Mumbai https://realtyquarter.com Tue, 26 Nov 2024 18:34:52 +0000 en-US hourly 1 https://wordpress.org/?v=5.4.16 https://realtyquarter.com/wp-content/uploads/2017/11/RQ-logo-fo-web.png Mumbai https://realtyquarter.com 32 32 Requests to Deregister 19 More Projects Are Received by Maharashtra RERA https://realtyquarter.com/requests-to-deregister-19-more-projects-are-received-by-maharashtra-rera/ https://realtyquarter.com/requests-to-deregister-19-more-projects-are-received-by-maharashtra-rera/#respond Tue, 26 Nov 2024 18:34:52 +0000 https://realtyquarter.com/?p=8821 MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has received fresh applications for the deregistration of 19 additional projects across the state. Among these are prominent projects such as Lokhandwala’s development at Worli Naka and a Lodha project in Dombivli. This development adds to the growing number of deregistration requests, with MahaRERA having received applications […]

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MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has received fresh applications for the deregistration of 19 additional projects across the state.

Among these are prominent projects such as Lokhandwala’s development at Worli Naka and a Lodha project in Dombivli. This development adds to the growing number of deregistration requests, with MahaRERA having received applications for deregistration of nearly 400 projects to date.

Promoters typically file for deregistration under specific circumstances, including when there are zero bookings for the project, financial difficulties, the project’s infeasibility, or new directives issued by planning authorities that affect the viability of the development.

To ensure transparency, MahaRERA has made the list of these 19 projects publicly available on its website, keeping homebuyers informed about the status of these developments.

Of the approximately 400 deregistration applications received, MahaRERA has approved around 200, while the remaining requests are at various stages of review and processing.

According to officials, the reasons cited for deregistration are consistent: projects with no bookings, financial hardships faced by the promoters, project feasibility issues, or challenges arising from planning authority notifications.

For a deregistration request to be considered, it is mandatory that the specific project or phase in question has zero bookings. If the deregistration impacts other phases of a larger project, the developer is required to secure consent from at least two-thirds of the allottees in the affected phases before proceeding with the application.

In February of the previous year, MahaRERA formally outlined the conditions under which projects could be deregistered.

Promoters may withdraw their projects if they cannot commence or complete construction due to reasons such as lack of funds, economic unviability, legal disputes, or changes introduced by planning authorities that adversely affect the project. This policy aims to address stalled projects pragmatically and to offer relief to both developers and buyers.

“MahaRERA conducts a thorough scrutiny of each deregistration application,” stated a MahaRERA official. “This includes examining the project’s accounts and CA certifications to ensure that the interests of homebuyers are not compromised.

Only after all these criteria are met does the regulatory authority approve the deregistration.”
The regulatory body has emphasized that deregistration is considered a practical option for promoters struggling to proceed with their projects.

“When promoters are unable to initiate or complete construction, keeping the project registered serves no purpose. Deregistration is a necessary measure in such situations,” said a senior MahaRERA official.

However, MahaRERA has also provided avenues for recourse to affected parties. Any aggrieved individual or entity can file a complaint regarding the deregistration of a project. MahaRERA assures prompt hearings of such complaints, ensuring that due notices are served to the promoters involved.

Once a decision is reached, the terms and conditions set by MahaRERA in the deregistration order are binding on the promoter. This structured approach ensures that while deregistration addresses the concerns of promoters facing genuine challenges, it also upholds the interests of homebuyers, maintaining transparency and accountability in Maharashtra’s real estate sector.

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State-Run Banks Explore New Home Loan Model for Informal Income Earners https://realtyquarter.com/state-run-banks-explore-new-home-loan-model-for-informal-income-earners/ https://realtyquarter.com/state-run-banks-explore-new-home-loan-model-for-informal-income-earners/#respond Tue, 12 Nov 2024 16:41:35 +0000 https://realtyquarter.com/?p=8802 MUMBAI: Major state-owned banks have begun preliminary discussions to evaluate the potential for offering home loans to individuals lacking traditional income documentation, employer certificates, or tax returns. Unlike standard disbursements under ‘affordable housing’ initiatives, this new approach would assess applicants’ income through unconventional means, such as examining the transaction activity of a street vendor via […]

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MUMBAI: Major state-owned banks have begun preliminary discussions to evaluate the potential for offering home loans to individuals lacking traditional income documentation, employer certificates, or tax returns.

Unlike standard disbursements under ‘affordable housing’ initiatives, this new approach would assess applicants’ income through unconventional means, such as examining the transaction activity of a street vendor via QR code payments.

Another proposed method involves estimating the business revenue of a roadside eatery by analyzing customer volume and average bill size.

This proposal is being explored in light of recent Cabinet approval for government support to construct 3 crore homes under the Pradhan Mantri Awas Yojana (PMAY) 2024.

