10 Oct 2023

Seven people, including two minors, were killed and 51 were injured in a fire that broke out in a seven-storey residential Slum Rehabilitation Authority (SRA) building in Mumbai’s Goregaon West early on Friday. The incident has prompted the chief minister to order a fire audit of all SRA buildings. The BMC commissioner has set up a committee to inquire into the fire incident. Experts have highlighted the lack of fire safety in most slum rehab buildings in Mumbai and have called for the establishment of a dedicated authority within the BMC to conduct audits and ensure compliance with fire safety measures.Read more

07 Oct 2023

The Maharashtra State Housing Federation is championing amendments to the 1970 Apartment Ownership Act, aiming to expedite the redevelopment of older cooperative society apartments. A 15-member committee has already submitted recommendations to the state government, focusing on clearer definitions of common areas and empowering self-redevelopment. With 100,000 buildings under the Act and recent state cabinet approvals to tackle redevelopment obstructions, these changes could redefine urban housing in Maharashtra. The government's response is eagerly awaited.Read more

06 Oct 2023

Peyush Bansal, co-founder of Lenskart, recently grabbed headlines with his acquisition of a luxurious property in Delhi's prestigious Neeti Bagh area for Rs. 18 crore, which includes both the basement and ground floor of an opulent bungalow, spanning a total area of 939.4 sq m on a 680 sq m plot. In a parallel move, directors Meghna Dilip Bhanushali and Tummala Vipul Reddy of Metamor Software Solutions invested a substantial Rs. 48 crore in a residential property in Hyderabad's coveted Jubilee Hills, while Monish Darda, co-founder of Icertis, joined the trend by purchasing a lavish apartment in Mumbai's Juhu for Rs. 38 crore. These acquisitions mirror a growing pattern among billionaire tech entrepreneurs who are increasingly turning to significant real estate investments as a means to diversify their portfolios.Read more

05 Oct 2023

Mumbai based builder Vikas Oberoi and his wife Gayatri Oberoi were victims of a terrible road accident earlier this week, in Sardinia, Italy. Multiple publications have confirmed that both are safe and have not sustained any major injuries. Mr Oberoi was said to be driving with his wife in the passenger seat of a rented blue Lamborgini (Huracan Spider), which collided with a white camper van and a red Ferrari. They were partaking in the multi-day “Sardinia Supercar Experience” event when the incident occurred. A Swiss couple in the red Ferrari lost their lives, while the couple in the camper van are fine and recuperating in a nearby hospital.Read more

04 Oct 2023

Goregaon West, a thriving Mumbai suburb in the Mumbai Metropolitan Region (MMR), is a prime choice for professionals and families due to its strategic location along the Western Express Highway, offering excellent citywide connectivity. The area provides a diverse range of housing options, from upscale apartments to more budget-friendly residences. In a week spanning from September 25th to October 1st, 2023, Goregaon West recorded 16 transactions, highlighting its popularity. Leading the way, Chandak 34 Park Estate accounted for six deals, with Sunteck City 4th Avenue hosting the most expensive transaction at Rs 3.06 Crores. The area's real estate market is robust, attracting both homebuyers and investors.Read more

04 Oct 2023

There is never a dull moment in Mumbai’s real estate market landscape. Prop News Times brings you some of the most exciting deals real estate deals across the Mumbai Metropolitan Region this week: A 2,873 square foot carpet area residential apartment located on the 8th floor of the luxurious K Raheja Vivarea exchanged hands at a deal value of about Rs 18 crores at an approximate rate per square foot of Rs 62,400/-, a 713 square feet carpet area residential apartment on the 3rd floor of L&T Seawoods Residencies found a new buyer for Rs 1.68 crores at an approximate rate per square foot of Rs 23,600/- and a 366 square feet carpet area residential apartment was sold in Shraddha Palladium on the 8th floor of the building for a deal value of Rs 57.79 lakhs at an approximate rate per square foot of Rs 15,800/-Read more

03 Oct 2023

Asha Mukul Agarwal, a director at Param Capital, has reportedly purchased three luxury apartments in Malabar Hill for a total sum of Rs 260 crores. These apartments are located in a project being developed by Macrotech Developers.. The combined area of the three flats is said to be over 20,000 square feet, with two apartments on the 25th floor and one on the 24th floor. A stamp duty of approximately Rs 13 crores was paid for the registration of the agreements last month. The Lodha Malabar project is expected to be completed in June 2026. Other notable purchases in the same project include Niraj Bajaj's and the JP Taparia family's acquisitions. The demand for luxury residential properties in Mumbai remains strong, with the city leading in luxury transactions this year.Read more

03 Oct 2023

There is never a dull moment in Mumbai’s real estate market landscape. Prop News Times brings you some of the most exciting deals real estate deals across the Mumbai Metropolitan Region this week: A residential flat in Paradigm Antalya was sold for Rs 87.3 lacs. The flat was located on the 8th floor and its carpet area is approximately 411 square feet. The rate per square foot for the deal was approximately Rs 21,000/-, a residential flat spanning 844 square feet, situated on the 15th floor of a tower in Godrej Platinum complex was sold for Rs 2,85 crores, at an approximate rate per square foot of Rs 33,800/- and a 574 square foot residential apartment situated on the 27th floor of a tower in Arihant Clan Aalishan was sold for a sum of Rs 1.09 crores at an approximate rate per square foot of Rs 18,900/-.Read more

03 Oct 2023

Panvel, situated in Maharashtra's Raigad district, is emerging as a prime residential and commercial hub within the Mumbai Metropolitan Region (MMR). Its proximity to the proposed Navi Mumbai International Airport fuels its growth. With well-planned infrastructure, educational institutions, healthcare facilities, and excellent connectivity via road and rail networks, Pavel attracts residents from diverse backgrounds. In a bustling week from September 18 to 24, 2023, the real estate market saw 24 transactions. Notable projects like Hiranandani Fortune City Phase 1 and Wadhwa Wise City led the way. The area offers a range of affordable housing options, making it appealing to first-time buyers.Read more

30 Sep 2023

The top seven cities in India have experienced a historic surge in home sales, with 120,280 units sold from July to September, a 36% increase compared to the same period in the previous year. Mumbai Metropolitan Region (MMR) led the way with 38,500 units sold, marking a 46% increase from 2022. Pune and Bengaluru also witnessed substantial year-on-year jumps in sales of 63% and 29%, respectively. This surge in demand can be attributed in part to the RBI's decision to maintain a pause on the repo rate, stabilizing home loan interest rates. Additionally, there was a 24% increase in new housing unit launches during this period compared to the previous year, with 116,220 units launched.Read more