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MahaRERA suspends licenses of 20000 unqualified real estate agents

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registration of approximately 20,000 real estate agents for one year due to their failure to obtain the mandatory Certificate of Competency by uploading it on the regulator's website by the January 1, 2024 deadline. Agents were required to undergo training, clear an examination, and register their certificate as per MahaRERA guidelines. Those who do not complete this procedure within the one-year suspension period will have their registration cancelled and be barred from practicing for six months. Earlier this year, MahaRERA had cancelled the registration of 13,785 agents for not renewing their licences. MahaRERA also announced a de-registration process for those who wished to terminate their registration as agents....
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From Luxury to Budget: Malabar Hill's real estate market caters to all

Malabar Hill is a prestigious residential area in South Mumbai, renowned for its scenic beauty, colonial-era architecture, and panoramic views of the Arabian Sea. This elite neighborhood offers a mix of luxurious bungalows, high-end apartments, and exclusive housing societies, attracting the city's wealthy residents. In April, Lodha Malabar topped sales with two high-value transactions, while a budget-friendly option in Damodar Bhavan also found buyers. Property sizes in the area range from compact 350-square-foot units to expansive 9,544-square-foot residences, with prices per square foot varying widely. The real estate market in Malabar Hill highlights its status as a prime location, with high demand and limited availability reflecting its continued appeal to luxury and value-conscious buyers alike....
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JP Infra delivers 2000 units two years ahead of schedule at North Garden City

JP Infra has achieved a milestone by completing and handing over two of its prominent developments, Alexa and Aviva, at its gated community North Garden City in Mira Road, well before the mandated RERA deadlines. Spread over 22 acres, North Garden City is an ecologically sustainable project featuring amenities like Miyawaki forest and over 3000 trees. Originally scheduled for completion in December 2025 and December 2026 respectively, Alexa and Aviva are now being handed over to homeowners significantly earlier than estimated, bringing them joy. This underscores JP Infra's commitment to exceeding timelines for the benefit of customers....
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Deal News

A residential flat spanning 4,730 square feet sold in Avisa by S Raheja in Mumbai's Bandra West for INR 39.27 crores

• A residential flat spanning 4,977 square feet sold in Amarsons Entallia in Mumbai's Matunga for INR 25 crores
• A residential flat spanning 1,455 square feet sold in Piramal Mahalaxmi - South Tower 1 in Mumbai's Mahalakshmi for INR 10 crores
• A residential flat spanning 2,115 square feet sold in Connaught Mansion in Mumbai's Colaba for INR 7.4 crores
• A residential flat spanning 2,258 square feet sold in Dhanraj Mahal in Mumbai's Fort for INR 7.53 crores
• A residential flat spanning 4,730 square feet sold in Avisa by S Raheja in Mumbai's Bandra West for INR 39.27 crores

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Mantra Magnus

Pune, India

By MANTRA PROPERTIES

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Financial News

Property Dictionary

Encroachment

Encroachment occurs when a individual that is not the property owner intrudes on or interferes with the property, e.g. trespassing by way of building something that lays partially on the adjoining property or even by planting a tree with branches that hang over onto the adjoining property. An encroachment creates an encumbrance on both properties until the issue is resolved.

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Builders & Projects

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Siroya Corp announces 1 million sq. ft. mixed-use development in Oshiwara, Mumbai

Siroya Corp has revealed plans for a massive mixed-use development in Oshiwara, Andheri West, with a staggering 1 million square feet of space. This project, encompassing residential, commercial, and retail areas, aims to redefine the area's landscape. With Oshiwara experiencing significant population growth, particularly among young professionals and families, the project's 600 residential units across two towers meet a rising demand for modern living spaces. The inclusion of commercial offices and retail spaces creates a self-sufficient community, promoting convenience and sustainability. Siroya Corp's proven track record and focus on quality instil confidence in the project's success, while its strategic location ensures excellent connectivity and accessibility....
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Innov8 expands to Delhi's Aerocity with a 9,500 sq. ft. coworking workspace

Innov8 has expanded its footprint in Delhi with the inauguration of its latest coworking space in Aerocity, featuring 9,500 square feet of workspace with 217 dedicated seats, state-of-the-art conference rooms, and meeting facilities. Strategically located near the Indira Gandhi International Airport and the Aerocity metro station, the center offers unparalleled accessibility for businesses. With a significant investment of INR 4 crore, Innov8 aims to set a new standard for coworking spaces in Delhi, catering to the needs of modern businesses while fostering a sense of community and collaboration. The launch of Innov8 Aerocity underscores the company's commitment to providing strategic locations, modern amenities, and fostering innovation and entrepreneurship in India's coworking space industry....
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DLF re-enters Mumbai's luxury property market with a target of INR 17,000 crore in sales bookings for FY25

