MUMBAI HOUSING PROJECTS
Godrej Properties to develop 11-acre project at Pune with revenue potential of Rs 1,800 cr
The newly acquired land is situated in a prime area near the upcoming Megapolis Metro Station, enhancing its accessibility to major IT hubs in Hinjewadi. The location is anticipated to draw substantial interest from both residential and commercial investors due to its proximity to essential amenities such as schools, hospitals, shopping malls, restaurants, and premium hotels.
Redevelopment projects: 8 common mistakes housing societies make when embarking on redevelopment, how to avoid it
The lure of new, modern flats can land ageing housing societies in big trouble. Find out how to avoid it.
Mumbai property market sets yet another benchmark, records best-ever June; registrations rise 12%
Mumbai, India's largest and priciest property market, has achieved a new milestone by recording its highest-ever property registrations for the month of June. In June, the city saw 11,538 property registrations, marking a 12% increase from the previous year. This led to the state exchequer collecting over Rs 998 crore in stamp duty revenue, reflecting a 16% year-on-year rise
Paradigm Realty inks pact to redevelop 11 societies on 5 acres in Mumbai’s Bandra, Kandivali
Paradigm Realty has signed agreements to redevelop 11 housing societies in Mumbai's western suburbs of Bandra and Kandivali, with a gross consolidated revenue potential of around Rs 4,500 crore. The projects, spread across over five acres, have development potential of over 2.8 million sq ft. The Mahavir Nagar project has a development potential of over 2.5 million sq ft, with a free-sale RERA carpet area of up to 1 million sq ft holding a gross development value of nearly Rs 3,500 crore.
Amitabh Bachchan buys more office properties in Mumbai Andheri suburb
Bollywood legend Amitabh Bachchan expands his Mumbai property portfolio with the purchase of three office spaces in Oshiwara for Rs 60 crore. This acquisition adds to his existing commercial holdings, with a focus on real estate investments alongside other industry figures.
Uddhav Thackeray's Shiv Sena pushes for 50% Marathi reservation in new Mumbai buildings
In the lead-up to assembly elections, Shiv Sena (UBT) MLC Anil Parab proposed a bill mandating 50% housing quotas for Marathi speakers in new Mumbai projects. Pending approval, it suggests penalties for non-compliance. Legal experts doubt its constitutionality, citing past court rulings against similar quotas. The bill may be introduced this Thursday.
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Reserve 50 pc homes in new projects in Mumbai for Marathi speakers: Sena (UBT) leader
Shiv Sena (UBT) leader Anil Parab demands 50% reservation for Marathi-speaking people in new Mumbai residential projects due to declining population.
New home supply falls 13 pc in Apr-Jun as builders launch fewer projs due to polls: PropEquity
PropEquity data shows that new housing supply in April-June is estimated to fall to 97,331 units across nine major cities as against 1,11,657 units in the year-ago period.
Housing sales likely to fall 2 pc in Apr-June to nearly 1.2 lakh units across top 9 cities
Housing sales estimated to decline 2% to nearly 1.20 lakh units in current quarter across major cities, mainly due to lower demand in Hyderabad and Pune, as per PropEquity data.
Nadir Godrej, family buy 3 luxury apartments in SOBO’s Malabar Hill for Rs 180 cr
Godrej Industries’ Chairman Nadir Godrej and his family have acquired three sea-view luxury apartments in South Mumbai’s Malabar Hill for a total of nearly Rs 180 crore from a real estate development subsidiary of the JSW Group. The under-construction super-luxury residential project, Ruparel House, on Ridge Road at the top of Malabar Hill with the view of Queen’s Necklace, is being developed by R House Realty, part of JSW Realty.
Builders must provide for rain harvesting, solar energy to make housing societies sustainable: Govt
Naredco President G Haribabu regretted that the real estate sector still does not have as many women entrepreneurs as required for its potential because their participation is still about 8-10 per cent, whereas in other professions such as medical and nursing, women's participation reaches almost 40 per cent of the total capacity.
Mumbai in line to house govt’s animation centre of excellence
The government plans to establish a National Centre of Excellence (NCoE) for Animation, Visual Effects, Gaming, and Comics (AVGC) in Mumbai, along with proposing an AVGC policy to boost the sector's growth and unlock its potential.
Raymond Realty bags project to redevelop housing society in Mumbai; eyes over Rs 2,000 crore revenue
Raymond Realty secureed a project to redevelop a housing society in Mumbai. The project is expected to yield revenue exceeding Rs 2,000 crore. Raymond Ltd's arm, Raymond Realty, will redevelop the MIG VI CHS Ltd in Bandra East, Mumbai, as approved by the board. The project was selected with unanimous member support. This adds to Raymond Realty's existing projects with an estimated total value of Rs 7,000 crore in Mumbai.
MahaRERA keeps registration of 1,750 lapsed housing projects in abeyance
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has put the registration of 1,750 lapsed housing projects on hold across the state and plans to take similar action on 1,137 more projects. The Mumbai Metropolitan Region leads with 761 projects affected, followed by Pune with 628. Homebuyers are advised caution, with a list of affected projects available on MahaRERA's website.
Actor Tripti Dimri buys bungalow in Mumbai’s Bandra West
Bollywood actor Triptii Dimri buys a bungalow on Sherly Rajan Road in Bandra West for over Rs 14 crore, availing a 1% stamp duty discount introduced in the 2021-2022 budget. The property, house number 25 on Sherly Rajan Road, covers a land area of 2,226 square feet. The bungalow, which includes a ground floor and two additional storeys, has a built-up area of 2,194 square feet.
