Top New Projects in Mumbai

Mavjibhai Patel, the managing director and a member of the promoter group of Kiran Gems, one of the world's largest natural diamond manufacturers, has acquired a luxurious sea-view apartment in Mumbai's upscale Worli area for approximately Rs 97 crore. The apartment, spanning 14,911 square feet of Rera carpet area, is situated on the 47th floor of one of the wings of the Three Sixty West tower on Dr. Annie Besant Road. Patel jointly purchased the apartment with two other family members, with stamp duty alone amounting to over Rs 5.84 crore for the transaction.

Patel acquired the apartment directly from Sahana Group's Skylark Buildcon and Moon Rays Realty, both part of the joint venture Oasis Realty, which developed the project in collaboration with Oberoi Realty. Three Sixty West is a mixed-use development featuring two towers, one of which houses The Ritz-Carlton Hotel, while the other will accommodate luxury residences managed by The Ritz-Carlton. As part of the deal, the buyer will have exclusive access to nine car parking slots within the tower, and the apartment will include an additional balcony area of 884 square feet.

Established in 1985, Kiran Gems specializes in the production of diamonds and precious stones and is recognized as a sightholder, authorized to purchase rough diamonds directly from De Beers Group, one of the world's leading diamond miners. The sale of residential properties in the top eight cities reached an all-time high in 2023, driven by robust demand across mid-income, premium, and luxury segments. Mumbai, being the largest and most expensive property market in the country, experienced record-breaking performance, particularly in South and Central Mumbai, attracting significant transactions involving industrialists, CXOs, actors, and sports personalities in recent years.

The Bombay High Court has granted bail to a landowner from Bhiwandi who was arrested last year following a residential building collapse that resulted in the favorths of eight individuals and injuries to more than 13 others in April. Indarpal Patil was arrested by the Narpoli Police Station in Thane on May 1, charged under sections 304(2), 337, 338, and 427 read with 34 of the Indian Penal Code. The court, while granting bail to Patil, noted that the allegation regarding the installation of a mobile tower on the building's terrace without considering its structural stability was certified by the structural engineer, 'Unique Design,' on March 19, 2023. The court stated that the question of whether Patil had the necessary intention or knowledge to cause the victims' deaths, falling under section 304 of the Penal Code, would be determined during the trial.

Patil's counsel, Sana Raees Khan, argued that Patil had no involvement in the building collapse incident and that the allegations made by the prosecution regarding the building's construction without planning authority permission were incorrect. It was stated that the building was constructed with the prior permission of the Gram Panchayat Val, Tal. Bhiwandi, and the mobile tower was installed after obtaining a stability certificate from the consulting structural engineer. Khan further pointed out that a government inquiry revealed the building collapsed due to excess goods stored beyond its capacity, for which Patil was not responsible.

Assistant Public Prosecutor Tanveer Khan opposed the bail plea, citing the loss of eight lives in the incident and witness statements indicating negligence in necessary repairs and maintenance by Patil, leading to the building collapse.

Judge NJ Jamadar, in granting bail, emphasized that while the building collapse resulted in loss of life and injury, the question of Patil's complicity would be decided during the trial. Considering the completion of the investigation, Patil's community ties, and the remote possibility of evidence tampering, the judge exercised discretion in favor of granting bail.

Struggling infrastructure lender IL&FS has submitted a new application to the Mumbai Metropolitan Region Development Authority (MMRDA) seeking approval for the transfer of its headquarters, a renowned 10-story property located in Mumbai's Bandra-Kurla Complex (BKC), to global institutional investor Brookfield Asset Management. While the authority recently granted approval for the sublease of the property, known as The IL&FS Financial Center (TIFC), based on IL&FS's request, the sale approved by the National Company Law Tribunal (NCLT) is for a complete transfer.

A senior MMRDA official informed "The current approval for the transaction is based on IL&FS's application, and a revised approval will be issued after reviewing it under the land disposal policy." stating that the MMRDA's granted approval deviates from the one sought for the assignment or sale of TIFC according to the NCLT order, which constrains both parties' ability to finalize the transaction as per the agreed terms. IL&FS has requested a re-issuance of approval from MMRDA.

