06 Jun 2025

In its latest pre-monsoon survey, Pimpri Chinchwad Municipal Corporation (PCMC) identified 82 structurally unsafe buildings, issuing emergency notices to mitigate potential monsoon hazards. This marks an improvement from 132 unsafe buildings flagged in 2024 and 125 in 2023, reflecting better compliance and proactive repairs by property owners. Of the 82 buildings, four require immediate demolition, eleven need urgent evacuation and repairs, sixteen need major repairs, and fifty-one need minor fixes. Nine previously unsafe buildings have already been repaired or demolished. PCMC is also acting on its own assets, recently demolishing a deteriorated civic school building. These annual surveys aim to prevent building collapses during heavy rains. PCMC urges all property owners to comply with safety notices promptly. Through vigilant monitoring and community cooperation, the civic body seeks to enhance public safety ahead of the monsoon season.Read more

06 Jun 2025

The Delhi government has taken a bold step to address rising air pollution levels by requiring anti-smog guns to be installed in high-rise structures taller than 45 meters. The directive, issued under the Unified Building Bye-Laws for Delhi 2016, applies to both new and existing projects. Developers have been instructed to incorporate these pollution-control measures during the construction phase itself. The requirement also extends to previously completed high-rises, reflecting the government's broadened approach to environmental compliance. The move comes amidst persistent air quality concerns and a push for stricter enforcement in the capital's real estate sector.Read more

06 Jun 2025

Dubai's real estate market saw a record-breaking monthly sales value of AED 66.8 billion earlier this week, which represents a nearly 50% increase over the same time last year. Transaction volumes remained robust, reflecting sustained demand and a maturing market. While the residential segment shows no signs of oversupply despite a large pipeline of upcoming units, certain neighbourhoods like Jumeirah Village Circle might experience short-term price adjustments. Conversely, the commercial office sector is grappling with a significant undersupply, pushing prices upward. The city's appeal as a global hub for high-net-worth investors continues to underpin its property market strength.Read more

06 Jun 2025

India's real estate sector could drive significant climate gains by adopting net-zero building practices, according to the NIUA-RMI report 'Build Right for the First Time.' The report estimates that integrating net-zero principles in new construction could cut up to 8 gigatons of CO? by 2050. Though this transition adds INR 4,566 per sq. m, benefits include lower emissions, reduced operational costs, and healthier living spaces. Developers like Signature Global and Krisumi Corporation are embedding sustainability through energy-efficient designs, low-carbon materials, and advanced cooling systems. Market demand for eco-friendly homes is growing, with certifications like EDGE and IGBC gaining traction. The report calls for supportive policies, incentives, and updates to the National Building Code. States like Gujarat and Maharashtra are leading the way with net-zero codes. As regulations evolve, India's real estate industry is poised to be a cornerstone of the nation's green transition.Read more

06 Jun 2025

The Navi Mumbai Municipal Corporation (NMMC) has intensified action against unauthorized construction in Airoli. Acting on the Municipal Commissioner's directives, the encroachment department demolished an illegally built RCC structure behind Vinita Apartments in Sector 20. Despite prior notices under Section 54 of the Maharashtra Regional and Town Planning Act, 1966, the builder continued work without approval. The operation involved demolition equipment, a specialized crew, and an on-site encroachment team. A penalty of INR 50,000 was also imposed on the violator. NMMC has announced that such enforcement will continue citywide to deter violations and uphold planned urban development. The move underscores NMMC's commitment to preserving Navi Mumbai's orderly infrastructure and protecting law-abiding residents. Ongoing vigilance will be key to sustaining the city's growth and urban integrity.Read more

06 Jun 2025

Signature Global is set to invest approximately INR 4,000 crore during the current financial year to acquire land and fuel construction activities across its residential projects in Gurugram. The company had allocated INR 1,070 crore in the past year towards acquiring 48 acres in Gurugram. Of the upcoming capital deployment, INR 1,200-1,500 crore will be used for land acquisition, while INR 2,500 crore has been earmarked for construction. The firm reported robust sales bookings of INR 10,290 crore during the last fiscal and is targeting INR 12,500 crore in the current one. Signature Global's strong financials reflect a significant rise in profitability and income, marking its ascent among India's top five listed real estate firms.Read more

06 Jun 2025

India's real estate growth is shifting beyond metros, according to BHARAT 2030: The Silent Surge of Tier-II and Tier-III Cities, a report by CII's Ashwinder R. Singh. Cities like Raipur, Belagavi, Salem, Udaipur, Aurangabad, and Ayodhya are emerging as key growth hubs. Driven by rising aspirations, better connectivity, and reverse migration, these regions are becoming vibrant economic centres. Infrastructure-expressways, airports, and metro networks-is now preceding real estate growth. Sectors like EV manufacturing, warehousing, and health-tech are spurring demand for housing. The report urges developers to invest early in affordable housing, plotted developments, and townships. It highlights opportunities for investors beyond traditional markets, supported by local government incentives. This shift promises a more balanced, inclusive urbanisation, with smaller cities poised to shape India's INR 10 lakh crore real estate economy by 2030.Read more

