Hiranandani Announces Rs 17K Crore Alibaug Township With Luxury Homes
Uttar Pradesh Approves 7035 Crore Projects Bringing Nearly 11000 New Units
The Uttar Pradesh real estate sector is set to witness a significant boost as the state regulatory authority has approved 21 new projects worth ₹7,035 crore, opening avenues for the construction of nearly 10,866 residential and commercial units across major urban centres. The clearances, granted during the Authority’s 184th meeting, mark a decisive step towards accelerating real estate development while addressing housing and commercial space requirements.
Officials highlighted that the approved projects will be distributed across key cities including Noida, Greater Noida, Ghaziabad, Lucknow, Mathura, Agra, Bareilly, Varanasi, Barabanki, and Rampur. The portfolio features a mix of residential apartments, villas, plots, and commercial developments designed to cater to diverse income groups. Importantly, a proportion of units will be reserved for the Economically Weaker Section (EWS), reflecting a commitment to inclusive urban growth. Experts noted that the approvals are likely to stimulate substantial economic activity, generating employment across construction and allied industries. “These projects not only address housing demand but also support the broader economic ecosystem, creating opportunities in construction, services, and allied sectors,” said an official from the state urban development department.
Noida and Greater Noida account for the largest cluster of approvals with eight projects, underscoring the region’s continued appeal for investment and urban expansion. Ghaziabad secured three approvals, while Lucknow and Varanasi received two each. Remaining approvals were granted to developments in Mathura, Rampur, Agra, Bareilly, Barabanki, and Gorakhpur, indicating a balanced distribution of urban development initiatives across the state. Officials emphasised that the project approvals align with the state’s long-term urban planning goals, including sustainable and equitable city development. Incorporation of green building practices, energy-efficient design, and environmentally responsible construction methods are expected to be integral to these projects, ensuring that urban expansion supports the creation of low-carbon, resilient cities.
The regulatory authority stressed that these clearances are indicative of the real estate sector’s recovery and growth momentum post-pandemic. Rapid approvals are expected to encourage private developers to invest in high-quality urban infrastructure while also expanding housing affordability and accessibility. Analysts view these approvals as a strategic measure to decentralise urban development, reduce migration pressures on major cities, and promote planned township growth. With a combined investment of over ₹7,000 crore, the projects are likely to set benchmarks in sustainable urban housing and mixed-use development, while simultaneously generating employment and economic activity in construction and associated sectors.
The projects’ phased execution will be monitored closely by urban development authorities to ensure compliance with environmental standards, social equity mandates, and sustainable city planning principles. These initiatives mark a significant step in Uttar Pradesh’s pursuit of creating equitable, eco-friendly, and inclusive urban spaces while catering to the rising demand for housing and commercial infrastructure.
Uttar Pradesh Approves 7035 Crore Projects Bringing Nearly 11000 New Units
Sunteck Realty Launches Ultra Luxury Brand Emaance Projects Worth 20000 Crore
Sunteck Realty has unveiled its ultra-luxury real estate brand, Emaance, marking a significant push into high-end developments in Mumbai and Dubai. The company plans to roll out projects worth ₹20,000 crore over the next 12 months, including an exclusive residential enclave at Nepean Sea Road in South Mumbai and a marquee development in Downtown Dubai’s Burj Khalifa community. The move reflects the growing demand for premium real estate that combines luxury with sustainable and contemporary urban living.
Emaance, a new term coined by Sunteck, merges “Em” from immense and “ance” from indulgence, representing a philosophy of life beyond conventional luxury. According to company officials, the brand is designed to offer residences that are timeless in essence, indulgent in experience, and architectural marvels in stature, catering to the rarest echelons of clientele. The projects under Emaance are by-invitation-only, underscoring their exclusivity and elite positioning. The Nepean Sea Road project in Mumbai is set to be one of the country’s most exclusive residential addresses, featuring 40–50 expansive units ranging between 8,000 and 10,000 sq. ft. Each residence will occupy an entire floor with double-height duplex layouts exceeding 4.5 metres, complemented by multiple-level amenities including grand lobbies, parking, and recreational facilities. Launch prices are expected to start at ₹2.5 lakh per sq. ft., making it among India’s costliest residential offerings.
