Quote by Tarun Sainani, Co-Founder at HouseEazy :

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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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By Dr. Renu Singh, Director – Sales & Marketing, Aarize Group

Gurugram, which was earlier known as Gurgaon, has in a true sense epitomized the fast pace of urbanization and skyward economic growth of India. In recent years, the city has gone through a property boom, and become a lucrative destination for property investors.

World-class infrastructure, excellent connectivity, strategic location, and supportive government policies have made Gurugram a hotspot for commercial real estate, attracting multinational corporations, start-ups, and top-notch companies. 

A good location always triggers property appreciation, rental yield, and ROI. In Delhi-NCR, Gurugram is blessed with being closer to the national capital which can reap substantial returns even with a small investment in commercial properties. 

As Gurugram could witness a significant rise in its population, projected to around 5.5 million residents by 2041 by an estimate, the Gurugram Metropolitan Development Authority (GMDA) works earnestly on holistic infrastructure development to cater to the needs of its demographic influx.

Recently, scores of infrastructural projects have been launched in the city, focusing on vital sectors like healthcare, education, recreation, socio-cultural amenities, and public safety.

It aims to enhance the quality of life for all residents and cultivate a conducive environment for commercial hustling-bustling while empowering residents to thrive and prosper.  

Gurgaon was earlier known as a hub of call centers, but it has now transformed into a Millennium City. It offers a wide range of commercial properties fitting for different budgets. From iconic office towers and industrial parks to small provision stores, Gurugram has numerous boroughs ideal for commercial real estate investments.

According to real estate service firm JLL report, Delhi-NCR leads Indian cities in office leasing activity with a gross leasing area reaching 4.03 million square feet in the first quarter of FY 2024-25 while Gurugram showing strong performance. It signifies the city’s vibrancy and dynamic commercial business landscape, making it the dream destination for investors.

 Owing to a wide range of business options, Gurugram has been deemed a hotbed for investors from both India and abroad. Commercial properties have shown high returns. Whether it is a retail store or high-end mall or a tiny warehouse, the returns, as industry experts say, will be impressive. According to a report by Colliers, the rental value of commercial real estate increased 20 percent in NCR, Bengaluru, Pune, and Mumbai for Q1 2024.

Moreover, Shopping-cum-Office (SCO) culture is integrated into Gurugram’s commercial real estate market. It has become an emerging asset investment choice for investors looking for high returns. In the last two years, a staggering 71.6 acres of land has been earmarked for SCO development in Gurugram, expanding at the rate of 30 to 40 percent annually.  

 All in all, Gurugram has emerged as a powerhouse in the commercial real estate sector, offering a multitude of advantages to investors and businesses alike.

At the heart of its appeal lies its exceptional connectivity, with smooth access to major highways, an efficient metro system, and proximity to the international airport, facilitating prospering business operations and hassle-free commutation.

Investors are drawn to Gurugram’s commercial real estate for its potential for high returns. The city has consistently shown strong appreciation in property values and rental yields, outperforming many other Indian cities.

This growth is further bolstered by supportive government policies that encourage business development and foreign investment, creating a favorable environment for real estate investment.

The city’s continued development with upcoming projects and new sectors, including Dwarka Expressway, promises sustained growth and opportunities. A strategic investment in Gurugram’s commercial real estate market not only promises financial rewards but also positions businesses at the forefront of India’s economic growth story.

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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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According to the GNIDA, Greater Noida and Greater Noida West (also known as Noida Extension) will soon see the completion of several development projects, including the Greater Noida West Metro, Multimodal Logistics Hub, and Transport Hub.

Each financial year’s property allocation rates are set in light of these development projects. The board has authorized the proposal to raise the current allocation rates by 5.30 percent for builder, commercial, institutional, residential, and industrial properties for the fiscal year 2024–2025.

“In this regard, the finance department will shortly issue an office order. The 5.30 percent rate increase was described as “modest” by the GNIDA, which stated that the higher rates would be effective as of April 1.

During a meeting presided over by GNIDA CEO N G Ravi Kumar and UP’s Infrastructure and Industrial Development Commissioner Manoj Kumar Singh, the board also authorized the amendment of its one-time lease rent payment program, which excludes residential properties.

Comparable to the Noida Authority, the board of the Greater Noida Authority has determined to impose a one-time lease rent payment of fifteen times the annual lease rent. This was eleven times the yearly lease rent previously, the statement said.

