News Room

Ranjit Naiknavare, President Credai Pune-Metro Budget 2024 is an inclusive budget focused on the mission Vikasit Bharat 2047 with key focus areas of Inclusive development, manufacturing & MSME’s, Women & agriculture, Urban development, Energy security, Infrastructure, Innovation & next generation reforms. Hon FM has announced a long term investment of 10 lakh crore and subsequent affordable loan rates for PMAY 2.0 which will boost affordable housing and bridge the difference in demand and supply of affordable homes. Transparent rental housing policy, boost for water supply & sewage for 100 cities, focus on TP schemes, TOD zones, infrastructure boost & simplification of GST is a welcome move. The Hon FM’s call to reduce stamp duties especially for women buyers in states which charge a higher stamp duty is appreciated. The reduction of GST & basic custom duty (BCD) on steel will be a relief in the input costs provided the steel manufacturers pass on the benefit to the real estate industry. The digitization of urban land records being one of the demands of the industry will greatly help us bring more transparency in transactions. The increase of the standard deduction in income tax to INR 75,000 from INR 50,000 will put more money in hands of the home buyers enabling them to pay EMI’s earlier and close their loans Credai had placed below as its main demands for the real estate sector on behalf of the home buyers, mainly being introduction of Credit guarantee schemes for affordable home loans, to change the affordable housing definitions to enable vast outreach especially in metro cities like Pune, Interest deduction for home buyers, reduction of long term capital gain taxes, employment generation and skilling, Urban infrastructure development funds & policy support for Environmental clearances for projects. While the majority of the demands have not been fulfilled in the budget, we would still say that overall it’s a good budget in the long term for development and putting more money in the hands of the home buyers. Kapil Gandhi, MD Sigma One Universal Real estate has seen a significant rise in prices over the past seven years due to the increased input costs including land and material costs. Data from the National Housing Bank reveals a 24% increase in housing rates in India since June 2018 alone. The industry was hoping for better reforms and benefits, however its an overall inclusive good budget with a fair focus on Infrastructure, Innovation, next generation reforms & urban development The announcement of increase in the income tax standard deduction to 75,000 INR will put more money in the hands of the home buyer to enable payment of higher EMI’s. The Hon FM’s focus on TP schemes, TOD zones, infrastructure boost & simplification of GST was much awaited and appreciated. The most important announcement related to real estate seems to be the call to reduce stamp duties with benefits for women buyers in states which charge a higher stamp duty. We await the state governments action on the same and it will greatly be helpful if they reduce the stamp duty from 7% to 5% by waiving off the metro cess and LBT in Pune which will benefit homebuyers, especially the first time buyers majority of whom are in the age group of 25-35 years!

