News Room

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.

Pune, March 2025 – The International Conference on Global Co-operation is set to take place on Saturday, March 22, and Sunday, March 23, 2025, at Ganesh Kalakreeda Sangh, Pune, from 10 AM to 8 PM. This significant event will bring together key policymakers, industry leaders, and stakeholders to discuss the future of cooperative housing, sustainable urban development, and smart housing solutions. Organized under the Ministry of Co-operative Affairs, Government of India, in collaboration with the Maharashtra State Government, the conference is supported by leading organizations, including the Maharashtra State Co-op Bank Pune, Pimpri Chinchwad Municipal Corporation, Pune Metro, MHADA, Pune District & Maharashtra State Co-op Housing and Apartments Federation, National Society for Clean City, CREDIA, and various other cooperative and housing federations. Dignitaries in Attendance The event will witness the presence of esteemed dignitaries, including:- Honorable Prime Minister of India, Shri Narendra Modi – Honorable Home Minister of India, Shri Amit Shah – Honorable Minister of State for Civil Aviation, Shri Murlidhar Mohol – Honorable Chief Minister of Maharashtra, Shri Devendra Fadnavis – Honorable Deputy Chief Ministers of Maharashtra, Shri Ajit Pawar and Shri Eknath Shinde – Honorable Minister of Co-operation, Maharashtra, Shri Babasaheb Patil – Honorable Minister of State for Co-operative Affairs, Dr. Pankaj Bhoyer – Senior government officials and policymakers Key Topics of Discussion The two-day conference and exhibition will provide a platform for addressing major challenges and opportunities in the housing and cooperative sector. Key discussion points include: – Revival and strengthening of cooperative housing societies – Sustainable waste management and environmental solutions – Development of e-charging infrastructure and renewable energy integration – Smart housing technologies and security solutions – Enhancing green cover and urban ecology – Resolution of MHADA-CIDCO-related issues – Financial recovery strategies for housing societies – Cybersecurity, transparency, and corruption-free cooperative governance Recognizing 2025 as the International Year of Cooperatives, the event will place a special focus on encouraging youth and women to participate and take leadership roles in shaping the future of cooperative housing. Why Attend? – Gain insights from expert speakers on redevelopment, home financing, and cooperative management. – Learn about smart housing technologies, green building solutions, and government schemes. – Connect with industry leaders, policymakers, and cooperative housing experts. Event Details Date: March 22-23, 2025 Venue: Ganesh Kalakreeda Sangh, Swargate, Pune Time: 10 AM – 8 PM Entry: Free This conference presents a unique opportunity for housing societies and stakeholders to explore new solutions, collaborate on important initiatives, and build a sustainable future. For Registration click here: https://www.housingsocietyz.com/problemsolution

  Mumbai, 13 March 2025: Worli, a historic precinct in South Central Mumbai, has transformed into one of the city’s most sought-after luxury residential and commercial hubs. A new report by ANAROCK studies this markets’ continuous growth as a prime destination for high-net-worth individuals (HNIs) and multinational corporations on the back of its seamless connectivity, high-end developments, and continuous infrastructure advancements. From Industrial Hub to Luxury Destination Anuj Puri, Chairman – ANAROCK Group, says, “Originally an industrial stronghold, Worli housed numerous textile mills and working-class chawls. However, the closure of these mills in the 1990s and 2000s spurred large-scale redevelopment, paving the way for premium residential towers and commercial spaces. The construction of the Bandra-Worli Sea Link further solidified its reputation as a premier address, making the area attractive to corporate professionals and wealthy homebuyers.” “Today, Worli is characterized by towering skyscrapers offering panoramic sea views, premium amenities, and some of the highest real estate prices in Mumbai, adds Puri. “With ongoing infrastructure projects like the Mumbai Coastal Road and Metro Line-3, its desirability is only set to rise further.” Strategic Location and Connectivity Worli’s central location allows seamless access to key business districts such as Bandra-Kurla Complex (BKC), Lower Parel, and Nariman Point. The area’s connectivity is reinforced by major infrastructure projects, including: Bandra-Worli Sea Link – Reducing travel time to Western suburbs. Mumbai Coastal Road – Enhancing North-South connectivity. Mumbai Metro Line-3 (Colaba-Bandra-SEEPZ) – Improving public transit access. Eastern and Western Express Highways – Offering arterial routes to different parts of the city. These developments have made Worli a preferred residential choice for executives and investors looking for high appreciation value. A Luxury Housing Powerhouse Worli’s real estate market is dominated by ultra-luxury residences with high-end amenities and breathtaking views of the Arabian Sea. Some key statistics highlight its prominence: Total Supply (till 2024): 4,600 units Average Price per Sq. Ft.: INR 75,000 Dominant Price Range: INR 6 Cr – INR 12 Cr (52% of inventory) Price Appreciation (2022-2024): 30% Ultra Luxury Transactions (2023 – 2024): 30 deals above INR 40 Cr, worth INR 4862 Cr Luxury projects such as Lodha The World Towers, Birla Niyaara, Oberoi Three Sixty West, and Raheja Imperia define Worli’s skyline, attracting celebrities, business tycoons, and NRIs. The market is also witnessing significant redevelopment of aging properties, ensuring a continuous pipeline of high-end residences. Land Deals Commercial Real Estate Worli’s commercial real estate sector has grown steadily, with Grade A office spaces catering to global corporations, financial institutions, and startups. Key statistics include: Upcoming Supply (2025-2026): 2.98 million sq. ft. Average Rental Value: INR 170-280 per sq. ft./month Price Appreciation (2018-2024): 18% Landmark commercial projects such as One Lodha Place, Lodha Supremus, and Altimus have made Worli a preferred business destination. The presence of premium residences and lifestyle hubs further enhances its appeal for professionals. Growth and Investment Potential With major infrastructure projects nearing completion, Worli’s real estate market is poised for continued growth. Key drivers include: Continued Infrastructure Investments: Mumbai Coastal Road and Metro Line-3 will further boost accessibility. Luxury Redevelopment Projects: Older buildings are being replaced with modern high-rises. Corporate and Commercial Expansion: Demand for premium office spaces continues to rise. Rising Investment Value: Consistently high property appreciation makes Worli an attractive choice for investors. Despite challenges such as high property prices, traffic congestion, and limited land availability, Worli remains one of Mumbai’s most prestigious and resilient real estate markets. For investors and homebuyers seeking exclusivity, connectivity, and long-term value, Worli stands unmatched as a premier destination in South Central Mumbai.

