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Pune, 6th June 2025: CREDAI-Pune held its General Body Meeting and Installation Ceremony for the 2025–2027 Managing Committee on Friday, 6th June 2025, at the Conrad Hotel, Pune. The prestigious event was graced by the Deputy Chief Minister of Maharashtra, Eknath Shinde, who attended as the Chief Guest. The official Change of Guard ceremony took place in his esteemed presence, alongside Jitendra Dudi (IAS), District Collector of Pune, PMC Commissioner Naval Kishore Ram and PCMC Commissioner Shekhar Singh, Pratibha Bhadhane, Director of Town Planning; Deepak Singla (IAS), Additional Metropolitan Commissioner;  Neelesh Gatne(IAS), CEO-SRA  Kavita Dwivedi (IAS), Additional Divisional Commissioner, Pune Division, and Rahul Sakore, Chief Officer of MHADA, Pune Board. The GB meeting highlighted several key initiatives undertaken by CREDAI-Pune in recent months, including efforts to streamline environmental clearances, submission of suggestions and objections to the government on housing policies, and addressing critical issues such as road cutting permissions, solar metering, infrastructure development and maintenance challenges. Speaking at the event, Deputy Chief Minister of Maharashtra, Eknath Shinde said, “Maharashtra is not just a state of prosperity—it is a state of possibilities. The state will contribute $1 trillion towards India’s goal of becoming a $5 trillion economy. Real estate plays a pivotal role in Maharashtra’s  economic growth, contributing significantly to the nation’s Gross Domestic Product (GDP) and employment. CREDAI was originally founded in Pune, and it was the visionaries from Pune who went on to establish CREDAI National. What began here eventually evolved into a national movement, with the model being replicated across various regions in India. He also congratulated CREDAI , acknowledging that it has consistently stepped up—not only in the field of construction but also during times of crisis, such as the COVID-19 pandemic—not just in Pune but in surrounding regions like Thane as well. He recalled how, during the pandemic, despite the reduction in stamp duty, the revenue generated was remarkably high. Reflecting on his tenure, he highlighted the rapid pace of development achieved in Mumbai and assured that a similar model would now be implemented in Pune. He mentioned that if we want to deliver affordable housing to the common man, we have to  empower developers. Through reforms like Unified DCPR, stamp duty relief, and infrastructure upgrades, Maharashtra can become an investment magnet. He also emphasised that CREDAI Pune concerns—from DP approvals to TDR regulations—will not be left on paper. He promised that his government would take swift action, would be accessible and ensure it operates with urgency and accountability. He congratulated the newly appointed President and the Managing Committee, and emphasized the importance of coordinated efforts. By bringing together all key stakeholders—including the bureaucracy—he aimed to ensure that every part of the system works in sync and moves forward together. He concluded saying “Our goal is simple: development, development, and more development—and CREDAI will be a key partner in that journey. “ Manish Jain, officially instated as the President of CREDAI-Pune , presented a series of key issues and forward-looking suggestions before Deputy Chief Minister Eknath Shinde. He emphasized the need for greater interdepartmental integration to streamline the building sanction process, proposing that building permissions be processed concurrently with Environmental Clearance, so that construction can commence immediately once the EC is granted. Highlighting the inefficiencies, he remarked that nearly 90% of a developer’s time is spent on obtaining sanctions, while only 10% goes into actual construction. He also urged a phased and results-driven approach to Town Planning Schemes (TPs), recommending that two pilot schemes be implemented and evaluated for effectiveness before scaling up, ensuring more structured and impactful outcomes. Jain also announced the development of a 10,000 sq. ft. Centre of Excellence at COEP, designed to showcase cutting-edge global technologies in the real estate sector. The facility will serve as a collaborative hub for developers and students, fostering innovation and knowledge exchange within the construction ecosystem. Addressing governance-related challenges, he emphasized the urgent need to protect developers from undue harassment by blackmailers, advocating for stronger collaboration with police and law enforcement agencies. He reaffirmed CREDAI’s steadfast commitment to safeguarding its members’ interests by proactively involving the authorities to ensure a secure and fair business environment. He also called for more active participation from the CREDAI Women’s Wing and proposed the formation of a dedicated, professional team to offer real-time support and operational assistance to members. He concluded with a call to action, encouraging all stakeholders to focus not just on constructing buildings, but on building a more inclusive, forward-thinking future rooted in integrity, unity, and excellence. Jitendra Dudi (IAS), District