“But in three months, this ruling will come into effect. Allottees may pay a one-time lease rent payment at a rate equal to eleven times the yearly lease fee during this time. Residential properties will not be affected by this adjustment and will carry on with business as usual,” the statement continued.

A 500-meter radius around the proposed Metro route from Noida to Knowledge Park-5 in Greater Noida West has received approval from the authority board for an enhanced Floor Area Ratio.

“This includes a further FAR of 0.5 for residential groups, 0.2 for commercial, 0.2 to 0.5 for organizational, 0.2 for entertainment/greenery, and 0.5 for IT/ITES,” the GNIDA stated.

A higher FAR permits more buildings to be built on a given plot, boosting the area’s population density.

A considerable amount of relief has also been given by the board to allottees who, for a variety of reasons, have not yet completed their residential plots or buildings or executed their lease agreements.

“The board has decided to prolong the due dates for acquiring completion certificates until June 30, 2026, and for leasing deed execution with a late charge until October 30, 2024.

Allottees in regions such as Alpha, Beta, Gamma, Delta, Swarn Nagri, etc. now have an additional chance to comply. The GNIDA stated that the allotments will be canceled after these deadlines.

In addition, rates have been established by the board for the expanded area of plots assigned to the farmer population group.

With approval from the Additional CEO, the price will be determined using the allocation rates of the closest residential sector if the plot’s area grows by up to 10%. If the increase is greater than 10%, the CEO will approve the price determination method based on that of the closest residential sector.

The statement stated that “previously, the lack of set rates for the increased area caused difficulties in allocation.”

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This decision is significant because it establishes a deadline for making an investment in a new home in order to qualify for tax benefits. Long-term capital gains (arising from the sale of the old property) have a taxable component that is reduced to the extent of investment in the new house.

Consequently, there is a reduction in the tax outflow. The new house must be bought either “one year prior” or “two years after” the old house’s sale date, per this clause. Alternatively, three years from the date of the original property’s sale, the new residential home may be built.

In this instance, involving a non-resident couple for the fiscal year 2010–11, the I-T officer rejected the exemption and found that each individual’s taxable income was close to Rs 36 lakh.

The I-T officer decided that making a claim for an erroneous deduction amounted to “concealment of income or furnishing of inappropriate particulars of income,” thus penalties were also assessed.

On February 10, 2011, the couple who didn’t live there sold the old house. As a result, the new home might have been bought between February 11, 2010 (a year earlier) and February 9, 2013 (two years later).

The tax benefit was declined by the I-T officer, who pointed out that the agreement for the purchase of the new house was established with the builder on July 25, 2009.

ITAT rendered a decision in support of the taxpayers. The bench determined that merely the right to purchase had been obtained by signing a purchase agreement. Regarding the tax benefit, the date of possession—February 2, 2011—should be taken into account. This date was inside the allotted time frame.

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• Resort homes near Mumbai witness an uptick in demand, post-infrastructural boost
•  Holiday Homes market growing at a rate of 23.6%: Research

The travel bug has caught the imagination of the Indian people and we are seeing the highest figures recorded ever, in the last two to three years. Domestic tourism is seeing a steep growth trajectory as compared to foreign tourism. Travel entails huge costs and now people have realized that hotel stays contribute to a major portion of these costs. Investing in a Resort Home is a new trend that is fast catching the attention of people, where you earn attractive and regular monthly rental income from your property, with zero maintenance, and at the same time also enjoy a vacation at your resort home during the year.

Several factors have contributed to this trend of letting your home earn for you. The new generation of Indians are looking at investments that give the highest returns in the shortest time frame, whilst they can still enjoy a vacation with the family; that too, a paid one.

Further elaborating on this concept Dr. Sachin Chopda, Managing Director, Pushpam Group said, “We have been running a campaign which we have aptly coined “Kamanewala Ghar” – which means a house that earns for you. This allows the investor to retain ownership of his property, and earn attractive returns with zero maintenance cost, in addition to holidaying at the resort for a certain number of days in a year. So, in short, he is on a perpetual holiday with absolutely no cost to him. Most importantly, this property becomes an asset to him as it appreciates over some time. So, maybe after a few years down the line, if he decides to sell it, he stands to earn huge profits from the sale.”

India’s second & holiday homes once believed to be trophy assets for the selected few, are now increasingly becoming mainstream. The market is presently sized north of USD 2.1 billion and is growing at a commendable rate of 23.6%, as per recent research.

