Tag Archives: Mumbai Real Estate

Luxury villas in the sky: Mumbai residents are now upgrading to duplex and triplex apartments

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Move over, Jodi Apartments: Duplex and triplex homes are the most popular trend in Mumbai. Experiencing ‘villas in the sky’ rather than combining two apartments into a ‘Jodi unit’ is the new norm, particularly among luxury homebuyers looking to upgrade to larger properties. 

Advertisements promoting ‘the lavish lifestyle with cost-effective duplex  flats in Mumbai’ or a beautifully designed 4 BHK duplex apartment with a private terrace for sale in Bandra.’ It is appropriate for a large family, so do not be surprised. Vertical instead of horizontal spread is the trend, and Mumbai residents are going all out to get a piece of this luxury living. 

Jodi apartments, balconies, and duplex housing units 

If the Jodi apartment concept, or the trend of balconies, gained traction in Mumbai earlier, it is time for duplex and triplex apartments. Jodi apartments combine two or more housing units into one. Jodi apartments and the duplex/triplex units provide more space and privacy for large families living under one roof. Buyers willing to pay a premium are now looking to improve their lifestyle by moving into duplex or triplex apartments. 

Suraj Estate Developers is selling the 42-story Ocean Star Tower built by Prabhadevi.

“We are now offering separate floors for the 50-story project ‘Suraj The Palette’ in Dadar (W). However, we can always change the plan if there is a high demand for duplex units on our upper floors,” said Rahul Thomas, Suraj Estate Developers’ Wholetime Director. 

Ocean Star, Tranquil Bay, and Mangrish are the company’s projects, which offer duplex apartments ranging in size from 2600 to 5000 square feet. 

“The trend among Mumbai buyers to own duplex and triplex apartments reflects a shift in their tastes. Most high-net-worth individuals value spacious living over price,” he told HT Digital. 

Sky bungalows have double-height living spaces.

“We have identified an inclination towards duplex apartments, with individuals desiring ‘sky bungalows’ that feature double height living spaces with a ceiling height of 24 feet in the living room- a feature typically only in villas,” he adds.  

HNIs in Mumbai are considering upgrading their lifestyle to duplex and triplex apartments. According to Parth K Mehta, CMD of Paradigm Realty, these homes are investments and lifestyle statements. Prices range between Rs 12.5 crore and Rs 100 crore. 

Redevelopment projects meeting the demand  for duplex and triplex units 

According to Ritiesh Mehta, Senior Director and Head (North and West), of residential services and developer initiative, JJL India, the trend for duplexes and triplexes is becoming more prevalent in Mumbai, particularly as redevelopment activity increases in the city.

“Many of these redevelopment plots are small land parcels, and there is little room to turn a 1000 sq ft into 3000 sq ft apartment horizontally. Rather than Jodi apartments, demand has shifted to vertical units with greater height and larger floor plans,” he said. 

“Prices for sea-facing duplex and triplex luxury housing units typically range between 10% and 15% higher,” he said. 

Architects believe that Mumbaikars’ design preferences have changed since the pandemic. Many buyers today prefer vertically distributed housing units over horizontally distributed ones. They are currently looking for more floor height. 

“Even if you combine two apartments into one Jodi, the ceiling height remains constant. People want more volume in terms of height; they want double height homes with more space and high ceilings, which may not be possible on a single floor,” said architect Hardik Pandit, director of APICES Studio Pvt Ltd, to HT Digital. 

The number of duplex and triplex units in a building depends on its number of stories and location. “We initially plan for two to three of these units in a building, but we may decide to increase the number on the upper floors based on demand.” 

These units are typically found on the higher floors of a sea-facing building and command a premium in terms of price,” he said. 

Will the duplex replace the Jodi apartment concept? 

When asked if this concept is expected to replace the ‘Jodi trend in Mumbai, he stated that the demand for ‘Jodi apartments’ will continue because it is age-related. “If a family consists of young children, they may prefer to go in for a duplex or triplex for that bungalow experience within an apartment; however, if the buyers are elderly, they may want to go in for a large ‘Jodi apartment.” 

It is also worth noting that duplex and triplex apartments are usually only available in certain areas. “If you have quite a few of these units, sales may slow down due to their high cost.” Furthermore, these will only thrive in certain environments, particularly sea-facing buildings. “Many of these units have design features like viewing decks and terraces,” he says. 

Hiring in real estate and construction surges by 86%; Delhi, Bengaluru, and Mumbai lead: report

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A strong business environment, an increase in warehousing and industrial needs, commercial housing requirements as migration grows, the opening of manufacturing facilities, and other factors may all contribute to this trend.

Between March 2023 and March 2024, the number of construction and real estate employees increased by 86%. According to Indeed, the surge in demand has been accompanied by a 57% increase in job seekers’ interest, with Delhi, Bengaluru, and Mumbai leading the way. 

According to Indeed Data, Delhi had the highest construction hiring rate, at 5.05 percent, followed by Bengaluru (4.68 percent) and Mumbai (4.13 percent). A strong business environment, an upsurge in warehousing and industrial needs, increased commercial housing requirements as migration rises, the opening of manufacturing facilities, and other factors could all contribute to this trend. 

“Smaller cities such as Ernakulum (2%), Kochi (1.50%), Lucknow (1.38%), and Calicut (1.25%) are among the top regions attracting job seekers’ attention. This trend could be attributed to low living costs or local job opportunities that allow people to work closer to home. Indeed lists Ernakulum, Calicut, and Kochi as Tier 2 and 3 cities with the most job postings. 

Engineers (17.18 percent), project leads and supervisors (8 percent), and architects (5 percent) are the most popular job roles, according to job postings. In line with demand, job seekers are interested in engineers (21.31 percent), project leads and supervisors (9.33 percent), and architects (4.27 percent). As construction becomes more complex and technical, the industry requires more skilled workers. 

According to the findings, Sashi Kumar, head of sales at Indeed India, stated, “The construction industry continues to be a key driver of economic growth, providing enormous opportunities for skilled professionals and semi-skilled labor. The significant increase in hiring points to promising prospects for job seekers and employers, while the increase in job seeker interest reflects the industry’s strong momentum.” 

Mumbai real estate developers anticipate that Gudi Padwa will boost home sales

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Maharashtra real estate developers believe that April 9th’s Gudi Padwa festival will boost sales of new homes. Many companies provide discounts and attractive incentives, such as gold coins, flexible payment plans, and even exemptions from goods and services tax and stamp duty, to entice customers to provide more information.  

Gudi Paadwa, which falls on the same dates as Kerala’s Vishu, Andhra Pradesh’s Yugadi, Punjab’s Baisakhi, and Tamil Nadu’s Puthandu, is celebrated as a time of renewal. Real estate experts say that during this time, there is a noticeable increase in activity in the property market because many Indians associate purchasing a property with auspicious dates.  

“As average property prices rise in the top seven cities, where housing demand is still very high, this is unquestionably the right time to buy. Santosh Kumar, vice  chairman of ANAROCK Group, stated, “Big and leading developers are seeing significant  sales in their projects, so one should not look for major offers and discounts.” 

According to him, comparable patterns were seen during the holiday quarter (October-December 2023), when developers hardly offered any deals or discounts, especially for projects with strong sales. Offers, such as freebies like gold coins and iPhones, are being made to initiatives requiring an extra push to boost sales. 