Sunteck Realty has a well-established track record in premium urban developments. Its portfolio spans over 52.5 million sq. ft. across 32 projects in Mumbai, including landmark luxury projects at Bandra Kurla Complex (BKC), Oshiwara District Centre (ODC), and Naigaon. The company has segmented its offerings under six differentiated brands ranging from uber-luxury residences to aspirational and premium luxury homes, reflecting a focus on city-centric, sustainable, and well-planned urban communities. The international expansion with the Dubai project signals Sunteck Realty’s strategic push into global luxury real estate markets. The Burj Khalifa development will mark the company’s first overseas project, aiming to create a high-end residential destination that blends opulence with urban sustainability standards. Officials highlighted that the design and planning will incorporate green spaces, energy-efficient systems, and eco-conscious amenities, aligning with global trends in luxury living that prioritise environmental responsibility.
Market analysts observe that Sunteck’s Emaance brand targets a niche segment of ultra-high-net-worth individuals seeking exclusivity, privacy, and modern lifestyle experiences. By focusing on projects that integrate architecture, indulgence, and sustainability, the company positions itself to meet the evolving expectations of discerning buyers in both domestic and international markets. With these developments, Mumbai and Dubai are set to witness a new benchmark in luxury real estate, combining scale, sophistication, and environmentally responsible design.
Sunteck Realty Launches Ultra Luxury Brand Emaance Projects Worth 20000 Crore
Hafele Launches Edinburgh Series Offering Smart Architectural Lighting Solutions
Hafele has unveiled its Edinburgh Series of architectural lights, marking a significant expansion into the high-performance lighting segment designed for homes and commercial interiors. The series is engineered to deliver adaptable, visually cohesive illumination, empowering architects, interior designers, and homeowners to create functional and aesthetically appealing spaces.
Hafele’s move builds on over a decade of innovation through its Loox Range, which revolutionised furniture-integrated lighting by seamlessly combining elegant design with advanced technology. Recognising a growing demand for consistent, versatile architectural lighting, the company entered this segment in 2019, bridging the gap between fragmented local options and the cost-prohibitive international brands. The Edinburgh Series embodies a balance of versatility and performance. Its luminaires provide uniform light distribution while maintaining a low Unified Glare Rating (UGR), ensuring visual comfort for daily use. Designed for both true and false ceiling installations, the series maintains consistency in luminaire design, with multiple mounting options and built-in drivers that facilitate quick, clutter-free installation.
A defining feature of the Edinburgh Series is its adaptive design. Recessed luminaires can be installed flush, partially surface-mounted, or extended for swivel applications. This flexibility reduces visual clutter while enhancing functional coverage. The series offers warm, natural, and cool white tones, complemented by baffle finishes in black, white, and bronze, allowing users to tailor lighting schemes to diverse interior styles. Technical adaptability further sets the Edinburgh Series apart. Each luminaire allows tilt up to 90 degrees and rotation of 355 degrees, combining precision with ambient lighting. The series is particularly suited for highlighting textures, artworks, and architectural features, while also delivering even illumination for floors and ceilings. For professionals, this translates into reliability and design flexibility; for homeowners, it provides comfort and a harmonious visual environment.
Experts within Hafele highlight that the Edinburgh Series positions lighting as a critical element of interior design rather than a supplementary feature. “By integrating precision engineering with adaptable design, the series ensures that lighting enhances both the functional and aesthetic experience of a space,” said a company spokesperson. This approach aligns with sustainable design principles, reducing energy consumption while maximising visual effectiveness. With its combination of adaptability, performance, and style, the Edinburgh Series represents a strategic step for Hafele in defining modern interior lighting solutions that meet the demands of evolving urban spaces.
Hafele Launches Edinburgh Series Offering Smart Architectural Lighting Solutions
Maharashtra Aims Seventy Thousand Crore Investment To Deliver Three Point Five Million Homes
Maharashtra government has announced plans to invest ₹70,000 crore to construct 3.5 million affordable homes across the state by 2030. The programme, part of the ‘My House, My Right’ initiative under the Maharashtra Housing Policy 2025, is expected to significantly enhance housing access in key urban centres, particularly the Mumbai Metropolitan Region (MMR) and Pune.
