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Pune, October 2024 The countdown is on for one of the year’s most highly anticipated events: Uvibes 2024! Hosted by MIT Junior Colleges, this exciting festival will take place on October 25, 2024, at the MIT Loni Campus, bringing together over 1,500 students from nine branches and drawing an enthusiastic audience of more than 2,000 attendees. With a legacy of over 40 years of academic excellence, MIT Junior Colleges are raising the bar by presenting Uvibes 2024—a festival that promises to blend culture, creativity, and entertainment in a unique and thrilling way. This event will break boundaries and unleash an unforgettable experience where talent meets passion. A Festival Packed with Excitement Uvibes 2024 will feature a diverse lineup of activities that cater to a variety of interests, ensuring there is something for everyone: Cultural Performances: From electrifying dance battles to soul-stirring musical acts and captivating theater performances, students will put their skills on display to deliver a cultural extravaganza like no other. Biz Buddies: Aspiring entrepreneurs will have the opportunity to pitch their groundbreaking business ideas on stage. It’s a platform where tomorrow’s CEOs can showcase their potential and shine. Flea Market & Carnival: The event will also host a lively carnival and flea market with more than 60 stalls offering trendy fashion, unique accessories, and delicious snacks. It’s the perfect setting for shopping, relaxation, and indulging in local flavors. Why You Can’t Afford to Miss Uvibes 2024 Not just a hotspot for entertainment, Uvibes 2024 is also an ideal venue for brands to engage with a young, dynamic audience. The event will provide sponsors with ample opportunities for on-campus promotions and social media exposure, ensuring maximum visibility and a strong presence among students and the community. Event Details: – Date: October 25, 2024 – Location: MIT Loni Campus – Expected Attendance: 1,500+ students and 2,000+ total attendees – Highlights: Awards ceremony celebrating student and educator achievements – Sponsor Benefits: On-site stalls, media coverage, and extensive brand exposure Uvibes 2024 is set to be a festival of energy and inspiration, where students and attendees come together to celebrate talent and creativity. Whether you’re performing, pitching your business ideas, exploring the marketplace, or simply soaking in the atmosphere, this is your moment to catch the vibe. Stay Connected with Uvibes 2024 For more information, Contact us at 9552498383 / 9766639636. Follow Uvibes 2024 on Instagram: [@uvibes_2024] Catch the vibe – #Uvibes2024

Mumbai, 21st October 2024 The Maharashtra Real Estate Regulatory Authority (MahaRERA) has made significant strides in resolving homebuyers’ grievances through its Conciliation Forums, successfully addressing 1,749 complaints statewide. These forums were established with the aim of providing prompt resolutions for homebuyers facing issues with developers. The growing trust in these forums is evident as MahaRERA upholds their decisions, leading to a rise in their popularity. Currently, there are 533 active grievances being heard at 52 Conciliation Forums across Maharashtra. MahaRERA Chairman Manoj Saunik emphasized the authority’s commitment to addressing various complaints from homebuyers. He explained that during the initial hearing, homebuyers are given the option to pursue an amicable resolution through the Conciliation Forum, contingent upon mutual agreement between the involved parties. If both parties consent, disputes can typically be resolved within 60 days, extending to 90 days in exceptional cases. Should a stalemate occur, the complainant can always return to MahaRERA, preserving their rights and the merits of their case. Out of a total of 5,958 cases processed so far, 1,749 have reached successful settlements, benefiting 32.36% of homebuyers by providing timely justice. Given the success of this initiative, several other states, including Gujarat, Uttar Pradesh, Haryana, Bihar, Madhya Pradesh, Rajasthan, and Telangana, have established their own Conciliation Forums. Additional states are in discussions with MahaRERA to learn more about this effective model. Originally limited to the Mumbai and Pune regions, the Conciliation Forums have expanded due to their popularity, now including operations in Nashik, Nagpur, Thane, Kalyan, Navi Mumbai, Palghar, Raigad, Vasai, and Mira Road. To date, the Mumbai Conciliation Forum has resolved 562 complaints, followed by Pune with 530, Thane with 201, Navi Mumbai with 169, Palghar with 105, Kalyan with 73, Vasai with 71, Nagpur with 13, Mira Road with 9, and Raigad and Nashik with 8 each. MahaRERA conducts regular hearings upon receiving complaints from homebuyers. At the initial hearing, complainants are given the choice to resolve their issues through the Conciliation Forum, ensuring that all rights are maintained. Their cases are only referred to the forum with their consent. Notably, no MahaRERA officials participate directly in the Conciliation Forums. Instead, these forums comprise representatives from consumer organizations, several self-regulatory bodies of developers, and the complainants. Currently, three out of six self-regulatory organizations are involved in this initiative, with efforts to include the remaining organizations underway. Representatives from these bodies, who are well-versed in their fields, guide the process, and homebuyers may also enlist legal assistance if desired. Hearings are conducted in an audio-visual format, and a Core Committee has been established by MahaRERA to supervise these forums, along with regular workshops conducted by legal experts to enhance the members’ knowledge. The Conciliation Forums are mandated to resolve issues within 60 days, or 90 days in exceptional circumstances. Resolutions are only achieved when both the complainant and the respondent agree to the settlement terms. Once agreed upon, the Conciliation Success Report is submitted to MahaRERA for formal approval, ensuring all parties’ consent remains intact. If settlement terms are not fulfilled, the complainant can revert to MahaRERA, as the original complaint remains valid, and the case will be heard based on its merits. Thanks to this homebuyer-focused approach, the Conciliation Forums continue to gain traction, particularly among flat purchasers seeking resolution.