During this fortunate event last year, “we  achieved 20 bookings, accounting for approximately 25% of our monthly business.” Strong buyer sentiment in the real estate market typically presents an excellent opportunity for consumers to buy homes, according to Anupam Varma, CEO of Rustomjee Urbania at Rustomjee Group. 

Gudi Padwa provides.

Mahindra Lifespace Developers’ Chief Business Officer (Residential), Vimalendra Singh, stated that during this period, developers provided flexible payment options, festive discounts, and other incentives like gold, silver, or even white goods. The company sold over 20 homes in five days on Gudi Padwa last year, an almost 100% increase in sales. 

Demand for real estate has increased dramatically in the first two months of 2024, particularly in the MMR region, where property registrations surpassed 10,000 in January and 11,000 in February.  “We anticipate that Gudi Padwa will contribute to an increase in housing sales volume,” Ashar Group Chairman and Managing Director Ajay Ashar stated. On this occasion, the company has arranged its yearly Ashar Expo. 

Majnu Yagnik, Senior President of NAREDCO-Maharashtra and Vice Chairperson of the Nahar Group, stated that a variety of incentives are available, including cashback programs, waivers of registration and stamp duty fees, personalized payment plans, family vacation packages, free gold coins, appliances, or furniture, and deferred interest payments until full possession. 

This Gudi Padwa, we expect strong sales traction. Sales this year are predicted to rise by 15-25%, making it a remarkable year overall. Parth Mehta, CMD of Paradigm Realty, stated, “We are offering 10gm gold coin plus 0% SDR along with a spot discount upon booking a flat at our 71 Midtown and Paradigm Alaya project.” 

The Person Midtown Bay project, situated in the center of Mahim, offers semi-furnished 2.5 BHK and 3 BHK apartments on higher floors with a modular kitchen fully equipped with white goods. 

For its 2BHK homes in the Tridhaatu Morya development in Chembur, Tridhaatu Realty is giving away IKEA gift cards. GST and stamp duty exemptions are also provided. 

In Pune, Joyville Shapoorji Housing offers 10 gm gold coins at Joyville Sensorium and 50K worth of gold vouchers at Joyville Celestia. To entice fence-sitters, Joyville Virar is providing a multi-coupon offer with benefits of up to 2 lakh. 

Mumbai moves up one spot in the Q4 2023 Prime Global Cities Index, behind Dubai and Manila

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Mumbai’s luxury real estate is seeing an annual price increase of 10%, primarily due to wealthy buyers seeking to upgrade their lifestyle. 

According to Knight Frank’s Prime Global Cities Index, the average annual price of luxury homes increased in Q4 2023 in Mumbai (10%), Delhi-NCR (4.2%), and Bengaluru (2.2%). New Delhi also saw an increase in luxury home prices. 

Mumbai moved up the ranking table five spots to third place from its eighth position in Q4 2022, with the third-highest year-over-year (YoY) growth in prime residential prices in Q4 2023. NCR saw a 4.2% YoY increase, rising from 28th place in Q4 2022 to 16th in Q4 2023. Bengaluru, however, saw a drop in rankings, going from 20th in Q4 2022 to 27th in Q4 2023, despite the city recording a 2.2% YoY increase in residential prices. 

Manila took first place in the Knight Frank Prime Global Cities Index Q4 2023, with an annual price increase of 26.3%. The success of the capital city is due to robust inward and outbound investments. Mumbai is ranked third with 10% YoY growth, and Dubai is ranked second with 15.1% YoY growth in the index. 

A valuation-based index that tracks changes in prime residential prices in 45 cities across the globe is called the Prime Global Cities Index. In local currency, the index tracks nominal prices. 

Throughout the 45 markets, the increase in the global prime residential price index was 3.7% in the year that ended in December 2023. With 82% of cities experiencing annual growth, this is the highest growth rate since Q3 2022. 

“The significant increase in prime prices is a direct result of the spike in demand for this residential market in India’s markets. According to Shishir Baijal, Chairman and Managing Director of Knight Frank India, “This segment should likely see price levels continue to elevate in the near term as homebuyers prioritize lifestyle upgrades more and more, bolstered by the nation’s stable economic outlook and positive market sentiment.” 

According to Liam Bailey, Global Head of Research at Knight Frank, “Sales volumes have decreased by 10% to 20% in most markets over the last 12 months due to the interest rate tightening cycle.” 

As rates increased in 2022, prices began to fall, but as supply became more scarce, prices gradually increased. Rate reductions in the second half of 2024 will give the market even more traction.” 

Mumbai has had the fastest coworking space rental growth since FY20, at 27%.

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Mumbai has seen an increase in coworking average monthly rentals over the last four years, at 27%, followed by Gurgaon at 19%, per a recent MyHQ by Anarock report. 

According to a recent MyHQ by Anarock report, Mumbai has seen an average monthly rental growth for coworking spaces over the past four years (27%), followed by Gurgaon (19%). 

The report encompasses six towns: Bengaluru, Delhi, Mumbai, Gurgaon, and Noida.  

In Mumbai, the average monthly rental cost for a flex space seat was Rs 15,900 in FY 2024 compared to Rs 12,500 in FY 2020. 

Gurgaon saw a 19% increase in that period, going from roughly Rs 8,500 per month per seat in FY2020 to roughly Rs 10,100 per month per seat in FY2024. Rentals for Delhi’s flexible workspace increased by 18% between FY2020 and FY2024, going from Rs 10,000 to roughly Rs 11,800 per space per month.  

The average monthly rent for flexible spaces in Bengaluru increased from Rs 7,800 per seat in FY2020 to Rs 9,000 per seat in FY2024, representing a 15% increase. According to the report, the average monthly rental price of flex spaces in Noida increased by 14% over the previous four years, from Rs 6,500 per seat in FY2020 to Rs 7,400 per seat in FY2024. 

“In recent years, the Asia-Pacific area has become a significant market for coworking spaces, and demand is rising quickly. Japan, China, India, and Hong Kong are a few of the major cities that are experiencing rapid expansion. According to Utkarsh Kawatra, Senior Director of myHQ by ANAROCK,” India, as a hotbed for startups across various sectors and industries, is witnessing a steady demand for flexible, economical workspaces.” 

In the current fiscal year, coworking accounted for 18% of the office supply in the top seven cities’ office leasing market. A report by MyHQ by Anarock estimates that the flexible office real estate market will grow from 55 million square feet to 100 million square feet by 2030. 

Financial support for the coworking space has also been encouraging, with more funding coming in after COVID-19 than before. 

An average coworking space of 20,000 square feet can fetch an internal rate of return of 40-70%.  According to the report, up to 70% of businesses  use a hybrid work style. 

According to two out of three industry experts, by 2030, coworking spaces will become more in demand than traditional office spaces. Opening coworking spaces is another move by hotels and food and beverage establishments to increase revenue from their daytime unsold inventory. 

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 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.   

Will the Mumbai-Trans Harbour Link increase the cost of real estate in Navi Mumbai?

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While some real estate analysts think the MTHL project will raise prices, others believe they will stay low as more becomes available. 

