Real Estate Magazine

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Unlocking Pune’s Residential Market-Trends and Insights from the Last 3 Years

Pune’s residential market has shown resilience and growth over the past few years. This report by CRE Matrix provides an in-depth analysis of the city’s housing trends over the last 6 quarters and up to 3 years. The report presents key insights through graphs illustrating quarterly sales and launches, as well as the total value of units sold over the past three years. A comprehensive table of top launches in Pune city in CY 2024 is also featured. This report offers valuable data and trends for developers, investors, and homebuyers. With its focus on recent market activity, this report serves as a timely resource for understanding Pune’s residential market. By examining the latest trends and developments, readers can gain a deeper understanding of the city’s housing landscape   Pune’s commercial office market has undergone significant transformations over the past 12 years. To provide a comprehensive understanding of this evolution, CRE Matrix has compiled a detailed report on the rental index of A-grade offices in Pune. This report delves into the percentage change in rents from 2012 to 2024, offering valuable insights into the market’s growth trajectory. Additionally, the report compares the rental trends between Pune’s Central Business District (CBD) and Hinjewadi, highlighting the divergent paths taken by these two prominent commercial hubs. The findings presented in this report will serve as a vital resource for investors, developers, and occupiers seeking to navigate Pune’s dynamic commercial office market. With its in-depth analysis and data-driven graphs, this report provides a definitive guide to understanding the complexities of Pune’s A-grade office market.

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Legal Evolutions in Real Estate in the state of Maharashtra

The Indian real estate sector is undergoing a significant transformation, propelled by an ever evolving legal framework and reforms aimed at transparency, accountability, and efficiency. Of all the states constituting India, Maharashtra has emerged a front-runner in implementing these changes, ensuring a robust legal foundation for developers, investors, and homebuyers alike. This article explores key legal developments shaping the sector, and Maharashtra’s pivotal role therein. Regulatory Evolution in Indian Real Estate Implementation of RERA The Real Estate (Regulation and Development) Act, 2016 (RERA), marked a paradigm shift for the real estate industry, aiming to protect homebuyers and ensure project transparency. Its key features include: Escrow Accounts: Preventing fund diversion. Mandatory Registration: Projects and agents must register with state RERA authorities. Standardised Agreements: Ensuring compliance and imposing penalties for violations. Dispute Resolution: Speedy resolution of grievances. Maharashtra’s Impact: MahaRERA, the state’s regulatory authority, has set benchmarks for effective implementation. Its proactive measures have instilled confidence among developers and buyers alike, ensuring absence of disputes or their faster resolution besides streamlined operations. Amendments to Land Acquisition Laws The ‘Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013’ replaced outdated laws, providing fair compensation and rehabilitation to landowners. Maharashtra’s Perspective: Robust policies have facilitated landmark infrastructure projects like the Mumbai Metro, Pune Metro, and Samruddhi Highway, minimising disputes and expediting approvals. GST in Real Estate The introduction of the Goods and Services Tax (GST) created a uniform tax structure, replacing multiple indirect taxes. For under-construction properties, GST is levied at a flat rate, simplifying compliance. Maharashtra’s Contribution: Clarity in tax structures has fostered an organised market, benefiting developers and buyers alike. Legal Reforms Specific to Maharashtra MahaRERA Initiatives MahaRERA has been instrumental in driving regulatory reforms, including: Ease of Access: Online registration and grievance redressal mechanisms. Dispute Resolution: Conciliation forums have resolved numerous disputes, reducing litigation. Transparency: Mandatory disclosure of project details, including financials, on the MahaRERA portal. Unified Development Control and Promotion Regulations (DCPR) Maharashtra’s Unified DCPR aims to optimise land use and boost affordable housing through: Increased floor space index (FSI) to encourage vertical growth. Incentives for slum rehabilitation and redevelopment. Provisions for transit-oriented development. Stamp Duty Reductions To revitalise the real estate market during the pandemic, Maharashtra temporarily reduced stamp duty, leading to a surge in property registrations. This policy underscored the importance of flexible fiscal measures. Redevelopment Policies Maharashtra’s Cluster Redevelopment Policy facilitates the redevelopment of old buildings and slums, ensuring better living conditions and modern infrastructure. Challenges in the Legal Landscape Despite these advancements, the sector faces persistent challenges: Dispute Resolution Delays: While MahaRERA’s forums are efficient, traditional courts remain burdened. Complex Approval Processes: Developers encounter delays navigating multiple approvals. Land Ownership Disputes: Unclear titles and overlapping claims hinder large-scale projects. Compliance Costs: Smaller developers struggle with increased regulatory costs. Proposed Solutions and Future Outlook Digital Transformation Land Records Digitisation: Initiatives like Maharashtra’s e-Mojani aim to ensure clarity and reduce disputes. Online Approvals: Streamlining project approvals through digitisation. Enhanced Coordination Collaboration between state authorities and developers can minimise delays and create a more investor-friendly environment. Policy Revisions Simplifying regulations and incentivising sustainable practices will attract long-term investments. In conclusion, Maharashtra’s proactive legal reforms have not only set a benchmark for other states but also positioned the real estate sector as a pillar of economic growth. By addressing persistent challenges and leveraging technology, the state can continue to lead India’s real estate transformation, benefiting all stakeholders. Adv. Mukessh Bajirao Zende, B. Sc. LL.B. MBA, (Corporate Law) Patent Attorney On Record +919822268068 [email protected]

