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Mumbai: Metro Line-3 and Coastal Project to transform the city's urban connectivity and real estate

The launch of the first phase of Mumbai Metro Line-3 marks a transformative milestone for the city's transport network, offering substantial connectivity improvements. Inaugurated by Prime Minister Narendra Modi, the INR 14,120 crore Aqua Line is Mumbai's first underground metro, linking Bandra Kurla Complex (BKC) to Aarey and covering key transit points like T2 and Santacruz. Real estate leaders highlight that Metro Line-3 will significantly boost accessibility, particularly benefitting South Mumbai and suburban areas, where infrastructure developments are poised to drive property demand and values. The metro's integration with other lines, such as Line 1 at Marol Naka, promises a more connected and accessible city. Complemented by projects like the Coastal Road and Santacruz-Chembur Link Road, Mumbai is set to emerge as a global urban hub by 2025, ready to meet the demands of its growi...
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MahaRERA's Conciliation Forums successfully resolve 1,749 complaints, expanding across Maharashtra

MahaRERA's Conciliation Forums have successfully resolved 1,749 grievances from homebuyers across Maharashtra, offering an efficient platform for dispute resolution between buyers and developers. Currently, 533 cases are under review at 52 forums statewide, with 32.36% of property purchasers benefiting from timely settlements. Initially available only in Mumbai and Pune, the forums are expanding to additional regions like Thane, Nashik, and Nagpur due to their rising popularity. The process involves experienced representatives from consumer bodies and developer organizations, with no MahaRERA officials participating. Grievances are resolved within 60 to 90 days if both parties agree. The initiative's success underscores MahaRERA's commitment to protecting homebuyers' rights and enhancing transparency in the real estate sector....
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Delhi Metro: LG approves land acquisition for crucial metro corridor expansion

The construction of the Aerocity-Tughlakabad corridor of Metro Phase-IV in Delhi is set to expedite after Lieutenant Governor VK Saxena's approval to acquire land in Khanpur Village. The approved land acquisition and transfer will facilitate the development of an interchange station on the RK Ashram-Majlis Park and Indraprastha-Inder Lok corridors and the underground Nabi Karim Metro Station on Idgah Road. This critical infrastructure project is expected to significantly benefit commuters from densely populated areas of Southeast Delhi, easing access to the airport and other key locations while addressing persistent traffic congestion on the Mehrauli-Badarpur Road....
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Deal News

A residential flat spanning 1,316 square feet sold in Livience Aleenta - Phase II in Pune's Pashan for INR 1.38 crores

• A residential flat spanning 933 square feet sold in Pebbles Greenfields in Pune's Tathawade for INR 1.09 crores
• A residential flat spanning 1,264 square feet sold in Karan Green in Pune's Warje - Shivane for INR 90 lakhs
• A residential flat spanning 936 square feet sold in Shriram Nysa in Pune's Dhanori for INR 62.5 lakhs
• A residential flat spanning 823 square feet sold in Sankalp Hilife in Pune's Charholi Budruk for INR 55.6 lakhs
• A residential flat spanning 1,316 square feet sold in Livience Aleenta - Phase II in Pune's Pashan for INR 1.38 crores

Bank Auctions

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Residential
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Bharthana Road, Surat

Aditya Birla Housing Finance Ltd is auctioning a flat on Bharthana Road in Surat on November 20, 2024. The auction will take place from 11:00 AM to 1:00 PM, providing a valuable opportunity to acquire property in this desirable area.

EMD: ₹ 4082400

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Builders & Projects

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Anvitha Real Estate Group under income tax investigation for suspected tax evasion

The income tax investigation unit in Hyderabad conducted raids last week at various locations connected to Anvitha Real Estate Group, investigating potential tax evasion. The group is involved in real estate projects across Abu Dhabi, the United States, and Kollur, Hyderabad. Searches were carried out in Hyderabad and Rangareddy districts, targeting offices of directors Atchuta Rao Boppana and Anup Boppana, as well as the registered office in Gachibowli. The probe also extended to related companies like Anvitha Buildpro and Anvitha Assets Private Limited....
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Iraah Lifespaces launches ultra-luxury villas in Maharashtra

Iraah Lifespaces, a newcomer in ultra-luxury villa development, has launched bespoke properties in Maharashtra's prime locations-Alibaug and Lonavala. These high-end villas, located near celebrity homes, cater to ultra-high-net-worth individuals (UHNIs), high-net-worth individuals (HNIs), CXOs, and NRIs. Designed to reflect luxury and elegance, the villas blend contemporary aesthetics with natural beauty, offering a tranquil yet luxurious lifestyle. Founder Vikas Sutaria emphasized the brand's focus on creating lifestyle destinations that meet the aspirations of their elite clientele. With growing interest in wellness and spacious homes, Iraah Lifespaces is strategically positioned to lead the luxury villa market, incorporating sustainable practices while offering unparalleled living experiences in Maharashtra's scenic locales....
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Godrej Properties wins bid for large-scale housing project in Kharghar, Navi Mumbai

