30 Apr 2024

MahaRERA has proposed mandating that sale agreements include an annexure detailing all amenities and facilities promised in housing projects. This would include specifications for amenities like swimming pools, gyms, courts etc as well as timelines for their completion. Previously, such crucial information was often omitted from agreements leading to unmet expectations. The proposed order aims to provide transparency and set accountability for developers on delivering amenities as agreed. It is a significant measure that protects homebuyer interests and prevents disputes over incomplete or delayed amenities. Public feedback has been invited on the draft order by May 27.Read more

30 Apr 2024

Ajit Isaac, Chairman and Managing Director of Quess Corp, has made headlines with his recent acquisition of a 10,000 square foot plot in Bengaluru's prestigious Koramangala area. Valued at INR 67.5 crore, this transaction, set at INR 70,300 per square foot, has established a new standard for real estate deals in the city. Koramangala's third block, also known as 'Billionaire Street', boasts upscale residences and exclusive ambiance, attracting prominent figures like Infosys co-founders Nandan Nilekani and Kris Gopalakrishnan. Isaac's strategic focus on Bengaluru's upscale neighborhoods aligns with the city's booming real estate sector, particularly in sought-after areas like Koramangala. With limited land availability and rising demand from discerning buyers, the area is poised for continued growth, solidifying its status as a preferred address for high-profile individuals and investors like Isaac.Read more

29 Apr 2024

Manikonda, located in the western outskirts of Hyderabad, Telangana, is quickly becoming a popular choice for people looking for a peaceful place to live. The area has good infrastructure, modern facilities, and various housing options, suitable for different budgets and preferences. Last month, ARKA by TEAM4 LifeSpaces was the best-selling building, closing 45 deals out of the 64 registered in Manikonda. Surrounded by beautiful landscapes, close to major IT hubs, and with easy access to the Outer Ring Road, Manikonda offers a perfect mix of city life and suburban tranquility.Read more

29 Apr 2024

D'Decor, a leading home furnishing manufacturer, introduces Sansaar, a new brand focusing on sustainable and minimalist design. Partnering with Bollywood superstar Ranveer Singh as brand ambassador, Sansaar emphasizes conscious living and eco-friendly practices. The curated collection includes curtains, upholstery, bedsheets, rugs, blinds, and wallpapers, prioritizing quality craftsmanship and timeless design. D'Decor's reputation for sustainability and production capacity aligns with Sansaar's mission. This trend of celebrity endorsements for sustainable home furnishing brands reflects a shift in consumer preferences towards eco-conscious choices. Sansaar's launch signifies a growing demand for real estate that integrates sustainability into both construction practices and furnishing choices, shaping the future of mindful living spaces.Read more

26 Apr 2024

Spanish retail giant Inditex is making strategic moves in India, expanding beyond its successful Zara clothing stores to introduce Bershka, a youth apparel brand, and Zara Home, targeting the burgeoning home decor market. This expansion comes amid increasing consumer demand for trendy yet affordable clothing and stylish home furnishings in India, a market estimated to be worth over USD 20 billion. Inditex's decision reflects its recognition of India's evolving consumer landscape, driven by factors like rising disposable incomes and aspirations, especially in tier-2 and tier-3 cities with large populations. By offering diverse options ranging from budget-friendly collections by Zara Home to high-end offerings by Indian luxury brands, the Indian home decor market presents ample growth opportunities for both international and domestic players alike. Additionally, several Indian fashion designers and lifestyle brands, along with international players like Pottery Barn and West Elm, are also making their mark in the Indian home decor arena. This trend has implications for the real estate sector, as consumers seek homes with modern layouts and features to accommodate trendy home decor products.Read more

26 Apr 2024

MahaRERA has received several complaints from homebuyers regarding issues with parking spaces sold by developers. To address this, MahaRERA has made it mandatory to include all parking details like lot numbers, dimensions and block location in sale agreements and allotment letters. This aims to provide upfront transparency and avoid future disputes. Developers must now clearly demarcate and label garage, covered and open parking spaces as per approved plans and must also tag these spaces to the allotted apartment. Open parking is considered a common area as per RERA and cannot be sold. The directives aim to protect buyer interests by resolving issues at the outset and ensuring allottees can use the parking facilities smoothly.Read more

25 Apr 2024

Viman Nagar, Pune, stands out as a bustling residential and commercial hub, celebrated for its prime location near the Lohegaon Airport. Its robust infrastructure offers a mix of housing options, from high-rise apartments to independent bungalows, catering to diverse needs. March witnessed notable transactions with VNSVL Shubh Nirvana Phase 1 and Rohan Mithila leading sales. The market appeals to varied budgets, with prices ranging from INR 11.5 Lakhs to INR 3.17 crores. Apartment sizes vary, ensuring suitability for families and individuals alike. Average prices per square foot hover around INR 12,029, attracting buyers from different segments. Viman Nagar's allure lies in its balance of affordability, luxury, and convenience, solidifying its status as a sought-after real estate destination.Read more

25 Apr 2024

Anil Gupta, chairman of Wellknown Polyesters, alongside his wife and the company, purchased two sea-facing apartments in Mumbai's Lodha Malabar project for over INR 270 crore, marking one of India's priciest residential transactions at INR 1.41 lakh per square foot. The deal highlights the rising demand for luxury housing in Mumbai's upscale areas. The Lodha Malabar project, slated for completion by June 2026, has witnessed other record-breaking deals, indicating fierce competition for prime Mumbai real estate. Gupta's move signals a potential trend of large corporations investing in luxury real estate, potentially reshaping the sector's dynamics.Read more

24 Apr 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has raised concerns about 212 housing projects across the state that have not provided construction status updates as mandated. These projects, launched between January and April 2023, were required to submit Quarterly Progress Reports (QPRs) to MahaRERA, but failed to do so. Non-compliance has led to strict actions including project suspension and freezing of bank accounts. To caution homebuyers, MahaRERA has published a district-wise list of these projects, with Pune having the highest number at 47. MMR and Konkan areas combined have 76 non-compliant projects. MahaRERA emphasizes the importance of regular updates to protect homebuyers' investments and ensure project completion as promised.Read more

24 Apr 2024

CBRE's report forecasts a significant surge in India's senior living facilities, estimating approximately 1.5 million new units within the next decade, driven by the doubling of the elderly population. Currently, India only has 18,000 units, indicating a vast scope for growth compared to more developed markets. The southern states, with their favourable climate and robust healthcare infrastructure, lead in senior living supply, attracting developers' attention. The market size is projected to reach USD 17.99 billion by 2029, with a 10% CAGR. Major players like Antara Senior Care and Ashiana Housing are investing heavily, signalling a shift towards tailored housing and care options for India's aging population. As awareness grows and options multiply, senior living is poised to become a mainstream housing choice, potentially emerging as a significant asset class in India's real estate landscape.Read more