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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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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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.

The post Eva Aria in Chembur by Roha Realty (now known as Vida Realty) Achieves Major Milestone with 50% Inventory Sold appeared first on .

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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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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The promoter had failed to deliver the properties to the allottees, including those who had opted for the subvention scheme and the construction link plan scheme, by the agreed-upon dates and the MahaRERA completion deadline of December 2021.

MahaRERA Chairman Ajoy Mehta has directed the promoter to refund the full amounts received from certain allottees, including interest for some and without interest for others.

Additionally, the promoter must execute and register cancellation deeds, cancel the allotment letters and agreements for sale, and refund the payments made by the allottees.

For some, possession of the flats, along with the occupancy certificate (OC) and interest for the delay, must be handed over, based on the specific reliefs sought by each allottee.

However, MahaRERA dismissed a few complaints due to issues of maintainability and insufficient evidence. The authority also vacated an earlier order that had barred Piramal Capital & Housing Finance Limited from taking any coercive action.

This decision was made as MahaRERA had already determined the rights of the allottees and defined the obligations of the promoter.

MahaRERA does not have jurisdiction over the tripartite agreement between the allottee, promoter, and lender, but it did instruct all parties to adhere strictly to the terms of this agreement. Complaints had been raised that the finance company had initiated proceedings under the SARFAESI Act.

The MahaRERA order acknowledged the complexities involved in executing real estate projects, noting that such challenges are well-known to developers undertaking these projects.

One complainant sought a refund due to significant delays in possession of a flat booked in 2017, which was supposed to be handed over by December 2021 according to the agreement.

The complainant highlighted that the promoter had assured that under the subvention scheme, they would bear the cost until physical possession was provided, relieving the complainants of any financial burden.

Another complainant reported that a substantial loan had been disbursed by the finance company to the promoter on behalf of the homebuyers.

Additionally, a separate complainant noted that they had booked and registered an agreement for sale in March 2018, with possession promised by December 2021. As of now, there has been no progress on the construction of the C wing.

The post MahaRERA Grants Relief to Over 70 Buyers of Ruparel Skygreens Due to Delayed Possession. appeared first on .

According to property consultant Anarock, Mumbai has seen the highest growth in monthly rentals at flexible office spaces at 27% in the last four years followed by Gurugram at 19%.  This bodes well for the industry as it will lead to more supply and attract investors given the

co-working industry’s track record of consistently yielding rich results for its stakeholders over the last five years.

Over the last decade, companies have been increasingly opting for flexible managed office spaces to save on fixed costs while bringing more flexibility and agility to the business.

This trend was accelerated by the COVID-19-induced pandemic and today, nearly a fifth of total  new office space leasing is absorbed by co-working spaces across the top seven cities.

A Good bet for investors

Given the sector’s strong fundamentals in consistently attracting occupiers across the board, there is great demand among startups and large technology companies, making it an attractive proposition for investors.

Investments in co-working spaces become even more lucrative due to the greater flexibility and lower risk exposure it offers as against traditional real estate investments.

Similarly, the shared nature of these flexible office spaces allows for faster adaptation by occupiers and meets their evolving needs, thereby mitigating risks and fast-tracking the path to profitability.

There are multiple ways in which investors, both institutional and retail, can participate in co-working spaces’ growth journey including Proptech platforms and alternate investment funds among others.

These platforms have played a critical role in enabling retail investors to invest in India’s fast-growing commercial real estate segment which was out of bounds earlier due to high upfront investment requirements and lack of market expertise.

Studies by Anarock suggest that investments in the flexible office sector grew more than threefold to Rs 4,600 crore between 2020 and 2023 from Rs 1,400 crore received in funding between  2015 and 2019.

The inflow of new players to expand the market

The success of flexible managed office spaces is attracting new players into the fray which is helping expand the market while creating new opportunities.

Avendus suggests in a report that around 250 flex or co-workspace operators, with $3.5 billion in annual revenue in 2023, are estimated to generate revenues of $9 billion in five years.

This democratization of flexible workspaces is also enabling small to midsize space providers to cater to the needs of smaller companies that were largely devoid of premium office spaces due to high costs.

While its initial adoption was led by the top cities including Mumbai, Delhi-NCR, Kolkata,  Bengaluru, Hyderabad, Chennai, Ahmedabad and Pune, the trickling down of the concept of co-working spaces into smaller cities is opening up million-dollar opportunities.

This assumes significance as India has over 4,000 cities with only eight cities being the hub of all economic and technological developments so far and there is a concerted effort by the government and the industry to establish new engines of growth in smaller cities.

At the same time, the sector is also witnessing the inflow of international players from cities like New York and Hong Kong a testament to the sector’s attractiveness as a preferred destination for investments.

This is helping bring global best practices to the  Indian flexible office segment, thereby elevating its quality of services and further drawing the attention of investors.

