MUMBAI PROPERTY
Leena Tiwari: Meet the billionaire owner of India's costliest flats
Leena Tewari, chairperson of USV, made headlines with the purchase of luxury apartments in Mumbai for Rs 639 crore, India's most expensive residential property deal. USV, known for brands like Glycomet and Ecosprin, remains a family-run company with Rs 4,840 crore in FY24 revenues. Despite challenges, USV aims to strengthen its position in the insulin business and develop copies of semaglutide.
Hines, Kanakia, Japan’s Sumitomo, Mitsubishi in JV for office project in Mumbai’s BKC
Kanakia Group has partnered with Hines, Mitsubishi Estate, and Sumitomo Corporation to develop a 1.5 million sq ft premium office complex in Mumbai's BKC. Kanakia Group owns the land, while Hines, MEC, and Sumitomo are institutional investors and development partners. The project aims to set new standards in India with world-class amenities and design.
Indian residential real estate hits new highs with record-breaking apartment deals in Mumbai
India's residential real estate market is experiencing unprecedented growth, marked by record-breaking deal sizes and per-square-foot prices. Fueled by strong demand, limited supply in key areas, and increased purchasing power, luxury and premium segments in major cities are reaching new price heights, reflecting sustained end-user interest and developer confidence.
Who is Leena Tewari? Owner of India's costliest flats worth over Rs 700 crore, spanning 22,572 sq ft in Worli
Leena Tewari, USV Pharmaceuticals chairperson, purchases luxury Mumbai apartments for Rs 639 crore. This deal sets a new real estate record. Tewari, with a $3.9 billion net worth, maintains a low profile. USV, a family-run company, reports Rs 4,840 crore revenue. It focuses on diabetes drugs like Glycomet.
Sunteck Realty secures Rs 1,100-crore redevelopment project in Mumbai's Andheri
Sunteck Realty has secured redevelopment rights for a 2.5-acre housing society in Andheri east, Mumbai, with an expected revenue potential of Rs 1,100 crore. The project, originally established by LIC employees, has a development potential of over 1 million sq ft. Construction is slated to begin after approvals and handover, with completion targeted in 36-48 months, funded through internal accruals.
Record Deal: USV Chairperson Leena Tewari buys 2 luxury Worli duplexes for Rs 639 cr
Leena Gandhi Tewari, chairperson of USV Ltd, has acquired two luxury sea-facing duplex apartments in Mumbai's Worli for ₹639 crore, setting a new record for the most expensive residential property sale in India at over ₹2.83 lakh per sq ft.
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Panattoni to invest €100 million in India; launches 25-acre industrial and logistics park in Hosur
With Hosur I, Panattoni aims to accelerate investor interest and occupier activity in one of South India’s fastest-growing industrial & logistics zone, while contributing to the country’s industrial infrastructure build-out.
“50% of our growth will come from GCCs”: Here are the trends shaping India’s managed workspaces sector
Global capability centres are expanding in India at breakneck speed. Flexi workspaces are playing a critical role in this boom. Here’s how UrbanWrk is supporting GCC growth in the country with its agile office solutions.
Bengaluru sees uptick in Rs 50 cr+ home deals
Bengaluru's ultra-luxury housing market is experiencing unprecedented growth, with deals in the Rs 40-60 crore range more than doubling since last year. High-profile transactions, driven by discerning clientele and increasing wealth, include apartments and villas in prime locations like Ashok Nagar and Sadashivanagar. This surge is fueled by NRI investors, family offices, and a rapidly expanding ultra-high-net-worth individual population.
‘World-class pricing, third-world drainage’: Vivek Agnihotri mocks Mumbai’s Rs 1 lakh/sq ft ‘waterfront property’ at Peddar Road
Mumbai experienced its highest May rainfall since 2021, leading to significant waterlogging across the city, including upscale areas like Peddar Road. This deluge has sparked criticism from figures like Vivek Agnihotri, who highlighted the disparity between high property costs and inadequate urban infrastructure.
AU Small Finance Bank buys commercial tower in Mumbai’s Bandra for Rs 371 cr
AU Small Finance Bank has made a significant move by acquiring an entire commercial tower in Mumbai for over Rs 371 crore. This purchase from Earth Worth Constructions marks the largest outright office deal by a financial institution this year. The bank intends to establish its corporate office in the 11-story property, previously leased by UPL Ltd.
Ultra rich betting on unreal estate to preserve wealth
Indian industrialists and family offices are investing in luxury real estate. They see it as a way to preserve wealth and build a legacy. High-value property purchases have increased significantly in recent years. Mumbai, New Delhi and Bengaluru are key markets. Families see these properties as strategic, long-term investments. These investments safeguard wealth for future generations.
Sensex falls! But these stocks rallied over 15% on BSE in today's trade
In the Nifty50 index, 11 stocks closed in the green, while 39 stocks ended in the red.
Sensex falls! But these stocks rallied over 15% on BSE in today's trade
In the Nifty50 index, 11 stocks closed in the green, while 39 stocks ended in the red.
Prime Offices Fund acquires 3,00,000 sq ft commercial property in Delhi for Rs 760 Crore
Nuvama and Cushman & Wakefield's Prime Offices Fund bought a building in Delhi. The fund acquired 300,000 sq ft of space in Saket for Rs 760 crore. Kotak Alternate Asset Managers sold the Prius Platinum building. The property is mostly leased and generates good rental income. The fund aims to invest in top-tier office spaces across India's major cities.