Collector of Pune, addressed the distinguished gathering of developers and highlighted several key initiatives aimed at enhancing ease of doing business in the real estate sector. He emphasized that the MahaKhanij app is playing a pivotal role in improving transparency and expediting the development approval process. By integrating with systems like AutoDCR, it reduces duplication, resolves double taxation issues, and helps developers save valuable time and resources. He also spoke about a proposed reform to curb frivolous litigation, noting that nearly 80% of land-related objections come from individuals with no locus standi. Under the new proposal, such cases can be dismissed at the outset, reducing legal delays and allowing genuine projects to proceed without unnecessary hurdles. Additionally, he shared that a major revenue record digitization drive is underway in Pune. “One of the longstanding challenges has been incomplete digitization of revenue records. We began addressing this three months ago, and aim to digitize 3.5 crore records over the next six months. Once completed, these records will be made accessible through an open platform for easy public access,” he added. He further highlighted several key areas within the real estate sector where transparency and accountability are being addressed with a sense of urgency and sincere commitment by the administration. He also delivered a presentation outlining his proposal to promote tourism in Pune on a large scale, with the aim of attracting tourists. This, he emphasized, would help improve infrastructure in the interiors of Maharashtra while generating

Pune, 5th June 2025 – NAREDCO Pune, in collaboration with Pune Municipal Corporation (PMC), has pledged to create Urban Forests throughout the city on lands as suggested by PMC. NAREDCO had last year too undertaken first such Urban Forest Project at Uruli Devachi and pledged to plant 10000 trees. During G20 Summit NAREDCO members had participated in the City Beautification at various locations. NAREDCO Pune and it’s member Rajas Jain (Kumar World ) undertook such Urban Forest at Baner. The event was graced by PMC Commissioner Shri. Nawal Kishore Ram and City Engineer Shri. Prashant Waghmare along with senior PMC officials Mr. Rajesh Bankar & Dr. Ashok Ghorpade and prominent developers and real estate stake holders who are members of NAREDCO Pune. At the occasion Commissioner Shri Nawal Kishore Ram appreciated the efforts undertaken by NAREDCO Pune and said “Pune has always been environment conscious and it’s important that growth is in harmony with nature. Such urban Forest would help the city to rise up the liveability index.” On the occasion Mr Prashant Waghmare said “It’s our mission to plant as many trees in all such areas where it’s possible to do so. To start with we have identified several nalas running throughout the city which can be developed as Urban Forests. A Green and Sustainable Pune is the only way forward “ Mr. Bharat Agarwal – President NAREDCO Pune said “Our motto Swach Sundar and Surakshit Pune is a mission close to the hearts of every NAREDCO member. These Urban Forests shall be the future lungs of the city. We have not only pledged to plant 25000 trees throughout the city but also maintain them for 5 years “ About NAREDCO: National Real Estate Development Council (NAREDCO) is the apex body of real estate sector under the aegis of Ministry of Housing & Urban Affairs, Government of India. The Hon’ble Minister of Housing & Urban Affairs is its Chief Patron. NAREDCO members include Public and Private Sector Developers and all other stakeholders of real estate industry. Currently the Organization has more than 10000+ members pan India directly under NAREDCO and its State Chapters.

Pune, 2nd June 2025: Godrej Properties Ltd. (GPL), one of India’s leading real estate developers, today announced that it will develop ~14-acre land parcel in Kharadi – Wagholi, Pune. The development on this land will comprise primarily premium group housing. The project will have a developable potential of ~ 3.7 million square feet with an estimated revenue potential of ~ INR 4,200 crore. The land parcel is strategically located near major commercial hubs in Kharadi, Pune, and provides access to schools, hospitals, malls, restaurants, and premium hotels. It is also in close proximity to Chhatrapati Sambhaji Maharaj International Airport. The Kharadi–Wagholi micro-market has emerged as one of Pune’s high-demand residential corridors, driven by its proximity to major IT and business hubs, improving infrastructure, and growing social amenities. Backed by sustained demand from a rising professional workforce, the region has rapidly evolved into a high-growth residential market and a key driver of Pune’s real estate expansion. Gaurav Pandey, MD & CEO, Godrej Properties, said, “Kharadi – Wagholi is one of the most sought-after destinations in Pune, and we are happy to mark our entry into this micro market. This further enhances our presence in Pune and fits within our strategy of strengthening our presence across key micro-markets in India. We will aim to build a high-quality development that creates long-term value for its residents.” *On the basis of the current business assumptions.