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Real Estate is Indian Entrepreneurs’ No.1 Choice of Investment! Why?

As we stare down the barrel of a new year, we have the annual opportunity to look back at the world and try to make sense of the year that has just passed. Today, I want to speak about the world of Indian and global entrepreneurs and their investment habits. As data shows, these habits have everything to do with real estate! HSBC recently released their HSBC Global Entrepreneurial Wealth Report 2024. They focused on multiple aspects of business in this, but most importantly they performed in-depth analyses of how entrepreneurs from all corners of the earth invest their money. This report, which surveyed business owners or entrepreneurs – from across the world, mind you -allocate their wealth to investment, and real estate forms a significant part ofit! That is to say, they use real estate to generate a stream of income – mostly through renting or leasing out their properties. This data shows that throughout our world, entrepreneurs invest in real estate! That same HSBC report goes on to state that Indian entrepreneurs have some of the highest rates of investment in real estate. 61% of Indian businessowners and entrepreneurs, for instance, own real estate for investment purposes. To those of us that are watching the Indian real estate sector, this should not come as a surprise. 2024 has been a year of meteoric growth for Indian real estate; private investment alone grew by 20% this year. Between 2023 and 2024, Indian real estate developers are estimated to have built nearly 5 million homes. In 9 Indian metropolises, over 90 million square feet of office space was leased. In the coming year, that space could increase by at least 15 million square feet. Just like India’s GDP, our businessowners aim to grow and make money. Therefore, I contend that the study of entrepreneurs is vital to understanding our modern economy. So, if we were to listen to Indian entrepreneurs, what are they saying? They are saying that there is a reason that they are optimistic about investing in real estate. India is going to grow – its cities will sprawl out horizontally as they climb ever higher. The question is, will you be a wise investor or will you be left behind? Investing wisely and carefully in real estate is a great way to get Real Rich and, in today’s ‘age of the entrepreneur’, real estate has been proven to be the world’s preferred avenue of investment! Final Thoughts for the Wise Investor The Indian real estate market in 2025 is, barring any unforeseen pitfalls, inevitably going to be a growth market. Investing in this market, whether it is a long-term investment or a quick-flip, is bound to be a wise choice. If you are a wise investor and you are investing safely, 2025 is sure to yield immense returns! Dr. Atul Goel MD, Goel Ganga Group

