21 Dec 2023

The National Real Estate Development Council (NAREDCO) has submitted proposals to the finance ministry for the FY 2024-2025 budget, urging the release of the second tranche of the Special Window for Affordable and Mid-Income Housing (SWAMIH) fund with a suggested Rs 50,000 crore corpus. NAREDCO has reiterated its request for residential project developers to have the option of claiming input tax credit (ITC) with higher GST, emphasising improved accounting practices post the implementation of the RERA. The organisation's recommendations include addressing the tax burden related to notional income from unsold properties, exempting notional rental income tax, and making various amendments to foster growth in the real estate sector and support the government's vision of housing for all.Read more

20 Dec 2023

The Mumbai Metropolitan Region Development Authority (MMRDA) is embarking on a slum redevelopment initiative in Ramabai Ambedkar Nagar, a 75-acre slum near Ghatkopar’s Eastern Express Highway. Collaborating with the Slum Rehabilitation Authority (SRA), MMRDA aims for a mutually beneficial project, potentially acquiring slum land without freeway extension costs. According to the proposed plans, MMRDA will rehouse 16,575 slum dwellers and secure 5,000 tenements for project-affected persons (PAPs) from various projects. The project is estimated to generate Rs 1,073 crore, potentially alleviating MMRDA's financial strain amidst substantial infrastructure investments.Read more

19 Dec 2023

In 2023, the Indian residential sector achieved unprecedented heights, surpassing previous records in housing sales and overall sales value. The quarter-on-quarter growth, even before Q4, suggests the year's total home sales could exceed Rs 4.5 lakh crore, a remarkable 38% increase from 2022. The surge is attributed to increased demand for premium luxury homes, reflected in a significant rise of 8–18% in average prices across top cities. Regional variations, with Pune leading at 96%, underscore the sector's resilience. The last quarter is likely to sustain this momentum, projecting an impressive end to 2023.Read more

16 Dec 2023

MahaRERA’s strong action against projects that don't update their Quarterly Progress Reports (QPR) on the website has yielded results. In January, only 2 out of 746 projects updated their reports, but in February, 131 out of 700 projects did, and in March, 150 out of 443 projects did so. Thus, the response rose from 0.2% in January to 18.71% in February and nearly doubled to 34% in March. Developers are required by law to register and update details on the MahaRERA website, and failure to do so results in notices and, in some cases, suspension of project registration. Through these measures, MahaRERA emphasizes transparency and accountability in the real estate sector.Read more

16 Dec 2023

Kharghar, situated in Navi Mumbai, is a rapidly developing residential and commercial hub known for its well-planned infrastructure, modern amenities, and green spaces. In November, the real estate landscape in Kharghar witnessed 35 apartment transactions across 14 different buildings, with Developer Sales dominating the market. Notable projects like Mahaavir Exotique and Sai World Empire led in terms of deals, with Sai World Empire achieving the highest-priced and largest carpet area apartment at Rs. 2.17 Crores for 1,058 square feet. The rate per square foot ranged from Rs. 7,770 to Rs. 33,600, with a weighted average rate of Rs. 13,500. Kharghar remains an affordable and thriving locality, with more than 60% of flats sold below Rs. 1 Crore.Read more

15 Dec 2023

Pune's property market in November 2023 witnessed a 6.7% YoY increase in registrations, totalling 14,607 units. Stamp duty collections for the month reached Rs 473 crores, contributing to a cumulative property value of Rs 13,342 crores. YTD registrations showed a robust 9.2% growth, with 137,217 properties registered. The upper segment, properties valued at Rs 1 crore and above, notably increased its market share from 9% to 13%. Central Pune dominated with a 77% market share in residential transactions. Homebuyers aged 30-45 years constituted the largest segment at 52%, indicative of Pune's robust end-user market.Read more

14 Dec 2023

The real estate sector has welcomed the Reserve Bank of India's decision to keep the repo rates unchanged at 6.5%, providing relief to homebuyers. The move ensures that homebuyers can continue to enjoy low-interest rates, supporting ongoing momentum in housing registrations. While some developers expressed a preference for a rate cut, the decision is seen as beneficial for both homebuyers and developers, ensuring that EMIs don't increase and the cost of capital remains consistent. The stable repo rates are expected to contribute to a stronger 2023, with housing sales projected to be higher than 2022.Read more

13 Dec 2023

Adar Poonawalla, India's "vaccine prince," is set to acquire London's Aberconway House for Rs 1440 crore, marking the year's priciest home sale in London. The 25,000 sq ft Mayfair mansion near Hyde Park, owned by Dominika Kulczyk, will serve as a guest house for Serum Life Sciences, the UK subsidiary of Poonawalla's Serum Institute of India (SII). This strategic purchase aims to facilitate global opportunities and events for SII. Despite the UK's housing market challenges, high-end London properties remain attractive to international buyers. Poonawalla, CEO of the world's largest vaccine producer, adds this prestigious acquisition to the family's significant investments in vaccine research and manufacturing facilities.Read more

13 Dec 2023

Kandivali West in Mumbai is a lively neighbourhood blending homes and businesses. It offers a mix of apartments and houses, making it attractive for families and professionals. November saw a rise in home transactions with 92 sales, reflecting the festive season buzz. Sangam Emporio Towers and Skylon Suburbia led with 5 deals each. Prices ranged from Rs. 11,000 to Rs. 30,000 per square foot. Most flats sold this month were below 500 square feet. With 95 percent of sales below Rs. 2 crores, it's clear that Kandivali West is an affordable choice, ideal for first-time buyers or those looking to upgrade.Read more

12 Dec 2023

Air India has finalized a lease agreement for 6.2 lakh sq ft in Gurgaon's E-Innovation Centre, Sector 75, at an annual rent exceeding Rs 60 crore. It has leased blocks B, C, and E for 21 years. The leases, featuring a 4% annual rent escalation, were registered on October 18, 2023. The property comes with 450 car parking spots. The developer will construct the facility, catering to Air India's pilot training needs. In the past few months, Air India leased 1,80,750 sq ft of office space in Vatika One on One in Gurugram and also has sold its Air India building at Nariman Point to the Maharashtra State Government.Read more