Pune, Maharashtra – A transformative shift in modern urban living is taking shape in Pune as one of India’s top real estate developers unveils a new residential project offering premium 2 & 3 BHK homes—starting at an unbelievable price of just ₹59 Lakhs. Strategically located near some of Pune’s fastest-growing corridors, this launch is poised to redefine affordable luxury for families, professionals, and investors alike. Designed with a future-forward approach, these residences promise a harmonious blend of spacious layouts, smart design, and lifestyle convenience. Location That Connects You to Everything That Matters Situated in close proximity to major landmarks, the project offers exceptional connectivity to: MCA Stadium, Talwade IT Park, and Hinjawadi IT Park Symbiosis Skill and Professional University The upcoming 170 km Pune Ring Road The future-ready Panvel International Airport Residents will enjoy easy access to schools, hospitals, shopping malls, entertainment zones, and workplaces—making everyday life smoother, smarter, and more enjoyable. Project Highlights:  Spacious 2 & 3 BHK homes thoughtfully crafted for modern lifestyles  Prices starting at ₹59 Lakhs, offering unmatched value for premium living Located in one of Pune’s most promising growth corridors Developed by one of India’s most trusted real estate names Ideal for homeowners and investors seeking growth and long-term value “This project is designed for people who want more out of life—more space, more comfort, more convenience, and more value,” said Manish Parikh, Dream Works Realty, the channel partner for the project. “We’re proud to present a development that not only meets the expectations of today’s homebuyers but exceeds them.” Now Open for Bookings – Site Visits Available Buyers and investors interested in exploring the property and experiencing the amenities firsthand are invited to schedule a site visit. For more information or to book a site visit, contact: Manish Parikh – Dream Works Realty 📞 ‪+91 86005 05314‬

Pune, 23rd May 2025: Maharashtra Cabinet, under the leadership of Chief Minister Devendra Fadnavis, has approved the much-anticipated state housing policy titled ‘Majhe Ghar – Majhe Adhikar’ (My Home – My Rights). With an ambitious investment outlay of ₹70,000 crore, the policy aims to construct 35 lakh (3.5 million) homes over the next five years, making it one of the most comprehensive housing blueprints in the state’s history. This is what Pune real estate experts and developers have to say: CREDAI Pune-Metro president Manish Jain: “We congratulate Chief Minister Devendra Fadnavis on the landmark approval of the State Housing Policy 2025. This visionary move, coming after nearly two decades, lays a strong foundation for inclusive, affordable, and resilient urban growth across Maharashtra. With a focused commitment to build 35 lakh homes for EWS and LIG communities by 2030, and provisions for women, students, senior citizens and industrial workers, the policy is a timely and progressive step towards housing for all. This will also boost employment and the economy while helping lakhs of citizens with the basic needs of their own homes. CREDAI Pune Metro wholeheartedly supports this initiative and stands ready to collaborate with the government to ensure its successful implementation. Together, we can make dignified housing a reality for every citizen. Shantilal Kataria, Executive Council Member & Former President, CREDAI Maharashtra & CREDAI Pune Metro: “This housing policy has come after nearly two decades, following the earlier policy of 2007. Therefore, its implementation at the earliest is extremely important. The policy broadly outlines how the government plans to take this crucial sector forward. Many upcoming notifications and circulars aimed at boosting the housing sector will be based on this framework. Maharashtra is already ahead in urbanisation, which makes this policy even more significant. The creation of SHIP (State Housing Information Portal) will be extremely beneficial in the long run. Affordable rental housing is the need of the hour for the general public. As CREDAI and as responsible developers, we support this inclusive housing policy, especially for its focus on providing housing for all, particularly for the economically weaker sections.” Dinesh Agrawal, Co-Chairman, BramhaCorp Ltd: “The approval of the ‘Majhe