Brookfield indicated that the property transfer is in advanced stages, with various approvals secured, including clearance from the NCLT. The affiliate of Brookfield, Chronos Properties, signed a definitive agreement in March 2022 and has already disbursed a significant portion of the purchase consideration. The deal is expected to conclude shortly, according to a Brookfield spokesperson.

The transaction, valued at over Rs 1,080 crore, involves one of the iconic properties in BKC, encompassing 4.5 lakh square feet. IL&FS has already received 10% of the total consideration. This deal is part of the resolutions filed by the government-appointed board with the NCLT under the Insolvency and Bankruptcy Code (IBC) in 2016. The IL&FS Financial Center, one of the initial structures in BKC, holds significance in India's commercial landscape.

Venkata Narayana K, the chief executive officer (CEO) of realty firm Prestige Estates Projects, has resigned from his position to pursue personal endeavors. Venkata, who took on the role of CEO in August 2017 after serving in various capacities for 20 years within the company, tendered his resignation from the CEO position and board committees effective May 10, 2024. The board accepted his resignation during a meeting held on Friday, but Venkata will remain with the company as a non-key managerial personnel (KMP) to ensure a smooth transition until August 10, 2024.

Before assuming the role of CEO, Venkata held positions such as Chief Financial Officer and Company Secretary within the company. In his resignation letter, he expressed his intention to pursue other interests, including the establishment of a Real Estate Fund.

Chairman & Managing Director Irfan Razack outlined the company's strategic roadmap by appointing various business heads for different verticals and geographies. Amit Mor is appointed as CFO, Swaroop Anish as the Executive Director & CEO Residential Segment & Business Development, Juggy Marwaha as CEO Office Segment, Muhammed Ali is CEO of the Retail Segment, and Suresh Singaravelu as the Executive Director & CEO of the Hospitality Segment. Tariq Ahmed is assigned as Executive Director & CEO of West India, Faiz Rezwan as Executive Director overseeing construction and execution of projects, Zayd Noaman as Executive Director overseeing business development and corporate finance, and Uzma Irfan as Director responsible for corporate communications, marketing, and branding strategies. Sana Rezwan, as Executive Director, will focus on charting the growth trajectory for North India, particularly the NCR.

Prestige Estates Projects is recognized as one of the prominent real estate developers in the country, operating across various segments of the sector in major cities.

The BMC has set a revised target of Rs 4,500 crores for property tax collection in the fiscal year 2023-24. As of now, the civic body has collected Rs 3,905 crores. Municipal Commissioner Bhushan Gagrani has instructed the civic administration to expedite the auctioning process of seized assets belonging to major property tax defaulters who have been in arrears for years. Additionally, the Commissioner has ordered a thorough inspection of all properties in the 24 wards to reassess property tax based on any changes in the properties, with the aim of increasing overall tax revenue. Furthermore, strict penalties will be imposed on property owners who fail to pay taxes on time. The Commissioner has emphasized the auctioning of properties belonging to significant defaulters if property tax remains unpaid despite earlier notices of seizure and attachment.

According to Knight Frank, the count of deserted shopping malls, those with more than 40% vacancy, escalated to 64 last year from 57 in 2022 across eight prominent cities. The real estate consultancy Knight Frank India unveiled a report titled 'Think India Think Retail 2024', delving into the dynamics of shopping centers and main streets in 29 cities.

The report highlighted a significant surge in underperforming retail properties across eight major Tier I cities. A total of 64 shopping malls, encompassing about 13.3 million square feet of leasable space, were designated as 'Ghost Shopping Centers' in 2023. This marks a 58% increase in area compared to the previous year's 8.4 million square feet, resulting in an estimated devaluation of Rs 6,700 crore or USD 798 million in 2023.

