13 Mar 2024

The Maharashtra state cabinet has approved a proposal to redevelop over 120 acres of the historic Mahalaxmi Racecourse land in Mumbai into a new Central Park, similar to parks in major cities like New York and London. The land will be handed over to the BMC who will develop a public park of international standards, incorporating 175 acres from a new coastal road project. The cabinet also renewed the lease for the Royal Western India Turf Club to continue operations on the remaining 91 acres for 30 more years. This marks a significant shift to prioritize open green spaces in Mumbai's busy urban landscape, transforming the exclusive race course into a vibrant new hub for recreation accessible to all.Read more

12 Mar 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has found that over 13,000 real estate agents in the state have let their mandatory registrations lapse. This includes many agents in major real estate markets like Mumbai, Pune, and Nagpur. MahaRERA is urging homebuyers to be cautious of these unregistered agents. To improve professional standards, the authority has also introduced competency exams for agents and over 10,000 have obtained certification so far. However, deregistered agents must re-train and certify to renew their licenses, as regulators tighten compliance requirements for the real estate sector.Read more

11 Mar 2024

Cricketer Virat Kohli has leased out 12 office spaces in Gurugram to Mynd Integrated Solutions for an annual rental of around INR 1 crore. Kohli's lease agreement includes 37 parking slots and a nine-year lease term with a 5% annual rent escalation. The deal, executed through Kohli's brother Vikas, marks the latest in a growing trend of Bollywood stars and celebrities investing in commercial real estate. Experts attribute this trend to the high rental yields offered by commercial properties compared to residential ones. In recent years, other celebrities such as Salman Khan, Amitabh Bachchan, and Ajay Devgn have also acquired commercial properties.Read more

08 Mar 2024

CapitaLand India Trust (CLINT), a Singapore-based real estate investment trust, has completed the acquisition of BlueRidge 3 Phase 1, a 1.4 million square feet multi-tenanted IT Special Economic Zone (SEZ) project in Pune's Hinjawadi, for approximately INR 773 crore. This strategic move bolsters CLINT's presence in Pune's thriving IT market, complementing their existing aVance Hinjewadi SEZ acquired in 2017. BlueRidge 3 Phase 1, already leased to prominent multinational companies, offers a work-live-play environment with proximity to key infrastructure developments like the upcoming metro and Navi Mumbai's international airport. With this acquisition, CLINT expands its portfolio to approximately 21 million square feet, positioning itself to capitalize on Pune's burgeoning IT sector and India's economic growth trajectory.Read more

07 Mar 2024

Edelweiss, an investment firm, bought a 1.2 million sq ft office complex in Bengaluru for over INR 1,475 crore, marking the city's biggest office tower buyout this year. The fully leased building, located in a prime area, reflects growing investor confidence in the Indian office market, especially Bengaluru, which saw record-breaking office space absorption in 2023. Edelweiss plans to improve the property and build a strong commercial real estate portfolio across major Indian cities. This acquisition aligns with the growing trend of companies acquiring entire office buildings, as seen in recent purchases by Embassy Office Parks and various REITs.Read more

06 Mar 2024

The Mumbai real estate industry welcomes recent efforts by Maharashtra Real Estate Regulatory Authority (MahaRERA) and CREDAI-MCHI to clarify staircase and lift well calculations in building projects. New regulations ensure only the first staircase is included in carpet area calculation (Regulation 48(5)(A) of the Development Control and Promotion-Exchange Rules, 2034), benefiting developers and homebuyers by bringing transparency and fair practices. These clear guidelines remove ambiguity, aiding efficient project planning, reducing costs, and fostering trust in the market. Collaboration between regulatory bodies and industry players promises a more organized, transparent, and thriving real estate sector in Mumbai.Read more

05 Mar 2024

MahaRERA ensured homebuyer protection by permitting deadline extensions for housing projects, maintaining buyer rights intact. Developers should secure 51% consent for further extensions, with all grievances addressed promptly. MahaRERA made sure any grievances lodged by flat purchasers are properly resolved, regardless of the project's extension status. In circumstances where developers are unable to obtain the necessary approval from homebuyers, MahaRERA has the power to give conditional extensions to projects that have been stalled for more than a year. Ajoy Mehta, Chairman of MahaRERA, emphasised their commitment to completing stalled projects while safeguarding homebuyer interests.Read more

04 Mar 2024

Promoters of Macleods Pharmaceuticals, Girdharilal and Banwarilal Bawri along with Rajendra Agarwal, through Agarwal Holdings, recently acquired a 3,600 sq ft bungalow in Vile Parle, Mumbai for INR 101 crore. With stamp duty and registration fees, the total cost reached INR 106 crore. This adds to their extensive property portfolio in Juhu, amounting to over INR 518 crore in the last three years. Macleods Pharma, established in 1989, operates globally in various therapeutic areas. Their real estate ventures indicate strategic diversification beyond pharmaceuticals. This mirrors a broader trend in Mumbai's luxury housing market, attracting both domestic and international investors seeking lucrative opportunities beyond traditional sectors.Read more

01 Mar 2024

Actress Suhana Khan, daughter of Bollywood icon Shahrukh Khan, made headlines with her recent purchase of a lavish home in Alibaug, a favored coastal retreat among Mumbai's elite. The transaction, exceeding INR 10 crore with stamp duty charges, marked her second significant investment in the area within 8 months. The property spans 1.8 acres, featuring three distinct structures. Suhana's stamp duty payment of INR 57 lakh underscores the financial weight of such transactions. Her ventures extend beyond real estate, with roles as a cosmetic brand ambassador and in the film 'The Archies'. This move echoes similar investments by Bollywood peers, highlighting Alibaug's allure amidst infrastructure enhancements bridging Mumbai and the coastal town.Read more

29 Feb 2024

Bollywood actress Mrunal Thakur and her father have acquired two adjoining apartments in Oberoi Springs, Andheri West, Mumbai, for a total of INR 10 crore from Kangana Ranaut's family members. The spacious flats, spanning 1017 and 997 sq ft, are undergoing renovations to meet the actor's specifications. Known for its celebrity residents, Oberoi Springs offers luxurious amenities like pools and gyms. The purchase signifies the rising allure of Andheri as a prime residential locale, boasting upscale towers and convenient access to amenities. The move towards a jodi flat reflects a trend towards expansive living spaces in Mumbai's bustling entertainment hub.Read more