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Konkan Housing Board announces lottery for 12,626 units across Maharashtra

The Konkan Housing and Area Development Board, a division of MHADA, has launched a lottery for 12,626 housing units across Thane, Kalyan, and several other regions. The registration process began on October 11, 2024, with applications due by December 10. Additionally, a first-come, first-served scheme offers 11,187 units under various housing schemes. In a separate initiative, the board has reduced monthly maintenance charges for over 9,400 unit owners in the Virar Bolini colony. A COVID-19 discount and waived late fees aim to ease financial burdens, while interest rates on delayed payments will decrease starting April 2025....
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Union Cabinet approves INR 4,406 crore road project in Rajasthan & Punjab to boost border area infrastructure

On October 9, the Union Cabinet approved a major infrastructure project to construct 2,280 km of roads in Rajasthan and Punjab, with an investment of INR 4,406 crore. This initiative aims to enhance connectivity and livelihoods in remote and rural areas along the India-Pakistan border. The project focuses on improving transportation links to facilitate access to essential services like healthcare and education, reducing travel times, and integrating these regions into the national highway network. Additionally, the plan includes upgrading telecom connectivity and water supply, reflecting a shift in the government's approach to these areas as vital components of the nation....
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UPRERA cracks down on conditional possession, introduces QR codes to enhance real estate transparency in Uttar Pradesh

The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has introduced reforms to protect homebuyers and enhance transparency in the real estate sector. A major change is the ban on "conditional" possession, where developers hand over incomplete properties to buyers. UPRERA now mandates that developers can only transfer possession when all promised amenities are completed. Additionally, a QR code system for each registered project has been introduced, allowing buyers to verify project details easily. UPRERA is also addressing non-compliance issues and working to revive stalled projects, further reinforcing its commitment to safeguarding homebuyer interests and promoting transparency....
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Deal News

A residential flat spanning 949 square feet sold in Giriraj Tower in Palghar's Virar West for INR 80 lakhs

• A residential flat spanning 1,013 square feet sold in RR Jai Residency in Palghar's Vasai East for INR 68.79 lakhs
• A residential flat spanning 756 square feet sold in Shantee Roman Residency 2 in Palghar's Naigaon for INR 49.5 lakhs
• A residential flat spanning 819 square feet sold in Gulmohar Plaza in Palghar's Virar West for INR 30 lakhs
• A residential flat spanning 698 square feet sold in Osian Dwarkaraj Towers in Palghar's Dapchari for INR 23.5 lakhs
• A residential flat spanning 949 square feet sold in Giriraj Tower in Palghar's Virar West for INR 80 lakhs

Bank Auctions

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Residential
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Ghanteshwar, Rajkot

ICICI Bank is holding an auction for a flat in Ghanteshwar, Rajkot, on November 21, 2024. The auction will run from 11:00 AM to 1:00 PM, providing a prime opportunity to acquire property in a desirable location.

EMD: ₹ 226000

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Builders & Projects

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Keystone Realtors sees record pre-sales in Q2 FY25 with new project launches

Keystone Realtors Ltd, operating under the Rustomjee brand, has reported a significant increase in pre-sales, reaching INR 7 billion in Q2 FY25, marking a remarkable 129% year-on-year growth compared to INR 3.06 billion in the same quarter last year. The company's total pre-sales for H1 FY25 stand at INR 13.11 billion, reflecting a 62% increase from the previous year. Keystone launched three new projects in Q2, adding a saleable area of 2.49 million sq ft and an estimated gross development value (GDV) of INR 20.40 billion....
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Sheth Realty launches Codename Younique in Sion, garnering INR 200 crore in 45 days

Sheth Realty's maiden redevelopment project, Codename Younique, located in Sion, has achieved a sales of over INR 200 crore within 45 days of its launch. The project, an investment of INR 150 crore with a total estimated cost of INR 800 crore, marks the developer's entry into the redevelopment sector. Spread over two acres, it offers 350 premium 2 and 3 BHK units, complemented by retail outlets and a serene Ganesh temple. Developed in partnership with the Aakshya Group, its success is attributed to strategic pricing and flexible payment plans, appealing to first-time buyers, professionals, and families upgrading their lifestyles....
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Ajmera Realty reports steady growth in Q2FY25 with INR 254 crore sales and 20% rise in collections