PMAY’s focus areas include slum rehabilitation, credit-linked subsidies for economically weaker sections, and interest subsidies for low- and middle-income groups, along with affordable housing partnerships.

A senior banker confirmed the initial discussions but clarified that “it would be inaccurate to suggest that public sector banks are being pushed by the government to pursue this.”

If implemented through the extensive network of PSU bank branches, such a scheme could boost participation in the central housing programs, which were launched in 2016 for rural and 2015 for urban areas.

However, this would involve banks engaging a new customer segment traditionally served by non-banking financial companies (NBFCs), whose loan approvals have recently slowed due to concerns raised by the Reserve Bank of India over their growth rates. Typically, NBFCs charge 1.5-2 percentage points higher in interest.

“While affordable housing loans may fall under the central scheme, banks usually request some form of documentation, like income tax returns or bank statements, even for low-income applicants,” noted another banker.

“What could be explored now is whether banks could conduct an on-site assessment of income. PMAY has faced some obstacles, like missing documentation and regions where properties are transferred without notifying the lender.”

Some in the banking industry believe a partial government guarantee could be beneficial for loans where formal income documentation is absent.

The Indian Banks’ Association recently discussed this idea, with a source mentioning, “This will require a different strategy. Even with income documentation, banks often face scrutiny on factors such as loan-to-value ratios, which the regulator has capped at 90% for loans up to Rs 30 lakh.”

Just last week, the Cabinet approved the PM-Vidyalaxmi scheme to support meritorious students facing financial challenges in higher education.

Under this scheme, students accepted into ‘quality higher education institutions’ (ranked by the National Institutional Ranking Framework) are eligible for collateral- and guarantor-free loans from banks and financial institutions to cover tuition and other course-related costs.

 

 

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Mumbai Property Registrations Surge by 22% in October 2024 boosted by High-Value Transactions in festive season https://realtyquarter.com/mumbai-property-registrations-surge-by-22-in-october-2024/ https://realtyquarter.com/mumbai-property-registrations-surge-by-22-in-october-2024/#respond Fri, 08 Nov 2024 18:20:27 +0000 https://realtyquarter.com/?p=8799 Mumbai’s property market witnessed a robust surge in registrations in October 2024, with a 22% year-on-year increase to 12,960 units, driven by heightened demand during the festive season, as reported by Knight Frank India. The data highlights the impact of the Dussehra and Diwali celebrations on the city’s real estate activity, particularly in the municipal […]

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Mumbai’s property market witnessed a robust surge in registrations in October 2024, with a 22% year-on-year increase to 12,960 units, driven by heightened demand during the festive season, as reported by Knight Frank India.

The data highlights the impact of the Dussehra and Diwali celebrations on the city’s real estate activity, particularly in the municipal region under BMC (Brihanmumbai Municipal Corporation) jurisdiction. This growth marks a significant rise from 10,607 units registered in October 2023.

Residential units dominated this upward trend, comprising 80% of the total registrations for the month, emphasizing a strong and steady demand for housing in Mumbai.

October 2024 noted a marked increase in demand for high-value properties, with transactions for properties priced above Rs 2 crore reaching 2,876 units.

This high-end segment accounted for 22% of total registrations, up from 18% in October last year. The trend showcases an upward shift in consumer preference for premium properties, reflective of Mumbai’s resilient real estate market.

Conversely, the share of registrations for properties priced below Rs 50 lakh dropped significantly from 27% in October 2023 to 20% in October 2024, indicating a shift towards mid-to-high-end property investments.

Here is what real estate industry leaders have to say on the robust property registrations in October 2024:

Mr. Prashant Sharma, President, NAREDCO Maharashtra

“The remarkable increase in property registrations and revenue generation in Mumbai this October underscores the positive sentiment surrounding property investments during the festive period. The alignment of auspicious occasions like Navratri and Diwali in the same month has certainly catalyzed this growth, as buyers view this as an ideal time to make high-value investments.

This trend reflects the growing confidence in Mumbai’s real estate market, supported by strong demand across segments and favorable state policies. NAREDCO Maharashtra is optimistic that this momentum will continue, contributing significantly to the state’s economic growth and further bolstering buyer confidence in Mumbai’s dynamic property market.”

Mr. Rajeev Ranjan, Co-Founder & CEO, The Mentors Real Estate Advisory Pvt Ltd

“The festive period this October has brought forth a surge in property registrations, fueled by the high-value sentiment associated with Navratri and Diwali. This seasonal upturn, combined with the strategic allure of Mumbai as a premium investment destination, showcases the strength of the real estate sector as a wealth-building asset for buyers.

