Press Release

CREDAI’s Indian Property Exhibition witnesses massive response from developers and visitors
December 14, 2017

CREDAI’s Indian Property Exhibition witnesses massive response from developers and visitors14th December 2017 The Confederation of Real Estate Developers' Associations of India (CREDAI) organised a global exhibition of Indian properties in Dubai from 7-9 December. The event witnessed strong participation from 210 developers and 13,500 visitors. In this 3-day show, over 1000 properties across India were showcased. CREDAI also organised the Smart India Realty Meet & Awards Ceremony for acknowledging the work of developers and government institutions in UAE and India.

Press Release

Tata Housing receives corporate excellence accolade at CII-ITC Sustainability Awards 2017
December 13, 2017

Tata Housing receives corporate excellence accolade at CII-ITC Sustainability Awards 201713th December 2017 Tata Housing bagged a prize for corporate excellence at CII-ITC Sustainability Awards 2017, becoming the first Indian company to win this title. The award was given for laudable performance in sustainability practices for over a decade. “We are following global sustainable norms in our projects to make them more unique and environment-friendly,” says Brotin Banerjee, MD & CEO, Tata Housing. 

About 50% residential projects sold in Mumbai registered under MahaRERA: JLL report
December 13, 2017

Approximately 50 percent units in Mumbai residential segment registered under Maharashtra Real Estate Regulatory Authority (MahaRERA) till October 4 are sold out, according to a JLL India report. Of the 3,465 residential projects listed under RERA, Mumbai recorded the maximum sales with 24,681 apartments sold out of the available 50,329 units, revealed the residential market analysis till October 4, 2017. Second to Mumbai was Thane with 86,479 residential units sold out of 1,80,071 units available. Whereas, Mumbai suburbs reported 87,126 apartments sold out of 1,81,155 available units. The report also added that availability was double and evidently outweighed demand. According…

MahaRERA to start dispute resolution system from Jan 2018
December 12, 2017

The Maharashtra Real Estate Regulatory Authority (MahaRERA) to set up conciliation benches soon, which will become functional from Jan 1, 2018. The regulatory authority is likely to establish 10 benches for Mumbai Metropolitan Region (MMR) and Pune. These benches will work as an alternative dispute resolution system. The move was decided considering the number of complaints registered by homebuyers against builders under the new real estate Act. Initially, notices were issued to builders by the regulatory authority and sought valid reasoning. Now, these conciliation benches will hear complaints filed by buyers, only if he/she is ready to compromise. These benches…

Landowners with profit share to be treated as promoters under RERA
December 11, 2017

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued an order under which all landowners getting a share of the total revenue from the sale of apartments or a housing project would be considered as promoters under the new real estate Act, RERA. Officials have stated that landowners of over 4,300 projects registered with MahaRERA as co-promoters will now be mentioned as promoters. The order stated that a land owner will be accountable as a developer if he/she has taken area of a project. Their liability will be decided on the basis of whether they are land owners or investors.…

Mumbai suburbs register highest unsold inventory: MahaRERA
December 9, 2017

According to a report by JLL based on MahaRERA data, Mumbai suburbs have registered the maximum unsold inventory, standing at 94,029 units. The total number of unsold properties has reached 2.13 lakh units across the state. Out of these unsold properties, Mumbai city and Thane have recorded 25,648 and 93,592 unsold flats, respectively. It has been noted that over 1000 units are attached with legal issues. Out of which, maximum litigations have been recorded in Mumbai suburban areas, counting at 493. Consumers are favouring a RERA registered project, adds report. The overall home sales in Mumbai and adjoining areas ranged…

Mumbai to develop second sea link from Versova to Bandra
December 8, 2017

Maharashtra government has given an administrative approval to the new Versova-Bandra sea link, which will be an extension of the existing Bandra-Worli sea link in Mumbai. It took the government eight years to give approval after the State Cabinet Committee on Infrastructure (SCCI) cleared it in 2009. The new sea link will be around 17.17 km in length and is estimated to cost Rs 7,502 crore. The government, however, has not mentioned the deadline for the project yet. The sea link will have connectors at Bandra, Otters Club, Juhu Link Road and Versova Link Road and would connect south Mumbai…

Maharashtra govt sanctions Rs 5200 cr for infra projects
December 7, 2017

The Maharashtra government has approved infrastructure projects worth Rs 5,200 crore across the state. The projects include the Thane-Ghodbunder elevated road, a third bridge on Sion-Panvel highway, elevated road on Bhiwandi-Kalyan-Shilphata highway, and expansion of the Mumbai-Pune expressway. Officials have stated that the 4.4-km-long elevated road connecting Thane and Ghodbunder would fix the traffic woes. The road project will cost around Rs 667.37 crore. The road will be constructed on design-finance-build-operate-transfer basis and the Maharashtra State Road Development Corporation has been selected as the nodal agency to carry out the project, inform officials. Constructed at an expected cost of Rs…

Press Release

REMI launches 2nd edition of Owner Development Program
December 7, 2017

REMI launches 2nd edition of Owner Development Program07th December 2017 Real estate stalwarts come under one roof on 28th November 2017 for the launch of the second edition of the Real Estate Management Institute’s (REMI) Owner Developer Program, held in Mumbai.  The program is scheduled for 28-29 November and 5-6 December 2017 and involved the discussion of realty market trends.

