03 Jul 2024

Mumbai's real estate sector has recorded a notable 12% year-on-year increase in property registrations for June 2024, driven by strong demand and economic stability, reports Knight Frank. Under the Bombay Municipal Corporation, Mumbai saw 11,600 registrations this June, up from 10,319 last year, generating over INR 1000 crore for the state. Mr. Prashant Sharma of NAREDCO Maharashtra highlights robust market confidence, while Mr. Pritam Chivukula of CREDAI-MCHI notes growing homeowner sentiment. Analysts credit economic stability for this record-setting June, with expectations high for sustained growth. This surge underscores Mumbai's resilience and attractiveness in real estate, backed by ongoing policy support and economic vigour.Read more

03 Jul 2024

As Finance Minister Nirmala Sitharaman prepares to present the first budget of Prime Minister Narendra Modi's third term, the real estate sector anticipates pivotal measures for growth and stability. Key stakeholders, including NAREDCO Maharashtra and CREDAI-MCHI, emphasise priorities such as enhanced tax incentives for homebuyers, a streamlined single-window clearance system, and continued focus on affordable housing under PMAY. Addressing liquidity challenges, reforms in land acquisition, and promoting digital transformation are also critical. Stakeholders advocate for policies supporting sustainable development and infrastructure enhancement to bolster economic recovery and ensure robust growth in the sector.Read more

03 Jul 2024

Wave Group, led by Mr. Rajiv Gupta, stresses the need for substantial government backing in the upcoming Union Budget to bolster affordable housing initiatives amidst India's flourishing real estate sector. Despite global economic challenges, Wave Group highlights the sector's resilience and rising demand for sustainable homes post-Covid. With India facing a deficit of 25 million homes, Wave Group calls for enhanced transparency, business ease, lower lending rates, and tax incentives. Known for diverse ventures from real estate to healthcare, Wave City exemplifies innovation with AI technology investments for heightened security and smart city features, aligning with environmental sustainability goals and national cleanliness campaigns.Read more

02 Jul 2024

Bollywood star Abhishek Bachchan's recent investment in six luxury apartments at Oberoi Sky City, Borivali, underscores the area's burgeoning real estate appeal. With a total area of 4,894 sq. ft on the 57th floor, the transaction values each sq. ft at INR 31,498. This move aligns with Borivali's transformation into a premier residential destination, anchored by Oberoi Realty's expansive 25-acre development. The addition of Sky City Mall and a forthcoming JW Marriott Hotel enhances the area's allure, attracting high-profile buyers like Bachchan. His investment could set a precedent for future luxury developments in Mumbai's evolving real estate landscape.Read more

02 Jul 2024

Commissioner Dr. Kailas Shinde of Navi Mumbai Municipal Corporation (NMMC) has directed all departments to be proactive in maintaining the city's cleanliness. He stressed the importance of each employee contributing to Navi Mumbai's reputation as a clean city. Dr. Shinde outlined expectations for the 'Swachh Survekshan 2024' action plan, emphasising the need for dynamic action and citizen participation. He recommended cleanliness campaigns, waste classification projects, and educating students. Dr. Shinde also instructed keeping the Sion Panvel highway clean, implementing a scholarship scheme, and creating a dashboard for daily reviews. These directives aim to ensure a cleaner and more organised Navi Mumbai through community involvement.Read more

02 Jul 2024

Jitendra Mehta of CREDAI MCHI Thane anticipates significant strides in India's 'Housing for All' initiative with the upcoming budget. Mehta emphasizes the need for GST set-offs on redevelopment projects to ease tax burdens and enhance project viability. Improved infrastructure funding in cities like Thane could further spur housing accessibility and affordability. The real estate sector awaits policy incentives that could bolster investor and buyer confidence. With hopes high for targeted measures, industry leaders envision the budget as a catalyst for robust growth in Thane's real estate market and nationwide.Read more

01 Jul 2024

Mahalaxmi, a locality in South Mumbai, is celebrated for its rich history and upscale living environment. In May, Piramal Mahalaxmi - South Tower emerged as the top performer with 7 transactions, followed closely by Piramal Mahalaxmi North Tower with 5 deals. K Raheja Vivarea and Lokhandwala Minerva Mahalaxmi also contributed significantly with 2 transactions each. Developer sales dominated the market, reflecting a preference for new developments over resale properties. Apartment sizes varied widely, from the expansive 2,597 square feet in K Raheja Vivarea to the more compact 736 square feet in Piramal Mahalaxmi - South Tower, accommodating diverse buyer preferences. With prices per square foot ranging from INR 29,212 to INR 1,04,390, Mahalaxmi offers luxury homes suited for both families and individuals. The neighborhood's blend of tranquility, connectivity, and luxury amenities continues to attract affluent residents and businesses alike, reinforcing its status as a prime real estate destination in Mumbai.Read more

01 Jul 2024

Starting July 1st, Maharashtra's real estate sector will see enhanced buyer protection and transparency as MahaRERA introduces new regulations. Developers are now required to maintain three distinct bank accounts for project funds, centralising buyer payments and ensuring accountability. The RERA Designated Collection Account receives all buyer funds, excluding taxes, while the RERA Designated Separate Account allocates 70% for construction expenses. The remaining 30% in the RERA Designated Transaction Account offers operational flexibility. These measures aim to curb fund misuse, accelerate refunds, and expedite project completions, bolstering trust between homebuyers and developers in Maharashtra's evolving real estate landscape.Read more

01 Jul 2024

The Navi Mumbai Municipal Corporation (NMMC) demolished an unauthorised structure in Belapur's Sector 36 on June 25, 2024. The demolition, led by Municipal Commissioner Dr. Kailas Shinde, targeted a house in Karave village after the owner failed to comply with a notice issued under the Maharashtra Regional and Town Planning Act. The NMMC's Encroachment Department, under Deputy Commissioner Rahul Gethe, oversaw the operation, which involved a team of six personnel and 12 labourers using hammers and gas cutters. The Navi Mumbai Police ensured the smooth execution of the demolition, sending a clear message against unauthorised constructions and the importance of following proper building regulations.Read more

28 Jun 2024

India's Life Insurance Corporation (LIC) is poised to unlock INR 50,043-58,384 crore (USD 6-7 billion) through the sale of its prime real estate holdings across major cities. This strategic move aims to bolster shareholder returns amidst slowing market share growth. LIC's extensive portfolio includes iconic properties like Delhi's Jeevan Bharti building and Kolkata's LIC building, valued conservatively at INR 50,000-60,000 crore but potentially worth INR 2.5-3 lakh crore. Challenges abound, from determining fair market values for properties never previously sold to navigating legal complexities. Nevertheless, this initiative underscores LIC's focus on streamlining operations, enhancing financial health, and prioritizing its core insurance business.Read more