The impressive rise in revenue from property registrations not only reflects robust market activity but also signals a maturing buyer profile that sees long-term value in real estate. As we move forward, we anticipate sustained demand driven by such auspicious periods and consistent market confidence in Mumbai’s thriving property landscape.”

Mr. Anil Mutha, Chief Visionary & Co-Founder, Nandivardhan Group

“The strong performance in property registrations during October reflects Mumbai’s enduring appeal and the pent-up demand catalyzed by Dussehra and Diwali. The shift towards higher-value properties is particularly encouraging for developers as it indicates a maturing market where homebuyers are increasingly prioritizing location, lifestyle, and amenities. The real estate market is witnessing a transformative phase, and we are optimistic about the sector’s continued growth.”

Mr. Vedanshu Kedia, Director, Prescon Group

“The increased demand in the high-value property segment underscores a shift in buyer preference towards premium, amenitized, living experiences, as seen in the rise in registrations for properties priced above Rs 2 crore.

This trend highlights the aspirations of Mumbai’s buyers for quality and lifestyle-driven investments, and we expect this momentum to sustain as more homebuyers align their choices with long-term value creation and life-style oriented decision making.”

Mr. Rohan Khatau, Director, CCI Projects

“The significant increase in registrations, particularly in premium segments, signals a robust demand landscape driven by economic stability and aspirational buying. The reduced share of lower-value properties indicates a trend where Mumbai homebuyers are moving towards long-term investments that enhance quality of life.

The sector’s positive growth trajectory demonstrates the resilience and potential of Mumbai’s real estate market as it aligns with the aspirations of modern homebuyers.”

Mr. Govind Krishnan Muthukumar, Managing Director & Co-founder of Tridhaatu Realty

“The consistent rise in property registrations, especially during the festive season, reflects a renewed confidence among homebuyers, spurred by robust market dynamics and favorable economic conditions. The strong demand for high-value properties reaffirms Mumbai’s position as a lucrative and resilient real estate market.

With upcoming infrastructure advancements, we anticipate this trend will continue, creating positive momentum across all price segments and benefiting developers and consumers alike.”

The festive quote by Mr. Harshvardhan Tibrewala, Managing Director of Vida Realty

At Vida Realty, we are focused on developing premium, sustainable real estate projects that cater to the evolving needs of modern families. With Chembur emerging as a rapidly growing real estate market, we’ve seen a surge in interest, especially since Navratri, and we are excited to meet the demands of potential customers through our thoughtfully designed properties and flexible payment plans.

Our existing projects, such as Upper East 97, East Eden, and Roha Vatika, have set a benchmark in quality living. With our ongoing projects Eva Aria & Eva Aspire, and several upcoming projects like Vida Crest, Elevia, and JVLR60, we are targeting over ₹200-300 crore worth of property sales in the next six months.

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Eva Aria in Chembur by Roha Realty (now known as Vida Realty) Achieves Major Milestone with 50% Inventory Sold https://realtyquarter.com/eva-aria-in-chembur-by-roha-realty-achieves-major-milestone/ https://realtyquarter.com/eva-aria-in-chembur-by-roha-realty-achieves-major-milestone/#respond Fri, 08 Nov 2024 16:48:15 +0000 https://realtyquarter.com/?p=8785 Mumbai, 6th November 2024: With the real estate industry projected to grow from USD 518.5 billion in 2024 to USD 856 billion by 2029, at a CAGR of 8.71% over the forecast period, Vida Realty is experiencing a strong growth trajectory in line with this expanding market. We are proud to announce the success of Eva […]

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Mumbai, 6th November 2024: With the real estate industry projected to grow from USD 518.5 billion in 2024 to USD 856 billion by 2029, at a CAGR of 8.71% over the forecast period, Vida Realty is experiencing a strong growth trajectory in line with this expanding market.

We are proud to announce the success of Eva Aria, an elegant residential project in the vibrant locality of Chembur, Mumbai, which has already sold more than 50% of its inventory at its foundation stage. This project was initiated under Vida Realty’s old brand name i.e. Roha Realty and will be completed under the same banner.

Designed to cater to a variety of lifestyle preferences, Eva Aria offers a range of 2, 3, and 4 BHK apartments, with unit sizes from 624 to 1248 sq. ft. The under-construction project is set to introduce a refined living experience to Mumbai’s rapidly evolving skyline.

Eva Aria is equipped with premium amenities that every homebuyer seeks in modern urban living, including a state-of-the-art gymnasium for a well-rounded lifestyle. Every detail has been meticulously planned to create a harmonious blend of comfort and luxury.

Speaking on the project’s early success, Harshvardhan Tibrewala, Managing Director of Vida Realty, remarked, “We are thrilled to see such a strong response to Eva Aria, with more than 50% of our inventory sold at the foundation stage itself.

