The Union Budget 2024 introduces key changes for the real estate sector including significant changes to property taxes and a renewed focus on infrastructure development. The budget has standardized the Long Term Capital Gains (LTCG) tax rate at 12.5% without indexation. The allocation of INR 11.1 trillion crore for capital expenditure aims to boost infrastructure, which will enhance connectivity and real estate development. The PM Awas Yojana-Urban 2.0 plans to provide one crore houses for the urban poor with a significant budget allocation. States are encouraged to reduce stamp duty rates to make property transactions more affordable, especially for women. Lower deductions on rental payments and new policies for rental markets are also announced. Industry leaders have welcomed these changes, highlighting the positive impact on job creation, housing, and urban development.Read more

Godrej Properties has acquired Transfer of Development Rights (TDR) certificates worth INR 50 crore for their upcoming project in Sector 43, Gurgaon. This innovative move, commonly used in Mumbai, allows Godrej to add 300,000 sq ft of built-up space, significantly increasing the project's revenue potential to INR 900 crore. TDR certificates, issued as compensation to landowners for public development, provide additional building rights that can be sold to developers. This acquisition highlights Godrej Properties' commitment to the Gurgaon market, which saw a 473% sales increase in FY24, and sets a precedent for future developments in the area.Read more

VP Nandakumar, CEO of Manappuram Finance Ltd, has made a notable entry into Mumbai's luxury real estate market with the purchase of a sea-facing apartment on Carter Road for INR 41.25 crore. The 4,500 square foot property will serve as a residence for his son, marking the family's first investment in Mumbai's high-end real estate. Facilitated by NoBroker, a proptech company specializing in luxury properties, this transaction underscores the increasing role of technology in the market. It also highlights Mumbai's appeal to diverse buyers, including entrepreneurs and business leaders, beyond the usual Bollywood celebrities.Read more

Ronit Roy, renowned Bollywood actor, has made headlines with his recent acquisition of a luxurious 4,259-square-foot apartment in Mumbai's prestigious Versova area for INR 18.94 crore (USD 2.3 million). Located on the 20th floor of an upcoming high-rise, the apartment offers stunning views of Mumbai's coastline and includes four parking spaces. The transaction, marked by a significant stamp duty payment of INR 1.13 crore, underscores Mumbai's robust real estate market, which has seen continuous growth amid rising mortgage rates and sustained economic stability. Roy joins a cohort of Bollywood celebrities investing in Mumbai's prime properties, reflecting both a penchant for luxury living and savvy financial foresight.Read more

MahaRERA is set to hold its 5th online exam for real estate agents on July 29th at 24 centers across Maharashtra, with 5,260 candidates participating. This mandatory certification ensures agents are well-versed in the Real Estate (Regulation and Development) Act, safeguarding homebuyer interests. Registrations of over 20,000 agents were recently suspended for non-compliance. MahaRERA Chairman Ajoy Mehta emphasises the crucial role of agents in providing accurate information to homebuyers, highlighting the importance of training and certification. To date, 19,403 individuals have completed training, with 9,295 passing previous exams.Read more

Mahindra Lifespaces has announced two major deals totaling INR 2,050 crore (USD 241 million) to expand in Mumbai and Bengaluru. In Mumbai, they secured a redevelopment project in Borivali West worth INR 1,800 crore (USD 210 million), revitalising seven residential societies. In Bengaluru, they acquired a 2.37-acre land parcel in Singasandra for INR 250 crore (USD 29 million), adjacent to their successful Mahindra Zen project. These strategic moves aim to tap into the robust real estate demand in key Indian cities, enhancing Mahindra Lifespaces' presence and growth in the dynamic urban market.Read more

Parel, a central Mumbai locality, has transformed from a mill district into a commercial and residential hub. Significant redevelopment has replaced textile mills with high-rise apartments, office complexes, and shopping malls. Parel hosts several hospitals, earning it the nickname "Medical Hub of Mumbai," and has excellent road and rail connectivity. In June, L&T Crescent Bay led real estate activity with the highest number of deals. Prices per square foot ranged from INR 17,333 to INR 52,729, catering to various buyer preferences. Parel's blend of industrial heritage and modern development makes it a desirable destination for homebuyers and investors.Read more

With the Union Budget 2024-25 set to be announced on July 23, the Indian real estate sector anticipates significant reforms to drive growth and efficiency. The sector is advocating for policy changes, including industry status recognition, single-window clearance, and increased support for affordable housing. These measures are expected to streamline operations, attract investment, and boost economic development. Industry leaders emphasise the need for GST input tax credit revisions, higher home loan interest rebates, and reduced input costs for materials. These reforms are crucial for sustaining economic growth and improving living standards across India.Read more

According to PropEquity, residential property launch prices in India's top 10 Tier II cities have risen by up to 94% over the past five fiscal years. Cities like Agra and Goa saw the highest increases, with Agra experiencing a 94% rise, from INR 3,692 to INR 7,163 per sq. ft., and Goa a 90% rise, from INR 5,378 to INR 10,219. The data highlights a robust demand driven by economic growth and improved infrastructure. PropEquity's research indicates that 24 out of 30 Tier II cities saw double-digit price increases, reflecting a significant shift in the real estate landscape.Read more

Javed Akhtar, the noted screenwriter and lyricist, continues his investment in Mumbai's upscale real estate market with a recent purchase of a INR 7.76 crore apartment in Juhu. This acquisition marks his second property in the prestigious Sagar Samrat Building, following a 2021 purchase nearby. Akhtar joins a flurry of high-profile transactions in Mumbai's luxury sector, reflecting the city's allure among Bollywood celebrities and affluent individuals. As Mumbai's luxury real estate market thrives with notable acquisitions, including properties owned by Aamir Khan and Amitabh Bachchan, experts foresee sustained growth driven by the city's vibrant entertainment industry and affluent clientele.Read more