Godrej Properties (GPL) has won the bid to develop a 6.54-acre group housing project in Kharghar, Navi Mumbai, offering around two million square feet of residential space with an estimated revenue potential of INR 3,500 crore. In the first half of the financial year, GPL saw a 62% rise in collections and over 200% growth in operational cash flow. The company added eight new projects, with a saleable area of 11 million square feet and a booking value potential of INR 12,650 crore....
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Trending Project

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Kalpataru Virtus

Mumbai City, India

By Kalpataru Group

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Law & Policy

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Navi Mumbai family receives INR 2.75 lakh as compensation for defective flat

The Maharashtra State Consumer Disputes Redressal Commission recently directed a builder to compensate a Navi Mumbai family with INR 2.75 lakh for poor service and defects in their flat. The complaint, filed in 2019 by Ulwe residents Vir Bhan Sharma (65) and Disha Sharma (27), accused Dhulchand Naik, the proprietor of M/s Ashtavinayak Developer, of failing to address multiple issues, including severe leakage, non-functional lift, and improper fittings in their flat. The case highlights ongoing concerns over unfair trade practices in the real estate sector, with builders being held accountable for poor maintenance and unfulfilled promises....
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YEIDA introduces new rules to boost industrial growth and curb speculative land purchases

The Yamuna Expressway Industrial Development Authority (YEIDA), under CEO Arun Vir Singh, has implemented new regulations to enhance industrial growth in the region. A review of industry department files revealed numerous requests for ownership changes lacking essential map approvals and construction proof, hindering industrial development. The revised guidelines require allottees to actively develop their plots, discouraging speculative purchases and promoting timely project initiation. This initiative aligns with YEIDA's vision of fostering industrialisation, with 12 operational units, including Vivo's production site in Sector 24A. Approximately 60-70 companies are expected to begin production by year's end, positioning the Yamuna Expressway area as a vital industrial hub for long-term growth and investment....
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Pune: MPCB issues show-cause notice to Cybage Software for environmental violations

The Maharashtra Pollution Control Board (MPCB) has issued a show-cause notice to Cybage Software for alleged environmental violations during the construction of its new building in Kalyaninagar, Pune. The notice, prompted by resident complaints, cites excessive noise levels and improper water discharge. MPCB officials also observed expired blasting permissions and inadequate soundproofing measures. Residents of the nearby Kumar Kruti Housing Society reported noise and dust disturbances, with some considering relocation due to health concerns. Cybage, maintaining that it holds all necessary clearances, must respond within seven days or face potential penalties. This case highlights the need for stricter environmental compliance in urban developments....
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Karnataka High Court upholds BDA's authority to reject auction bids without explanation

The Karnataka High Court upheld the Bangalore Development Authority's (BDA) authority to accept or reject bids in site auctions without providing reasons. A division bench overturned a single-judge ruling that had ordered the BDA to accept a bid from Sachin Nagarajappa. The court affirmed that under the BDA (Disposal of Corner Sites and Commercial Sites) Rules, 1984, the BDA is not obligated to explain bid rejections, provided they serve the public interest and aim for the highest price. As no evidence of fraud or misconduct was found, the court supported the BDA's discretion. This ruling reinforces the BDA's operational autonomy and sets a precedent for future public property auctions....
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Allahabad High Court halts Noida Authority's rejection of land development in Sector 161

The Allahabad High Court has stayed the Noida Authority's denial of construction permits to Satya Homes Pvt Ltd and others, instructing the Authority to reconsider the applications following proper legal procedures. The court highlighted that blanket restrictions without valid justification were not permissible. A fresh site inspection is to be conducted in November, with a report due by mid-November, allowing affected parties to raise objections before the next hearing scheduled for December....
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Taxation & Finance

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Mumbai's property market records 13.2% growth in registrations during Navratri festivities

During the nine-day Navratri festival, Mumbai's property market experienced a significant uptick, with 5,199 registrations, reflecting a 13.2% year-on-year increase. This surge generated Rs 502 crore in revenue, a notable rise from last year. Industry leaders attribute this growth to buyer confidence, strategic investments, and favourable economic conditions, suggesting continued positive momentum in the real estate sector....
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Gujarat government seeks public feedback on revised Jantri rates for real estate

The Gujarat government plans to revise jantri rates for property transactions but will first release proposed rates for public feedback to avoid past controversies. In 2023, a sudden doubling of jantri rates caused significant unrest in the real estate sector. This time, the government aims for a smoother process by allowing stakeholders to share suggestions and objections. Using a scientific approach, they have analysed past transaction rates to align jantri values with current market conditions. Real estate developers are optimistic about the changes, expecting the new rates to address previous anomalies and be more reflective of market prices....
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KBC Global Ltd plans to raise INR 100 crore to strengthen financial position and expand operations

