News Room

Mumbai 20th September 2024 Manoj Saunik, Principal Advisor to the Maharashtra Chief Minister and former Chief Secretary of the State, assumed the charge today as Maharashtra Real Estate Regulatory Authority’s (MahaRERA’s) third Chairman from the outgoing Chairman, Ajoy Mehta. Prior to taking charge, the Honorable Housing Minister Atul Save, administered the oath of office and secrecy to him. Following which, Saunik took charge at MahaRERA’s headquarters in Bandra Kurla Complex. On this occasion, MahaRERA members Mahesh Pathak and Secretary Dr. Vasant Prabhu welcomed him with a flower bouquet. Also present were MahaRERA’s Director (Compliance) Ramesh Pawar, Director (Registration) Vinod Chithore, Deputy Director (Complaint Management) Sudhakar Deshmukh, among others. Saunik is a 1987 batch IAS officer. Since his retirement as Maharashtra’s Chief Secretary in December 2023, he has been serving as the Principal Advisor to the Chief Minister. During his long and illustrious service, he has held several important positions, including Additional Chief Secretary of Finance and Public Works Department, Principal Secretary of Transport, Ports, and Textiles, Joint Secretary in the Ministry of Defence at the Centre, Private Secretary to the Union Minister of Power, District Collector of Nashik, and Chief Executive Officer of Pune and Alibaug Zilla Parishads.

Mumbai 18th September 2024 In an exciting real estate move, Bollywood superstar Deepika Padukone’s company, KA Enterprises LLP, has secured a prime apartment in Mumbai’s prestigious Bandra West area for ₹17.8 crore. Located in the upscale Sagar Resham Co-operative Housing Society, the property is a symbol of luxury, offering breathtaking views from the 15th floor. The apartment spans 1,845 sq ft and was developed by Enorm Nagpal Realty LLP, which sold the apartment to Padukone’s firm, documents revealed by Zapkey.com confirmed. Known for its celebrity residents, Bandra West has long been one of the most sought-after locations in Mumbai, with property rates ranging from ₹50,000 to ₹1.50 lakh per sq ft. The deal includes a stamp duty payment of ₹1.07 crore and registration charges of ₹30,000, adding to the overall investment. The Sagar Resham complex, where Padukone’s new home is situated, boasts a mix of expansive 4 BHK and 5 BHK apartments, with sizes ranging between 3,102 and 8,834 sq ft, catering to Mumbai’s elite. With a built-up area rate of ₹96,400 per sq ft, the purchase reflects the area’s upscale status, with properties in prime Bandra locations like Carter Road, Bandstand, and Pali Hill commanding similar prices. This acquisition comes on the heels of another high-profile real estate transaction within the family. Ranveer Singh’s firm, RS Filmcraft (OPC) Pvt Ltd, leased a neighboring apartment from his mother on September 5, 2024. The rental agreement, accessed by Zapkey.com, reveals a monthly rent of ₹8.2 lakh and a security deposit of ₹73.8 lakh, highlighting the couple’s significant presence in the area. With both Deepika Padukone and Ranveer Singh making notable real estate investments, the power couple is securing their foothold in one of Mumbai’s most coveted locations. The Bollywood stars, who recently welcomed their first child, continue to make waves both on and off the screen.

Mumbai 10th September 2024 Global tech giant Microsoft has made a significant investment of Rs. 519.72 crore in Pune, one of India’s prominent IT hubs, according to Square Yards. In the recent years, Microsoft’s investments in India’s commercial real estate sector have increased, spanning data centers, development centers, and flexible office spaces. As per the registration document reviewed by Square Yards, Microsoft’s Indian arm, Microsoft Corporation (India) Private Limited, acquired 66,414.5 square meters (~16.4 acres) of prime land in Pune’s Hinjewadi. The transaction, registered in August 2024, involved the purchase of land from Indo Global Infotech City LLP. The deal incurred a stamp duty of Rs. 31.18 crore and a registration fee of Rs. 30,000. In 2022, the company also acquired a 25-acre plot in Pimpri-Chinchwad for Rs. 328 crore. Earlier this year, Microsoft secured 48 acres of land in Hyderabad for Rs. 267 crore. Both deals are part of Microsoft’s broader strategy to expand to expand its presence in India, particularly within its data centre operations. The company’s network of data centres already includes locations in Pune, Mumbai, and Chennai, solidifying its presence across key markets. Currently, the company’s workforce in India includes over 23,000 employees across cities such as Bengaluru, Chennai, Hyderabad, Mumbai, and Pune. These teams support various business functions, including sales, marketing, research, development, and customer support. Additionally, in early 2024, Microsoft launched a major skilling initiative in India, aiming to equip 2 million individuals with AI and digital skills by 2025. The program, known as ADVANTA(I)GE INDIA, is part of the company’s “Skills for Jobs” initiative designed to foster a future-ready workforce.

