Category Archives: Real Estate News

India Real Estate News

UP’s real estate market will continue with investments of Rs 50,000 crore.

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The state government stated on its website that these real estate projects, which include vital works in Noida, Ayodhya, were introduced during the just-finished ground-breaking ceremony in Lucknow.

The government of Uttar Pradesh announced on Thursday that the state would experience a boom in the real estate industry with the start of projects valued at over Rs 50,000 crore, which will also lead to the creation of many jobs for the state’s youth.

The state government said in a statement that these real estate projects, which include major construction in Noida and Ayodhya, were introduced during the just-finished ground-breaking ceremony in Lucknow. 

Numerous well-known real estate companies, both domestically and internationally, have started working on projects in Uttar Pradesh. M3M India Private Limited plays a role in the project, investing Rs 7,500 crore in building official, retail, residential, and service apartments. More than 14,000 jobs will be available through the project for the state’s youth, according to the statement. 

Additionally, it stated, “With an investment of Rs 3,000 crore, the House of Abhinandhan Lodha has initiated a luxury residential and commercial real estate project in Ayodhya, which is to create over 1,000 job opportunities.”

In addition to Omex, Prateek Retailers India, Wonder Cement, Shipra Estate, Rishita Developers, Gallant Lifespace Developers, ANS Developers, SG Estate, ORO Infra Developers LLP, Guy Laroche, Sanfran Developers, Janico Developers, Apex Group, BBD Group Viraj Constructions, Gajadhar Technosys LLP, Amamrvati Homes, Nilansh Builders, and Sapphies Infrastructures LLP are among the other significant investors in real estate sector, according to the statement.  

“These real estate projects will provide Uttar Pradesh’s youth with numerous employment opportunities,” the government declared.

The government, noting that several well-known companies have implemented projects in the state through GBC 4.0, is optimistic about the logistics sector providing plenty of job opportunities to the youth of Uttar Pradesh in addition to real estate. 

The Sharaf Group is the largest investor, contributing over Rs 1,250 crore towards building a logistics park in the Moradabad district. According to the release, the project will generate more than 1,250 job opportunities in the state. 

According to the statement, the government approved the Warehousing and Logistics Policy to increase the state’s storage capacity in light of rising industrial investment in Uttar Pradesh.  

It also stated, “This policy encouraged the development of logistics zones and provided fast-track land allocation for logistics parks.” 

Five things to be aware of in the Bengaluru real estate market if you intend to rent an apartment there

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Thirty percent rent increases in specific parts of Bengaluru have caused the city’s rental inflation to exceed that of Singapore. 

Over the last few months, rent in Bengaluru has risen by over 20% to 30% due to several companies abandoning work-from-home policies, which has caused the “floating” employee population to return to their offices from their hometowns. As a result, there are right now far too many renters vying for a limited number of properties. Additionally, there have been cases where over four potential tenants have competed for the same property. Due to this, the IT city’s rental inflation has reached nearly 24%, making it competitive with other major cities like Singapore. 

Tenants in a city bereft of rental properties have been finding it difficult to comply with landlords’ constantly shifting demands; some have even gone so far as to look up potential tenants’ LinkedIn profiles. Additionally, there have been cases where real estate agents have given tenants have even jokingly said that it is harder to pass a “rental” interview than it is to pass a job interview. 

India’s average rental inflation rate now exceeds that of Singapore and Dubai. In Singapore, the average annual rental inflation has been approximately 29%, while in Dubai, it has been 20%. According to a NoBroker study, certain areas of large cities, like Bengaluru, are seeing exponential rent increases of 30% and higher. 

According to a report by Anarock Group, residential rent in India’s IT hub has increased by as much as 31%. “Rents will rekindle in the January to March 2024 rental market as Indians typically relocate in search of better job opportunities and amid increased hiring in the new fiscal year,” the report stated. 

The opening of Bengaluru offices has significantly increased demand for real estate near IT parks and office clusters. Additionally, there is a rise in demand for homes along these connectors as the new metro corridor comes online.

Properties near metro stations in the IT city have seen a 15-18% increase in rent due to increased demand. 

“Over the past year, Bengaluru has seen a sharp increase in housing rentals. According to Akhil Gupta, co-founder and chief executive and technology officer of NoBroker, “the average rent inflation to the IT capital has been 24%, with rent inflation reaching 30% in certain parts of the city.

A further trend is an increase in demand for rentals in areas that are accessible by metro but are not always close to office buildings.  

The mandate requiring employees to return to their workplaces has resulted in a notable departure of individuals, thereby augmenting the need for residential real estate. The need to purchase a home and the pandemic’s effects on supply and demand have raised demand for residential properties. Rents and prices have increased as a result, according to Gupta. 

He also mentioned how Mumbai’s metro connectivity has led to rental prices that are significantly higher than those of most other cities. It would be unfair to compare Bengaluru to Mumbai or Delhi because of how better connected these cities’ metro areas are.  

Metro connectivity is highly beneficial, as the IT city is known for having a lot of traffic. According to our annual report, Bangalore has experienced the highest rate of rent inflation thus far this year. 

According to him, there has been a 7-10% increase in rental inflation in the areas close to the metro line. 

One notable connection is the Metro corridor, which runs from the western city of Kengeri to the eastern IT corridor of Whitefield. 

According to Kiran Kumar, vice president of Hanu Reddy  Realty in Bengaluru, rentals in East and North Bengaluru have increased dramatically since the Metro opened for business. Desirable areas like Whitefield, Koramangala, and Indiranagar along the purple line have seen a 20% increase in rental prices.

Previously renting for Rs 30,000 per month, a 2BHK next to the Indiranagar Metro corridor now fetches Rs 45,000. Rent for a 5BHK independent bungalow is Rs 3 lakh per month. Last year, the rent was approximately Rs 1.9 lakh per month. Compared to approximately 70,000 per month last year, a 3BHK in a gated community in the same area now commands rents between Rs 80,000 and Rs 1 lakh per month. A 1-BHK apartment without a parking lot for Rs 10,000 a month is now renting for Rs 22,000.

Rental prices have increased in areas along the metro corridor because of better metro connectivity between the east and the north. Because there are fewer properties than there is demand for them, people are willing to pay higher rent for properties near the Metro, according to him. 

In Whitefield (located close to the IT corridor) as well, a 3BHK is going for Rs 50,000 to Rs 70,000 per month, and a 3 BHK villa that was going for around Rs 80,000 before the metro became operational today commands a rent of around Rs 1.5 to almost 2 lakh, he told HT Digital.  

Are rent negotiations tough for tenants? 

Looking at the rental market, it is still more in demand than it is in supply. The goal of tenants in gated communities is to obtain lovely residences. Therefore, even at high rentals, there are still a lot of takers in gated communities. There is hardly any time for negotiations because deals are closing so quickly. Consequently, Gupta said, “There is always another tenant waiting, willing to pay higher, even though tenants may want to negotiate.”

Has the cycle of rental deal closure gotten longer or shorter? 

The inventory shortage has resulted in a significantly shorter transaction timeline. Deals have closed in as little as one day on occasion. Tenants are inspecting the property before the weekend even arrives, Gupta says.

New draft notification

Prospective tenants should be aware that the city’s governing body for civic and infrastructure, Bruhat Bengaluru Mahanagara Palik (BBMP), is getting ready to introduce a value-based property tax on April 1. Property owners may pay twice as much in taxes on rental properties under the new system as on owner-occupied properties. It could put more pressure on tenants’ high rents because of the mismatch between supply and demand. 

SC mandates that Lodha reimburse the homebuyer Rs 2.25 crore plus interest for the delivery delay.

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The Supreme Court ruled on November 9, 2022, to overturn the order of the National Consumer Disputes Redressal Commission (NCDRC). The order also mandated that the developer repay the Rs 2.25 crore deposit within a year and pay simple interest at 12% annually. 

The Supreme Court has ordered Lodha Crown Buildmart, a division of the publicity, traded real estate company Macrotech Developers (Lodha), to reimburse a homebuyer for Rs 2.25 crore within a year and to add a 12 percent annual simple interest rate. The reimbursement relates to the purported hold-up in getting a 1,966-square-foot apartment bought in November 2013. 

Venkataraman Krishnamurthy paid Rs 7.55 crore for the 4-BHK apartment in the Lodha Evoq development in Wadala, Mumbai’s New Cuffe Parade. A homebuyer has paid Rs 2.25 crore per the payment schedule, with the remaining Rs 5.83 crore to arrive upon the start of fit-outs. 

The flat would be delivered to the buyer for fit-outs by June 30, 2016, or, with a grace period, by June 30, 2017, according to the agreement signed between the buyer and the developer. The buyer accused the developer of breaking the contract when they did not deliver the apartment by the deadline for fit-outs.  

The homebuyer approached the National Consumer Disputes Redressal Commission (NCDRC) and prayed for a refund of the amount paid with compound interest thereon at 18 percent per year, along with compensation for the harassment, mental agony, and torture suffered by them, apart from litigation costs. 

On November 9, 2022, the NCDRC resolved the consumer complaint from the homebuyers and directed the developer to give the unit its actual physical possession within three months. 

The NCDRC mandated the developer provide delay compensation in the form of simple interest at a rate of six percent annually on the total amount paid between June 30, 2016, the date of the commitment to take possession, and November 29, 2017, the date of the offer to take possession.

The NCDRC denied the buyer’s request for a refund, finding that the delay was not “unreasonable” and the buyer could still terminate the contract and seek a refund despite acknowledging that there was “some delay” in the developer giving the buyer possession of the apartment. 

Following that, the homeowner appealed the NCDRC order to the Supreme Court. 

According to a ruling by the Supreme Court on February 22, Clause 11.3 of the agreement stipulates that if the developer fails to deliver the apartment for fit-outs on time, they must notify the buyer within 30 days of the grace period ending. This notice must specify the updated date when the unit should be ready for possession and, if the buyer agrees, the contract extension. 

In its decision against  the NCDRC, the Supreme Court stated, “It was not for the NCDRC to rewrite the terms and conditions of the contract between the parties and apply it subjective criteria to determine the course of action to be adopted by either of them.” 

Without reservation, the Supreme Court that the NCDRC had overreached its jurisdiction and authority when it ignored the legally binding covenants in the agreement and used its logic and reasoning to decide what would be best for the parties and the homebuyers moving forward.    