Prime Minister Narendra Modi opened the 21.8-kilometer Mumbai Trans Harbour Link on January 12. The goal of the sea link is to reduce the several-hour travel time between Mumbai and Navi Mumbai to 15 to 20 minutes. Additionally, it should shorten travel times to major cities like Pune and Gia. Given that it is the location of a mega port and an upcoming international airport in Navi Mumbai, it may also promote economic growth in the area. 

As with most new infrastructure projects, the question that needs answering is whether this will change the course of Navi Mumbai’s real estate market and drive up property prices. It’s worth noting that the 11-kilometer Navi Mumbai Metro Line 1, which runs between Belapur and Pendhar, began operating in November of last year and has contributed to an increase in real estate prices in nearby markets like Kharghar, Belapur, and Taloja. 

While some real estate experts believe that new infrastructure projects in Navi Mumbai will cause prices to rise by 10-15% over the next two to three years, others believe the cost will remain low because more land will become available along the MTHL corridor. An increased demand for upscale real estate in Alibaug could result from improved connection. 

Starting in Sewri, South Mumbai, MTHL goes north across the Thane Creek of Elephant Island and ends in Chirle village in Navi Mumbai, close to Nhava Sheva. The goal of the MTHL is to reduce the two-hour travel time from South Mumbai to Ulwe to just twenty minutes. Dronagiri, Ulwe, and Panvel are the other areas expected to gain from the direct connection. 

The infrastructure development will improve accessibility throughout MMR, generating affordable opportunities in several developing residential hubs, according to global real estate consultancy Colliers. New residential communities, such as Panvel, Ulwe, and Kharghar, are expected to be developed because it’s this close to Navi Mumbai’s edge. 

Panvel: Remember that Panvel is 20 minutes from the under-construction Navi Mumbai International Airport, and the MTHL project is only 15 to 20 minutes away. Affordable housing is the main focus of this market. According to local brokers, the price of an apartment with two or three bedrooms in Panvel can range from Rs 8,000 to RS 15,000 per square foot. 

Ulwe lies in Mumbai’s Navi. This place can set you back a crore for 2 BHK. They claim the prices were between Rs 25 and Rs 30 lakh approximately eight years ago. Right now, Dronagiri fetches between Rs 5,500 and 6,000 per square foot. 

The Ulwe end of the sea link is expected to see the development of a “Third Mumbai,” according to discussions. The Mumbai Metropolitan Regional Development Authority (MMRDA) is responsible for developing this. Part of its mandate is to create a second business hub like the Bandra-Kurla Complex on a 150-hectare plot at Kharghar in Navi Mumbai. The Third Mumbai project includes the towns of Ulwe, Pen, Panvel, Karjat, and Alibaug in the Raigad district. 

Ulwe and Panvel are and will continue to be the beneficiaries of the MTHL project in Navi Mumbai, according to data supplied by Anarock. Not only that, but the two areas are already benefiting from the concurrent construction of the international airport and MTHL, and they will continue to do so. The areas of Seawood and Kharghar have also benefited. 

As of Q3 2023, the average price of real estate in Navi Mumbai was over Rs 8,300 per square foot, according to ANAROCK Research. With an average price of Rs6,650 per square foot in Q3 2015, real estate prices had increased by over 25%.  In the next 2-3 years, the city will see average prices between 10-15% due to various infrastructure projects that will improve connectivity with mainland Mumbai and MMR. 

Will the value of real estate increase? 

The senior executive director of Knight Frank India, Gulam Zia, has an alternative viewpoint. 

“Most of the real estate in these areas has already expanded and changed. The juice has already been squeezed out of it financially. Prices in Ulwe started at Rs 2000 nearly ten years ago, and before the link went into service, he said, they reached Rs 5000 per square foot. 

“We expect a consistent price increase of 7 to 10 percent in all areas that fall under this corridor,” he said. 

Could control the price of real estate 

Prime Minister Narendra Modi officially opened the 17-kilometer priority section of the Regional Rapid Transit System (RRTS) train, also known as RAPIDX, a few months ago. The country’s first mass rapid transit system dedicated to regional connectivity. Between the stations of Shaibabad and Dubai Depot was this. The 82.15 km connector between Delhi and Meerut is projected to reduce the travel time to just under an hour. 

Four real estate markets in 2024 where you might want to invest

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By 2024, new highways, airports, and metro lines will significantly impact housing demand. Infrastructural developments will continue to dominate in 2024 and influence housing trends. The success of the residential and commercial real estate sectors will probably be determined by the construction of new metro connectors, motorways, and airports, whether they are currently operating or not. 

In the influence zones, the upcoming infrastructure renovation will boost residential activity. The capital value of the catchment areas along the project corridors will likely increase significantly, drawing in both investors and end users. 

According to Colliers India CEO Badal Yagnik, “peripheral areas will become integrated with central and suburban areas as infrastructure projects get completed throughout 2024, resulting in homogenization of activity across key residential pockets of respective cities.”

It is also probable that real estate developers will branch out into new areas. 

Organized residential real estate is well-positioned to enter the next phase of growth in markets such as Vadodara, Nashik, Lucknow, Jaipur, Chandigarh, Coimbatore, Mysore, Kochi, Indore, Bhubaneshwar, and Guwahati. It is due to unrealized potential and growing preference for comprehensive offerings in gated communities of tier 2 and 3 markets. 

The cities with more upside potential than Tier 1 cities will attract more and more investors seeking residential real estate. In addition to the outskirts of large towns, developers will likely add high-quality supply to these emerging markets, according to Yagnik.  

Homebuyers and investors should be aware of these markets. 

Gurgaon

Those looking to buy real estate in Gurgaon near the Dwarka Expressway might find it interesting. 

New sectors by the Dwarka Expressway in Gurgaon include 113, 112, 111, 110, 109, 108, 107, 106, 104, 103, 102, 99, 88B, 37D, 36A, and 36B. With an extension to the Dwarka Expressway close to Sectors 101-104, the metro line will eventually link the old and new Gurgaon by the Union Cabinet in 2023. 

Along this stretch, there are several upscale and mid-range housing complexes. Local brokers claim that property rates in the area vary from Rs 8000 to Rs 20,000 per square foot, depending on the project and location. Rentals in the area start at Rs 20,000 per month. 

The international real estate consulting company Savills India reported. Over the past five years, the average capital values of completed and under-construction properties have peaked, with 36% and 25% YoY growth recorded at the city level in Gurgaon, respectively. The average capital value of both completed and under-construction properties increased by 12% to 45% year over year.  

New Gurugram and Dwarka Expressway were the top-performing micro markets, with annual growth of 45% and 21% in average capital values of under-construction properties, respectively.  

Noida 

Sector 150, Greater Noida West, and a few residential areas along the Yamuna Expressway that are reasonably close to the future Noida International Airport are some of the most well-known markets in Noida. 

In 2024, prospective homeowners and investors also want to look at Greater Noida West or Noida Extension. 

In the area, the price range for a 2BHK unit is Rs 60 lakh to Rs 80 lakh, while a 3BHK unit can cost over a crore. Depending on the size and location, monthly rentals for two-bedroom housing units can cost anywhere from Rs 15,000 to Rs 20,000, while 3BHK apartments can cost anywhere from Rs 17,000 to Rs 25,000. According to local brokers with ties to the area, there will also be a few serviced apartment developments. 

Mumbai 

The Navi Mumbai Metro, which began service a few months ago, is located in several areas of Mumbai that prospective homeowners and investors might want to look into. 