According to official reports, the policy targets economically weaker sections and low-income groups, while promoting sustainable urban expansion. Emerging peripheral clusters are being strategically positioned as alternatives to expensive city centres, offering well-planned and connected communities rather than unchecked urban sprawl. Analysts suggest this approach could catalyse inclusive growth and optimise land use in major metropolitan regions. Real estate experts point out that the share of affordable housing in Maharashtra has declined sharply in recent years. Between 2022 and mid-2025, premium housing accounted for nearly 59 per cent of total launches, up from 43 per cent in 2022, while affordable housing under ₹50 lakh fell from 15 per cent to just 12 per cent of launches. This trend underscores the urgent need for state-led interventions to maintain housing inclusivity.
The post-pandemic housing surge has further highlighted structural disparities. Combined annual sales in Mumbai and Pune nearly doubled from 46,528 units (2016–2019) to 1.05 lakh units (2022–H1 2025). Mumbai saw capital appreciation of around 28 per cent between 2019 and H1 2025, peaking at over 10 per cent in 2023, while Pune experienced gains of approximately 20 per cent. Officials indicate that the new policy seeks to balance these market dynamics by promoting affordable housing alongside premium developments. The policy introduces an attractive incentive framework for developers. Senior housing projects will benefit from 2.5 floor space index (FSI), student housing will receive 15 per cent commercial FSI, and all housing segments will enjoy a uniform 1 per cent GST. Experts emphasise that these measures will unlock investment opportunities in senior living, student housing, and rental markets while enabling financially viable redevelopment of Mumbai’s cessed buildings and slum areas.
Officials from Naredco Maharashtra highlight the timing of the initiative, noting that residential markets are experiencing unprecedented momentum but face persistent affordability and inclusivity challenges. By integrating peripheral clusters, incentivising redevelopment, and supporting mixed-use housing solutions, the policy aims to deliver sustainable, equitable urban growth. Urban planners and economists underscore that Maharashtra’s strategy could set a benchmark for other states, demonstrating how structured policy interventions can facilitate inclusive, investment-grade, and environmentally responsible urban development. The government’s approach reflects a commitment to sustainable city-building while simultaneously addressing housing needs for a rapidly expanding population.
Maharashtra Aims Seventy Thousand Crore Investment To Deliver Three Point Five Million Homes
Bollywood Actor Kartik Aaryan Buys Andheri West Office For 13 Crore
Bollywood actor Kartik Aaryan has expanded his real estate footprint in the city by acquiring a premium office space in Andheri West for ₹13 crore. The transaction, registered in September 2025, includes a stamp duty payment of ₹78 lakh and ₹30,000 in registration fees, according to official property registration documents reviewed on the Inspector General of Registration (IGR) website.
The newly purchased office is located in the ‘Signature by Lotus’ building, a prominent commercial property in Andheri West, and spans a built-up area of 194.67 square metres (2,095 sq. ft.) with a carpet area of 176.98 square metres (1,905 sq. ft.). The acquisition also comes with three dedicated parking spaces, offering added convenience for the actor and his team. Experts in real estate note that Andheri West remains one of Mumbai’s most sought-after commercial hubs, given its proximity to the entertainment industry, corporate offices, and improved connectivity across the western suburbs. The actor’s purchase aligns with a broader trend of high-profile celebrities investing in commercial properties as part of portfolio diversification.
This office purchase follows Kartik Aaryan’s recent investment in a 2,000 sq. ft. plot at ‘Chateau de Alibaug,’ a premium coastal project by The House of Abhinandan Lodha (HoABL), which he acquired for ₹2 crore. Industry analysts suggest that Aaryan’s strategy reflects a growing interest among Bollywood professionals to secure physical assets in addition to liquid investments, reinforcing financial stability in the long term. In addition to these acquisitions, Aaryan had earlier rented out his 1,912 sq. ft. luxury apartment in Mumbai’s Juhu for ₹4.5 lakh per month. The apartment, jointly owned with his mother, was purchased for ₹17.5 crore and remains a key asset in his real estate portfolio.