Mumbai, March 13, 2025: Bollywood actress Kajol has made a significant addition to her real estate portfolio with the purchase of a premium retail space in Goregaon West, Mumbai. The commercial property, spanning 4,365 sq ft, was acquired for ₹28.78 crore from Bharat Realty Ventures Pvt Ltd, according to documents accessed by IndexTap. Located on the ground floor of a retail development on Linking Road, Bangur Nagar, the property boasts five car parking spaces and commands a per sq ft rate of ₹65,940. The transaction was registered on March 6, 2025, with Kajol paying a stamp duty of ₹1.72 crore. This marks another strategic investment by the actress in Mumbai’s real estate market. In *2023, Kajol had acquired an *office space in Andheri West’s Signature Building for ₹7.64 crore, covering a RERA carpet area of 194.67 sq m. That same year, she also purchased a luxury apartment in Mumbai for ₹16.50 crore from Bharat Realty Ventures Pvt Ltd. Kajol’s husband, actor-director Ajay Devgn, has also been active in the commercial real estate sector. Earlier this month, he *leased out a 3,455 sq ft office space in Mumbai for a monthly rent of ₹7 lakh. Additionally, he renewed the lease for two commercial units in Andheri, spanning 1,500 sq ft, for ₹4.16 lakh per month.

Mumbai, 12th March 2025: Gautam Adani’s conglomerate has secured the top bid for the ₹36,000 crore redevelopment project of Motilal Nagar in Mumbai’s Goregaon. This marks the group’s third significant real estate acquisition in the city, following its involvement in the Dharavi slum redevelopment and the purchase of a 17-acre plot in Bandra Reclamation. Motilal Nagar, spanning 143 acres in Goregaon West, is one of Mumbai’s largest housing redevelopment initiatives. Adani Properties Pvt Ltd (APPL) outbid its closest competitor, L&T, by offering a higher built-up area. A Letter of Allotment (LoA) is expected to be issued soon. Last week, the Bombay High Court granted permission to the Maharashtra Housing and Area Development Authority (MHADA) to carry out the redevelopment through a designated construction and development agency (C&DA). The Maharashtra government had classified Motilal Nagar as a ‘special project,’ allowing MHADA to oversee it while engaging a C&DA due to financial and operational constraints in executing the project independently. The redevelopment is estimated to cost around ₹36,000 crore, with a planned rehabilitation period of seven years from the project’s commencement. As per the tender specifications, the C&DA is required to provide 3.83 lakh square meters of housing stock. APPL secured the project by committing to deliver 3.97 lakh square meters to MHADA, surpassing L&T’s offer of 2.6 lakh square meters. The project aims to rehabilitate 3,372 eligible residential units under MHADA, 328 commercial establishments, and 1,600 slum dwellings in accordance with the 1971 Slum Act. Meanwhile, SVR Srinivas, CEO of the Dharavi Redevelopment Project, stated on February 27 that the master plan for Dharavi’s redevelopment is expected to be finalized within a month, with the tenement survey set to conclude in the coming months. Srinivas further revealed that the estimated investment for the Dharavi redevelopment and rehabilitation initiative is projected to be approximately ₹3 lakh crore.

Mumbai, 11th March 2025: Bollywood actor Akshay Kumar has sold his apartment in Borivali East, Mumbai, for ₹4.35 crore. As per records from the Inspector General of Registration (IGR), the transaction was officially registered in March 2025, with a stamp duty payment of ₹26.1 lakh. The property, located in Oberoi Realty’s Sky City, is part of a premium residential project offering 3BHK, 3BHK+Studio, and Duplex apartments. According to IGR documents reviewed by Square Yards, Akshay Kumar had originally purchased the apartment in November 2017 for ₹2.37 crore. The unit has a carpet area of 1,073 sq ft (99.71 sqm) and comes with two dedicated car parking spaces. Earlier this year, in January, the actor sold another unit in the same building for ₹4.25 crore. This property was also bought in 2017. Other Bollywood celebrities, including Amitabh Bachchan and Abhishek Bachchan, have also invested in Sky City, acquiring multiple properties in May 2024.