Mumbai 10th September 2024 Actor-politician Kangana Ranaut has sold her Mumbai bungalow in Pali Hill for Rs 32 crore, according to sources. The property, which she purchased in September 2017 for Rs 20.7 crore, was later used as her production house’s office and was mortgaged for Rs 27 crore in December 2022. The bungalow, featuring a 3,075 sq ft built-up area and a 565 sq ft parking space, was officially registered on September 5, 2024. The transaction included a stamp duty of Rs 1.92 crore and a registration fee of Rs 30,000. The new owner is Shweta Bathija from Kamalini Holdings in Coimbatore, Tamil Nadu. Notably, the property faced scrutiny from the Brihanmumbai Municipal Corporation (BMC) in 2020 for alleged illegal construction. A demolition order was halted by the Bombay High Court, and although Kangana sought Rs 2 crore in compensation, she withdrew the claim in May 2023. Kangana’s film Emergency has experienced delays due to issues with the Censor Board of Film Certification (CBFC). On September 6, she announced on X that a new release date would be revealed soon. The film, which she wrote and directed, features Anupam Kher, Mahima Chaudhary, Milind Soman, Shreyas Talpade, Vishak Nair, and the late Satish Kaushik.

Mumbai 4th September 2024 The Maharashtra Real Estate Regulatory Authority’s (MahaRERA’s) new website MahaCRITI or Maha-Complaint and Regulatory Integrated Technology Implementation went live on September 1. To ensure effective browsing of the new portal, instructional videos have been posted online to guide users. Additionally, as previously announced, online training has been ongoing for two weeks since the website’s launch, queries from the stakeholders are being addressed. The training includes guidance for complainants, instructions for lawyers on how to file complaints and details about the subsequent process. Developers, promoters and their self-regulatory organisations are also being trained on how to effectively use the website for routine tasks such as registering new housing projects, making corrections, renewing registrations, submitting quarterly and annual progress reports, and filing Form 4 upon project’s completion. Real estate agents are also being guided on their routine tasks, such as registration, corrections and renewals. Overall, assistance is being provided to all stakeholders to help resolve any issues they face while performing these routine tasks. So far, around 550 developers, 350 agents and over 250 lawyers complainants have benefited by participating in this training. So far 2,766 individuals have accessed the new website and changed their passwords. A total of 581 promoters have updated their information on the portal and 8 promoters have registered their new projects, while 1 has moved a renewal application. From the real estate agents community, 21 applications have been received for new registration, 6 have applied for renewal and 84 agents have updated their information on the latest system. MahaRERA has received 17 complaints filed by homebuyers on the new website.

