News Room

Mumbai, 6th February 2024: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced draft model guidelines to govern housing projects tailored for retired and senior citizens. This initiative marks MahaRERA as the pioneer among housing regulators in India to establish provisions specifically for retirement housing. Ajoy Mehta, Chairman of MahaRERA, emphasized the growing necessity of housing projects for retired individuals in our evolving society. He acknowledged that while developers are responding to the rising demand for such projects, they often overlook the fundamental needs of this demographic. To address this, MahaRERA has issued Draft Model Guidelines for retirement housing projects to prevent potential fraud and disappointment among retirees and senior citizens. The regulatory authority is actively working to finalize the framework and implement it promptly. Once these guidelines are enforced, developers will be obligated to incorporate specific provisions in the Agreement for Sale and other relevant documents. Senior citizen housing projects must align with the prescribed model guidelines. The draft, titled “Regulation of Retirement Homes,” is available on MahaRERA’s official website. MahaRERA is currently inviting suggestions and views on the guidelines, which can be submitted via email to [email protected] until February 29th. These model guidelines are a response to feedback received by MahaRERA, revealing instances of developers misleading prospective allottees by incorrectly advertising their projects as “Retirement Homes.” Many of these projects were found to lack the necessary standards for senior citizen residences. Earlier, the Union Ministry of Housing and Urban Affairs (MoHUA) issued Model Guidelines, urging state regulators to introduce appropriate regulations. In line with this, MahaRERA has drafted regulations for retirement homes, outlining minimum physical criteria that projects must meet. These criteria encompass building design, green building principles, lifts, ramps, staircase dimensions, lighting, ventilation, safety, and security. Key provisions in the Model Guidelines include mandatory elevators in multi-floor buildings, audio-visual systems in lifts, wheelchair-friendly access, specific door dimensions, light and sturdy furniture, and safety measures such as gas leak detection in kitchens and anti-skid tiles in bathrooms. MahaRERA encourages public participation and feedback in shaping these guidelines to better serve the needs of retired and senior citizens.