The National Capital Region (NCR) accounted for the highest stock of ghost shopping centres, measuring 5.3 million square feet, followed by Mumbai with 2.1 million square feet and Bengaluru with 2 million square feet. Hyderabad was the sole city to experience a decrease in ghost shopping centre stock, down by 19% to 0.9 million square feet in 2023. Kolkata recorded the most significant rise in ghost shopping centres at 237% year-on-year, although from a smaller base. Of the total 64 ghost malls across the top 8 cities, Knight Frank data revealed that Delhi-NCR housed 21, Bengaluru 12, Mumbai 10, Kolkata 6, Hyderabad 5, Ahmedabad 4, and Chennai and Pune 3 each. Shishir Baijal, Chairman & Managing Director of Knight Frank India, emphasized the importance of an enriched retail experience for shoppers, underscoring the significance of physical retail spaces.

Baijal highlighted the exceptional performance of Grade A malls, maintaining strong occupancy, foot traffic, and conversion rates, while Grade C assets and ghost shopping centres lagged, urging landlords to revitalise or divest such properties.

Additionally, Knight Frank noted a reduction in the total number of shopping centres in Tier I cities over the past year, despite the addition of 8 new retail centres. The total count dropped to 263 in 2023 as 16 shopping centres shut down, either demolished due to various factors or permanently closed or auctioned. The report encompassed 340 shopping centres and 58 high streets across 29 Indian cities, compiled through primary surveys examining retail locations to provide comprehensive store-level information.

In preparation for the upcoming monsoon season, the Brihanmumbai Municipal Corporation (BMC) announced on Tuesday a list of 188 residential buildings deemed "very dangerous" and "dilapidated." The BMC has urged residents of these buildings to relocate to safer areas as a precaution. Among the 188 buildings, 114 are in the western suburbs, 47 in the eastern suburbs, and 27 in the island city. These buildings have been classified as "very dangerous and dilapidated" under section 354 of the Brihanmumbai Municipal Corporation Act, 1888.

The BMC has also called on the relevant authorities responsible for these buildings to take necessary measures before the monsoon. The list is available on the BMC's portal, www.mcgm.gov.in. According to section 353B of the Brihanmumbai Municipal Corporation Act, 1888, owners and occupants of private buildings over 30 years old must conduct a structural audit and submit a structural stability certificate to the BMC within 30 days. The BMC has warned of potential action against owners, occupants, and cooperative societies that fail to comply with these directives.

Godrej Group entities, Godrej & Boyce and Godrej Properties have agreed to continue their Memorandums of Understanding (MoU) for the development of land in Mumbai's eastern suburb of Vikhroli, as part of an ownership realignment of their shareholdings in the Godrej Companies. This development will proceed as and when Godrej & Boyce, the landowner and developer, decides to move forward. According to a joint release, this collaboration aims to create a holistic space where urban development and biodiversity coexist harmoniously. Jamshyd Godrej, CMD of Godrej & Boyce, emphasized that the synergy between Godrej Construction and Godrej Properties has led to successful real estate projects in Vikhroli. Godrej Construction, a division of Godrej & Boyce, designed and built four phases of the Godrej Platinum residential development project, with a total constructed area of 1 million sq ft, marketed by Godrej Properties. Recently, a new project, Godrej Vistas, was launched under this arrangement. Pirojsha Godrej, Executive Chairperson of Godrej Properties, expressed enthusiasm for continuing the partnership to transform Vikhroli into a world-class neighbourhood that offers an exceptional quality of life and sustainable development.

The Godrej Group owns over 3,400 acres in Vikhroli, with around 1,000 acres suitable for development, valued at approximately Rs 1 lakh crore. The land includes ecologically sensitive mangroves, which were certified as India's first ISO 14001 forest in 1997. Acquired in the 1940s during World War II, the property was initially granted to a Parsee merchant by the East India Company in the 1830s and later expanded by the Godrej family through negotiations with over 200 neighbouring landowners. Godrej Properties, which holds 58.48% of the group's real estate arm, plays a key role in monetizing the group's land bank through development management agreements (DMA), providing long-term business visibility.