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Minimum is Maximum

Living in the city often means learning to make the most of limited space. At times, this scarcity can be overwhelming, as if the walls are closing in. But with thoughtful thinking & creativity, even the smallest spaces can become havens of comfort & joy. In the busting cities like Pune, where lifestyles are fast-paced & homes compact, space planning has become more than a design trend-it is a necessity. For dual-income households juggling busy schedules, a well planned space is more than functional, it is a sanctuary. Designers today face the challenge of transforming confined areas into reflections of personal style while maximizing every square inch. Working with a designer is like uncovering hidden potential within your space. Every corner, every ray of light is optimized to create an environment that not only works for you but feels like home. Small spaces can transform into cozy nooks, vibrant offices or warm, welcoming homes. The key lies in decluttering & simplifying- letting go of the unnecessary to make room for what truly matters. There is something freeing everything has it’s place, and every detail exudes calm & balance. We, at Vineeta Kuray Design Studio, focus on the philosophy of seamless flow where spaces blend effortlessly, creating an illusion of openness & luxury. Soft soothing hues, uniform tones & carefully chosen furnishings breathe life into rooms, making them feel light and airy. Materials like veneers and laminates reduce visual clutter, mirrors & glass introduce depth, amplifying natural light & creating a Sense of expansiveness. Strategic pop of colour, clean lines and open plan layouts not only enhance aesthetics but also foster a sense of connection. These design choices turn small city homes into tranquil retreats, where daily stresses melt away. With thoughtful planning, less truly become more- a celebration of simplicity, functionality and beauty. A well designed space does not just meet your needs, it nurtures your soul, proving that even smallest home can hold the biggest dreams!! VK DESIGN STUDIO Ar. Vineeta Kuray Founder & Director [email protected] +91 98225 35416    

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Cover Story 2 – Raju Bhise

The Managing Director of Austin Realty, Raju Bhise is a remarkable leader in the industry known for his strong values, unwavering commitment to excellence, and a clear vision through which he has revolutionised the sector with Austin Realty. Grounded in inclusivity, purpose, and ethics principles, he has led the company to remarkable heights. The Genesis of Austin Realty Austin Realty came about to promote “US—United We Succeed.” Inspired by Austin, of the US, a city in Texas known for its vibrant culture and innovation, it is a brand that blends modernity with community spirit. It has gained prominence in Pune and PCMC, by not just building structures but creating spaces where people could live, thrive, and grow. A commerce graduate, Raju Sir found support in his brother, Sanjay Bhise and after starting with land purchases and sales, founded a flourishing career upon joining Yashoda Developers, where he gained invaluable experience in construction and project development. Fifteen years in the industry, he co-founded Austin Realty with a mission to transform the sector. A Legacy of Excellence A defining moment in their journey was the completion of Austin Park in 2015-16, a township project in Pune’s suburb of Tathawade. Marking their start, it earned them the prestigious AESA Kumar Awards in 2016, 2018, and 2019. Raju attributes the accolades to their commitment to ethics, goodwill, and delivering quality spaces. Since then, Austin Realty has continued to offer affordable, high-quality homes across Pune and surrounding areas. A Leadership Philosophy that Inspires Raju’s philosophy revolves around three core values: Innovate, Inspire, and Influence. His customer-first approach is evident in before-its-time initiatives like the work-from-home concept, introduced in 2018, a full two years before the pandemic. Anticipating market needs and putting customers first, Raju and his team set themselves apart from competitors. For Raju, it’s not just about building homes; it’s about creating experiences. Austin Realty designs spacious, functional homes with thoughtful communal spaces where residents can connect and celebrate life together. This focus on community-building has seen them appear in media outlets like ABP Majha TV Network. Crafting Homes for Modern Living Raju Sir’s vision for the future is to design spaces that cater to modern lifestyles while maintaining the highest standards. Combining cutting-edge technology with traditional craftsmanship, Austin Realty has been able to deliver residences that offer the best of both worlds. Such commitment is reflected in their accolades, including being named the Best Emerging Builder by Times Realty Icons. Their approach is human-centric, ensuring that homes go beyond being mere structures to be spaces where lives are lived, memories made, and legacies built. Each project thus begins with extensive market surveys to ensure that customer needs are understood and integrated right from the design stage. Customer-Centric Design With a design philosophy of listening to customer needs, they work closely with clients to create homes that are tailor-made for them. For example, private spaces like prayer rooms, home offices, and children’s rooms are integrated into designs, ensuring that every family member has a space that suits their needs- including even the Almighty! Incorporating global trends into local projects is another USP that sees them consult renowned architects and blend international innovations with Indian values. Raju’s creations thus ensure that his clients receive homes that are both contemporary and functional. Sustainable Development for a Greener Future Deeply committed to sustainability and environment-friendly practices, Austin Realty’s projects have green initiatives incorporated into every stage including an IGBC Gold Membership to ensure that all future projects follow stringent environmental policies. Additionally, their constant tree plantation drives and eco friendly campaigns contribute immensely to the environment. They focus also on designing commercial spaces that foster collaborative business growth with equal attention being given to detail in these spaces. The Vision for the Future The future will see them expand beyond Pune and PCMC to places like Nashik and Kolhapur, where they plan to introduce globally popular real estate trends while elevating living standards. Their focus on eco-friendly and innovative designs shall continue in its upcoming projects, ensuring sustainability remains a priority. Raju sir’s advice to aspiring real estate entrepreneurs is to stay disciplined, transparent, and ethical, emphasizing that passion and care for the team and community are key to long-term success. Austin Yana: A New Icon of Luxury Austin Yana, their creation Tathawade, a 16-acre luxury community consists of three 32-floor towers of 2, 3, and 4 BHK apartments that are a blend of comfort, nature, and modernity with over 50% of the project area being dedicated to green spaces, including biophilic gardens and tranquil water features. The project additionally offers state-of-the-art amenities such as a fully equipped gym, swimming pool, yoga decks, and senior citizen sit-outs, ensuring there’s something for every age group. Austin Yana is strategically located close to Pune’s IT hubs, schools, and shopping centres, making it an ideal choice for those seeking connectivity without compromising tranquillity. The project’s IGBC-certified sustainable design further underscores Austin Realty’s commitment to eco-friendly living.

