26 Jan 2024

CREDAI-MCHI, the apex body of the real estate industry in the Mumbai Metropolitan Region (MMR), will host the 31st edition of India's Largest Property Expo this weekend. The event, held from January 26th to 28th, 2024, at the Jio World Convention Centre in BKC, features the theme "Zero is our Hero," highlighting the initiative of zero registration fees and zero stamp duty on home purchases. With over 1000 properties showcased by 100+ developers, the expo aims to make homeownership more accessible and affordable. Developers like Piramal Realty, Adani Realty, Raymond Realty, Dosti Realty, Rustomjee Group, Ajmera Realty & Infra India, L&T, and others will participate, along with financial institutions such as HDFC, SBI, Tata Capital, Bank of Baroda, ICICI Bank, Axis Bank, and more.Read more

25 Jan 2024

Global financial services firm BNY Mellon has finalized a pre-lease agreement with Prestige Group, securing nearly a million square feet of office space at Prestige Alphatech in Pune. The move is part of BNY Mellon's strategy to consolidate its multiple offices across the city into a single location. Spread over 16 floors, the office is expected to be operational by Q4 2024, enhancing BNY Mellon's real estate footprint in India to over 1.4 million square feet. The 15-year lease agreement, with a lock-in period, reflects BNY Mellon's commitment to elevating employee experience. The partnership with Prestige Group aligns with Pune's growing prominence in the BFSI sector, emphasizing the strategic significance of this real estate development.Read more

24 Jan 2024

Stock market investors Halan family has secured eight luxury apartments totalling 15,996 sq ft in Mumbai's Worli for Rs 103.98 crore. Purchased from K Raheja Corp's Raheja Modern Vivarea, the deal includes 16 parking spaces. The Halan family, with diverse holdings, paid over Rs 6 crore in stamp duty for the properties. Raheja Modern Vivarea is an under-construction project and offers unobstructed views of Mahalaxmi Racecourse and the Arabian Sea, drawing high-profile buyers in a vibrant real estate market. This transaction adds to the vibrant real estate landscape of Mumbai, and Raheja Modern Vivarea continues to be a sought-after address for high-profile buyers.Read more

23 Jan 2024

Apple is solidifying its presence in India with the inauguration of a 15-floor office in Bengaluru's Minsk Square, emphasizing its commitment to the market. The eco-friendly building, powered by renewable energy, accommodates 1,200 employees and features dedicated labs, collaboration spaces, and wellness areas. Apple's growth in India includes a 6% smartphone market share, surpassing Samsung globally, and a reported revenue of 50,000 crore rupees in FY 23. The company aims to boost iPhone production, targeting 50 million units in the next 2-3 years. Apple's FY 23 exports exceeded $5 billion, paving the way for potential expansion in manufacturing units in India.Read more

22 Jan 2024

The Dharavi Redevelopment Project Pvt Ltd (DRPPL), a joint venture between Adani Group and the Maharashtra Government, recently announced its eligibility criteria for free housing under the scheme. All those who can prove to be residents of Dharavi slums prior to 1 January, are eligible for free housing with a minimum size of 350 square feet, featuring independent kitchens and attached toilets. The rest of the residents will be accommodated across multiple land parcels across the city under the Navi Dharavi plan. Adani Group won the bid for the project in November 2023 and has since enlisted the likes of renowned architect Hafiz Contractor and international companies Sasaki and Buro Happold to executive the project.Read more

19 Jan 2024

Vratika Gupta, CEO and Founder of luxury home décor company Maison Sia, recently acquired a lavish home in Mumbai's renowned "Three Sixty West" skyscraper for Rs 116.4 crore. The condo spans 12,138 square feet and includes eight dedicated parking slots, with a stamp duty of Rs 5.82 crore. Gupta's new neighbours include actors Shahid Kapoor and Akshay Kumar. In 2023, the project made headlines for India's largest property deal when family members and associates of D'Mart founder Radhakrishna Damani purchased 28 units for a staggering Rs 1,238 crore. Other notable deals in the complex include Niraj Bajaj, the MD and Chairman of Mukand who paid Rs 120 crore for an apartment, the promoter of Everest Food Products Private Limited who invested Rs 73.50 crore in an apartment in October 2023 and Avener Capital and Bajaj Consultants acquired a duplex for around Rs 100 crore in March 2023.Read more

18 Jan 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced the "One Stand-alone Project: One MahaRERA Number" policy to combat developers obtaining multiple registration numbers for the same project, causing project delays. These multiple registrations led to difficulties in obtaining occupancy certificates and basic civic facilities for homebuyers. Ajoy Mehta, MahaRERA Chairman, emphasized the policy's aim to prevent delays and aid homebuyers. The order mandates promoters to submit a Declaration-cum-Undertaking, ensuring no existing registrations for the proposed project or any part of it. The policy seeks to streamline processes, avoid disputes, and protect stakeholders' interests and is to become effective immediately.Read more

17 Jan 2024

Bollywood icon Amitabh Bachchan has made a real estate investment by acquiring a 10,000-square-foot plot in The Sarayu, a luxurious 7-star mixed-use development in Ayodhya. Valued at Rs 14.5 crore, the move aligns with the development's official launch on January 22, coinciding with the inauguration of the Shri Ram Janmabhoomi Temple. Scheduled for completion by March 2028, The Sarayu, crafted by The House of Abhinandan Lodha, symbolizes Bachchan's confidence in Ayodhya's economic potential. Additionally, Bachchan has leased commercial units in Mumbai and generously gifted his Juhu bungalow to his daughter. These strategic real estate moves highlight a transformative period in India's cultural and economic landscape.Read more

16 Jan 2024

Nuvama Asset Management, the alternatives-focused arm of Nuvama Wealth Management Ltd., and global commercial real estate services firm Cushman & Wakefield have teamed up to launch a Category-II Alternative Investment Fund (AIF) with a target size of Rs 3,000 crore. The fund, named PRIME Offices Fund, is expected to have a tenure of six years and will invest in Grade-A office spaces across key micro markets in six major Indian cities, including Bengaluru, NCR, Pune, Mumbai, Chennai, and Hyderabad. The partnership aims to provide domestic investors with attractive opportunities in the commercial real estate market, focusing on Grade-A offices.Read more

15 Jan 2024

In 2023, Maharashtra Real Estate Regulatory Authority (MahaRERA) achieved a record-breaking completion of 3,927 housing projects. For three years from 2019 to 2021, each year has seen over two thousand housing projects being completed across Maharashtra, but 2022 was considerably lower at 1,749 projects, due to Covid-19 pandemic. The Konkan region led with 1,552 projects, followed by Pune Division (1,372), Nashik Division (500), Nagpur Division (318), Sambhaji Nagar (123), Amravati Division (56), and 6 projects in Daman Division. Chairman Ajoy Mehta emphasized MahaRERA's commitment to safeguard homebuyers' investments through measures like Micro Monitoring Cell, Quarterly Progress Reports, and three-level pre-registration scrutiny, which have played major roles in ensuring timely project completion.Read more