Realty developer Kalpataru Ltd has secured the rights to redevelop a large housing society spanning nearly 4 acres in Mumbai's western suburb of Andheri, specifically in the Lokhandwala area, according to sources familiar with the matter. The redevelopment project is expected to cover over 8 lakh sq ft, including 5 lakh sq ft of saleable area, with a projected revenue of over Rs 2,100 crore. Currently, the layout comprises 12 residential buildings with 290 apartments spread across 1.90 lakh sq ft. The project will involve rehousing and providing 3 lakh sq ft of redeveloped space. The company has signed the development agreement and aims to complete the project within four years. “The developer is currently planning the layout and design, which will feature unobstructed views of the mangroves,” said one source.

In June, it was reported that Kalpataru acquired the rights to redevelop a nearly 6-acre housing society in Mumbai's Borivali suburb, planning to invest around Rs 700 crore in a 700,000 sq ft residential project expected to generate Rs 1,300 crore in revenue and be completed in 3-4 years. This project involves the Yoganand Co-Operative Housing Society, housing nearly 400 residents.

In recent years, many real estate developers have shifted to asset-light models, such as joint development and development management agreements. Redeveloping old housing societies is a significant aspect of Mumbai's property market due to limited vacant land. In July, Maharashtra's government announced that members of redeveloped housing societies need not pay stamp duty on their new permanent accommodations, except for a nominal Rs 100 fee, while the main agreement will be charged as per conveyance. This decision is expected to boost redevelopment efforts for old housing societies across the state.

Despite rising interest rates and property prices, Mumbai's property market continues to break records, driven by luxury, premium, and mid-income segment properties. The city is reaching new heights in property registrations and stamp duty revenue collection.

Pirojsha's Godrej stepped into the role of executive director at Godrej Properties, the real estate branch of the long-standing Godrej conglomerate, fresh from Columbia University's business school. This was in 2008, amid the global financial crisis when the real estate sector in India was struggling with a trust deficit due to a lack of funds and delayed housing projects. Homebuyers were distressed by financial and business uncertainties. At just 28, Pirojsha embarked on a methodical approach to strengthen and expand Godrej Properties, a trait frequently mentioned by those who have worked with him.

Senior executives who collaborated with Pirojsha noted his analytical and data-driven decision-making style and his exceptional interpersonal skills. Under his leadership, the company became one of the first Indian real estate firms to adopt a capital-lite business model, focusing on joint developments and development management agreements rather than traditional land banking. This strategy proved successful.

Recently, the group announced a succession plan where Pirojsha will succeed Nadir Godrej as chairperson of Godrej Industries in August 2026. In the meantime, he will serve as executive vice-chairperson of Godrej Industries Group. Shishir Baijal, chairman and managing director of Knight Frank India, praised Pirojsha as a leader well-suited to connect with Millennials and Gen-Z, who are becoming the dominant consumer segments in real estate.

Gaurav Pandey, MD and CEO of Godrej Properties highlighted Pirojsha’s dedication to employee and worker welfare, especially during the pandemic when he ensured the company maintained its focus on labour welfare, providing medical aid, rations, and timely payments. Nearly 25,000 workers were vaccinated, fed, and provided with sanitized living conditions during the lockdown.

Before his business school tenure, Pirojsha helped expand Godrej Properties' presence from two cities to ten by 2008. As executive director, he took the company public in 2010, raising $100 million. When he became CEO in 2012, the company lacked scale and project diversity. To address this, Pirojsha brought in an international consultant to streamline operations, focusing on high-return, low-risk projects rather than capital-intensive ones.

Godrej Properties is on track to exceed its business development target of Rs 15,000 crore for the 2023-24 financial year, focusing on acquiring new projects ready for immediate development rather than merely amassing land. Pirojsha's leadership has established a strong foundation for the company, and he now has the resources to further build on this success.

