News Room

Mumbai, 29th August 2024: In order to boost affordable and overall housing in the State, the Maharashtra Government may consider the real estate developers’ demand of granting further concessions in registration and stamp duty, informed Atul Save, Minister of Housing, Government of Maharashtra while inaugurating the third edition of ‘The Real Estate Forum 2024’ in Mumbai today. “Naredco Maharashtra, on behalf of its developer members, have requested for further concessions in stamp duty and registration of housing properties in order to boost housing sales. The Government will think about granting any such further concessions,” said Atul Save, Minister of Housing, Government of Maharashtra. Emphasizing on the Central Government’s push to affordable housing and ‘Housing for All’, Save mentioned that the State Government had already given one percent reduction on registration to women who wanted to buy a residential property. We will also think of what other concessions for registration could we extend.” He added that major suggestions coming from the NAREDCO Maharashtra’s real estate forum would be considered in the new housing policy. Save also called the real estate developers to come forward and invest in building 1.25 lakh houses for mill workers in Mumbai. “We have announced reduction in the cost of MHADA houses on declared price with respect to the surplus tenements received under Sections 33(5) and 33(7) only. MHADA has a stock of 2000 houses and we have received 30,000 applications,” he informed. Acknowledging NAREDCO’s submission about lesser pricing of MHADA houses in Pune, he promised that the matter would be put up for discussion in the MHADA Board. In other key developments, Valsa Singh Nair, Additional Chief Secretary, Housing Department, Government of Maharashtra informed that the Government will soon introduce new policies such as Amnesty scheme for stalled SRA projects and the new PAP Policy for timely completion of redevelopment projects. Prashant Sharma, President, NAREDCO Maharashtra, commented on the recent developments and challenges in the Indian residential sector. He said, “This year’s theme underscores the Indian residential sector as a beacon of growth and optimism. The market has seen unprecedented expansion since the pandemic, with Mumbai and Pune leading a revival that accounted for nearly 54% of new launches last year. This surge is driven by rising incomes, economic development, demographic benefits, and supportive government policies. The Pradhan Mantri Awas Yojana, one of the world’s largest housing schemes, aims to add three crore houses nationwide, while Maharashtra’s major redevelopment projects, including the Dharavi Redevelopment Scheme, are pushing progress forward. Additionally, the Pradhan Mantri Awas Yojana will provide one million housing units for marginalised communities. Despite this growth, rising housing prices are creating affordability challenges. To maintain competitiveness and attract investment, it is crucial to review and adjust government fees and limits, as current premiums are deterring developers from taking on redevelopment projects.” Representing NAREDCO Maharashtra, Dr. Niranjan Hiranandani, Chairman, NAREDCO has formally requested state government authorities to allocate 5,000 slum redevelopment projects to the industry body. He said, “This initiative is a significant step towards strengthening Public-Private Partnerships (PPP) and redefining the landscape of Mumbai’s real estate sector. By spearheading this endeavor, NAREDCO aims to play a pivotal role in transforming Mumbai into a slum-free city, setting a benchmark for urban redevelopment and inclusive growth.” Rajan Bandelkar, Vice Chairman, NAREDCO India, addressed key issues in the real estate sector, highlighting, “As nation-builders, we must address the gap in affordable housing, which remains a challenge with current redevelopment costs. Moreover, current regulations hinder the creation of iconic structures in Mumbai, limiting architectural innovation. With RERA’s stringent oversight for seven years, it’s time to reassess its impact on business operations. Lastly, focusing on planning new cities rather than extending existing ones could alleviate migration issues and enhance living conditions.” Sandeep Runwal, Vice Chairman, NAREDCO Maharashtra, discussed the current state of the residential real estate market at the Real Estate Forum. He stated, “At the Real Estate Forum, we’re witnessing unprecedented growth and engagement, reflecting the thriving residential sector’s recovery since the pandemic. In Mumbai, the residential market has surged by 30-40%, with increasing demand for larger homes and improved lifestyles. NAREDCO remains committed to enhancing Mumbai’s development through strategic partnerships, focusing on quality infrastructure, medical facilities and green spaces to ensure a sustainable, vibrant city for future generations.” The first session Maha/Urban Revolution @2047: Government policies driving real estate had Dr. Bhushan Gagrani (IAS), Commissioner of the Brihanmumbai Municipal Corporation (BMC), where he emphasized the collaborative effort required for Mumbai’s development in his recent statement. He stated, ” We are witnessing unprecedented infrastructure growth, with Mumbai nearing 300 kilometers of metro lines—a significant achievement when compared to London’s historical network. This progress is a result of concerted efforts from the BMC, MMRDA, MSRDC, and private sectors. As we continue to advance, it is vital that these developments are complemented by active citizen participation to ensure a sustainable and prosperous future for Mumbai.” Also, Valsa Nair Singh (IAS), Additional Chief Secretary of the Housing Department, Government of Maharashtra, underscored the significant progress in Maharashtra’s housing sector. Smt. Singh also highlighted the emphasis on cluster development for Mumbai’s redevelopment projects and the new PAP policy to ensure the timely completion of major infrastructure projects. “Our new slum rehabilitation authority (SRA) policy aims to make Mumbai slum-free, and we are introducing an amnesty scheme for stalled SRA projects,” She added, “We are committed to enhancing sustainability and reducing construction costs in future developments. We look forward to collaborating on optimising construction technologies and approvals to ensure the success of PMAY 2.0 in Maharashtra.” At the inaugural session a paper was launched by NAREDCO and JLL, titled ‘Mumbai Residential Market Through The Lens Of Time’.