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Pre-Budget Expectations for the Real Estate Sector – Prashant Sharma, President, NAREDCO Maharashtra

Mumbai, 30th January 2025 As we approach the Union Budget 2025-26, the real estate sector looks forward to policy initiatives and reforms that can drive growth, enhance affordability, and address long-standing industry challenges. The sector, a critical contributor to the nation’s GDP and a significant employment generator, requires sustained focus and support to maintain its upward trajectory. 1) Boosting Housing Affordability: To ensure the success of initiatives like PMAY-U, it is imperative to increase budgetary allocations for affordable housing and expand credit-linked subsidies. Additionally, revising income tax deduction limits under Section 24(b) for home loan interest from ₹2 lakh to ₹5 lakh can further enhance housing affordability, encourage homeownership, and boost the flow of funds into the affordable housing sector, which has seen a slowdown in recent months. 2) Industry Status for Real Estate: Granting industry status to the real estate sector remains a key demand. This will enable easier access to institutional funding at lower interest rates, particularly for mid-segment and affordable housing projects. 3) Rationalization of GST: A uniform GST rate with input tax credit for residential and commercial projects can significantly reduce costs and streamline taxation. Additionally, reducing GST rates for under-construction properties can encourage buyers and increase project sales. 4) Incentivizing Sustainable Development: The government should promote green and sustainable real estate practices through tax rebates and incentives for developers adopting eco-friendly building technologies and materials. This aligns with India’s commitment to achieving carbon neutrality. 5) Focus on Infrastructure Development: Continued investments in urban infrastructure, including metro rail, highways, and smart cities, will boost real estate development in peripheral areas and unlock new growth corridors. 6) Ease of Doing Business: A single-window clearance mechanism for approvals, reduced compliance burdens, and clear land title policies will streamline project execution and attract domestic and foreign investments. 7) Support for REITs and Focus on Rental Housing: Encouraging investments in Real Estate Investment Trusts (REITs) through tax benefits and regulatory support can provide liquidity to the sector. Similarly, Rental housing can play a pivotal role in addressing urban housing shortages and supporting the mobility of the workforce. The government should introduce incentives and policy support for developing affordable rental housing complexes, ensuring access to quality housing for tenants. We are hopeful that the Union Budget 2025-26 will introduce measures that empower the real estate sector to thrive, creating opportunities for developers, homebuyers, and allied industries. By addressing these critical areas, the government can unlock the true potential of India’s real estate sector as a pillar of economic growth and development.

