18 Nov 2023

Paresh Parekh and Vijay Parekh, directors at Suraksha Realty, recently acquired two luxury sea-facing apartments in Mumbai's Worli area for a combined Rs 100 crore. The high-end residences, located on the 26th and 27th floors of Naman Xena, offer 6,458 sq ft each. Despite elevated mortgage rates and property prices, Mumbai witnessed a staggering October with 10,566 property registrations, reflecting a strong demand and increased sales during the festive season.Read more

17 Nov 2023

The festive season in India, spanning Navratri to Diwali, brought a surge in property registrations in Mumbai, with a 30% YoY increase totalling 12,600 registrations and Rs 1,257 crores in revenue. Maharashtra Real Estate Regulatory Authority approved 823 projects, addressing challenges and ensuring a less than 4% customer complaint rate, emphasizing commitment to a stringent registration process. The impact highlights the positive influence of festivities on India's real estate market.Read more

16 Nov 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has achieved a significant milestone by recovering over Rs 133.56 crore in compensation from real estate developers who failed to deliver possession of apartments to homebuyers. Out of 1,053 warrants issued to recover Rs 627.70 crore, MahaRERA initiated recovery against 190 developers, marking one of the highest recoveries by any real estate regulator in the country. The authority's proactive approach in executing recovery orders sets a template for faster enforcement of Real Estate (Regulation & Development) Act, 2016 mandates, addressing concerns raised by homebuyers and their associations. MahaRERA is also proposing amendments for enhanced regulatory effectiveness.Read more

15 Nov 2023

Phoenix Mills, a leading retail mall developer and operator in India, has acquired 11 acres of land in Thane from Huhtamaki's Indian arm for Rs 429 crores. The acquisition, facilitated by Phoenix Mills' subsidiary Sparkle Two Mall Developers, is part of a strategic move for the development of a commercial project with office spaces in the Majiwada locality. Phoenix Mills has reported a 36% increase in net profit and a 34% growth in income from operations in the fiscal year 2023-24. The company is actively expanding retail destinations across major Indian cities and has a growing commercial office portfolio.Read more

14 Nov 2023

Bollywood actor Ranveer Singh has reportedly sold two residential apartments in Oberoi Realty’s Goregaon project, Oberoi Exquisite, for an alleged sum of Rs 15 crores. The properties, located on the 43rd floor, have a combined area of 2,600 square feet and were sold along with six parking slots. Singh is said to have purchased these apartments in 2014 with his mother. Bollywood actors, including Singh, often make headlines for their real estate purchases, reflecting the industry's trend of investing in real estate as a substantial part of their wealth management strategy.Read more

14 Nov 2023

The Maharashtra government approved the acquisition of Mumbai's iconic Air India building at Nariman Point for Rs 1,601 crore. The decision, made during a cabinet meeting, includes waiving around Rs 250 crore in unrealized income and interest on the property. With the government owning the land, the move aims to transform the building into the state's new office space, addressing space constraints following the 2012 fire at Mantralaya. The 23-storey building, designed by architect John Burgee, will provide essential office space for various departments, showcasing a forward-thinking approach to repurposing iconic structures and utilizing Mumbai's architectural legacy strategically.Read more

11 Nov 2023

NDTV has secured a lease for 1,28,000 sq ft in Max Square, a project by Max Estates Limited. Max Square has already leased out 50% of its office space within six months of its completion. Located on Noida Expressway, the development has a total leasable area of 700,000 sq ft, with New York Life Insurance Company as a 49% partner. The high demand for this premium space has led to a rental premium of 25%-30% over the prevailing market rate. Despite challenging financials in H1 FY24, Max Estates has strategically acquired land parcels, signaling its intent for potential future developments in the Delhi-NCR region.Read more

10 Nov 2023

Kinnteisto LLP, led by accomplished investor Rekha Jhunjhunwala, completes a significant real estate transaction in Mumbai. The acquisition includes over 1.94 lakh square feet of commercial office space in the prominent business areas of Bandra Kurla Complex (BKC) and Chandivali, valued at approximately 740 crore rupees. This comprises 1.26 lakh square feet in BKC's 'The Capital' and 68,195 square feet in Chandivali's Boomerang building. The properties were purchased from Wadhwa Group Holdings Pvt Ltd and Kanakia Spaces Realty Pvt Ltd, respectively. The acquisitions, part of Jhunjhunwala's long-term investment strategy, also provide access to 234 parking slots, enhancing their overall value.Read more

09 Nov 2023

Ipsita Dasgupta, the Managing Director of HP India, recently purchased a luxury apartment in Mumbai's prestigious Worli locality for over Rs 22.50 crore. She acquired the 2,964 sq ft flat on the 4th floor of the super-premium project, Raheja Artesia, from K Raheja Corp Homes. The deal, completed on October 26, includes exclusive access to three car parking slots. Notably, the same building has seen other high-value transactions with prices averaging around Rs. 1.25 lakh per sq.ft. Mumbai's property market remains robust, with over 1.04 lakh property registrations in the first ten months of 2023.Read more

08 Nov 2023

The Maharashtra government is aiming to improve the accuracy of Ready Reckoner (RR) rates in 2024 by implementing Geographic Information System (GIS) mapping for all land parcels. The GIS data, integrated with the registration website, will enhance the assessment of value zones before announcing RR rates. The mapping work, in collaboration with the Maharashtra Remote Sensing Application Centre (MRSAC), is in progress, covering 19 districts already. This geospatial technology will enable the administration to scientifically estimate RR value zones based on accurate property locations. Citizens will have access to RR rates and property information through a geoportal.Read more