News Room

Mumbai  22th April 2025  According to the provisions of the Real Estate (Regulation and Development) Act, 2016, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has been entrusted with the responsibility of protecting the interests of both developers and allottees. If allottees have complaints such as non-possession of units, demands for amounts higher than agreed upon, etc., they can file complaints with MahaRERA. The authority has the power of a civil court and can issue orders accordingly. It also has the power to impose interest, penalties, or compensation on either the promoter or the allottee found violating the rules. If any party fails to comply with MahaRERA’s order, the recovery of imposed interest, penalties, or compensation is to be executed by the Collector as per the provisions of the Maharashtra Land Revenue Code, 1966. Accordingly, since a significant amount is pending for recovery in districts like Mumbai City, Mumbai Suburban, Pune, Thane, Palghar, and Raigad, a proposal was under consideration to appoint Dedicated Revenue Recovery Officers under the supervision of District Collectors. Government Order: As per the Central Government’s circular dated 1.1.2024, it is recommended that the charge of Dedicated Revenue Recovery Officer be assigned to the Additional Collector/Sub-Divisional Officer of the respective district. Hence, under the Maharashtra Land Revenue Code, 1966, the following appointments are being made for the recovery of warrant amounts in Mumbai City, Mumbai Suburban, Pune, Thane, Palghar, and Raigad: Details of Appointments: Sr. No. District District Supervising Officer Dedicated Revenue Recovery Officers 1 Mumbai City Collector, Mumbai City 1. Additional Collector/Sub-Divisional Officer 2. Deputy Collector 2 Mumbai Suburban Collector, Mumbai Suburban 1. Sub-Divisional Officer 2. Deputy Collector 3 Thane Collector, Thane 1. Deputy Collector 2. Additional Collector/Sub-Divisional Officer 4 Pune Collector, Pune 1. Deputy Collector 2. Sub-Divisional Officer 5 Palghar Collector, Palghar 1. Deputy Collector 2. Sub-Divisional Officer 6 Raigad Collector, Raigad 1. Deputy Collector 2. Sub-Divisional Officer The respective District Collectors will act as Coordination Officers and distribute the responsibilities of recovery among the appointed officers. They must also regularly report the details of the recovery activities to the State Government and the MahaRERA office. This order has been published on the Maharashtra Government’s website (www.maharashtra.gov.in) with code 202504221740556219, and is issued with a digital signature. By order and in the name of the Governor of Maharashtra (G.L. Sul) Joint Secretary, Government of Maharashtra Copies to: Collectors of Mumbai City, Mumbai Suburban, Pune, Thane, Palghar, Raigad 2. Additional/Sub-Divisional Collectors of the respective districts 3. Secretary, MahaRERA 4. Additional Secretary, Home Department 5. Department of Revenue and Forest, Mantralaya, Mumbai

Pune, India, 19th April 2025 – The much-anticipated inauguration of the TAB Terra Casa & FashionTV luxury real estate brand initiative, a signature project by the Tejas Arun Bahirat Patil Group took place on the 18th of April ‘25 at the opulent JW Marriott, Pune. The inauguration event of TAB Terra Casa was graced by the presence of Soha Ali Khan, the renowned Bollywood celebrity and artist with a distinguished legacy in the film industry, alongside FashionTV MD Kashiff Khan, a global franchise expert and Rukmani Singh Hooda, Director FashionTV India. The event also saw a gathering of prominent industrialists, media personalities, artists, environmental advocates and local dignitaries; making it a momentous occasion that reflected the fusion of luxury, lifestyle, eco-sustainability & innovation that TAB Terra Casa truly represents. Renowned for their focus on eco-friendly designs, sustainability and avant-garde architectural concepts, the TAB group’s newest venture is designed to offer unparalleled luxury while maintaining a commitment to environmental responsibility. In partnership with FashionTV, the world’s leading fashion and lifestyle media brand, TAB Terra Casa introduces NA-sanctioned premium villa plots for the discerning buyers. These plots are meticulously designed with eco-friendly principles, honoring the values of Mother Nature while perfectly