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Panasonic Life Solutions India Acquires Land in Andheri East for Rs160 Crore

Mumbai, 30th January 2025 Panasonic Life Solutions India (formerly known as Anchor Electricals) has acquired a plot of land in Andheri East, Mumbai, for Rs 160 crore, according to property registration records. The 6,586.90-square-metre land was purchased from River Rose Developers LLP. The deal involved a stamp duty of Rs 9.60 crore and a registration fee of Rs 30,000, as stated in the documents. The transaction was officially registered on January 29, 2025, with the Inspector General of Registration (IGR) under the Government of Maharashtra. Andheri East, a prominent commercial and residential area, is well-connected through the Western Express Highway, Metro Line 1, and its proximity to both domestic and international airports. The region also houses a thriving business ecosystem, including SEEPZ, the Maharashtra Industrial Development Corporation (MIDC), and various corporate offices. In the past year, Andheri East has seen 1,421 property transactions, totalling a sales value of Rs 2,247 crore. The average property rate in the area is Rs 37,778 per square foot, with an average rental rate of Rs 74.8 per square foot. Property prices have experienced a 3% year-on-year increase, according to Square Yards Intelligence. Panasonic Life Solutions India is a fully owned subsidiary of Panasonic Corporation, a Japanese multinational electronics company. Since 1963, the company has been a leading player in India’s electrical construction materials sector and was acquired by Panasonic in 2007.

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NAREDCO Maharashtra enters into collaboration with IFC to Drive Sustainable Real Estate Development in 2025

Mumbai, January 30, 2025 NAREDCO Maharashtra has entered into a strategic partnership with the International Finance Corporation (IFC) EDGE team. This collaboration has come to fruition due to the efforts of the NextGen team, which played a key role in facilitating the partnership. They will work together to unlock global financing opportunities that will not only drive growth in the real estate sector but also focus on sustainable practices, ensuring that India moves towards a greener, more environmentally conscious future. The Letter of Collaboration was signed by Mrs. Diep Nguyen van-Houtte, Global Senior Manager of the Climate Business Department at IFC; Mr. Autif Sayyed, Green Building LEAD for South Asia at IFC; and Mr. Ridham Gada who signed it on behalf of NAREDCO Maharashtra. Mr. Ridham Gada is currently the President of NAREDCO Maharashtra NextGen. According to this partnership, the IFC EDGE team will provide technical expertise on green building standards by conducting knowledge sessions at selected NAREDCO chapters, offering free EDGE expert training programs, and facilitating the representation of developers with EDGE-certified projects at EDGE Expert Café events and other regional gatherings. At the same time, NAREDCO Maharashtra will support these efforts by organizing knowledge sessions with various NAREDCO chapters, advocating for the inclusion of EDGE standards in local and state incentive programs, and championing EDGE representation at NAREDCO-hosted events. This collaboration promises to empower NAREDCO’s member community with the tools and insights needed to drive the widespread adoption of sustainable real estate practices, positioning Maharashtra as a leader in green building development. Mr. Prashant Sharma, President, NAREDCO Maharashtra, remarked, “This partnership with the IFC EDGE team marks a pivotal moment for the real estate sector in Maharashtra. IFC’s unparalleled expertise in sustainable development and their global experience in financing green projects resonate with our vision to create a future where sustainable buildings are the norm. Collectively, we will enable stakeholders to spearhead meaningful, sustainable change and create environmentally-friendly, intelligent cities of the future.” Mr. Ridham Gada, President, NAREDCO Maharashtra NextGen, added, “As the next generation of leaders in real estate, we are deeply committed to shaping a sustainable future. Our collaboration with IFC is a leap forward in creating a culture of sustainability among young professionals and the industry at large. This partnership will not only reshape the way we build today, but it will lay the foundation for how we live tomorrow, ensuring that the projects we undertake today continue to benefit future generations.” Through these concerted efforts, NAREDCO Maharashtra aims to empower the real estate industry to build smarter, more sustainable cities that meet the challenges of climate change, reduce carbon footprints, and contribute to a greener, more resilient future for the people of Maharashtra. This partnership will lay the foundation for not only better construction practices but also a more environmentally responsible approach to urbanization in India.

