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Pune 23rd September 2024 Pune, known for its affordable housing, continues to dominate the list as the ‘Preferred city for living’ in India. Pune Housing Report – September 2024, by CREDAI Pune Metro and CRE Matrix also reveals a significant rise in the sales of warehouse and office spaces for the first half of 2024 (January-June).  This is a pivotal moment for the construction industry in Pune, signaling an impending surge in job opportunities within the city. ‘The Pune Housing Report – September 2024’, was recently unveiled at the Ramkumar Rathi Auditorium, CREDAI Pune Metro office in Camp by CREDAI Pune Metro President Ranjit Naiknavare, CEO of CRE Matrix Abhishek Gupta, Kapil Gandhi- Convenor Public Relations, Punit Oswal- Member of the Management Committee, Data Analyst Rahul Ajmera, Hiren Parmar and attended by more than 100 members. Speaking about the report Ranjit Naiknavare stated, “Compared to the first half of 2019, home sales have risen by 36% in the first half of 2024, a positive indicator for the construction industry. The buyer preferences for larger homes continue to drive the market. Another important aspect is that Pune has maintained its top position in the country in terms of affordable housing. The average value of units sold in the first half of 2024 is 71 lakhs, which has grown by 39% from CY’20 indicating the affordability factor over other cities. Pune has also again emerged as the preferred city for living for the third consecutive year suggesting that residents from across the nation prefer Pune over other metro cities for job opportunities and living.” He emphasized the commitment to innovation, sustainable development, and customer satisfaction moving forward. Abhishek Gupta elaborated on the authenticity of the “Pune Housing Report” as all data is sourced real time from the Registration and Stamps Department and MahaRERA. He noted, “Pune is the 2nd fastest growing city after Mumbai MMR region. As Pune retains its position in home sales, it is also emerging as a key player globally in the warehouse and office space market. Even though Pune is not a state capital, it is developing comprehensively, surpassing major cities like Hyderabad, Bengaluru, and Mumbai. In the coming year, Pune is poised to enter the 100 million club for office spaces. Furthermore, in the warehouse sector nationally, Pune ranks second, having outperformed cities like Mumbai and Bengaluru. Recent investments, such as Microsoft’s acquisition of 16.4 acres for ₹520 crore, along with Tesla’s plans to enter the Pune market, will significantly boost the demand for office spaces and subsequently create numerous job opportunities.” Key highlights from the Pune Housing Report – September 2024 include: Pune has once again secured the top position in home sales in India for the first half of 2024, maintaining its leading status for three consecutive years since 2021. Pune’s average home prices remain significantly lower compared to other metro cities, solidifying its status as the most affordable metro city in the country, attracting both industries and migrants. The average value of units sold in the first half of 2024 is 71 lakhs, which has grown by 39% from CY’20 indicating the affordability factor over other cities In the first half of 2024, Pune recorded nearly 44,000 home sales valued at ₹31,000 crore. The construction sector in Pune has witnessed a remarkable 16% compound annual growth rate (CAGR) in total unit sales value over the past five years. Compared to 2020, buyers are increasingly inclined towards larger homes this year. The northwest regions of Pune, including Baner-Mahalunge, Pashan-Sus, and Hinjewadi-Wakad-Tathawade, account for 60% of total sales. A comparison of the southwestern Pune area (Ambegaon-Warje-Kothrud-Bavdhan) between 2020 and the first half of 2024 shows a 44% increase in average home prices. Employment in Pune has increased by 8% over the past five years (2019-2024), with 38% of residents working in A and A+ grade offices. As job opportunities are expected to rise soon, there will be an increasing demand for warehouse and office spaces, which the construction sector needs to consider.

Mumbai 20th September 2024 Manoj Saunik, Principal Advisor to the Maharashtra Chief Minister and former Chief Secretary of the State, assumed the charge today as Maharashtra Real Estate Regulatory Authority’s (MahaRERA’s) third Chairman from the outgoing Chairman, Ajoy Mehta. Prior to taking charge, the Honorable Housing Minister Atul Save, administered the oath of office and secrecy to him. Following which, Saunik took charge at MahaRERA’s headquarters in Bandra Kurla Complex. On this occasion, MahaRERA members Mahesh Pathak and Secretary Dr. Vasant Prabhu welcomed him with a flower bouquet. Also present were MahaRERA’s Director (Compliance) Ramesh Pawar, Director (Registration) Vinod Chithore, Deputy Director (Complaint Management) Sudhakar Deshmukh, among others. Saunik is a 1987 batch IAS officer. Since his retirement as Maharashtra’s Chief Secretary in December 2023, he has been serving as the Principal Advisor to the Chief Minister. During his long and illustrious service, he has held several important positions, including Additional Chief Secretary of Finance and Public Works Department, Principal Secretary of Transport, Ports, and Textiles, Joint Secretary in the Ministry of Defence at the Centre, Private Secretary to the Union Minister of Power, District Collector of Nashik, and Chief Executive Officer of Pune and Alibaug Zilla Parishads.

