News Room

Mumbai, 25th November 2024 With the formation of a new government in Maharashtra, the real estate sector is abuzz with hopes for transformative policies that will unlock the state’s vast potential. Industry leaders are having high expectations from the government underlining the sector’s pivotal role in driving the state’s economic and social progress. Prashant Sharma President, NAREDCO Maharashtra “The real estate sector in Maharashtra looks forward to proactive governance that fosters growth and investment. Our key expectations from the new government include faster clearances for real estate projects, an improved ease of doing business environment, and policies that promote affordable housing. A collaborative approach between the government and industry stakeholders can not only streamline development processes but also ensure that the state remains a leader in infrastructure and housing innovation.” Anil Mutha Chief Visionary & Co-Founder, Nandivardhan Group “With the new government in Maharashtra, the real estate sector stands at the brink of transformative growth. Streamlined regulatory processes to expedite project approvals will accelerate the construction cycle, creating benefits for both developers and homebuyers. Prioritizing infrastructure development in connectivity and utilities is vital for unlocking the potential of emerging real estate markets. Enhanced infrastructure will not only attract investments but also improve living standards across the state. Additionally, fiscal incentives such as reduced stamp duty and tax benefits could play a pivotal role in revitalizing buyer sentiment. A strong, collaborative dialogue between the government and industry stakeholders is essential to address persistent challenges and realize the sector’s immense potential. We remain optimistic about bold actions that will fulfill housing aspirations, elevate living conditions, and contribute significantly to Maharashtra’s economic growth.” Vikas Sutaria Founder, Iraah Lifespaces “Maharashtra’s real estate sector requires a forward-thinking government that recognizes the potential of luxury and second-home markets. By focusing on infrastructure connectivity, especially in emerging regions like Alibaug & Lonavala, and introducing tax incentives for investments in premium projects, the state can attract high-net-worth individuals and investors. Streamlining policies for sustainable and luxury developments will create a more robust real estate ecosystem.” Samyak Jain Director, Siddha Group “The real estate sector in Maharashtra anticipates a new government that prioritizes sustainable growth through faster project approvals, streamlined RERA compliances, and enhanced connectivity to boost infrastructure development. Additionally, incentivizing affordable housing, reducing development costs, and ensuring a transparent regulatory environment will position Maharashtra as a leader in creating holistic urban spaces and driving future growth.” Vedanshu Kedia Director, Prescon Group “The new government must prioritize urban regeneration, particularly slum rehabilitation and redevelopment projects along with city/ town beautification projects which are crucial for a city like Mumbai. Additionally, fostering an investment-friendly ecosystem through regulatory consistency and infrastructure upgrades will drive the growth of the sector and enhance Maharashtra’s real estate appeal.” Rohan Khatau Director, CCI Projects “Our primary expectation from the new government is to create a policy framework that simplifies regulatory processes and fosters confidence among developers and homebuyers alike. Reducing the tax burden, including stamp duty and GST, and ensuring smoother project execution can unlock the potential of the real estate sector, making Maharashtra a global investment hub.” Kuldeep Jain Founder & CEO, Build Capital “As Maharashtra ushers in a new government, the focus should be on driving economic growth through streamlined approvals and transparent regulations. A balanced policy framework that promotes development while ensuring sustainability is crucial. Addressing delays in environmental and regulatory clearances is essential. Implementing a timeline-driven clearance policy and a unified one-window system will reduce bottlenecks, enhance transparency, and instill confidence among developers and financial institutions. This will pave the way for innovative financing solutions, benefiting both developers and homebuyers. Infrastructure-led growth corridors must be prioritized to unlock emerging markets, boost connectivity, and attract private equity investments, positioning Maharashtra as a key economic driver. A progressive and transparent regulatory framework will ensure sustainable growth and solidify the state’s reputation as a premier investment destination. The new leadership must act decisively to secure Maharashtra’s prosperous future.” Shraddha Kedia-Agarwal Director, Transcon Developers “As industry stakeholders, we anticipate a government that champions reform and efficiency. We urge the new leadership to focus on single-window clearance systems, rationalization of stamp duty, and innovative financial support for developers. Strengthening infrastructure around growth corridors and supporting sustainable urban development will also catalyze sectoral growth.” Govind Krishnan Muthukumar Managing Director & Co-Founder, Tridhaatu Realty “The new government must prioritize policy frameworks that streamline key initiatives, particularly in urban centers like Mumbai. Addressing bottlenecks in approvals and introducing incentives for redevelopment will not only rejuvenate aging infrastructure but also create much-needed housing. Additionally, the government’s focus should be on fostering public-private partnerships that ensure timely execution of urban regeneration projects while maintaining sustainability at the core.” Deepak Nair COO & Co-Founder, The Mentors Real Estate Advisory Pvt. Ltd. “We hope the new government will adopt a consultative and industry-inclusive approach to policy making. Simplifying regulatory compliance, promoting ease of doing business, and reducing approval timelines can significantly accelerate real estate development. Moreover, introducing measures to encourage foreign investments and infrastructure development around key urban hubs will elevate Maharashtra’s real estate sector to global standards.” Himanshu Jain VP – Sales, Marketing & CRM, Satellite Developers Private Limited (SDPL) “The real estate sector looks forward to the new government focusing on holistic urban planning and infrastructure upgradation. Policies that address challenges like approval delays, high financing costs, and project execution bottlenecks can transform the state into a real estate powerhouse. The introduction of single-window clearances, along with reforms in taxation such as reduced GST and stamp duty, will greatly enhance the ease of doing business.”