  Pune, 31st January 2024: The Interim Budget 2024 will be presented by Union Finance Minister Nirmala Sitharaman around 11 am on February 1, Thursday. The Union Budget 2024 will be an Interim Budget because Lok Sabha polls are slated to take place in the coming months and the full year Budget 2024 will be presented after the new government is elected. The real estate sector has following expectations from the budget: Ranjit Naiknavare, President, CREDAI Pune Metro: Increasing Tax Exemptions – Principal repayment of housing loans should be increased from the existing limit of Rs 1,50,000. A separate or standalone exemption for the deduction for principal repayment of housing loans is recommended. All this is under section 80C of the Income Tax Act. Re-defining affordable housing – The current definition of affordable housing is the one which was made in the year 2017. Due to inflation, there has been a significant rise in real estate prices in the past seven years. As per the National Housing Bank (NHB) data, there has been an increase of 24 per cent in housing rates since June 2018 in India. This makes the current cap of Rs 45 lacs for affordable housing extremely unfeasible for the real estate sector. Thus, CREDAI has requested for a revision in the definition of affordable housing. CREDAI recommends it as ‘A unit with 90 square meters RERA Carpet Area in Metros Cities and 120 square meters RERA Carpet Area in the non-metros without a cap on the cost of the housing unit. The 80IB benefits should be reintroduced to encourage developers to go for the creation of affordable housing. A booster for India’s young population to commemorate the Amrit Kaal. Since a huge chunk of India’s population is below the age of 40 years and would become the first-time home buyers if an appropriate scheme is introduced for them to encourage home buying. It could be in the form of a re-introduction of the Credit Linked Subsidy Scheme for the ‘MIG’ segment. Rahul Talele, Group CEO, Kolte-Patil Developers Ltd: The upcoming interim budget remains pivotal, presenting a valuable opportunity to stimulate productivity, ease operations, and foster growth for the real-estate sector. At Kolte-Patil, we expect the government to support the current momentum by implementing initiatives that improve the affordability index like increasing the limit for tax deductions for home loan interest implementing the interest subvention scheme for urban housing. Given the prevailing price trends in some of the major metros, increasing the price limit for affordable housing will allow a larger base to benefit from government subsidies and reduced GST rates. Furthermore, the longstanding aspiration for infrastructure status remains, as it can facilitate developers’ access to cheaper capital enhancing project viability. In summary, spending on public infrastructure, GST rationalization, reducing repo rate, industry status, single window clearances, and tax breaks can serves as catalysts for the real estate sector that will elevate allied economic activities, benefitting the overall economy. Ramesh Nair, CEO, Mindspace Business Parks REIT: REITs and InvITs have made a significant contribution to the growth of the real estate and infrastructure sectors. To further help these instruments grow, certain long-standing tax asks aligning these instruments with listed equity shares is imperative. The recent SEZ rule amendment is a progressive policy reform which will help REITs and other commercial real estate companies unlock vacant spaces in the IT/ITeS Parks, while adding to employment creation and boosting economic activity. An amendment to the CGST Act, enabling real estate players to avail input credit during the construction phase, will also help reducing costs and support the growth of this asset class. Venkatesh Gopalakrishnan, Director Group Promoter’s Office, MD & CEO – Shapoorji Pallonji Real Estate (SPRE): As we approach 2024, the real estate sector is at a crucial point, anticipating opportunities beyond conventional boundaries. With signs of pre-pandemic stability, the industry is poised for sustained growth. While acknowledging the government’s efforts, we propose targeted measures in the upcoming Union Budget to unlock the sector’s full potential. We urge the government to consider our primary request, which is a significant increase in the home loan cap from Rs 2 lakhs to Rs 5 lakhs annually. This would not only incentivise homebuyers but also boost industry revenue. We advocate for a reduction in long-term capital gains tax, waiving notional rent on second properties, and aligning the income tax rate with corporate rates at around 25 per cent. In order to revive the sector, the government should focus on affordable housing. We propose to reduce GST rates and interest subventions for affordable housing. Single window clearance for the sector has been pending for a long time. We hope to see it granted in this year’s budget. Further, we support the industry-wide call for granting “industry status” to the residential sector, aligning with the government’s vision of “housing for all.” Additionally, supportive measures, including NAREDCO’s appeal for an INR 50,000 crore fund, will also align with the government’s vision of “housing for all” and could significantly fortify the sector’s trajectory. The budget is a chance to redefine affordability as the diverse locations demand different price caps instead of uniformity. Recognising changing investment dynamics, we suggest expanding Section 80C limits for millennials and Gen-Z homebuyers. Sandeep Runwal, President, NAREDCO Maharashtra: The real estate industry, a vital contributor to the economy and the second-largest employment generator, is poised on the brink of potentially transformative changes. The sector eagerly anticipates the 2024-25 budget announcements, which are expected to significantly influence its future. In the previous year, the Central and State governments implemented a series of reforms and incentives to rejuvenate the economy. These efforts have been instrumental in sustaining the growth momentum of the real estate sector. A major focal point for the Government continues to be affordable housing. We suggest an increase in the cap for interest rate deduction under section 24(b) from Rs. 2 lakh to Rs. 5 lakh per annum. Additionally, there’s a call to redefine the definition of affordable housing,

