05 Feb 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken Suo Moto action against developers selling non-agricultural plots without registering projects. 41 promoters received show cause notices for advertising projects without MahaRERA registration. Of these, 21 are in Pune, 13 in Konkan, and 7 in Nagpur. The majority of violations have occurred in semi-urban or rural areas. MahaRERA treats plot projects just like residential buildings and therefore, all financial, legal, and technical aspects of the plots are scrutinized. Promoters must obtain approvals and adhere to civic standards for registration. MahaRERA Chairman Ajoy Mehta emphasized the importance of obtaining MahaRERA registration to safeguard real estate investments, urging caution against unregistered plot purchases.Read more

02 Feb 2024

CREDAI-MCHI's 31st property Expo, held at Jio World Convention Centre, showcased the resilience of India's real estate industry. President Dominic Romell and Ajmera Realty's Dhaval Ajmera expressed enthusiasm over the event's success. With a theme of "Zero is our Hero," offering a 6 percent discount through stamp duty and registration charge waivers, the Expo attracted over 24,000 homebuyers. Despite a recent interest rate hike, Romell noted stable demand. Ajmera highlighted the positive impact of government incentives and subsidies, citing the Expo's impressive INR 350 crores in sales. The event emphasized the robust demand for affordable housing and the pivotal role of government initiatives in shaping the real estate sector.Read more

01 Feb 2024

CREDAI-MCHI, the leading real estate industry body in the Mumbai Metropolitan Region (MMR), successfully organized the 31st edition of India's Largest Property Expo from January 26th to 28th, 2024. The prestigious event, held at the Jio World Convention Centre, attracted over 24,000 serious homebuyers and resulted in the sale of 185+ housing units, totalling INR 350 crores in transactions over three days. The Expo's theme, "Zero is our Hero," symbolized a 6 percent discount achieved by excluding stamp duty and registration charges. The Expo featured renowned builders, financial institutions, and offered a luxurious viewing experience with quick and easy registration. Entertainment and informative elements, including lucky draws, interactive AI, and government bodies' presence, enriched the overall experience for attendees.Read more

31 Jan 2024

Real estate giant Arihant Superstructures Limited is diversifying into hospitality with its project "World Villas," spanning 30 lakh sq. ft near Mumbai Trans Harbour Link and Navi Mumbai International Airport with an estimated revenue of Rs 3000 crore. With a focus on the Panvel area, the project includes a 221-key hotel, a sports club, and a gymkhana on 10.5 acres. The company aims for a diverse revenue stream, including membership fees, and plans for weddings, events, and accommodation in the hotel. This Rs 250 crore investment aligns with Arihant's commitment to meeting evolving customer needs. The trend of real estate giants diversifying into the hospitality sector is expected to continue growing due to rising demand and industry partnerships.Read more

30 Jan 2024

The Maharashtra state government is seeking approval from the Central government for the proposed amendments to the Registration Act 1908. The amendments seek to empower sub-registrars to scrutinize documents for violations of laws during registration. The amendments aim to address violations of real estate laws in registration of property documents. A circular issued earlier on the same lines was struck down by the Aurangabad bench of Mumbai High Court. The state has thus sought to amend the law itself. Critics, including the Avdhoot Law Foundation, express concerns about potential misuse of the additional powers. The proposal aligns with broader efforts to modernize real estate practices and regulatory standards in Maharashtra.Read more

29 Jan 2024

Samsung has inaugurated its premium store, Samsung BKC, in Mumbai's Bandra Kurla Complex, marking the company's first Online-to-Offline (O2O) store in India. Spanning 8,000 sq. ft, the store features eight lifestyle zones showcasing how Samsung products integrate into daily life. Samsung BKC offers over 1,200 product choices from an online digital catalogue, allowing exploration and pre-booking of the latest Galaxy S24 series. Beyond product displays, Samsung BKC will host Learn @ Samsung workshops and a Creator's Workshop for customization. This move positions Samsung as a strong contender in Mumbai's competitive tech retail landscape, challenging its biggest competitor Apple in Bandra Kurla Complex.Read more

26 Jan 2024

CREDAI-MCHI, the apex body of the real estate industry in the Mumbai Metropolitan Region (MMR), will host the 31st edition of India's Largest Property Expo this weekend. The event, held from January 26th to 28th, 2024, at the Jio World Convention Centre in BKC, features the theme "Zero is our Hero," highlighting the initiative of zero registration fees and zero stamp duty on home purchases. With over 1000 properties showcased by 100+ developers, the expo aims to make homeownership more accessible and affordable. Developers like Piramal Realty, Adani Realty, Raymond Realty, Dosti Realty, Rustomjee Group, Ajmera Realty & Infra India, L&T, and others will participate, along with financial institutions such as HDFC, SBI, Tata Capital, Bank of Baroda, ICICI Bank, Axis Bank, and more.Read more

25 Jan 2024

Global financial services firm BNY Mellon has finalized a pre-lease agreement with Prestige Group, securing nearly a million square feet of office space at Prestige Alphatech in Pune. The move is part of BNY Mellon's strategy to consolidate its multiple offices across the city into a single location. Spread over 16 floors, the office is expected to be operational by Q4 2024, enhancing BNY Mellon's real estate footprint in India to over 1.4 million square feet. The 15-year lease agreement, with a lock-in period, reflects BNY Mellon's commitment to elevating employee experience. The partnership with Prestige Group aligns with Pune's growing prominence in the BFSI sector, emphasizing the strategic significance of this real estate development.Read more

24 Jan 2024

Stock market investors Halan family has secured eight luxury apartments totalling 15,996 sq ft in Mumbai's Worli for Rs 103.98 crore. Purchased from K Raheja Corp's Raheja Modern Vivarea, the deal includes 16 parking spaces. The Halan family, with diverse holdings, paid over Rs 6 crore in stamp duty for the properties. Raheja Modern Vivarea is an under-construction project and offers unobstructed views of Mahalaxmi Racecourse and the Arabian Sea, drawing high-profile buyers in a vibrant real estate market. This transaction adds to the vibrant real estate landscape of Mumbai, and Raheja Modern Vivarea continues to be a sought-after address for high-profile buyers.Read more

23 Jan 2024

Apple is solidifying its presence in India with the inauguration of a 15-floor office in Bengaluru's Minsk Square, emphasizing its commitment to the market. The eco-friendly building, powered by renewable energy, accommodates 1,200 employees and features dedicated labs, collaboration spaces, and wellness areas. Apple's growth in India includes a 6% smartphone market share, surpassing Samsung globally, and a reported revenue of 50,000 crore rupees in FY 23. The company aims to boost iPhone production, targeting 50 million units in the next 2-3 years. Apple's FY 23 exports exceeded $5 billion, paving the way for potential expansion in manufacturing units in India.Read more