Our deck apartments are in high demand offering a unique blend of spaciousness and functionality. Customers have expressed appreciation for the thoughtfully designed layouts, finding them open and accommodating, complemented by the exquisite amenities that add real value to their living experience. It’s gratifying to know that Eva Aria’s offerings resonate well with today’s discerning buyers.”

Strategically located in Chembur, Eva Aria offers residents easy connectivity to the rest of Mumbai through a network of roads, including the Eastern Express Highway and Santacruz-Chembur Link Road.

Proposed Metro Line 4 (Wadala-Ghatkopar-Mulund-Thane-Kasarvadavali) will link Chembur to key areas, and Metro Line 2B (D.N. Nagar-Mankhurd) will further enhance intra-city connectivity.

Neighboring areas like BKC, Powai, Andheri, and Lower Parel offer diverse opportunities across the corporate, tech, and entertainment sectors. Eva Aria is only minutes away from top international schools and major entertainment hubs, ensuring a well-rounded and convenient lifestyle.

Eva Aria is fully compliant with the Real Estate Regulatory Authority (RERA) standards, bearing the RERA No P51800054410.

Homebuyers can be assured of our commitment to transparency, quality, and timely completion. For those seeking an ideal home in the heart of Chembur, Eva Aria presents an opportunity to experience the finest in city living with ease and convenience.

About Vida Realty:

Vida Realty, formerly known as Roha Realty, is the real estate arm of the multinational Roha Group. Since its inception in 2019, the company has developed over 1 million sq. ft. of premium residential spaces across Mumbai. With a mission to offer quality homes that cater to a diverse audience, Vida Realty combines innovation and sustainability to create opulent, durable spaces. The company is committed to transforming the real estate sector with unique customer promises and a focus on sustainable living.

 

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Bombay High Court Directs State to Vacate Dadar Flat after 20-Year Rent Dispute. https://realtyquarter.com/bombay-high-court-directs-state-to-vacate-dadar-flat-after-20-year-rent-dispute/ https://realtyquarter.com/bombay-high-court-directs-state-to-vacate-dadar-flat-after-20-year-rent-dispute/#respond Mon, 04 Nov 2024 10:42:37 +0000 https://realtyquarter.com/?p=8749 MUMBAI: The Bombay High Court has clarified that while exact calculations are not typically required for regular rent payments, this does not excuse the State from neglecting its rent obligations for extended periods during an ongoing eviction lawsuit. This ruling upheld the Small Causes Court’s decision to return a flat in a prime Dadar location […]

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MUMBAI: The Bombay High Court has clarified that while exact calculations are not typically required for regular rent payments, this does not excuse the State from neglecting its rent obligations for extended periods during an ongoing eviction lawsuit. This ruling upheld the Small Causes Court’s decision to return a flat in a prime Dadar location to its landlord.

In a decisive move to conclude a two-decade-long eviction dispute, the court instructed the State and the Mumbai Police Commissioner—listed as the tenant on the rent receipts—to vacate the flat by the end of November. The spacious 800 sq ft flat’s monthly rent was Rs 396.75.

For many years, the government had utilized the flat as official accommodation for police officers. However, the court was informed that a police officer, rather than the police commissioner, was occupying the unit.

The court clarified that there was no evidence of sub-letting, as alleged by the late landlord Dilipkumar Purandare; the core issue remained the unpaid rent.

Justice Sandeep Marne addressed a plea from the State and the police chief challenging a November 2023 Small Causes appeal court ruling, confirming that the Maharashtra government had fallen behind on rent payments.

The court noted that the State “continued its negligent approach” and failed to take advantage of legal provisions allowing it to regularly deposit rent in court after the landlord initiated the eviction suit in 2004.

The court emphasized that the government did not adhere to the Maharashtra Rent Control Act, as it did not pay the overdue rent, interest, and lawsuit costs within the stipulated 90 days following the summons. This was established after hearing arguments from government lawyer A.R. Patil and the landlord’s attorney, Nusrat Shah.

In a 2016 ruling, the Small Causes Court accepted the landlord’s claim of needing the flat for his growing family and acknowledged the outstanding rent arrears.

Although the State appealed this decision, the Small Causes appellate bench ruled in 2023 that the landlord had not sufficiently proven his “bona fide requirement” but still upheld the eviction order due to the rent arrears.

This prompted the State to contest the ruling in the High Court further. Shah pointed out that the State had not made any rent payments since December 1, 1989.

Ultimately, the High Court found “no error can be traced in the concurrent findings recorded by the Trial and the Appellate Court,” thus rejecting the State and police commissioner’s plea.

The State’s lawyer requested a stay on the order, but Shah opposed this motion. Consequently, the High Court granted the State until November 30 to vacate the flat.