Mumbai, 23rd July 2024: The Union Budget 2024-25 has garnered praise from various sectors, including the real estate industry. Prashant Sharma, President of NAREDCO Maharashtra, lauded the budget’s comprehensive approach towards job creation and boosting consumption, which he believes will have positive implications for the real estate sector. “We commend the Union Budget 2024-25 for its comprehensive approach towards job creation and boosting consumption, which are positive developments for the real estate sector,” said Sharma. “The Finance Minister’s announcement of a PM Package with five schemes focused on employment and skilling, with an allocation of ₹2 lakh crore, and a significant provision of ₹1.48 lakh crore for education, employment, and skilling, is a welcome move. These initiatives will undoubtedly create a ripple effect, enhancing the economic landscape and increasing demand for residential and commercial properties.” Sharma highlighted the government’s commitment to making housing more affordable through the PM Awas Yojana-Urban. “The government’s commitment to making housing more affordable, with a ₹2.2 lakh crore push under the PM Awas Yojana-Urban, is a significant step forward. Addressing the housing needs of one crore poor and middle-class families with an investment of ₹10 lakh crore, including central assistance of ₹2.2 lakh crore over the next five years, reflects a robust and inclusive approach to urban development.” He also praised the proposal to encourage states to moderate high stamp duty rates and consider further reductions for properties purchased by women. “The proposal to encourage states to moderate high stamp duty rates and consider further reductions for properties purchased by women is a progressive measure. Incorporating these as essential components of urban development schemes will promote greater inclusivity and accessibility in the housing market.” Sharma commended the GST reforms, which he believes have eased compliance and reduced tax burdens, driving economic growth. “The GST reforms, which have eased compliance and reduced tax burdens, have been instrumental in driving economic growth. The proposed rationalization of the tax structure, coupled with the new tax regime changes, including the increased standard deduction, will further benefit the salaried class and boost disposable income, positively impacting housing demand.” The budget also includes strategic moves to enhance urban infrastructure and support industrial growth. “The sanctioning of 12 industrial parks under the National Industrial Corridor Development Programme, the facilitation of rental housing with dormitory-type accommodation for industrial workers in PPP mode, and the formulation of transit-oriented development programmes for 14 large cities are strategic moves that will enhance urban infrastructure and support industrial growth,” Sharma stated. Sharma anticipates a multiplier effect from the significant infrastructure investments outlined in the budget. “With significant infrastructure investments continuing over the next five years, including a provision of ₹11,11,111 crore for capex, we anticipate a multiplier effect that will drive private investment in infrastructure. The introduction of a market-based financing framework and simplified rules for Foreign Direct Investments will further facilitate economic growth and stability.” In conclusion, Sharma expressed optimism about the budget’s impact on the real estate sector and the overall economy. “Overall, the Union Budget 2024-25 is a forward-looking and balanced approach towards Viksit Bharat that addresses key areas of employment, housing, urban development, and economic growth. We at NAREDCO Maharashtra look forward to the positive impact these measures will have on the real estate sector and the overall economy.”

Mumbai, 22nd July 2024: A total of 5,260 candidates have completed preliminary training in the real estate sector to qualify themselves for an online exam to be conducted on July 29 at 24 centres across Maharashtra, shared Maharashtra Real Estate Regulatory Authority (MahaRERA). Of the 5,260 candidates, 3,081 are from the Mumbai Metropolitan Region, 1,533 from Pune, 518 from Nagpur, 40 from Nashik, 28 from Sambhajinagar, 21 from Kolhapur, 20 from Sangli, and 7 each from Amravati and Jalgaon, along with 5 from Nanded. So far, the test has been held four times and about 9,295 candidates have cleared the exam. There are around 47,000 agents registered across Maharashtra. Of these, registrations of 13,785 agents have been cancelled due to non-renewal. Subsequently, in April-end, MahaRERA suspended registration of over 20,000 agents who failed to comply with the training and certification requirements by December 31. They will have to comply with the mandatory requirement to resume operations in the real estate sector. Due to the action initiated, the number of candidates appearing for the upcoming test has increased to over 5,000 from around 1,700 in the previous edition. In the real estate sector, the ‘agent’ is a crucial link between homebuyers and developers. Often, homebuyers’ first point of contact is agents who share primary information about various projects. Their role and importance in the real estate sector cannot be undermined and has to be recognised. They need to be well-versed in the provisions of the Real Estate (Regulation and Development) Act. Through the agents, a flat purchaser receives details such as provisions in the agreement for sale, stamp duty and registration, allotment letter, carpet area, payment schedule, regulatory provisions, etc. Hence, it is essential that agents provide all of this information consistently and with utmost clarity. Based on this set of information, the investor makes an informed decision about purchasing a home. Therefore, to safeguard customer’s interests is of utmost importance for which it is mandatory for the agents to undergo such training and certification time-to-time. MahaRERA Chairman Ajoy Mehta said, “In the real estate sector, an ‘agent’ plays a crucial role for homebuyers and developers. Therefore, it is imperative for the agents to be well-versed in the provisions of RERA Act. They are expected to have credible primary information about the developer and the project, land rights, RERA carpet area, project’s commencement certificate, clearances from local authorities, developer’s liabilities, and much more. A homebuyer processes this set of information to make an informed choice on their flat’s purchase. Therefore, MahaRERA has made it mandatory for the agents to undergo training, pass an exam to obtain certification. Failure to comply within the stipulated time frame to obtain this certification will result in tough decisions such as discontinuing dealing in real estate transactions. Recently, MahaRERA suspended registrations of over 20,000 defaulting agents who did not comply with the mandatory due diligence. So far, 19,403 people have completed the training and 9,295 candidates have cleared the examination. Test for 5,260 candidates will be conducted this month end. Securing and protecting homebuyers’ interests is MahaRERA utmost priority. It is MahaRERA’s resolve not to tolerate any harm done to the homebuyers.”

