An Australia-based construction giant has cracked a deal worth $169.5 million with an Indian company to build a retail and hospitality development project in Mumbai. CIMIC Group Company Leighton Asia, through its subsidiary Leighton India Contractors, has entered into an alliance agreement to deliver phases two and three of the Maker Maxity project in Mumbai. According to… Read More »
The MMRDA will allow apartments to come up on plots reserved for commercial establishments in BKC. MMRDA is the special planning authority for BKC, which has emerged as the city’s leading commercial business district over the last decade. The area houses several important government offices and key private financial institutes like ICICI Bank and Crisil. “We have… Read More »
In India’s largest deal so far in the commercial property space, Canada-based Brookfield Asset Management is set to acquire Hiranandani Group’s offices and retail space in Powai, Mumbai, for around $1billion, or about Rs 6,700 crore, two people familiar with the development said. Hiranandani Group, a partnership between Hiranandani brothers Niranjan and Surendra, owns 4.5… Read More »
Mumbai, the country’s financial capital, will witness a sharp drop in economic activity pertaining to the manufacturing and construction sector over the next two decades. In the city’s revised development plan, planners have projected that the stake of these two sectors in Mumbai’s overall economic chart will go down by 11 percentage points — from 31… Read More »
In what is seen as a boost to commercial real estate, which is currently in bad shape, the revised draft of the development plan (DP) has proposed an FSI of 5 for office spaces in Mumbai. According to the revised DP, any plot in commercial, residential or industrial zones, measuring more than 3,000 sqm, can avail… Read More »
In 2014, Ceejay House, located in Mumbai’s Worli area and having a gorgeous view of the Arabian Sea, had virtually no space to lease out. But in the past one year, a fourth of the building is understood to be vacant, with several tenants having moved out. At the peak of the real estate boom in… Read More »
The commerce ministry is examining a proposal to declare an international finance centre (IFC) in Mumbai’s Bandra Kurla Centre (BKC), BJP MP and member of Maharashtra task force Poonam Mahajan said. A decision will be taken in six to eight months and India could well end up with two IFCs in neighbouring states as Maharashtra… Read More »
Developers constructing luxury commercial spaces in Mumbai, the country’s most expensive real estate market, are set to cash in on a series of steps outlined in the draft Development Plan 2014-34 being prepared by the Brihanmumbai Municipal Corporation. After permitting higher FSI up to five times the plot size for certain categories of commercial buildings,… Read More »
A new survey on the average age of the most expensive office space in 10 Asia Pacific cities ranks Mumbai at number four, with most buildings in the Bandra Kurla Complex (BKC). Beijing and Shanghai have the newest office stock followed by Tokyo, Mumbai, Singapore, Delhi-NCR, Seoul, Sydney, Melbourne and Hong Kong. The survey, which compares 30… Read More »
The auction of the Dunlop-owned Mumbai property may not be a cakewalk following a number of litigations and the West Bengal government’s takeover of Dunlop India in February. Though ICICI Bank, which is auctioning the property, has got a clearance from the Supreme Court, litigations and takeover may play a spoilsport, feel property consultants. The bank… Read More »