Ajmera Realty & Infra India Ltd (ARIIL) has announced its performance for Q2FY25, achieving impressive sales of INR 254 crore and collections of INR 133 crore. This reflects a 1% increase in sales and a significant 20% rise in collections year-on-year, showcasing the company's robust performance. The company saw strong demand across its diverse portfolio, which includes luxury projects like Ajmera Manhattan and Ajmera Prive, as well as affordable housing options such as Ajmera Vihara, which successfully sold 49% of its units. Looking ahead, Ajmera Realty plans to launch new projects in the second half of FY25, particularly focusing on the upcoming festive season....
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WeWork India opens luxurious 61st workspace on Bengaluru's Cunningham Road

WeWork India has unveiled its latest premium workspace, WeWork 37 Cunningham, located in one of Bengaluru's prime business areas. Spanning over 61,000 sq. ft. and housing 891 desks across four floors, this space stands out for its luxurious design, cutting-edge technology, and bespoke services. As Bengaluru grows as a hub for multinational corporations, the demand for world-class workspaces is rising. WeWork 37 Cunningham meets this need by offering a mix of elegance, functionality, and sustainability, making it a perfect choice for large enterprises and businesses....
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Trending Project

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Rajputana Residency

Mumbai City, India

By Rajputana Residency LLP

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Law & Policy

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Enforcement Directorate attaches INR 1,003 crore in assets in Dnyanradha Co-operative Credit Society fraud case

The Enforcement Directorate (ED) has attached assets worth INR 1,003 crore, including over 100 acres of industrial land, as part of its investigation into the Dnyanradha Multistate Co-operative Credit Society Ltd. The case, led by Suresh Kute and others, involves alleged embezzlement of INR 2,318.45 crore. Earlier, assets worth INR 86 crore were also seized. The ED's findings reveal that society funds were fraudulently diverted as loans to companies within The Kute Group, owned by Suresh and Archana Kute. Investors were promised high returns but many were defrauded, prompting calls for stronger regulations in the co-operative credit sector....
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Goa extends tenant verification drive to enhance safety

The Goa government has extended its tenant verification drive by five days to identify residents living without proper documentation. Launched on October 1 and originally ending on October 10, this initiative aims to prevent criminal activities linked to rented properties. Chief Minister Pramod Sawant highlighted the importance of this verification, especially following incidents of serious crimes involving migrants. The initiative intends to bolster the security of both residents and visitors. Sawant urged landlords to submit tenant documents, ensuring compliance to avoid fines. The Goa Verification of Tenants Act is designed to maintain public order and enhance safety for all....
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Bombay High Court rules tenant companies cannot reclaim rent control protections post capital reduction

The Bombay High Court has ruled that a tenant company, Mather and Platt (India), cannot reclaim protections under the Maharashtra Rent Control (MRC) Act, 1999, after voluntarily reducing its paid-up capital below the INR 1 crore threshold. The court rejected the company's claim of financial hardship due to reorganization, stating it remains a "cash-rich entity" capable of paying market rent. The case involved eviction from Hamilton House, Ballard Estate, with the court affirming that once rent control protections are forfeited due to exceeding capital limits, they cannot be restored. This decision sets a precedent for similar landlord-tenant disputes under the MRC Act....
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Redevelopment in Focus: MHADA encourages cluster approach in Mumbai

In an effort to regain control over abandoned redevelopment projects on their lands, the Maharashtra Housing and Area Development Authority (MHADA) has sent out about 1,200 letters to different Mumbai developers and housing societies. This action is in response to a 1976 amendment to the Maharashtra Housing and Area Development Act (MHADA) that gave MHADA the power to independently supervise redevelopment on its plots in the event that developers and residents fail to submit any plans for the redevelopment of residential buildings, regardless of the reasons behind the failure, including disagreements or pending legal actions....
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Bruhat Bengaluru Mahanagara Palike rejects nearly 2,000 building plan applications

The Bruhat Bengaluru Mahanagara Palike (BBMP) recently rejected nearly 2,000 building plan approval applications following an order mandating local planning authority approval for single plot or layout developments. This directive impacts property owners, particularly in zones like Bommanahalli and Mahadevapura, where over 60% lack necessary approvals. Engineers have urged the BBMP to reconsider the order, fearing it may hinder tax collection and complicate property transactions, especially for those with A-khata status....
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Taxation & Finance