From a cinematic perspective, Kartik Aaryan continues to maintain a strong presence in Bollywood. After debuting in Pyaar Ka Punchnama in 2011, he starred in several commercially successful films, including Luka Chuppi (2019), Pati Patni Aur Woh (2019), and Sonu Ke Titu Ki Sweety (2018). He was last seen in the 2024 horror-comedy Bhool Bhulaiyaa 3. Industry insiders highlight that securing a prime office space near Andheri West, close to major studios and production houses, could support his expanding ventures in production, endorsements, and other business interests. Real estate experts also point out that such acquisitions demonstrate a long-term vision, as commercial properties in Andheri West have shown consistent appreciation rates over the last decade. With the Mumbai office market evolving to accommodate more premium spaces for entertainment and corporate clients, Kartik Aaryan’s investment is expected to remain strategically valuable.
By securing this office, the actor joins a growing list of industry professionals making strategic property investments in Mumbai, reinforcing the city’s reputation as a prime destination for high-value real estate purchases. Analysts predict that Aaryan’s office could also serve as a base for creative collaborations and business ventures beyond film, reflecting a blend of personal branding and financial prudence.
Bollywood Actor Kartik Aaryan Buys Andheri West Office For 13 Crore
HUDCO Partners With NBCC To Develop Housing, Office And Institutional Projects
The Housing and Urban Development Corporation Limited (HUDCO) has entered into a fresh collaboration with NBCC (India) Limited to jointly execute construction and redevelopment projects across multiple Indian cities. A Memorandum of Understanding (MoU) was signed on 19 September in New Delhi, laying the foundation for four projects that reflect the government’s growing emphasis on sustainable urban development and institutional infrastructure.
According to officials, the MoU covers redevelopment of a commercial plot in Kaushambi, Ghaziabad, development of an institutional site in Panchkula, construction of additional blocks at HUDCO’s regional office in Ahmedabad, and reconstruction of residential flats at the Asian Games Village Complex in New Delhi. The work will be carried out on a turnkey basis, with NBCC expected to deliver end-to-end execution. Industry experts note that the collaboration between HUDCO and NBCC signals a stronger institutional push towards integrated and eco-conscious infrastructure. Both organisations have been key players in shaping India’s public sector-led urbanisation drive, particularly in projects aimed at affordable housing, energy-efficient buildings, and the redevelopment of ageing urban estates.
The timing of the MoU also coincides with increased demand for modernised government and institutional infrastructure across tier-I and tier-II cities. The redevelopment of the Asian Games Village Complex in Delhi, for instance, is being seen as a critical step in rejuvenating one of the capital’s older residential clusters, while the Ahmedabad office expansion is expected to serve as a model for green and resilient office spaces in the public sector. From a financial perspective, the announcement generated positive sentiment in the stock market. HUDCO’s shares closed 2.85 per cent higher at ₹229.30 on the BSE, adding to a monthly gain of nearly 7 per cent. The stock has delivered staggering long-term returns of over 520 per cent in the past three years, although its one-year performance reflects a slight decline.
NBCC also witnessed gains, with its share price rising by almost one per cent to ₹110.83. The company has recorded exceptional three-year and five-year returns, though short-term performance has remained muted. Analysts believe that the tie-up with HUDCO could provide momentum by expanding NBCC’s portfolio of government-led projects, ensuring steady revenue visibility in a competitive market. As India pushes ahead with its sustainable urbanisation goals, the HUDCO-NBCC alliance is being viewed as more than a construction pact. It represents a broader shift towards aligning public sector infrastructure development with environmental responsibility, efficient land use, and equitable housing solutions for growing urban populations.
HUDCO Partners With NBCC To Develop Housing, Office And Institutional Projects
Blackstone Appoints Katie Keenan CEO As Firm Strengthens Real Estate Income Trust
Blackstone has appointed Katie Keenan as the new Chief Executive Officer of its real estate income trust, marking a significant leadership shift at the world’s largest alternative asset manager. Alongside this role, she will also take charge as the Global Head of the Core+ business, underscoring Blackstone’s strategy to strengthen its real estate platform following recent leadership changes.
Keenan, a seasoned executive with over a decade at Blackstone, has been instrumental in shaping the firm’s real estate debt strategies. Until now, she held dual positions as Global Co-Chief Investment Officer of Blackstone Real Estate Debt Strategies and Chief Executive Officer of Blackstone Mortgage Trust. Her elevation to the top role reflects the company’s confidence in her ability to steer its income trust operations and expand the Core+ portfolio, one of Blackstone’s fastest-growing verticals. The transition comes after the sudden passing of the previous head earlier this year, a tragedy that left a leadership vacuum within the trust. Officials within the organisation emphasised that the appointment of Katie Keenan will bring both continuity and renewed focus to Blackstone’s $100 billion real estate income trust, one of the largest of its kind globally.