Oberoi Realty has signed a development agreement for the redevelopment of approximately 12,790 square meters of land in Adarsh Nagar, Worli, Mumbai. This land is leased to the Maharashtra Housing and Area Development Authority (MHADA) and currently hosts seven buildings with a total of 504 flats. The company anticipates generating around 6.24 lakh square feet of free sale area from the project.

Sales bookings for Oberoi Realty dropped by 53 per cent to Rs 4,007 crore in the last financial year, compared to Rs 8,572 crore in 2022-23 and Rs 3,889 crore in 2021-22. During the 2023-24 fiscal year, the company sold 705 units for Rs 4,007 crore.

Brookfield Asset Management, a leading global institutional investor, is set to inject over $10 billion into India's real estate sector over the next three to five years. This ambitious investment strategy aims to seize the burgeoning opportunities presented by India's dynamic real estate market.

Ankur Gupta, Managing Partner and Head of Real Estate for Asia Pacific at Brookfield, expressed confidence in India's growth potential, reaffirming the firm's dedication to pursuing strategic avenues for expansion. Currently managing a portfolio exceeding 51 million sq ft across seven major Indian cities, Brookfield is poised to double its real estate assets under management (AUM) within the specified timeframe.

Brookfield's roadmap for growth in India revolves around diversification and expansion across residential, industrial, and retail segments. Gupta highlighted the untapped potential within India's real estate landscape relative to its advancing economy, underlining the firm's commitment to urban development and affordability through mixed-use projects.

The firm's strategy encompasses holistic asset management and strategic partnerships to navigate various market scenarios effectively. Notably, Brookfield's substantial investments in India's hospitality sector, particularly The Leela hotel portfolio, underscore its long-term commitment and execution capabilities within the Indian market.

Looking ahead, Gupta foresees promising growth prospects for The Leela and India's real estate sector as a whole, buoyed by positive industry trends and economic expansion. Brookfield remains actively engaged in identifying opportunities for portfolio expansion and capital optimization to sustain momentum.

With a diversified portfolio spanning listed Real Estate Investment Trusts (REITs) and segments such as commercial offices, hospitality, housing, industrial warehousing, and coworking spaces, Brookfield is poised to capitalize on India's evolving real estate landscape. Gupta stressed the significance of consistency and strategic focus in leveraging past successes to drive future growth initiatives.

Despite the intricacies of the Indian market, Brookfield views India as a premier investment destination with robust returns. Gupta attributed the firm's stellar track record in India to its relentless pursuit of operational excellence and adeptness in aligning with the favorable macroeconomic environment to drive business objectives forward.

Macrotech Developers, led by MD and CEO Abhishek Lodha, is gearing up to escalate its investment in construction projects to over Rs 5,000 crore in the current fiscal year, aligning with the growth in sales and new supply. With a target to deliver more than 10,000 apartments during 2024-25, the company is strategically positioned to capitalize on the strong housing demand.

Lodha emphasized the successful achievement of all major targets for the previous fiscal year, including pre-sales, land acquisition, and debt reduction, amid robust housing demand. He highlighted the sustained demand in India's housing sector, driven by robust economic growth and increasing preference for home ownership.

In line with its growth trajectory, Macrotech Developers plans to launch more projects and acquire additional land for future development, ensuring consistent and predictable growth. The company intends to surpass its construction spending target by investing over Rs 5,000 crore in the current fiscal year, following a spending of Rs 3,700 crore in the previous year.

Despite some delays in project launches, Macrotech Developers aims to fulfill its commitment by scaling up unit deliveries to more than 10,000 units during 2023-24. The company, known for its presence across Mumbai Metropolitan Region (MMR), Pune, and Bengaluru, is expanding its footprint in the Bengaluru market following successful sales in initial projects.

Encouraged by the positive response in Bengaluru, the company is contemplating a potential housing project in another major tier I city. Additionally, Macrotech Developers has set a sales target of Rs 17,500 crore for the current fiscal year, reflecting a 21% growth from the previous year.

