08 Mar 2024

CapitaLand India Trust (CLINT), a Singapore-based real estate investment trust, has completed the acquisition of BlueRidge 3 Phase 1, a 1.4 million square feet multi-tenanted IT Special Economic Zone (SEZ) project in Pune's Hinjawadi, for approximately INR 773 crore. This strategic move bolsters CLINT's presence in Pune's thriving IT market, complementing their existing aVance Hinjewadi SEZ acquired in 2017. BlueRidge 3 Phase 1, already leased to prominent multinational companies, offers a work-live-play environment with proximity to key infrastructure developments like the upcoming metro and Navi Mumbai's international airport. With this acquisition, CLINT expands its portfolio to approximately 21 million square feet, positioning itself to capitalize on Pune's burgeoning IT sector and India's economic growth trajectory.Read more

07 Mar 2024

Edelweiss, an investment firm, bought a 1.2 million sq ft office complex in Bengaluru for over INR 1,475 crore, marking the city's biggest office tower buyout this year. The fully leased building, located in a prime area, reflects growing investor confidence in the Indian office market, especially Bengaluru, which saw record-breaking office space absorption in 2023. Edelweiss plans to improve the property and build a strong commercial real estate portfolio across major Indian cities. This acquisition aligns with the growing trend of companies acquiring entire office buildings, as seen in recent purchases by Embassy Office Parks and various REITs.Read more

06 Mar 2024

The Mumbai real estate industry welcomes recent efforts by Maharashtra Real Estate Regulatory Authority (MahaRERA) and CREDAI-MCHI to clarify staircase and lift well calculations in building projects. New regulations ensure only the first staircase is included in carpet area calculation (Regulation 48(5)(A) of the Development Control and Promotion-Exchange Rules, 2034), benefiting developers and homebuyers by bringing transparency and fair practices. These clear guidelines remove ambiguity, aiding efficient project planning, reducing costs, and fostering trust in the market. Collaboration between regulatory bodies and industry players promises a more organized, transparent, and thriving real estate sector in Mumbai.Read more

05 Mar 2024

MahaRERA ensured homebuyer protection by permitting deadline extensions for housing projects, maintaining buyer rights intact. Developers should secure 51% consent for further extensions, with all grievances addressed promptly. MahaRERA made sure any grievances lodged by flat purchasers are properly resolved, regardless of the project's extension status. In circumstances where developers are unable to obtain the necessary approval from homebuyers, MahaRERA has the power to give conditional extensions to projects that have been stalled for more than a year. Ajoy Mehta, Chairman of MahaRERA, emphasised their commitment to completing stalled projects while safeguarding homebuyer interests.Read more

04 Mar 2024

Promoters of Macleods Pharmaceuticals, Girdharilal and Banwarilal Bawri along with Rajendra Agarwal, through Agarwal Holdings, recently acquired a 3,600 sq ft bungalow in Vile Parle, Mumbai for INR 101 crore. With stamp duty and registration fees, the total cost reached INR 106 crore. This adds to their extensive property portfolio in Juhu, amounting to over INR 518 crore in the last three years. Macleods Pharma, established in 1989, operates globally in various therapeutic areas. Their real estate ventures indicate strategic diversification beyond pharmaceuticals. This mirrors a broader trend in Mumbai's luxury housing market, attracting both domestic and international investors seeking lucrative opportunities beyond traditional sectors.Read more

01 Mar 2024

Actress Suhana Khan, daughter of Bollywood icon Shahrukh Khan, made headlines with her recent purchase of a lavish home in Alibaug, a favored coastal retreat among Mumbai's elite. The transaction, exceeding INR 10 crore with stamp duty charges, marked her second significant investment in the area within 8 months. The property spans 1.8 acres, featuring three distinct structures. Suhana's stamp duty payment of INR 57 lakh underscores the financial weight of such transactions. Her ventures extend beyond real estate, with roles as a cosmetic brand ambassador and in the film 'The Archies'. This move echoes similar investments by Bollywood peers, highlighting Alibaug's allure amidst infrastructure enhancements bridging Mumbai and the coastal town.Read more

29 Feb 2024

Bollywood actress Mrunal Thakur and her father have acquired two adjoining apartments in Oberoi Springs, Andheri West, Mumbai, for a total of INR 10 crore from Kangana Ranaut's family members. The spacious flats, spanning 1017 and 997 sq ft, are undergoing renovations to meet the actor's specifications. Known for its celebrity residents, Oberoi Springs offers luxurious amenities like pools and gyms. The purchase signifies the rising allure of Andheri as a prime residential locale, boasting upscale towers and convenient access to amenities. The move towards a jodi flat reflects a trend towards expansive living spaces in Mumbai's bustling entertainment hub.Read more

28 Feb 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has released its Quarterly Progress Report (QPR) for June, showing a significant improvement in compliance with project reporting requirements. Out of 633 projects, 333 (52.6%) submitted all required forms before the due date, a significant increase from January's 0.03% compliance rate. However, since the start of the year, overall, 557 developers (62.86%) remain non-compliant, despite penalties and notices. MahaRERA remains concerned about this indifference and aims to continue to take strict action, including project suspensions and financial penalties, to enforce compliance. The QPR system provides homebuyers with up-to-date information on project progress, enabling them to make informed decisions, and is thus significant for the MahaRERA.Read more

27 Feb 2024

Cricketer Yashasvi Jaiswal invests INR 5.38 crore in a Mumbai apartment at Ten BKC, Bandra East. Developed by Adani Realty, the project offers luxury living with great connectivity. The project is slated for completion this year. Bandra East has gained popularity due to its proximity to Bandra Kurla Complex and upscale gated communities, attracting developers like Rustomjee and Kalpataru. Jaiswal's move echoes the trend of cricketers investing in prime real estate, joining the likes of Kapil Dev and Virat Kohli, who've acquired properties in Mumbai and Alibaug. This underscores the allure of Mumbai's real estate market for both celebrities and investors alike.Read more

26 Feb 2024

CREDAI-MCHI, in collaboration with CIDCO, organized a workshop on an amnesty scheme for Navi Mumbai residents, addressing Maveja and Additional Lease Premium (ALP) issues. Chief Minister Eknath Shinde's directive to delink CIDCO permissions from pending dues is expected to benefit over 1,000 housing societies. Five key concerns were identified, leading to a committee chaired by Ex-chief secretary Shri Sanjay Kumar to address challenges. The government accepted most recommendations, separating Maveja/ALP recovery from occupancy certificates issuance. A 50% amnesty on payable amounts until March 31, 2023, under the Abhay Yojana, aids projects facing delays. These efforts align with CREDAI-MCHI's commitment to fostering sustainable development in the Mumbai Metropolitan Region.Read more