  Pune, 17th January 2024: In a significant move to protect the interests of homebuyers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has implemented the “One Stand-alone Project: One MahaRERA Number” policy, effective immediately. The decision was prompted by instances of developers obtaining multiple MahaRERA registration numbers for the same or parts of real estate projects, raising concerns about potential fraud against homebuyers. Under the new order, every promoter seeking registration for a housing project must submit a Declaration-cum-Undertaking on their letterhead. This declaration asserts that neither the proposed project site nor any part of it possesses a MahaRERA registration number, nor is any application pending. This mandate applies to stand-alone and multi-phased housing projects on large plots. The prescribed format for the declaration includes details such as CS number, CTS number, final plot number, survey number, Hissa number, GAT number, Khasra number, etc. If the information provided is found to be incorrect, misleading, or false, MahaRERA reserves the right to take appropriate action against the concerned promoter. MahaRERA identified instances where promoters were acquiring additional MahaRERA registration numbers without disclosing this to the authority, despite the existence of a registration number for the plot or project. This practice, especially when landowners and promoters operate independently or when a landowner contracts with multiple promoters, results in complications during project completion. Buildings facing such challenges often encounter difficulties in obtaining Occupancy Certificates (OC), leading to homebuyers experiencing issues with water supply and other basic civic facilities. To mitigate these challenges, MahaRERA introduced the “One Stand-alone Project: One MahaRERA Number” policy. For projects on large plots, separate registration numbers for the project or phases can be obtained. However, any alterations to the plot’s reservations declared by the Government and Local Planning Authority require formalities as prescribed by the authorities concerned. This includes obtaining legal consent from allottees to prevent complaints and disputes related to common or special amenities like recreation areas, playgrounds, parking, internal roads, swimming pools, clubhouses, and gyms. All these details must be explicitly specified for each phase of every project in applications submitted for a new MahaRERA registration number. “MahaRERA is trying its best that there should not be any possibility under the pretext of which the developer gets an opportunity to delay the project. ‘One Stand-alone Project: One MahaRERA Number’ is another crucial policy towards safeguarding the interest of all stakeholders including homebuyers. Latest decision will help MahaRERA to monitor all the projects more effectively, while strictly implementing the regulatory provisions”, said Ajoy Mehta, Chairman, MahaRERA.

BOLLYWOOD STAR JOHN ABRAHAM ACQUIRES PRIME BUNGALOW IN MUMBAI FOR RS 70.83 CRORE January 3, 2024 MUMBAI, INDIA — Bollywood heartthrob John Abraham has added a luxurious touch to his real estate portfolio with the recent acquisition of a sprawling bungalow in the upscale Khar Credit area of Mumbai. The property, spanning 5,416 sqft, along with the accompanying land measuring 7,722 sqft, was secured for a staggering sum of Rs 70.83 crore. The purchase was officially registered on December 27, 2023, with Mr. Abraham paying a stamp duty of Rs 4.24 crore. Situated on Khar’s famed Linking Road, one of Mumbai’s premier retail high streets, the newly acquired bungalow places Mr. Abraham in the midst of vibrant surroundings, including renowned educational institutions. In a city where vertical living is the norm due to space constraints, Mr. Abraham’s choice of a horizontal property sets him apart in the Bollywood fraternity, where high-rise apartments are the more common choice among contemporary stars. Commenting on the purchase, Mr. Abraham’s spokesperson stated, “John Abraham is thrilled to call this prestigious property his new home. The unique charm of the Khar area, coupled with the convenience of Linking Road, made it an irresistible choice for him. The actor looks forward to creating lasting memories in his new abode.” As one of the most sought-after residential areas in Mumbai, Khar boasts a per square foot price range of Rs 40,000 to 90,000, varying based on the specific location and property grade, as confirmed by local real estate experts.