Pune 19th October 2024 The Indian Green Building Council (IGBC), Pune Chapter, in collaboration with the Confederation of Indian Industry, organized the ‘Green Sabha’ initiative on Saturday, October 19, where discussions were held on the concept of eco-friendly construction. The participants in this event included Manish Banker, Head of Tao Architecture Pvt. Ltd.; Dr. Poorva Keskar, Chairperson, IGBC Pune Chapter; Senior Architect Vikas Achalkar; Hrisikesh Manjrekar, Vice-Chairperson, IGBC Pune Chapter; Sagar Munishwar; and Namrata Dhamankar. The event was initiated with an opening speech by Dr. Poorva Keskar. The event took place at PYC Gymkhana, where Manish Banker provided guidance on the topic ‘Design with Nature,’ followed by a discussion on the ‘Green Sabha’ initiative. Manish Banker said, “Pune used to be a pleasant city, but in the last three decades, that has changed. Everyone in the construction sector should contribute to preserving the city’s old characteristics. There is a need to improve the condition of all cities. No other species on Earth harms the planet, but the same cannot be said about humans. We must incorporate the best elements from traditional Indian construction methods. Just as the people living in a building need space to breathe, the buildings themselves should have space to breathe too. There should be maximum use of solar energy and environmentally friendly construction materials. A holistic approach should be adopted.” Dr. Poorva Keskar provided information about the IGBC’s green rating system and training initiatives. She said, “Green building is not just a concept but the soul of construction. We are striving to make it a vision. The government should also provide more incentives. She also explained the criteria such as reduced water and energy consumption, a healthy work environment, and waste management systems. The national goal is to reduce carbon emissions by 50% by 2030, and for that, sustainable development is the way forward.” Hrisikesh Manjrekar spoke about the exchange of ideas between architects and construction professionals. He said that these two groups together can advance environmentally friendly concepts. There should be effective communication and mutual time given for this purpose. On this occasion, Hindustan Petroleum MDI was honored with a ‘Green Building’ certificate. The event was moderated by Sujal Shah. Representatives from various organizations, including Mahesh Bangad, Sanjay Tasgaonkar, Ganesh Jadhav and Anshul Gujarati, were present.

