Maharashtra RERA excludes verandah, balcony, terrace from carpet area
June 19, 2017

The Maharashtra Real Estate Regulatory Authority (RERA) has issued a circular clarifying the calculation of carpet area. The circular states that the balcony, veranda, and terrace, cannot be included in the carpet area, even if these are exclusive to the flat. Meanwhile, internal walls have been included in the calculation. Maharashtra RERA has asked developers in the state to abide by this standard while preparing sale agreements. Experts anticipate the per sq ft rate to increase in certain… Read More

Navi Mumbai airport may have to wait till 2022
June 17, 2017

According to the International Air Transport Association (IATA), the ambitious Navi Mumbai international airport is not expected to be operational before 2022. Early this year, Devendra Fadnavis, Chief Minister (CM), Maharashtra, had set a deadline of 2019 for the completion of the airport, which was later revised to 2020. The additional delay in the project is likely to disappoint real estate stakeholders in the area. IATA, an airlines' body that represents about 275 airlines, is… Read More

Developers offer discounts in a rush to sell before RERA registration
June 14, 2017

Several consumer forums in Pune and Mumbai have spoken out against developers trying to woo buyers through discounts without registering with the Real Estate Regulatory Authority (RERA). The forums have advised buyers to refrain from falling prey to such discounts and avoid purchasing properties until the developers register themselves and their projects with the real estate regulator under the Real Estate (Regulation and Development) Act. Experts from such forums explain that developers are trying to… Read More

Press Release

NAREDCO and PWC organise seminar on GST
June 13, 2017

NAREDCO and PWC organise seminar on GST13th  June 2017 National Real Estate Development Council (NAREDCO) Maharashtra, along with PWC, conducted a knowledge seminar on Goods and Service Tax (GST). Ravinder Saroop , Commissioner (Central Excise, Mumbai) and Gurudas Pai, Partner Indirect Tax, PWC, India were the Chief Guest for the occasion. They discussed the Government’s vision to have ‘One Nation One Tax’. The new tax regime which is to be rolled out on 1st July… Read More

Maharashtra to deny extension for registration of ongoing projects
June 12, 2017

The Maharashtra Real Estate Regulatory Authority (RERA) has urged developers to speed up their registrations under the Real Estate (Regulation and Development) Act as no extension would be granted to ongoing projects beyond July 31, 2017. This announcement was made by Maharashtra RERA chairman Gautam Chatterjee at a workshop on RERA organized by Pune Metropolitan Region Development Authority (PMRDA). The workshop was aimed at encouraging state developers to register with the real estate authority at… Read More

Maharashtra to levy VAT on the basis of staggered payments
June 4, 2017

Maharashtra government has announced that Value Added Tax (VAT) on property transactions will now be calculated on the basis of staggered payments by homebuyers. The notification by state government clarifies that payments made before June end for under-construction properties will be charged VAT at one percent while any payments made from July 1 will be attract state GST of six percent. This announcement will have a significant impact on all real estate transactions across the… Read More

Press Release

‘Peninsula Heights’ get good response from buyers
May 30, 2017

‘Peninsula Heights’ get good response from buyers30th  May 2017 Despite reforms such as demonetisation, RERA and GST, Mumbai-based developer Peninsula Land Limited has successfully maintained its sales momentum primarily due to its two luxury projects in Mumbai - Salsette27 at Byculla and Celestia Spaces in Sewri. The company is also focusing on its other premium project, ’Peninsula Heights’ in Southern Bangalore where, the developer is offering a different payment plan on select 3BHK apartments. Read More

Maharashtra builders to mention RERA registration number in ads
May 29, 2017

In addition to the mandatory registration required under the Real Estate (Regulation and Development) Act, realty developers in Maharashtra will also have to announce their registration numbers in all their advertisements post August 1. This announcement was made by Gautam Chatterjee, Chairman, Maharashtra regulatory authority. This is in keeping with the RERA provisions that direct developers to share necessary information about their projects to enable buyers to make an informed choice. Chatterjee shared that developers have… Read More

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

Page 1 of 89