16 Dec 2023

MahaRERA’s strong action against projects that don't update their Quarterly Progress Reports (QPR) on the website has yielded results. In January, only 2 out of 746 projects updated their reports, but in February, 131 out of 700 projects did, and in March, 150 out of 443 projects did so. Thus, the response rose from 0.2% in January to 18.71% in February and nearly doubled to 34% in March. Developers are required by law to register and update details on the MahaRERA website, and failure to do so results in notices and, in some cases, suspension of project registration. Through these measures, MahaRERA emphasizes transparency and accountability in the real estate sector.Read more

16 Dec 2023

Kharghar, situated in Navi Mumbai, is a rapidly developing residential and commercial hub known for its well-planned infrastructure, modern amenities, and green spaces. In November, the real estate landscape in Kharghar witnessed 35 apartment transactions across 14 different buildings, with Developer Sales dominating the market. Notable projects like Mahaavir Exotique and Sai World Empire led in terms of deals, with Sai World Empire achieving the highest-priced and largest carpet area apartment at Rs. 2.17 Crores for 1,058 square feet. The rate per square foot ranged from Rs. 7,770 to Rs. 33,600, with a weighted average rate of Rs. 13,500. Kharghar remains an affordable and thriving locality, with more than 60% of flats sold below Rs. 1 Crore.Read more

15 Dec 2023

Pune's property market in November 2023 witnessed a 6.7% YoY increase in registrations, totalling 14,607 units. Stamp duty collections for the month reached Rs 473 crores, contributing to a cumulative property value of Rs 13,342 crores. YTD registrations showed a robust 9.2% growth, with 137,217 properties registered. The upper segment, properties valued at Rs 1 crore and above, notably increased its market share from 9% to 13%. Central Pune dominated with a 77% market share in residential transactions. Homebuyers aged 30-45 years constituted the largest segment at 52%, indicative of Pune's robust end-user market.Read more

14 Dec 2023

The real estate sector has welcomed the Reserve Bank of India's decision to keep the repo rates unchanged at 6.5%, providing relief to homebuyers. The move ensures that homebuyers can continue to enjoy low-interest rates, supporting ongoing momentum in housing registrations. While some developers expressed a preference for a rate cut, the decision is seen as beneficial for both homebuyers and developers, ensuring that EMIs don't increase and the cost of capital remains consistent. The stable repo rates are expected to contribute to a stronger 2023, with housing sales projected to be higher than 2022.Read more

13 Dec 2023

Adar Poonawalla, India's "vaccine prince," is set to acquire London's Aberconway House for Rs 1440 crore, marking the year's priciest home sale in London. The 25,000 sq ft Mayfair mansion near Hyde Park, owned by Dominika Kulczyk, will serve as a guest house for Serum Life Sciences, the UK subsidiary of Poonawalla's Serum Institute of India (SII). This strategic purchase aims to facilitate global opportunities and events for SII. Despite the UK's housing market challenges, high-end London properties remain attractive to international buyers. Poonawalla, CEO of the world's largest vaccine producer, adds this prestigious acquisition to the family's significant investments in vaccine research and manufacturing facilities.Read more

13 Dec 2023

Kandivali West in Mumbai is a lively neighbourhood blending homes and businesses. It offers a mix of apartments and houses, making it attractive for families and professionals. November saw a rise in home transactions with 92 sales, reflecting the festive season buzz. Sangam Emporio Towers and Skylon Suburbia led with 5 deals each. Prices ranged from Rs. 11,000 to Rs. 30,000 per square foot. Most flats sold this month were below 500 square feet. With 95 percent of sales below Rs. 2 crores, it's clear that Kandivali West is an affordable choice, ideal for first-time buyers or those looking to upgrade.Read more

12 Dec 2023

Air India has finalized a lease agreement for 6.2 lakh sq ft in Gurgaon's E-Innovation Centre, Sector 75, at an annual rent exceeding Rs 60 crore. It has leased blocks B, C, and E for 21 years. The leases, featuring a 4% annual rent escalation, were registered on October 18, 2023. The property comes with 450 car parking spots. The developer will construct the facility, catering to Air India's pilot training needs. In the past few months, Air India leased 1,80,750 sq ft of office space in Vatika One on One in Gurugram and also has sold its Air India building at Nariman Point to the Maharashtra State Government.Read more

09 Dec 2023

Chakan in Pune, known as the 'Detroit of India,' has been the country's auto hub and has now emerged as the driver for robust residential and real estate growth. Chakan hosts major players like Tata Motors, Bajaj, Volkswagen and Mercedes-Benz. Chakan's strategic location, well-connected infrastructure, and proximity to key industrial areas contribute to its attraction for both residents and businesses. Of all properties, 58% are available in the range of Rs20Lac - Rs40Lac and the 1 BHK configuration is the most sought after. Rental properties are also growing in demand, with the rent range of 5-10K being most sought-after. As more investors recognize Chakan's potential, property prices are expected to rise, promising attractive returns in this rising economic powerhouse.Read more

08 Dec 2023

The results of the third exam for real estate agents conducted by Maharashtra Real Estate Regulatory Authority (MahaRERA) in the immovable property sector were announced on December 7, with 89% of the 4954 candidates passing. With 4461 candidates successful, 3803 are male and 658 females. Two candidates aged 80 and above add uniqueness to the results. MahaRERA has mandated the exam to certify and train the real estate agents and keep the agents informed to bring in awareness and uniformity in the sector. The deadline for obtaining certifications for all agents is January 1, 2024.Read more

07 Dec 2023

In a significant development in the Indian real estate market, both property buyers and sellers are now required to link their Aadhaar with their PAN card. Failure to do so can result in a substantial increase in the tax rate on property sales, jumping from 1% to 20%. The Income Tax department has initiated the process by sending notices to buyers of properties over Rs. 50 lakhs, emphasizing the importance of this digital connection. According to the Income-Tax Act, buyers in transactions exceeding Rs 50 lakhs must pay 1% TDS to the Central Government, making it crucial for both parties to ensure compliance to avoid financial penalties. The recent enforcement serves as a reminder of the evolving dynamics and financial implications of Aadhaar-PAN linkage in property transactions in India.Read more