13 Dec 2023

Adar Poonawalla, India's "vaccine prince," is set to acquire London's Aberconway House for Rs 1440 crore, marking the year's priciest home sale in London. The 25,000 sq ft Mayfair mansion near Hyde Park, owned by Dominika Kulczyk, will serve as a guest house for Serum Life Sciences, the UK subsidiary of Poonawalla's Serum Institute of India (SII). This strategic purchase aims to facilitate global opportunities and events for SII. Despite the UK's housing market challenges, high-end London properties remain attractive to international buyers. Poonawalla, CEO of the world's largest vaccine producer, adds this prestigious acquisition to the family's significant investments in vaccine research and manufacturing facilities.Read more

13 Dec 2023

Kandivali West in Mumbai is a lively neighbourhood blending homes and businesses. It offers a mix of apartments and houses, making it attractive for families and professionals. November saw a rise in home transactions with 92 sales, reflecting the festive season buzz. Sangam Emporio Towers and Skylon Suburbia led with 5 deals each. Prices ranged from Rs. 11,000 to Rs. 30,000 per square foot. Most flats sold this month were below 500 square feet. With 95 percent of sales below Rs. 2 crores, it's clear that Kandivali West is an affordable choice, ideal for first-time buyers or those looking to upgrade.Read more

12 Dec 2023

Air India has finalized a lease agreement for 6.2 lakh sq ft in Gurgaon's E-Innovation Centre, Sector 75, at an annual rent exceeding Rs 60 crore. It has leased blocks B, C, and E for 21 years. The leases, featuring a 4% annual rent escalation, were registered on October 18, 2023. The property comes with 450 car parking spots. The developer will construct the facility, catering to Air India's pilot training needs. In the past few months, Air India leased 1,80,750 sq ft of office space in Vatika One on One in Gurugram and also has sold its Air India building at Nariman Point to the Maharashtra State Government.Read more

09 Dec 2023

Chakan in Pune, known as the 'Detroit of India,' has been the country's auto hub and has now emerged as the driver for robust residential and real estate growth. Chakan hosts major players like Tata Motors, Bajaj, Volkswagen and Mercedes-Benz. Chakan's strategic location, well-connected infrastructure, and proximity to key industrial areas contribute to its attraction for both residents and businesses. Of all properties, 58% are available in the range of Rs20Lac - Rs40Lac and the 1 BHK configuration is the most sought after. Rental properties are also growing in demand, with the rent range of 5-10K being most sought-after. As more investors recognize Chakan's potential, property prices are expected to rise, promising attractive returns in this rising economic powerhouse.Read more

08 Dec 2023

The results of the third exam for real estate agents conducted by Maharashtra Real Estate Regulatory Authority (MahaRERA) in the immovable property sector were announced on December 7, with 89% of the 4954 candidates passing. With 4461 candidates successful, 3803 are male and 658 females. Two candidates aged 80 and above add uniqueness to the results. MahaRERA has mandated the exam to certify and train the real estate agents and keep the agents informed to bring in awareness and uniformity in the sector. The deadline for obtaining certifications for all agents is January 1, 2024.Read more

07 Dec 2023

In a significant development in the Indian real estate market, both property buyers and sellers are now required to link their Aadhaar with their PAN card. Failure to do so can result in a substantial increase in the tax rate on property sales, jumping from 1% to 20%. The Income Tax department has initiated the process by sending notices to buyers of properties over Rs. 50 lakhs, emphasizing the importance of this digital connection. According to the Income-Tax Act, buyers in transactions exceeding Rs 50 lakhs must pay 1% TDS to the Central Government, making it crucial for both parties to ensure compliance to avoid financial penalties. The recent enforcement serves as a reminder of the evolving dynamics and financial implications of Aadhaar-PAN linkage in property transactions in India.Read more

06 Dec 2023

Despite fewer working days in November, property registrations in Mumbai rose 8% YoY to 9,713 units, contributing over Rs. 711 crores to the state exchequer. Factors such as rising incomes, positive homeownership outlook, festive discounts, and attractive home loan offers drove this success. While November's registrations dipped from October, the overall trend remains positive, with a 10% YoY rise, and stamp duty revenues likely to surpass Rs. 10,000 crores for the first time. Prime property prices saw a 6.5% YoY increase in Q3 2023, contributing to Mumbai's sustained housing sales momentum.Read more

05 Dec 2023

MahaRERA, aiming to boost real estate developer accountability, has introduced the consultation paper for robust quality assurance. As per MahaRERA, during the defect liability period, which is 5 years after possession, any structural issues must be rectified by builders at no cost. The proposed mechanism ensures that any such defect is registered by the developers, and its rectification is verified by third-party agencies selected by MahaRERA, ensuring a transparent and comprehensive project inspection. Developers adopting this benchmark will be published on MahaRERA's site, and all the reports regarding individual projects will also be available on the website. This would go a long way in addressing the issue of quality in the real estate sector.Read more

05 Dec 2023

MahaRERA's Conciliation Benches, designed to streamline homebuyers' complaint resolutions, have successfully addressed concerns from 1343 individuals. Currently, 52 state-wide benches are handling hearings for 876 cases in key locations like Mumbai, Pune, Thane, Nashik, Nagpur. Committed to prioritizing complainants' rights, these benches are gaining traction among those seeking redressal. The Conciliation Bench is recommended as an option and cases proceed to these benches upon mutual agreement. These benches decide on complaints within 60 days which extends to 90 days in some cases. The emphasis on the serviceability of the complaint resolution process and a customer-centric approach by Maharashtra RERA continues to yield positive responses from stakeholders.Read more

02 Dec 2023

Residents of Hiranandani Gardens in Powai are mobilizing to oppose Canadian real estate company Brookfield Properties' plan to replace the Citipark building with a mega mall. The proposed 18-storey tower in the bustling Central Avenue has raised concerns about increased congestion, worsened traffic during peak hours, and potential dust and noise pollution during construction. Residents also lament the diminishing green cover, signalling a broader transformation from a predominantly residential to a more commercialized neighbourhood. While Brookfield Properties claims efforts to increase green cover, residents are forming an official forum to voice concerns, even as the mall proposal awaits BMC approval.Read more