Unsold housing stock up 24 per cent in top 7 cities, builders need 22 months to sell: Report
Unsold housing stocks in seven major cities have risen by 24 per cent since 2019, totaling about 4,68,000 units in March 2024. However, realty firms are expected to sell them 31 per cent faster due to high sales velocity, according to JLL India. The time to sell the active unsold inventory has decreased from 32 months in 2019 to just 22 months in Q1 2024, driven by a surge in housing demand.
Properties worth Rs 1.17 lk cr sold by 18 listed realty firms in FY24; Godrej properties at top
Major real estate developers in India, including Godrej Properties, Prestige Estates Projects, and DLF, achieved significant sales bookings in the last fiscal year driven by strong demand for residential properties, especially luxury homes.
Puravankara acquires 12.75-acre land parcel on Thane’s Ghodbunder Road
Realty developer Puravankara's subsidiary, Purva Oak, acquired 12.75 acres in Thane's Patlipada for a premium residential project with an estimated potential of 18.20 lakh sq ft. The project, adding to Mumbai Metropolitan Region portfolio, has a potential gross development value of Rs 4,000 crores. Puravankara aims for strategic expansion and increased revenue contribution in the western region.
Affordable homes supply down 38%
New supply of affordable homes - priced up to ₹60 lakh each - declined 38% across eight major cities to 33,420 units during January-March this year, with builders focusing on developing luxury flats, according to PropEquity. Real estate data analytic firm PropEquity attributed the fall in new supply to sharp rise in land and construction costs, which has made development of affordable housing projects less profitable or unviable.
Defence Ministry points gun at Godrej's housing project with revenue potential of Rs 7,000 crore in Mumbai
The Defence Ministry has raised objections to a residential project undertaken by Godrej Properties in Mumbai, demanding the suspension of work on the venture. With an estimated revenue potential of Rs 7,000 crore, the project, known as Godrej Reserve, has encountered opposition due to its proximity to the Central Ordnance Depot (COD) complex in Kandivali. Spanning an 18.6-acre land parcel, Godrej Reserve has already seen the launch of approximately 1.91 million sq ft of development.
NCLAT upholds NCLT order on Jaypee Infra; asks Suraksha to pay additional Rs 1,300 crore
NCLAT affirmed Suraksha Realty's acquisition bid for Jaypee Infratech but mandated an extra Rs 1,300 crore as farmers' compensation. The decision aimed to expedite the resolution plan, addressing concerns of stakeholders, including homebuyers and YEIDA. Suraksha pledged timely payment, aiming to resolve the debt-ridden firm's fate.
Certus Capital commits Rs 400 crore through three real estate investments
Institutional real estate investment firm Certus Capital has finalised investments worth over Rs 400 crore through three real estate funding transactions. The funding is part of its plan to invest Rs 1,000 crore through secured credit in India’s real estate sector in 2024-25.
DLF to develop Rs 25,000 crore luxury housing project in Gurugram
DLF Ltd is set to develop a luxurious housing project in Gurugram with over 400 apartments, aiming for an estimated revenue of Rs 25,000 crore. The project, spread across 17 acres in DLF Phase-5, will offer apartments ranging from 9,500 to 15,000 square feet. Featuring top-notch amenities and lush landscaping, the project targets high-end buyers. DLF plans to sell the units in phases, ensuring quality and pricing control. The company's strong financial performance reflects the robust demand for luxury housing in India.
Macrotech Developers to invest Rs 3,500-4,000 cr this fiscal to acquire land parcels
Realty firm Macrotech Developers Ltd plans to invest Rs 3,500-4,000 crore this fiscal to acquire land for housing projects and capitalize on the increasing demand for residential properties. The company aims for a 60:40 mix of owned land and joint development agreements, with a target of 10,000 apartment deliveries this year.
Not in 'rat race' to be top builder in terms of sale bookings, says Macrotech Developers MD
When asked about the reason for setting a conservative sale bookings guidance considering that few players posted more than Rs 20,000 crore pre-sales in FY24 itself, Lodha told PTI, "We are not in any rat race and neither our shareholders are bothered about any such rat race." "We want to achieve consistent growth. Consistent growth and predictable growth with low leverage is very important and that is our business model," he said.
Godrej Properties to launch housing projects worth Rs 30,000 cr in FY'25: Pirojsha Godrej
Realty firm Godrej Properties plans to launch residential projects worth Rs 30,000 crore this fiscal to achieve a 20% growth in sales bookings due to strong demand. The company's sales bookings jumped 84% to a record Rs 22,527 crore in the last fiscal, the highest sales reported so far by any listed entity for FY'24. To tap this demand, Godrej Properties plans to launch multiple projects across Delhi-NCR, Mumbai-Metropolitan Region, Bengaluru, Pune, and Hyderabad markets.
Kalpataru to redevelop 4-acre housing society in Mumbai’s Andheri
Kalpataru Ltd acquires rights for housing society redevelopment in Lokhandwala, Mumbai with significant revenue potential. Multiple redevelopment projects in progress in Mumbai suburbs. Market achieves record highs despite rising property prices.
Puravankara set to redevelop 2.5-acre housing society in Mumbai’s Pali Hill
The project holds a cumulative estimated development potential of 4.10 lakh sq ft carpet area with over over 2.15 lakh sq ft available for sale with a potential Gross Development Value (GDV) of over Rs 2,000 crore.
Piramal Enterprises invests over Rs 500 cr in Puravankara Projects
The investment encompasses a range of projects, spanning from commercial properties to residential ventures, reflecting a strategic collaboration aimed at bolstering real estate endeavours across multiple regions in India.
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