Pune Secures Second Safest City Title in India: NCRB Report Pune has emerged as the second safest city in India, according to the latest findings from the National Crime Record Bureau (NCRB). Surpassing many counterparts, the city clinched the high ranking in safety, trailing only behind Kolkata, which retained its position at the top. The city’s ascent to this safety position amidst daily occurrences of various crimes has raised eyebrows, prompting questions about the recording or prevalence of crimes in other regions. Despite this, Pune has consistently maintained one of the lowest recorded crime rates across the country, as outlined in the recent NCRB report. In efforts to enhance safety, Pune introduced innovative measures that notably improved the security and protection of its residents, particularly women. Initiatives such as the ‘All Women Damini Squad’ aimed at safeguarding women, including those in educational institutions, while ‘Operation All Out’ by the criminal branch focused on preventing crimes and ensuring women’s safety in public spaces, streets, and homes. The city’s emphasis on safety encompasses various aspects, including robust infrastructure, efficient transportation, and vigilant security services. Pune’s cosmopolitan nature fosters diversity and acceptance, with a populace known for its hospitality and willingness to assist those in need, especially women. With a bustling nightlife and an influx of people from diverse backgrounds, Pune also serves as a base for the military, further contributing to a sense of security for its inhabitants. Moreover, Pune’s reputation as an educational hub attracts women from across the country, offering top-tier institutions and accommodations tailored to their needs. The city’s well-developed transportation infrastructure, comprising a mix of public and private modes, ensures convenient and safe commuting, with a strong emphasis on respecting female passengers. Acknowledging the paramount importance of women’s safety, the Pune police have taken proactive steps, including the launch of a dedicated helpline for women and senior citizens in distress. Women-only buses and train compartments have been introduced, underscoring the city’s commitment to prioritizing safety for all its residents. As Pune continues to evolve and grow, its focus on safety measures, coupled with its inclusive environment and proactive law enforcement, solidifies its position as one of India’s safest cities, offering its residents a secure and conducive living environment making Pune a standout city in terms of safety in the country. ~ By Manish Khadilkar, Co-Founder & Mentor  

Mumbai,November 30th 2023 In a significant real estate development, Bollywood star and entrepreneur Preity Zinta has secured a luxurious residential apartment in Mumbai’s upscale Pali Hill area. The transaction, totaling a whopping Rs 17 crore, was finalized on the 11th floor of the ongoing Rustomjee Parishram tower. The per sq ft cost stands at an impressive Rs 1.15 lakh, considering the carpet area of 1,474 sq ft. Zinta’s new property not only includes the exclusive 90 sq ft additional space but also comes with two parking slots, adding to the opulence of the acquisition. The deal, completed on Monday, involved a substantial stamp duty payment exceeding Rs 85 lakh, according to documents sourced from Indextap(dot)com. Notably, the property was directly purchased from the Rustomjee Group’s listed entity, Keystone Realtors. The ongoing Rustomjee Parishram tower project, a redevelopment initiative spanning almost half an acre, boasts 22 stories, with 17 habitable floors. Preity Zinta’s latest real estate move further cements her presence in the high-profile landscape of Mumbai’s elite residential offerings.  

*Mumbai, November 30th 2023- Renowned Bollywood actor Ranveer Singh has successfully sold two apartments in the upscale Goregaon area of Mumbai, reaping a significant profit. The properties, originally purchased for 4.64 crore each in 2014, fetched an impressive 15.25 crore in the recent transaction. Located in the luxurious Oberoi Exquisite complex, each 1,324 square feet apartment comes with six parking spots. The deal, finalized on November 6, saw Singh selling one of the flats to a fellow resident within the same high-end housing complex.  

Sneha Niwate Bengaluru, 9th August 2023: In a significant development within the real estate landscape of Bengaluru, two prominent players have entered into a strategic agreement. CTRLS Data Centers Ltd, a leading data center operator, has joined hands with Intel Technology India Pvt Ltd, a global technology giant, for a high-value lease agreement. The agreement entails the licensing of two prime properties situated within the Bengaluru DC1 Building, located in the bustling area of Veer Sandra, Electronic City. The license, which spans a period of 36 months, establishes a firm commitment between the parties involved. The first property, situated on the 1st Floor, boasts an area of 2,500 square feet. Intel Technology India Pvt Ltd will be paying a monthly rent of Ra 11,25,000, translating to Rs 450 per square foot. The second property, an expansive space located on the 7th Floor, spans an impressive 9,036 square feet. The monthly rental for this space has been set at Rs 36,14,400, at a rate of Rs 400 per square foot. The license comes with specific terms, including a lock-in period of 36 months for CTRLS Data Centers Ltd and 12 months for Intel Technology India Pvt Ltd. The license commencement date has been fixed as June 1, 2023. Notably, a partial area of 2,940 square feet on the 7th floor will have its rent commence from October 1, 2023. This collaboration is expected to have a far-reaching impact on the real estate and technology sectors.