Going forward, the continued rental growth in the flexible managed-working sector underscores its significant impact on the broader real estate market.

As flexible workspaces become increasingly integral to the business strategies of companies large and small, traditional office landlords are compelled to adapt.

The sustained demand for managed office solutions not only reflects shifting workplace preferences but also signals a lasting transformation in commercial real estate dynamics.

As the sector matures, its influence on urban development and property values is likely to deepen, reinforcing its role as a key driver in the future of work.

Authored by Shesh Rao Paplikar, Founder and CEO of Bhive Group

Shesh Rao Paplikar is the Founder & CEO of BHIVE Group, home to BHIVE Workspace, one of Bengaluru’s biggest managed office space providers that has offices at 26 prime locations in the city with a total of 1.8 million sq. ft in space and over 44,000 seats.

Shesh completed his BE in Computer Engineering from NITK, Surathkal, and started his first company while still a student at NITK. Later, he worked in the technology field for 11 years on Wall Street, New York before starting BHIVE in 2014.

Having worked in startups and companies of varied sizes and cultures, Shesh brings this perspective and experience from his background to provide an exceptional working experience to the clients at BHIVE.

Shesh has been instrumental in building the BHIVE Group, consisting of BHIVE Workspace and BHIVE Capital. While the Workspace wing with 26+ centers across Bengaluru makes over 250 crores annually, BHIVE Capital, the finance wing, have done 200+ crores of business in 2 years.

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This ruling, announced on Wednesday, settles a disputed issue involving creditors, including J.C. Flowers Asset Reconstruction and Piramal Capital & Housing Finance, by clarifying the financial responsibilities related to the Avenue 54 project.

Radius Estate Projects, previously Vishwaroop Realtors, faced a legal conflict over loans initially totaling Rs 700 crore, secured by mortgages on the project’s land and assets.

In 2016, a mortgage deed was executed in favor of IDBI Trusteeship to secure a loan from Yes Bank, later transferred to J.C. Flowers Asset Reconstruction. Additional loans raised the total to Rs 700 crore, with further charges on the property.

By 2018, Diwan Housing Finance Limited (DHFL), which was later acquired by Piramal Capital & Housing Finance, had sanctioned a total of Rs 2,000 crore in project loans to Sumer Radius Reality, the developer’s arm.

The conflict arose when Sumer Radius Realty and other joint developers defaulted on loan repayments, but a mortgage was created for Avenue 54 in favor of DHFL without the necessary No Objection Certificate (NOC) from Yes Bank, the original mortgage holder.

J.C. Flowers Asset Reconstruction contended that the charges created for DHFL, now Piramal, were illegal and sought to exclude Piramal from being recognized as a financial creditor of Radius Estate Projects.

The NCLT, after careful consideration, ruled in favor of Piramal Capital & Housing Finance, acknowledging that while the initial NOC from Yes Bank was conditional and later revoked, the subsequent mortgages and financial arrangements by DHFL/Piramal were legitimate. The tribunal found J.C. Flowers Asset Reconstruction’s claims to invalidate these charges to be unsubstantiated.

The NCLT’s decision confirms that Piramal holds legally binding charges over the Avenue 54 Project, solidifying its position as a significant financial creditor.

J.C. Flowers Asset Reconstruction was represented by advocate Rohit Gupta, while the company’s resolution professional Vithal M. Dahake was represented by Amir Arsiwala, and Piramal Capital & Housing by Ryan Dsouza.

In June 2023, Piramal Capital & Housing sold a Rs 3,656 crore bad loans portfolio to Omkara ARC, including loans to Radius Estate Projects.

This ruling has substantial implications for all parties involved in the Avenue 54 Project. For Piramal Capital & Housing Finance, it reinforces their creditor rights and secures their financial interests.

For Radius Estate Projects, it clarifies their financial obligations and the priority of creditor claims, highlighting the importance of adhering to proper financial procedures and obtaining necessary approvals when creating charges on mortgaged properties.

The post Piramal Capital Recognized as Creditor in Radius Project’s Mumbai Development. appeared first on .

Mumbai, 8^th August 2024: In a landmark move set to redefine the living standards of South Mumbai, Arbour Investments, India’s premier investment firm in the real estate sector, has announced a significant debt engagement with the VDV Group for a high-profile development project known as “The Altitude.” This ambitious project is set to rise in Tardeo, South Mumbai, with an investment commitment of INR 50 crore. Strategically positioned opposite the iconic Imperial Towers on Main Tardeo Road, The Altitude is poised to become a new landmark in the area.

The Altitude promises a unique blend of luxury and convenience, featuring not only residential units but also commercial shops and a dedicated car parking tower.

The project is designed to cater to the elite of South Mumbai with extravagant amenities such as an infinity-edge swimming pool overlooking the prestigious Wellington Club, a terrace barbecue pavilion, a sky lounge with a star-gazing area, and more.

