23 Aug 2024

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has referred 250 home possession cases to adjudicating officers in Lucknow and Gautam Budh Nagar to address developers' delays in property delivery. Of these, 130 cases are in Lucknow, and 120 are in Gautam Budh Nagar. UP-RERA Chairman Sanjay Bhoosreddy emphasised the need for swift resolution, empowering officers under Rule-24 of the UP-RERA 2018 regulations. Developers who fail to comply face penalties enforced through the district magistrate. This action aims to protect home buyers' rights, ensuring timely possession and restoring confidence in the state's real estate market.Read more

22 Aug 2024

The Supreme Court has instructed the Bombay High Court to audit the Maharashtra Slum Areas (Improvement, Clearance and Redevelopment) Act of 1971, following concerns about its effectiveness. On August 15, the High Court began suo motu proceedings led by Justice Girish S. Kulkarni to evaluate the Act's implementation. The review comes amid a backlog of 1,612 cases, with 135 unresolved for over a decade. The audit aims to address these challenges and explore new strategies for effective slum redevelopment and housing solutions.Read more

22 Aug 2024

Volkswagen Group Technology Solutions India has secured a five-year lease for 1.23 lakh square feet across three floors in the Hudson Block, Embassy Tech Zone, Pune. Starting with a monthly rent of INR 66.60 lakh, the lease includes a 15% rent escalation after three years and additional costs for maintenance and parking. This move, coupled with a four-month rent-free fit-out period, underscores Volkswagen's commitment to expanding its Indian operations. Amidst global economic challenges, the Indian office space market remains robust, with Global Capability Centres (GCCs) driving significant leasing activity and positioning India as a crucial tech hub.Read more

22 Aug 2024

MHADA has warned of a scam involving a fraudulent website mimicking its official portal for the 2024 housing lottery. The fake site, https://mhada.org, has misled users into making unauthorized payments, as reported by a victim who paid INR 50,000 under false pretenses. The real application process is through https://housing.mhada.gov.in. MHADA's CEO, Sanjeev Jaiswal, stresses the importance of using only verified channels and avoiding direct payments outside official procedures. With 2,030 flats available, applicants are urged to stay vigilant and report any suspicious activity to avoid falling victim to such scams.Read more

22 Aug 2024

Vanguard Group has acquired 1.14 crore units of Nexus Select Trust for INR 158 crore, representing a 0.75% stake, amid growing interest in India's REIT sector. This purchase, at INR 138.42 per unit, contrasts with Morgan Stanley's divestment of 78.41 lakh units for INR 108.47 crore. Nexus Select Trust, India's first retail-focused REIT, saw its units rise slightly to INR 138.01. This investment trend follows Blackstone's recent sale of 31.55 crore units for INR 4,354.90 crore and highlights increasing domestic and international confidence in India's retail real estate market.Read more

21 Aug 2024

Saugata Gupta, Managing Director and CEO of Marico, has purchased a luxury apartment in Mumbai's Worli area for INR 36.4 crore. The 4,372-square-foot residence, situated on the 24th floor of an exclusive project, cost INR 83,264 per square foot and includes five car parking spaces. The deal, finalised on July 29 with a stamp duty of INR 2.18 crore, highlights the ongoing boom in Mumbai's luxury real estate market. With over 10,000 property registrations per month in 2024 and a surge in high-value transactions, Mumbai remains India's most sought-after market for affluent buyers.Read more

21 Aug 2024

The Maharashtra government is finalizing a regional plan for New Mahabaleshwar in the Satara district, aimed at alleviating congestion in the existing Mahabaleshwar hill station. Managed by the Maharashtra State Road Development Corporation (MSRDC), the plan has expanded from 58 to 235 villages to integrate surrounding areas into a comprehensive development strategy. The initiative includes constructing nine-meter-wide roads and designated community zones, reflecting a modern infrastructure vision. However, environmentalists oppose the plan, citing risks to wildlife and biodiversity, particularly in forested areas. The forest department's involvement is pending, and local residents and environmentalists are concerned about balancing economic growth with environmental protection. The final development plan is expected to be unveiled soon.Read more

21 Aug 2024

The Slum Rehabilitation Authority (SRA) has introduced a significant enhancement to its services with the launch of online platforms for flat transfers and rent complaints. Previously, slum dwellers needed to physically visit the Authority or rely on middlemen, which was both time-consuming and susceptible to errors. This new initiative, spearheaded by Dr. Mahendra Kalyankar, CEO of SRA, allows residents to manage these processes online through the "Nagari Seva" portal. The move aims to streamline operations, prevent fraud, and offer a more accessible and efficient service experience.Read more

21 Aug 2024

MahaRERA has ordered that developers in Maharashtra submit a 'Quality Assurance Certificate' annually and publish it on their websites. This certificate will cover key aspects such as structural design, material quality, and safety measures. The move, enforced through the MahaRERA General (Amendment) Regulations, 2024, aims to enhance construction standards and developer accountability. By ensuring rigorous quality control and transparency, MahaRERA seeks to reduce the need for defect repairs and improve overall housing quality for homebuyers.Read more

20 Aug 2024

Suraksha Smart City has launched a new affordable housing lottery under the Pradhan Mantri Awas Yojana (PMAY), offering 1BHK units at an effective price of INR 19,99,999 after a government subsidy of INR 2.50 lakh. These units will be allocated on a first-come, first-served basis through the lottery system. Eligible buyers with an annual income up to INR 6 lakh will also benefit from a reduced stamp duty of INR 1,000. The project includes over 100 amenities and employs Precast Construction Technology. Located near Vasai Railway Station, it offers excellent connectivity and convenience within the Mumbai Metropolitan Region (MMR).Read more