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Historic Laxmi Nivas Bungalow in Malabar Hill Sold for ₹276 Crore
Mumbai’s luxury real estate market has witnessed another landmark deal with the sale of Laxmi Nivas, a historic bungalow on Nepean Sea Road, for ₹276 crore. The iconic property, which once served as a hideout for freedom fighters during the Quit India Movement, has been acquired by Vageshwari Properties Private Limited, an entity linked to Reliance’s Nikhil Meswani. With a prime location, sea views, and redevelopment potential of 45,000 sq. ft., this sale highlights the growing demand for South Mumbai’s ultra-premium real estate.
NowAutomated System for Slum Survey and Eligibility Verification
The Maharashtra government has launched the Automated Annexure-II System to streamline slum dweller eligibility verification. This GIS-based technology aims to enhance transparency, eliminate delays, and ensure a fair rehabilitation process across Mumbai.
Possession Without an Agreement for Sale? MahaRERA Cracks Down on Builder
In a shocking turn of events, homebuyers in Gagan Nulife Phase 1 took possession of their flats without an Agreement for Sale. MahaRERA has now stepped in, ordering Gagan Lifespaces to execute the agreement within 60 days, ensuring buyers’ legal rights.
Rockdove Whisky Makers Acquire 10 Flats Worth ₹199.34 Crore in South Mumbai
Hermes Distillery Pvt. Ltd., known for its premium liquor brand Rockdove Whisky, has made a major real estate investment in Mumbai by acquiring ten luxury flats in Marine Lines for ₹199.34 crore. The Prestige Ocean Tower apartments, each spanning 2,482 sq. ft., are part of a growing trend where business leaders invest in South Mumbai’s prime real estate market. With Mumbai’s luxury housing demand soaring, this deal underscores the increasing appeal of high-end residences among corporate buyers.
Maharashtra Government Directs Builders to Not Hire Bangladeshi Workers
The Maharashtra government has instructed builders and contractors in Mumbai to not hire Bangladeshi workers and to report any such workers to the police. BJP MLA Atul Bhatkhalkar announced the directive, emphasizing compliance as a security measure. Industry stakeholders are discussing its impact on the labor force.