Mumbai, 14th November 2024: 1 Finance, a financial services institution focused on the personal finance space in India, has collaborated with NAREDCO Maharashtra NextGen as the Research Partner for Excelerate 3.0. The event unveiled the research report entailing  a detailed examination of Greater Mumbai’s current real estate landscape, including pricing trends, transaction volumes, and inventory levels. The event was graced by key industry leaders and dignitaries, namely Dr. Niranjan Hiranandani, Chairman, NAREDCO National; Mr. Rajan Bandelkar, Vice-Chairman, NAREDCO National; Mr. Prashant Sharma, President, NAREDCO Maharashtra; Mr. Ridham Gada, President, NAREDCO Maharashtra NextGen; Mr. Rajesh Doshi, Secretary, NAREDCO Maharashtra, amongst other industry leaders. The key highlights of the research report articulated India’s residential real estate sector undergoing a significant transformation over the past decade, shaped by economic shifts, regulatory changes, and evolving consumer preferences. This evolution forms the bedrock of the current market dynamics and challenges that have been observed, particularly in Greater Mumbai and other major metropolitan areas. Theaverage PSF rate in Greater Mumbai stands at ₹32,150 29%of homes sold in Greater Mumbai are priced above ₹2 crores Affordabilityin Greater Mumbai for affluent-middle class is the least among top cities While the challenges in Greater Mumbai’s real estate market are evident, it is crucial to view real estate investment through a broader lens. Real estate, as an asset class, has consistently delivered competitive returns compared to other traditional investments such as equities, debt, and gold. Over the past decade, real estate (including rental yield) has provided an average return of 12%, which is comparable to gold and higher than debt, which averaged 7%. Furthermore, real estate offers unique advantages that set it apart from traditional investments, providing a balance of returns and security, making it an ideal asset for diversification. For people looking to buy homes in Greater Mumbai, the key lies in thorough research, a long-term perspective, and an understanding of the local market dynamics. By focusing on high-potential micro markets, leveraging the inherent advantages of real estate, and aligning with reputable developers, they can own a home in Greater Mumbai while potentially reaping the rewards of this enduring and multifaceted investment option. Source: CMIE Economic Outlook, ACE MF, NHB, BIS, 1 Finance Research *Last 10-year correlations (as of 30th Jun 2024) Commenting on the unveiling of the research report, Mr. Prashant Sharma, President, NAREDCO Maharashtra, said, “The report makes a compelling case for regulatory reforms, including the rationalism of premiums and streamlining of approval processes. To succeed, we need strong collaboration between the public and private sectors. NAREDCO Maharashtra is committed to working closely with government bodies, financial institutions, and other stakeholders to create a more efficient and inclusive real estate ecosystem. Our focus remains on driving the ‘Housing for All’ and ‘Affordable Housing’ initiatives.” Sharing his vision through this report, Mr. Keval Bhanushali, Co-founder & CEO at 1 Finance, said, “We are proud to introduce India’s first unbiased real estate price indices for top cities. At 1 Finance, we believe that real estate advisory should be standard practice in India’s financial planning ecosystem. Our goal is to elevate real estate to its rightful place as a legitimate investment class, alongside other traditional options. This report is a significant step towards that objective, offering a comprehensive view of the market that will benefit homeowners, developers, and policymakers alike.” Mr. Ridham Gada, President, NAREDCO NextGen Maharashtra said, “This research highlights the pressing affordability challenges in Greater Mumbai’s real estate market. To address these, we need a collaborative approach between developers, policymakers, and financial institutions. NAREDCO Maharashtra NextGen is committed to driving innovation, supporting regulatory reforms, and advocating for affordable housing to ensure Mumbai remains a thriving global metropolis with accessible homeownership for all.” The affordability issue in Greater Mumbai due to high property prices is deeply linked with government policies and premiums. These policies, while aimed at regulating development and generating revenue for urban infrastructure, have become a double-edged sword, particularly in the Mumbai context. This affordability challenge has not only affected property prices but also led to a significant reduction in apartment sizes, a trend that carries profound implications for the quality of urban life. The path to a more affordable and sustainable real estate market in Mumbai is clear. It requires bold action, collaboration between the public and private sectors, and commitment to long-term urban planning. By addressing these crucial areas, Mumbai can not only solve its housing challenges but also reinforce its position as India’s premier metropolis, setting a benchmark for urban development across the nation.

Mumbai, 12th November 2024: Bollywood Actor Shahid Kapoor and his wife Mira Kapoor have leased out their luxurious apartment in the Worli area of Mumbai for ₹20 lakh per month, with a five-year rental agreement, as per property registration documents reviewed by the media. The apartment, located in Oberoi Realty’s Three Sixty West project, spans 5,395 sq ft and comes with three parking spaces, according to the documents. The lease agreement, registered on November 7, 2024, is for a duration of 60 months and has been rented to Dipan Bhuptani, a senior executive at D’Decor Home Fabrics. The initial security deposit for the property is ₹1.23 crore. According to the media reports, the property is expected to generate a gross rental yield of 4-5%. The rental agreement follows a tiered structure, with the monthly rent starting at ₹20.5 lakh and increasing to ₹23.98 lakh by the end of the lease term. The first 10 months are rent-free, as per the terms outlined by Square Yards. The apartment, originally purchased by the Kapoors in May 2024 for nearly ₹60 crore, is located on a higher floor of the building. The property was part of a bulk deal in February 2023 when 28 apartments were acquired by Radhakishan Damani’s family and associates for ₹1,238 crore. Shahid Kapoor is now among a growing number of celebrities who have leased out their luxury properties in Mumbai. Other notable figures recently renting out their homes include Kartik Aaryan, Ranveer Singh, and producer Sajid Nadiadwala.

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.