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Mumbai, 3rd December 2024: The real estate sector has emerged as the top beneficiary of Alternative Investment Funds (AIFs) in the first half of FY25, attracting a significant ₹75,468 crore, accounting for 17% of the ₹4,49,384 crore AIF investments across all sectors, as per SEBI data compiled by Anarock. This marks a 10% rise from ₹68,540 crore at the close of FY24. In addition to AIFs, the sector raised ₹12,801 crore through Qualified Institutional Placements (QIPs) during the same period, representing another 17% of total investments. These numbers underscore the robust investor confidence in India’s real estate market, driven by growing demand and declining unsold inventory across major cities. The real estate sector’s performance was bolstered by an increasing reliance on equity financing, particularly through Category II AIFs, which include real estate funds, private equity, and debt funds. Category II AIFs have accounted for nearly 80% of total AIF commitments over the last five years, showcasing their flexibility and tailored investment strategies. Foreign Portfolio Investors (FPIs) have also ramped up their participation in Category II AIFs, matching domestic investors in funding key real estate projects. Mr. Prashant Sharma, President of NAREDCO Maharashtra, highlighted the pivotal role of AIFs in bridging critical funding gaps in the real estate sector. “The record ₹75,468 crore invested in real estate through AIFs in H1 FY25 underscores the sector’s resilience and growth potential. With robust sales in major cities and a consistent decline in unsold inventory, investors recognize the sector’s long-term value. AIFs are not just funding projects; they are shaping the future of urban infrastructure and housing in India.” Adding to this, Mr. Kuldeep Jain, Founder and CEO of Build Capital, emphasized the role of AIFs in transforming the real estate investment landscape. “The growing reliance on Category II AIFs highlights their transformative role in reshaping the real estate sector. These investment vehicles not only channel significant capital into the industry but also bring in-depth expertise in partnering with reputed developers, ensuring strategic asset selection and prime location analysis, and achieving timely financial closure. This comprehensive approach not only facilitates project completion and delivery but also drives higher and secured returns for investors. By addressing the increasing demand for housing and urban infrastructure, AIFs reaffirm real estate as a preferred asset class for institutional investors, combining stability with consistent value creation to enhance its long-term investment appeal.” As per Anarock data, more than 1.36 million units have been launched in the top seven cities between 2021 and end-September 2024. Concurrently, about 1.44 million housing units have been sold in these cities year-to-date. Strong demand led to a more than 10% decline in unsold housing inventory in this period, despite the high rate of supply addition. These trends are a testament to the sector’s growing appeal to institutional investors. The consistent rise in AIF commitments, supported by both domestic and foreign investors, is expected to further fuel the growth of India’s real estate sector. As developers tap into these resources to meet rising housing demand and infrastructure needs, the sector is poised to maintain its dominant position in the investment landscape. With innovative funding mechanisms like AIFs leading the charge, real estate is set to remain a cornerstone of India’s economic growth story.

Mumbai, November 26, 2024 CREDAI-MCHI, the apex body of real estate developers, has unveiled its latest research analysis, spotlighting a transformative shift in India’s urban housing markets towards luxury and premium properties. The study reveals significant growth in average ticket sizes and total sales values across India’s top seven metropolitan cities during H1 FY2025 (April-September 2024). The data highlights a remarkable 18% increase in total sales value, which surged to ₹279,309 crore, compared to ₹235,800 crore in the same period of FY2024. Despite a modest 3% decline in total units sold, the average price of homes rose sharply to ₹1.23 crore in H1 FY2025, compared to ₹1 