adhering to Vastu Shastra. The design reflects a deep-rooted belief in Indian spirituality and values, blending tradition with modern luxury. What Is TAB Terra Casa? The TAB Terra Casa project stands as a testament to the vision of Shri Tejas Arun Bahirat Patil, whose leadership has been instrumental in championing sustainable development in the real estate sector. The project incorporates cutting-edge designs, energy-efficient technologies and sustainable practices to create a luxurious yet eco-conscious living space. The TAB Terra Casa project will offer an array of NA-sanctioned villa plots that offer ample scope to develop premium residential villas, blending modern luxury with the tranquil charm of the natural surroundings, enabling several eco-conscious features in their architectural blueprints. The TAB project is aimed at minimizing the environmental footprint while maximizing the comfort & convenience of its residents. It is well-connected to the Pune main city, with several modern amenities, schools, colleges & hospitals in the neighboring vicinity. “We are proud to present TAB Terra Casa which reflects our ongoing commitment to sustainable development and innovation in the real estate sector,” said Shri Tejas Arun Bahirat Patil, Founder of the Tejas Arun Bahirat Patil Group. “This project is a perfect blend of luxury, nature, and cutting-edge design principles. We believe it sets a new benchmark for eco-friendly living in the region and offers our residents a truly unique and sustainable lifestyle.” Adding to the momentum of the occasion, Mr. Kashiff Khan, FashionTV, MD, stated, “This luxury real estate project profoundly honors environmental consciousness, while adhering to the principles of Vastu and respecting tradition. It seamlessly integrates modernity with luxury, offering an eco-friendly lifestyle that beautifully combines sustainability with sophistication.” Further highlighting the point, Ms. Rukmani Singh Hooda, Director FashionTV India, added “This partnership is very close to my heart because it’s about storytelling through spaces. With F Villas Terra Casa, we’re turning the idea of “home” into a curated lifestyle, elegant, serene and chic.” Speaking at the momentous occasion, celebrated Bollywood actress & celebrity, Soha Ali Khan, reflected “ I uphold a legacy in acting and take great pride in being a part of prestigious legacies in real estate such as TAB Terra Casa and FashionTV, a global brand that’s recognized in the luxury lifestyle sector. The TAB Terra Casa project holds a special place in my heart, as it aligns with my passion for environmentally sustainable practices.” The TAB Terra Casa project is expected to attract discerning buyers looking for high-end properties that offer both luxury and sustainability, in one of Pune’s most sought-after and scenic locations. Project can be viewed at ftvrealestate.in or sales contact +91 86575 52990 About the Founder of TAB, Mr. Tejas Arun Bahirat Patil Tejas Arun Bahirat Patil is a visionary leader with a BE in Civil Engineering from the prestigious Pune University. With a legacy rooted in designing & developing eco-friendly real estate projects, his work prioritizes eco-conscious designs, solid waste management, renewable energy and petroleum conservation. His work in the realm of sustainable development has earned him numerous accolades from the government, honoring his efforts in promoting environmentally responsible construction and urban planning. About FashionTV And Mr. Kashiff Khan FashionTV, world’s largest fashion and lifestyle media brand was conceptualized by Mr. Michel Adams, Founder-Chairman of FashionTV, in the year 1997 with a mission to expand the business of luxury, fashion, lifestyle and glamour to several Nations. Mr. Kashiff Khan, the Managing Director of FashionTV aims to extend his philosophy and expand the businesses of FashionTV into India- the second most populated country with enormous market potential. FashionTV presents F Real Estate Brand Licensing that is an entire brand vision in the luxury real estate spectrum, comprising different kinds of real estate licensing verticals, ranging from residential to commercial, including hospitality. Exploring new vistas in luxury real estate, the core focus of FashionTV is on inventing the future of Real Estate, with an emphasis on luxury & innovation.