*Mumbai, July 9, 2024* – Renowned Bollywood actor Ronit Bose Roy and his wife Neelam Bose Roy have recently purchased a luxurious 4,258 sq ft apartment in the prestigious Lodha Versova complex. The property, located in the Versova district of Mumbai, was acquired for ₹18.94 crore, according to property registration documents accessed by IndexTap.com. The transaction, completed on June 10, 2024, involved a stamp duty payment of ₹1.13 crore and registration fees amounting to ₹30,000. The newly purchased apartment also includes four dedicated parking spaces within the building. Ronit Roy, celebrated for his roles in numerous television series and films, and his wife Neelam, marked their 20th wedding anniversary by renewing their marital vows in December of last year. The couple’s new residence is situated off Yari Road, a location favored by many Bollywood celebrities, with several prominent actors owning properties in nearby areas such as Andheri, Juhu, Khar, Bandra, and Lokhandwala. Information source IndexTap.

Mumbai, June 8, 2024 – Renowned actress Tripti Dimri, acclaimed for her role in the film “Animal,” has made headlines with the purchase of a prestigious ground-plus-two-storey bungalow off Carter Road in the Bandra West district of Mumbai. The property acquisition, valued at ₹14 crore, was registered on June 3, 2024, as revealed by property registration data obtained from IndexTap.com. The bungalow, featuring a total area of 2,226 square feet of land and 2,194 square feet of built-up space, marks a significant investment for Dimri. The transaction included a stamp duty payment of ₹70 lakh and registration fees of ₹30,000. The property’s previous owners, Cedric Peter Fernandes and Margaret Annie Marie Fernandes, facilitated the sale. Dimri has been garnering widespread recognition, most notably for her performance alongside Ranbir Kapoor in Sandeep Reddy Vanga’s “Animal,” released in 2023. Her rising stardom was further affirmed by her recent inclusion in IMDb’s list of the top 100 most viewed Indian stars. In a recent development, Bollywood filmmaker Karan Johar announced the upcoming film “Dhadak 2,” with Tripti Dimri set to star, adding to the actress’s exciting career trajectory. For media inquiries, please contact: Indextap About Tripti Dimri Tripti Dimri is an acclaimed Indian actress known for her powerful performances in Bollywood films. She continues to capture the hearts of audiences with her talent and dedication to the craft.

Mumbai, May 29, 2024 – Renowned Bollywood actor Shahid Kapoor and his wife Mira Kapoor have made a significant investment in Mumbai’s luxury real estate market with the purchase of a high-end sea-view apartment in the esteemed Oberoi 360 West project located in Worli. The opulent apartment, measuring 5,395 square feet of RERA carpet area, was acquired for approximately ₹60 crore. According to registration documents accessed by IndexTap.com, the transaction, valued at ₹58.66 crore, was officially registered on May 24, 2024. The apartment, which includes three parking spaces, is situated on the higher floor of the prestigious high-rise constructed by Oberoi Realty. This marks the second property acquisition by the Kapoor family in this iconic development. The luxury apartment was purchased from Chandak Realtors Pvt Ltd. Chandak Realty had acquired this unit as part of a bulk deal in February 2023, where 28 apartments were purchased by D’ Mart owner Radhakishan Damani’s immediate family and close associates for a total sum of ₹1,238 crore. The Oberoi 360 West project is known for its exquisite design, prime location, and breathtaking views, making it one of Mumbai’s most sought-after addresses. The Kapoor family’s investment further underscores the growing demand for high-end residential properties in the city.