The route passes through these micro markets, which include Taloja, Pendhar, Kharghar, and Belapur. Most of Taloja’s real estate costs between Rs 6000 and Rs 8000 per square foot on average, and it will continue to increase due to the metro connector. Local brokers state that the starting rent is approximately Rs 10000 per month.  

Ulwe, a posh neighborhood in Navi Mumbai, is another place to be on the lookout. Through this area runs the 22-kilometer Mumbai Trans Harbour Link (MTHL), which links Mumbai and Navi Mumbai. Because of this new infrastructure, capital rates have increased in this area to the point where two-bedroom apartments for more than Rs one crore. According to local brokers, rents can range from Rs 10,000 to Rs 20,000, contingent on the location and type of apartment building. The proposed Navi Mumbai International Airport will impact the property values in the Navi Mumbai area. The proposed Navi Mumbai International Airport will impact the property values in the Navi Mumbai area. 

In 2023, South Mumbai—known for its apartments and bungalows in Malabar Hill, Malabar Hill, and Walkeshwar—closed most of its high-end transactions. In 2024, the trend is going to continue. There are also several redevelopment initiatives in these areas. In addition to K Raheja Corp and Kalpataru, prominent players in the listed real estate market include Lodha and Godrej Properties. Most opulent residential apartments range from Rs 35,000 to Rs 1.50 lakh per square foot. Rents can start from Rs 1 lakh, depending on the property’s location.

The demand for rental properties has risen with the opening of metro lines 2A and seven between Dahisar and Andheri, particularly in the Western Suburbs micro market. According to a Savills India report, the student population traveling by metro to colleges in Andheri and Vile Parle locations created a significant demand for rental properties in Kandivali and Borivali. It led to an 8% YoY increase in rental values. 

Bengaluru

In Bengaluru, the Purple Line went fully operational in 2023. The segment between Whitefield and Kengeri, West Bengaluru, was completed and operational in October. 

Local brokers say properties along this corridor are an ideal investment option for personal use and rental income. 

They claimed that the prices have already increased by 20-30% in places like MG Road, Whitefield, Koramangala, and Indiranagar. 

The sources also suggest that the outskirts of KR Pura and Whitefield might be considered, given their increasing popularity in the wake of the metro’s opening. 

According to a report by Savills India, rental growth in premium residential developments in South and North Bengaluru is the highest, with 6-7% YoY growth. Average city rents increased by 5.8% YoY. 

All the information you require regarding SUC in real estate taxes

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With initiatives like the Swachh Bharat Abhiyan taking the world by storm, India is looking at more progressive ways to maintain its cleanliness and environmental sustainability. SUC, or Street Waste Management User Charges, is one such program run by the regional government. This article will examine the meaning, objectives, advantages, and modifications of SUC in property taxes. 

Restructuring effective waste management practices has long been a top priority in India. Street Waste Management User Charges, or SUCs, are an efficient solution devised by local municipal or governing bodies to control this expanding issue. However, what is the state of waste management in India’s cities for residential and commercial properties? What prospective homeowners and property owners should know about SUC in Indian property taxes is provided here. 

Property tax SUC: Interpretation 

The charges imposed by the Indian local government for collecting and disposing of waste produced by homes and businesses are known as “usage fees for street waste management.” The purpose of these fees is to guarantee city cleanliness and encourage appropriate waste management practices. 

It is significant to remember that these fees are only applied to waste management services and are not related to property taxes. User fees generate revenue to fund waste collection vehicle maintenance, hire sanitation staff, and carry out waste segregation and recycling programs. 

SUC in real estate taxes: Advantages 

Among the advantages of putting SUC into practice are: 

  • Environmental sustainability: User fees help create a kinder, healthier environment by supporting waste management programs. Effective waste management reduces pollution, halts the spread of disease, and safeguards the environment.  
  • Cost-cutting: Efficient waste management minimizes the workload for municipal governments and lowers the total cost of removing waste. It could lead to lower taxes and more efficient use of public funds for other development projects. 
  • Job creation: A sizable portion of the population can find work in the waste management industry. The money from user fees funds employment in facilities that handle waste treatment, recycling, and collection. 

SUC for real estate taxes: City Specific fees 

In India, different cities have different user fees for managing street waste. Here are a few significant numbers: 

Mumbai 

Depending on the type of property, users in Mumbai are responsible for paying for the management of street waste. For instance, monthly fees for residential properties are approximately Rs 60, whereas commercial property fees are contingent upon the use of the property. 

Delhi 

In Delhi, the built-up area of the property determines the user fees for managing street waste. The MCD states that the monthly cost for residential properties ranges from Rs 50 to Rs 200, and for commercial properties, it can range from Rs 100 for street vendors to Rs 5,000 for clinics, marriage halls, exhibitions, and the like. 

Bangalore 

Bangalore uses a different strategy of user fees for street waste management. Residents of Bangalore pay their user charges combined with their monthly electricity bill instead of choosing a separate user charge. The monthly fee for residential properties ranges from Rs 30 to Rs 500, whereas the cost of commercial properties varies from Rs 75 to Rs 1,200.  

Chennai 

Based on the annual rental value and the purpose of the property, user fees for street waste management vary in Chennai. Monthly fees for residential properties can range from Rs 10 to Rs 100. Commercial or religious buildings (such as temples or wedding halls) can cost anywhere from Rs 300 to Rs 15,000, depending on their intended use. 

It is crucial to remember that these fees could alter depending on the rules set forth by the local municipal corporation. It is best to speak with the relevant municipal corporation or a real estate advisor for the most accurate and current information. 

SUC in real estate taxes: 2016 revision 

The Ministry of Environment, Forests, and Climate Change in India introduced the new Solid Waste Management Rules (SWM) in 2016 in response to the nation’s growing concerns about solid waste management. Unlike the SUC rules, the amended regulations concentrate more on donations that cross municipal boundaries. Among the new regulations’ primary points are: 

  • Separation at the source 

The regulations stress how crucial it is to separate waste at the source. It facilitates material recycling and rescue while also helping in effective waste management. 

  • Processing and handling of waste

The SWM regulations promote the construction of facilities for the processing and treatment of waste. By assisting with the appropriate handling and disposal of waste, these facilities lessen the load on landfills. 

  • Extended producer responsibility (EPR): This encourages manufacturers to adopt eco-friendly packaging and recycling practices. 
  • Waste-to-energy facilities 

Additionally, the rules encourage the construction of waste-to-energy facilities. By converting waste into energy, these plants lessen reliance on fossil fuels and help to maintain a cleaner environment. 

In conclusion, many Indian urban areas that have struggled with waste management have found that introducing user fees for street waste management has been a godsend. In addition to the SUC property tax levies, solid waste management laws have the additional purpose of improving how effectively waste management and disposal. We advise contacting the local municipal authorities to learn more about the expenses and rules governing waste management in your neighborhood. 

NCLT Mumbai authorizes the sale of RCom shares and real estate

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According to a regulatory filing on Wednesday, the telecom company Reliance Communications’ sale of a portion of its real estate holdings has received approval from the insolvency tribunal NCLT Mumbai.

An order of the National Company Law Tribunal’s Mumbai bench was attached to the application filed by Reliance Communications (RcOM)’s resolution professional, asking for permission from the NCLT to go ahead and sell some of the company’s unencumbered assets. 