crore in H1 FY2024, underscoring the growing preference for premium homes. Speaking on the findings, Keval Valambhia, Chief Operating Officer, CREDAI-MCHI, stated, “The growth trajectory of India’s luxury housing market is a testament to its resilience and adaptability. Buyers are increasingly gravitating towards premium properties that offer enhanced lifestyle experiences and robust investment value. At CREDAI-MCHI, we remain committed to fostering an environment that supports this growth, ensuring a balance between innovation, quality, and sustainability in urban real estate development.” Key Highlights from the Report The total sales value across the top seven cities surged by 18%, reaching ₹279,309 crore in H1 FY2025, reflecting increased demand for luxury housing. The average ticket size rose to ₹1.23 crore, marking a significant jump from ₹1 crore in H1 FY2024. In city-wise performance, NCR emerged as a leader, with the average ticket size growing by an impressive 56% to ₹1.45 crore and sales value rising by 55% to ₹46,611 crore. MMR demonstrated its consistency, with an average ticket size stable at ₹1.47 crore and sales value increasing by 2% to ₹114,529 crore. Bengaluru showcased robust growth, with the average ticket size rising by 44% to ₹1.21 crore and sales value increasing by 44% to ₹37,863 crore. Hyderabad followed suit, with its average ticket size growing by 37% to ₹1.15 crore and sales value increasing by 28% to ₹31,993 crore. Chennai saw a 31% increase in the average ticket size to ₹95 lakh, with sales value rising by 20% to ₹9,015 crore. Pune’s market reflected strong growth in the affordable luxury segment, as its average ticket size rose by 29% to ₹85 lakh and sales value jumped by 19% to ₹34,033 crore. Kolkata experienced moderate growth, with the average ticket size increasing by 16% to ₹61 lakh. Across the board, buyers are prioritizing larger, well-equipped homes in prime locations, signaling a shift towards premium living. The consistent rise in sales value across cities underscores resilient demand for high-end properties, even in regions where unit sales saw a modest decline. Cities like NCR and Bengaluru stood out with significant growth in high-value property transactions, reflecting their appeal among affluent buyers. With rising disposable incomes and a growing inclination towards premium housing, the luxury real estate segment is poised for sustained growth. Developers are urged to innovate, focusing on sustainability, world-class amenities, and design excellence to meet the evolving needs of buyers. The findings of this report reaffirm CREDAI-MCHI’s role in shaping the future of India’s urban housing landscape, fostering informed decision-making among stakeholders, and driving the real estate sector towards unprecedented heights. ABOUT CREDAI-MCHI CREDAI-MCHI is an apex body comprising members from the Real Estate Industry in the Mumbai Metropolitan Region (MMR). With an impressive membership of over 1800+ leading developers in MMR, CREDAI-MCHI has extended its reach throughout the region, establishing units in various locations such as Thane, Kalyan-Dombivli, Mira-Virar, Raigad, Navi Mumbai, Palghar-Boisar, Bhiwandi, Uran-Dronagiri, Shahapur-Murbad, and most recently in Alibag, Karjat-Khalapur-Khopoli, and Pen. Being the only Government-recognized body for private sector developers in MMR, CREDAI-MCHI is dedicated to promoting the industry’s organization and progress. As a part of CREDAI National, an apex body of 13000 developers across the nation, CREDAI-MCHI has emerged as a preferred platform for regional discussions on housing and habitat by establishing close and strong ties with the government. It is committed to breaking barriers to create a strong, organized, and progressive real estate sector in the MMR. The vision of CREDAI-MCHI is to empower the Real Estate fraternity of the Mumbai Metropolitan Region as it preserves, protects, and advances the right to housing for all. To continue being a trusted ally, guiding their members, supporting the Government on policy advocacy, and assisting those they serve through the ever-evolving real estate fraternity. Website: https://mchi.net/ For further media queries, please contact: Sonia Kulkarni | 9820184099 [email protected]

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.