The SC allowed the complaint, setting aside the NCDRC order dated November 9, 2022, and ordering the developer to reimburse the deposited amount of Rs 2.25 crore within a year, plus simple interest at 12 percent annually. This type of installment has a first installment due on April 5, 2024, and subsequent installments are due on the fifth of each calendar month until they are paid in full. 

The Gurugram real estate regulator fines a developer for running deceptive advertising

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The policy is known as the Deen Dayal Awas Yojna (DDJAY) 2016 by the Authority, but the newspaper advertisement captions it as DDJAY 2024, which is “incorrect and misleading.” 

The Real Estate Regulatory Authority (RERA), Gurugram, has fined Yashvi Homes Pvt Ltd Rs 25 lakh for publishing a “misleading advertisement” of a real estate project under the state government scheme, Deen Dayal Jan Awas Yojna (DDJAY) 2016, in a mainstream daily. 

In a suo motu ruling, RERA Gurugram described the advertisement as “completely misleading.” Yashvi Homes is developing Golden Gate Residency, a residential project in Sector 3, Farukhnagar, Gurugram, under the DDJAY scheme. 

The policy is known as the Deen Dayal Awas Yojna (DDJAY) 2016, as per the Authority, but the newspaper advertisement captions it as DDJAY 2024, which is “incorrect and misleading.” 

The Authority stated that the promoter failed to supply the required project registration number and website address.

By Section 11(2) of the RERA Act of 2016, the promoter must prominently display the Authority’s web address in any advertisement or prospectus that it publishes. This website should contain all the information about the registered project that needs to be entered correctly, including the RERA registration number. 

The Authority spokesperson said, “The amenities promised in the advertisement do not correspond with the project’s approved layout plan submitted by the promoter at the time of registration does not include provisions for amenities like a school, clubhouse, swimming pool, badminton court, half basketball court, among others.” 

According to a spokesperson for the Authority, real estate promoters face legal action if they continue to use “misleading advertisements.” 

Examining the Patterns and Forecasts of Bengaluru’s Real Estate Renaissance

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Bengaluru saw a 29% increase in housing sales, from 49,480 units in 2022 to 63,980 in 2023.  

Over the past few decades, Bengaluru—often known as India’s Silicon Valley— has seen a remarkable transformation in the residential real estate market. Numerous factors, including better infrastructure, supportive government policies, a rise in the supply of IT professionals, and urbanization, have contributed to this change.

Bengaluru saw a 29% increase in housing sales from 49,480 units in 2022 to 63,980 lots in 2023. Bengaluru’s rise as India’s center of technology lies at the core of the city’s residential real estate boom. However, it is also critical to remember that, in 2023, 23% of the sales momentum came from the premium and mid-market (INR 50-75 lakh) segments, respectively. 

The main rivers of demand were the growing return to work in the IT/ITeS sector, the expansion of global firms already in place, and the establishment of Global Capability Centers (GCCs). Moreover, the excellent supply that renowned developers brought in was a significant factor in the sales increases in many of these cities.  

The city has been a magnet for highly skilled professionals from all over the nation and abroad due to its reputation as an innovation hub, numerous research institutes, start-ups, and multinational corporations. This talent inflow has led to a strong demand for housing, especially near large IT parks and tech campuses, which has sparked a rush of construction activity in these sought-after locations.

Due to its reputation as a livable city that boasts pleasant weather, lush green spaces, and a vibrant cosmopolitan culture, Bengaluru has become even more appealing to prospective homebuyers. The city’s vibrant lifestyle, excellent educational opportunities, and numerous dining options appeal to individuals and families, making it a great place to settle down and raise a family. 

The growth of Bengaluru’s infrastructure has been essential to the city’s residential real estate growth. The city has made significant investments in the road and metro rail systems and other public transportation networks to improve accessibility and connectivity between different micro-markets. The development of satellite townships and growing suburbs that will satisfy the evolving needs and preferences of city dwellers has been made possible by this increased connectivity, which has also expanded the housing options available to residents. 

Government policies and initiatives have also played a significant role in speeding up the real estate boom in Bengaluru. To serve the wide range of socioeconomic strata that constitute a community, initiatives like Housing for All and the Smart City Mission have encouraged developers to invest in affordable housing projects. 

In addition, the Real Estate Regulation and Development Act (RERA) has increased investor and homebuyer confidence by ushering in a new era of transparency and accountability. 

A new paradigm in Bengaluru’s residential real estate market has emerged with the emergence of co-living and co-working spaces, which meet the growing needs of a dynamic workforce. 

The gig economy and flexible work arrangements are becoming increasingly common, which has increased demand for shared living and workspaces aimed toward young professionals and entrepreneurs. 

Developers have quickly capitalized on this trend by providing creative solutions that combine affordable housing with numerous amenities— from wellness centers and community events to high-speed internet connectivity—–redefining what is in a modern urban setting. 

In addition, the proliferation of financing alternatives has democratized homeownership by increasing its accessibility to a broad range of individuals. In addition to offering attractive home loan programs with competitive interest rates, banks, and other financial institutions have also fueled the growth momentum of the real estate industry with the introduction of alternative financing models like peer-to-peer lending and crowdfunding.  

But even amid all the excitement surrounding Bengaluru’s residential real estate boom, it is essential to recognize the difficulties that still lie ahead. There is an immediate need for sustainable urban planning and development in the city because of its issues with traffic congestion, urban sprawl, and environmental degradation. 

Onward, Bengaluru’s comeback in residential real estate is evidence of the city’s tenacity, inventiveness, and vibrancy. The real estate sector is a prime location for investment and growth due to the convergence of progressive policies, infrastructural development, economic dynamism, and changing lifestyle preferences. 

To address problems and seize opportunities as Bengaluru grows and transforms, stakeholders must collaborate in a coordinated manner to move the city toward a more inclusive and sustainable urban future. 

Why is the Mumbai real estate market witnessing a resurgence of the Buy Now, Pay Later model?

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Experts claim there has been a recent decline in primary sales in the Mumbai real estate market. Additionally, due to an excess of inventory brought on by the rise in launches over the previous two years, developers have been pushing sales through these various initiatives. 

In the Mumbai real estate market and its environs, more and more builders are reintroducing “buy now, pay later” schemes, which let buyers pay only 10 or 20 percent of the total price up front and the remaining amount upon possession. These programs, which became popular during the 2015-2019 real estate slump, are designed to increase buyer confidence.  

Diminished demand? 

The Mumbai real estate market has seen a spike in launches and a rise in residential property sales over the past four years. 

The Maharashtra government’s announcement in January 2021, waiving half of the permission fees developers had to pay, is credited with this growth. Several developers have had flexible payment options or subsidy programs during the last six months. 

According to experts, this may be due to a decline in primary market real estate sales. Due to excess inventory from the increase in launches over the previous two years, developers have had to offer such schemes to boost sales. 

In the past few months, developers including Wadhwa, Runwal, Ambit, Raymond Realtors, Microtech Developers (Lodha), Keystone Realtors (Rustomjee Group), and Wadhwa have all introduced flexi-payment options. 

For instance, Lodha offers a 255 upfront payment option and a 75% payment option upon receipt of the occupation certificate (OC) for its Thane project. Like this, the Raymond group offers the option to pay 20% in advance and nothing at all until January 2025 in Thane. In November 2023, just in time for Diwali, several projects from the Rustomjee group had flexible payment options. 

Directly from the horse’s mouth

Reintroducing the 20:80 subvention scheme is a calculated move to draw in buyers and speed up inventory offtake, which will increase cash flow and lower carrying costs, according to Rajendra Sharma, Chairman and MD of Ambit Realtors and Developers. 

As a result, according to Navin Makhija, managing director of the company, the Wadhwa Group is providing subvention in projects where the OC is due in three to six months. 

Experts in real estate also credit increased competition for the revival of developer subsidy schemes in the Mumbai market. 

“Developers are forced to provide incentives to stand out and sustain sales momentum due to a high volume of launches. The real estate consultancy firm JLL India’s Ritesh Mehta, Senior Director and Head of West & North, Residential Services & Developer Initiatives, stated that the flexibility of staggered payments “aligns with developers’ robust cash flows post-Covid-19.” 

Listed companies comply with investor requests to release their pre-sales figures every quarter. To create cash flows, developers must rely on banks or find innovative ways to sell their property for less money. First-time homebuyer promises can be used as collateral by developers to secure bank loans, according to RK Mumbai Realtors’ Director Ravi Kewalramani. 

More launches 

The number of units introduced within Mumbai city limits climbed from 25,404 in 2020 to 52,771 in 2023, according to the Maharashtra Real Estate Regulatory Authority (MahaRERA). 

The Real Estate Regulatory Authority (RERA) may soon receive clarification on tax exemptions from the GST Council.

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According to an official, the Goods and Services Tax (GST) Council plans to provide clarification shortly that the Real Estate Regulatory Authority (RERA) will not be obliged to pay the GST.  

The official argues that Article 243G of the Constitution, which addresses the responsibilities, authority, and powers of panchayats, applies to RERA, which acts as both a regulator and a facilitator for the real estate sector. 

To safeguard consumer interests, promote transparency in real estate projects, and create a fast-moving dispute resolution process, several states established RERA.

According to the official, it has come to light that RERA employees are exempt from GST due to discussions regarding the nature of their roles. 

The official went on to say that since state governments fund RERAs, charging GST would essentially be taxing those governments. 

The Model Code of Conduct for the general election scheduled for April-May is likely to be imposed following a meeting of the GST Council, which will be presided over by the Union Finance Minister and include state ministers.  

On October 7, 2023, the GST Council met for the last time. 

A specialist claims that before July 18, 2022, several services offered by significant Indian regulatory bodies were GST-exempt. These bodies included the Reserve Bank, the Securities Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority (IRDA), the Food Safety and Standards Authority of India (SSAI), and the Goods and Services Tax (GST) network. 

The removal of this exemption on July 18, 2022, sparked debate about the tax ramifications for RERA organizations.  

“In addition, the Input Tax Credit (ITC) is not applicable in the residential real estate industry. It implies that eliminating RERA authorities from the GST  calculation may result in lower costs for developers and purchasers of real estate. So industry would greatly benefit from an explanation from the GST Council on this issue,” he continued.  

