22 Nov 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registration of 248 real estate projects for non-compliance with quarterly progress reports (QPRs). Out of the 700 projects registered in February 2023, 452 complied, while the rest faced suspension, with their bank accounts frozen. Prohibited from marketing and selling, these projects also risk agreement cancellations. MahaRERA has also issued notices to 224 projects registered in March, with a 30-day deadline for compliance. This regulatory move was initiated in January and it emphasizes quarterly reporting so as to ensure transparency. The stern action against non-compliance shows MahaRERA's commitment to customer empowerment and regulatory adherence in real estate.Read more

22 Nov 2023

Everest Food Products Pvt Ltd, renowned as Everest Spices, a leading Indian spice brand for over 52 years, spices-up its portfolio with its promoter acquiring a Rs 73.50 crore apartment in Mumbai's luxurious Three Sixty West project by Oberoi Realty. The high-rise project registered on October 30, is a part of Oberoi's 60-plus acquisitions in the luxurious development, previously making headlines for India's largest property deal in 2023.Read more

21 Nov 2023

Bollywood star Priyanka Chopra Jonas recently completed the sale of two penthouses spanning 2,292 square feet in Mumbai's Oshiwara area. The properties, located on the 9th floor of Karan Apartment Tower in Lokhandwala, Andheri, were sold for a total of Rs 6 crore. The smaller penthouse, covering 860 sq ft, was sold for Rs 2.25 crore, while the larger one, measuring 1,432 sq ft, fetched Rs 3.75 crore. Bollywood director, producer, and screenwriter Abhishek Choubey acquired these properties. The transactions were facilitated by Priyanka's mother, Madhu Chopra, and were registered on October 23 and 25. Priyanka and several other Bollywood stars have been actively involved in real estate dealings in the Oshiwara region.Read more

18 Nov 2023

Paresh Parekh and Vijay Parekh, directors at Suraksha Realty, recently acquired two luxury sea-facing apartments in Mumbai's Worli area for a combined Rs 100 crore. The high-end residences, located on the 26th and 27th floors of Naman Xena, offer 6,458 sq ft each. Despite elevated mortgage rates and property prices, Mumbai witnessed a staggering October with 10,566 property registrations, reflecting a strong demand and increased sales during the festive season.Read more

17 Nov 2023

The festive season in India, spanning Navratri to Diwali, brought a surge in property registrations in Mumbai, with a 30% YoY increase totalling 12,600 registrations and Rs 1,257 crores in revenue. Maharashtra Real Estate Regulatory Authority approved 823 projects, addressing challenges and ensuring a less than 4% customer complaint rate, emphasizing commitment to a stringent registration process. The impact highlights the positive influence of festivities on India's real estate market.Read more

16 Nov 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has achieved a significant milestone by recovering over Rs 133.56 crore in compensation from real estate developers who failed to deliver possession of apartments to homebuyers. Out of 1,053 warrants issued to recover Rs 627.70 crore, MahaRERA initiated recovery against 190 developers, marking one of the highest recoveries by any real estate regulator in the country. The authority's proactive approach in executing recovery orders sets a template for faster enforcement of Real Estate (Regulation & Development) Act, 2016 mandates, addressing concerns raised by homebuyers and their associations. MahaRERA is also proposing amendments for enhanced regulatory effectiveness.Read more

15 Nov 2023

Phoenix Mills, a leading retail mall developer and operator in India, has acquired 11 acres of land in Thane from Huhtamaki's Indian arm for Rs 429 crores. The acquisition, facilitated by Phoenix Mills' subsidiary Sparkle Two Mall Developers, is part of a strategic move for the development of a commercial project with office spaces in the Majiwada locality. Phoenix Mills has reported a 36% increase in net profit and a 34% growth in income from operations in the fiscal year 2023-24. The company is actively expanding retail destinations across major Indian cities and has a growing commercial office portfolio.Read more

14 Nov 2023

Bollywood actor Ranveer Singh has reportedly sold two residential apartments in Oberoi Realty’s Goregaon project, Oberoi Exquisite, for an alleged sum of Rs 15 crores. The properties, located on the 43rd floor, have a combined area of 2,600 square feet and were sold along with six parking slots. Singh is said to have purchased these apartments in 2014 with his mother. Bollywood actors, including Singh, often make headlines for their real estate purchases, reflecting the industry's trend of investing in real estate as a substantial part of their wealth management strategy.Read more

14 Nov 2023

The Maharashtra government approved the acquisition of Mumbai's iconic Air India building at Nariman Point for Rs 1,601 crore. The decision, made during a cabinet meeting, includes waiving around Rs 250 crore in unrealized income and interest on the property. With the government owning the land, the move aims to transform the building into the state's new office space, addressing space constraints following the 2012 fire at Mantralaya. The 23-storey building, designed by architect John Burgee, will provide essential office space for various departments, showcasing a forward-thinking approach to repurposing iconic structures and utilizing Mumbai's architectural legacy strategically.Read more

11 Nov 2023

NDTV has secured a lease for 1,28,000 sq ft in Max Square, a project by Max Estates Limited. Max Square has already leased out 50% of its office space within six months of its completion. Located on Noida Expressway, the development has a total leasable area of 700,000 sq ft, with New York Life Insurance Company as a 49% partner. The high demand for this premium space has led to a rental premium of 25%-30% over the prevailing market rate. Despite challenging financials in H1 FY24, Max Estates has strategically acquired land parcels, signaling its intent for potential future developments in the Delhi-NCR region.Read more