Daily Real Estate Newspaper
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MahaRERA ensured homebuyer protection by permitting deadline extensions for housing projects, maintaining buyer rights intact. Developers should secure 51% consent for further extensions, with all grievances addressed promptly. MahaRERA made sure any grievances lodged by flat purchasers are properly resolved, regardless of the project's extension status. In circumstances where developers are unable to obtain the necessary approval from homebuyers, MahaRERA has the power to give conditional extensions to projects that have been stalled for more than a year. Ajoy Mehta, Chairman of MahaRERA, emphasised their commitment to completing stalled projects while safeguarding homebuyer interests.
? A residential flat spanning 2342 square feet sold in Hiranandani Eagleton in Brahmand for INR 3.51 crores
? A residential flat spanning 575 square feet sold in Pariwar CHS in Kanjurmarg East for INR 86.31 lakhs
A Conveyance Deed is a legal document that records the transfer of ownership from the builder-promoter to the co-operative housing society upon formation of the later. According to the Maharashtra Ownership Flats Act (MOFA) 1963, the builder must transfer the ownership of land and building to the co-operative housing society within four months of formation of the society. It is a critical document that establishes the rightful ownership of the co-operative housing society for redevelopment projects.
Shapoorji Pallonji Real Estate has introduced ‘Sequoia’, a premium residential development in Bengaluru's Parkwest 2.0 project. The project encompasses 180 luxury apartments, spanning 4.3 lakh square feet with a potential revenue of INR 500 crore. Sequoia completes the 46-acre Parkwest 2.0 complex, offering 3 and 4 BHK apartments. The project boasts excellent connectivity and proximity to key amenities. Shapoorji Pallonji Real Estate's recent launches in Pune and South Mumbai underscore its commitment to the luxury real estate segment in major Indian cities.
Spain-based IndiaLand Group has collaborated with four leading MNCs to facilitate their expansion in India's tech parks in Pune and Coimbatore. In Pune's IndiaLand Global Tech Park, US-based Regal Rexnord and Atlas Copco secure grade-one office spaces, while in Coimbatore's IndiaLand Tech Park, German multinational Bosch and US-based Cotiviti secure floor spaces. The eco-friendly properties align with green real estate practices and are set to become hubs for innovation. Expected to be operational by mid-2024, these developments highlight India's potential as a global business hub and contributor to economic growth. IndiaLand Group aims to set benchmarks in commercial real estate with sustainable infrastructure.
The Supreme Court recently ruled in favor of a homebuyer, Venkataraman Krishnamurthy, directing the prominent real estate developer Lodha Group to refund INR 2.25 crore with a 12% per annum interest. This decision stems from alleged delays in delivering possession of a Mumbai apartment purchased in 2013. Despite the National Consumer Disputes Redressal Commission's earlier order for possession within three months and a 6% per annum interest compensation, the Supreme Court overturned this ruling, emphasizing contractual obligations. The verdict highlights the significance of adhering to legal frameworks in resolving disputes, reinforcing consumer protection and contractual integrity in real estate transactions.
A dispute has arisen over the ownership and subleasing rights of 47.5 acres of railway land designated for Mumbai's Dharavi Redevelopment Project. The Railway Land Development Authority (RLDA) refuses to permit subleasing to the Dharavi Redevelopment Project/Slum Redevelopment Authority (DRP/SRA). DRPPL contends that DRP/SRA, as state government bodies, have the right to sub-lease the land. RLDA prioritises railway staff quarters' redevelopment and scrapyard relocation, while DRPPL advocates for simultaneous redevelopment. Alongside, DRPPL recently said that eligible industrial and commercial units redeveloped as part of DRP will enjoy benefits, such as a refund of SGST.
The National Company Law Tribunal (NCLT) has initiated corporate insolvency proceedings against Sankalp Siddhi Developers, a special purpose vehicle (SPV) promoted by Ahuja Hive, now known as Hive Carbon-Zero Developers, controlled by Chinese group Fosun since 2022. The petition was filed by operational creditor Lekha Enterprises due to payment default. Ahuja's alleged fraud led to disputes, with the SPV claiming inability to pay creditors. NCLT appointed Rajkumar Jaiswal as interim resolution professional. This action reflects a broader trend, with 21% of companies admitted for resolution under the Insolvency & Bankruptcy Code since 2016 belonging to the real estate sector.
Property e-auctions, facilitated through online platforms, revolutionize real estate sales by allowing sellers, like banks or government agencies, to list properties for bidding. Buyers participate electronically, placing bids over a set timeframe, starting with a reserve price. UCO Bank's upcoming e-auction on March 15, 2024, features 30 properties across states like Bihar, Tamil Nadu, and Uttar Pradesh, aimed at recovering outstanding debts. Properties may involve symbolic or physical possession, following SARFAESI Act guidelines. Earnest Money Deposit, a percentage of the Reserve Price, is crucial, ranging from 5% to 10%. E-auctions provide convenience, transparency, and broad buyer outreach, albeit demanding thorough due diligence from potential bidders.
Struggling non-banking finance company IL&FS is selling commercial properties in GIFT City to address its debt crisis. With over 540,000 sq ft in GIFT TWO, the sale includes 58 offices, with four already leased to Tata Consultancy Services. IL&FS, facing a liquidity crisis since 2018, aims to resolve debts exceeding INR 56,000 crore. Recent updates show progress, including the sale of its Mumbai headquarters to Brookfield Asset Management. GIFT City's growth, buoyed by government initiatives and private interest, attracts over 500 entities, including fintech firms and banks, signalling its emergence as a prominent financial hub.
The latest report by JLL, reveals a significant surge in India's warehousing sector, with total stock reaching 371 million sq. ft by 2023, a 15% YoY growth. Major cities like Delhi NCR, Mumbai, and Bengaluru contribute over half of this stock. The demand for Grade A spaces, driven by hygiene concerns amid COVID-19, led to a net absorption of 40 million sq. ft in 2023. Pune led in absorption with 8 million sq. ft. Overall vacancy rates declined to 15% in 2023 and are expected to further reduce to 8% by 2027, with Grade A vacancy rates projected to remain below 5%. The industry is poised for robust growth, with a projected CAGR of 12% in total warehouse stock and 16% in Grade A stock by 2027.
IKEA, the Swedish furniture giant, is shutting down its Ghatkopar store in Mumbai's R City mall due to concerns over its small-format viability, aiming to enhance its Mumbai operations centered at the Worli store. This marks IKEA's first closure in India, reflecting its pursuit of a leaner retail model. Despite the closure, IKEA reaffirms its commitment to Mumbai and Maharashtra, eyeing expansion in Pune and bolstering online presence. The decision coincides with plans for renewed investments in India. Though IKEA India reported substantial sales growth, net losses widened. Globally, IKEA operates in 63 markets, with the Philippines hosting its largest store.
The Pune outer ring road, overseen by Maharashtra State Road Development Corporation (MSRDC), secures INR 10,519 crore for land acquisition in the state's interim budget. MSRDC officials confirm the allocation and anticipate completing land acquisition by June, aiming for a June deadline set in a recent review meeting. The project involves two phases, with 90% land acquired for the western phase and commencement planned for the eastern phase. Additionally, the budget allocates INR 22,225 crore for land acquisition for the Virar-Alibaug multimodal corridor. The 136.80 km-long outer ring road aims to alleviate traffic congestion in Pune by redirecting through-traffic.
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