Real estate trends: Why are wealthy Indians purchasing opulent homes before the fiscal year’s end?

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Real estate experts estimate that the ticket sizes for this year’s real estate transactions range from less than Rs 10 crore to more than Rs 100 crore. 

There was a surge in the quantity of luxury real estate transactions recorded nationally before the close of the fiscal year. The ticket sizes for these properties range from Rs 10 crore to more than Rs 100 crore. Real estate advisors point out that there are financial considerations in addition to the fear of missing out (FOMO) on the most desirable properties in town due to the limited supply of luxury properties, which is one of the main driving forces behind such decisions. 

According to them, one of the explanations might be that several investors who have profited from the financial markets are booking profits by buying real estate in anticipation of possible election-related volatility. 

The range of ticket sizes, which begin at Rs 10 crore and go up to over Rs 100 crore, is another trend that has come to light. They suggested that this might be because of the Rs 10 crore cap on long-term capital gains reinvestment under Section 54F enacted in the Budget in 2023. 

Here are a few recent high-value deals that happened in Mumbai and Delhi-NCR. 

A 10,000-square-foot apartment at the Cameliias by DLF on upscale Golf Course Road in Gurgaon recently sold for Rs 95 crores.

For Rs 10 crore, Bollywood actor Mrunal Thakur and her father bought two apartments from Kangana Ranaut’s family in Mumbai’s Andheri West neighborhood. 

Earlier this year, eight members of the Halan family—investors in stocks and other asset classes– paid a total of Rs 104 crore for four sea-facing twin apartments in K Raheja Corp’s opulent south Mumbai project. The apartments total 16,000 square feet. 

Vratika Gupta, the creator of the well-known decor brand Maison SIA, paid over Rs 116 crore to purchase an opulent apartment in Mumbai’s Oberoi 360 West. 

Demand for luxury homes is not limited to posh areas of Mumbai or Gurugram but also spreads to suburban locations. Krishna Kuppuswami Dasarakothapalli, known for films such as The Family Man, Stree, and Go Goa Gone, bought a duplex in Mumbai’s Goregaon suburb for Rs 30.50 crore this year. 

According to Anuj Puri, chairman of ANAROCK Group, sales of ultra-luxury homes (worth more than Rs 40 crore each) have experienced an unparalleled surge in CY2023, setting new records for both quantity and quality. According to the most recent data from ANAROCK Research, the total sales value of ultra-luxury homes increased by an astounding 281% in CY2023 compared to CY2022.

He continues, “CY2023 has already made Indian real estate history in ultra-luxury property sales before it is over.” 

Additionally, of the 62 ultra-luxury homes sold in CY2023, at least 12 had prices above Rs 100 crore, compared to just nine in 2022, according to Anarock data. In 2023, fifty opulent residences were sold for amounts between Rs 40 crore and Rs 100 crore. There were only four deals in this price range in 2022. 

He continues, “This demonstrates the country’s current appetite for ultra-luxury homes.” 

According to Amit Goyal, Managing Director of India Sotheby’s International Realty, who spoke with HT Digital, there has been an increase in high-end real estate transactions toward the end of the fiscal year.

Many investors who have profited from the stock market are now real estate investors. After all, the stock market is expected to remain volatile during the elections. 

“That is to say that ticket sizes are smaller than last year after the announcement in Budget 2023 and the changes to Section 54 and 54F went into effect,” he added. 

According to him, a surge of transactions surpassing Rs 100 crores was recorded in March 2023 as an increasing number of wealthy individuals utilized their earnings to acquire real estate before April 1, 2023, when the exemption from long-term capital gains tax for buying residential properties was limited to Rs 10 crores.  

According to Ritesh Mehta, Senior Director and Head of Residential Services & Developer Initiatives, West and North, JLL, several buyers are investing in real estate, the majority of which they intend to use for their use and booking profits from the share market.  

“This is one of the causes of the comparatively small ticket size compared to the prior year. Most of the deals in the previous year were above Rs 90 crores, especially after the long-term capital tax exemption for purchasing residential units at Rs 10 crores. Before the end of the fiscal year, most deals in the premium segment range from Rs 10 crores to more than Rs 100 crores,” he said. 

In the future, he says, “the trend is expected to continue.” 

The Mumbai real estate market records a 21% YoY increase in property registrations but a 22% decline in stamp duty collections.

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According to Knight Frank India, residential units comprise 80% of registered properties, with non-residential assets constituting the remaining 20%. 

In February 2024, the Mumbai real estate market recorded 11,742 property registrations, 21% higher than the 9,684 registrations for the same month in the same year. According to data from the Maharashtra government, there has been a 7% monthly increase, with 10,967 properties registered in January 2024.  

However, from Rs 1,112 crore in February 2023 to Rs 865 crore in February 2024, the revenue from stamp duty collections decreased 22% YoY. Stamp duty receipts increased from Rs 760 crore in January 2024 on a MoM basis. 

According to Knight Frank India, a real estate consulting firm that examined the data, the government’s decision to restrict tax deductions on capital gains earned from the sale of residential property after March 31, 2023, is what caused the exceptionally high stamp duty collections last year and the subsequent drop in stamp duty collections. 

Furthermore, eight percent of all registered properties are residential units, with the remaining twenty percent being non-residential assets. 

Mumbai saw the most property registrations in February 2024 compared to any other February in the previous twelve years. Increased optimism and the release of pent-up demand as the pandemic’s effects subsided drove the prior high in February 2022. However, according to Knight Frank India’s report, the recent surge can be attributed to growing income levels and a positive attitude toward homeownership. 

February 2024 saw a rise in the percentage of apartments of 500 square feet or less, from 34% to 45% in the previous year. Conversely, the share of apartments with a floor area of 500-1000 square feet dropped from 45% to 42% last year. 

However, this may be an isolated incident, as Mumbai homebuyers have recently preferred larger apartments, according to Knight Frank India.

Knight Frank India Chairman and Managing Director Shishir Baikal, “The positive trajectory is expected to sustain, particularly  with the anticipated robust economic momentum and the potential easing of interest rates  during the year, creating a favorable environment for homebuyers.”

Where are the houses being sold? 

In the meantime, the combined Central and Western suburbs account for over 73% of all properties registered, as these areas are hot spots for new developments that provide a variety of contemporary amenities and excellent connectivity. 

92% of consumers in Central suburbs and 86% of customers in Western suburbs chose to buy things at their local micro market. According to Knight Frank India’s research, the familiarity of the area and the availability of goods that suit their preferences for features and price also play a role in this decision.   

The real estate fund of Motilal Oswal contributes. First close of Rs 1,250 crore.

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Across India’s top 8 cities, IREF VI will strategically concentrate on early-stage investments in mid-income/affordable residential projects. 

The first close of the sixth real estate fund, India Realty Excellence Fund VI (IREF VI), was announced by Motilal Oswal Alternates (MO Alts). Launched with an aim corpus of approximately Rs 2,000 crore, the fund has committed Rs 1,250 crore after its first close. 

MO Alts has made capital investments in the real estate sector through five real estate funds. The company oversees additional stand-alone and in-house real estate investments. As an experienced real estate manager, MO Alts has funded approximately Rs 7,500 crore across 50 Indian developers and completed more than 150 investments. In addition, they have profited from over 20% of their pre-approval wagers. 

The early-stage investments in mid-income/ affordable residential projects in India’s top 8 cities—Mumbai, Delhi-NCR, Pune, Bangalore, Chennai, Hyderabad, Kolkata, and Ahmedabad—will be the primary strategic focus of IREF VI.   

High net-worth individuals, Indian non-residents, family offices, and corporations have raised this fund. The fund is set up as an alternative investment fund (AIF Category II). MO Alts is the name of Motilal Oswal Financial Services Limited’s alternative investment platform. 

In the growth stages of real estate and private equity, MO Alts manages assets worth over $2 billion in aggregate. 

“This marks the largest and fastest first close for our real estate funds to date,” stated  Vishal Tulsyan, MD & CEO, MO Alts. This successful fundraising endeavor amid a rising stock market shows our investors are in our abilities. We are very optimistic about the real estate market and believe it will experience strong growth shortly. We are committed to strengthening our position as the leading capital provider for the real estate sector by taking advantage of as many opportunities as we can in the years to come.” 

“The Indian real estate market has exhibited remarkable resilience and growth in recent years,” stated MO Alts co-head (real estate) Saurabh Rathi. The demand for residential real estate has been exceptionally high, and the office market has exhibited robust absorption as it approaches the pre-pandemic peaks. The need for early-stage capital is more apparent than ever, with sectoral indicators indicating sustained momentum. We are committed to meeting this need by utilizing our solid risk management framework, conservative underwriting procedures, and proven track record.” 

Co-head of MO Alts’ real estate department, Anand Lakhotia, stated, “We are incredibly appreciative of our investors’ continued faith in our investment knowledge, especially those who have previously invested in our funds. We are in an excellent position to take advantage of new opportunities because of the tightening restrictions on banks and NBFCs regarding capital utilization and the positive outlook for the real estate market. Our robust pipeline of investment opportunities in major cities being evaluated at various stages and offering competitive risk-adjusted yields makes the deal flow look extremely promising.” 

Everything about the 2024 Gujarat Housing Scheme

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In addition to providing unsold housing units in existing projects, the Gujarat Housing Board has been actively introducing new projects to meet the state’s housing needs. In addition to being affordable, the government’s support ensures that these houses are built for every segment of society. 

Under the auspices of the state government, the Gujarat Housing Board (GHB) has been working to create new housing initiatives to benefit the populace. Housing for families in the Below Poverty Line (BPL), Economically Weaker Section (EWS), and Low-income Group (LIG) has received particular attention. A portion of the Middle-Income Group (MIG) and Higher-Income Group (HIG) of society are also catered to by particular projects in the new housing schemes.

 There are a few cities where the projects are underway: Surat, Ahmedabad, and Vadodara. 

Concerning the Gujarat Housing Board  

The division of the province of Bombay led to the creation of the Gujarat Housing Board (GHB) in 1961. The board must provide housing initiatives for all social classes of State residents. It not only constructs affordable apartments in Gujarat but also develops commercial properties. 

How can one apply for the Gujarat Housing Scheme 2023? 