 

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Bombay High Court Overturns Fraud Declaration against Pune Buildtech by Bank of India https://realtyquarter.com/bombay-high-court-overturns-fraud-declaration-against-pune-buildtech-by-bank-of-india/ https://realtyquarter.com/bombay-high-court-overturns-fraud-declaration-against-pune-buildtech-by-bank-of-india/#respond Wed, 16 Oct 2024 02:43:05 +0000 https://realtyquarter.com/?p=8721 The Bombay High Court has overturned Bank of India’s decision to label Pune Buildtech Pvt Ltd as ‘fraud’ and declared it null and void, along with the inclusion of the realty firm’s name in any list or communication that blacklisted the company from obtaining institutional credit. In a separate ruling, the court also ordered the […]

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The Bombay High Court has overturned Bank of India’s decision to label Pune Buildtech Pvt Ltd as ‘fraud’ and declared it null and void, along with the inclusion of the realty firm’s name in any list or communication that blacklisted the company from obtaining institutional credit.

In a separate ruling, the court also ordered the bank to remove Pune Buildtech from its list of ‘wilful defaulters’ and to retract any information provided to Credit Information Companies that identified the company as a wilful defaulter.

The division bench, comprising Justice B.P. Colabawalla and Justice Somasekhar Sundaresan, noted in its October 8 order, “It is undisputed that the entire settlement amount, as specified in the Consent Terms (Rs 703.35 crore), was paid by the petitioners to Bank of India in June 2024.”

The court expressed confusion as to why the bank would continue to proceed with actions to declare Pune Buildtech a wilful defaulter, particularly after issuing the company a ‘No Dues Certificate.’

Senior Advocate Cyrus Ardeshir, along with Munaf Virjee of AMR Law, representing Pune Buildtech, argued that the company was never formally informed of its account being classified as a ‘fraud’ account. They were only notified verbally, without any prior intimation.

Regarding the ‘wilful defaulter’ declaration, Pune Buildtech contended that a show cause notice dated May 4, 2020, was sent by the Bank of India, indicating that its Identification Committee had classified the firm as a ‘wilful defaulter.’

The notice demanded that the company settle its outstanding dues within 15 days of receiving the letter, failing which it would be formally declared a wilful defaulter. However, this notice did not reach the company until July 1, 2020.

At the time of this report, neither Bank of India nor Pune Buildtech responded to email queries. Munaf Virjee, founder of AMR Law and representative of Pune Buildtech, also declined to comment.

The court, in its directive to the public sector bank, pointed out that both parties had entered into consent terms on March 22, 2024, regarding a one-time settlement (OTS).

According to these terms, upon receipt of the settlement amount, the Bank of India was required to withdraw all legal proceedings and actions taken under any law related to the matters outlined in the Consent Terms.

The dispute originated from a term loan that had been sanctioned by a consortium of lenders, including Bank of India, in 2013. The parties later agreed to the OTS in March 2024, under which Pune Buildtech committed to paying Rs 703 crore as a full and final settlement.

In two separate petitions, Pune Buildtech argued that despite fulfilling the terms of the consent agreement and receiving a ‘no dues’ certificate, the bank persisted in classifying the company as a ‘fraud’ and ‘wilful defaulter.’

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Maharashtra RERA issues warning to homebuyers about 314 housing projects undergoing insolvency https://realtyquarter.com/maharashtra-rera-issues-warning-to-homebuyers-about-314-housing-projects-undergoing-insolvency/ https://realtyquarter.com/maharashtra-rera-issues-warning-to-homebuyers-about-314-housing-projects-undergoing-insolvency/#respond Sun, 13 Oct 2024 10:38:19 +0000 https://realtyquarter.com/?p=8718 The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a caution to homebuyers, advising them against purchasing properties in 314 projects currently registered with the authority. These projects are undergoing insolvency proceedings at the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC) of 2016. Several banks, financial institutions, and other entities […]

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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a caution to homebuyers, advising them against purchasing properties in 314 projects currently registered with the authority.

These projects are undergoing insolvency proceedings at the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC) of 2016.

Several banks, financial institutions, and other entities that have provided credit to the real estate sector have initiated the Corporate Insolvency Resolution Process (CIRP) against these developers.

Significant investments have already been made in these 314 projects. Of these, 56 are ongoing, with an average apartment registration rate of over 34%.

Among the 194 lapsed projects, the average property registration stands at over 61%. Meanwhile, 64 projects have been completed, with an 84% registration rate for the apartments.

The list includes projects by prominent developers such as Wadhwa Buildcon LLP, Housing Development & Infrastructure Ltd (HDIL), Man Infraprojects, RNA Corp, Radius & Deserve LLP, Karrm Infrastructure, Man Realty, Lavasa Corp, Richa India Infra Development, Rashmi Housing, Nirmal Lifestyle, and Sheltrex Karjat.

