09 Aug 2023

Amid mounting anticipation, MHADA Mumbai Housing Lottery 2023 applicants anxiously await the draw date. Initially set for July 18 but postponed due to an extended application deadline, MHADA officials promise to reveal the date soon. Over 120,000 valid entries vie for 4,082 flats in prime locations like Juhu and Andheri, with a colossal Rs 519 crore deposited as earnest money. Speculation on MHADA profiting from bank interest is dismissed. The flats encompass various categories, including PMJAY, EWS, LIG, middle-income, and high-income units. As excitement peaks, Mumbai's hopeful residents await crucial news that will impact both MHADA and the aspirants.Read more

09 Aug 2023

A recent joint report by Knight Frank and The Royal Institution of Chartered Surveyors (RICS) predicts a meteoric rise in India's construction sector, forecasting an output of $1 trillion by 2030. The expansion is expected to generate 100 million jobs, showcasing India's impressive economic resilience. The growth is driven by rising incomes, increasing domestic demand, and an evolving business landscape. Additionally, supportive government policies and substantial Foreign Direct Investment (FDI) are further bolstering this booming sector, emphasizing India's rapid infrastructural and real estate development.Read more

09 Aug 2023

K Raheja Corp, a prominent Real Estate conglomerate in India, has introduced its Women in Leadership Program, named "SHEROES: Expand your Potential." This initiative is aimed at enhancing the company's pool of women leaders and fostering gender parity. The program's initial phase involved a select group of 24 high-potential women from various sectors of the company, such as Mindspace Business Parks, Chalet Hotels, Inorbit Mall, and K Raheja Corp Homes. The comprehensive intervention comprised a 4-month intensive learning journey, including training sessions, group coaching, and practical assignments. The program was a collaborative effort, designed by the company's internal L&D team and InspireOne Consultants, and was executed by skilled trainers, external speakers, and image consultants.Read more

08 Aug 2023

The Kolhapur Municipal Corporation (KMC) has announced plans to provide new 270 sq ft homes at the same location for the families of Kamgar Chal, following the issuance of relocation notices due to the dilapidated condition of five buildings. While promising swift construction, the KMC has called for temporary evacuation and discontinued utilities from August 1. Some residents have voiced concerns over the plans and potential commercial exploitation of the vacated land, seeking reassurances that they will not be moved to the outskirts of the city.Read more

08 Aug 2023

More than 6,300 property owners in Bengaluru have filed objections to errors found in draft cards under the Urban Property Ownership Records (UPOR) project. The project, which aims to issue property cards for 25 lakh properties within BBMP limits, faced discrepancies including wrong property dimensions and name printing. Commissioner Manjunath acknowledged the issues but emphasized that the objections constitute less than 3% of the total cards issued. The officials are committed to correcting the errors in the final cards, with the remaining wards expected to be surveyed in the coming months.Read more

08 Aug 2023

The redevelopment of Malad Ganga Cooperative Housing Society in Mumbai's western suburbs met with a temporarily hurdle recently when minor society member filed a petition to halt the project on account of concerns of having to relocate their business establishments. The court ruled in favour of the redevelopment project and has allowing work to resume without interference. Mumbai has been witnessing a surge in housing society redevelopments projects with Bandra-Khar-Santacruz belt recording 780 projects in 2022. Recently, Kolte Patil inked a deal to redevelop two projects in Bangur Nagar in Goregaon and Kalpatru announced a redevelopment project in Borivali.Read more

07 Aug 2023

Civic bodies across India frequently organize e-auctions for plots, units, and shops to stimulate the real estate sector. These auctions offer opportunities to acquire properties at subsidized costs in prime locations. Bidders are required to pre-register and meet eligibility criteria before participating. The Uttar Pradesh State Industrial Development Authority (UPSIDA) is conducting an e-auction for industrial plots on August 10th, 2023. Other cities like Bhubaneswar and Hyderabad have also recently held e-auctions for shops and residential plots to attract businesses and home seekers.Read more

07 Aug 2023

An expert committee has proposed targeted measures to revive over four lakh stalled real estate projects across India, focusing on areas around Delhi and Maharashtra. The recommendations include a project-wise approach to insolvency, a four-year moratorium on payments in Noida, and specific provisions to safeguard home buyers' interests. Headed by G20 sherpa Amitabh Kant, the committee's initiatives aim to alleviate the burden on builders and expedite the possession process for homebuyers. With proposed amendments to the Insolvency & Bankruptcy Code, this move represents a vital step towards resolving a longstanding issue in the housing sector.Read more

07 Aug 2023

The late Bollywood legend Dilip Kumar's Pali Hill bungalow in Mumbai is set to be transformed into a luxury residential complex. The Ashar Group, who have teamed up with Kumar's family, will oversee the development, which will also feature a museum dedicated to the actor's life and career on the ground floor. Construction is underway, with completion expected well ahead of the 2027 delivery date. The anticipated revenue from the project is estimated at INR 900 crores. Legal hurdles that had previously stalled development have been resolved, clearing the way for this unique fusion of heritage and modern living.Read more

05 Aug 2023

In July 2023 property registrations in Mumbai are expected to reach 10,214 units, a 10% decline from last year, but revenue collection remains steady at INR 832 crores. Despite a dip in overall registrations, the luxury segment (properties valued at INR 1 crore and above) continues to thrive, accounting for 57% of the registrations. This sustained demand in the higher price segment, coupled with resilience against interest rate hikes, underscores the ongoing strength of Mumbai's residential market.Read more