The Gujarat Housing Scheme application procedure is as follows: 

Step 1: Go to the Gujarat Housing Board’s official website. 

Step 2: After that, click the “application form” link in the upper left corner of the homepage.

You can then the application form by opening a new window. 

Step 3: Correctly complete all the information and submit the form. Save the receipt for your records. 

Qualifications for the Gujarat Housing Scheme 2023 

  • The candidate must be a resident of the State of Gujarat and be older than eighteen. 
  • The scheme applicant was not eligible to receive any other housing scheme from the government of Gujarat.  
  • If someone wants to be eligible for MIG or LIG quotas, they cannot own any other property in India. 
  • Rs 1,00,001-2,50,000 is the annual family income threshold for applying for a LIG home. 
  • The annual household income requirements for applying for a MIG home are Rs 2,50,001-10,000,000. 
  • Candidates for HIG apartments must earn at least Rs 1,000,000 annually as a family. 
  • Required documentation to apply for a 2023 residence proof document under the Gujarat Housing Scheme
  • Caste certificate
  • Income certificate 
  • Aadhaar Card 
  • Passport-size photographs with a transparent background.

Which general amenities come with houses constructed through the Gujarat Housing Scheme? 

A few standard features of homes constructed by GHB are: 

  • Elevators 
  • Vitrified tiles (for flooring)
  • Parking 
  • Earthquake resistant construction 
  • Street lights 
  • Regular water supply 
  • Landscaping 

Distribution of residences under the Gujarat Housing Scheme 2023

The Gujarat Housing Scheme allots houses through a drawing process. The Gujarat Housing Board holds an online drawing in front of the applicants to guarantee transparency.  

Gujarat  Housing Scheme 2023 will also launch new projects soon. Visit the official website for announcements and updates on the application process. Additionally, these houses ae intended for end users, and tenants are not encouraged. 

Five trends are influencing the residential real estate market in India.

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The rapid expansion of the middle class in India is mainly to blame for the significant changes occurring in the Indian real estate market. Development professionals, investors, and potential end users are all very interested in this revolutionary shift, characterized by a sharp increase in population and economic growth. Urbanization, rising incomes, and easier access to education all contribute to this phenomenal growth. 

The Indian residential market is a leading indicator of changing regulations, economic vitality, and societal aspirations due to its novel opportunities and trends. The value of India’s residential real estate market reached an all-time high of Rs.3.47 lakh crores in FY23, representing a strong 48% annual growth. The sales number also showed an upward growth trajectory, increasing by 36% to 379,095 units sold. 

The nation is changing swiftly, and every part of the industry beats in time. The following are the main developments influencing India’s residential real estate market:

  1. Rise of Low-Density Housing: Plotted developments, townhouses, and villas are among the low-density housing options currently in high demand. Low-density housing uses less energy, such as electricity, air, and water, and is similar to small neighborhoods or single-family homes. Long-term residents of this kind of housing are encouraged to lead sustainable lives. Reducing the need for additional infrastructure in neighborhoods by forming them with fewer houses and preserving the land largely intact can help save resources. Buyers are becoming more aware of the benefits of low-density housing. Low-density housing is becoming more popular for people to escape congested urban areas and prioritize privacy, space, and harmony with nature. Developers are introducing carefully planned, low-density projects in response to this trend, emphasizing the value of open spaces, lush greenery, and a feeling of exclusivity. This change reflects a rising desire for well-balanced homes that combine contemporary conveniences with the peace of suburban settings. According to India Sothby’s International Realty’s annual Luxury Outlook Survey 2023, roughly one-third of HNIs and UHNIs are willing to spend over Rs 10 crores on real estate. For instance, Landmark Group sold out of its plots in record time at Landmark Avana, a new low-density housing project in Gurugram, particularly to a younger demographic looking for more space and a better standard of living. 
  1. Technological Integration: By improving comfort, security, and convenience, technology integration is completely changing the residential landscape. Ad IoT devices, home automation systems, and AI-powered assistants biome standard features in smart homes set new standards for futuristic living while providing residents with a seamless living experience. India’s smart home market is expected to generate US$6.5 billion in revenue by 2024. Based on research and markets for smart homes, India ranked third globally in 2020. Furthermore, by 2025, there will be 442 million smart homes in India, an increase over the current number of homes, according to Statista’s Digital Market Outlook for 2021. 
  2. Growing Preference for Owning a Home: The start of the COVID-19 pandemic has caused a significant shift in the way that society views home ownership. Purchasing a home is becoming more and more important to people than renting one. People now recognize the benefits of living in their own space with areas set aside for work, study, and leisure. As a result, people are more conscious of the inherent worth of owning a home since it provides a greater sense of stability and security during uncertain times. Like the pre-COVID housing loan levels, Indian banks advanced housing loans totaling approximately 2 trillion Indian rupees in FY22. As more Indians were investing in residential real estate, this suggested that homebuyer confidence was returning. 
  1. Elegant living: The market focuses on pricey, showy real estate. These upscale residential developments draw discriminating buyers looking for an unmatched quality of life with their first-rate amenities. According to a recent India Sotheby’s International Realty study, the number of affluent people planning to buy luxury real estate in the upcoming years has considerably increased. The luxury real estate market has seen substantial disruption due to growing income levels, deeper technological integration, and evolving consumer preferences brought about by shifting demographics. Millennials are becoming interested in luxury real estate as their incomes rise and their urban lifestyles change. Luxurious properties are in high demand due to the possibility of substantial rental income and a high return on investment. The sales of luxury homes in India increased by 130% in the first half of 2023 compared to the last year. Set to open in Dwarka Expressway, Landmark Group’s new residential project promises to be the ideal residential complex with its endless luxury services and state-of-the-art amenities that are best suited for the changing way of life. 
  1. Tier 2 becomes a powerful force: After the pandemic, many people assessed their living situations and looked for sale houses in their hometowns to feel more stable. The consequence has been an increase in the visibility of Tier 2 cities, which are growing hubs for real estate. The discernible increase in investment activity is causing significant changes in these cities’ real estate markets. With a robust housing market supporting them, Tier 2 cities are rapidly expanding their infrastructure and offering various opportunities for residential and commercial use. Furthermore, the government’s support of cities helps the real estate industry expand. Projects to develop townships and settlements may receive up to 100% FDI approval from the government. Tier 2 cities real estate growth has surpassed Tier 1 cities. For example, at the end of the fiscal year 2021-22, Ahmedabad’s residential real estate market size of INR 83,390 crores exceeded the market sizes of some Tier 1 cities, like Chennai and Kolkata, with INR 52,554 crore and INR 38,440 crore, respectively. This expansion was also apparent in Tier 2 cities like Nashik, Jaipur, Vadodara,  and Gandhinagar. 

The government has increased its efforts to provide affordable housing in response to the recent spike in housing demand, and developers have modified their business plans. The term “affordable housing” describes real estate with prices within the reach of low- and middle-class families. The affordable housing project Landmark the Homes in Sector 81 is anticipated to be completed by December 2024, according to the Landmark Group. One can look into government-funded programs created especially for low-income groups or home loan options from private lenders/NBFCs to purchase affordable housing in India. A commitment of Rs 79,000 crore (US$9.64 billion) for the PM Awas Yojna has been announced in the Union Budget 2023-24, a 66% increase over the previous years.  

Government initiatives such as the Rajiv Awas Yojna and Pradhan Mantri Awas Yojana have encouraged developers to take on projects to offer affordable housing, thereby promoting accessibility and inclusivity in the real estate market. Meeting the demand for 40 million urban housing units is necessary, given that the population is growing at an average annual rate of 2.1% and that a large portion of our population has low purchasing power.

 India’s growing urban population is driving up demand for homes, changing the country’s skylines and city spaces. 

Top 5 Places to invest in real estate in Goa

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Are you considering settling in Goa, among the Portuguese colonies lining the Arabian Sea coast? Residential real estate accommodates a wide range of preferences, from those looking to retire to those looking to retire to those seeking to buy a home. In North and South Goa, investors have a variety of options to select from, including villas, apartments, and plots. However, where in Goa are the top places to purchase real estate? 

A popular holiday destination near Maharashtra, Goa is known as the “land of beaches and seas.” The Mopa International Airport and the Zuari Bridge are just two infrastructure projects that have made headlines recently. In addition to improving connectivity, these projects have refocused attention on Goa’s residential market. 

Top areas in Goa to purchase a property 

The following list explores the salient characteristics, past prices, and real estate trends of the five most desirable places in Goa. 

North Goa’s Porvorim 

A thriving residential community in the center of Goa, Porvorim sits along the Mandovi River and the busy Mumbai-Goa Highway. Additionally, it serves as the legislative capital of Uttar  Pradesh. NH-78 and NH-66 connect strategically to the Panvel-Kochi-Kanyakumari Highway, Karmali Railway Station, and Dabolim Airport. Porvorim offers a wide range of housing options, with large, move-in ready 2 BHK apartments dominating the market. Porvorim offers monthly rental rates between Rs 9,000 and Rs 39,000, and home-buying prices hover around Rs 8,300 per square foot. The area continues to appeal to working people as a place to live, especially since industrial estates like Pilerne and Colvale are only 14 km away. 

Mapusa, North Goa

Mapusa, a residential and commercial district known for its busy lifestyle, is tucked away in Goa’s northern region. The locality is connected to areas within the city and beyond by the Calangute-Mapusa Road, NH-66, Thivim Railway Station, and Mapusa bus terminal. The 2 BHK apartments from local builders dominate the Mapusa housing market, which provides a high-end experience. With a sharp 40% increase in the previous five years, the average property price in Mapusa is now approximately Rs 6,450 per square foot. Those who invest in Mapusa can anticipate reasonable monthly rentals, which start at about Rs 26,600, along with consistent price growth. 

Candolim, North Goa

From Aguada to Calangute, the charming community of Candolim in North Goa is situated along the Arabian Sea and Nerul River’s shores. With a variety of sea-facing properties and excellent connectivity through NH-66, Aguada Fort Road, and Verem-Nerul Road, Candolim is the ideal location for anyone looking to live a tranquil coastal lifestyle. One-bedroom and 2-BHK ready-to-move-in apartments in Candolim’s residential inventory; the average price per square foot is roughly  Rs 12,800. In the past five years, home values in Candolim have increased by 80% despite the high rates due to the constant demand. Rentals in the area are around Rs 26,000-35,000 per month. 

