MahaRERA has received several complaints from homebuyers regarding issues with parking spaces sold by developers. To address this, MahaRERA has made it mandatory to include all parking details like lot numbers, dimensions and block location in sale agreements and allotment letters. This aims to provide upfront transparency and avoid future disputes. Developers must now clearly demarcate and label garage, covered and open parking spaces as per approved plans and must also tag these spaces to the allotted apartment. Open parking is considered a common area as per RERA and cannot be sold. The directives aim to protect buyer interests by resolving issues at the outset and ensuring allottees can use the parking facilities smoothly.Read more

Viman Nagar, Pune, stands out as a bustling residential and commercial hub, celebrated for its prime location near the Lohegaon Airport. Its robust infrastructure offers a mix of housing options, from high-rise apartments to independent bungalows, catering to diverse needs. March witnessed notable transactions with VNSVL Shubh Nirvana Phase 1 and Rohan Mithila leading sales. The market appeals to varied budgets, with prices ranging from INR 11.5 Lakhs to INR 3.17 crores. Apartment sizes vary, ensuring suitability for families and individuals alike. Average prices per square foot hover around INR 12,029, attracting buyers from different segments. Viman Nagar's allure lies in its balance of affordability, luxury, and convenience, solidifying its status as a sought-after real estate destination.Read more

Anil Gupta, chairman of Wellknown Polyesters, alongside his wife and the company, purchased two sea-facing apartments in Mumbai's Lodha Malabar project for over INR 270 crore, marking one of India's priciest residential transactions at INR 1.41 lakh per square foot. The deal highlights the rising demand for luxury housing in Mumbai's upscale areas. The Lodha Malabar project, slated for completion by June 2026, has witnessed other record-breaking deals, indicating fierce competition for prime Mumbai real estate. Gupta's move signals a potential trend of large corporations investing in luxury real estate, potentially reshaping the sector's dynamics.Read more

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has raised concerns about 212 housing projects across the state that have not provided construction status updates as mandated. These projects, launched between January and April 2023, were required to submit Quarterly Progress Reports (QPRs) to MahaRERA, but failed to do so. Non-compliance has led to strict actions including project suspension and freezing of bank accounts. To caution homebuyers, MahaRERA has published a district-wise list of these projects, with Pune having the highest number at 47. MMR and Konkan areas combined have 76 non-compliant projects. MahaRERA emphasizes the importance of regular updates to protect homebuyers' investments and ensure project completion as promised.Read more

CBRE's report forecasts a significant surge in India's senior living facilities, estimating approximately 1.5 million new units within the next decade, driven by the doubling of the elderly population. Currently, India only has 18,000 units, indicating a vast scope for growth compared to more developed markets. The southern states, with their favourable climate and robust healthcare infrastructure, lead in senior living supply, attracting developers' attention. The market size is projected to reach USD 17.99 billion by 2029, with a 10% CAGR. Major players like Antara Senior Care and Ashiana Housing are investing heavily, signalling a shift towards tailored housing and care options for India's aging population. As awareness grows and options multiply, senior living is poised to become a mainstream housing choice, potentially emerging as a significant asset class in India's real estate landscape.Read more

Deepak Builders and Engineers, a leading construction company in India, has filed paperwork with market regulator SEBI to raise funds through an initial public offering. The company aims to issue 1.44 crore shares to strengthen its balance sheet and meet working capital needs. Funds raised will repay debt, support operations and explore opportunities. Deepak Builders specializes in various project types like buildings, hospitals and facilities. It has a proven track record of executing turnkey projects. Through the IPO, the company wants to enhance capabilities to sustain growth in the competitive engineering sector.Read more

The Pradhan Mantri Awas Yojana (PMAY) is reshaping homeownership in India, particularly in smart cities like Suraksha Smart City in Mumbai. These cities, driven by technology and sustainability, offer attractive affordable housing options. Suraksha Smart City near Vasai Railway Station exemplifies this, offering well-designed apartments starting from INR 19,99,999, leveraging PMAY subsidies. With lifestyle amenities and connectivity, it sets a benchmark. Other cities like Bhubaneswar and Ahmedabad also embrace PMAY, promoting affordability, sustainability, and connectivity. These projects not only empower residents but also contribute to inclusive urban growth nationwide.Read more

Begur, once a serene village, has transformed into a thriving residential and commercial hub in Bengaluru. March witnessed a flurry of real estate activity in Begur, with Splendid Lake Dews leading the charge, followed by Windsor Troika, SNN Raj Serenity, and Splendid Lake Breez. The diverse offerings catered to varying budgets and preferences, from luxurious units to budget-friendly options, and from spacious homes to compact living spaces. With its strategic location, modern amenities, and excellent connectivity, Begur emerged as a real estate hotspot, offering a harmonious blend of affordability, luxury, and convenience.Read more

Bengaluru-based real estate major Brigade Group has announced plans to invest INR 400 crores to develop an office complex called Brigade Tech Boulevard in Chennai. Spread across two towers on Pallavaram-Thoraipakkam Radial Road, the project will have a leasable area of 8.36 lakh square feet. This is Brigade Group's next commercial launch in Chennai after the successful completion of World Trade Center on Old Mahabalipuram Road. Brigade Tech Boulevard will feature world-class specifications and sustainability features to cater to the growing demand from IT/ITeS, engineering, automotive and banking sectors in Chennai's diverse office market.Read more

K Raheja Corp has acquired Sobo Central Mall located in Mumbai's Haji Ali area from Future Group promoter Kishore Biyani's Bansi Mall Management Company for INR 476 crore. Originally known as Crossroads Mall, Sobo Central Mall was one of the first malls in India opening in the late 1990s but lost prominence over the years. The mall was facing financial stress owing over INR 700 crore to lenders. Creditors had initiated insolvency proceedings and put the mall on sale to recover dues. After the sale, Kishore Biyani settled the debts of INR 571 crore owed by BMMCL through a one-time payment of INR 476 crore.Read more