Pune, 17th April 2025 – CREDAI Pune Metro, the apex body of private real estate developers in Pune, has elected Mr. Manish Jain as its new President for the term 2025-27. With an extensive background in the real estate sector and plant bio-technology, Mr. Jain brings a wealth of experience and strategic vision to the organization. Manish has done his Masters in Business Administration from the University of Southern Mississippi. On being elected as the new President of CREDAI Pune Metro, Mr. Manish Jain said, “I am honored to take on this role and look forward to working towards the growth and sustainability of Pune’s real estate sector. CREDAI Pune-Metro will continue to focus on innovation, transparency and collaborative efforts to shape a better future for developers, home buyers & all stakeholders.” Under his leadership, the association will focus on several critical areas, including addressing environmental clearances issues in PCMC & surrounding 5km radius, the Development Plan (DP) for PMRDA, ensuring fair water allocation and metering for projects, and streamlining processes to improve ease of doing business. Additionally, emphasis will be placed on advocating amendments in relevant acts and regulations, and encouraging the adoption of advanced technologies to improve construction quality, speed, and cost-efficiency. He will also focus on detail structuring of the systems & processes of the Association Mr. Manish Jain, President, CREDAI Pune Metro has taken charge from – Ranjit Naiknavare, Imm. Past President, and now Vice President for CREDAI National. The new team will also consist of Arvind Jain, Aditya Javdekar, Vinod Chandwani, I.P. Inamdar, Nitin Nyati, J.P. Shroff as Vice Presidents, Ashwin Trimal as the Secretary, and Tejraj Patil as the Joint Secretary and Mr. Akhil Agarwal as a Treasurer. Mr. Kapil Gandhi will continue to handle Public Relations. The Managing Committee includes: Sanjay Deshpande, Manish Kaneria, Anup Jhamtani, Punit Oswal, Ketan Ruikar, Dilip Mittal, Rinku Shewani, Siddharth Moorthy, Ishaan Magar, Kapil Trimal, Sapna Rathi, Milind Talathi, Hiren Parmar, Ashish Jain, Bhushan Palresha and Nilesh Vohra. An official installation ceremony, also known as the change of guard ceremony will take place on 26th April 2025 About CREDAI-Pune Metro: Founded in 1982, CREDAI-Pune Metro is an association representing over 2000 member developers in Pune. The organization supports the real estate sector through policy advocacy, training, workshops, and seminars, enabling its members to stay informed about industry trends and regulatory updates.   Media Contact: Zainab Jariwala – 8451996739 or [email protected] Devendra Nazare- 9764770840 or [email protected]

Mumbai, 9th April 2025: RBI’s decision to reduce the repo rates by 25 bps (to 6%) second time this year was expected to the backdrop of moderating inflation. Home loan borrowers may not see much meaningful or immediate interest rate relief. Banks have not transmitted earlier MPC rate cuts to borrowers because of higher funding costs, pressure on net interest margins, higher NPAs, and a cautious lending climate. If banks do pass on the benefits of the last two rates cuts, it will be a boost to homebuyers, particularly for those eyeing affordable housing. Many first-time homebuyers who had been hesitating to take the plunge may make their move if home loan rates reduce. Housing prices have risen across the top 7 cities in the last one year. As per ANAROCK Research, Q1 2025 saw average housing prices rise by anywhere between 10-34% in the top 7 cities, with NCR and Bengaluru recording the highest 34% and 20% jump, respectively. The average prices in top 7 cities collectively stood at approx. INR 7,550 per sq. ft. in Q1 2024-end, while in Q1 2025-end it increased to approx. INR 8,835 per sq. ft. – a collective increase of 17% annually. Home loan borrowers whose lenders don’t pass on the rate cut could consider negotiating a lower rate or a balance transfer. They should keep their expectations realistic as there may be only partial relief, if any. Any potential EMI reduction should be used to prepay home loans or invest for higher returns instead of on mere consumption. By Anuj Puri, Chairman – ANAROCK Group

Pune, India – April 8, 2025 – The family of renowned actress and global icon Priyanka Chopra Jonas has leased their bungalow in Pune’s upscale Koregaon Park area to a co-living company. The property, situated on a 3,754-square-foot plot, has been leased for a monthly rent exceeding ₹2 lakh. ​ Free Press Journal The bungalow, known for its prime location and spacious layout, is expected to cater to the growing demand for premium co-living spaces in Pune. This move aligns with the trend of celebrities investing in real estate ventures that support modern urban living solutions.​ Priyanka Chopra Jonas, celebrated for her contributions to the entertainment industry both in India and internationally, continues to maintain strong ties to her hometown of Pune. This recent development underscores the family’s commitment to contributing to the city’s evolving residential landscape.