Goa’s Dona Paula 

A well-known tourist destination, Dona Paula is a posh neighborhood in Panaji’s suburbs. There are luxurious homes, resorts, and hotels in the area. NH-66, Jetty Road, and Hawai Beach Road all provide connectivity in Dona Paula. In Dona Paula, the most common type of housing is an upscale 3-BHK apartment, with prices starting at about Rs 12,050 per square foot. Reputed domestic builders like Mohan Group, Rajdeep Builders, and Mathias Construction are responsible for most of Dona Paula’s residential developments. 

South Goa’s Colva 

Colva, a posh residential area in South Goa known for its captivating coastline, features bungalows, standalone houses, multi-story vacation rentals, and residential apartments. The vicinity has excellent access to the Dabolim Airport, the Margao and Majorda regions, the Mumbai-Goa Highway (NH-66), Colva Beach Road, and Colva-Benaulim Road.   

The Goa locations mentioned above are well-located and provide numerous housing options. Although buyers are free to choose any of them based on their needs, preferences, and financial situation, making an informed decision requires careful consideration of all available options. First-time buyers can also speak with local real estate professionals for more details and help. 

Property prices in Pune are booming, with a 46% increase in registrations for properties between Rs 50 lakh and Rs 1 crore.

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A 46% year-over-year increase in property registrations was reported in January 2024 by the Maharashtra government’s Department of Registrations and Stamps, also known as the Inspector General of Registration and Controller of Stamp (IGR), which helped the Pune real estate market. 

The data shows that in January 2024, there were 17,700 registered property units, compared to 12,166 units in the same month the previous year. This spike indicates a growing interest in investing in city real estate. 

In December 2023, the district registered 14,725 property units, generating Rs 560 crore in revenue from stamp duty. In January 2024, stamp duty receipts increased significantly from Rs 441 crore in January 2023 to Rs 589 crore. 

Real estate consultancy Knight Frank India reports that in the Pune district in 2023, there were 152,323 property registrations, and stamp duty collections totaled Rs 5,351 crore. 

A Knight Frank India analysis shows that residential units priced between Rs 50 lakh and Rs 1 crore accounted for the most registrations in January 2024, accounting for 32% of all housing transactions. The properties with prices between Rs 25 lakh and Rs 50 lakh held a 31% market share, making them the closest competitors. Additionally, from 10% in January 2023 to 14% in January 2024, the market share of properties in the higher value segment–which includes those priced at Rs 1 crore and above–increased, indicating that buyers are growing more accustomed to selecting properties in this price range. 

Furthermore, as of January 2024, 41% of the market consisted of apartments ranging from 500 to 800 square feet. Less than 500 to 800 square feet. Less than 500 square feet was another prevalent apartment size, drawing interest and accounting for 33% of transactions. The market share of apartments larger than 1,000 square feet increased from 12% in January 2023 to 14% in January 2024. 

Regarding buyer demographics, most buyers–who accounted for a sizable fifty-four percent of the market—were between the ages of thirty and forty-five. Sixteen percent of buyers were between the ages of forty and sixty, and twenty-four percent of consumers were under thirty. 

Ghaziabad’s circle rates as of 2024-2025

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The Uttar Pradesh government sets circle rates, which are the lowest prices at which property in Ghaziabad can be sold. The whole amount is charged for stamp duty and registration fees when registering new or used property. Circle rates vary based on the type of property and the area, so it is critical to know the most recent rates that apply in the area. Continue reading to learn about Ghaziabad’s most recent circle rates for 2024-2025. 

How does Ghaziabad calculate circle rates? 

The lowest price at which the Uttar Pradesh government will sell a property is known as the “circle rate” in Ghaziabad. Like other Indian cities, Ghaziabad’s circle rates fluctuate according to the area’s market value and level of infrastructure development. Usually, the revision complies with local requirements. The fact that Ghaziabad’s increase in the maximum circle rate has made headlines for housing hubs for all the right reasons is not surprising. These include the vicinity of the Delhi-Meerut Expressway and the Rapid Rail corridor’s influence zone. 

Factors influencing Ghaziabad’s Circle rates 

Commercial properties are subject to a higher circle rate from the state government than residential properties. When determining circle rates in Ghaziabad, the Uttar Pradesh government considers several factors, including the type of property, the market value of the area, and the condition of the current infrastructure. 

Property type: Even within the same neighborhood, Ghaziabad’s circle rates for plots and standalone homes differ from those for flats and apartments.  

Infrastructure status: A community with sufficient infrastructure inside the municipal boundaries would have a higher circle rate than an area outside the municipality’s borders. 

The government’s authorities examine a region’s circle rates annually. Conversely, the rates may or may not change. In Ghaziabad, the rates have not altered since 2014.   

How can I look up circle rates online in Ghaziabad?

Ghaziabad circle rates are accessible online in PDF format. To view the circle rates online, take the actions: 

Step 1: https://ghaziabad.nic.in/ 

Step 2: Move your cursor to the information section and select “New circle rate list Ghaziabad.”

Step 3: To see the most recent circle rates, you can search for the name of a specific locality. 

Circle Rate: Ghaziabad’s Most Recent New and Updates

2023

After almost six years, the district administration in Ghaziabad increased the circle rates by an average of 10-12%. For FY 2023-2024, the circle rate increase varies from six percent to twenty percent. The hike applies to regions adjacent to the Delhi-Meerut Expressway and along the Rapid Rail corridor. It would directly affect the cost of real estate in the city, which has historically been a well-liked destination for low-middle-class residential real estate. In two Ghaziabad townships– Vasundhara and Siddharth Vihar, which are close to the Rapid X Corridor— the Housing Board has also increased circle rates. There is a rise in circle rates due to this recently opened courier. 

It is essential to understand the typical circle rates in the area to calculate the price of a property bought or sold. You need to verify these rates on the authority’s official website or speak with a knowledgeable real estate agent because of stamp duty and registration fees.  

Beyond The Present: Future-Proofing Your Investment in Ayodhya’s Real Estate Market

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Shortly, Ayodhya’s infrastructure development will significantly boost the real estate market.

Wise investors continually seek chances for long-term growth and sustainability as the real estate market shifts. Real estate investors wishing to safeguard their future find that Ayodhya is a promising destination due to its thriving growth and rich historical fabric.   

The Ayodhya Cultural Tapestry

Ayodhya, the birthplace of Lord Rama, is important culturally and economically. Millions of tourists visit the city because of its cultural significance, which generates a strong demand for lodging and entertainment. Recent data shows that since 2019, the tourism industry has grown steadily, with an astounding 15% annual growth. 

The surge in tourism in Ayodhya provides ample proof of the city’s potential as a lucrative investment destination, particularly for the hotel and real estate sectors. Those looking to take advantage of this growth should consider projects with a heritage theme, hotels, and resorts to align their portfolios with the growing demand. 

Infrastructure Development Drives Economic Growth

There is an expectation that Ayodhya’s infrastructure will lead to an increase in real estate sales. The last two years have seen a 30% increase in the road network, indicating the government’s commitment to enhancing connectivity. In addition, the city’s airport is undergoing extensive renovations to accommodate the growing number of visitors. 

Improved connectivity always results in higher property prices; therefore, infrastructure investments will benefit local real estate investors. Prices for residential real estate in Ayodhya have increased by a notable 10% per year, and analysts anticipate that this trend will continue as infrastructural projects draw closer to completion. 

Ideal Site for Industrial Development 

Ayodhya is a fantastic location for business and industrial endeavors because of its advantageous location in the middle of Uttar Pradesh. The number of new business registrations in Ayodhya has increased by 25% recently, suggesting that companies are increasingly keen to establish themselves in the city. 

Investors evaluating potential investments in commercial real estate should be aware of this tendency. Apart from its strategic location, the government’s pro-business policies have contributed to Ayodhya’s increasing prominence as a commercial hub. Ayodhya is a popular choice for investors seeking long-term returns in the commercial real estate market because of these combined attributes. 

Government Measures Lighting the Path 

Government initiatives primarily shape the Ayodhya real estate market. Implementing tax breaks and expediting approval processes, the government is actively fostering an environment conducive to real estate development. Over the previous year, there has been a 20% increase in the number of real estate projects that the government has approved. 

Investors need to know about these programs and utilize them to future-proof their assets. The government is committed to Ayodhya’s development, so investors need to modify their plans to account for the shifting policy environment.  

Ayodhya is a blank canvas ready to be filled with the future as we gain more knowledge about its real estate market, not just a picture of the present. If investors possess the necessary expertise and strategic insight, they could gain from Ayodhya’s growth. 

I encourage other investors to consider Ayodhya as a progressive investment destination. The information is self-explanatory and shows the city’s ability to grow steadily in various real estate markets. Investors can future-proof their portfolios and help Ayodhya grow from a historic town into a thriving cultural and economic hub by embracing the city’s journey beyond the present. 

The MahaRERA and the Advertising Standards Council will use artificial intelligence to monitor real estate advertisements.

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Artificial intelligence (AI), according to MahaRERA, will be used to identify ads published without a QR code or MahaRERA registration number. As defined by the RERA Act, any project larger than 500 square meters or eight apartments registered with the MahaRERA.

On February 15, the Advertising Standards Council of India (ASCI) and the Maharashtra Real Estate Regulatory Authority (MahaRERA) announced their partnership to identify developers advertising projects without QR codes and registration numbers. To identify developers advertising projects without QR codes and registration numbers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) and the Advertising Standards Council of India (ASCI) announced their collaboration on February 15. 

Artificial intelligence (AI) will identify advertisements published without a QR code and MahaRERA registration number. 

To defend consumer interests on websites, social media, television networks, newspapers, and other media, ASCI is a voluntary self-regulatory organization for the advertising industry. 

MahaRERA and the ASCI have signed a Memorandum of Understanding (MoU) to safeguard the interests of homebuyers, according to a statement released on February 15. Manisha Kapoor, the CEO of ASCI, and Vssant Vani, the administrative officer of MahaRERA, are signatories to the agreement.”

By the agreement, advertisements published without a MahaRERA registration number and QR code will use artificial intelligence. In response, the statement announced the formation of a core group tasked with tracking, observing, and evaluating these ads to eventually bring them to MahaRERA’s attention. 