“After submission of the resolution plan for approval by this Tribunal, the Tribunal clarifies that the Applicant/RP can sell assets of the Corporate Debtor under Regulation 29 of the CIRP Regulations,” the NCLT order dated December 7 stated. 

As per the directive, resolution specialists have the right to divest company assets after they submit the resolution plan for tribunal approval.

By Regulation 29 of the CIRP Regulations, “This Tribunal accords its approval to the Applicant to conduct the sale of the corporate debtor’s assets, “the order stated. “The sale proceeds shall be treated as unencumbered assets of the corporate debtor and be distributed during the implementation of the approved resolution plan or in liquidation, as the case may be.”

871.1 square meters of land in Pune; office space in Bhubaneswar; an investment in Champion Properties shares; an investment in Reliance Realty shares; the Chennai Haddow Office of RCom, which consists of land and a building, and an office in Ambattur, Chennai, all have been identified as assets up for sale. 

Most growth in this city occurs in the sale of houses exceeding Rs 4 crore.

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According to a report released today by real estate firm CBRE, sales of luxury houses valued at Rs 4 crore and above rose 97% over the previous year in the seven major Indian cities between January and September 2023. 

The report states that Hyderabad, Mumbai, and Delhi-NCR account for 90% of all sales of luxury homes. 13% came from Hyderabad, 35% from Mumbai, and 37% from Delhi-NCR. Pune is responsible for the final 4%.

The desire for higher living standards, a strong economy, rising disposable incomes, and a shortage of luxury homes in large cities all contributed to an uptick in luxury home sales.

According to CBRE, there will likely be additional growth in the sales of luxury homes from the October through the December holiday season. The company anticipates a rise in people purchasing luxury homes for the first time in the October-December quarter. 

“A growing Indian economy and rising aspirations are the causes of this spike. Aside from the post-pandemic need for larger spaces, some of the reasons for this surge in luxury home sales are incentives by developers. 

According to the CBRE report, there will be a spike in residential sales and new launches in the premium and luxury housing segment due to economic growth, advantageous regulatory measures, and changing lifestyle preferences. It could result in residential sales reaching a 10-year high in 2023. 

It further claimed that as buyers look for larger living spaces following the pandemic, developers’ incentives and the introduction of smart home technology are driving the surge in sales of luxury houses. 

According to CBRE, this increases the rising demand for luxury properties among high-net-worth individuals (HNIs) and non-resident Indians (NRIs) looking for safe and lucrative investment opportunities. 

These patterns imply that the Indian real estate market is seeing the growing importance of luxury residences.  

Private Terrace Flat in Mumbai with Balcony for Sale

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Urban real estate markets have started to prioritize apartments with balconies. The demand for balcony space is constantly increasing, especially in a metropolis like Mumbai, to the degree that it is now necessary. Balconies are a common feature of apartments. The purpose of flats with balconies is to give residents access to a private standard of living and property value. 

Some people might hesitate to purchase an apartment building’s top floor, while others may want to live there exclusively. The top floor differs from the lower ones due to how living there feels. It provides fresh air and breathtaking views. The most amount of sunlight strikes it. Additionally, if you are on the top floor, you won’t have to put up with the noise of moving furniture or kids playing above you! Some people choose to stay at the top because they value these advantages. 

However, the top floor’s primary drawback is that it is considerably hotter than the other floors. People face many challenges residing on the top floor with private terraces and balconies in cities with extreme summer heat. Also, it is possible to feel water leaks from the roof on the top floors, but builders frequently ignore this. It is due to improper ventilation on the upper floors. 

Numerous studies have demonstrated that a residence with a private terrace with a balcony has many advantages and disadvantages. If you prefer views, you will enjoy living on the higher floor. You can see everything clearly if you look at it from above. You can get away from the bustle of the city while still enjoying plenty of daylight and a pleasant breeze. 

What is a private terrace? 

A terrace is an open space that may connect to or separate from a building. The entrances to a balcony, however, can differ. Most places have terraces where guests can go outside the hotel and get some fresh air. If the dimensions are correct in the new location, it will be possible to relocate the furniture on the terrace.

Outside, you might enjoy drinking coffee or tea while studying for tests. Anytime during the day, you are welcome to unwind and take a nap there.  Regarding public open spaces, your terrace offers privacy while still being outside. 

Benefits of  purchasing a Private Terrace Flat in Mumbai with a Balcony 

It allows one to feel more like a part of nature. 

You can unwind on a private terrace in a healthier and cozier environment. You can also create a lovely terrace garden to enjoy the outdoors. It will boost your immunity and be advantageous for you. If you have a sizable balcony with plants, your home will be better ventilated and experience a lower summer temperature. 

A reviving workplace 

Working from the same spot while seated in a living room or bedroom can get boring. It might limit your capacity for originality and creativity. It is especially valid for your lifestyle of working from home or for intense study sessions. You could take advantage of the fresh air by using the natural surroundings close to your house. 

A spot to relax and unwind 

On the terrace, you might enjoy reading your favorite book or sipping tea in the morning. At any time of the day, you can relax and nap peacefully. Unlike public parks and gardens, your terrace offers privacy while still being outside. 

Gardening space 

The increased oxygen flow caused by plants contributes to the air’s purification. On your terrace, you can grow visually appealing flowers and indoor plants to add aesthetic value to your house. Outside, you can also grow fruits, herbs, and vegetables. 

Pet-friendly area

Experts say an outdoor space is essential for your pets’ happiness and health. Taking your pets for daily walks or runs around your neighborhood, a private terrace may be a great and safe place to get some exercise and fresh air. With less anxiety and hyperactivity, the fresh air may vastly enhance their health. On the terrace, you might erect a small playpen for your pet. 

Heavy Deposit Flat In Mumbai

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What is a Heavy deposit?

Heavy deposits, also called zero-rental flats, are becoming popular in the real estate market. The heavy deposit is an agreement between the owner and tenants where the owner provides the expected property to the tenant in exchange for a hefty security deposit for a period of time.

These days, a growing trend in Mumbai that is spreading to Vasi-Virar, Mira Road, and other city areas is heavy deposits or zero rental flats or apartments.

How Heavy Deposit Varies from General Renting?

Those who rent properties typically pay both the flat security deposit and their rent monthly. Residents of the heavy-deposit apartments do not make monthly rents or security deposits. Instead, they pay a large sum to the owner as a security deposit for the property based on the property’s location during the tenancy period. 

Furthermore, the owner will return the tenant’s security deposit when the tenancy finishes. 

If the rental agreement allows it, the landlord may withhold payment in the event of property damage or unpaid utility bills.

Heavy Deposit System In Mumbai

The zero-rent option is becoming more and more appealing to Mumbai renters, particularly millennials with transferable employment. To be clear, a rental flat plan permits tenants to reside in an apartment during their rental period without having to pay rent. 

According to information provided by Mr. Tauqeer Hashmi, the owner of Maharastra Properties In Mumbai, almost a third of people who seek rental homes are prepared to put down a sizable deposit in order to reduce their monthly rent costs. It usually costs 100 times what the rent is per month. for a flat being offered at Rs.10,000  per month, for instance, a sizable deposit of Rs. 10 Lakhs would be required. 

