28 Feb 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has released its Quarterly Progress Report (QPR) for June, showing a significant improvement in compliance with project reporting requirements. Out of 633 projects, 333 (52.6%) submitted all required forms before the due date, a significant increase from January's 0.03% compliance rate. However, since the start of the year, overall, 557 developers (62.86%) remain non-compliant, despite penalties and notices. MahaRERA remains concerned about this indifference and aims to continue to take strict action, including project suspensions and financial penalties, to enforce compliance. The QPR system provides homebuyers with up-to-date information on project progress, enabling them to make informed decisions, and is thus significant for the MahaRERA.Read more

27 Feb 2024

Cricketer Yashasvi Jaiswal invests INR 5.38 crore in a Mumbai apartment at Ten BKC, Bandra East. Developed by Adani Realty, the project offers luxury living with great connectivity. The project is slated for completion this year. Bandra East has gained popularity due to its proximity to Bandra Kurla Complex and upscale gated communities, attracting developers like Rustomjee and Kalpataru. Jaiswal's move echoes the trend of cricketers investing in prime real estate, joining the likes of Kapil Dev and Virat Kohli, who've acquired properties in Mumbai and Alibaug. This underscores the allure of Mumbai's real estate market for both celebrities and investors alike.Read more

26 Feb 2024

CREDAI-MCHI, in collaboration with CIDCO, organized a workshop on an amnesty scheme for Navi Mumbai residents, addressing Maveja and Additional Lease Premium (ALP) issues. Chief Minister Eknath Shinde's directive to delink CIDCO permissions from pending dues is expected to benefit over 1,000 housing societies. Five key concerns were identified, leading to a committee chaired by Ex-chief secretary Shri Sanjay Kumar to address challenges. The government accepted most recommendations, separating Maveja/ALP recovery from occupancy certificates issuance. A 50% amnesty on payable amounts until March 31, 2023, under the Abhay Yojana, aids projects facing delays. These efforts align with CREDAI-MCHI's commitment to fostering sustainable development in the Mumbai Metropolitan Region.Read more

23 Feb 2024

Bandhan Bank expands its footprint in Mumbai's commercial heart, BKC, securing 12 office spaces in INS Tower for INR 135.64 crore. This strategic move aims to elevate its Mumbai corporate office, replacing the current Platina tower location. Real estate experts note a slight premium due to high demand for Grade A spaces in the BFSI hub, with monthly rentals exceeding INR 50 per sq ft. The acquisition involves four sellers and grants exclusive access to 31 car parking slots. This expansion aligns with Bandhan Bank's growth strategy, evidenced by its robust financial performance and workforce expansion, reaffirming its commitment to key financial sectors.Read more

22 Feb 2024

Ramabai Ambedkar Nagar, one of the oldest slums in Mumbai, is set for redevelopment by the Mumbai Metropolitan Region Development Authority (MMRDA). Covering a vast area of 75 acres, the redevelopment project aims to transform a significant portion of the land into a mixed residential-commercial zone. Through the project, the MMRDA plans to extend the Eastern Freeway to Thane, thereby making the redeveloped area to be seen as a very strategic location. The project envisions creating 81 lakh sq ft of rehabilitation area for 15,000 tenements and generating 75 lakh sq ft of commercial space, targeting an overall estimated revenue of INR 10,000 crore.Read more

21 Feb 2024

Godrej Properties has entered the Hyderabad real estate market by acquiring 12.5 acres in Rajendra Nagar. The development on this land parcel is expected to yield a 4 million sq. ft. saleable area, focusing on premium residential apartments with an estimated revenue potential of INR 3,500 crore. The Rajendra Nagar area offers robust infrastructure, schools, hospitals, and connectivity to key hubs. Godrej Properties aims to cater to discerning homebuyers in Hyderabad, following its recent acquisition of land parcels in Bengaluru. With a target of multiple land acquisitions, the company aims to generate around INR 15,000 crore in revenue post-development this fiscal year.Read more

20 Feb 2024

Former Indian cricket team captain, Kapil Dev, expands his real estate portfolio with the acquisition of a 16-acre land in Mograj village, Karjat taluka, marking his second significant purchase in the area. Secured from farmer Mohan Gaikar, the transaction, valued at INR 8 crore, was facilitated smoothly by a sub-registrar from Panvel. This acquisition, kept confidential until registration, underscores Karjat's growing appeal for property investors, fuelled by its proximity to tourist spots like Solanpada dam. Kapil Dev's continued interest in the region, alongside Bollywood actor Suniel Shetty's luxury villa project, further cements Karjat's status as a premier destination for second homes, stimulating local real estate development and interest.Read more

19 Feb 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has partnered with the Advertising Standards Council of India (ASCI) to crack down on developers advertising projects without registration numbers and QR codes. The collaboration involves using Artificial Intelligence to identify such advertisements across various media platforms. MahaRERA Chairman, Mr. Ajoy Mehta, emphasized the importance of having a MahaRERA registration number and QR code in advertisements to ensure transparency and protect homebuyers' interests. This move aims to curb misleading advertisements and uphold RERA guidelines, which mandate registration for projects exceeding certain size thresholds. Homebuyers are encouraged to verify the presence of a registration number and QR code before investing in any real estate project.Read more

16 Feb 2024

Zomato CEO Deepinder Goyal has acquired two separate land parcels totaling 5 acres in Mehrauli Tehsil, New Delhi, for a combined sum of INR 79 crore. The first 2.5-acre plot was purchased for INR 29 crore in March 2023, followed by the second 2.5-acre parcel acquired for INR 50 crore in September 2023. The plots in the Dera Mandi village, Chhatarpur area, are attracting affluent buyers interested in farmhouses. A surge in demand for such properties post-COVID has seen prominent figures like JC Chaudhary and Jaguar investing in Delhi's farmhouse areas.Read more

15 Feb 2024

Strata, a real estate investment platform, has acquired Bangalore's iconic 11-storey Cafe Coffee Day Square on Vittal Mallya Road for INR 150 crore, expanding its Karnataka asset transactions to over INR 410 crore. The property boasts a total built-up area exceeding 100,000 sq. ft., with each floor averaging around 9,000 sq. ft. Strata, currently has over INR 1500 crore in AUM. The company has 34 assets spanning 3.7 million sq. ft. across India, attracting over 100,000 members and backed by major investors like Kotak and Mayfield India.Read more