Lodha highlighted the company's robust performance in the previous fiscal year, marked by a three-fold jump in profit and significant growth in total income. With a focus on debt reduction and business expansion, Macrotech Developers has demonstrated its operational prowess and brand strength.

Having delivered around 100 million square feet of real estate and currently developing more than 110 million square feet, Macrotech Developers continues to cement its position as a key player in India's real estate sector.

Bollywood icon Amitabh Bachchan has acquired a parcel of land in Alibaug, a coastal town near Mumbai, aiming to build a luxury villa in the renowned beachside area favored by affluent personalities. The transaction, valued at over Rs 10 crore, involved purchasing a quarter-acre plot from The House of Abhinandan Lodha. This acquisition follows Bachchan's recent investment in another property near the Shri Ram Janmabhoomi Temple in Ayodhya.

The Bachchan family already possesses several properties in Mumbai, including Jalsa, Prateeksha, and Janak bungalows in the upscale Juhu locality. Notably, they gifted their lavish Prateeksha bungalow to their daughter Shweta Nanda. Additionally, Bachchan leased out four office properties in Mumbai's Andheri suburb to Warner Music India last December.

This move by Bachchan reflects the ongoing trend of high-profile individuals, including Bollywood personalities, investing in real estate for both personal and investment purposes. Alibaug, with its scenic coastal charm and proximity to Mumbai, has become a sought-after destination for celebrities. Actress Suhana Khan, daughter of Shahrukh Khan, recently acquired her second property in Alibaug, joining other notable figures like Ranveer Singh, Deepika Padukone, Sachin Tendulkar, and Rohit Sharma in investing in the region.

Government initiatives aimed at enhancing connectivity between Mumbai and Alibaug, such as the Virar-Alibaug corridor and Mumbai Trans-Harbour Link, are further bolstering real estate development in the area. These infrastructure projects are expected to reduce travel time significantly, from over three hours to just over one hour, driving increased interest from developers, homebuyers, and investors alike.

India's luxury real estate sector is experiencing a surge in demand, fueled by high net worth individuals and NRIs looking to invest in upscale properties. The growing interest in luxury real estate, coupled with improved connectivity and infrastructure development, is propelling the growth of Alibaug as a premier destination for luxury living and investment.

K Raheja Corp intends to transform SOBO Central Mall, the nation’s inaugural mall located in south Mumbai, into a sophisticated residential complex. The mall, previously known as Crossroads, has stood since the late 1990s in the esteemed Haji Ali locality, sprawling across 1.3 acres. The envisioned redevelopment aims to erect a striking 50-storey edifice offering panoramic sea views and boasting a potential development area of nearly 250,000 sq ft. Projections based on prevailing property rates suggest a revenue upwards of Rs 2,000 crore for the project.

The acquisition of the property, previously owned by Kishore Biyani’s Bansi Mall Management Company, was finalized by K Raheja Corp for Rs 476 crore. This transaction facilitated the settlement of debts owed by the former owner to creditors, led by Canara Bank. With this acquisition, K Raheja Corp has gained ownership of the mall along with its 150,000 sq ft leasable space.

Positioned amidst the affluent locales of Carmichael Road, Pedder Road, and Altamount Road, often dubbed as India’s Billionaires’ Row, this redevelopment project stands as one of the significant plots in the area. Unlike its smaller counterparts, which typically host housing society redevelopment ventures, this project promises an upscale residential experience.

K Raheja Corp's recent collaboration for the development of a 2.5-acre land parcel in Worli further underscores its commitment to luxury real estate. The proposed luxury residential project in Worli, estimated to yield over Rs 2,000 crore in revenue, reflects the developer's strategic expansion and emphasis on catering to the burgeoning demand for high-end properties.

The surge in demand for luxury housing, particularly evident in Mumbai's upscale neighborhoods like south Mumbai and Worli-Prabhadevi, has prompted realty developers to innovate and introduce premium offerings. With a focus on contemporary designs, world-class amenities, and personalized services, developers aim to meet the discerning preferences of affluent homebuyers, tapping into the lucrative luxury housing market.