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NeoLiv acquires 12 acres in Alibaug for INR 400 crore luxury housing project

Real estate firm NeoLiv has made a significant move in the Mumbai Metropolitan Region (MMR) by acquiring a prime 12-acre plot in Alibaug, a coastal town near Mumbai, for the development of a luxury housing project. The project is estimated to have a sales potential of approximately INR 400 crore. However, the company has not disclosed the exact value of the land deal or the identity of the seller....
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Karnataka property registrations rise by 5% to INR 11,550 crore despite challenges

The Karnataka government's initiative to digitise property transactions through mandatory e-khata registration has hit significant roadblocks, causing a 95% drop in registrations in key cities like Bengaluru, Mangaluru, and Mysuru. This decline coincides with efforts by the stamps and registration department to boost revenues by keeping sub-registrar offices open on weekends. Although property registrations had seen a 5% increase earlier this fiscal year, technical glitches and low public awareness hinder the e-khata rollout, prompting Revenue Minister Krishna Byre Gowda to meet with officials to address these challenges and reassure property owners of a flexible timeline for obtaining e-khatas....
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Lower Stamp Duty proposed to drive Maharashtra property market and aid first-time buyers

As Maharashtra gears up for upcoming assembly elections, real estate developers have proposed a significant reduction in stamp duty, urging the state government to lower the current 5% rate to 3%. The move, according to industry experts, aims to stimulate the real estate sector and boost property transactions across the state, offering a potential boost to government revenue while making homeownership more accessible, especially for first-time buyers. Developer associations, including CREDAI (Confederation of Real Estate Developers Associations of India), have formally written to Housing Minister Atul Save and Chief Minister Eknath Shinde, outlining their proposal....
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DevX plans INR 125 crore IPO, targets new markets and infrastructure development

DevX has filed a draft with SEBI to launch an Initial Public Offering (IPO) aimed at raising INR 125 crore through a fresh issue of 2.47 crore equity shares with a face value of INR 2. The IPO will be listed on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). A significant portion of the funds, INR 68.95 crore, will be allocated for fit-outs in new centres and security deposits. Additionally, INR 30 crore will go towards repaying borrowings, while the remaining amount will support general corporate purposes, facilitating expansion into key cities....
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India's housing finance market to grow 15-20 % CAGR by 2030 driven by rising demand

India's banking sector is set for major growth, driven by higher return on equity (RoE), better asset quality, and large opportunities in infrastructure financing under projects like the National Infrastructure Pipeline (NIP) and Gati Shakti. The housing finance market, which grew by 25% annually between FY22 and FY24, is expected to increase at a compound annual growth rate (CAGR) of 15-20% by 2030. With decreasing non-performing assets (NPAs) and greater use of digital tools, Indian banks are well-positioned for further growth, supported by strong credit demand from India's expanding middle class and rising consumption....
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Financial News

Hospitality & Retail

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Tellado Realty has transferred its hospitality business to StayVista

Tellado Realty, renowned for its luxury developments in Goa, has transferred its hospitality division to villa rental brand StayVista. This partnership enables StayVista to manage fully serviced stays at Tellado's upscale properties in Assagao, Siolim, Mandrem, and Aldona. The move reflects StayVista's strategy to strengthen its B2B vertical, offering services like facility management and design consultancy to developers nationwide. Tellado's founder, Rahul Agarwal, highlighted that the decision enables the company to focus on developing top-tier luxury villas while StayVista handles operations. Both brands aim to enhance Goa's luxury real estate market through this collaboration....
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Infrastructure

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India's new cities project faces delays, no finalised plans despite 26 proposals

The Indian government's ambitious plan to create eight new cities is facing delays, with no projects finalised despite receiving 26 proposals from 21 states. The Ministry of Housing and Urban Affairs invited proposals in March 2022, but the evaluation process is taking longer than expected. The 15th Finance Commission had recommended allocating INR 8,000 crore, aiming to select cities by December 2022 and release funds by March 2023. States like Madhya Pradesh and Uttar Pradesh have proposed new cities, challenges such as land acquisition and infrastructure costs however have slowed progress, raising concerns about the future of the initiative....
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Iconic Building