Mumbai, 1st April 2025: In a move that is set to impact property buyers, sellers, and real estate investors across Maharashtra, the state government has officially announced an upward revision in Ready Reckoner Rates (RRR) for the financial year 2025-26. The revised rates, which are used to determine property values for stamp duty and registration charges, will come into effect starting April 1, 2025. According to a notification issued late on Monday (March 31) by the State Registration and Stamps Department, the average hike in RRR across Maharashtra stands at 3.89%. The announcement marks the first revision since 2022-23, with speculation having earlier hinted at a potential increase of up to 10% in certain regions. Mumbai, the commercial and financial capital of the state, will see a 3.4% hike in RR rates—slightly below the state average. While this may come as a relief for homebuyers in the city, several key urban centers have witnessed steeper increases with Thane at 7.72%, Solapur at 10.17%, Ulhasnagar at 9%, Navi Mumbai at 6.75%, Nashik at 7.31%, Pune at 4.16% and Panvel at 4.97%. Municipal corporation areas outside Mumbai have collectively registered an average increase of 5.95%, whereas rural areas have recorded an average hike of 3.7%. Industry experts believe the revision may lead to a marginal increase in the cost of property transactions, especially in regions that have seen significant hikes. Prashant Sharma, President, NAREDCO Maharashtra “The increase in Ready Reckoner rates across Maharashtra is a significant development that will directly impact property valuations and, subsequently, the overall cost of acquisition for homebuyers. While we understand the government’s intent to align RR rates with market realities, this hike comes at a time when the sector is moving steadily and affordability plays a key role in driving demand. This increase may deter fence-sitting buyers and put pressure on developers already grappling with high input costs. We urge the authorities to adopt a more calibrated approach to such revisions to ensure sustainable growth of the real estate sector.” Shraddha Kedia-Agarwal, Director, Transcon Developers: “The increase in Ready Reckoner rates will have a cascading effect on overall property pricing, especially in prime urban markets like Mumbai where the base property prices are already high. It impacts stamp duty and registration charges, thereby increasing the burden on end consumers. While real estate has seen encouraging momentum over the last few quarters, such policy moves should ideally be introduced gradually to maintain market sentiment and buyer confidence. We hope the government considers sectoral feedback while rolling out future revisions.” Samyak Jain, Director, Siddha Group: “The recent adjustment in RR rates could influence the demand trajectory observed in recent months, particularly for first-time homebuyers and the affordable housing segment, where even slight cost variations can be impactful. Developers may also need to navigate pricing and planning considerations, especially for ongoing projects. While we appreciate measures that enhance transparency and fair valuation, a phased revision approach could help sustain real estate momentum and ensure a smoother transition.”

