealing, as highlighted in…

IndustryLatest Stories

Keystone Realtors to Revamp Eight Societies in Andheri West

NEW DELHI: Keystone Realtors (Rustomjee Group) has been appointed as the developer for a significant cluster redevelopment project in Andheri West, Mumbai, chosen by eight housing societies. A development agreement (DA) has been finalized with five societies, while letters of intent (LOIs) have been received from the remaining three, with the execution of DAs anticipated in the coming days. Boman Irani, Chairman and Managing Director of the company, stated, “With a GDV close to ₹3,000 crore and an extensive development footprint, this project showcases our commitment to scale, location, and value generation.” The redevelopment plan entails transforming a group of…