Advantages of Heavy Deposit Flat in Mumbai 

The zero-rental flat system is beneficial for both the landlords and the tenants. They provide great opportunities for renters to lower their monthly rent costs, particularly in areas with excessively high rents like Mumbai. If the flat is maintained the tenant gets their whole security deposit back. 

On the other hand, the Owner gets a huge amount of money at one time which can be invested in other ways. In the normal renting process, paying electricity bills, and water bills can be a bit problematic, especially in the last month of the tenancy. Also, if every tenant vacates the property, the landlord must spend a lot of money on repairs since new renters demand that the property get little maintenance. A deposit of Rs 30,000 or 40,000 won’t be helpful for the maintenance. At these times the owner can use the security deposits given by the tenants.

For quite a good time the trend of heavy deposits or zero-rental is there in Mumbai as it is a win-win system for both the rentals as well the owner. Additionally, the owner already has a hefty amount on his/her hand, they can use it somewhere else, and can invest it in the real estate sector only by investing the amount to buy a new property. In Mumbai, this system is well known and with the passing of time, it is already spreading the other regions of Mumbai, like Mulund, Chandivali, Bandra, Goregaon, Malad, and Andheri East. 

Tips to Rent Heavy Deposit Flat In Mumbai 

In a city like Mumbai, it’s simple to find heavy-deposit apartments or zero apartments, but choosing one can be challenging. To help you all find your ideal home, here are some tips.

  1. The first step is research, which is simple and clear but important. Researching every neighborhood in the area will help you to understand and identify the best place to live with all the amenities you require.
  2. The next step is to determine which amenities, such as an air conditioner, a fully equipped kitchen, and a house that includes water and electricity as part of the rent, you need in your flat.
  3. Before signing a lease, make sure to inspect the property to determine its quality. Checking to see if the amenities are operating properly will be a smart idea. Before making a choice, look through the security features like locks and cameras.
  4. Make as many contacts with agents as possible, and keep a list of those who can give you a rough notion of how to achieve your goals. 
  5. While checking on the heavy deposit flat agents in Mumbai, ask about the past clients of the property you are interested in, and ask about the society and the locality, Depending on the time you can also meet the agent to get a rough idea of the area you are interested in. 
  6. Ask the heavy deposit flat agents in Mumbai about the previous tenants of the home you are interested in, as well as about the neighborhood and society. You may also meet the agent to get a general sense of the neighborhood you are interested in.

It can take some time to find the ideal heavy deposit flat in Mumbai, but with little preparation and research, it is possible! You will find your dream home quickly if you use the advice in this article. 

Documents Required to Rent A Heavy Deposit Flat  

Don’t forget to have this paperwork available for the next step once your extensive study has led you to find your perfect heavy deposit flat in Mumbai.

  1. Tenant Identification: First thing you need is your identification cards which can be any of these Voter ID cards. Aadhar card, PAN card, or your driver’s license.
  2. Rental Agreement: It’s essential to specify in the rental agreement what costs will be paid and by when. To avoid paying taxes or stamp duty, a would normally be for 11 months. 
  3.  No Objection Certificate (NOC): This is a letter of consent from the landlord confirming that they do not object to you renting their property for a heavy deposit flat in Mumbai. Confirming that both parties concur on every aspect of the rental agreement, serves to safeguard both parties from being taken advantage of.  
  4. Security Deposit Receipt: These are essential documents that might assist avoid disagreements later on about security deposits. The Receipts should clearly state how much money is being deposited and when it can, if necessary, be retrieved by either party. 

Hence, before signing up for a heavy deposit flat in Mumbai, make sure you have all the necessary documents ready! Afterward, you’ll appreciate yourself.

A Final Piece Of Advice

A final piece of advice. Make sure you familiarize yourself with everything the city has to offer before accepting a heavy deposit flat in Mumbai. Several structures in the city have different features that increase their appeal and worth, such as particular artwork, specialized furniture, or exclusive services. 

Conduct thorough research on the area you are moving to, including information on maintenance services and amenities like gardens, swimming pools, gyms, and any specialized security measures. 

MahaRERA projects may get property cards soon

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A plan to issue property cards to apartment owners may soon begin with projects registered with MahaRERA, a senior tax official said. The scheme of issuing individual property cards for apartments (vertical objects) was approved by the state cabinet in 2019. All apartment owners were to receive these property cards with information about carpet areas, utility rooms, loan information, and 7/12 extract (Utara) of the land.

Committee to solve objections

However, the project gave rise to a number of proposals and objections, after which a commission was set up to make recommendations to the state before the project was launched. The purpose was to map the vertical growth in cities and rural areas and maintain an independent rights register and registers of flats and individual apartments units.

“The Committee on Vertical Property Cards presented its recommendations to the government and proposed a gradual implementation of the scheme. Discussions are underway with the Maharashtra Property Regulatory Authority (MahaRERA). The final decision will be made by the government,” the official said.

The state issues property cards for urban areas and 7/11 declarations for rural areas that define the property rights of one or more persons. However, there is no document confirming the ownership of a person who owns an apartment in a house built on a particular site.

With this in mind, the Ministry of Revenue decided to adapt the Maharashtra Land Revenue Code, the Property Register and Apartment Registration and Building Codes to the Maharashtra Land Revenue Code of 1966. This allows the state to issue a property card for apartments. Maharashtra has about 56 lakh property cards for plots and 2.5 crore 7/12 extracts. “But there is no evidence that vertical buildings such as apartments or commercial complexes were built on these lands,” the official said.

Also read:-

MahaRERA website set to display complaints on promoters and projects

Noida authority plan policy to ensure periodical structural audits of buildings

Maharashtra realtors to stop construction due to surge in raw material price

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CREDAI Maharashtra strongly opposed the proposal to introduce a 1% metro surcharge on all property purchases in Pune, Mumbai, Thane and Nagpur from 1 April and called on the government to reconsider this decision.

Given the rise in prices of key raw materials, including cement and steel, Maharashtra realty developers are planning to stop buying raw materials and construction work on their sites. The developers have also requested the MahaRERA (Maharashtra Real Estate Regulatory Authority) with a request to extend the deadlines for completion of current projects by at least 6 months. Then they have time to put the construction work on hold until prices get rationalised.

Projects will be stopped or delayed-

The real estate sector has proven resilient in the difficult times caused by the pandemic. The industry has been able to survive thanks to the easing of the stamp duty, lower mortgage rates and agreements by developers. Indian real estate, the second largest employer, is in a recovery phase. It will not be able to absorb this runaway price increase, and many projects will be delayed or stopped without government intervention, which ultimately affects consumers and construction workers at a large pace.

Currently, about 10,000 construction sites in Maharashtra directly or indirectly employ about 1 million workers. Any closure of works will directly affect them and may also result in a minimum delay of six months.

The price of steel, the main component of building materials, was Rs 42,000 per tonne a year ago and rose to about Rs 84,800. Cement prices increased to Rs 400 from Rs 260 for a bag of 50 kg. The rate for 4-inch bricks was Rs 6,500 per thousand and increased to Rs. 8000. Sand and wash sand show the same price increase. Along with building materials, electrical cables, fixtures, tiles, pipes, plumbing, manufacturing, sand and secondary minerals also increased by 40% to 45%, according to the industry body. 