Pune 10th October 2024 A total of 314 projects registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA) are undergoing proceedings at the National Company Law Tribunal (NCLT) under the insolvency and bankruptcy code. The real estate regulator has published the list on its website to prevent homebuyers from getting deceived. The insolvency and bankruptcy proceedings have been initiated by various banks, financial institutions, and other entities extending line of credit to the real estate sector. MahaRERA Chairman Manoj Saunik said, “MahaRERA is consistently working to ensure that homebuyers’ investments remain safe and protected. MahaRERA has compiled this crucial information of the projects undergoing insolvency and bankruptcy proceedings from various sources and has also verified the same from NCLT’s website. A comprehensive and compiled list has been made public for the larger interest of the homebuyers. The list of 314 projects undergoing insolvency and bankruptcy is part of the efforts to alert the homebuyers and prevent them from getting deceived. In April 2023, MahaRERA had brought out a district wise list of 308 such projects, which proved to be helpful to several homebuyers. MahaRERA appeals to everyone to check this list prior to deciding on purchasing a property.” In these 314 projects, significant investment has been made. Of them, 56 are ongoing projects with an average registration of apartments at over 34%. Likewise, among the balance 194 projects that are lapsed, the average registration done is over 61%. The balance 64 projects have been completed, with a registration rate of 84% for the apartments. MahaRERA has initiated several measures to keep a check of all real estate projects. Not only the information shared by the developers is verified, but also keeps itself abreast with project’s status through other sources. The list of projects facing proceedings in NCLT has been compiled based on information obtained from various sources and verified through the relevant authorities’ as well. As the issue is of serious nature, especially pertaining to the investments made in the lapsed projects. Of the 88 projects in Suburban Mumbai, 51 are 70% invested. Similarly, in Pune, of the 50 projects, 75% of 45 projects are already booked. In Thane, 52 out of 106 projects have investments of 50%. In Palghar, 16 out of 18 projects are 74% booked. In Solapur, all the 5 projects have 87% investment. In Nagpur, both the projects have 60% investment and the sole lapsed project in Chhatrapati Sambhajinagar is 55% invested. Additionally, out of the 9 lapsed projects in Mumbai City, 2 of them already have an investment of 68%. In Nashik, there is 34% investment in all the 3 lapsed projects. Whereas, in Raigad, of the 15 lapsed projects, 13 are 32% invested. Of the 56 ongoing projects, 21 are from Mumbai suburbs (with 38% investment), 20 in Thane (28% investment), 6 in Mumbai City (31% investment), 5 in Pune (41% investment), 2 in Palghar (65% investment), 2 in Raigad (9% investment) and 1 in Ratnagiri (nil investment). Among the 64 completed projects, 35 are in Thane and 18 in the Mumbai suburbs. Additionally, there are 9 projects in the Haveli area and 2 in Pune. The total percentage of registration done is 91% for housing projects in Thane, 87% of the apartments in Mumbai suburbs are registered, and 96% in case of projects in Pune. On an average, 84% of the apartments in all the completed projects have been registered. It is unclear if these 314 projects undergoing insolvency and bankruptcy proceedings, are still accepting new customers. Hence, to ensure transparency and prevent homebuyers from getting deceived, MahaRERA has compiled the list and published it on its portal, as it is of the view that it will help in alerting and guiding people. MahaRERA has appealed to the homebuyers to go through the list prior to purchasing a home.

Pune 6th October 2024 Members and other stakeholders about the processes of redevelopment to be followed and acquaint them with various Acts, Regulations, RERA guidelines, Court orders, etc that are necessary to understand. For disseminating such information transparently and seamlessly, we need a web portal; so that all information is displayed to resolve problems and see that projects are monitored”. He added, “We need e-monitoring methods and an Alternate Dispute Resolution’ for stalled projects. Also, we need a ‘Self-Regulated Organization (SRO) platform like a Section 8 Company for self-regulation”. Meanwhile, NAREDCO Maharashtra Collaborated with Ex-MahaRERA Chief Shri Gautam Chatterjee for a Launch ‘Grihamony Redevelopment Stakeholders Federations (GRSF)” for Awareness in Redevelopment. Dr Niranjan Hiranandani, Chairman, NAREDCO and Co-founder, Hiranandani Group, advocated for the need to reduce premium on redevelopment. He said, “The challenge is to match the pace of redevelopment. Reduction of premium would create more affordable housing in the city and hence, at least 50% reduction in premium is necessary. Redevelopment should provide aspirations for a better quality of life”. Mr Rajan Bandelkar, Vice Chairman, NAREDCO and Director, Raunak Group said, “It is important to balance viability for the private sector for undertaking redevelopment projects. The Government should incentivize the societies, which undertake self-redevelopment and consume lesser FSI. People who use lesser FSI, there should not be any premium considering the climate change challenge and the issues engulfing the redevelopment agenda”. Talking about the need to have a conciliation mechanism in Redevelopment, Mr Hitesh Thakkar, Vice President, NAREDCO Maharashtra and Partner, Prem Group, suggested that there needed a framework for resolution of disputes for finding amicable redressal, as the projects would get delayed and entail into high litigation costs.