Pune 10th October 2024 A total of 314 projects registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA) are undergoing proceedings at the National Company Law Tribunal (NCLT) under the insolvency and bankruptcy code. The real estate regulator has published the list on its website to prevent homebuyers from getting deceived. The insolvency and bankruptcy proceedings have been initiated by various banks, financial institutions, and other entities extending line of credit to the real estate sector. MahaRERA Chairman Manoj Saunik said, “MahaRERA is consistently working to ensure that homebuyers’ investments remain safe and protected. MahaRERA has compiled this crucial information of the projects undergoing insolvency and bankruptcy proceedings from various sources and has also verified the same from NCLT’s website. A comprehensive and compiled list has been made public for the larger interest of the homebuyers. The list of 314 projects undergoing insolvency and bankruptcy is part of the efforts to alert the homebuyers and prevent them from getting deceived. In April 2023, MahaRERA had brought out a district wise list of 308 such projects, which proved to be helpful to several homebuyers. MahaRERA appeals to everyone to check this list prior to deciding on purchasing a property.” In these 314 projects, significant investment has been made. Of them, 56 are ongoing projects with an average registration of apartments at over 34%. Likewise, among the balance 194 projects that are lapsed, the average registration done is over 61%. The balance 64 projects have been completed, with a registration rate of 84% for the apartments. MahaRERA has initiated several measures to keep a check of all real estate projects. Not only the information shared by the developers is verified, but also keeps itself abreast with project’s status through other sources. The list of projects facing proceedings in NCLT has been compiled based on information obtained from various sources and verified through the relevant authorities’ as well. As the issue is of serious nature, especially pertaining to the investments made in the lapsed projects. Of the 88 projects in Suburban Mumbai, 51 are 70% invested. Similarly, in Pune, of the 50 projects, 75% of 45 projects are already booked. In Thane, 52 out of 106 projects have investments of 50%. In Palghar, 16 out of 18 projects are 74% booked. In Solapur, all the 5 projects have 87% investment. In Nagpur, both the projects have 60% investment and the sole lapsed project in Chhatrapati Sambhajinagar is 55% invested. Additionally, out of the 9 lapsed projects in Mumbai City, 2 of them already have an investment of 68%. In Nashik, there is 34% investment in all the 3 lapsed projects. Whereas, in Raigad, of the 15 lapsed projects, 13 are 32% invested. Of the 56 ongoing projects, 21 are from Mumbai suburbs (with 38% investment), 20 in Thane (28% investment), 6 in Mumbai City (31% investment), 5 in Pune (41% investment), 2 in Palghar (65% investment), 2 in Raigad (9% investment) and 1 in Ratnagiri (nil investment). Among the 64 completed projects, 35 are in Thane and 18 in the Mumbai suburbs. Additionally, there are 9 projects in the Haveli area and 2 in Pune. The total percentage of registration done is 91% for housing projects in Thane, 87% of the apartments in Mumbai suburbs are registered, and 96% in case of projects in Pune. On an average, 84% of the apartments in all the completed projects have been registered. It is unclear if these 314 projects undergoing insolvency and bankruptcy proceedings, are still accepting new customers. Hence, to ensure transparency and prevent homebuyers from getting deceived, MahaRERA has compiled the list and published it on its portal, as it is of the view that it will help in alerting and guiding people. MahaRERA has appealed to the homebuyers to go through the list prior to purchasing a home.

Pune 6th October 2024 Members and other stakeholders about the processes of redevelopment to be followed and acquaint them with various Acts, Regulations, RERA guidelines, Court orders, etc that are necessary to understand. For disseminating such information transparently and seamlessly, we need a web portal; so that all information is displayed to resolve problems and see that projects are monitored”. He added, “We need e-monitoring methods and an Alternate Dispute Resolution’ for stalled projects. Also, we need a ‘Self-Regulated Organization (SRO) platform like a Section 8 Company for self-regulation”. Meanwhile, NAREDCO Maharashtra Collaborated with Ex-MahaRERA Chief Shri Gautam Chatterjee for a Launch ‘Grihamony Redevelopment Stakeholders Federations (GRSF)” for Awareness in Redevelopment. Dr Niranjan Hiranandani, Chairman, NAREDCO and Co-founder, Hiranandani Group, advocated for the need to reduce premium on redevelopment. He said, “The challenge is to match the pace of redevelopment. Reduction of premium would create more affordable housing in the city and hence, at least 50% reduction in premium is necessary. Redevelopment should provide aspirations for a better quality of life”. Mr Rajan Bandelkar, Vice Chairman, NAREDCO and Director, Raunak Group said, “It is important to balance viability for the private sector for undertaking redevelopment projects. The Government should incentivize the societies, which undertake self-redevelopment and consume lesser FSI. People who use lesser FSI, there should not be any premium considering the climate change challenge and the issues engulfing the redevelopment agenda”. Talking about the need to have a conciliation mechanism in Redevelopment, Mr Hitesh Thakkar, Vice President, NAREDCO Maharashtra and Partner, Prem Group, suggested that there needed a framework for resolution of disputes for finding amicable redressal, as the projects would get delayed and entail into high litigation costs.