MahaRERA has taken various steps to monitor real estate projects closely. The regulator not only verifies information shared by developers but also stays updated on project statuses through other sources.

“MahaRERA is consistently working to ensure that homebuyers’ investments are safeguarded,” said Manoj Saunik, Chairman of MahaRERA.

“This list of 314 projects undergoing insolvency and bankruptcy is part of our effort to alert homebuyers and protect them from potential fraud.

In April 2023, we released a district-wise list of 308 similar projects, which helped many homebuyers. We encourage everyone to review this updated list before making any property purchase decisions.”

The list of projects facing NCLT proceedings is available on MahaRERA’s website and has been compiled based on information obtained from various sources and verified by relevant authorities.

It remains unclear whether these 314 projects are still accepting new bookings. To ensure transparency and protect homebuyers, MahaRERA has updated the list on its portal and urges potential buyers to consult it before making any decisions.

In Mumbai’s suburban areas, 88 projects are listed, with 51 of them having witnessed 70% investment. In Pune, 45 out of 50 projects are already 75% booked. In Thane, 52 of 106 projects have seen 50% investment, while in Palghar, 16 of 18 projects are 74% booked.

Other cities also show significant investments. Solapur’s five projects have 87% investment, Nagpur’s two projects have 60%, and the sole lapsed project in Chhatrapati Sambhajinagar is 55% invested.

Additionally, two out of nine lapsed projects in Mumbai City have seen 68% investment, and in Nashik, the three lapsed projects have 34% investment. In Raigad, 13 of 15 lapsed projects have seen 32% investment, according to data from MahaRERA.

Of the 56 ongoing projects, 21 are in Mumbai suburbs with 38% bookings, 20 in Thane with 28% sales, six in Mumbai City with 31% bookings, and five in Pune with 41% sales.

 

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Belicia revenue soars to over 200 crores in Q1 with record 80+ units sold https://realtyquarter.com/belicia-revenue-soars-to-over-200-crores-in-q1-with-record-80-units-sold/ https://realtyquarter.com/belicia-revenue-soars-to-over-200-crores-in-q1-with-record-80-units-sold/#respond Fri, 27 Sep 2024 17:33:44 +0000 https://realtyquarter.com/?p=8697 Thane’s finest and new beacon of luxury & elegant living Mumbai, September 20, 2024: ‘Belicia’ a luxurious residential project in Thane being developed by Prescon Group in collaboration with the esteemed House of Hiranandani has generated over 200 crores in revenue in Q1 of FY 2024-25, driven by the sale of more than 80 units. Speaking on the occasion Mr. Vedanshu Kedia, Director of […]

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Thane’s finest and new beacon of luxury & elegant living

Mumbai, September 20, 2024: ‘Belicia’ a luxurious residential project in Thane being developed by Prescon Group in collaboration with the esteemed House of Hiranandani has generated over 200 crores in revenue in Q1 of FY 2024-25, driven by the sale of more than 80 units.

Speaking on the occasion Mr. Vedanshu Kedia, Director of Prescon Group said, “We are thrilled at achieving this remarkable milestone which underscores the strong market demand and the unparalleled appeal of our luxury offerings.

As we continue to redefine upscale living in Thane, this achievement not only reflects our commitment to excellence but also positions Belicia as a beacon of luxury and a promising investment opportunity. We look forward to maintaining this momentum and delivering even greater value to our esteemed customers and investors, going forward.”

Belicia, a landmark 48-story tower sprawling across 1.5 acres, is redefining luxury living in the Thane region with an RERA possession date set for June 2028.

Located on the prestigious Nitin Company Compound near Nitin Company junction, it offers a prime address with easy access to top-tier local transport, esteemed schools, renowned hospitals, business centers, malls, and dining options.

Belicia offers luxurious 2, 3, and 4 BHK apartments ranging from 779 to 1546 sq ft, starting at Rs. 1.85 crore. Each unit features marble flooring, expansive decks, ample natural light, and ventilation, with select apartments including foyer areas for added privacy. Residents will enjoy panoramic city views and serene Yeoor Hills vistas, with the first habitable floor starting on the 7th level.

According to a recent report by PropEquity, a leading real estate data and analytics firm, Thane has emerged as a standout performer in the real estate market for the first quarter of the calendar year 2024.

The city achieved significant sales momentum, recording 26,702 units sold during this period. This impressive figure places Thane among the top cities in terms of quarterly sales, highlighting its robust real estate activity and growing market demand.

The strong performance reflects a continued upward trend in property transactions and underscores Thane’s prominence in the real estate sector.

The recent approval by the Union Cabinet for the Thane Integral Ring Metro Rail Project marks a significant milestone set to transform urban mobility and real estate in Thane.