Ghar – Majhe Adhikar’ housing policy by the Maharashtra Cabinet, under the visionary leadership of Hon’ble Chief Minister Devendra Fadnavis, is a transformative step toward inclusive urban development. With an ambitious target of building 35 lakh homes and a robust investment outlay of ₹70,000 crore, this policy not only addresses the pressing need for housing but also strengthens the foundation for economic growth and infrastructure development. It paves the way for public-private partnerships and opens up new avenues for real estate developers to contribute meaningfully to the state’s housing goals.” Sushilkumar Deshmukh, Director at Maharashtra Housing Corporation: “As a developer in Pune real estate, I see the concept of ‘My Home, My Rights’ not just as a slogan, but as a fundamental social and economic necessity. It is of utmost importance that every person should have a home of their own and have full rights over that home. As real estate developers, we do not just build buildings of cement and bricks, we build dreams and secure futures. Honoring the concept of ‘My Home, My Rights’ is at the heart of our business.” Aakash Agarwal, Managing Director, Krisala Developers: “The ‘Majhe Ghar – Majhe Adhikar’ policy is a bold and progressive move by the Maharashtra Government. A ₹70,000 crore commitment to enable 35 lakh homes is not just a housing initiative—it’s a socio-economic catalyst for growth. As a developer, I believe this policy lays the foundation for greater collaboration between the public and private sectors to address the housing gap at scale. It also reflects a clear intent to make homeownership more accessible, while driving economic growth and job creation across the value chain.” Abhishek Gupta, founder of CRE Matrix: “If the government wants to build 35 lakh homes, INR 70,000 crores is not enough if I divide 70,000 crores by 35 lakhs, I get INR 200,000. No home can be built in INR 200,000. The government of Maharashtra will have to spend about 7 lakh crores if they want to build 35 lakh homes at an average price of 20 lakhs each.” Sushilkumar Deshmukh, Owner of Maharashtra Housing Corporation: “Hello, As a developer in Pune Real Estate, I see the concept of ‘My Home, My Rights’ not just as a slogan, but as a fundamental social and economic necessity. It is of utmost importance that every person should have a home of their own and have full rights over that home. As real estate developers, we do not just build buildings of cement and bricks, we build dreams and secure futures. Honoring the concept of ‘My Home, My Rights’ is at the heart of our business.” Mukesh Yewale Director of Siddhesh Developer: “Great work Done by govt , give related all facility and consetation so all small developers also take incentive to work hardly.”

Mumbai, 20th May 2025: In a landmark move to tackle Maharashtra’s urban housing crisis, the state cabinet led by Chief Minister Devendra Fadnavis has approved the ‘Majhe Ghar – Majhe Adhikar’ (My Home – My Rights) housing policy. With a massive investment of ₹70,000 crore, the state aims to construct 35 lakh affordable homes by 2030, making it one of the most ambitious housing efforts in Maharashtra’s history. The new housing policy comes nearly two decades after the last one was published in 2007. Despite drafts being prepared in 2015 and 2021, this is the first comprehensive policy to be officially adopted since then. Four Pillars: Affordability, Inclusivity, Sustainability, Resilience The policy is anchored on four core principles: Affordable housing for economically weaker sections (EWS) and low-income groups (LIGs), Inclusive development targeting senior citizens, working women, students, and industrial workers, Sustainable and green construction techniques to mitigate climate risks, Resilient infrastructure that can withstand natural disasters such as floods and earthquakes. Key Highlights of the Policy Social Inclusion & Rental Housing: Special schemes will provide rental housing for women, students, and industrial workers for up to 10 years. Corporate Social Responsibility (CSR) funds will be encouraged for social housing initiatives. Massive Construction Goal: The state plans to build 35 lakh homes in five years and 50 lakh homes in the next 10 years. By 2026, a state-wide survey of housing demand will be conducted to streamline execution. Digital Governance – SHIP Portal: A centralised State Housing Information Portal (SHIP) will ensure transparency in approvals, geo-tagging, fund disbursement, and progress tracking, with integration into existing platforms like MahaRERA and PM Gati Shakti. Land Bank Creation: Government bodies like MIDC, MSRDC, and Forest Department will coordinate to create a land bank for residential development by 2026. Special Category Housing: Custom housing will be developed for government employees, freedom fighters, ex-servicemen, journalists, artists, airport staff, and even relatives of hospital patients in metro cities like Mumbai. Walk-to-Work Vision: To reduce urban sprawl and commuting stress, the policy proposes residential zones close to industrial hubs. Up to 30% of land in MIDC areas will be reserved for housing. Redevelopment Reforms: Self-redevelopment will be promoted with a ₹2,000 crore fund. A new Supreme Grievance Redressal Committee will mediate disputes and ensure timely completion of redevelopment under MHADA and DCPR regulations. Slum Rehabilitation Focus: Use of central government land, promotion of cluster redevelopment, and mandatory registration of agreements with slum dwellers are among measures to boost progress in SRA (Slum Rehabilitation Authority) projects. Green and Disaster-Resistant Construction: The policy promotes green buildings with heat-resistant materials and disaster-resilient technologies under the Global Housing Technology Challenge (GHTC). A dedicated Construction Technology Research Centre will also be established. Mega Housing Fund: The government will set up MahaWas Niwas Nidhi, a ₹20,000 crore fund to support major housing projects. Private Participation Encouraged: Affordable rental housing projects will be carried out through MHADA, CIDCO, and private developers, with incentives for participation and faster clearances. Inclusive Housing in Urban Areas: All metropolitan region development authorities will implement the Inclusive Housing Scheme, with regular updates published on the housing department’s portal and apps like MahaAwawas. Cluster and Stalled Project Revival: Of the 228 stalled redevelopment projects in MMR, joint ventures with MHADA, CIDCO, MIDC, and others will be fast-tracked to bring them back on track. Legal and Legislative Backing: Amendments to the Maharashtra Regional and Town Planning Act and other relevant laws are proposed to accelerate implementation, particularly outside Mumbai. A Bold Step Towards Housing Justice The Maharashtra government has appointed premier institutes such as IITs and IIMs as knowledge partners to help address changing urban, economic, and climate-related challenges. This multi-pronged policy not only seeks to address housing shortages but also aims to transform Maharashtra’s urban landscape by making homes more accessible, liveable, and future-ready. With strong digital monitoring, transparent governance, and robust financing, the ‘Majhe Ghar – Majhe Adhikar’ policy is poised to redefine housing in Maharashtra over the next decade.

Mumbai, 19th May 2025: Subsequent to over 50,000 projects being registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA), now, more than 50,000 agents are registered with the regulator. The agents registered with MahaRERA are not only from Maharashtra, considering the numero uno position of the real estate sector of the Mumbai Metropolitan Region and Pune, but also from major cities of several other states. Agents from as many as 150 other cities such as New Delhi, Gurgaon, Prayagraj, Hyderabad, Bengaluru, Kanchipuram, Nainital, Goa, Ahmedabad, Patna, Jammu, Indore, among others have got themselves registered with MahaRERA. These many registered agents from other states demonstrate the pivotal role they play in the realty industry, as they facilitate sale between a developer and a homebuyer. Similar to the most number of housing projects registered in Maharashtra, the state also leads in the highest number of registered agents in India. Currently, there are 50,673 agents registered with MahaRERA. Of these, registration of 31,980 agents is active and 18,693 agents have been de-registered by MahaRERA for varied reasons. As is the trend, Konkan area, which includes the Mumbai Metropolitan Region, has the highest number of registered agents at 21,050. This is followed by the Pune area with 8,205 registered agents, 1,504 registered agents in the