Gurgaon-based real estate giant DLF is re-entering Mumbai's luxury property market after an 11-year hiatus, planning to launch projects with flats priced between INR 6 crore and INR 28 crore in FY25. Targeting INR 3,500-5,000 crore of its projected INR 17,000 crore sales bookings from Mumbai's super-luxury segment, DLF aims to capture a significant market share. Additionally, DLF will launch 62 exclusive villas in Goa, priced at INR 40-50 crore each, catering to high-end buyers, including NRIs. With a solid financial foundation and a focus on high-quality developments, DLF's strategic moves are poised to strengthen its position in India's luxury real estate market....
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ArisUnitern to boost Essem 18's real estate portfolio with comprehensive management services

ArisUnitern, a real estate service provider, has partnered with Essem 18 to enhance its real estate portfolio through development management services. This collaboration aims to fast-track Essem 18's 18-acre plotted development in Shettigere, Bengaluru, by securing INR 40 crore in financing and providing sales and marketing support. ArisUnitern's role includes end-to-end project management, reflecting a trend where developers seek specialized services for quality and timely delivery. This partnership highlights ArisUnitern's growth, securing eight projects and raising over INR 300 crore recently, and underscores the evolving focus on quality in the Indian real estate industry....
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Taxation & Finance

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Bengaluru and Delhi NCR witnessed steep price movements at 19% and 16% YoY growth respectively

The Indian residential real estate market demonstrates robust performance in Q1 2024, with a notable 10% year-on-year price appreciation nationally across major cities. Bengaluru, Delhi NCR, Ahmedabad, and Pune lead with price hikes exceeding 10%. Despite a marginal 3% year-on-year increase in unsold inventory nationally, Pune sees a significant 10% decline, signaling strong demand. Mumbai Metropolitan Region (MMR) holds nearly 40% of unsold inventory. Average apartment prices per square foot showcase variations, with Bengaluru leading at INR 10,377. Bengaluru records the highest annual price surge at 19%, driven by demand in IT hubs. Delhi NCR sees a 16% annual increase, notably along Dwarka Expressway. Pune registers a 10% drop in unsold inventory, coinciding with a 13% annual price rise. Luxury demand and infrastructure projects drive price growth. Going forward, areas like Baner and ...
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Over INR 43.5 trillion spent on massive infrastructure between 2014-2023

Finance Minister Nirmala Sitharaman highlighted the Indian government's massive infrastructure spending of INR 43.5 trillion between 2014-2023, which boosted GDP growth and lowered logistics costs. A study cited by the minister estimated that every INR 1 spent on capital expenditure increases economic output by INR 4.80 due to the multiplier effect on consumption and investment. Better road connectivity from expanded networks was estimated to potentially lower annual logistics costs by INR 2.4-4.8 trillion. The increased infrastructure spending reflected in capex rising to over 21% of total spending in 2023-24 from 12% in 2013-14....
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CBI arrests former DHFL director Dheeraj Wadhawan in bank fraud case

The CBI has arrested Dheeraj Wadhawan, former director of Dewan Housing Finance Limited (DHFL), in connection with allegedly defrauding a consortium of 17 banks of INR 34,000 crores. Wadhawan and his brother Kapil Wadhawan, who was earlier arrested, have been charged by the CBI along with 73 other entities. While the special court had granted them bail citing an incomplete investigation, the High Court and Supreme Court overturned this decision. DHFL allegedly committed financial irregularities, diverted funds, fabricated books and routed money to entities linked to the Wadhawans. Currently, Dheeraj Wadhawan, Kapil Wadhawan and another accused Ajay Nawandar are in judicial custody....
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Warehousing & Logistics

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Porter achieves unicorn status with over USD 1 billion valuation

Indian logistics startup Porter has become the third unicorn of 2024, valued at over USD 1 billion, amidst a tough funding environment. Uniquely, Porter achieved this through internal investments rather than traditional venture capital. Around 15-20 individuals, including possibly friends, family, or employees, bought shares from the company's ESOP for INR 25 crore (USD 3.03 million). Founded in 2014, Porter focuses on last-mile delivery with light commercial vehicles. Despite a FY23 loss of INR 175 crore (USD 21.1 million), Porter's revenue doubled to INR 1,753.8 crore (USD 212.3 million). This internal funding success offers hope for other Indian startups amid a funding slowdown....
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International News

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Dubai developer Prestige One reveal Waterfront Luxury with "Waterway" Project for over USD 272.2 million

Prestige One Developments has announced "Waterway," a new luxury project in Mohammed Bin Rashid City, Dubai, costing over AED 1 billion (USD 272.2 million). This development offers exclusive waterfront living with access to crystal lagoons and amenities for activities like kayaking and paddleboarding. Additionally, Prestige One is launching "Seaside" at Dubai Islands, combining city excitement and seaside tranquility. Another project, "The Place," targets active lifestyles in Dubai Sports City. "The Luxe Villa" in Palm Jumeirah promises unparalleled luxury. These ventures reflect Prestige One's commitment to dominating Dubai's high-end real estate market with diverse, luxurious living options....
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