Mumbai, 29th August 2024: The Maharashtra Real Estate Regulatory Authority’s (MahaRERA’s) new website ‘MahaCRITI’ will be launched on September 1 at 00.00 hours. To enable the migration to the new portal, the existing MahaRERA website will go offline on August 30 and 31. During this transition period, the back-end team will perform various technical tasks to provide a better user experience. Therefore, the website will be unavailable for use during these 2 days. MahaRERA has appealed to all concerned stakeholders to cooperate.

Mumbai, 22nd August 2024: Bollywood actor Manoj Bajpayee and his wife, Shabana Raza Bajpayee, are currently in the spotlight due to their latest real estate deal. They have sold a luxury apartment, which is still under construction, in the upscale Mahalaxmi area of Mumbai for ₹9 crore. The apartment, located on the 47th floor of a new high-rise, covers 1,247 square feet and includes two designated parking spaces. The transaction, completed on August 16, involved a significant stamp duty of ₹54 lakh. Originally, they bought the apartment in April 2013 for ₹6.40 crore, with a stamp duty of ₹32 lakh and a registration fee of ₹30,000. The property, as reported by Bollywood Hungama, is situated in Minerva Towers, a high-end project developed by Lokhandwala Kataria Constructions. This tower offers luxurious 3 and 4-BHK apartments with views of the Arabian Sea and Mahalaxmi Race Course. It is conveniently located near major business districts like Lower Parel, Worli, and Nariman Point, and features a range of upscale amenities, including a large swimming pool, gym, clubhouse, spa, and gardens. In addition to the Mahalaxmi apartment sale, Manoj Bajpayee has made a significant investment in commercial real estate, following the example of other Bollywood celebrities such as Amitabh Bachchan, Kajol, and Ajay Devgn. Bajpayee recently invested ₹32 crore in four office units located in Oshiwara, Mumbai. These office spaces, situated in the Signature Building on Veera Desai Road, were registered on October 4, 2023, with Bajpayee reportedly paying less than ₹2 crore in stamp duty. In 2021, the couple also acquired a luxury residence in Oberoi Springs, Andheri, Mumbai, for ₹4 crore. Currently, Manoj Bajpayee is engaged in filming for the third season of The Family Man for Amazon Prime.

