The Chennai Metropolitan Development Authority (CMDA) has introduced deemed No Objection Certificates (NOCs) for residential buildings taller than five floors or 18 metres, aiming to streamline approvals and accelerate construction. Since launching its online system in May 2022, CMDA's monthly approvals have doubled, but delays of up to 45 days were common. The new process reduces approval time to 30 days, with automatic NOC issuance if departments fail to respond within 10 days. This change is expected to speed up project timelines, benefiting developers and addressing Chennai's growing housing demand.Read more

The Maharashtra government has reintroduced benefits for converting leasehold plots to freehold at a reduced rate, reinstating concessions that were briefly retracted in March. Under the new rules effective from June 28, housing societies can convert their plots by paying just 5% of the Ready Reckoner (RR) rate if they choose self-redevelopment, with a requirement to allocate 25% of new area to affordable housing under PMAY. Alternatively, a 10% RR rate fee is available for builder-driven redevelopments. This initiative impacts approximately 1,600 leasehold plots in Mumbai and 1,800 statewide, aiming to enhance property ownership and support affordable housing.Read more

Bollywood singer Sonu Nigam sold a 2,131-square-foot commercial property in Andheri West for INR 7 crore on June 28, 2024. The deal, priced at INR 32,848 per square foot, was made to two buyers from Delhi and includes two car parking slots. This sale follows his father's INR 12 crore Versova purchase and Nigam's own investment of INR 11.37 crore in Andheri last year. The trend of celebrity investments in Mumbai's real estate market is growing, as seen with high-profile transactions like cricketer Yashasvi Jaiswal's INR 5.38 crore purchase and other notable deals.Read more

The Bandra-Versova Sea Link in Mumbai faces significant challenges, leading to a cost increase to INR 18,120 crore from the initial INR 11,332 crore. The Maharashtra government has extended the project deadline by 508 days due to design changes demanded by local fishermen and other complexities. The 17.17-kilometer sea link, essential for easing traffic congestion, now requires the Maharashtra State Road Development Corporation to secure an additional INR 6,788 crore to cover the overruns. Experts highlight the need for better planning and community engagement in future projects to avoid such escalations.Read more

In 2023, India's private lending market rose with USD 7.8 billion invested, marking a notable rise from USD 5.3 billion in 2022. This growth, driven by NBFCs and private credit funds, expands financing options but raises concerns. Intense competition drives interest rates down, exemplified by Hubergroup's 12.5% return on INR 1,500 crore loan, down from previous years. New, less-experienced players entering the market heighten risk assessment worries. Despite challenges, increased competition fosters innovation and supports small businesses. Fintech firms, employing AI and data analytics, offer potential solutions, reshaping the lending landscape and promoting financial inclusion amidst regulatory caution for sustainable growth.Read more

Singapore's Keppel Corporation has acquired the One Paramount 1 tech park in Chennai for approximately INR 2,100 crore. This prime asset, spanning 12.6 acres with 2.4 million square feet of office space across three towers, was previously owned by RMZ Corporation and CPP Investments. Finalised at an 8.5% cap rate, the deal reflects strong investor interest in India's commercial real estate sector. The tech park's prestigious tenants include global firms such as Genpact and VMware. The acquisition highlights India's recovering office market and Keppel's strategic expansion in the region.Read more

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced the results of its 5th Real Estate Agents examination, with 4,165 out of 4,769 candidates passing, reflecting an 87% success rate. This exam saw Sharad Mota from Mumbai and Divyesh Maheshwari from Pune achieving perfect scores. Notably, 196 senior citizens participated, including 12 women. With this latest batch, a total of 13,370 candidates have qualified as real estate agents in Maharashtra. MahaRERA continues to stress the importance of mandatory training and certification, impacting the 47,000 registered agents in the state and ensuring enhanced industry standards.Read more

Central Railway (CR) plans to extend the fifth and sixth lines between CSMT and Parel, which may result in terminating Harbour line services at Sandhurst Road to reallocate platforms. CR will demolish Byculla's express corridor platforms to accommodate new tracks, removing express train stops between CSMT and Dadar. Platforms 1 and 2 at CSMT and Masjid will accommodate Main Line services. Current extensions between Kurla and Parel face land acquisition challenges. Earlier proposals included alternative alignments and additional stations but required unacquired land. These expansions aim to enhance operations and manage increased traffic in Mumbai's rail network.Read more

MHADA's Mumbai Board issued offer letters to 158 eligible applicants from old cessed buildings through a computerised lottery on December 28, 2023. The State housing and OBC welfare minister Atul Save announced a waiver of the INR 70,500 NOC fee for each recipient. Applicants must comply with the offer letter's conditions or face cancellation. Initially, 444 flats were available; 212 out of 265 applicants were found eligible after re-verification. Document verification for the remaining 53 applicants is still in progress. MHADA plans to hold another lottery soon for the sale of 2,000 flats in prime locations across Mumbai.Read more

The Bombay High Court upheld the Maharashtra Government's decision to increase lease rents in Bandra based on the Ready Reckoner (RR) rate, affirming its appropriateness given Bandra's high-end real estate. However, the court ruled that rent must remain fixed for the entire lease duration, not revised every five years as per government resolutions from 2006, 2012, and 2018. Justice B P Colabawalla and Justice Somasekhar Sunderesan noted that the revised rents, ranging from less than INR 2,000 to a maximum of INR 6,000 per month, were not exorbitant given Bandra's prime location. They emphasized that lessees have used the land almost free of cost since 1951, making the rent increase reasonable. However, the court struck down the clause for periodic rent revision, stating both the state and lessees cannot unilaterally modify the lease terms.Read more