Simpliwork Offices expands Bengaluru footprint with two key leases of 1.32 lakh sq ft
Simpliwork Offices is significantly expanding its Bengaluru presence, leasing 1.32 lakh sq. ft. across two Whitefield properties. This move aligns with their ambitious growth strategy, aiming to nearly double their portfolio to 9-9.5 million sq. ft. in two years. Driven by strong enterprise demand, Simpliwork anticipates revenues of ₹950 crore in FY25 and ₹1,400 crore by FY27.
Suniel Shetty was once asked to sell idli-vada instead of acting. His emotional response will make you smile
Suniel Shetty, a Bollywood outsider, debuted in 1992 with 'Balwaan,' facing harsh criticism initially. Despite the negativity, he embraced his roots, drawing strength from his father's resilience. His father, who arrived in Mumbai as a child, worked tirelessly at a South Indian eatery, eventually owning the properties he once managed.
ED seizes Rs 1.70-cr cash, documents in raids against Jaypee Infratech Ltd, others
The Enforcement Directorate has seized Rs 1.70 crore and property documents during raids related to Jaypee Infratech and Jayprakash Associates. The searches occurred in Delhi, Noida, Ghaziabad, and Mumbai. Gaursons India, Gulshan Homz and Mahagun Real Estate were also searched. The case involves alleged fraud against homebuyers. FIRs were filed by Delhi and Uttar Pradesh police.
Property prices rise in 48 cities in Q4 of FY25: NHB RESIDEX
National Housing Bank data reveals a rise in property prices across India. Forty-eight out of fifty cities saw an increase in the last quarter of 2024-25. Howrah and Thiruvananthapuram experienced a decline. The 50-city Housing Price Index shows a 7.5 percent annual increase. Eight key residential markets witnessed price appreciation. Interest rates on home loans also saw a slight moderation.
ED searches premises of Jaypee Infratech, Gaursons, and others in Rs 12,000 crore fraud case
ED has raided 15 locations in Delhi-NCR, Mumbai in Rs 12,000 crore Jaypee Infratech fraud case. Probe targets fund diversion affecting homebuyers and investors linked to Jaypee, Gaursons, Gulshan, Mahagun, Suraksha Realty.
Brookfield-backed Leela Palaces to add 7 properties by 2028 in domestic, global push
The Leela Palaces, Hotels and Resorts, owned by Brookfield Asset Management, plans to expand its portfolio by 19% with seven new hotels by 2028. These properties will be located in India and select international destinations, focusing on heritage, wellness, and nature-led tourism.
ED conducts multi-city raids in money laundering case
The Enforcement Directorate (ED) executed search operations across multiple cities, including Kolkata, Mumbai, and Bengaluru, investigating alleged money laundering within a firm. Under the PMLA, the ED seized foreign currencies worth Rs 6.43 lakh, gold bullion valued at Rs 55.74 lakh, and froze bank accounts holding approximately Rs 94 lakh.
Kalpataru Vivant’s strategic location uplifts its potential for NRI investors
India's thriving growth presents lucrative real estate investment opportunities for NRIs, driven by evolving consumer needs and regulatory reforms. Appreciation rates surpass other markets, making properties attractive for rental income and long-term capital gains. Infrastructure developments, particularly in Mumbai's JVLR corridor, enhance connectivity and property demand.
Hoardings collapse, vehicles crushed as sudden storm batters Pune; Mumbai on alert
Pune experienced a sudden and intense storm with heavy rain and strong winds, leading to toppled hoardings, uprooted trees, and flooded areas. While significant property damage occurred, no injuries were reported. The weather disturbance, linked to a system over the Arabian Sea, is expected to impact Mumbai and continue affecting western India with unseasonal rainfall and thunderstorms.
Bollywood and big money: SRK-backed IPO to hit the markets soon after Sebi nod
Sri Lotus Developers, backed by Shah Rukh Khan’s family trust and celebrities, received Sebi approval for a ₹792 crore IPO focused on Mumbai luxury real estate. The issue is entirely fresh, funding ongoing premium housing projects and corporate needs.
Godrej Properties buys 14 land parcels in FY25 to build projects worth Rs 26,000 cr: Pirojsha Godrej
Godrej Properties acquired 14 land parcels across major Indian cities in the last fiscal year, aiming to build housing projects with a revenue potential of approximately Rs 26,500 crore.
MahaRERA de-registers nearly 19,000 property brokers amid compliance push
MahaRERA has de-registered 18,693 property brokers due to non-renewal of licenses and failure to complete mandatory training. This action aims to enhance transparency and professionalism in Maharashtra's real estate sector. The authority mandates certification for agents, ensuring they are well-informed and compliant with regulations, reinforcing consumer trust.
Husband wife duo wins Rs 1.3 crore long term capital gains tax exemption case under Section 54 despite selling two houses to buy a joint property; ITAT Mumbai case
The ITAT Mumbai ruled that a wife is eligible for a Rs 1.3 crore Section 54 LTCG tax exemption on a property sale, even though the new property was jointly purchased with her husband. This decision came after the tax department initially rejected her claim. However ITAT Mumbai said this is subject to the condition that the AO verifies her claim and makes sure there is no double claim.
Income tax on gifted property: NRI step-brother to pay zero income tax on Rs 7.5 crore property
The ITAT Mumbai ruled that a gift from a stepsister to her stepbrother is exempt from income tax, overturning the tax department's addition of Rs 7.88 crore (Rs 7.5 crore property+38 lakh stamp duty) to the stepbrother's ITR. The tribunal considered stepsiblings as relatives based on affinity and common sense. This decision provides clarity on tax implications for gifts within step-families. Read below to know more.
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