Industry experts note that the timing of Keenan’s appointment is crucial, as global real estate markets are navigating recovery amid macroeconomic shifts, rising borrowing costs, and renewed demand for resilient, sustainable assets. Her leadership is expected to prioritise steady long-term growth, portfolio diversification, and strategic investments aligned with emerging trends in sustainable and climate-conscious urban development. Supporting this transition, Blackstone also confirmed additional leadership changes. Tim Johnson will assume Keenan’s previous role in real estate debt strategies, while Zaneta Koplewicz has been appointed Co-President and Director of the real estate income trust. These appointments are designed to strengthen the management bench and ensure operational stability across divisions.
In an official statement, Katie Keenan expressed confidence in the trust’s resilience and growth prospects. She said the real estate income trust is “well-positioned to capitalise on the ongoing recovery” and emphasised the firm’s focus on sustainable and scalable opportunities in the global property market. With the appointment effective immediately for her Core+ leadership role and later in November for her role as CEO of the real estate income trust, Katie Keenan is now set to become one of the most prominent leaders in global real estate investment management. Her trajectory within Blackstone is also seen as a broader signal of the increasing representation of women at the top levels of the global financial services industry.
Blackstone Appoints Katie Keenan CEO As Firm Strengthens Real Estate Income Trust
Mumbai Apple Expands Office Footprint And Renews Lease In Bandra Kurla Complex BKC
Apple India has expanded its corporate presence in Mumbai’s Bandra Kurla Complex (BKC), signing a lease for an additional 31,023 sq ft of office space at Maker Maxity 4. The expansion, alongside renewal of existing space, takes the company’s total footprint in the commercial hub to 37,549 sq ft, with a monthly rental outlay of ₹2.55 crore. Officials said the lease includes a five-year tenure with a 4% annual escalation and a security deposit of ₹22.76 crore.
Industry experts note that Apple’s strategic expansion coincides with the launch of the iPhone 17 series in India, signalling the company’s long-term commitment to the Mumbai office market. The company now occupies the 5th, 6th, 7th, 8th, and 10th floors of the Maker Maxity 4 building, utilising both office and terrace spaces. Rental costs for the newly leased floor have been negotiated at ₹660 per sq ft per month, reflecting premium pricing for Grade A commercial real estate in BKC, while the earlier smaller space was leased at ₹768 per sq ft. Commercial property analysts highlight that Apple’s lease deal underscores BKC’s continued appeal to global technology firms seeking high-quality office infrastructure in India. “This expansion demonstrates confidence in Mumbai’s commercial real estate sector. Corporates are increasingly valuing operational flexibility and premium workspaces that align with ESG principles, including energy-efficient design and sustainable building practices,” said an expert from a leading real estate advisory firm.
The lease also reflects the broader trend of multinational technology companies securing large footprints across India’s top commercial hubs. Apple India currently occupies over 2.7 lakh sq ft in Bengaluru’s Embassy Zenith, leased for a decade at premium rates, alongside additional office space in Hyderabad’s WaveRock IT Park. These expansions are complemented by flagship retail stores, including outlets in BKC, Delhi, and the Phoenix Mall of Asia in Bengaluru. Officials from Agni Commex LLP, the property owner, confirmed that the lease agreement includes provisions for maintenance, security, and compliance with corporate sustainability standards. Experts say such deals provide a benchmark for rental rates in premium zones, with long-term agreements offering stability for property owners and tenants alike.
Mumbai’s commercial property market has seen sustained demand for Grade A spaces in BKC, driven by multinational expansions, retail growth, and infrastructure upgrades. The Apple lease is likely to influence market sentiment and encourage other global firms to consider Mumbai for strategic operations. Analysts also note that the lease reflects careful planning to align corporate office growth with urban sustainability initiatives, ensuring minimal environmental impact and equitable access to workplace amenities. As Mumbai continues to position itself as a leading technology and business hub, high-profile expansions such as Apple’s signal confidence in the city’s infrastructure, commercial leasing market, and long-term urban planning. While rental costs remain high, the demand for premium office space is expected to grow steadily, driven by global corporates seeking operational efficiency and sustainable work environments.