Requires Government Intervention-

CREDAI Maharashtra, through its various city associations, has already sent several inquiries to Deputy Chief Minister and Finance Minister Ajit Pawar and Revenue Minister Balasaheb Thorat on various issues requiring government intervention during the pandemic. In addition, CREDAI-Maharashtra strongly opposed the proposal to introduce a 1% metro surcharge on all property purchases in Pune, Mumbai, Thane and Nagpur from 1 April and called on the government to reconsider this decision.

Price beyond affordability-

This was stated by the President of CREDAI Maharashtra Sunil Furde, “Prices of steel, cement and other building materials have been steadily rising over the past 2 years. Now they have risen to a level that many developers cannot afford, especially in Tier II and Tier III cities. The association of 61 member cities affiliated with CREDAI Maharashtra had no choice but to temporarily suspend purchases and suspend construction work.”

While some material price increases in recent weeks may be related to the war between Russia and Ukraine. More than 60 Maharashtra CREDAI departments have asked the government and agencies to check if there has been a recent rise in construction materials cost, over past few months, naturally or due to cartelization and profiteering.

The prices of important building materials, including steel, cement, brick, sand and wash sand, electric cables, tiles, pipes, plumbing, sand, secondary minerals, among others, increased by 40% and 45%. The effect of this on access costs is around Rs 400-600 per square feet. It is expected to affect home buyers, especially in affordable segments.

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MahaRERA website set to display complaints on promoters and projects

MahaRERA issues warrants for Rs 633 crore against errant builders

MahaRERA issues warrants for Rs 633 crore against errant builders

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Over the past four years, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued takeover orders of Rs 633 crore against misleading developers, with Mumbai’s suburbs bearing the greatest value. Action taken in coordination with 13 debt collection agencies, including those in Mumbai and Pune, included 717 such requests to expedite refunds to flat buyers.

The Mumbai suburb leads with 302 such recoveries, followed by Pune (162) and Thane (99). Warrants have been issued for 256 projects, of which 83 are in Pune, 63 in the suburb of Mumbai and 41 in Thane. Other collections involved include Raigad, Alibaug, Aurangabad, Palgar, Mumbai City, Nagpur, Satara, Nashik, and Sindhudurg.

According to sources, MahaRERA chairman Ajoy Mehta has initiated talks with the revenue secretary and district collectors to execute orders as soon as possible to help home buyers get their investment back. Under the Real Estate (Regulation and Development) Act, the adjudicating officers of MahaRERA issue recovery warrants against misleading developers. They are sent to collectors to confiscate property and recovery of dues.

Details of recovery warrants

MahARERA Secretary Vasant Prabhu said he would publish a list of recovery order details on the MahARERA website. Collectors are notified when arrest warrants are executed. The recovery process involves the collector issuing an attachment certificate. The property then confiscated and the developer has the option to repay the amount. Failure of repayment, follow the auction process. But activists say the orders are mostly on paper and that no one is following them and not executing them, leaving citizens in battle.

Maharashtra Societies Welfare Association Chairman, Ramesh Prabhu said, when MahaRERA issues a debt collection order and the defendant / organizer fails to comply, the recipients can file a request for non-execution of the order. The buyer may want to leave the project and invest elsewhere. These orders need to followed to build the trust of the citizens

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The new MahaRERA rule help home buyers to track project status

MahaRERA lists 3,400 projects lapsed across the state

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The Maharashtra Real Estate Regulatory Authority (MahaRERA) listed 3,425 projects as lapsed due to late completion. According to authorities, at the beginning of October there were 3,371 projects on the list, of which 210 extended and another 200 added to the list.

Developers restricted from selling-

MahaRERA has listed projects with completion dates in 2017, 2018 and 2019 as deferred or expired. Most of these projects are located in Pune, Mumbai, Thane, and Raigad. According to the rules, the developers of these projects banned from selling and promoting projects. Until a request was submitted for an extension of the corresponding completion date, which required the consent of 51% of the buyers.

Nearly 95 projects exceeded their deadlines in 2017, 508 in 2018, 1107 in 2019 and 994 in 2020, according to the data. Many of them did not even comply with the one-year renewal period under Section 6 of the Regulation and Development Act (RERA).

Some projects removed and some extended-

In November, the developers were asked to provide the necessary documents to request an extension and continue work on projects. MahaRERA has published a list of “overdue” projects because the developers did not request an extension. Or upload the Form 4 from Architects on website after the projects were completed. The developers of 99 projects have submitted documents after a new prospectus issued last month, which outlines the legal conditions for expired projects. A total of 286 projects received for extension.

According to MahaRERA officials, up to 99 projects will be removed from the previous list (3,371) over the next two days. Others had to apply for an extension of the validity of their occupancy certificate (OC). Project names will only be removed from the expired list if developers are looking for an extension. Representatives from the welfare association noted that it was good that the authorities marked the projects as delayed. This will help apartment buyers try to implement the project through promoters.

Also read:-

CREDAI: Property prices may increase by 10-15% in future!

Builders have to disclose the status of mortgage loans for apartments

Publicly Disclose the Apartment Sales: MahaRERA

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Due to a growing number of complaints about developers illegally transferring the same apartment to multiple buyers. The MahaRera Real Estate Regulatory Authority (MahaRera) ordered them to publicly disclose whether the apartment was sold or reserved.

To avoid more than one transaction with apartments / plots, it is mandatory to provide information immediately once a flat is booked or sold. According to experts from the real estate market, there are cases where builders only issue an allotment letter to the buyer. (A letter of allotment kind of confirmation that the apartment is booked). 

The apartment can be resold to another buyer and the first buyer remains unknown of this. Also the same apartment can even be mortgaged to banks or financial institutions. Ultimately, neither the first nor the second buyer is aware of the sale of the apartment. Also the bank is not aware of this kind of sale. Thus, the developer illegally collects funds for the same apartment from two or even three different buyers.

Difficulties to lenders and consumers–

Pankaj Kapoor, an official from a real estate firm, Liases Foras, said, the main purpose of RERA was to suppress such threats and actions. The law stipulates that developers upload information about mortgaged and sold properties on the RERA website. Previously, it was noticed that many builders’ projects were stuck in the NCR and MMR trap and practiced similar approaches. It had caused several difficulties to lenders and consumers. These builders need to severely be punished as this undermines consumer confidence and discredits the entire industry.

Shop Sold Multiple Times

Manohar Shroff, Navi Mumbai based builder said, Navi Mumbai has become “a villain’s port”. The whole industry suffers from some dishonest brokers and builders.
In one case, Shroff said a developer cheated or misled several investors and fled to Pune. In another case, a builder fled with Rs 100 crore, and a third sold a shop several times in Belapur’s CBD and misled buyers. So, to avoid these kinds of fraud, buyers should register their documents as soon as possible.

Must Register Sales Agreement-

Property law expert, Lawyer Anil Harish said, it appears that even after the arrival of RERA, some developers continue to issue more than one allotment letter for a single property. This is obviously wrong in both civil and criminal law.
Buyers should also check the MahaRERA website to see if the project registered and if building permits have been received. Also search sub-registrar registrations to check ownership and mortgages.

According to experts, buyers must register an agreement if more than 10% of the apartment price is paid. Stamp duty for a letter of employment, a letter of intent or a memorandum of understanding (MOU) can be 1% of the price to encourage people to sign up. This 1% must credited to the stamp duty specified in the contract, so you only have to pay the remaining 4%.