Set to become operational by 2029, this project will create vital connections between key residential and commercial hubs, driving substantial growth in the region. As a result, this will further epitomize Thane as an attractive market for investment and appreciation; significantly enhancing the area’s overall economic prosperity.

Panch Pakhadi in Thane (W) saw an 11% price appreciation and 3.02% rental yields in 2022, outperforming other Thane micro-markets.

Limited housing supply, superior infrastructure, and upcoming projects are driving this growth. The area’s vibrant commercial hub around Nitin Company further boosts demand. With continued urban development, Panch Pakhadi offers strong investment potential and expected future returns.

Belicia in Panch Pakhadi, Thane is a prestigious address due to its strategic location near the Eastern Express Highway, Thane Railway Station, and upcoming Metro Line 4.

Its rapid infrastructure development and connectivity make it highly desirable for both residential and commercial real estate, positioning it as one of the region’s top addresses.

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Casper Realty Private Limited, a wholly owned subsidiary of The Phoenix Mills Limited, has been declared as the highest bidder for two prime city-centric plots in Mohali, Punjab https://realtyquarter.com/casper-realty-private-limited-a-wholly-owned-subsidiary-of-the-phoenix-mills-limited/ https://realtyquarter.com/casper-realty-private-limited-a-wholly-owned-subsidiary-of-the-phoenix-mills-limited/#respond Fri, 27 Sep 2024 17:04:58 +0000 https://realtyquarter.com/?p=8691 Mumbai, India (September 20, 2024): The Phoenix Mills Limited (“PML” or “Company”) announced today that Casper Realty Private Limited (“Casper”), a wholly-owned subsidiary of PML, has been declared as the highest bidder for two prime city-centric plots in Mohali, Punjab. These plots – cumulatively measuring ~13.14 acres and located in Sector 62, YPS Chowk, Sahibzada […]

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Mumbai, India (September 20, 2024): The Phoenix Mills Limited (“PML” or “Company”) announced today that Casper Realty Private Limited (“Casper”), a wholly-owned subsidiary of PML, has been declared as the highest bidder for two prime city-centric plots in Mohali, Punjab.

These plots – cumulatively measuring ~13.14 acres and located in Sector 62, YPS Chowk, Sahibzada Ajit Singh Nagar (Mohali) – were auctioned by the Greater Mohali Development Area Authority (“GMADA”).

Casper was declared as the highest bidder, with a combined bid value of approximately Rs. 891 crores. The payment shall be completed within the timelines stipulated by GMADA.

Both plots are classified for commercial use and the Company intends to develop an iconic retail-led, mixed-use development on this land parcel.

With excellent connectivity, this land parcel, situated at YPS Chowk—between Chandigarh and Sahibzada Ajit Singh Nagar (Mohali), is well-positioned to capitalize on the growing demand for retail and entertainment spaces in the Chandigarh Metropolitan Region (CMR).

CMR encompasses the union territory of Chandigarh and its neighboring cities, including Panchkula, Mohali, Zirakpur, New Chandigarh, Kharar, Pinjore, Kalka, and Barwala. Strategically located at the crossroads of Punjab, Haryana, and Delhi, the CMR region has emerged as a prime destination for real estate development.

Commenting on the development, Mr. Shishir Shrivastava, Managing Director at The Phoenix Mills Limited, said: “We are pleased to announce that we have been declared as the highest bidders for the acquisition of two land plots in Mohali, Punjab.

We intend to develop an iconic retail-led mixed-use destination on this land parcel which will include retail, cinemas, world-class F&B, commercial offices hotels, etc., and is poised to become the new city center for the CMR region.

Given the strategic location, amidst a dense residential catchment and a large captive and urban population, we believe that our destination mall can cater to the untapped and growing retail demand in this city and truly become the dominant consumption center not only for Mohali and Chandigarh but for the entire Chandigarh Metropolitan Region, including Panchkula, Zirakpur and neighboring cities.

We remain optimistic about our future mall launches and we continue to execute our previously stated strategy of retail-led mixed-use portfolio expansion in market-leading destinations in cities of India, which present the opportunity for us to create such mega consumption hubs.”

About Phoenix Mills Limited (PML)

PML (BSE: 503100 | NSE: PHOENIXLTD) is India’s leading owner, operator and developer of retail-led mixed-use destinations. PML Group’s developments are spread across retail, hospitality, commercial offices, and residential asset classes.

PML and its subsidiaries have an operational retail portfolio of over 11 million sq. ft. of retail space across 8 major cities of India and are further developing approximately 4 million sq. ft. of retail space across 3 new malls and further densifying its existing destinations.