Mumbai Apple Expands Office Footprint And Renews Lease In Bandra Kurla Complex BKC
SUKHRAJ NAHAR TO STEER : MCHI WITH CARES
SUKHRAJ NAHAR took charge as CREDAI-MCHI’s 18th President in the presence of
CM Devendra Fadnavis, unveiling Mission CARES to shape Mumbai’s real estate future.
CREDAI-MCHI’s 18th Change of Guard inauguration with the ceremonial lamp lighting in the presence of Hon’ble Chief Minister of Maharashtra, Devendra Fadnavis
Unveiling The Mission CARES Manifesto during CREDAI-MCHI’s 18th Change of Guard
On the eve of Independence Day, a contingent of the Mumbai Metropolitan Region (MMR)’s real estate developers gathered at the Jio World Centre to usher in Sukhraj Nahar as the 18th President of CREDAI-MCHI, their apex body, during the change of guard ceremony. The ceremony conferring the Nahar group chairman of the 2025-2027 Presidency was attended by the Honorable Chief Minister of Maharashtra, Shri Devendra Fadnavis, along with prominent Past Presidents, the current administrative team and other key members of CREDAI-MCHI.
An emerging Zeitgeist
In keeping with tradition, the event began with a lamp-lighting ceremony, symbolically passing the proverbial torch from Dominic Romell, Director of Romell Group, to Sukhraj Nahar and igniting the visionary path of urban transformation within Mumbai’s real estate community. Dominic Romell’s 2023-2025 tenure as president was marked by several key initiatives, including the Ease of Doing Redevelopment report and strong advocacy for affordable housing and tax incentives. These actions were aligned with the core principles of Mission GROWTH, which stands for Green Construction, Reform, Opportunity to build a New India, Women Empowerment, Transparency, and Housing for All.
Nahar’s upcoming Mission CARES appears to be a rejuvenated successor initiative of Romell’s Mission GROWTH, which encountered obstacles such as transfer of environmental clearance authority from State SEIAA to Central MoEFCC for housing projects within five kilometres of Eco-sensitive zones.
MCHI CARES Unveiling by Hon’ble Maharashtra Chief Minister Devendra Fadnavis
Mission CARES – An ambitious initiative
Central to the ceremonial appointment of Sukhraj Nahar as President of CREDAI-MCHI was the launch of the Mission CARES Manifesto, an initiative pledging to transform the real estate culture in Maharashtra and India through responsibility, resilience, and regeneration. It calls for a collaborative approach among the government, civil society, and developers within the urban ecosystem to promote sustainable urban planning.
Shri Devendra
Fadnavis,
Hon’ble Chief
Minister of
Maharashtra,
addressing
the gathering
The CARES framework is built upon five core pillars that guide the organisation’s commitments for 2025-2027:
- Compassion through CSR and social welfare for construction workers, women, children, and underserved communities.
- Affordability in Housing through policy reforms and innovative development models.
- Reforestation & Urban Greening to offset the carbon impact of construction and improve city liveability.
- Empowerment through PropTech to drive transparency, digital transformation, and economic growth.
- Skilling of 10,000+ workers annually to power India’s infrastructure boom with capable hands and secure livelihoods.
The five pillars are closely aligned with India’s national vision—Housing for All, Skill India, Digital India, and Net Zero 2070—and play a direct role in advancing multiple UN SDGs.
Recognition from Key Policymakers
Notable political and administrative figures attended the inauguration of Sukhraj Nahar’s presidency. They also expressed their support for the Mission CARES Manifesto.
Shri Devendra Fadnavis, Hon. Chief Minister of Maharashtra, in the event, expressed what an “indispensable partner” CREDAI-MCHI family had been in shaping Mumbai’s real estate future. He stressed the collaborative efforts of the developers and the government in spearheading the country’s most successful RERA implementation, improving business facilitation, and creating the Mumbai Development Plan.
