Ambika Chauhan Aibara, of Parle Products fame, recently acquired two lavish sea-view apartments in Mahalaxmi, Mumbai. Valued at over Rs 47.3 crore, these expansive units, spanning a combined 6,180 sq ft on the 24th and 25th floors of Raheja Modern Vivarea, reflect her confidence in the city's property market. This landmark development, covering a staggering 1 million sq ft and priced at approximately Rs 90,000 per sq ft, promises a top-tier living experience. The development, situated on reclaimed textile mill land, caters to Mumbai's affluent circles, adjacent to the renowned Raheja Vivarea.Read more

Boney Kapoor's Bayview Projects LLP and Bhutani Group have won the bid to jointly develop the Film City project near Noida Airport. The project aims to create an integrated media infrastructure for the movie business value chain. Bayview secured the win with an 18% revenue-sharing offer to the UP government, beating competitors like T-Series, Akshay Kumar-backed Super Technobuild, and KC Bokadia's 4 Lions Films. With a moratorium of eight years, the developer will start paying 18% of gross revenue from the ninth year. The Film City, planned on 1000 acres, will include commercial and industrial zones, linked to Jewar Airport for enhanced connectivity. The project, valued at INR 1,510 crore, is expected to be completed in eight years, with a focus on incorporating advanced technologies for contemporary cinema.Read more

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken Suo Moto action against developers selling non-agricultural plots without registering projects. 41 promoters received show cause notices for advertising projects without MahaRERA registration. Of these, 21 are in Pune, 13 in Konkan, and 7 in Nagpur. The majority of violations have occurred in semi-urban or rural areas. MahaRERA treats plot projects just like residential buildings and therefore, all financial, legal, and technical aspects of the plots are scrutinized. Promoters must obtain approvals and adhere to civic standards for registration. MahaRERA Chairman Ajoy Mehta emphasized the importance of obtaining MahaRERA registration to safeguard real estate investments, urging caution against unregistered plot purchases.Read more

CREDAI-MCHI's 31st property Expo, held at Jio World Convention Centre, showcased the resilience of India's real estate industry. President Dominic Romell and Ajmera Realty's Dhaval Ajmera expressed enthusiasm over the event's success. With a theme of "Zero is our Hero," offering a 6 percent discount through stamp duty and registration charge waivers, the Expo attracted over 24,000 homebuyers. Despite a recent interest rate hike, Romell noted stable demand. Ajmera highlighted the positive impact of government incentives and subsidies, citing the Expo's impressive INR 350 crores in sales. The event emphasized the robust demand for affordable housing and the pivotal role of government initiatives in shaping the real estate sector.Read more

CREDAI-MCHI, the leading real estate industry body in the Mumbai Metropolitan Region (MMR), successfully organized the 31st edition of India's Largest Property Expo from January 26th to 28th, 2024. The prestigious event, held at the Jio World Convention Centre, attracted over 24,000 serious homebuyers and resulted in the sale of 185+ housing units, totalling INR 350 crores in transactions over three days. The Expo's theme, "Zero is our Hero," symbolized a 6 percent discount achieved by excluding stamp duty and registration charges. The Expo featured renowned builders, financial institutions, and offered a luxurious viewing experience with quick and easy registration. Entertainment and informative elements, including lucky draws, interactive AI, and government bodies' presence, enriched the overall experience for attendees.Read more

Real estate giant Arihant Superstructures Limited is diversifying into hospitality with its project "World Villas," spanning 30 lakh sq. ft near Mumbai Trans Harbour Link and Navi Mumbai International Airport with an estimated revenue of Rs 3000 crore. With a focus on the Panvel area, the project includes a 221-key hotel, a sports club, and a gymkhana on 10.5 acres. The company aims for a diverse revenue stream, including membership fees, and plans for weddings, events, and accommodation in the hotel. This Rs 250 crore investment aligns with Arihant's commitment to meeting evolving customer needs. The trend of real estate giants diversifying into the hospitality sector is expected to continue growing due to rising demand and industry partnerships.Read more

The Maharashtra state government is seeking approval from the Central government for the proposed amendments to the Registration Act 1908. The amendments seek to empower sub-registrars to scrutinize documents for violations of laws during registration. The amendments aim to address violations of real estate laws in registration of property documents. A circular issued earlier on the same lines was struck down by the Aurangabad bench of Mumbai High Court. The state has thus sought to amend the law itself. Critics, including the Avdhoot Law Foundation, express concerns about potential misuse of the additional powers. The proposal aligns with broader efforts to modernize real estate practices and regulatory standards in Maharashtra.Read more

Samsung has inaugurated its premium store, Samsung BKC, in Mumbai's Bandra Kurla Complex, marking the company's first Online-to-Offline (O2O) store in India. Spanning 8,000 sq. ft, the store features eight lifestyle zones showcasing how Samsung products integrate into daily life. Samsung BKC offers over 1,200 product choices from an online digital catalogue, allowing exploration and pre-booking of the latest Galaxy S24 series. Beyond product displays, Samsung BKC will host Learn @ Samsung workshops and a Creator's Workshop for customization. This move positions Samsung as a strong contender in Mumbai's competitive tech retail landscape, challenging its biggest competitor Apple in Bandra Kurla Complex.Read more

CREDAI-MCHI, the apex body of the real estate industry in the Mumbai Metropolitan Region (MMR), will host the 31st edition of India's Largest Property Expo this weekend. The event, held from January 26th to 28th, 2024, at the Jio World Convention Centre in BKC, features the theme "Zero is our Hero," highlighting the initiative of zero registration fees and zero stamp duty on home purchases. With over 1000 properties showcased by 100+ developers, the expo aims to make homeownership more accessible and affordable. Developers like Piramal Realty, Adani Realty, Raymond Realty, Dosti Realty, Rustomjee Group, Ajmera Realty & Infra India, L&T, and others will participate, along with financial institutions such as HDFC, SBI, Tata Capital, Bank of Baroda, ICICI Bank, Axis Bank, and more.Read more

Global financial services firm BNY Mellon has finalized a pre-lease agreement with Prestige Group, securing nearly a million square feet of office space at Prestige Alphatech in Pune. The move is part of BNY Mellon's strategy to consolidate its multiple offices across the city into a single location. Spread over 16 floors, the office is expected to be operational by Q4 2024, enhancing BNY Mellon's real estate footprint in India to over 1.4 million square feet. The 15-year lease agreement, with a lock-in period, reflects BNY Mellon's commitment to elevating employee experience. The partnership with Prestige Group aligns with Pune's growing prominence in the BFSI sector, emphasizing the strategic significance of this real estate development.Read more