Nagpur area, 490 in North Maharashtra, 343 in the Sambhajinagar area and 237 in the Amravati area. In the real estate sector, a real estate agent also known as a consultant, plays a pivotal role. They serve as an important link between the homebuyer and the developer. Often, the homebuyers first get in touch with an agent, who in turn guides the purchaser by providing basic information about multiple housing projects. Considering this crucial role of the agents, all of them are mandated to be aware of the important provisions of the Real Estate (Regulation and Development) Act, 2016. Agents are supposed to provide the customer with basic information on regulatory provisions such as the Model Sale Agreement, Allotment Letter, Carpet Area, Defect Liability Period, etc. This helps in ensuring there is uniformity, consistency and clarity during sale of a property. Based on such details homebuyers make a decision to buy a house in a specific project or not. Therefore, keeping in mind the interests of homebuyers, MahaRERA has made this training and certification of agents mandatory. Of the 18,693 de-registered agents, some have not obtained this certificate while others have not renewed their licenses, hence, their termination of their registration. AREA WISE REGISTERED AGENTS IN MAHARASHTRA Konkan Area – 21,050 Mumbai City – 3,457 Mumbai Suburb – 8,365 Thane – 6,760 Raigad – 1,340 Palghar – 1,086 Ratnagiri – 31 Sindhudurg – 11 Pune Area – 8,205 Pune – 7,931 Kolhapur – 84 Satara – 76 Solapur – 70 Sangli – 44 Nagpur Area – 1,504 Nagpur – 1,357 Chandrapur – 57 Bhandara – 45 Gondia – 40 Gadchiroli – 5 North Maharashtra Area – 490 Nashik – 324 Ahilyanagar – 92 Jalgaon – 53 Dhule – 19 Nandurbar – 2 Sambhajinagar Area – 343 Sambhajinagar – 132 Beed – 68 Latur – 46 Nanded – 37 Dharashiv – 27 Parbhani – 14 Jalna – 11 Hingoli – 8 Amravati Area – 237 Wardha – 95 Amravati – 48 Akola – 36 Buldana – 29 Yavatmal – 27 Washim – 2

PMRDA-Sanctioned Residential NA Plots in Vede Village, Near Urawade Pune, Maharashtra – In a market where the search for peace and open space increasingly drives real estate choices, Sigma One Developers in collaboration with DreamWorks Realty proudly announces the launch of Siddeshwar Harita and Kshitijvan – a serene, gated plotting project nestled in the Sahyadri Hills near Pune. Strategically located in Vede village, just an hour’s drive from Chandni Chowk and approximately 30 km from Pirangut, the project offers excellent connectivity to Lavasa and Hinjewadi IT Park, key development nodes in West Pune. The area is poised for significant growth with infrastructure projects such as the Pune Ring Road and upgraded state highways in the pipeline. What sets this project apart is its PMRDA-sanctioned Residential NA status, clear legal titles, and full development approvals—making the plots ready for immediate construction. Plot sizes range from 3,028 to 4,736 sq. ft.*, catering to weekend home buyers, future retirees, and savvy investors. Introductory Offer: In a special launch initiative, the first five plots are being offered at a limited-time price of just ₹999 per sq. ft., translating to around ₹35 lakh for select plots. This represents a rare opportunity to invest in a rapidly appreciating location at an unbeatable price. “This project brings together the rare combination of nature, legality, and long-term value,” said Viraj Bhagwat, Director at DreamWorks Realty. “From second homes to Airbnb rentals and future retirement plans, these plots offer versatile potential.” More than just an investment, Siddeshwar Harita and Kshitijvan offer a harmonious lifestyle. The site includes internal roads, gated security, electricity and water supply, and is surrounded by lush greenery with a local temple nearby. It’s an ideal setting for those looking to build a peaceful retreat without straying far from city life. DreamWorks Realty ensures end-to-end support for buyers—including assistance with plot selection, legal documentation, construction services, and resale guidance. Interested buyers can attend virtual presentations or book a site visit by contacting: Viraj Bhagwat – ‪+91 96045 88828‬ Aryan Pawar – ‪+91 99604 38414‬ Email: info@dreamworksrealty.co.in For anyone seeking a smart investment or a soulful escape from the city, Siddeshwar Harita and Kshitijvan offer a unique blend of value, tranquility, and growth potential.