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Cover Story: Acharya Mahesh Joshi

How Modern Vastu Principles Can Help Builders Save 3–5% of Costs, Enhance Customer Satisfaction, Streamline Operations, and Boost Sales In today’s competitive real estate landscape, builders face mounting pressure to deliver exceptional projects while minimising costs and exceeding customer expectations. Modern Vastu Shastra, a centuries-old science of architecture and design, has gained global recognition for its ability to merge functionality with aesthetic appeal. When thoughtfully implemented, Vastu offers builders innovative ways to optimise costs, enhance customer satisfaction, streamline workflows, and increase trust and sales. Here’s how modern Vastu principles can transform real estate development globally: Cost Optimisation through Strategic Planning Efficient Space Utilisation Modern Vastu principles advocate smart spatial planning. Strategically positioning rooms and functional areas ensures every square foot is utilised optimally, reducing construction wastage. For instance, allocating storage and utilities to less prominent zones maximises the property’s utility and perceived value. Energy Efficiency By focusing on natural lighting and ventilation, Vastu encourages sustainable design. Structures aligned to maximise sunlight and cross-ventilation significantly reduce energy consumption for lighting, heating, and cooling, leading to cost savings and appealing to eco-conscious buyers. Material Efficiency Vastu-guided construction practices minimise material wastage. For example, proper placement of structural elements such as beams and columns reduces over-reinforcement. Additionally, selecting durable, eco-friendly materials aligned with Vastu principles ensures long-term cost benefits and sustainability. Enhancing Customer Satisfaction Improved Living Environments Homes designed with Vastu principles create balanced and harmonious spaces, addressing both functionality and emotional well-being. For instance, a southeast-facing kitchen enhances functionality, while southwest bedrooms promote restful sleep. Health and Wellness By incorporating natural elements and optimal ventilation, Vastu-compliant homes foster mental clarity, reduce stress, and promote better health. Such thoughtful design increases customer satisfaction and drives positive recommendations. Cultural Sensitivity Globally, many buyers value homes that resonate with cultural and spiritual beliefs. Builders who respect these sentiments by integrating Vastu principles establish a deeper connection with their customers, enhancing trust and loyalty. Streamlining Staff Productivity Optimised Workspaces Vastu principles apply to commercial spaces as well. For instance, orienting workstations to the north enhances focus and creativity, while positioning key decision-makers in the southwest fosters authority and confidence. Organised Construction Sites By aligning site layouts with Vastu, builders can minimise disruptions. Proper placement of entrances, storage zones, and work areas promotes efficiency and reduces operational stress for construction teams. Motivated Teams When staff operate in well-designed, harmonious environments, their motivation and efficiency improve. Incorporating Vastu into common areas can foster collaboration and positivity, ultimately benefiting the project’s success. Efficient Raw Material Management Strategic Storage Vastu provides clear guidance on organising materials. Heavier materials like steel and cement should be stored in the southwest, ensuring stability, while lighter materials in the northwest improve accessibility. Minimising Losses Proper storage aligned with Vastu principles reduces material deterioration caused by weather or pests. For instance, keeping organic materials in well-ventilated spaces prevents decay and extends usability. Optimised Logistics Site layouts designed using Vastu enable smoother material movement, reducing labour costs and delays. This efficiency contributes to timely project completion and cost control. Building Trust with Buyers Demonstrating Thoughtfulness Builders who highlight Vastu compliance showcase their attention to detail and customer-centric approach. Buyers appreciate such efforts, fostering trust and increasing brand credibility. Long-term Value Vastu-compliant properties retain their appeal and value over time due to their association with health, prosperity, and harmony. Builders can leverage this as a unique selling proposition to attract discerning buyers. Transparency Providing detailed Vastu compliance reports or certifications reassures buyers and builds confidence in the property’s design and quality. Boosting Sales Through Differentiation Meeting Market Demand Vastu-compliant properties cater to a growing segment of buyers seeking homes that align with their lifestyle and cultural beliefs. Offering such homes differentiates builders in competitive markets. Word-of-Mouth Referrals Satisfied customers often share their positive experiences, generating organic leads and referrals. This trust-based marketing significantly enhances a builder’s reputation and sales. Appealing to Global Buyers Non-resident Indians (NRIs) and culturally aware global buyers often look for homes aligned with traditional principles like Vastu. Builders who cater to this niche gain a competitive advantage in the international market. Practical Steps for Builders to Incorporate Vastu Consult Experts Early Engage Vastu consultants during the planning phase to ensure seamless integration of principles into design and construction. Blend Vastu with Modern Design Combine contemporary architecture with Vastu guidelines. For instance, minimalist interiors can still maintain optimal directional placements. Educate the Team Train architects, designers, and workers in basic Vastu concepts to ensure consistent implementation. Leverage Technology Use advanced design software to visualise and plan Vastu-oriented layouts efficiently. Promote Vastu Features Highlight the benefits of Vastu compliance in marketing materials and property tours. Offer Certifications Provide buyers with certificates validating the property’s adherence to Vastu principles, enhancing trust and perceived value. Final Thoughts Modern Vastu Shastra transcends cultural boundaries to offer globally relevant solutions for real estate development. By harmonising ancient wisdom with contemporary needs, builders can deliver sustainable, efficient, and customer-friendly projects. For builders, Vastu is more than a tradition; it’s a strategic tool to optimise costs, enhance living experiences, and boost market competitiveness. By embracing these principles, they can secure long-term success in an ever-evolving industry. Acharya Mahesh Joshi Vastu Shastra Expert www.vasturang.com | [email protected] | +91-9552608856