Mumbai, 21th August 2024: The National Real Estate Development Council (NAREDCO), Maharashtra Chapter, is set to host its flagship event, The Real Estate Forum (TREF) 2024 with JLL as their knowledge partner. The forum will take place on August 29, 2024, at Hotel Trident, Mumbai, with a key focus on India’s Residential Sector. Now in its third edition, this highly anticipated event promises to be even more impactful, aiming to shape the future of Maharashtra’s real estate industry. The forum will be graced by an impressive lineup of dignitaries, including the Chief Minister of Maharashtra, Shri Eknath Shinde; Deputy Chief Minister Shri Devendra Fadnavis; and Maharashtra Housing Minister Shri Atul Save. This year’s edition is expected to gather over 500 attendees from the real estate sector, providing a platform to explore the latest trends, innovations, and opportunities that the sector presents. Additionally, JLL will unveil a white paper during the event, offering key insights into the industry. Mr. Prashant Sharma, President of NAREDCO Maharashtra, expressed his enthusiasm for the upcoming forum, stating, “We are delighted to host The Real Estate Forum 2024, an event that will be pivotal in shaping the future of our industry. This year’s forum is designed to tackle the pressing challenges and opportunities offered in the real estate sector. It will be our endeavor to bring forward the changes needed in policy matters with the government that will ably support the industry.” Dr. Samantak Das, Chief Economist and Head of Research and REIS, India, JLL said, “As Mumbai continues to expand, the completion of key transit infrastructure projects and the upcoming Navi Mumbai Airport promise to drive significant growth in both residential and commercial sectors, propelling the city’s real estate market towards unprecedented levels of activity and value. Mumbai’s residential sales value is projected to surpass INR 1.35 lakh crore in 2024 and grow at a CAGR of ~6.8% to reach over INR 2 lakh crore by 2030. Developers have already acquired over 280 acres of land, translating to a development potential of approximately 42-48 million sq ft and a sales potential of approx. INR 70,000 crore.” The Real Estate Forum 2024 will feature an array of keynote speakers, panel discussions, and interactive workshops, addressing a broad spectrum of topics vital to the industry. Key discussion topics will include government policies that drive real estate, the diversity of the residential market, challenges and opportunities in redevelopment, trends in real estate financing, and necessary amendments to RERA 2.0, among others. Attendees will have the opportunity to engage in various breakout sessions and panel discussions, focusing on topics such as: MahaUrban Revolution@2047: Government Policies driving real estate Real Estate Spectrum: Insights into opportunities beyond residential Urban Tapestry: Diversity of India’s residential market Rebuilding Mumbai: Challenges and Opportunities in redevelopment Unlocking Capital: Trends in Real Estate Financing RERA 2.0: Amendments needed in the Act / Implementation The Indian real estate sector is currently witnessing significant transformations, driven by a series of government reforms and initiatives that have revitalized the housing market. Recent quarters have seen record home sales, with buyers increasingly recognizing the value of home ownership. Developers are advocating for further reforms to enhance transparency, streamline the home buying process, and reduce bureaucratic hurdles. The Real Estate Forum 2024 is set to be a landmark event, offering a comprehensive platform for industry leaders to deliberate on the future of the residential sector and beyond.