Developers are prohibited from advertising a project unless it has been filed with MahaRERA. We have taken ex officio legal action against developers who have displayed advertisements without a registration number. 

To allow prospective homeowners to obtain comprehensive information about a project with just one click, it is now necessary for advertisements to include a QR code, according to MahaRERA Chairman Ajoy Mehta. 

He went on, “There are newer forms of advertising emerging in the new age media, which we cannot ignore. Therefore, to recognize and stop such deceptive or incomplete advertisements across all media, we need the aid of ASCI, a self-regulatory organization, and industry experts. The most recent action will aid in reducing these false and deceptive commercials.”

MahaRERA is tightening its grip on developers. 

Since 2023, MahaRERA has been taking measures against publications of advertisements that do not include a QR code or registration number. Aside from the traditional media, the authority has expanded the reach of new-age media. 

How do real estate prices in Delhi fluctuate?

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You and the owner had a thorough conversation and price negotiation because you were in love with the Delhi property. Now that you have the money, you can finally claim the property as your own. However, did you first familiarize yourself with the different steps that the process entails? Property mutation is one of those crucial tasks that you must finish. Now, let us examine the specifics of Delhi’s property mutation procedure. 

Property mutation is a crucial step in the ownership transfer for several reasons. In addition to proving ownership and guaranteeing that the electricity supply in your apartment is in your name, the mutation document has other uses. Thus, you have come to the correct place if you are seeking details about the mutation process and purchasing a property in Delhi. Read on to learn the complete property mutation process in Delhi. 

Delhi’s Property Mutation Process: A Summary 

Property mutation is transferring a person’s title from one thing to another. It entails updating the land revenue department of the government’s records. It is a crucial step in proving legal ownership and guaranteeing the accuracy of the property’s details in government records. 

A property mutation adds the new owner’s name to the land revenue records and removes the previous owner’s name. This procedure aids in upholding transparency and averting future ownership disputes.   

In India, property mutation usually occurs following the conclusion of the registration process. It entails providing the relevant authorities with the required paperwork, including the sale deed, identifying verification, and address verification. Registering a property and mutating it are two different processes. Property mutation modifies the records to reflect the change in ownership, whereas property registration establishes the legal transfer of ownership.  

The process of property mutation 

Three ideas best describe the significance of property mutation: 

  • Legal validity: The transfer of ownership has a legal effect because of the property mutation. It establishes the new owner’s rights and protects them from disputes and unfounded allegations.  
  • Tax assessment: A mutation facilitates the evaluation of real estate taxes. The authorities can ascertain the precise tax amount by using the most recent market value of the property, thanks to the updated records. 
  • Verification of title: The title documents undergo a thorough review of property mutation. It gives the new owner peace of mind by guaranteeing that the property is free of liens and other legal concerns. 
  • Water and power supply: Only after the mutation finishes are water and power allowed in apartments.  

Documents necessary for Delhi’s property modification process

In Delhi, changing one’s property requires a few different documents. Among these documents are: 

  • Copy of sale deed
  • Copy of the will
  • Copy of the Power of Attorney 
  • Copy of the Succession Certificate 
  •  Identify proof 
  • Encumbrance certificate 
  • Latest property tax receipts 
  • Notification Form A (for transfers of property ownership other than inheritance cases) or B (for transfer of property ownership by inheritance)
  • The mutation application has an Annexure A stamp fee of Rs 3 attached. 
  • Annexe B: Indemnity bond, signed on stamp paper of Rs. 100
  • Affidavit (Annexure C) bearing the names of the present and former owners, attested by a notary. 

How to apply for the Delhi property mutation process 

Applications for property mutations in Delhi are dealt with by the Municipal Corporation of Delhi (MCD). The steps to apply offline for a property mutation in Delhi are as follows: 

Step 1: Assemble all the paperwork required for the property modification. 

Step 2: Pick up an application for a property mutation by going to the MCD office that is closest to you. Fill in the required details accurately. 

Step 3: Fill out the application and mail it, along with the required documentation, to the MCD office. Pay the applicable fees as per the MCD guidelines. 

Step 4: To confirm the property’s ownership and authenticity, MCD officials will check the submitted documentation and possibly conduct an inspection. 

Step 5: The MCD will approve the mutation application if all the paperwork is in order and the title to the asset is confirmed. The official records will reflect the property modification. 

To apply online for a property mutation in Delhi, you must follow these procedures: 

Step 1: Go to the Municipal Corporation of Delhi’s official website and register or log in. 

Step 2: Select the “Online Services” menu item. After entering your ward, colony, or zone, select “Search.”

Step 3: Select “Property tax” after selecting “Pay property tax.”

Sep 4: “Request for transfer UPIC” (Unique Property Identification Code). 

Step 5: Search the property using the UPIC or the mobile number. 

Step 6: After submitting a request for UPIC transfer, upload the required files.  

Step 7: After reviewing and approving the request, the relevant Zonal Authority will make the mutation details accessible on the website. 

How to find out the status of your application for the Delhi property mutation process 

You can quickly and easily check the status of your online application if you recently applied for a property mutation in Delhi. Here’s how to do it: 

Step 1: Visit www.mconline.nic.in, the Municipal Corporation of Delhi’s (MCD) official website, and choose your zone. 

Step 2: Choose the “Emulation Property Tax” section from the “Online Services” menu.  

Step 3: Locate and click the “Application for Emulation” option to continue.

Step 4: Enter the application number and click “Application status.” 

Step 5: After entering the information, view the status of your property mutation application by clicking the “Submit” button. 

You can quickly find out the status of your application for a property mutation in Delhi by following these easy steps. Maintaining a close eye on your application is essential to a seamless process and timely updates.  

Ascertain your legal right as the owner and avoid future disputes by completing the property mutation process on time. Prepare the necessary paperwork and decide whether to continue online or offline.  

Real Estate Investing: A Comprehensive Guide

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Karan Shetty offers this thorough guide on how to get started and build wealth in the real estate industry if you are a beginner eager to start your wealth-building journey.

Saving money alone may help you weather financial storms, but investing is the true path to true wealth-building. Today’s millionaires are mainly the product of their investments, demonstrating the importance of these strategies in obtaining financial independence. 

Investment is, therefore, a necessary step, not just an option, if you want long-term financial security. 

The adage “The best time to plant a tree was 20 years ago” is true. Right now is the second-best time. It is true that when it comes to investing, the early bird usually gets the best deal. 

Real estate investing is one strategy that sticks out for its ability to generate significant returns and long-term wealth. 

  1. Learn Things: Your most potent tool in the real estate game is knowledge. Start by being familiar with the fundamentals, including market trends and terminology. Books, Online courses, credible websites, podcasts, and industry reports from renowned companies are all excellent sources for learning this fundamental information.
  2. Specify Your Investment Objectives: What do you hope to accomplish by investing in real estate? Do you see long-term capital appreciation, a profitable flip, or a consistent rental income stream? Setting clear objectives will enable you to make well-informed choices regarding your investment approach, properties, and locations.
  3. Evaluate your financial health: Ensure you understand your financial status before acting. It entails assessing your available capital, debt-to-income ratio, and credit score. Establish a reasonable spending plan and stick to it. This exercise will give you a better understanding of the various financing options that you have at your disposal, such as home loans, private loans, private loans, and government-backed programs. 
  4. Choose the right property: Based on the results above, choose the kind of property you want to concentrate on, such as land, commercial, residential, or vacation rental. Investing in real estate properties that generate income is always advised if you want to make your money work for you. 
  5. Choose a location: A location is a location: When it comes to real estate investing, this adage is accurate. Pay more attention to emerging markets than crowded ones. Seek locations undergoing development about employment prospects, infrastructure, and even tourism. 
  6. Expand Your Network: Connect with other investors and real estate professionals, such as property managers and agents. Networking can reveal possible investment opportunities in addition to offering insightful information. 
  7. Start Small: It is a good idea for novices to take a cautious approach and make a small initial investment. It enables you to hone your investing strategy and acquire new skills.  
  8. Thorough due diligence is essential: Do extensive due diligence before concluding any transaction. It entails investigating the property, comprehending the neighborhood market, and assessing possible dangers. Check that the developer has a good track record and that the construction is of a high standard before investing in a project that is still in the planning stages. Getting a lawyer to verify the property title is crucial if you purchase a property from a previous owner.   
  9. Reinvest and diversify: As your portfolio expands, spread your profits among several real estate markets and reinvest earnings into more properties. Diversification raises the possibility of steady, long-term returns while lowering risk.  
  10. Look into alternative investment opportunities: Traditionally, investing in real estate has required an initial investment or a long-term loan. It has often proven to be the primary barrier to entering the world of real estate investment. 

However, options like fractional ownership, REITs, and InvITs offer an ideal medium for people who want to buy real estate without making significant financial contributions. 

Although it can be intimidating for a novice to navigate the real estate market, the long-term rewards can be quite fulfilling. Gaining knowledge, establishing specific objectives, and adopting calculated actions will put you well on your path to leveraging real estate to build wealth.

To achieve financial independence in real estate investing, ensure that your most reliable allies will be patience, diversification, and well-informed decision-making. 

ULI India’s annual flagship conference is back for a second year.

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Influential figures from India’s real estate, development, investments, urban planning, and built environment sectors will come together for the two-day conference to discuss the opportunities and challenges. 

The Urban Land Institute (ULI) is about to start its second year of operations. ULI’s India National Council is holding its Annual Conference on February 21 and 22, 2022, at Mumbai’s Taj Mahal Palace and Taj Lands End, respectively, laying out the agenda for 2024-25. Addressing the opportunities and challenges in creating “21st Century  Indian Cities,” the conference brings together prominent leaders from the nation’s built environment, including real estate, investments, urban planning, and architecture & design spaces.  

The two-day event will start with an exclusive tour of the National Center for Performing Arts, Bombay House– Tata Experience Center, and Subko Cacao Mill, offering unique case studies on adaptive reuse and heritage retrofits in the real estate industry. A series of illustrated keynotes and panels will follow, kicking off discussions on the following subjects: The Need for Equitable Housing, Planning, and sustainability in development; the role of Airports in Creating New Urban Centers; Infrastructure as an Accelerator of Change; New Real Estate Investing and Operating  Models; New Practices in the Residential sector; and Women in Built Environment.   