Also read:-

BRERA wants separate teams to help home buyers

CREDAI-MCHI urges Maharashtra Government to cut stamp duty to 2%

Gujarat government offers property tax waiver for restaurants, hotels, resorts & water parks for FY21-22

Reasons to Invest in Panvel

Top 6 Benefits of Investing in Panvel | Reasons to Invest in Panvel

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In this article we have discussed the 6 incredible benefits of investing in Panvel. If you are considering investing in Panvel real estate but concerned whether it is worth it, please go through the below pointers. The benefits discussed in this article are based on feedback from builders, brokers and clients living in Panvel.

The Panvel residential market has witnessed a significant growth in the past few years. The area offers a wide range of real estate investment opportunities. Properties in Navi Mumbai are really modern and known for luxury living. Of all the locations in Navi Mumbai, Panvel is the hotspot for the real estate boom. It offers a mix of fresh and spectacular scenery, robust infrastructure, connectivity and more! Here are some of the reasons to invest in Panvel real estate. 

The 6 amazing Benefits of investing in Panvel

1 Infrastructure-

Panvel is 40 km from Mumbai and falls in the Raigad district. It has proximity to Thane and Navi Mumbai, two well-planned cities with robust infrastructure and attracts a lot of attention due to its proximity to major upcoming infrastructure projects. It is highly regarded for its connectivity as it is the intersection of various highways including Sion-Panvel Expressway, Mumbai-Pune Highway, National Highways 66, 4 and 4B.

The railway department is also executing crucial tasks in Panvel, and Panvel’s CST high-speed rail corridor is seen as an important game changer. As it will significantly reduce travel time and improve the overall transport connectivity of this region.
Also the long awaited Navi Mumbai International Airport is very close. The new airport expected to be operational by the end of 2021. It also includes the project NAINA – Navi Mumbai Airport Notified Influence Area, developed by CIDCO. Another project that is attracting more investors to Panvel is a corridor of over 100 km from Alibaug to Virar.

2 Connectivity

One of the main benefits of investing in Panvel is the seamless connectivity to other areas of Mumbai. It is well connected to the major localities nearby, thanks to its amazing rail/road connectivity. The area also connected to the western and eastern highways and also in the center of Konkan, which can easily connect to other countries.

Connectivity of Mumbai Pune Expressway and Sion-Panvel exit further improves the reach to Panvel. As such, these roads provide easy access to all parts of Mumbai, making Panvel a great place to invest in real estate.

Check out:- flats for sale in Panvel

3 Profitable investment–

Real estate is considered one of the smartest and most reliable investments. However in the case of real estate investing in the right position at the right time is very crucial. Otherwise you won’t get the desired output or profit. In terms of profit there are many benefits of investing in Panvel. When buying a property, the amount of potential major infrastructural and economic improvements in that location should be considered. Nowadays, it is profitable to buy a new home somewhere like Panvel where you can expect a better return on investment in the future. 

4 Less Traffic Hustle-

Panvel is a well-structured and well-planned place as a result people can move without any hustle even during peak rush hour. Since two decades, it has witnessed an amazing social and physical infrastructure growth. Although the recent breakthrough came later than Thane, making it an excellent investment destination.

5 Educational Institutes

Panvel has well-known educational institutions as well as many famous schools and colleges. The presence of prestigious schools and colleges are one of the benefits of investing in Panvel. Some of the most prominent educational institutions are Mahatma School of Academic Sciences and Sports, New Horizon Public School, Media Studies and Research and St. Joseph High School.

6 Less Pollution 

Low pollution is one of the main reasons to invest in Panvel. It is the perfect place for those who want to live in peace, who want to enjoy landscapes and greenery. It offers accommodation at very reasonable prices compared to Mumbai and has both affordable and luxury homes. Also the level of pollution very low in Panvel compared to other areas thus, making it the most desirable place to invest in a home. 

Conclusion-

When buying a property you should consider the amount of potential major infrastructural and economic improvements in that location. One should definitely consider Panvel, as the benefits of investing in Panvel are many. It is already a well planned city and has most of the amenities ideal for a perfect living. There are many banks, gyms, popular restaurants, clubs, amusement parks, shopping malls, etc. It also has some well-known and famous educational institutions. Considering all these factors, Panvel is definitely going to be one of the best areas to invest in real estate. 

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Maharashtra Govt. Boosts Real Estate Industry With New Concessions!

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Introduction

When the Maharashtra government provided further information on the introduction of the newly approved real estate incentive. The State Urban Department legacy department clarified that premiums offered by the previous government will remain in effect until August 2021.

By this move expected to allow more developers to take advantage of the concessional premiums. And demonstrate a rise in the number of developers who want approval for construction projects in Mumbai during the first 8 months of 2021.

The above line stated that builders in the city have to settle up with a premium to the additional floor space index (FSI) and compensatory FSI. These premiums only need to be paid at approx 17%  of the appropriate ready reckoner (RR) rates. These premiums are only for residential sector projects and are valid till the date August 19, 2020. Commercial developers must have to pay premiums at 20% of the RR rate. (“RR” also known as “Circle Rate”). 

Additionally, the premiums for developers opting to obtain a concession. These concession will be calculated based on existing circle rates or previous year rates i.e, 2019-20 rates. Hence, the real estate construction projects in Mumbai will be suitable for higher concession fees in comparison to the entire Maharashtra. But this benefit is discontinued after August 19. 2021. 

Uddhav Thackeray addresses meeting with the State Cabinet Infrastructure Committee.

This was recently announced by Chief Minister Uddhav Thackeray, he announced several strategies to reduce construction costs all over Maharashtra. The government has reduced the construction premium applied to new projects in the state to 50% by December 31, 2021.

Chief Minister Uddav Thackeray also addresses a meeting with the Infrastructure Committee of the State Cabinet. He discuss a wide range of infrastructure projects in Maharashtra. With several other officials, Deputy CM Ajit Pawar and PWD Minister Ashok Chavan also attended the meeting.

High Rise Apartments To Offer New Skyline To Bangalore

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Bangalore now has more numbers of high rise apartments. They are providing a new skyline to the high-tech city.

BANGALORE: High rise apartments had become a necessity in Mumbai and other top cities where there is no sufficient space for development. Till recently, there weren’t many high rise apartments in Bangalore mainly because there was sufficient land for developing projects. Continue reading →

Property Rates Jump By 66% In Mumbai, Report

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In the last four years, Mumbai saw property rates rising by 66 percent. Property rates shot up in the city mainly due to the scarcity of land and limited supply.

Mumbai, the city which remained the top home destination in India, has always enjoyed higher property rates. According to some recent reports, over the last four years, the property rates in the city have gone up by 66 percent. Continue reading →

Blackstone Lay Luring Eye On Express Tower

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Blackstone, the PE giant, has showed its interest in grabbing the Express Tower in Mumbai.

With assets worth $210 billion, Blackstone is the largest private equity firm. The group has various investments in India.  While most of their PERE investments are in the residential sector, now they are planning to invest some money in the commercial segment. Continue reading →

New Launches in Mumbai, Offered At Low Rates

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Affected by the weak home sales, some top Mumbai Developers have cut down the prices for their new launches.

A few days after the news came out that the property prices have shot up in many of the cities including Delhi, Bangalore, etc., some Mumbai developers said that they have cut down the prices for new launches. Continue reading →