NCC Urban Infrastructure Ltd has entered Mumbai's real estate sector with a redevelopment project in Versova, involving 4 lakh sq ft of built-up area and projected revenue of INR 700 crore. Known for operations in cities like Bengaluru, Hyderabad, and Dubai, the company is expanding across western India. Redevelopment is a growing trend in MMR, with other out-of-region developers like Ramky Estates, Kolte Patil, and DLF also entering via similar routes. Mumbai's 25,000+ buildings eligible for redevelopment, along with government incentives and steady housing demand, make the region a lucrative choice. The move aligns with broader goals for affordable housing by 2030.Read more

The Enforcement Directorate (ED) has stepped up action against real estate fraud across India, freezing assets in cities like Delhi. A key case involves the 'Shine City' scam, a ponzi scheme that promised high returns on real estate and other ventures, allegedly swindling investors out of over INR 1000 crore. The ED has frozen INR 277 crore in assets so far. In another case, a Delhi commercial property worth INR 44 crore linked to Bhasin Infotech was attached. Over 100 investors reportedly paid for plots but never received them. These actions reflect the ED's push to tackle fraud and safeguard investor money in the real estate space.Read more

In a significant step towards formalising housing access for the economically weaker sections, Odisha's Housing and Urban Development Department has introduced a structured plan to allot affordable homes on priority to urban poor currently staying in transit shelters across Bhubaneswar. The move, detailed under a newly released SOP, outlines eligibility criteria, verification norms, financial contributions, and prioritisation mechanisms, particularly favouring slum dwellers with no pucca homes and individuals with disabilities. This initiative aligns with the broader push under PMAY-Urban 2.0 and dovetails with 43 recently approved housing projects across 42 Urban Local Bodies (ULBs), aiming to boost urban inclusivity and housing equity.Read more

The Maharashtra government has released a draft of updated rules for co-operative housing societies, aiming to simplify governance, enhance transparency, and modernise procedures. Key changes include doubling the registration fee to INR 5,000, equal maintenance charges for all flats, and reduced penal interest on dues from 21% to 12%. A new provisional member category allows nominees of deceased members to vote until ownership is officially transferred. Societies must maintain multiple dedicated funds and can now secure redevelopment loans up to 10 times the land value. Virtual meetings are permitted, and commercial shops gain formal participation rights. The reforms will impact over 1.25 lakh societies statewide.Read more

Housing sales in India's top nine cities fell below 1 lakh units for the first time since Q3 2021, with 94,864 units sold in April-June 2024-a 19% drop year-on-year, says PropEquity. New launches also fell 30% to 82,027 units. Cities like Mumbai, Thane, Pune, Hyderabad, and Navi Mumbai saw steep declines, while Bengaluru and Kolkata had milder drops. Delhi-NCR and Chennai bucked the trend with sales rising 16% and 9%, respectively. Analysts suggest the slowdown signals a market correction, with developers cautious amid unsold inventory and changing buyer behaviour. The trend reflects an evolving landscape in India's post-pandemic housing market.Read more

Proptech startup Reloy, backed by HDFC Capital, reported a revenue jump to INR28.5 crore in FY 2023-24, up from INR17.8 crore the previous year. The growth was driven by strong housing demand and a 50% boost in its referral sales business. Founded in 2015, Reloy offers a B2B2C platform helping builders manage customer and broker relationships, while also providing services like home interiors, financing, and post-purchase support. The company works with top developers across India and has raised INR13 crore so far. With tech adoption rising, India's proptech sector is booming-valued at $10.5 billion and projected to hit $600 billion by 2047.Read more

The Surat Municipal Corporation (SMC) has issued a strict order targeting 151 apartments across three societies-Casa Riviera, KPM Terra, and Celestial Dreams-for lacking valid Building Use Certificates (BUCs). These high-rises reportedly violate safety norms and height regulations set by the Airports Authority of India (AAI), with action intensified after a recent aircraft crash in Ahmedabad. Residents have been given just three days to vacate, after which water and drainage services will be cut off. BUCs confirm a building's compliance with safety codes and approved plans, and living without one can pose legal and safety risks. The move underscores SMC's push for stricter urban safety enforcement near airport zones.Read more

Goldman Sachs has forecast a long-term decline in China's property market, with annual new home demand expected to fall below 5 million units-far from the 2017 peak of 20 million. The downturn, deepened by stalled projects and heavily indebted developers, has eroded buyer confidence since 2021. Official data shows home prices continued to slide in May, despite repeated policy interventions. Goldman also notes a sharp drop in demand from demolition-driven construction and a potential rise in investment-related home sell-offs. With household wealth tied to real estate dropping from 80% to 70% by 2025 and 80 million flats lying vacant, China's property crisis is reshaping both consumer sentiment and economic fundamentals.Read more

Sweden is set to relax its mortgage lending rules early next year to help first-time homebuyers enter the housing market more easily. Under the proposed changes, buyers will be allowed to borrow up to 90% of a property's value�up from the current 85%. Additionally, the requirement for borrowers with high debt levels to repay 3% of their loan annually will be scrapped. Housing Minister Andreas Carlson emphasized the need to balance affordability with financial stability. The move aims to support young families and first-time buyers amid growing concerns over housing access, without compromising safeguards against excessive household debt or market overheating.Read more

Mr. Chintan Sheth, Chairman and Managing Director, Sheth Realty

The central suburbs of Mumbai, particularly Sion and Mulund, are rapidly emerging as high-demand housing destinations, driven by robust infrastructure development and expanding metro connectivity. The introduction of new metro lines, including the Aqua Line and upcoming Line 4, has significantly enhanced access to key business districts, spurring residential interest and capital appreciation. These areas offer improved commute times, upgraded amenities, and redevelopment-led luxury housing, making them appealing to professionals and families alike. With the upcoming Navi Mumbai International Airport, central suburbs are strategically positioned for further growth and rising property values.Read more

The Prayagraj Municipal Corporation (PMC) is preparing to launch a redevelopment initiative across 88 vacant and fenced plots located in localities such as Naini, Jhunsi, Phaphamau, Bamrauli, and Jhalwa. The plan involves constructing multi-storey buildings with commercial shops on the ground and first floors and residential flats above, aiming to boost the city's income while addressing the growing issue of illegal encroachments. Encroached municipal land especially in Kareli, Daraganj, Rasulabad and other densely populated areas is also set to be reclaimed. The civic body will soon present a detailed land inventory for formal approval before initiating construction and legal proceedings.Read more

The All-India House Price Index (HPI), released by the Reserve Bank, registered an annual increase of 3.1% during the January-March quarter of FY 2024-25. This mirrored the growth rate of the preceding quarter, though lower than the 4.1% rise recorded a year earlier. Based on transaction data from ten major cities, the HPI exhibited significant regional disparities: Kolkata saw the steepest annual increase at 8.8%, whereas Kochi experienced a contraction of 2.3%. Every quarter, the national index rose by 0.9%, with cities like Bengaluru, Jaipur, Kolkata, and Chennai showing notable gains.Read more

The Odisha government has introduced new guidelines for converting residential leasehold properties to freehold status. Owners with approved or slightly altered building plans will now pay a 3% fee on the property's benchmark market value (BMV) for full rights. Properties with major plan deviations must first be regularised and receive compliance certification from BMC or BDA. The move aims to simplify the process and ensure clarity in urban governance. Additional reforms include easier plot subdivisions for families, relaxed fire safety norms for older buildings, and more transparent land allotments. These steps are expected to enhance legal property ownership and boost urban planning standards.Read more