06 Jun 2025

Portugal has been identified as the top international destination for Americans seeking a fresh start abroad, as revealed by a recent Expatsi survey of over 116,000 respondents. The desire for adventure, personal enrichment and growth ranked highest among motivators, with two-thirds of participants expressing intent to relocate within the next couple of years. Portugal's Algarve region stood out for its sunshine, outdoor lifestyle, affordable living, English-friendly services and accessible visa options. Kronos Homes spotlighted several prime real estate offerings in the Algarve, appealing to both digital nomads and retirees eager to make the move.Read more

05 Jun 2025

Gujarat Real Estate Regulatory Authority (GujRERA) has launched a state-wide crackdown on developers violating RERA by promoting and accepting pre-registration bookings. The authority reiterated that projects must obtain RERA registration before any marketing or bookings, to protect buyers and ensure transparency. Alongside enforcement, GujRERA has introduced new marketing guidelines, effective mid-June. Developers must now display their Unique RERA registration number and a QR code from the RERA certificate on all promotional materials-including brochures, booking forms, print, digital, and video ads. In videos, the QR code must appear for at least three seconds; audio ads must clearly mention the RERA number. Non-compliance could result in penalties of up to 5% of the project's estimated construction cost under Section 63 of the Act. GujRERA's measures aim to foster trust, accountability, and stricter compliance across Gujarat's real estate sector.Read more

03 Jun 2025

In a key ruling, the Maharashtra Real Estate Appellate Tribunal (MREAT) held that a developer cannot deny a homebuyer refund solely due to the absence of a registered sale agreement. The case involved a UAE-based NRI who booked an INR 84 lakh apartment in Panvel in 2013, paying INR 26 lakh. After construction delays, the buyer sought a refund under Section 18 of RERA. MahaRERA had dismissed the claim in 2020, citing no formal agreement. MREAT overturned this, recognising the 26-page booking form as a valid agreement reflecting mutual consent. The tribunal also noted the developer's non-compliance with Section 11(3) by not specifying possession dates. MREAT ordered a refund with interest, reinforcing that buyers' rights are protected beyond technical formalities. This ruling strengthens consumer protection and transparency in Maharashtra's real estate market.Read more

03 Jun 2025

Vizianagaram district, Andhra Pradesh, faces delays in completing nearly 6,924 of 11,000 Pradhan Mantri Awas Yojana (PMAY) homes. Despite additional government funding, many beneficiaries have not begun construction. Authorities suspect some recipients already own homes and have ordered verification visits to cancel ineligible allotments. At a recent review meeting, District Collector Dr. B.R. Ambedkar highlighted slow progress, especially in Bobbili and Vizianagaram urban areas, citing issues like water shortages and borewell theft. Officials were directed to operationalise borewells within two days and launch door-to-door awareness campaigns on available financial support. Daily construction targets and weekly progress reviews have also been mandated. Additionally, 4,096 new housing applications and 2,500 manual applications will undergo eligibility verification. The district aims to ensure timely completion of PMAY homes and deliver affordable housing to all eligible beneficiaries through focused verification and improved infrastructure.Read more

03 Jun 2025

A Delhi sessions court has recently instructed the police to register a First Information Report (FIR) against Parsvnath Developers Ltd for failing to deliver a commercial property in Rohini Sector 10, 17 years after payment. The complainant, Amrit Pal Singh Malhotra, had paid INR 33.5 lakh in 2007 with a promised possession timeline of 30 months, but the property was never handed over. The developer allegedly stopped responding post-payment and issued a refund cheque years later, which reportedly bounced. This latest action marks the eighth such FIR against the company for similar delays and defaults.Read more

03 Jun 2025

In a bid to address escalating housing costs, the German government has extended its rent control law, known as the Mietpreisbremse, through 2029. Originally enacted in 2015, this legislation limits new rental prices in urban areas to no more than 10% above local comparable rates. The extension aims to alleviate the housing shortage exacerbated by increased immigration and rising construction costs. While tenant advocacy groups support the move, citing the need for affordable housing, property industry leaders argue that the measure could deter investment and hinder new construction, potentially worsening the housing crisis. The debate underscores the challenge of balancing tenant protections with the need to stimulate housing development.Read more

03 Jun 2025

The Brihanmumbai Municipal Corporation (BMC) rcently confirmed that property tax rates have not increased; the rise in tax bills stems from updated ready reckoner (RR) rates for FY 2025-26. RR rates, revised for the first time in a decade, set minimum property values for taxation. An average 15.89% uptick in tax bills is also due to a statutory capital value revision under Section 154(1)(c) of the Mumbai Municipal Corporation Act-last updated in 2015, with the 2020 revision delayed due to COVID-19. The BMC also announced a temporary suspension of solid waste management fees after intervention by Maharashtra's Chief Minister and Deputy CM. Residential units under 500 sq. ft. remain exempt from property tax. As civic elections approach, property tax policies and enforcement could become a key issue, with public focus on fairness and accountability in Mumbai's civic administration.Read more

03 Jun 2025

Pharma tycoon Leena Gandhi Tewari made headlines recently for paying an incredible INR 639 crore for two duplex apartments with a view of the sea in Mumbai's affluent Worli neighborhood. The acquisition, inclusive of stamp duty and GST, brought the total transaction value to approximately INR 703 crore, establishing it as the most expensive residential property deal in India to date. Located within the ultra-premium Naman Xana tower, the 22,572 sq. ft. apartments reflect a growing trend among ultra-rich individuals particularly from the pharma sector towards high-end residential investments in the financial capital.Read more