“Today, Mumbai stands at the cusp of a massive transformation — from Asia’s largest urban renewal at BDD Chawls to slum-free, technology-driven redevelopment, and the creation of the Third and Fourth Mumbai as new economic growth engines,” he said. Envisioning Mumbai as an upcoming Innovation City, he opined that with world-class infrastructure, high-speed connectivity, we have a once-in-a-generation opportunity to build cities that rival global hubs like Dubai. “Over the next 10 years, we can transform Mumbai and the MMR into a global benchmark for urban living. The government is fully committed to working hand-in-hand with the real estate sector to make this vision a reality.”
Mr. Domnic Romell, Immediate Past President, CREDAI-MCHI, extended his full support to the new leadership. He said, “Over the last two years, we’ve set the stage for deeper collaboration between government bodies, developers, and civil society. I am confident that under Mr. Nahar’s leadership, CREDAI-MCHI will now scale new heights—not just in construction, but in conscience as well.”
Entrusting his responsibilities to his successor, Mr. Romell further stated, “Our tenure was about turning challenges into opportunities and building a more transparent, inclusive ecosystem. Mission CARES is the natural evolution of that journey — a moral compass for the next era of real estate, ensuring that growth and responsibility go hand in hand.”
Mr. Dhaval Ajmera, outgoing Secretary of CREDAI-MCHI, highlighted how developers embody the role of healers and emphasized the importance of collaborative efforts within the urban ecosystem. “Mission CARES is not just a vision — it is a call to action for governments, civil society, and every stakeholder in the urban ecosystem to create a future where development is measured by the dignity, equity, and sustainability it brings. Real change in our sector comes from consistent, well-calibrated policy interventions. Mission CARES strengthens our resolve to embed inclusion, green growth, and technology adoption into the governance framework, ensuring that ambition transforms into action.”
Domnic Romell passes the Change of Guard baton to Sukhraj Nahar in the presence of Hon’ble Maharashtra Chief Minister Devendra Fadnavis.
A Word from the Incoming Committee
Speaking on his vision for 2025–2027, Sukhraj Nahar, President of CREDAI-MCHI, emphasized that the real estate sector must lead not by scale, but by soul. He shared, “Our sector has always built Mumbai’s skyline. Now, we must also build its soul. Mission CARES is our declaration to the government, home buyers, and our own conscience—that we will develop with empathy, digitise with purpose, green our cities with urgency, and ensure every home is accessible and dignified. This is a pivotal moment to move beyond rhetoric and deliver real, measurable impact.”
Rushi Mehta, 
Secretary, CREDAI-MCHI, asserted, “The real estate sector touches lives in every square foot it creates. We are not just asking the government to act—we are showing them that the industry is ready to co-create better policies, embrace tech, and uplift every worker, homebuyer, and citizen. Mission CARES represents CREDAI-MCHI’s renewed commitment to building with compassion, ensuring access for all, restoring green spaces, driving economic growth through innovation, and skilling the workforce that shapes the region’s skylines. The five pillars will guide all member initiatives over the next two years.”
Reflecting on the fact that Mumbai developers pay high approval costs (₹54,221 per square meter), which comprise 35%–40% of the total project cost and effectively act as an obstacle to affordable housing, Keval Valambhia, Chief Operating Officer of CREDAI-MCHI, declared, “At CREDAI-MCHI, we are pushing for single-window clearances, rationalized premiums, and tech-led approvals. Prop Tech will enable AI-driven project tracking and blockchain-backed compliance, making the process faster and more transparent. The shift from paperwork to real-time systems is critical. Every rupee saved in friction is a rupee that builds scale, trust, and better homes. Because at the end, building better homes is about building a stronger India together.”
Forging the Road Ahead
Sukhraj Nahar, President of CREDAI-MCHI, sharing his vision for MMR’s future growth, emphasised a new journey forward—one that not only prioritises the present but also future generations. The new committee leading its 2,200 members has designed a determined blueprint for the next 24 months.
To accelerate innovation, 70% of its member developers will establish at least one Prop Tech. Affordable housing being a priority, they plan to build 10,000+ homes through member projects by 2026. Striving to empower people, they plan to mentor 10,000 construction workers across MMR. With an openness to policy reform, the committee will consult with the state to bring greater balance to development premiums and stamp duties. Finally, the reforestation agenda aims to plant 1 million trees across 50 urban zones by 2026.
Dr. Niranjan Hiranandani with other dignitaries at the Change of Guard Ceremony.