19 Feb 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has partnered with the Advertising Standards Council of India (ASCI) to crack down on developers advertising projects without registration numbers and QR codes. The collaboration involves using Artificial Intelligence to identify such advertisements across various media platforms. MahaRERA Chairman, Mr. Ajoy Mehta, emphasized the importance of having a MahaRERA registration number and QR code in advertisements to ensure transparency and protect homebuyers' interests. This move aims to curb misleading advertisements and uphold RERA guidelines, which mandate registration for projects exceeding certain size thresholds. Homebuyers are encouraged to verify the presence of a registration number and QR code before investing in any real estate project.Read more

16 Feb 2024

Zomato CEO Deepinder Goyal has acquired two separate land parcels totaling 5 acres in Mehrauli Tehsil, New Delhi, for a combined sum of INR 79 crore. The first 2.5-acre plot was purchased for INR 29 crore in March 2023, followed by the second 2.5-acre parcel acquired for INR 50 crore in September 2023. The plots in the Dera Mandi village, Chhatarpur area, are attracting affluent buyers interested in farmhouses. A surge in demand for such properties post-COVID has seen prominent figures like JC Chaudhary and Jaguar investing in Delhi's farmhouse areas.Read more

15 Feb 2024

Strata, a real estate investment platform, has acquired Bangalore's iconic 11-storey Cafe Coffee Day Square on Vittal Mallya Road for INR 150 crore, expanding its Karnataka asset transactions to over INR 410 crore. The property boasts a total built-up area exceeding 100,000 sq. ft., with each floor averaging around 9,000 sq. ft. Strata, currently has over INR 1500 crore in AUM. The company has 34 assets spanning 3.7 million sq. ft. across India, attracting over 100,000 members and backed by major investors like Kotak and Mayfield India.Read more

14 Feb 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has witnessed a significant surge in website traffic, indicating improved access to reliable information. With a seven-fold increase in the last six months, MahaRERA prepares to launch its new portal, MahaRERA-CRITI, aiming to streamline home buying processes and enhance transparency. The website's redesign and added features, including simplified complaint filing and comprehensive project information, have contributed to increased user engagement. Chairman Ajoy Mehta emphasizes the importance of maintaining an updated and user-centric website to instil trust and credibility in the real estate sector, aligning with MahaRERA's goal of maximizing transparency and protecting consumer investments.Read more

13 Feb 2024

Axis Bank has secured a notable lease deal for office space in Mumbai's esteemed Parle Product Factory Compound, occupying over 81,300 square feet. The agreement encompasses three floors plus the base floor, with a monthly rental of INR 85.37 lakh and a five-year term starting February 1, 2024. A security deposit of around INR 5.12 crore was made, ensuring access to ample parking facilities for employees and clients. This deal reflects Mumbai's robust commercial real estate market, demonstrated further by recent agreements by Barclays Bank PLC, HDFC Bank, and the International Finance Corporation, underlining the city's pivotal role in India's economic growth.Read more

12 Feb 2024

The CREDAI-MCHI Thane's 'Home Utsav: Property 2024-Thane' expo, scheduled from February 16 to 19, 2024, aims to turn dreams into reality for home seekers in the Mumbai Metropolitan Region. Set at Raymond Ground, Pokhran Road No 1, Thane West, the expo will connect investors and home-buyers with Thane's leading real estate developers. Jitendra Mehta, President of CREDAI MCHI Thane, emphasized Thane's growth potential, showcasing it as a well-planned, green, and self-sustaining city offering diverse real estate options. The expo aims to demonstrate Thane's evolution into a global city, highlighting its excellent residential and commercial offerings.Read more

09 Feb 2024

Rikant Pittie, co-founder of EaseMyTrip, made headlines with his purchase of a INR 99.34 crore commercial property in Gurugram's Sector 32. The property spans 4,050 square meters near Rajiv Chowk and boasts a built-up area of 1,00,429 square feet. Pittie, known for transforming his teenage travel agency into EaseMyTrip.com, has become a major player in online travel. EaseMyTrip has seen remarkable growth and remains profitable since its inception in 2008. Pittie's latest acquisition reflects his commitment to expanding his business empire.Read more

08 Feb 2024

MahaRERA is leading the way to make better housing for retirees, proposing India's first regulations for retirement projects. These guidelines ensure seniors' access to necessary facilities and require developers to comply during construction. Concerns about misleading advertisements prompted this move, with many projects failing basic standards. MahaRERA's draft addresses this, echoing earlier Ministry guidelines. Builders like Tata Housing and Paranjape Schemes are already targeting affluent retirees. MahaRERA's draft emphasizes various aspects such as building design, safety, and accessibility. The initiative reflects a concerted effort to meet seniors' needs while preventing fraud, highlighting the evolving dynamics of society.Read more

07 Feb 2024

Ambika Chauhan Aibara, of Parle Products fame, recently acquired two lavish sea-view apartments in Mahalaxmi, Mumbai. Valued at over Rs 47.3 crore, these expansive units, spanning a combined 6,180 sq ft on the 24th and 25th floors of Raheja Modern Vivarea, reflect her confidence in the city's property market. This landmark development, covering a staggering 1 million sq ft and priced at approximately Rs 90,000 per sq ft, promises a top-tier living experience. The development, situated on reclaimed textile mill land, caters to Mumbai's affluent circles, adjacent to the renowned Raheja Vivarea.Read more

06 Feb 2024

Boney Kapoor's Bayview Projects LLP and Bhutani Group have won the bid to jointly develop the Film City project near Noida Airport. The project aims to create an integrated media infrastructure for the movie business value chain. Bayview secured the win with an 18% revenue-sharing offer to the UP government, beating competitors like T-Series, Akshay Kumar-backed Super Technobuild, and KC Bokadia's 4 Lions Films. With a moratorium of eight years, the developer will start paying 18% of gross revenue from the ninth year. The Film City, planned on 1000 acres, will include commercial and industrial zones, linked to Jewar Airport for enhanced connectivity. The project, valued at INR 1,510 crore, is expected to be completed in eight years, with a focus on incorporating advanced technologies for contemporary cinema.Read more