Mumbai 18th September 2024 In an exciting real estate move, Bollywood superstar Deepika Padukone’s company, KA Enterprises LLP, has secured a prime apartment in Mumbai’s prestigious Bandra West area for ₹17.8 crore. Located in the upscale Sagar Resham Co-operative Housing Society, the property is a symbol of luxury, offering breathtaking views from the 15th floor. The apartment spans 1,845 sq ft and was developed by Enorm Nagpal Realty LLP, which sold the apartment to Padukone’s firm, documents revealed by Zapkey.com confirmed. Known for its celebrity residents, Bandra West has long been one of the most sought-after locations in Mumbai, with property rates ranging from ₹50,000 to ₹1.50 lakh per sq ft. The deal includes a stamp duty payment of ₹1.07 crore and registration charges of ₹30,000, adding to the overall investment. The Sagar Resham complex, where Padukone’s new home is situated, boasts a mix of expansive 4 BHK and 5 BHK apartments, with sizes ranging between 3,102 and 8,834 sq ft, catering to Mumbai’s elite. With a built-up area rate of ₹96,400 per sq ft, the purchase reflects the area’s upscale status, with properties in prime Bandra locations like Carter Road, Bandstand, and Pali Hill commanding similar prices. This acquisition comes on the heels of another high-profile real estate transaction within the family. Ranveer Singh’s firm, RS Filmcraft (OPC) Pvt Ltd, leased a neighboring apartment from his mother on September 5, 2024. The rental agreement, accessed by Zapkey.com, reveals a monthly rent of ₹8.2 lakh and a security deposit of ₹73.8 lakh, highlighting the couple’s significant presence in the area. With both Deepika Padukone and Ranveer Singh making notable real estate investments, the power couple is securing their foothold in one of Mumbai’s most coveted locations. The Bollywood stars, who recently welcomed their first child, continue to make waves both on and off the screen.

Mumbai 10th September 2024 Global tech giant Microsoft has made a significant investment of Rs. 519.72 crore in Pune, one of India’s prominent IT hubs, according to Square Yards. In the recent years, Microsoft’s investments in India’s commercial real estate sector have increased, spanning data centers, development centers, and flexible office spaces. As per the registration document reviewed by Square Yards, Microsoft’s Indian arm, Microsoft Corporation (India) Private Limited, acquired 66,414.5 square meters (~16.4 acres) of prime land in Pune’s Hinjewadi. The transaction, registered in August 2024, involved the purchase of land from Indo Global Infotech City LLP. The deal incurred a stamp duty of Rs. 31.18 crore and a registration fee of Rs. 30,000. In 2022, the company also acquired a 25-acre plot in Pimpri-Chinchwad for Rs. 328 crore. Earlier this year, Microsoft secured 48 acres of land in Hyderabad for Rs. 267 crore. Both deals are part of Microsoft’s broader strategy to expand to expand its presence in India, particularly within its data centre operations. The company’s network of data centres already includes locations in Pune, Mumbai, and Chennai, solidifying its presence across key markets. Currently, the company’s workforce in India includes over 23,000 employees across cities such as Bengaluru, Chennai, Hyderabad, Mumbai, and Pune. These teams support various business functions, including sales, marketing, research, development, and customer support. Additionally, in early 2024, Microsoft launched a major skilling initiative in India, aiming to equip 2 million individuals with AI and digital skills by 2025. The program, known as ADVANTA(I)GE INDIA, is part of the company’s “Skills for Jobs” initiative designed to foster a future-ready workforce.

Mumbai 10th September 2024 Actor-politician Kangana Ranaut has sold her Mumbai bungalow in Pali Hill for Rs 32 crore, according to sources. The property, which she purchased in September 2017 for Rs 20.7 crore, was later used as her production house’s office and was mortgaged for Rs 27 crore in December 2022. The bungalow, featuring a 3,075 sq ft built-up area and a 565 sq ft parking space, was officially registered on September 5, 2024. The transaction included a stamp duty of Rs 1.92 crore and a registration fee of Rs 30,000. The new owner is Shweta Bathija from Kamalini Holdings in Coimbatore, Tamil Nadu. Notably, the property faced scrutiny from the Brihanmumbai Municipal Corporation (BMC) in 2020 for alleged illegal construction. A demolition order was halted by the Bombay High Court, and although Kangana sought Rs 2 crore in compensation, she withdrew the claim in May 2023. Kangana’s film Emergency has experienced delays due to issues with the Censor Board of Film Certification (CBFC). On September 6, she announced on X that a new release date would be revealed soon. The film, which she wrote and directed, features Anupam Kher, Mahima Chaudhary, Milind Soman, Shreyas Talpade, Vishak Nair, and the late Satish Kaushik.

Mumbai 4th September 2024 The Maharashtra Real Estate Regulatory Authority’s (MahaRERA’s) new website MahaCRITI or Maha-Complaint and Regulatory Integrated Technology Implementation went live on September 1. To ensure effective browsing of the new portal, instructional videos have been posted online to guide users. Additionally, as previously announced, online training has been ongoing for two weeks since the website’s launch, queries from the stakeholders are being addressed. The training includes guidance for complainants, instructions for lawyers on how to file complaints and details about the subsequent process. Developers, promoters and their self-regulatory organisations are also being trained on how to effectively use the website for routine tasks such as registering new housing projects, making corrections, renewing registrations, submitting quarterly and annual progress reports, and filing Form 4 upon project’s completion. Real estate agents are also being guided on their routine tasks, such as registration, corrections and renewals. Overall, assistance is being provided to all stakeholders to help resolve any issues they face while performing these routine tasks. So far, around 550 developers, 350 agents and over 250 lawyers complainants have benefited by participating in this training. So far 2,766 individuals have accessed the new website and changed their passwords. A total of 581 promoters have updated their information on the portal and 8 promoters have registered their new projects, while 1 has moved a renewal application. From the real estate agents community, 21 applications have been received for new registration, 6 have applied for renewal and 84 agents have updated their information on the latest system. MahaRERA has received 17 complaints filed by homebuyers on the new website.