The speakers and panellists include eminent leaders, namely Amanpreet Bajaj (country lead, Airbnb India); Anuj Puri (chairman, ANAROCK); Asheesh Mohta (head of RE Acquisitions, Blackstone); Ashank Kothari (managing director, RE Investments India, Brookfield); Ramesh Nair (CEO, Mindspace Business Parks REIT); Sanjeev Dasgupta (CEO, Capitaland Investment); Sudarshan Lodha (founder, Strata); Vivek Narain (founder and CEO, The Quorum & district150); Esben Christensen (partner, Gehl); Sanjay Dutt (MD & CEO, Tata Realty); Ashiwini Thorat (Adani Airport Holdings); Aditya Ghosh (co-founder, Akasa Air); Nirupa Shankar (joint managing director, Brigade Group); Ahaan Bhojani (CEO & founder, Silkhaus); Nibhrant Shah (founder, Isprava); Aditya Bhargava (head of Asia Pacific, Abu Dhabi Investment Authority); Mansi Sachdev (urban planning consultant, World Bank); Manisha Bhartia (studio director, BDP); Nidhi Marwah (managing director South Asia and Middle East, The Executive Center); Mridul Upreti (IFC); Peter Lefkovits (design lead, SOM); Sudeshna Mitra (associate dean, School of Economics, Indian Institute of Human Settlements); Sandhya Naidu Janardhan (founder, Community Design Agency); Brad Dockser (founder, Green Gen & ULI Global Governing Trustee); Rohan Sikri (senior partner – The Xander Group and ULI India Chair); and Alan Beebe (CEO, ULI Asia Pacific).

Prominent stakeholders in the nation’s built environment have praised ULI’s India National Council in its first year. As a result of this accomplishment, we have demonstrated our commitment to working together across the boundaries of competition. We are ready for continued support from the top executives in the sector as we begin our second year of business in India. Manasvini Hariharan, executive director of ULI India, stated, “With the upcoming launches of new product councils and programs, we are determined to bring ULI’s global standard of thought leadership and research to India while showcasing India’s remarkable built  environment to the international ULI audience.”

During this conference, ULI India will also introduce the Office Council, its first product council. An elusive and diverse group of seasoned developers, owners, investors, and technical experts (such as architects, engineers, and lawyers) will form the Office Council. Together, they will explore, in a relaxed and private setting, the state of the market, emerging trends, best practices, innovative thinking, and lessons learned in the creation and ownership of the office asset class. The goal is to spark new, confidential conversations among business executives and motivate a shift in this asset class that is built, invested in, run, designed, and managed. 

Real estate developers are purchasing more land

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Due to the overwhelming demand for homes, real estate developers have accelerated their plans to acquire land. A pattern discovered in 2023 continues this year, with builders going on a land-buying binge, particularly in major cities. However, why are land deals skyrocketing, and which acquisitions are grabbing the news in 2024? Propertywala finds out. 

Industry reports indicate that as real estate tycoons continue their widespread land acquisition binge, real estate will rise by roughly 10-15 percent, reaching nearly 3,00,000 units in 2024. With an emphasis on metropolitan areas, developers have been looking for underserved local markets to cash in on the rising demand for homes. Land deals in well-known Indian cities have significantly increased due to this. The subsequent piece delineates the land-acquisition patterns of builders for the years 2023 and 2024 thus far, in addition to the elements propelling the rapidly increasing demand for housing. 

Large-scale land grabs by real estate developers

Major developers throughout India are seeing an increase in land ownership momentum due to deals involving direct acquisitions and joint ventures. For example, DLF Ltd. recently paid Rs 825 crore to purchase a 29-acre plot in Gurgaon’s Golf Course Extension. The land has 7.5 million square feet of development potential. A 100-crore land deal on Gurgaon’s Golf Course was closed by TREVOC Group concurrently. 

LikewiseJan 25, 2024, Lodha Developer, a company listed as Macrotech, completed the acquisition of a 100% stake in Pune’s Goel Ganga Venture. As for a business-known developer, Gulshan Homz paid Rs 150 crore for a 2.5-acre plot in Sector-129, Noida. In collaboration with regional partners in Uttar Pradesh, Gulshan Homz is also building a residential project in Moradabad. There are plans to build 90 residential units as part of the project. 

Godrej Properties’ recent acquisition of a 4-acre plot of land in Bangalore also helped to start the trend. Godrej anticipates that the project will have a development potential of about Rs 1,000 crore as they look to solidify their position in the Bangalore real estate market. 

Godrej gained attention in the previous fiscal year for its meticulous land acquisitions, adding 18 new land parcels to its list. An approximate revenue potential of Rs 32,000 crore will result from these acquisitions, with a cap of Rs 15,000 crore for 2024. 

Small-time local developers are finding it challenging to acquire land because of the recent development by large developers. Developers, for example, are not happy with the bidding guidelines for a 24-acre land parcel in Bandra, Mumbai, and are criticizing the eligibility and financial requirements. Developers claim that limiting the bidder’s net worth to an astounding Rs 15,000 core will prevent many small developers from participating in the Bandra Reclamation Project. 

Cause of the increase in housing demand 

According to the Confederation of Real Estate Developers’ Associations of India (CREDAI), housing demand needs to reach 93 million by 2036, confirming the longevity of the rising residential sales trend. But given rising living expenses, what might be the motivating factor behind such steadfast demand? 

“Homebuyers’ demand has an increased interest cost environment resulting from elevated inflation, the strong domestic economic fundamentals, and the increasingly aspirational attributes of residential real estate,” says Shishir Baijal, Chairman and Managing Director of Knight Frank India. However, the trend is apparent in the primary residential markets across the country.”  

Significant land purchase initiatives during the previous year  

While land acquisition activity in the first quarter of 2024 got off to a great start, some notable deals occurred in the year prior. Here are a few noteworthy land purchase transactions from 2023: 

  • In Gurgaon, near the Dwarka Expressway, BPTP Developers paid Rs 87 crore for a 5.2-acre land parcel. 
  • Chintels India gave the Sobha Group land parcels close to the Dwarka Expressway for Rs 121.82 crore. 
  • Graphite India sold 1.02 lakh square meters of land to TATA Realty in Bangalore for Rs 986 crore. 
  • Casa Grande paid Rs 56.8 crore to secure a four lakh square foot deal in Hyderabad. 
  • With a land purchase in Gurgaon for Rs 597 crore, Oberoi Realty made its real estate debut in the Delhi NCR area. 
  • Birla Estates purchased a 28-acre plot of land in Sarjapur, Bangalore, for a residential development. 

Trends to watch in land investment 

In light of the current circumstances, industry experts have identified a few prominent investment trends that can help investors and developers make better decisions for the upcoming fiscal years. For example, because large builders are purchasing land parcels for development in and around Tier-1 cities, the focus on these areas is still prevalent. 

However, there is also a ton of investment potential in cities in Tiers 2 and 3. Recent reports claim that builder brands are focusing on the undeveloped markets of Nagpur, Panipat, and Ludhiana. Investor’s first choice is also the Mumbai Metropolitan Region (MMR). Due to their lower initial costs and potential for appreciation, buyers are eager to purchase new properties. 

Developers intend to seize the opportunity while it is still favorable, acknowledging that the current surge in housing demand is here to stay. Industry insiders predict that land acquisition will continue to be popular in 2024, with Tier-1 cities and developing areas continuing to be the hotspots. 

Five things to be aware of regarding the group housing plot plan by the Greater Noida Authority

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Following its float on February 7, the plan will expire on March 1, 2024. Officials say requests for the plots can come through February 2nd.

To entice real estate developers to create residential projects in the area, the Greater Noida Industrial Development Authority (GNIDA) has reopened a scheme for selling eight group housing builder plots after a lapse of more than ten years. 

According to officials, the scheme opened on February 7, and applications for plots can be made until February 2. The scheme will close on March 1, 2024. The Gautam Budh Nagar district’s Greater Noida region is under the jurisdiction of GNIDA.  

The planned October 2024 opening of the Noida International Airport is causing a spike in demand for housing in the Greater Noida and Yamuna Expressway regions. Thus, to address the housing shortage, we have introduced a plan for eight builder plots of group housing, and we are optimistic that relevant developers will respond favorably. 

He claims this is the first time the program has been introduced in 13 years, as the Authority decided to allocate housing plots in this category in or around 2010. 

These plots are spread throughout Greater Noida’s six sectors. Sectors 12 and Sigma 3 contain two plots each, while sectors Mu, Omicron 1A, Eta 2, and Sector 36 each have one plot. According to officials, these areas are close to the Yamuna Expressway, which links Agra and Greater Noida, and the Eastern Peripheral Expressway, which avoids New Delhi and travels through UP and Haryana. These industries will also correspond to the planned Jewar Film City and the soon-to-be Noida International Airport.  

According to the scheme brochure, Sector 36 offers a plot measuring 13,938.5 square meters, Sector Mu provides 18,215 square meters, and Sector 12 offers 22,558 square meters. 

Similar to this, a 32,350 sqm plot in Sector 2 is for sale, along with a 28,265 sqm plot in Eta 2, a 30,000 sqm plot in Sigma 3, and a 30,470.52 sqm plot in Sector Omicron 1A. The most expansive plot of the scheme of 38,771 sqm is on offer in sector Sigma 3.  

Allocation

Plots for group housing will go out through an online auction. A separate announcement will arrive regarding the e-auction’s date and time. For ninety years following the date of the execution of the lease deed, the plots will be on a leasehold basis. 

Authorities say that dividing or combining the allotted plots will not be allowed. 

Plan of payment 

In addition to a Rs 4.15 lakh processing fee, the applicants must deposit 10% of the plot’s reserved cost as registration money. 

The winning developers will have ninety days when the allotment letter is used to pay the entire land price. Within seven years of signing the lease deed, they must finish the project with the approved layout plan and get an occupancy certificate from the authority. 

How to use

Brochures and application forms are available for download at www.greatnoidaauthority.in. To apply and submit documents, interested parties must register on the e-auction portal at https://etender.sbi and receive a user ID and password. 

DLF is one of the real estate companies on the list of the fifteen most valuable companies in India

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DLF, at position 30, is India’s leading real estate developer, followed by Macrotech Developers, at position 58. In third place, at position 105, is Godrej Properties.