Mumbai, 9th May 2025: War rarely leaves anything untouched, especially not real estate. We may not necessarily be talking about decimated buildings – though those must be factored in within the actual conflict zones. Armed conflicts generally have a negative effect on economies, except if a country has reconfigured itself as a ‘war economy’. Such economic reinvention happens only during protracted wars and comes with several human costs. Wars also stall construction and dampen end-user and investor confidence. Aspiring homebuyers put decisions on hold. Retailers put a brake on their expansion plans, and tourists postpone their travel plans. Real estate markets adapt, pause, and then bounce back. If we consider India’s last two most significant military engagements — the Indo-Pak war in 1971 and the Kargil war in 1999, we saw this process unfold in all the four critical real estate sectors: residential, commercial, retail, and hospitality. War – The ‘Real’ Impact War creates several economic effects and side-effects which impact the real estate market in different ways: Reduced end-user and investor confidence – Homebuyers delay purchases, businesses delay office leases, and investors seek safer havens like gold (and, these days, cryptocurrencies) Raw materials get scarce – The key inputs for construction – steel and cement – may be diverted to fortify the country’s defence infrastructure, and/or see steep price hikes Government spending pivots – Governments will spend more on its military and reduce spending on infrastructure and consumer real estate Capital values may take a hit – While armed conflicts do not impact rentals much, housing capital values may reduce because of lower demand 1971 Indo-Pak War: Construction Screeches to Standstill The 13-day conflict in December 1971 did a lot more than redraw India’s borders — it brought the country’s economy to a virtual standstill. There was a huge dip in GDP growth – from 5.4% in FY1970 to 1% in FY1972. Simultaneously, inflation spiked beyond 11% and construction was largely restricted to military sites. Impact on the Housing Market In the financial capital of Mumbai – then Bombay – the state government put an iron grip on cement and steel, which resulted in a 12% reduction in the approval of housing projects. Thankfully, the rent control laws remained unyielding, so housing rental rates did not spike even though inflation raged out of control. Not surprisingly, property registrations in the city reduced by almost 10% in 1971. Impact on Commercial Real Estate There were no FDI inflows worth mentioning, the development of private office spaces came to a grinding halt. Locations like Mumbai’s Fort area and Delhi’s Connaught Place saw massive vacancy rates – however, office rentals did not sink because of the limited supply, and due to inflexible regulations. Impact on Retail Real Estate Back in 1971, India’s high-street retail scene was mostly unorganised and uncharted, but local shops in Old Delhi and Kolkata saw a significant drop in footfalls. According to available court records from 1971, shop rent disputes in Mumbai rose by 18% due to increased stress among tenants. Impact on Hospitality Real Estate Unsurprisingly, tourism in India was impacted by the war. From 2.02 million in 1970, Foreign Tourist Arrivals (FTAs) reduced to 1.96 million in 1971. In Delhi, hotel occupancy dropped to under 45% and even the hospitality major of the day – the Indian Hotels Company – saw revenues drop in double-digits, especially in areas that were directly affected by the way – especially Srinagar. The 1999 Kargil War: A Short but Hard Impact The Kargil standoff, which latest three months, resulted in considerable short-term market panic. However, India’s economy was liberalised and far more resilient by then, and recovered quickly. Impact on the Housing Market The 1999, the country’s real estate market was already reeling under the impact of the Asian financial crisis. This time, housing rental values did take a direct hit – in Delhi and Mumbai’s prime residential locations, rental values plummeted by anywhere between 3–8% in these three months and bottomed out by 1999-end. Interestingly, despite the conflict and all its ramifications, luxury apartments in Mumbai’s Cuffe Parade still commanded then-handsome prices of between INR 20,000-23,200/sq.ft. Impact on Commercial Real Estate 1999 saw approx. 