KBC Global Ltd has announced plans to raise up to INR 100 crore through an equity share issue, with funds allocated for debt repayment. The company has fulfilled its obligations to Capri Global Capital Ltd, reducing its outstanding balance to INR 13.50 crore. Additionally, a subsidiary has signed an MoU with the Liberia Special Economic Zone Authority for a USD 12.5 million development project and is launching a new project in Deolali, Nashik....
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Delhi-NCR to see over INR 1 lakh crore in luxury housing launches this festive season

The upcoming festive season is expected to see over INR 1 lakh crore worth of residential project launches in Delhi-NCR, as developers like DLF, Signature Global, and Max Estates introduce large-scale luxury housing. Despite a recent 11% decline in sales, demand is poised to rise, with new projects targeting HNIs, UHNIs, and NRIs. DLF's upcoming project, The Dahlias, with a projected sales value of INR 34,000 crore, is set to rival some of India's most prestigious developments. Gurugram's Golf Course Extension Road and Dwarka Expressway are emerging as prime locations, promising significant activity in the luxury housing market....
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Financial News

Hospitality & Retail

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Temasek-backed Manipal Hospitals expands presence with new acquisition in Mumbai

Temasek Holdings has facilitated Manipal Health Enterprises in acquiring a five-storey hospital in Mumbai's Andheri for INR 115 crore. The property spans 2.6 acres and features approximately 225,000 square feet of built-up area. This acquisition is part of a broader strategy to enhance Manipal's market presence, following its stake increases in Medica Synergie and AMRI Hospitals....
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Infrastructure

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Maharashtra to regularise 27,000 illegal constructions in Ulhasnagar

In anticipation of the Lok Sabha elections, the Maharashtra government opted to lower penalties for legalising unauthorised structures in Ulhasnagar. Despite this, revenue officials faced confusion regarding the issuance of property cards post-regularisation. To resolve this, the government introduced a standard format for local Special Development Officers to follow. This initiative aims to benefit over 500,000 residents by regularising more than 27,000 properties deemed illegal. The streamlined process is vital for urban compliance and development in Ulhasnagar....
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Mastercard launches largest global tech hub in Pune to drive innovation and growth

Mastercard has announced the inauguration of a cutting-edge Tech Hub in Pune, India, marking the latest addition to the company's global technology hub network. This new facility, situated in the Bluegrass Business Park, will house over 6,000 technologists and engineers, making it Mastercard's largest workforce in a single city worldwide. Aligning with India's "Viksit Bharat" vision, the Pune Tech Hub will focus on tackling complex technological challenges, ensuring secure, seamless, and efficient payments globally, while also supporting the development of innovative solutions for the domestic market, including financial inclusion initiatives and Aadhaar-based services....
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Iconic Building

Cathedral of Santiago de Compostela, Spain

The Cathedral of Santiago de Compostela in Spain stands as an enduring symbol of faith, pilgrimage, and architectural splendor. As the final destination of the Camino de Santiago pilgrimage route, this majestic cathedral has welcomed pilgrims from around the world for centuries. Built between the 11th and 13th centuries, the cathedral showcases a stunning mix of Romanesque, Gothic, and Baroque architectural styles. Its grand facade, adorned with intricate sculptures and ornate detailing, captivates visitors with its grandeur and historical significance. The cathedral houses the shrine of St. James the Apostle, believed by many to be the burial site of the saint. Pilgrims gather to pay homage to St. James and receive the traditional embrace of the ""Botafumeiro,"" a massive incense burner swung through the cathedral's nave during special ceremonies. Beyond its religious importance, the Cathedral of Santiago de Compostela serves as a cultural and artistic treasure, featuring exquisite ...

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Property Dictionary

Saat-Baara ( 7/12 extract)

The 7/12 extract is a document that displays details about a said piece of land such as survey number, total area, boundaries, and ownership history. It is a combination of two forms; Form 7 which contains details of the land owners and his rights and Form 12 which lists specifics about the land type and usage.

International News

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Spain emerges as a prime destination for key-ready homes in Europe

Knight Frank's European Lifestyle Report 2024 highlights Europe's value in the global market, with Spain particularly notable for prime residential prices. Barcelona and Marbella rank highly, with prices reaching EUR 8,900 and EUR 9,800 per square metre, respectively. Taylor Wimpey Espana reports a surge in demand for key-ready homes, appealing to various buyers due to their energy efficiency, modern design, and immediate availability, ensuring swift enjoyment without the hassle of repairs....
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Brazil's Senna Tower to become world's tallest residential building, honoring F1 Legend

The 1,670-foot Senna Tower in Balneario Camboriu, Brazil, will soon become the world's tallest residential building, paying tribute to Formula One icon Ayrton Senna. Designed by his niece, Lalali Senna, and developed by FG Empreendimentos, the tower will feature luxury amenities, including penthouses, a wellness center, tennis courts, and a panoramic observatory. As the first supertall residential structure in Latin America to include a Tuned Mass Damper for enhanced stability, Senna Tower represents a groundbreaking achievement in engineering and architecture, while also celebrating Brazil's rich cultural heritage....
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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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