22 Jan 2024

The Dharavi Redevelopment Project Pvt Ltd (DRPPL), a joint venture between Adani Group and the Maharashtra Government, recently announced its eligibility criteria for free housing under the scheme. All those who can prove to be residents of Dharavi slums prior to 1 January, are eligible for free housing with a minimum size of 350 square feet, featuring independent kitchens and attached toilets. The rest of the residents will be accommodated across multiple land parcels across the city under the Navi Dharavi plan. Adani Group won the bid for the project in November 2023 and has since enlisted the likes of renowned architect Hafiz Contractor and international companies Sasaki and Buro Happold to executive the project.Read more

19 Jan 2024

Vratika Gupta, CEO and Founder of luxury home décor company Maison Sia, recently acquired a lavish home in Mumbai's renowned "Three Sixty West" skyscraper for Rs 116.4 crore. The condo spans 12,138 square feet and includes eight dedicated parking slots, with a stamp duty of Rs 5.82 crore. Gupta's new neighbours include actors Shahid Kapoor and Akshay Kumar. In 2023, the project made headlines for India's largest property deal when family members and associates of D'Mart founder Radhakrishna Damani purchased 28 units for a staggering Rs 1,238 crore. Other notable deals in the complex include Niraj Bajaj, the MD and Chairman of Mukand who paid Rs 120 crore for an apartment, the promoter of Everest Food Products Private Limited who invested Rs 73.50 crore in an apartment in October 2023 and Avener Capital and Bajaj Consultants acquired a duplex for around Rs 100 crore in March 2023.Read more

18 Jan 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced the "One Stand-alone Project: One MahaRERA Number" policy to combat developers obtaining multiple registration numbers for the same project, causing project delays. These multiple registrations led to difficulties in obtaining occupancy certificates and basic civic facilities for homebuyers. Ajoy Mehta, MahaRERA Chairman, emphasized the policy's aim to prevent delays and aid homebuyers. The order mandates promoters to submit a Declaration-cum-Undertaking, ensuring no existing registrations for the proposed project or any part of it. The policy seeks to streamline processes, avoid disputes, and protect stakeholders' interests and is to become effective immediately.Read more

17 Jan 2024

Bollywood icon Amitabh Bachchan has made a real estate investment by acquiring a 10,000-square-foot plot in The Sarayu, a luxurious 7-star mixed-use development in Ayodhya. Valued at Rs 14.5 crore, the move aligns with the development's official launch on January 22, coinciding with the inauguration of the Shri Ram Janmabhoomi Temple. Scheduled for completion by March 2028, The Sarayu, crafted by The House of Abhinandan Lodha, symbolizes Bachchan's confidence in Ayodhya's economic potential. Additionally, Bachchan has leased commercial units in Mumbai and generously gifted his Juhu bungalow to his daughter. These strategic real estate moves highlight a transformative period in India's cultural and economic landscape.Read more

16 Jan 2024

Nuvama Asset Management, the alternatives-focused arm of Nuvama Wealth Management Ltd., and global commercial real estate services firm Cushman & Wakefield have teamed up to launch a Category-II Alternative Investment Fund (AIF) with a target size of Rs 3,000 crore. The fund, named PRIME Offices Fund, is expected to have a tenure of six years and will invest in Grade-A office spaces across key micro markets in six major Indian cities, including Bengaluru, NCR, Pune, Mumbai, Chennai, and Hyderabad. The partnership aims to provide domestic investors with attractive opportunities in the commercial real estate market, focusing on Grade-A offices.Read more

15 Jan 2024

In 2023, Maharashtra Real Estate Regulatory Authority (MahaRERA) achieved a record-breaking completion of 3,927 housing projects. For three years from 2019 to 2021, each year has seen over two thousand housing projects being completed across Maharashtra, but 2022 was considerably lower at 1,749 projects, due to Covid-19 pandemic. The Konkan region led with 1,552 projects, followed by Pune Division (1,372), Nashik Division (500), Nagpur Division (318), Sambhaji Nagar (123), Amravati Division (56), and 6 projects in Daman Division. Chairman Ajoy Mehta emphasized MahaRERA's commitment to safeguard homebuyers' investments through measures like Micro Monitoring Cell, Quarterly Progress Reports, and three-level pre-registration scrutiny, which have played major roles in ensuring timely project completion.Read more

12 Jan 2024

The Maharashtra Coastal Zone Management Authority (MCZMA) has approved Salma Khan's proposal for a hotel construction in Bandra West, Mumbai, clearing a plan to demolish a deserted eight-storey building on a 990 sq-m plot owned by the Khans. The hotel, with a clear sea view, will consist of 19 floors, including a cafe, restaurant, gym, swimming pool, office, convention center and guest rooms. The proposed FSI area is 5933.77 sq meters, totaling 10,208.00 square meters of construction. Despite opposition due to the plot's location in CRZ-IA and CRZ II areas, the MCZMA cited 2019 CRZ regulations, municipal approvals, and NOCs for height restrictions as grounds for clearance. Presently, no construction has commenced on the plot.Read more

11 Jan 2024

Blackstone-backed Nexus Select Trust, the only mall focused REIT in India, is planning to add the R City Mall owned by Runwal Developers in Mumbai to its REIT portfolio. Runwal recently made a Rs 1000 crore buyout of Singapore's GIC stake and acquired full ownership of the mall. Nexus Seawoods in Navi Mumbai stands as Nexus Trust's only Mumbai asset and is thus seeking investment in premium malls like R City and enhancing their amenities, aligning with its strategy of strengthening Grade-A mall acquisitions across MMR. Anarock Retail's 2023 report ranks MMR Grade-A mall rentals, averaging Rs 358 – 396 per sq ft, as the highest among major cities.Read more

10 Jan 2024

MahaRERA has introduced comprehensive reforms in the Real Estate project registration process to address common issues in applications. The new system involves scrutiny by three independent teams - Finance, Legal, and Technical - to ensure the completeness of registration applications. Legal responsibilities include verifying ownership disputes, encumbrance certificates, court cases, and detailed developer information. Financial responsibilities require developers to disclose overall financial details and provide an up-to-date mortgage certificate. Technical inspection involves submitting the approved project plan, project Commencement Certificate, and various self-declarations. MahaRERA conducted a workshop to guide developers through the process, emphasizing the importance of consistency and complete documentation for a smooth registration process, prioritizing customer protection.Read more

09 Jan 2024

Macrotech Developers, commonly known as Lodha, is set to acquire a 100% equity stake in Pune-based Goel Ganga Ventures India, solidifying its presence in key Indian cities. The transaction, expected by January 15, will make Goel Ganga Ventures India a wholly-owned subsidiary. Macrotech recently completed the sale of its London projects, exiting the UK market to focus on Indian opportunities. Recently, Macrotech celebrated a successful pre-sales performance with a 12% YoY growth, reaching Rs 3,410 crore. With steady demand for quality homes, the company remains on track to meet its fiscal year sales target of Rs 14,500 crore.Read more