Investment in a resort home is a pragmatic decision that an investor makes as it offers assured and significant returns in the short and long term. Most resort homes are low-cost investments but with high appreciation value. These resort homes are professionally managed wherein the investor has no maintenance cost to bear, but only stands to gain from his investment, from day one; with benefits accrued, over some time.

Tourism in India has got a major boost due to several large infrastructure projects that have improved connectivity within the country. This has resulted in people not hesitating to enjoy a holiday or even invest in a resort home of their liking, as they can now travel much faster and with greater ease, to reach their holiday destination.

Beach tourism is the most popular among places visited by tourists across the world. For people living in Mumbai and Pune, Alibaug is panning out to be the most sought-after holiday destination for a short weekend break. It is popular as it is situated on the scenic Konkan coastal town of Alibaug; just a few hours’ drive from Mumbai and ninety minutes’ drive from the upcoming Navi Mumbai International Airport. The inauguration of the Mumbai Trans Harbour Link (MTHL) is having a significant impact on the investment landscape for resort homes in Alibaug. This 22 km-long sea bridge has dramatically shortened the travel time between Mumbai and Alibaug by about 45 minutes, making it a highly attractive investment destination.

Pushpam Group, a major player in resort homes, is developing a resort home in Alibaug named Balibaug. It is being designed, inspired by Bali’s temples and palace architecture. This resort will consist of 2 &3 BHK luxury villas with private pools and gardens, open showers, terrace Jacuzzi, international standard interiors, sloping roofs, decorative crowns, and other Balinese elements. In addition, the resort will have 20 plus amenities like 3 restaurants, a spa, a banquet hall, a party lawn, a gym, etc. The resort will employ green practices like a rainwater harvesting system, and EV Charging station in addition to a Wi-Fi facility and generation backup for its residents.

In conclusion, we can safely conclude that an investment in a resort home is a rational one, looking at the immense potential that it provides to investors and home buyers alike, over the years ahead.

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One of the key features of the IPS 2024 is its insightful IPS Conference, which is a must-attend for individuals keen on gaining insights into the latest trends, innovative technologies, and investment opportunities in the global real estate sector.

The overarching theme of day one of the IPS Conference, “Patience During Time of Uncertainty: Inclusivity, Innovation & Affordability,” will see a focus on navigating the challenges posed by uncertainty and the importance of inclusivity and innovation in the industry. The day one agenda encompasses a diverse range of topics and will include two-panel sessions, three fireside chats, one IPS Talk, and an interview.

One of the panel discussions will focus on housing affordability and the impact of growing interest rates and a fireside chat will reveal insights into the Dubai real estate market. In the IPS Talks session, a presentation on the correlation between real estate development and improving health will take place.

Next, Day 2 of the IPS Conference will focus on the theme, “Prop-Tech: The Underlying Technology of the Real Estate Sector.” The spotlight will be shifted to the transformative role of technology in the industry. With a theme centered around Prop-Tech, the day will host two-panel sessions, four fireside chats, one IPS 2024 Talk, and an interview.

One of the panels on day two will see a discussion on digitizing real estate, the interview will feature ideas about investments by family offices, and a fireside chat will start the discourse on the integration of Clim-Tech and Green-Tech for sustainable housing.

In addition to the insightful IPS Conference, IPS 2024 will host the IPS Exhibition, featuring builders and developers from over 40 countries, including the United Kingdom, Turkey, Georgia, Greece, Spain, Albania, Bahrain, Thailand, Cyprus, Philippines in addition to the United Arab Emirates.

The landmark 20th edition of IPS in 2024 also has an extensive range of events apart from the IPS Conference and IPS Exhibition. These include the IPS Oscars, IPS Future Cities, IPS Connect, IPS Finance, IPS Women, IPS Youth, IPS Studio, IPS PropTech, and IPS Design, some of which are organized throughout the year. 

In collaboration with the Dubai Land Department, IPS 2024 has become a global platform, ensuring diverse and enriching experiences for attendees, fostering international collaborations, and showcasing a global perspective on real estate and investment opportunities.

Investors seeking global opportunities, builders looking to showcase their projects, or developers eager to stay ahead of industry trends are all welcome to join IPS 2024, a global platform for knowledge exchange, networking, and collaboration.

