Maharashtra announces new rules for advance possession of land
May 21, 2017

Maharashtra cabinet has recently announced new rules which makes it mandatory for government authorities to give advance possession of land for a public project. As per the new rules, the land parcels needed for any public project must be handed over the executing agency within 90 days of the application. This move will help avoid land allotment and transfer issues with regard to public projects which will cut down delays in the execution of the… Read More

Maharashtra revokes stamp duty hike on gift deed
May 19, 2017

In a surprising move, the Maharashtra government has revoked its decision to hike stamp duty on property gift deeds. The hike announced a couple of days ago received flak from political parties, which forced the government into withdrawing the hike. Earlier this week, state government had amended the Maharashtra Stamp Duty Act to enforce a hike in stamp duty applicable on conveyance deeds and gift deeds. This move was spurred by the need to increase… Read More

Mumbai airport expansion project gets environmental clearance
May 18, 2017

The expansion project worth Rs 3,500 crore for the Chhatrapati Shivaji International Airport at Mumbai has been cleared by the environment ministry. The proposal to shift the air traffic control tower to Kalina has also received green nod. With the Mumbai international airport anticipating footfall to reach 50 million passengers by 2020, the government intends to complete the expansion project over the next three years. The upcoming Navi Mumbai international airport which expects to become operational… Read More

MMR housing societies demand stringent penalties for errant builders
May 17, 2017

Homebuyers in the Mumbai Metropolitan Region (MMR) are demanding that the Maharashtra Ownership of Flats Act (MOFA) be made more stringent like the recently implemented Real Estate (Regulation and Development) Act (RERA). This demand follows the realisation that about 50,000 housing societies in MMR still do not own the land on which they have been constructed, which causes hurdles in maintenance and redevelopment. Builders of housing societies are hesitant to let go of the land ownership… Read More

Maharashtra hikes stamp duty on property gift deeds
May 17, 2017

In an attempt to boost revenue, the Maharashtra Cabinet has decided to raise the stamp duty on properties gifted to blood relatives or spouses. This decision will help the state government mop up Rs 200 crore as additional revenue. The hike will be implemented by amending sections 34 and 25 of the Maharashtra Stamp Duty Act, which will impact both gift deeds and conveyance deeds. It should be noted that conveyance deeds are documents for… Read More

Navi Mumbai office market records the highest rental growth: Report
May 16, 2017

Office market space continued yielding high rentals across key Indian cities with Navi Mumbai registering the highest annual rental growth of 9.1 percent till the end of March 2017. The satellite city of Mumbai was followed by Bangalore and Pune’s office markets at 8.1 percent and 7.1 percent rental growth, respectively. The growth of two Information technology (IT) dominant markets is being attributed to the lower vacancy rate of 3.2 percent and 5.6 percent, individually.… Read More

Maharashtra proposes to link e-registration of property documents with Aadhaar
May 14, 2017

The Maharashtra government is planning to link e-registration facility for property documents with Aadhaar details. This change can be implemented once the requisite amendment to Registration Rules, 1961, are approved. The amendment is expected to be considered in the cabinet meeting or in the upcoming monsoon session. The system of e-registration of property documents is already in effect for leave and license agreements and for some new projects in the state. However, the state registration… Read More

Press Release

ISPRAVA receives Rs 11 crore funding from Godrej and Piramal Group
May 10, 2017

ISPRAVA receives Rs 11 crore funding from  Godrej and Piramal Group10th  May 2017 Real estate firm Isprava has received Rs 11 crore funding from Godrej and Piramal Group. The fund would be used to construct luxury holiday homes and villas in Goa and the Nilgiris. Every villa by Isprava is special and is constructed by a different architect and designer thus, leaving little chance for potential buyers to make changes. The cost of a villa… Read More

Maharashtra RERA to act against unregistered constructions
May 8, 2017

The real estate regulatory authority (RERA) of Maharashtra has announced that it would take suo motu cognisance of illegal constructions in the state and take necessary actions against the same. This would be based on the source information received from its help desk that would be made available on the RERA website. Gautam Chatterjee, interim regulator, Maharashtra RERA, commented that in case of unregistered under-construction projects and unauthorised buildings, the authority would take suo motu… Read More