Mumbai, 20th August 2024: To ensure that homebuyers receive improved quality residences and do not have to chase the developer to get the defects repaired, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has made it mandatory for the developer to present a ‘Quality Assurance Certificate’ to MahaRERA at the end of every financial year and publish it on their respective websites. This certificate will be based on various factors that determine the quality of the project, including the project’s structural design, stability, various tests, the types of materials used, and the skill level of the workforce involved, fire safety and fire resistance measures, etc. For this purpose, MahaRERA has amended the MahaRERA General Regulations, 2017, and introduced the MahaRERA General (Amendment) Regulations, 2024. The latest amendment was published in the Government Gazette. This is applicable to all developers in Maharashtra with immediate effect. On submission of details by the project’s engineers and supervisors, the developer is expected to verify the details before making the ‘Quality Assurance Certificate’ public. This move is expected to increase developer’s accountability and ensure that homebuyers receive better-constructed homes. As per the provisions with regard to the defect liability period, a developer is obliged to rectify any deficiency in the residences for a period of five years from the date of possession. Every complaint has to be attended to within 30 days without any cost to the homebuyer. While this provision protects consumer interests, MahaRERA is of the firm view that a situation should ideally never arise. Therefore, to establish standardised procedures and construction quality, MahaRERA issued a consultation paper on the same in December. Based on the response received, a draft circular with detailed provisions was published on April 24 this year. Thereafter, the draft was open for suggestions and feedback until May 23. After reviewing the responses, various experts were consulted from the real estate and relevant sectors to finalise the framework for ‘Quality Assurance Certificate’, which is mandatory and binding on all developers. MahaRera New Format of Form 2A Henceforth, every developer will have to ensure quality control at each of the project’s stages, as this will improve a structure’s overall condition. While every developer claims that their project is best on all aspects, so far, a standard framework or parameters has been missing. Hereon, developers will be required to provide such assurance to their purchasers through MahaRERA on an annual basis. Some of the key aspects for certification includes – Was soil testing conducted prior to finalising structural design and stability of the ground where the project will be constructed? Was a structural engineer appointed for the project? Is a record maintained at the project site to allow periodic certification by the project’s engineer for quality control of works? Is there a testing facility available on-site to check raw material’s quality? In case of a multi-story building, is an earthquake-resistant system in place? Is there a requirement for flood prevention measures?, among others. Additionally, it must be ensured that the materials utilised such as concrete, cement, steel, iron, electrical cables, plumbing, fixtures, etc. conform to the standards as set by Bureau of Indian Standards/ Indian Standard/ National Building Code. Also the water to be utilised should be tested to ensure it is suitable for construction purposes. A record of these should be maintained at the project site. There should also be due diligence and records documented for critical works such as electrical, water supply, drainage, etc. carried out under the supervision of registered contractors and supervisors. The documents should also state that adequate safety measures were taken to prevent any leakages and dampness of the walls. In case if there is involvement of independent third parties towards project’s quality checks during and post construction phases, details of the same should also be documented and certified. After certifying all of these aspects by the project’s engineers and supervisors, the onus is on the developer to verify the information provided and give his stamp of approval to the ‘Quality Assurance Certificate’. This will significantly enhance the developer’s responsibility and the project’s construction quality. MahaRERA Chairman Ajoy Mehta said, “Today, the emphasis on quality is maintained across all sectors. The housing sector is no exception. Nevertheless, quality in this sector remains a topic of ongoing discussion and concern. MahaRERA’s effort is to raise the construction benchmark to make the provisions of the defect liability period become irrelevant. Since December, MahaRERA has been working to establish preliminary parameters to ensure that constructions are of better quality. A consultation paper was also issued in December. Considering the ambit and importance of the subject, a draft circular discussing all aspects of the matter was issued in April last week for opinions and suggestions. Now, the proposal has been given a final shape. In terms of construction quality, the ‘Quality Assurance Certificate’ is based on detailed criteria regarding important factors such as the overall construction process, structural concepts, stability, various tests, the materials used in the project, and the skill level of the workforce involved in the project. The developer has to self-certify and make it available on their website. Since the details will be publicly available and involve the builder’s credibility, they will adopt best construction practices. MahaRERA is of the view that this will enhance developers’ accountability and homebuyers will eventually benefit in getting better quality residences.”

Mumbai, 7th August 2024: The Maharashtra Real Estate Regulatory Authority’s (MahaRERA’s) Maha-Complaint and Regulatory Integrated Technology Implementation or Maha-CRITI is in final stages of going live. The revamped portal has several improved and useful features such as enhanced user experience, data analytics, personalised dashboards, etc. to meet the current and future requirements. There are various tasks carried out on MahaRERA’s website such as registration, renewal and rectification of projects, registration and renewal of agents and complaints from homebuyers. During the transition process, MahaRERA’s website will be down for promoters and agents from the midnight of 13th August to midnight of 31st August. The improved website will go live and be fully operational on 31st August’s midnight. While migrating to the new system, homebuyers will have to make applications manually between the midnight of 20th August to 31st August. Online hearings of complaints will continue uninterrupted. However, promoters and agents will have to ensure they do the due diligence by August 13, as the website will be in the midst of migration between the midnight (11.59 pm) of August 13 and the midnight (11.59 pm) of August 31. Only the completed applications submitted until August 13 will be processed by MahaRERA officials. These interruptions will be caused due to MahaRERA’s MahaCRITI website going live on August 31st midnight. The system will undergo various technical transitions while migrating from the old website to the new website. The new website will enhance the user interface with an integrated system and much more to meet the current and future requirements. MahaRERA urges all the stakeholders to cooperate during this transition period. The existing system is over 7 years old, necessitating a comprehensive overhaul to enhance user-friendliness for all the stakeholders, improve functionalities for all users and introduce data analytics as well as dashboards. These will ensure speed, efficiency and convenience. From August 31, all the regulatory and complaint management functionalities will be done on the next generation integrated enterprise-wide comprehensive IT solution. This system incorporates business intelligence and data analytics for all its regulatory and complaint management functions. The objective of MahaCRITI is to enhance the user experience, provide a truly integrated system with a single source of truth, ensuring that data captured at one point is consistently used across the platform. This solution provides personalised dashboards for all users such as homebuyers, promoters and agents, there also is system-driven reminders, notifications, compliance reports, quarterly progress reports, complaint management, etc. Additionally, the never before features of mobile application and AI driven chatbots for real-time assistance will also be introduced making MahaCRITI a comprehensive and effective platform for all the stakeholders. MahaRERA Chairman Ajoy Mehta said, “Any public sector organisation’s website should provide unambiguous and reliable information in the least amount of the time possible to those who get in touch with the organisation. The platform should be interactive ensuring these elements and this also is the need of the hour. As the interactions on MahaRERA’s website is increasing day-by-day, there is a requirement to enhance the portal’s functionalities. A few months ago, about 5,000 people visited MahaRERA’s website daily, which translates into just over 200 site visits every hour. This has increased manifolds to over 34,000 daily visitors and over 1,400 per hour visits. This number continues to be on the rise. Considering this increasing digital traffic, MahaRERA’s decided to update and make the website more technically sound as user-friendly to be able to meet the rise in demands. From this perspective, this new website has been designed after a series of meetings and tests in the last one year. The new website will immensely help all the stakeholders. The new system will make it easy for homebuyers to register complaints and access the necessary information about projects including project’s current status to decide if they should enter into the transaction or not. Additionally, the artificial intelligence backed chatbot and mobile application will only increase traffic on MahaRERA’s website. The new website will also have modules to make it convenient for developers and agents to interact with MahaRERA. Apart from increasing their efficiency, this new website will further help in increasing transparency and accountability in the real estate sector. The new website will be available to everyone from the midnight of August 31.”  