Bombay HC rejects builders’ petition, upholds RERA’s validity
December 6, 2017

The much-awaited judgement by the Bombay High Court (HC) pertaining to the validity of the Real Estate (Regulation and Development) Act has been announced. The Bombay High Court, in a judgement has upheld the constitutional validity of RERA which was challenged by several developers. Last month, the HC finished hearing petitions filed by developers, challenging the constitutional validity of several key provisions of RERA which came into effect in May this year. By October, as many as 13,000 ongoing projects have been registered under MahaRERA. While a bench of Justices, Naresh Patil and RG Ketkar rejected petitions filed by these…

Homebuyers in Maharashtra can now access disputed properties online
December 5, 2017

The registration department of Maharashtra has decided to put the details of disputed properties in the last 30 years online. To achieve this, the registration department has sought to link the I-Sarita database with all the courts, revenue officials, collectorates and sub-divisional offices where disputes are handled. The officials will upload complete information of all disputed entities. Officials have stated that the proposal of the same has been tabled with the relevant departments to procure all relevant details of such properties. Once the data is put online, homebuyers would be able to search the database and identify properties attached with…

Maharashtra govt directs authorities to expedite building approvals
December 5, 2017

The Maharashtra government has directed all authorities involved in clearance of approvals of construction projects to grant necessary certificates within the stipulated time. The state urban development department (UDD) will hold government officials accountable if they fail to issue approvals for real estate projects as per the timeline set by the department, back in August 2017. In August, officials were directed to issue orders for the commencement of building in less than 30 days, plinth certificates in seven days, occupation permits in eight days, tree-felling permission in 45 days. Earlier, there was no deadline for issuing permission. The UDD has…

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Ekta World launches first ever Housing Happy hours for clientele
December 4, 2017

Ekta World launches first ever Housing Happy hours for clientele04th December 2017 Mumbai-based developer, Ekta World unveils a marketing campaign of 504 Housing Happy Hours for its customers on 16th November, 2017. This campaign, which aims to promote three premium projects of Ekta group, i.e. Ekta Tripolis, Ekta Parksville and Ekta Greenville, will continue till 17th December 2017, thereby completing 504 hours. This first-of-its-kind Housing Happy Hours initiative is in favour of customers, opined Vivek Mohanani, MD-CEO, Ekta World.

Homebuyers urge MahaRERA not to grant extension to delayed projects
December 4, 2017

A group of homebuyers have urged the Maharashtra Real Estate Regulatory Authority (MahaRERA) not to grant extensions to developers with delayed projects. Abhay Upadhyay, National Convener, Fight for RERA forum, has stated that any extension given to the builders with delayed projects would hamper the intention of implementing the Real Estate (Regulation and Development) Act (RERA) across the country. It has been observed that more than 50 percent of the 14,000 ongoing projects, which are registered with MahaRERA, were delayed, adds Upadhyay. He further opined that allottees of such delayed projects should be given interest at rates mentioned under RERA…

Mumbai civic body to levy tax on houses in slum areas
December 3, 2017

The Brihanmumbai Municipal Corporation (BMC) has decided not to levy property tax on houses in the slum areas of Mumbai. The move will hamper the tax collection target set by the corporation in April 2017. The BMC has anticipated an annual revenue of Rs 250 crore from slum dwellers. Officials have stated that the Mumbai civic body had proposed to levy property tax of Rs 1,800 to Rs 2,400 on each slum unit, depending on its type and size. Now, the proposal has been parked. Recently, a proposal for tax exemptions on dwelling units with sizes up to 700 sq…

Absence of MahaRERA’s appellate tribunal coerces homebuyers to move HC
November 29, 2017

Homebuyers in Mumbai have demonstrated agony over negligence by the state government in setting up Real Estate Regulatory Authority (RERA) appellate tribunal before May 1 this year, as directed under section 43(1) of the RERA Act. They averred that in the absence of a tribunal, homebuyers were forced to go through an expensive and complicated process to the high court to defend MahaRERA directives. Mumbai Grahak Panchayat pointed out that while the state was one of the first to notify RERA rules on May 1 last year, an appellate tribunal was supposed to be set up within a year which…

BMC issues stop-work notice to 18 Mumbai builders
November 26, 2017

The estate department of Brihanmumbai Municipal Corporation (BMC) has sent stop-work notices to 18 developers on account of failing to finish redevelopment projects on municipal land within the stipulated deadline and delayed payment of premium amount. Besides, 18 percent interest per annum, the developers collectively owe a sum of Rs 357.84 crore to the civic body as premium amount. The 18 projects that were issued notices are located in E ward at Mazgaon and Byculla, F-South ward at Parel and Sewri, G-South ward at Lower Parel and F-North ward in Dadar and Naigaon. It is to be noted that under…

Maharashtra approves 5 times’ market value for rural, non-rural land acquisition
November 25, 2017

To escalate the land acquisition process for infrastructural projects across Maharashtra, the State government has recently approved that entire agricultural land and land in no-development zones (NDZs) in non-rural areas would be acquired at five times the current market value. The move will expedite the land acquisition for projects such as the Rs 46,000-crore Mumbai-Nagpur super expressway and other infrastructure projects across the state. The project requires 10,000 hectares of land acquisition until January 2018. Officials have informed that a hike in compensation was tabled by the Maharashtra State Road Development Corporation as the owners in non-rural areas were demanding…

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