Maharashtra to initiate GIS mapping of all properties in the state
May 6, 2017

As confirmed by the officials, Maharashtra is planning to introduce Geographic Information System (GIS) mapping for all the properties in the state. A move to bring information of all properties in the state online, the GIS mapping drive would involve setting-up of a common portal for all the municipal councils, where GIS information would be displayed. Addressing a programme where awards were distributed to the best performing municipal councils and panchayats in the state, Devendra… Read More

No respite for Mumbai builders as construction ban continues
May 5, 2017

The recent announcement of the Bombay High Court (HC) to continue the ban on new constructions in Mumbai has disheartened realtors. Justices Chandrakant Bhadang and Abhay Oka dismissed a petition asking for the review of the 2016 order as it did not have any merit. The bench commented that this decision upholds the public’s right to live in a pollution-free environment. A year ago, HC had prohibited new constructions in the city, only excluding redevelopment and… Read More

Over 400 builders and brokers in Maharashtra registered under RERA
May 4, 2017

With the Real Estate (Regulation and Development) Act (RERA) coming into effect, real estate developers and brokers across Maharashtra are hastening to comply with the Act’s registration requirements. The state has witnessed the registration of housing projects by more than 400 developers in the first three days of the Act’s rollout. Meanwhile, over 700 brokers have also applied for getting themselves registered under the Act. The rush amongst developers and brokers is due to the… Read More

Filing complaints on RERA website may take time
May 4, 2017

Homebuyers and real estate investors in Maharashtra, who want to file their complaints on the Real Estate and Regulatory Authority (RERA) website, will have to wait till their developers register on the portal. The RERA rules in Maharashtra came into force on May 1, 2017, stipulating strict norms for developers and real estate agents in the state. However, considering the fact the existing projects are given three months’ time to register on the regulatory portal,… Read More

Local authorities in Maharashtra to be accountable for project sanction delays
April 27, 2017

Under the upcoming Real Estate (Regulation and Development) Act (RERA) regime, the regulator will be able to question local authorities for any delay in sanctions for building permissions. RERA rules, which will be implemented from May 1, 2017, in the state, will include stringent norms to ensure that developers deliver their projects on time. Since the developers often experience delays in sanctions and certificates issued by the local authorities, the concern was addressed by Prakash… Read More

Press Release

K Raheja Corp receives Gold Rating for Commerzone project
April 27, 2017

K Raheja Corp receives Gold Rating for Commerzone project27th April 2017 Mumbai-based developer K Raheja Corp has been awarded with LEED Core and Shell Gold rating for building number 8 of their commercial project Commerzone. Situated in Pune, the building secured 67 points based on several LEED categories such as design and innovation, sustainable sites, water and energy efficiency, materials and resources and indoor environmental quality. Read More

Maharashtra RERA multiplies registration fee by 10 times
April 25, 2017

While Maharashtra’s recent implementation of Real Estate (Regulation and Development) Act (RERA) rule is ready to instil transparency in the state’s real estate landscape, it may force builders to pass on the increased project costs to homebuyers. As the registration fee has been hiked by almost 10 times, experts are largely undivided in their understanding of its consequences. Along with a hike in the registration fee, clearance costs for developers, including title and environment clearances,… Read More

Mumbai may soon have landmark taller than Burj Khalifa
April 18, 2017

A structure taller than the world's tallest skyscraper - Burj Khalifa (Dubai) may soon become a reality, becoming part of a new eastern waterfront on a wasteland in Mumbai. According to Nitin Gadkari, Union Minister for Shipping, Road Transport and Highways, the plans to build a structure with a green boulevard, which would be bigger than Mumbai's Marine Drive, are ready and awaiting the Centre's nod. The plan revolves around a 7-km long marine drive… Read More

Maharashtra seeks financial aid to provide housing to police personnel
April 16, 2017

Maharashtra government has recently permitted the Maharashtra State Police Housing and Welfare Corporation (MSPHWC), to procure loans from banks, which would be disbursed to Maharashtra police personnel so that they can build their own houses. This move has been prompted by the fund shortage being faced by the state government. MSPHWC, a state government agency, is responsible for constructing homes for the police force as well as for formulating housing schemes for the police staff,… Read More

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