07 May 2024

Leading fractional real estate platforms like EFC, Strata and WiseX have begun taking steps to register under the new SEBI regulations for Small and Medium Real Estate Investment Trusts (SM-REITs). SEBI notified the regulations were notified last month to govern income-generating commercial, rental housing and warehousing assets valued between INR 50-500 crore. Platforms have a time frame of six months to comply with the guidelines which are aimed at enhancing transparency and investor protection in the fractional ownership sector. Fractional ownership platforms currently manage over INR 4,000 crore in assets. According to a recent report by JLL India and PropShare, India's USD 500 million fractional ownership market could grow to USD 5 billion by 2030.Read more

07 May 2024

Priyanka Chopra's brother Siddharth Chopra and mother Madhu Chopra have leased one of their bungalows located in Koregaon Park, Pune to The Urban Nomads Community Private Limited, a co-living and co-working startup. As per the lease agreement signed on March 21st, the bungalow spanning a plot size of 3754 sqft will be rented for INR 2 lakh per month along with a security deposit of INR 6 lakh paid by the firm. Priyanka Chopra is known for her real estate investments and had recently sold two penthouses in Mumbai and commercial properties in Andheri.Read more

06 May 2024

Bollywood icon Amitabh Bachchan has ventured into the luxury real estate market with a new project in Alibaug, near Mumbai. Acquiring a 10,000 sq. ft. plot from The House of Abhinandan Lodha (HoABL) for over INR 10 crore, Bachchan aims to build a lavish villa overlooking Alibaug's scenic beaches. This isn't his first real estate deal with HoABL; in January 2024, he acquired a plot in The Sarayu, a 7-star mixed-use development in Ayodhya, valued at INR 14.5 crore. Bachchan's interest in real estate extends to commercial properties as well; he leased four units in Mumbai's Oshiwara area to Warner Music India Limited, generating an annual rent of INR 2.07 crore. With Alibaug emerging as a hotspot for celebrity investments, Bachchan's move reflects a broader trend of high-profile individuals seeking lucrative opportunities in luxury real estate.Read more

06 May 2024

IIFL Home Finance is poised to boost its green housing portfolio to 5,000 crore INR in the next three years, doubling its current value. A technical team has been established to educate developers on constructing green projects. Currently, green housing loans constitute less than 10% of IIFL's loan book, with 70% being individual loans for buyers in green-certified projects. In August 2023, the International Finance Corporation (IFC) invested up to USD 100 million in IIFL, part of which is earmarked for financing green housing. This expansion aligns with India's push for sustainable development and housing accessibility, positioning IIFL as a leader in eco-friendly, affordable housing solutions.Read more

03 May 2024

Altum Credo, a company dedicated to facilitating homeownership for low-income families in India, has secured USD 40 million in its Series C funding round. Founded in 2017, Altum Credo distinguishes itself with its technology-centric approach, leveraging digital tools across the loan process for efficiency and accessibility. Focusing on first-time homebuyers in the economically weaker and low-income groups, Altum Credo offers long-term financing with affordable monthly payments, addressing the gap left by traditional banks. With a loan portfolio exceeding USD 100 million and serving over 11,000 customers across six states, Altum Credo plans to expand its operations in central and northern India with this new capital infusion.Read more

03 May 2024

On April 29th, 2024, the Maharashtra Real Estate Regulatory Authority (MahaRERA) issued a circular requiring all housing projects in Maharashtra to engage only trained and certified agents starting January 2024. MahaRERA has now decided that new or renewed agent registrations from January 2024 must include a certification obtained after training. This is aimed to ensure customers receive accurate information from knowledgeable agents when making home buying decisions. Till last year, over 44,000 agents were registered in the state, but 13,785 failed to renew their registrations on time, as of March 2024. By enforcing this new policy, MahaRERA aims to promote transparency, accountability and build trust between developers, agents and customers.Read more

02 May 2024

Ghatkopar West, located in Mumbai's eastern suburbs, is a vibrant neighborhood known for its excellent connectivity and diverse housing options. In March, Wadhwa The Address Boulevard emerged as the top-selling building, with the closing of 7 deals. The Ghatkopar West area offers a mix of high-end luxury apartments and budget-friendly options, appealing to a wide range of homebuyers. Apartment sizes vary, from spacious units in Wadhwa The Address Boulevard to compact spaces in Hilton Enclave. With prices per square foot ranging from INR 3,667 to INR 43,911, Ghatkopar West caters to different budgets. Close to 50% of apartments sold were within the INR 1 crore range, showcasing its appeal to various segments of buyers.Read more

02 May 2024

Real estate developer Puravankara Group announced plans to redevelop a prestigious residential society in Mumbai's upscale Pali Hill neighbourhood. The large-scale project is estimated to have a gross development value of over INR 2,000 crore. The Bandra West area, particularly Pali Hill, has become the focal point of Mumbai's real estate scene in recent years. Along with this flagship redevelopment, Puravankara is exploring opportunities to redevelop several other housing complexes in Mumbai. The company aims to deliver over 2,000 units across major Indian cities in the current financial year through new launches and ongoing projects.Read more

01 May 2024

The National Real Estate Development Council (NAREDCO) Maharashtra and the Practicing Engineers, Architects and Town Planners Association (PEATA) hosted a knowledge session bringing together leaders from the real estate sector to examine recent regulatory changes and their effects on real estate in Mumbai. Industry icons like Niranjan Hiranandani, Rajan Bandelkar, Kamlesh Thakur, Manoj Dubal and Manoj Daisaria engaged in a panel discussion moderated by Aarti Harbhajanka. They debated issues such as the need for further government support given the substantial tax revenue from real estate. Presentations also evaluated Sections 33(11), 33(20)B of regulations and their implications for projects. Architects Karan and Devansh Daisaria shared insights into evolving design and construction trends.Read more

01 May 2024

The Enforcement Directorate (ED) provisionally attached properties worth INR 97.79 crore belonging to businessman and actor Shilpa Shetty's husband Raj Kundra under the Prevention of Money Laundering Act (PMLA) in connection with a Bitcoin investment fraud case. These include a residential flat in Mumbai's upscale Juhu area, a residential bungalow in Pune, and equity shares. The investigation is part of multiple FIRs registered by the Maharashtra and Delhi Police. Raj Kundra allegedly received 285 Bitcoins from the key accused to set up a Bitcoin mining farm in Ukraine. This is the second attachment in the case, with previous properties worth INR 69 crores attached. However, in India, real estate transactions in cryptocurrencies like Bitcoin are unlikely in the near future due to regulatory and banking system constraints.Read more