Axis Bank’s private banking divisions Burgundy Private and Hurun India have released a list of fifteen real estate firms in India. These companies include DLF, Macrotech, and Godrej Properties. 

With a market capitalization of Rs 15.65 lakh crore, Reliance Industries holds the third year’s top position. In second place, valued at Rs 12.4 lakh core, is Tata Consultancy Services; at  Rs 11.3 lakh crore, is HDFC Bank.  

The qualifying amount for the 2023 Burgundy Private Hurun India 500 is Rs 6,700 crore threshold from the year prior. 

On the list of real estate developers, DLF is at number 30, and Macrotech Developers is 58. According to the list, Godrej Properties comes in third place with a score of 105. 

Oberoi Realty is at position 115, The Phoenix Mills is at position 138, and Prestige Estates Projects is at position 151. The list places Bagman Developers at number 230, Mindspace Business Parks REIT at number 228, and Embassy Office Parks REIT at number 154. 

The list places Brigade Enterprises at number 275, DB Realty at 428, Signature Global at 451, NoBroker at 455, AnantRaj at 462, and Sobha at 500. 

This year has seen some notable changes in the real estate industry. Three new entrants have joined the market, demonstrating the industry. Anas Rahman Junaid, Founder and Chief Researcher of Hurun India, stated, “It is impressive that nine major companies have seen significant wealth growth. With an outstanding 70% lead, DLF closely follows Prestige Estate Projects at 44% and Microtech Developers at 54%. 

“Mumbai and Bengaluru each have six real estate firms, indicating the strength of these markets. Beyond the individual achievements, the sector’s overall growth contributes significantly to India’s GDP, demonstrating the industry’s critical role in the country’s economic structure. The current trend points to bright futures and an exciting time for the real estate industry,” he stated. 

Mumbai’s real estate crimes are on the rise

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Case studies showed examples of developers manipulating real estate values by either undervaluing properties at first or inflating them above market rates. 

Real estate is a big business and a sizable market in Mumbai. In Mumbai, real estate is a significant industry and business. Real estate-related crimes are increasing in the city concurrently with this growth. Many builders, including well-known developers, have been implicated in deceiving individuals. Reports about cases involving dishonest developers arrive at almost every police station every few days. Every couple of days, all police stations report cases involving people who have been cheating. Real estate scams have cost many people their entire life savings. 

Developer Lalit Tekchandani was recently taken into custody in a housing fraud case by the Mumbai police’s Economic Offenses Wing (EOW) on January 30. In Taloja, Navi Mumbai, the complainant invested Rs 36 lakh in Tekchandani’s construction project; however, a year before the project’s 2017 deadline, work ended abruptly. In a recent incident, an arrest took place by EOW of developer Jayesh Vinod Tanna on suspicion of defrauding 27 flat buyers out of Rs 40 crore in a Goregaon project. Another case, according to Ahuja Builders, involves a 20-year-old housing and investment scam. 

The father-son team of Jagdish and Gautam Ahuja (Ahuja builders) allegedly defrauded over two thousand homebuyers, according to lawyer Prakkash Rohira, who represents homebuyers in the High Court. Jagdish Ahuja is in custody, but Gautam is still at large despite police efforts to apprehend him. Furthermore, several developers have tricks by feigning to sell homes. 

Tax cheating developers

An increasing number of people in Mumbai City are worried that developers are involved in financial fraud, which is depressing and costly for the clients. Some developers have come under fire for allegedly using deceptive marketing techniques, like displaying features and amenities that do not match the products. Misleading representations have caused customers to invest in properties. 

Case studies showed examples of developers manipulating real estate values by either inflating them above market values or by first offering lower prices and then raising them during the deal. Project completion delays have been a common problem, putting purchasers in financial jeopardy because they had budgeted their investments based on deadlines. Some developers have missed scheduled delivery dates without providing sufficient justification or payment.

Developers are accused of compromising construction quality

In certain instances, developers have faced allegations of sacrificing construction quality, utilizing inferior materials, or taking shortcuts to increase their earnings. It poses a threat to built properties’ longevity and security. 

Developers may make it more difficult for investors’ clients to comprehend the big picture of finance if they follow the opaque transaction processes that have drawn criticism from some places. Because hidden costs are unpleasant surprises, buyers frequently perceive them as scams. 

Affected clients file a lawsuit

To address these problems, several impacted clients have taken legal action, registering complaints with consumer forums and real estate regulatory bodies. Consumer advocacy organizations have also been actively educating the public about these dishonest practices and pressuring authorities to punish negligent developers harshly. 

The chairman of Mumbai Grahak Panchayat, advocate Shirish Deshpande, asked a question about the Maharashtra Real Estate Regulatory Authority, stating that “the government seems to be falling short in preventing such crimes. “On May 1, 2017, the MahaRERA Act was signed into law to guarantee accountability and transparency. 

He continues, saying, “Developers defame the MahaRERA Act by submitting fictitious documents to the agency to legitimize their projects and defraud the public. The government does nothing. MahaRERA only provides dates; occasionally, it does not provide dates. After a year, some customers receive dates, which is advantageous for the builders. RERA does not entertain complaints filed by customers.” 

‘MahaRERA still isn’t solving over seven thousand complaints. The Consumer Forum sent a letter to the MahaRERA Chairman about this, but he has not replied yet. The number of complaints and stalled projects continues to increase. Builders aren’t taking the RERA Act seriously. Deshpande claims that despite the MahaRERA Act’s strength, its application is being done incorrectly. 

“When any complaint reaches our association, our committee scrutinizes it and decides whether to inform MahaRERA or resolve it internally,” said Harish Kumar Jain, president of the Brihanmumbai Developers Association. 

“The Association encourages developers to follow the rules, which will help the real estate industry’s reputation, especially since it will give consumers more confidence. Cheating cases are much less common now than in the past; Jain noted that it is uncommon to find even 10%of such cases. 

Learn about the Indian Housing Society’s parking regulations.

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It’s an astounding 4.1 million cars sold in India, but there were not enough parking spots to accommodate all the growth. Due to poor space management, residents of housing societies also have parking problems. Propertywala explains the common issues residents face when parking their cars in this article and the rules surrounding parking in Indian housing societies.

Parking regulations in a housing community 

Housing societies’ regulations regarding apartment parking can be confusing to tenants. Here’s a sharp image: 

The Maharashtra Ownership Flats Act (MOFA) permits societies to design unique parking policies that comply with MOFA standards. For the Resident’s Welfare Association (RWA) to keep a record of parked cars, residents must send in an application form and the vehicle’s RC book. 

  • The first-come, first-served parking policy is outlined in Section 78 of the MOFA and applies to all available spaces. 
  • Those wishing to use stilt parking must apply in writing to the secretary of the society. 
  • A family member may only apply for one parking space per vehicle, and only the legitimate owner of the car may do so. Requests for additional slots undergo evaluation annually to determine if spaces are available. 
  • Section 84 of MOFA establishes the annual parking space fee, which is decided upon at the society’s general body meeting. 
  • The visitor parking regulations, which reserve a minimum of five percent of the space for visitors, require security guards to enforce them, as per the regulations of the Brihanmumbai Municipal Corporation. 
  • Residents must observe traffic laws, put entry stickers on their cars, ask permission before parking for guests, and refrain from blocking other driver’s spaces. 

RERA parking allotment regulations 

The Real Estate Authority (TERRA) in India has regulations governing parking in housing societies. Parking spots are a fundamental benefit the community provides, so builders are forbidden to sell them separately. When builders attempted to sell parking spots separately in 2010-2011, locals objected and went to court. According to the Bombay High Court, parking is a component of shared amenities. The Supreme Court upheld this decision, prohibiting builders from imposing parking fees. 

  • Regulations established by the Ministry of Housing and Urban Affairs stipulate that for every 100 square meters of residential floor area, there should be two equivalent car spaces (ECS). One space for every three bedrooms, as well as two for every four bedrooms, corresponds to this. 
  • Housing societies can establish their parking regulations thanks to the Apartment Acts of each state. 
  • According to the National Building Code, a parking space for a four-wheeler must be at least 13.75 square meters and a space for a two-wheeler must be at least 1.25 square meters. 

RWA’s role in housing society parking policies. 

Similar to the manager of a housing society registered under the Societies Registration Act of 1860 is the Residential Welfare Association (RWA). As stated in the Real Estate Regulatory Authority (RWA) Act, RWAAs must form ninety days following the reservation of a flat. 

  • Social areas that are shared or common are a part of the entire community. 
  • Residents or members of RWA do not own parking spots. 
  • Since it is their responsibility, the MC (RWA) or the General Body can assign parking spaces to registered residents.  
  • Members of RWA can include families, associate members, and homeowners.
  • Parking spaces are numbered by the civic body’s approved LOP (layout plan).  
  • If your car has a RWA sticker, you will not have to go through security checks inside the society. 

Common problems with parking in housing communities

Issues with parking in apartments and society are not uncommon these days. Tenants, residents, and even visitors to the community face these kinds of difficulties. The following are typical problems that could arise when parking in a housing society.  

Unauthorized parking: When residents park more cars than the number of spaces assigned, it creates traffic jams and other problems for housing societies. 

Parking for visitors: When security officers direct guests to park on streets rather than in approved spots, it can cause damage to the vehicles or even theft. 

Unmarked spaces: Improper arrangement or making of parking spaces causes confusion and conflict among neighbors, which is bad for peace. 

Few parking spaces: When residents own more cars than there are parking spaces available, regular parking occurs outside the building, which exacerbates traffic congestion.

Parking restrictions for tenants: Temporary occupants encounter difficulties when parking within society premises because the vehicles of permanent residents cause congestion.  

Unfair parking space distribution: When parking spaces are unfair, causing some residents to occupy multiple spaces while others are left without, it causes tension and discontent in the community.

Car security and protection are assured when you park your car in a safe area. Housing societies either charge a reasonable fee or offer residents designated parking spaces for free. Parking can occasionally become a significant issue that leads to traffic jams and poor management. For this reason, when visiting or purchasing a home in a housing society, it is critical to be aware of its parking policies. Fair parking regulations are required to accommodate the fluctuating demand for parking spaces in housing societies.