Contact us to exhibit and/or register for IPS 2024: https://realtyquarter.com/contact-us/

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The minimum price at which a real estate transaction is formally registered is known as the guideline value. This number is significant because it affects how stamp duty and registration costs are calculated.

Regardless of the property’s selling price, buyers of real estate will be required to pay a fixed registration fee of 1% in addition to a 5.6% stamp duty on the value of the property, including cess and surcharge.

The increase in guideline value is anticipated to improve both government income and property market value. Although the departments of stamps and registration update the guiding value every two years, COVID-19 and the assembly elections prevented this update from occurring for five years.

Property purchasers have been rushing to beat the rise during the past two weeks, causing a feverish rush at all sub-registrar offices across Karnataka. As a result, the government has asked that these offices remain open till 8 p.m. until the end of the month.

According to a senior officer in the Department of Stamps and Registration, the updated guiding value will be announced starting on Sunday. Due to Monday being a holiday in honor of Gandhi Jayanti, only Tuesday will be the day that sub-registrar offices accept registrations. The 253 sub-registrar offices throughout the state have already received the updated guidance values, according to them.

The government would release a notification late Saturday, according to Mamatha BR, inspector-general of registration and commissioner of stamps. Depending on the area, the guidance value can change, with houses along roadsides commanding greater prices.

Krishna Byregowda, the minister of revenue, had previously stated that some places will experience increases of up to 50%, with an average increase in the guidance value of 15–30%. The market price of a property is approximately 500 times greater than the guiding value in Electronics City and the adjacent districts.

The market values would exceed Rs 10 crore if the guiding value for properties along national highways was between Rs 5 lakh and Rs 10 lakh per acre. The recommendation figure is 50% altered in these instances, the speaker added.

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The real estate industry in India is flourishing, and there are many options accessible for people who want to buy or sell property. Online portals have gained popularity as a means of conducting real estate transactions as the real estate sector becomes more and more digitized. We’ll look at some of the top Indian real estate portals and websites for buying and selling property in this article.

1.) Magicbricks: One of the top online real estate marketplaces in India. It was introduced in 2006, and the Times Group owns it. The website offers a wide range of services for buying, selling, and renting real estate, including verified listings, virtual tours of the homes, and help with the necessary paperwork. Magicbricks is an all-inclusive website for anyone trying to purchase or sell property in India because it also provides features like property price trends, localities’ insights, and user reviews.

2.) 99acres: 99acres is a different well-known real estate marketplace in India that provides a variety of services for buyers and sellers of real estate. The platform was introduced in 2005, and Info Edge, the business behind Naukri.com, owns it. Users of 99acres can access verified listings, virtual tours of properties, and price trend analyses for different areas. The platform serves as a one-stop shop for all property-related issues by providing a variety of services like home loans, property appraisal, and legal advice.

3.) Housing.com: Housing.com is a well-known real estate website that employs technology to make buying and selling real estate easier. PropTiger.com, which launched the platform in 2012, is the platform’s owner. A number of services are available through Housing.com, such as verified listings, virtual tours of properties, and help with paperwork. Additionally, the platform features a special function dubbed “Slice View,” which gives consumers a 360-degree view of the inside of the property. Housing.com is a great resource for Indian buyers and sellers of real estate because it also offers users information on neighbourhood trends and real estate price indices.

4.) CommonFloor: Quikr is the owner of CommonFloor, a real estate platform that was introduced in 2007. Users can get verified listings, virtual tours of properties, and help with documents through the platform. Along with a variety of other services, CommonFloor also provides legal counsel and housing loans. The platform features a distinctive feature called “Community Living,” which gives customers knowledge about the neighbourhood, including specifics about the area’s schools, hospitals, and services. Additionally, CommonFloor provides a mobile app that makes it simple for users to browse the website while on the go.

5.) PropTiger: Elara Technologies is the owner of PropTiger, a real estate platform that was first introduced in 2011. Users can get verified listings, virtual tours of properties, and help with documents through the platform. Additional services provided by PropTiger include home loans, property appraisals, and legal support. The website features a distinctive feature dubbed “Real Insight,” which gives customers data-driven insights into the real estate market. Additionally, PropTiger has a mobile app that makes it simple for consumers to browse the website while on the go.

These are some of the top websites/portals for buying and selling real estate in India. Every platform has a different collection of features and services, therefore it’s critical to compare them all according to your own requirements. Online portals provide a convenient and hassle-free approach to buy or sell property in India, regardless of the platform you select.

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