28 Nov 2023

NAREDCO Maharashtra is advocating for a reduction in premiums for affordable and other categories of housing in the state. President of NAREDCO Maharashtra, Sandeep Runwal, emphasized that such a move would support the government's "Housing for All" initiative by making home ownership more accessible to a broader segment of the population. Dr. Niranjan Hiranandani, Chairman of NAREDCO, acknowledged the challenges, particularly in Mumbai, where there is a cap of Rs 45 lakh for affordable housing. He urged the state government to consider re-pricing the affordable housing segment and increasing the cap to align with market rates.Read more

28 Nov 2023

The Maharashtra State Housing Minister, Shri Atul Save, recently announced plans to amend the Housing Policy, aligning with the 'Housing for All' vision. The objective is to ensure every citizen owns a home, utilizing initiatives like MHADA, SRA, and others. This initiative echoes the PM Awaas Yojana, focusing on affordable housing. The government prioritizes the real estate sector, aiming for increased investment and housing development in Mumbai and the state. The upcoming Housing Policy will address pending issues, streamline approvals through a one-window clearance, and encourage developer participation. The government is committed to providing ten lakh houses for the Low-Income Group (LIG) in the OBC category.Read more

28 Nov 2023

At the recent NAREDCO Maharashtra HOMETHON Property Expo 2023 in Mumbai, Deputy Chief Minister Shri Devendra Fadnavis addressed various real estate issues, including the high interest rate of 18% compounded annually charged by MHADA to developers. He acknowledged the industry's demand for reducing premiums and assured that the state government is working to address these concerns, emphasizing the government's commitment to improving conditions in the real estate sector. Fadnavis also praised the impact of MahaRERA in transforming the real estate industry and increasing buyers' faith by creating a genuine market with level-playing field conditions for developers following MahaRERA rules.Read more

25 Nov 2023

NAREDCO Maharashtra is gearing up for the second edition of the HOMETHON Property Expo 2023, India's largest real estate event at the JIO World Convention Centre, Bandra-Kurla Complex (BKC), Mumbai, from November 24 to 26, 2023. Following the remarkable success of last year's inaugural expo, this edition boasts an even greater developer presence. With prominent developers and leading housing finance companies giving attractive offers, the expo anticipates a revenue generation of Rs. 1000 crore for the finance companies, leveraging the post-Diwali surge in homebuyer sentiments.Read more

24 Nov 2023

Real estate couple Pronit Prem Nath and Amisha face allegations of defrauding actor Karishma Tanna's husband and TV host Samir Kochhar, along with real estate businessman Varun Bangera, of Rs 1.03 crore. The duo promised flats in Bandra, but after receiving payments, Nath reportedly concealed a bank loan on the property. Despite assurances, he reneged on the deal, prompting legal action. Nath allegedly sold the flats to a third party, leading to a police complaint and High Court involvement. Kochhar's legal efforts resulted in injunctive relief against Nath's attempts to create third-party rights.Read more

23 Nov 2023

NAREDCO Maharashtra is set to host the second edition of the HOMETHON Property Expo 2023, India's largest real estate event at the JIO World Convention Centre, BKC Mumbai, from November 24 to 26, 2023. Following last year's success, this edition will feature an even larger developer presence, with Riteish and Genelia Deshmukh as brand ambassadors. The three-day event will showcase 500 projects from 150+ developers, offering properties ranging from affordable to luxury housing with prices will range from Rs 20 lakhs to 15 crores. Leading developers like Hiranandani, Godrej, L&T, and finance companies including ICICI Bank and HDFC will participate, offering attractive home loan incentives.Read more

23 Nov 2023

Former district judge Mr. Ravindra Padmakar Rao Deshpande is appointed as the judicial member of MahaRERA. The decision for appointment was taken by the Maharashtra government and the oath was administered by Chairman Mr. Ajoy Mehta. With a career starting in 1995, Mr. Deshpande, residing in Ambajogai, Marathwada, has a B.Com from Ambajogai and an LL.B. from Ch. Sambhaji Nagar. He served at various judicial positions throughout his career and retired in March last year as the district judge-2 in Bhoom, Osmanabad. The judicial member's inclusion enhances MahaRERA's judicial perspective, now functioning at full capacity.Read more

22 Nov 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registration of 248 real estate projects for non-compliance with quarterly progress reports (QPRs). Out of the 700 projects registered in February 2023, 452 complied, while the rest faced suspension, with their bank accounts frozen. Prohibited from marketing and selling, these projects also risk agreement cancellations. MahaRERA has also issued notices to 224 projects registered in March, with a 30-day deadline for compliance. This regulatory move was initiated in January and it emphasizes quarterly reporting so as to ensure transparency. The stern action against non-compliance shows MahaRERA's commitment to customer empowerment and regulatory adherence in real estate.Read more

22 Nov 2023

Everest Food Products Pvt Ltd, renowned as Everest Spices, a leading Indian spice brand for over 52 years, spices-up its portfolio with its promoter acquiring a Rs 73.50 crore apartment in Mumbai's luxurious Three Sixty West project by Oberoi Realty. The high-rise project registered on October 30, is a part of Oberoi's 60-plus acquisitions in the luxurious development, previously making headlines for India's largest property deal in 2023.Read more

21 Nov 2023

Bollywood star Priyanka Chopra Jonas recently completed the sale of two penthouses spanning 2,292 square feet in Mumbai's Oshiwara area. The properties, located on the 9th floor of Karan Apartment Tower in Lokhandwala, Andheri, were sold for a total of Rs 6 crore. The smaller penthouse, covering 860 sq ft, was sold for Rs 2.25 crore, while the larger one, measuring 1,432 sq ft, fetched Rs 3.75 crore. Bollywood director, producer, and screenwriter Abhishek Choubey acquired these properties. The transactions were facilitated by Priyanka's mother, Madhu Chopra, and were registered on October 23 and 25. Priyanka and several other Bollywood stars have been actively involved in real estate dealings in the Oshiwara region.Read more