This 41-story architectural marvel is the brainchild of a renowned luxury brand hotel designer, ensuring that every aspect of the building exudes luxury and modernity.

The project is located on Ratan Tata Road in Tardeo, a prime area known for its proximity to key commercial and social hubs. This investment reflects Arbour Investments’ strategic vision and commitment to lucrative opportunities.

The partnership between Arbour Investments and VDV Group leverages the strengths of both firms: Arbour’s expertise in real estate investments and development, and VDV Group’s extensive experience in construction.

VDV Group, a name synonymous with excellence in the real estate industry, brings its professional track record and substantial experience. The developer has previously worked on various projects across Mumbai, including Bhandup, Kurla-Nehru Nagar, and Thane, covering nearly 800,000 square feet of delivered area. The company has also successfully delivered 300 homes in affordable housing projects in the Mumbai Metropolitan Region (MMR).

Expressing optimism about The Altitude, Chirag Mehta, Founder of Arbour Investments, highlighted the company’s dedication to debt engagements and noted that the sales receivables are already 3.5 times the first tranche of the issue size.

This target represents more than double the security coverage, with personal guarantees from the promoters, along with robust security mechanisms and disciplined project monitoring to mitigate completion risks.

Situated near the Haji Ali junction and the recently launched Western Coastal Road, The Altitude’s location is ideal, providing easy access to commercial hubs like Lower Parel and Bandra-Kurla Complex (BKC).

Additionally, it is close to established social infrastructure and entertainment hotspots such as Kamala Mills and Palladium Mall, making it a dream project for both residents and investors.

Arch. Bhalchandra Walanju, Promoter of VDV Group, expressed confidence in the partnership, praising the clear-sightedness of the Arbour Investments team in navigating the complex real estate framework. The collaboration is expected to lead to successful project completion, enhancing both firms’ reputations in the industry.

To boost sales, VDV Group has teamed up with BLOX, a renowned Proptech firm, as their exclusive selling agency for The Altitude. The property features unique 14-foot-high Manhattan-style Sky-loft apartments, catering to the preferences of new-generation buyers looking for innovative living spaces.

About Arbour Investments:

Arbour Investments stands as India’s leading investment firm in the real estate industry, renowned for its unwavering commitment to Trust, Technology, Transparency, and Integrity (3Ts&I).

The company’s mission is to transform the investment landscape and establish strong business relationships. With a team of dedicated professionals, Arbour Investments offers personalized investment solutions to its Clients, Customers, and Consumers (3 Cs).

Boasting an exceptional talent pool with over four decades of collective experience in the real estate market, Arbour Investments has successfully funded INR 389 crores worth of assets and served hundreds of clients. Spearheaded by Chirag Mehta, Tejas Patil, and Priyesh Chheda, the company is at the forefront of setting industry standards, providing private equity and private credit investment strategies across residential, commercial, and industrial projects.

The post Arbour Investments Infuses INR 50 Crore into Mumbai’s First Manhattan-Style Sky-Lofts with ‘The Altitude appeared first on .

Of these 628 projects, 312 are from the Mumbai region, including Mumbai, Mumbai suburban, Thane, Nashik, and Konkan. About 250 projects are from the Pune region, covering Pune city, western Maharashtra, and Marathwada, while 66 projects are from the Nagpur region.

To protect investments, MahaRERA has urged homebuyers to avoid transactions with housing projects that lack the mandatory RERA registration number. “Promoters of housing projects are not permitted to advertise their projects without a MahaRERA registration number.

Starting August 1, 2023, it is also mandatory to display a QR code with every advertisement, enabling homebuyers to access important project information.

Despite this, some developers are violating these guidelines. Therefore, MahaRERA is always on the lookout for such advertisements and regularly initiates action against the violators,” said Ajoy Mehta, chairman of MahaRERA.

For effective enforcement of these guidelines and to identify violators, MahaRERA collaborates with the Advertising Standards Council of India (ASCI). This partnership aims to monitor both traditional and new-age advertising formats, with the aid of artificial intelligence.

The collaboration has successfully identified violators across newspapers, websites, online video streaming channels, and social media. Notably, the violation rate is significantly higher on social media compared to traditional advertisement formats.

Under the Real Estate (Regulation and Development) Act, any project in Maharashtra exceeding 500 square meters or involving more than eight apartments (including plots) must be registered with MahaRERA. No marketing activities or sales are allowed without securing this registration number.

Furthermore, starting August 1, 2023, developers are required to provide detailed project information, including the project’s name, developer’s name, registration renewal status, expected completion date, pending complaints, litigations, and any recovery warrants. This information can be accessed by scanning the project’s QR code.

Despite these mandatory requirements, some developers continue to disregard the guidelines, prompting MahaRERA to initiate suo motu action and issue show-cause notices to the violators.

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