Mumbai, 27th March 2025: The real estate sector is a cornerstone of India’s economic framework, contributing substantially to GDP, employment generation, and infrastructure development. As global economic uncertainties persist, it becomes more important than ever to strengthen and sustain the growth of the Indian real estate industry. However, certain regulatory bottlenecks and policy ambiguities are currently hindering the sector’s progress. Swift and constructive intervention is essential to ensure continued momentum. Key Challenges Facing the Real Estate Sector 1. Environmental Clearance (EC) Roadblocks: The procedure to obtain Environmental Clearance under the EIA Notification, 2006 has grown more complex, particularly for projects located near eco-sensitive zones. The 2014 notification by the Ministry of Environment, Forest and Climate Change (MoEFCC) exempted certain real estate projects listed under Item 8(a) and 8(b) from General Conditions, allowing for State-level appraisal. Recent regulatory changes, however, have led to uncertainty on whether these projects now require Central-level approvals. Nearly 50% of projects in Mumbai are at risk of prolonged delays due to this ambiguity, affecting both housing supply and sectoral growth. A simplified and transparent clearance mechanism is essential to support timely project delivery without compromising environmental norms. 2. RG Podium Regulation Confusion: Real estate developers are facing a lack of policy clarity regarding recreational spaces in projects. While the DCR 1991 mandated open spaces at the ground level, the DCPR 2034 allows partial allocation of such spaces on podium levels. This inconsistency is leading to delays in project approvals and cost escalations. A uniform and well-defined regulation is necessary to avoid misinterpretation and ensure seamless planning and implementation. 3. Aviation Height Restrictions Hindering Growth: Civil aviation rules governed by the Aircraft Act, 1934 and Civil Aviation Requirements (CAR) guidelines are placing stringent height limits on projects in Mumbai, hampering vertical development in a city where horizontal expansion is severely constrained. Updates in regulations from GSR 751(E) to GSR 770 (E) have introduced stricter height limitations, particularly the five nautical mile (5NM) protection zone, which is being applied beyond its intended scope. Inconsistent application of shielding benefits and arbitrary height restrictions are creating unpredictability in approvals and deterring investment. A balanced policy framework is needed that safeguards aviation norms while supporting planned urban expansion. Commenting on the current scenario, Prashant Sharma, President, NAREDCO Maharashtra, said: “The real estate sector has the potential to be the backbone of India’s economic resurgence, but regulatory ambiguity is slowing down its stride. It is imperative that government bodies and regulatory agencies work together with industry stakeholders to streamline the approval processes, bring consistency in policy implementation, and ensure that urban development can progress sustainably. Timely interventions in resolving the environmental clearance issues, RG podium interpretations, and aviation height restrictions will unlock the true potential of real estate in Maharashtra and support our collective vision of Housing for All.” Addressing these pressing challenges is vital to sustaining growth, enhancing investor confidence, and ensuring housing supply in urban centers like Mumbai. NAREDCO Maharashtra stands committed to collaborating with authorities and stakeholders to promote a balanced and forward-looking real estate ecosystem.

Pune, 26th March 2025: In anticipation of a potential hike in ready reckoner rates from April 1, all sub-registrar offices across Maharashtra will remain open this weekend, allowing citizens to complete property registrations before the financial year ends. The Maharashtra Registration and Stamp Department has announced that all 517 property registration offices in the state will be operational from March 29 (Saturday) to March 31 (Monday). This decision, outlined in a circular issued by Deputy Inspector-General of Registration Udayraj Chavan, ensures that property buyers can complete transactions despite the upcoming public holidays for Gudi Padwa, Id, and the fiscal year-end. “The directive has been issued to ensure that registration services are available even on festival days,” Chavan stated. “District registrars and stamp collectors have been instructed to ensure adequate staff is present to manage the anticipated rush.” Many homebuyers rush to register their properties before April 1 each year to avoid a potential increase in property prices and stamp duty. A senior official from the registration department confirmed the increased demand, stating, “We have been witnessing a significant rise in people looking to finalize their property transactions before the financial year ends. Keeping the offices open will help facilitate smooth processing and meet our annual revenue targets.” The registration department’s revenue target for this fiscal year stands at ₹55,000 crore, with 98% of the goal already achieved. With the extended working hours, authorities expect to reach or exceed this target by the end of the month. This move is expected to benefit both homebuyers and developers, ensuring transactions are completed without delays. Property buyers are advised to take advantage of the extended service period to avoid any last-minute rush.