4.8 million sq. ft. of new office space hitting the main cities. In CBDs like Connaught Place, vacancies increased anywhere between 11-15% and rentals dropped marginally. Large international companies did not cancel their leases, but did defer them in most cases. Back then, Bengaluru was not yet India’s fully-established Silicon Valley, but places like Koramangala had full-fledged IT parks which saw undeterred leasing at rents ranging between INR ₹35–65/sq. ft./month. Impact on Retail Real Estate The Kargil war coincided by the finishing touches being made to the country’s pioneering malls – Mumbai’s Crossroads and Delhi’s Ansal Plaza. Premium retail real estate, a shiny novelty in 1999, commanded higher rents than commercial real estate, but the conflict prompted most enlisted retailers to put their store openings on hold. Impact on Hospitality Real Estate Surprisingly, except in the directly affected regions, the tourism industry remained remarkably robust. 1999 saw a 5.3% increase in Free Trade Agreements (FTAs), thanks largely due to the then-incumbent government’s push to tourism and also a subdued rupee. North India saw spiralling hotel cancellations to the tune of anywhere between 20–30% in these three months. Hotels in Delhi and Kashmir took a major body blow, with MICE bookings getting cancelled en masse. Interestingly, Kargil became a popular tourism destination after peace was restored and by 2003, saw its tourist footfall double to 44,000/year over the pre-war numbers. Real Estate Resilience – What Lies Beneath India’s real estate market benefited from three major factors after both these wars – pent-up demand (the need for homes and offices obviously continued), stricter regulations (RBI’s conservative lending norms kept leverage low, which helped curtail panic), and quick stock market recover. While the Nifty dropped approximately 5% at various points of these two conflicts, it snapped back within 5-6 months to deliver positive returns. Today – The

Mumbai, 8th May 2025: With the Maharashtra Real Estate Regulatory Authority (MahaRERA) recently completing 8 years of existence and entered it’s 9th year, the total number of housing projects registered with the state’s regulator has surpassed the 50,000 mark. This makes Maharashtra the only state in India to cross the 50,000 registered residential projects mark. Currently, a total of 50,162 housing projects are registered with MahaRERA. The distant second is Tamil Nadu with 27,609 housing projects, followed by Gujarat with 15,322 residential developments. MahaRERA Chairman Manoj Saunik said, “The total number of housing projects registered with MahaRERA, which has recently completed its 8th year and entered 9th year, has surpassed 50,000. This is a moment of achievement for the industry-friendly and ever-progressing Maharashtra. Until a few years ago, the real estate sector, which was largely limited to the Mumbai Metropolitan Region or Pune region, but now it is expanding all across the state. The consistently increase in the demand for houses across Maharashtra is an indicator of state’s social and economic development. While legally empowering homebuyers, the MahaRERA also ensures that the grievances are equal to negligible. MahaRERA strives to ensure homebuyers do not have any grievances.” In India, only these three states have the housing projects in five figures. According to the statistics on the Ministry of Housing and Urban Affairs website, a total of 1,44,617 housing projects have been approved by all the RERA bodies in the nation. Maharashtra alone accounts for over one-third or about 35% of the total housing projects in India. MahaRERA was established in 2017 to regulate the real estate sector in the state. Maharashtra was one of the first state to set up the regulatory authority under the Real Estate (Regulation and Development) Act, 2016. Recently MahaRERA celebrated its eighth anniversary of formation. Of the total 50,162 projects in Maharashtra, 12,788 housing projects are alone in Pune district, followed by 6,746 in Thane district, 5,907 in Mumbai suburbs and 5,360 in Raigad district. Konkan region, which includes the Mumbai Metropolitan Region (MMR), has the highest number of residential projects at 23,770. This is followed by 15,932 in the Pune region, 4,621 in North Maharashtra, 2,764 in Nagpur area, 1,886 in Chhatrapati Sambhajinagar region and 957 in Amravati region. District-Wise Projects Konkan Region – 23,770 Mumbai City – 1,284 Mumbai Suburban – 5,907 Thane – 6,746 Raigad – 5,360 Palghar – 2,899 Ratnagiri – 1,087 Sindhudurg – 487 Pune Region- 15,932 Pune – 12,788 Satara – 1,088 Kolhapur – 785 Sangli – 757 Solapur – 514 North Maharashtra Region – 4,621 Nashik – 3,854 Ahilyanagar – 455 Jalgaon – 230 Dhule – 65 Nandurbar – 17 Nagpur Region – 2,764 Nagpur – 2,497 Chandrapur – 218 Bhandara – 36 Gadchiroli – 10 Gondia – 3 Chhatrapati Sambhajinagar Region – 1,886 Chhatrapati Sambhajinagar – 1,385 Latur – 136 Nanded – 97 Jalna – 93 Beed – 93 Dharashiv – 46 Parbhani – 29 Hingoli – 07 Amravati Region- 957 Amravati – 423 Wardha – 280 Akola – 112 Yavatmal – 61 Buldana – 54 Washim – 27 Dadra Nagar Haveli – 180 Daman – 52