PML Group’s mixed-use destinations also include Grade A offices with an operational office portfolio of over 2 million sq. ft. and under development office portfolio of over 5 million sq. ft. PML Group has delivered 3 iconic residential projects across the country and currently has one project under development in Kolkata.

PML Group also owns and operates two hotels – The St. Regis, Mumbai, and Courtyard by Marriott, Agra and currently has a Grand Hyatt hotel under planning at Whitefield Bengaluru.

The group has expanded its business to include F&B (food and beverage), operating 39 outlets, with 10 diverse offerings, across its malls. With a presence across India, PML is transforming cityscapes with iconic destinations that blend shopping, dining, entertainment, and hospitality.

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Celebrate Navratri, Amplify Your Brand: Join Realty Quarter’s Exciting Event! https://realtyquarter.com/celebrate-navratri-amplify-your-brand-join-realty-quarters-exciting-event/ https://realtyquarter.com/celebrate-navratri-amplify-your-brand-join-realty-quarters-exciting-event/#respond Wed, 25 Sep 2024 03:39:50 +0000 https://realtyquarter.com/?p=8669 Get Ready for the Grand Celebration of Navratri 2024 with Realty Quarter! We’re excited to announce the most anticipated event of the year, filled with vibrant festivities and amazing opportunities! Navratri isn’t just about celebrating; it’s a golden chance for branding, promotions, sales, and launching real estate projects. This year, Realty Quarter is hosting an […]

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Get Ready for the Grand Celebration of Navratri 2024 with Realty Quarter!

We’re excited to announce the most anticipated event of the year, filled with vibrant festivities and amazing opportunities! Navratri isn’t just about celebrating; it’s a golden chance for branding, promotions, sales, and launching real estate projects. This year, Realty Quarter is hosting an unforgettable event that seamlessly blends cultural festivities with business opportunities. Whether you want to boost your brand’s visibility, unveil a new project, or connect with potential clients, this is the place to be!

 

Why This Navratri Event is a Game-Changer for Real Estate

Visualize this: 15,000 premium attendees every day, all potential decision-makers and investors in the real estate sector. Spanning over a sprawling 9-acre ground, we’ve designed this event to provide comprehensive branding promotion and exclusive spaces for businesses to showcase their offerings. 

Here’s a sneak peek of what awaits you:

  • Dynamic Displays: With 9 LED screens broadcasting real-time content and advertising, your brand will shine throughout the venue.
  • High Visibility: 60+ welcome gates adorned with sponsor logos ensure maximum visibility for your brand.
  • Culinary Delights: 25+ food stalls will not only tantalize taste buds but also serve as great networking spots.
  • VIP Networking: A lounge reserved for top-tier discussions and networking opportunities.
  • Exclusive Business Space: Designed for project displays, fostering new partnerships and opportunities.

Our Navratri event doesn’t just stop at on-ground promotions; we offer massive media outreach. From celebrity appearances to influencer engagements, your brand will gain premium media coverage that’s hard to find elsewhere!

 

Get Maximum Exposure with 360° Branding

We’re dedicated to making sure your brand stands out at our Navratri event! Expect 20,000 passes distributed in prime locations like Lokhandwala Township, Thakur Complex, and Growels 101 Mall. Your brand won’t just be seen by event attendees; it will catch the eye of potential clients in these bustling areas even before the festivities begin.

As a main sponsor, you’ll enjoy exclusive perks, including extensive media coverage that will elevate your brand’s profile. With celebrities and influencers in attendance, your projects will receive the high-profile exposure they truly deserve. Join us in this exciting journey, and let’s elevate your brand together!

 

Ready to Join? Download the Sponsorship PPT

Are you ready to amplify your brand at this grand event? Download our Sponsorship PPT to discover the various opportunities that are available. Whether you’re interested in sponsoring the event or booking a display space, the PPT covers everything you need to know.

Download Sponsorship PPT

 

Get Your Free Visitor Pass Now!

Want to experience the festivities firsthand? We’re offering free visitor passes to this vibrant celebration! Don’t miss out on the chance to see what Realty Quarter has to offer.

Register for Free Visitor Passes

 

Need More Info? Connect with Us on WhatsApp

Have questions? We’re here to help! For any inquiries about sponsorship, event details, or anything else, feel free to reach out to us directly through WhatsApp.

Click here to connect with us directly

 

Don’t Miss Out—Your Brand Deserves This Spotlight!

This Navratri event is the perfect platform to showcase your real estate projects, promote your brand, and forge valuable connections. With exclusive access to a high-profile audience, celebrity appearances, and extensive media coverage, this is where deals are made, and brands shine.

Contact us today to learn more about sponsorship packages or how you can be part of this incredible event. Don’t wait—make sure your brand is front and center at Realty Quarter’s Navratri 2024 event!

 

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