Buckingham Palace, London, UK

Buckingham Palace, located in London, UK, isn't just any royal residence. It has served as the official London residence of the British monarch since 1837. Built in 1703 for the Duke of Buckingham, this grand palace has a unique design, thanks to various architects over the centuries, including John Nash and Sir Aston Webb, who added neoclassical elements and the famous East Front facade. Buckingham Palace remains the undisputed heart of the British monarchy. Tourists gather for the Changing of the Guard, where the spectacle and ceremony of British pageantry come to life, and to visit the State Rooms, which are open to the public during the summer, offering a glimpse into the opulence of royal life. The palace is colossal – it has 775 rooms, including 19 State Rooms, 52 royal and guest bedrooms, 188 staff bedrooms, 92 offices, and 78 bathrooms. Additionally, the palace grounds cover over 40 acres, including a large private garden. Fun Fact: Buckingham Palace's balcony is a histori ...

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Property Dictionary

Fractional Ownership

Fractional ownership is when the cost of procuring an asset is divided amongst multiple individuals, each getting a share. All the benefits derived from the asset such as income and usage rights are divided pro rata between all shareholders. Fractional ownership is common in the purchase of high value purchases such as private jets, vacation homes, luxury cars, etc. When considering an investment opportunity involving fractional ownership it is important to take note of factors such as the management company's reputation, specifications of the asset, and the potential appreciation.

International News

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Construction begins on world's first 3D-printed hotel in texas

Construction has now begun on El Cosmico, the world's first 3D-printed hotel based in the Texas desert near Marfa. A massive 3D printer called Vulcan, developed by Texas-based ICON, is building the hotel using a material called "lavacrete," designed to blend with the desert landscape. The project is a three way collaboration between ICON, hotel owner Liz Lambert, and architects from Bjarke Ingels Group. The expansion is designed to add 43 new hotel units, 18 luxury homes, and some affordable housing for staff potentially. The unique design concept features domes, arches, and curvilinear walls that reflect the desert's natural beauty....
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Singapore bids farewell to horse racing after 180-year legacy

After over 180 years, horse racing in Singapore has ended with the Singapore Turf Club's final race day. The 120-hectare site will be redeveloped for housing to accommodate Singapore's growing population. This decision, while controversial, comes as the sport's popularity had been declining, with attendance dropping significantly over the past decade. The final event drew about 10,000 spectators to the state-of-the-art facility, which was once considered world-class. Many long-time enthusiasts, especially pensioners, attended the last race day, marking the end of an era. The land is set to be returned to the government by early 2027 for future development....
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Abu Dhabi Investment Authority begins India operations at GIFT City

Abu Dhabi Investment Authority (ADIA), one of the largest sovereign wealth funds globally, has launched its India operations with the opening of an office in GIFT City, Gujarat. ADIA's expansion into India follows regulatory approvals and is expected to deepen its investment activities in the country. The UAE remains India's largest Arab investor, with USD 3 billion in investments in 2023-24. ADIA's presence in GIFT City enhances the region's reputation as a leading financial hub, signaling continued growth in India-UAE investment relations....
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Home Loan Rates

For Salaried For Self-Employed
Bank RLLR From (%) To (%) From (%) To (%)
SBI Term Loan 9.15 8.5 9.65 8.5 9.65
HDFC Bank -- 8.75 9.95 8.75 9.95
Canara Bank 9.25 8.5 11.2 8.55 11.25
ICICI Bank -- 9.25 9.9 9.4 10.05
Kotak Mahindra Bank -- 8.75 9 8.75 9
Punjab & SindBank 8.45 8.5 10 8.55 10
Bank of Baroda 9.15 8.4 10.6 8.4 10.6
Federal Bank -- 8.8 10.25 10.2 10.3
IndusInd Bank -- 8.35 10 8.35 10
Bank of Maharashtra 9.3 8.35 10.4 8.45 10.9
Punjab National Bank 9.25 8.4 10.1 8.9 10.6
Bandhan Bank -- 9.16 13.33 9.16 13.33
RLLR - Repo Linked Leading Rate
* Last updated on 03-10-2024
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