The Maharashtra government has approved the allocation of 180 acres in Madh Island for the Dharavi Redevelopment Project (DRP), led by the Adani Group. This move aims to resettle Dharavi residents and includes plans for a hospital, a singing academy, and
Dharavi RedevelopmentMadh IslandReal EstateMumbai Coastal RoadAffordable HousingReal Estate MumbaiOct 14, 2024
The Maharashtra government has allocated approximately 180 acres of land in Madh Island for the Dharavi Redevelopment Project (DRP).
Besides the DRP, the land in Madh Island will also be used for a hospital proposed by the Aditya Birla Group, a singing academy led by Kailash Kher, a temple trust, and an MLA housing society.
The MLA housing society was shifted from Versova to Madh Island due to Coastal Regulation Zone (CRZ) restrictions that prevented its development in Versova.
Currently, real estate prices in Madh Island range between INR 2,000 and INR 2,600 per square foot, but these values can drop by 40% in CRZ zones, bringing them closer to INR 1,000 per square foot.
Opposition leaders have accused the government of using the Dharavi redevelopment as a means to transfer valuable land to private corporations, especially the Adani Group, labeling these land transfers as a 'land grab' designed to serve corporate interests under the guise of public welfare.
Maharashtra has appointed 12 officers to expedite the recovery of Rs 912 crore under the MahaRera scheme, focusing on protecting the interests of homebuyers in key districts such as Mumbai City, Mumbai Suburban, Thane, and Pune.
The company is expecting a growth of 20-30% in bookings during 2024-25, driven by new project launches worth ₹2,000-2,500 crore.
Gurugram's real estate market has seen a significant surge in luxury project launches, reaching Rs 88,000 crore in 2024, reflecting a strong demand for upscale properties.
Recent data from a leading real estate consultancy reveals that retail space leasing in Grade-A malls and prime high streets across major cities has witnessed a significant 5% growth in 2024, driven by strong demand and consumer confidence.
Hindalco Industries has agreed to sell a land parcel in Maharashtra to Ekamaya Properties Pvt Ltd, a subsidiary of Birla Estates Pvt Ltd, for Rs 595 crore.
Piper Sandler remains optimistic about the housing market, predicting a continued rise in rental prices until 2026. This forecast aligns with recent market data, indicating that real estate companies are adapting to evolving market conditions.