Pune, India – The Maha SecureTech Expo 2024, held from August 22-24 at Siddhi Banquets on D.P. Road, Pune, marked a significant milestone in the IT, CCTV Security, Computer, and AI industries. The event brought together technology leaders, IT professionals, and industry experts, creating a unique platform for enhanced dealer engagement and direct interaction with cutting-edge technological innovations. This dynamic forum was designed for knowledge exchange and collaboration, offering attendees unparalleled opportunities to connect with industry professionals, explore the latest advancements, and cultivate potential partnerships. The extended format of the event fostered deeper networking and engagement, benefiting both industry insiders and consumers. The Maha SecureTech Expo 2024 featured over 30 industry-leading brands, each showcasing their latest advancements in IT, CCTV Security, Computer, and AI technologies. The Title Sponsors for this year’s expo were Hikvision, RP Tech, and Prama. The event was inaugurated by Smt. Laxmibai Mutha (Mother of Mr. Rahul Mutha, MD & CEO, R-Isha Securetech Pvt Ltd), Mr. Aniket Chatre from Prama Hikvision India Pvt Ltd, Mr. Pawan Saraf, MD, Rashi Peripherals, and Mrs. Supriya Naik from Prama India Pvt Ltd. Also in attendance were Committee Members from CMDA, PEEA, ECAM, Maval Association, and the Tapkir Galli Electronic Dealer Association. The expo drew a diverse audience from various regions including Kolhapur, Nasik, Ichalkaranji, Solapur, Baramati, Sangli, and Aurangabad, as well as key regions such as Madurai, Delhi, and Punjab. Professionals from sectors such as IT, construction, architecture, interior design, industrial enterprises, hospitality, and the automotive industry were in attendance, reflecting the broad impact and relevance of the technologies on display. The event was graced by the presence of Hon. Chandrakant Dada Patil, who visited the stalls, reviewed the latest technologies, and offered valuable advice on approaching government projects. He expressed his gratitude to Mr. Rahul Mutha for bringing together a comprehensive showcase of security products under one roof, which he noted would provide a clearer picture of the world of security technology. Several other distinguished dignitaries, including Mr. Hitesh Kejriwal from the PWD Department and Sub Divisional Officer of Haveli, Dr. Yashwant Mane, also attended the event. Their invaluable insights and contributions enriched the expo, fostering meaningful discussions on the future trajectory of the IT, CCTV Security, Computer, and AI industries. The success of Maha SecureTech Expo 2024 is a testament to the unwavering support and active participation of all attendees, including our honored dignitaries. The event underscored the critical importance of advancing security technology in today’s rapidly evolving landscape. At the heart of this expo was the visionary leadership of Mr. Rahul Mutha, whose dedication to empowering dealers and young professionals in the electronic security systems field was the driving force behind this initiative. His mission to offer free knowledge and training has been instrumental in fostering growth and success within the industry. The support from Team R-Isha was remarkable, contributing significantly to the success of the Maha SecureTech Expo. We extend our deepest gratitude to all participants, sponsors, and attendees for their continued support and commitment to advancing the future of security technology. We look forward to building on this momentum and welcoming you to future editions of the Maha SecureTech Expo as we continue to drive innovation and collaboration within the IT, CCTV Security, Computer, and AI industries. Rahul Mutha Team Maha SecureTech Expo

Mumbai, 30th August 2024: Bollywood heartthrob Kartik Aaryan has made headlines once again, this time for renting out his luxurious apartment in Mumbai’s upscale Juhu neighborhood. The property, which the actor purchased in June 2024 for an impressive Rs. 17.5 crore, has been rented out at a monthly rate of Rs. 4.5 lakh, highlighting the robust demand in Mumbai’s premium real estate market. Located in the prestigious Siddhi Vinayak Presidency Co-operative Housing Society, the apartment spans 1,912 sq. ft. (177.72 sq. m) and is known for its stunning sea views and prime location. The transaction was officially registered with a stamp duty of Rs. 42,500, reflecting the meticulous attention to detail in this high-profile deal. Kartik Aaryan’s real estate investments have consistently demonstrated his astute financial acumen. The ‘Chandu Champion’ actor’s purchase of the Juhu property was jointly registered with his mother, Mala Tiwari, on June 30, 2024. The acquisition involved a stamp duty payment of Rs. 1.05 crore and a registration fee of Rs. 30,000, along with two dedicated car parking spaces. The rental yield on this property, according to Square Yards, stands at a noteworthy 3.1 percent. This latest transaction is part of Aaryan’s expanding real estate portfolio. In July 2023, his parents also invested Rs. 16.5 crore in an apartment on the 8th floor of the same housing project, underlining the family’s confidence in the Juhu locality. Juhu remains a top choice for celebrities and high-net-worth individuals, celebrated for its beachfront, vibrant atmosphere, and proximity to luxury amenities. The area’s allure has attracted many from the entertainment industry, including renowned screenwriter, poet, and lyricist Javed Akhtar, who also purchased property in the area earlier this year. As Kartik Aaryan continues to make strides in both his career and personal investments, his latest move reinforces the ongoing strength and appeal of Mumbai’s premium real estate market. *About Kartik Aaryan:* Kartik Aaryan is one of Bollywood’s most sought-after actors, known for his roles in popular films such as ‘Bhool Bhulaiyaa 2’ and the upcoming ‘Bhool Bhulaiyaa 3’. He is not only a talented actor but also an astute investor, with a growing real estate portfolio in Mumbai.

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.