  Mumbai, 5th August 2024: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has released the results for the 5th edition of its Real Estate Agents examination. Out of 4,769 candidates who took the test, 4,165 have passed, achieving a pass rate of 87%. In comparison, the pass percentages for previous examinations were 96% for the 1st edition, 93% for the 2nd, 89% for the 3rd, and 86% for the 4th. Among the successful candidates in the latest examination, there are 3,553 males and 612 females. Notably, 196 of the passed candidates are senior citizens, with 12 of these being women. Sharad Mota from Mumbai and Divyesh Maheshwari from Pune both achieved perfect scores, sharing the top rank in this examination. Since the inception of the exams, a total of 13,370 candidates have qualified as real estate agents across five editions. This includes the 4,165 from the latest exam, 405 from the first edition, 2,812 from the second, 4,461 from the third, and 1,527 from the fourth. As part of its ongoing efforts to professionalize the sector, MahaRERA has mandated training and certification for both new agents and those seeking renewals. As of January 10, 2023, MahaRERA’s order requires all agents to undergo this training. Currently, there are approximately 47,000 registered agents with MahaRERA. Of these, 13,785 had their registrations canceled due to non-renewal. Additionally, by the end of April, MahaRERA suspended the registrations of over 20,000 agents who did not meet the mandatory training and certification requirements by December 31. These agents are now barred from conducting transactions until they fulfill the necessary conditions. Real estate agents play a critical role in connecting homebuyers with developers, often serving as the initial point of contact and providing essential information about projects. Given their pivotal role, it is crucial for agents to be knowledgeable about the RERA Act and provide accurate, clear, and reliable information regarding developers, projects, sale agreements, allotment letters, carpet area, and defect liability periods. MahaRERA’s training and certification requirements are designed to ensure that agents are well-equipped to serve the interests of homebuyers effectively.  

  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.

  Bollywood actor Shahid Kapoor and his wife Mira have bought a luxury sea-view apartment in Mumbai’s prestigious Oberoi 360 West project in Worli. The apartment, measuring 5,395 square feet, was purchased for ₹58.66 crore and registered on May 24, 2024. This is their second property in the high-rise developed by Oberoi Realty. The apartment includes three parking spaces and offers stunning views. It was acquired from Chandak Realtors Pvt Ltd, who bought it in a bulk deal in 2023. The Kapoors’ purchase highlights the strong demand for high-end residences in Mumbai.

Bollywood actor Shahid Kapoor and his wife Mira have bought a luxury sea-view apartment in Mumbai’s prestigious Oberoi 360 West project in Worli. The apartment, measuring 5,395 square feet, was purchased for ₹58.66 crore and registered on May 24, 2024. This is their second property in the high-rise developed by Oberoi Realty. The apartment includes three parking spaces and offers stunning views. It was acquired from Chandak Realtors Pvt Ltd, who bought it in a bulk deal in 2023. The Kapoors’ purchase highlights the strong demand for high-end residences in Mumbai.