Pune, March 26, 2025: Youthville, a leading provider of premium serviced hostels, is transforming the landscape of student and professional accommodation with its modern, community-driven living spaces. With eight operational hostels across Pune and Mumbai, Youthville offers 1,800 beds, catering to the growing demand for quality living options. The Vision Behind Youthville The idea for Youthville was born when Shri Vineet Goyal (Jt MD, Kohinoor & Founder, Youthville) and Shri Rupesh Mittal (Director, Youthville) noticed the challenges students and young professionals faced in finding suitable accommodation. Inspired to create a solution, they launched Youthville in 2017, offering futuristic, vibrant, and hassle-free serviced hostels designed for comfort and convenience. Unparalleled Amenities and Community Living Youthville’s hostels provide fully equipped rooms with top-notch amenities, including high-speed Wi-Fi, 24/7 security, housekeeping, and nutritious home-style meals. The hostels prioritize seamless living with a dedicated mobile app that allows residents to pay rent, raise service requests, and stay updated. More than just a place to stay, Youthville fosters a sense of belonging by celebrating festivals, birthdays, and special occasions, ensuring residents feel at home. Strategic Locations and Growing Footprint Currently, Youthville operates seven hostels in Pune and one in Mumbai, strategically located in prime areas with seamless connectivity to educational institutions, corporate hubs, and public transport. In Pune, its properties are situated in SB Road, Karve Nagar, Balewadi, Ambegaon, and the newly launched hostel near Symbiosis and MIT. The newly launched Youthville hostel offers a breathtaking 180-degree terrace view of SB Road and a spacious cafeteria, creating the perfect space for relaxation. Located just 200 meters from JW Marriott and 300 meters from Pavilion Mall, it offers residents easy access to Pune’s vibrant social scene. Future Expansion Plans Youthville is poised for massive expansion, aiming to offer 17,000 beds across Pune and Mumbai in the coming years. The immediate pipeline includes: – 1,000 beds in Hinjewadi – 6,000 additional beds across Kharadi, Tathawde, Kothrud, Kondhwa, and Hinjewadi in Pune – Multiple new facilities in Mumbai Looking ahead, Youthville plans to expand into other major cities, continuing its mission to provide modern, comfortable, and community-driven living spaces for students and professionals. About Youthville Established in 2017, Youthville has redefined the concept of serviced accommodation, offering comfort, security, and a vibrant community experience. With a commitment to providing hassle-free, technology-enabled living solutions, Youthville continues to set new standards in urban co-living.

March 24, 2025 – Mumbai: Bollywood actress Huma Qureshi and her brother, actor Saqib Saleem, have rented a sprawling 3,370 sq ft villa in Mumbai’s upscale Juhu neighborhood for ₹10 lakh per month. As per property registration documents accessed by IndexTap.com, the villa is situated in Equest Condominium on Juhu Tara Road and is owned by Impact Films Pvt Ltd. The lease agreement, registered on February 25, 2025, spans 60 months (5 years) starting from March 20, 2025. It includes a security deposit of ₹30 lakh, a 48-month lock-in period, and a 10% rent escalation clause after the first 36 months. The duo paid ₹1.60 lakh in stamp duty and ₹1,000 as a registration fee. The luxurious villa features a 2,654 sq ft basement and four dedicated car parking spaces. The ground floor covers 1,245 sq ft, the first floor spans 1,011 sq ft, and the terrace measures 1,112 sq ft. The property also boasts premium amenities, including a private swimming pool and a garden. Juhu – A Bollywood Hub Juhu remains one of Mumbai’s most coveted localities, known for housing several Bollywood stars. The area recently made headlines for a property deal that crossed ₹1 lakh per sq ft. Celebrities such as Amitabh Bachchan, Varun Dhawan, Ajay Devgn, Shahid Kapoor, and Kartik Aaryan own homes in this elite neighborhood. Huma Qureshi, acclaimed for her roles in Gangs of Wasseypur, Badlapur, and the web series Maharani, is a prominent name in the industry. Her brother, Saqib Saleem, is known for his performances in Mujhse Fraaandship Karoge, Dishoom, and 83. An email seeking comments has been sent to Huma Qureshi and Impact Films Pvt Ltd. The story will be updated with their responses.