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MahaRERA Announces 6th Real Estate Agents Exam Results: Record 6,755 Pass

Mumbai, 27th January 2025 The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced the results for the 6th examination for real estate agents. With a passing score of 89%, 6,755 of the 7,624 candidates cleared the examination. Among the six rounds of examinations held so far, the latest had the highest number of candidates clearing the test* The pass percentage of the previously held examinations are as follows: 1st – 96% 2nd – 93% 3rd – 89% 4th – 86% 5th – 87% Of the 7,624 candidates who appeared for the 6th examination, 6,755 cleared it. This includes 5,637 males and 1,118 females. Of these, 264 candidates are senior citizens (above 60 years) and it includes 13 ladies. In the latest round, Pune’s Mr. Praveen Kamble stood first by scoring 98%. The eldest candidate who cleared the test is 84-year-old Mr. Daulatsinh Gadhvi from Mumbai. In all the six rounds of examinations held for the real estate agents, a total of 20,125 are certified agents. The result break-up of all the examinations held are as follows: 1st – 405 2nd – 2,812 3rd – 4,461 4th – 1,527 5th – 4,165 6th – 6,755 As per the circular issued on January 10, 2023 by MahaRERA, it is mandatory for the property consultants/ real estate agents to undergo training and secure the necessary certificate to get themselves registered for the first time as well as for renewal of their licence. In the real estate industry, an agent plays a pivotal role as they are an intermediary between the homebuyer and the developer. Usually, the property consultants are the first point of contact for the flat purchaser. In fact, an agent provides preliminary information related to the project to the homebuyer, thereby acting as an introducer of a housing project. Hence, it is crucial that this important stakeholder of the realty industry should be aware of the provisions under the Real Estate (Regulation and Development) Act, 2016. It is their responsibility to provide homebuyers with the necessary and crucial information pertaining to the model agreement for sale, allotment letter, defect liability period, carpet area, facilities and amenities, rules on parking slots, etc. They play an important role in ensuring there is uniformity and implementation of the RERA Act, 2016, and also in clarifying homebuyers’ doubts. Apart from the flat purchaser accessing project related information from MahaRERA’s website, details provided by the property consultants assist the homebuyers in firming up their decision to purchase a certain property. Therefore, in the interests of the homebuyers, MahaRERA has made it mandatory for the real estate agents to undergo training and secure the certificate.

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