Weekend Digest - Top Stories
Welcome to the latest edition of?PNT Real Estate round-up! Through our digital only newspaper, we aim to provide a 360 degree coverage of the latest events, stories, updates and occurrences from the real estate industry from around the world.
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Bandra West, an upscale suburb in Mumbai, is known for its blend of old-world charm and modern amenities, attracting many Bollywood celebrities. The neighborhood's vibrant culture and nightlife, with numerous cafes, restaurants, and boutiques, make it highly desirable. In May, Ashiana and Sagar Tarang Apartments led the real estate market, each closing two deals, while resale transactions dominated. Apartment sizes varied significantly, catering to diverse preferences and budgets, with prices per square foot ranging from INR 15,289 to INR 60,000. Bandra West remains a top choice for both affluent and value-conscious buyers, offering a high quality of life.
OYO introduces its inaugural luxury property in Dubai, the Palette Royal Reflections Hotel and Spa, aiming to cater to the rising influx of Indian tourists expected to surpass 100,000 in 2024. Positioned to provide a premium yet affordable experience, OYO's strategic expansion into the Middle East strengthens its 200-property strong presence in Dubai. This move underscores OYO's evolution from budget to upscale offerings, leveraging its global footprint of over 1.5 million rooms. With Dubai as a top destination for Indian travelers, OYO's venture aligns with market trends favoring accessible luxury, potentially impacting the hospitality and real estate sectors positively.
The Navi Mumbai Municipal Corporation (NMMC) kept its property tax collection centers open on the weekend of June 29-30, 2024, ahead of the first half of the fiscal year's deadline. This initiative led to a successful collection of INR 10.19 crore. Saturday saw INR 5.83 crore collected, while Sunday brought in INR 4.36 crore. NMMC officials, including Deputy Commissioner Sharad Pawar, facilitated the process. This revenue will fund various civic services, enhancing residents' quality of life. Commissioner Dr. Kailas Shinde thanked citizens for timely payments and encouraged others to contribute. Inquiries can be directed to Additional Commissioner Sunil Pawar at [email protected].
Maharashtra's Real Estate Regulatory Authority (MahaRERA) has levied penalties on 628 housing projects for non-display of mandatory registration numbers and QR codes in advertisements. This enforcement underscores MahaRERA's commitment to transparency and consumer protection in the real estate sector. Penalties totaling INR 88.90 lakh were imposed, with significant recoveries already made. The Mumbai region saw the highest violations, followed by Pune and Nagpur. MahaRERA urges homebuyers to avoid transactions with unregistered projects, emphasizing the importance of regulatory compliance and informed investment decisions in safeguarding investments and ensuring trust in the real estate market.
Bollywood legend Amitabh Bachchan has expanded his Mumbai real estate holdings with the acquisition of three office units totaling 8,429 square feet in the Veer Savarkar Signature building, Andheri West. The transaction, completed for approximately INR 60 crore, includes three dedicated parking slots and was finalised on June 20, 2024, with an additional stamp duty of INR 3.57 crore. Bachchan's strategic investment underscores ongoing high-value trends in Mumbai's commercial real estate sector, where celebrities and institutional investors alike continue to drive significant transactions, contributing to the city's economic dynamism and real estate market growth.
Navi Mumbai Municipal Corporation (NMMC) is set to revolutionise operations with its e-office system rollout in August 2024. Spearheaded by Commissioner Dr. Kailas Shinde, this initiative aims to streamline 82 departments, enhance transparency, and boost service delivery. The system will eliminate paper files, enable efficient file tracking, and reduce the risk of document loss. A dedicated computer room equipped for large-scale scanning will support the transition. Dr. Shinde also prioritizes expanding online citizen services and implementing a property tax payment gateway, marking a transformative step towards a more efficient and citizen-friendly NMMC.
While heavy rains have disrupted local train services and flooded roads across Mumbai, the Metro has emerged as a dependable travel option for commuters. Mumbai Metro Lines 2A and 7 have maintained impressive punctuality and increased capacity to meet the monsoon season's demands. Unlike local trains and roads, which often face disruptions due to heavy rains, the Metro operates seamlessly. Its elevated infrastructure protects it from flooding, ensuring uninterrupted service even during the wettest months. This reliability makes the Metro a preferred choice for Mumbaikars seeking a safe and secure travel experience during the monsoon. The Metro's popularity is evident in its high ridership, with over 141,949 passengers on July 8th, 2024, facilitated by 282 services.
The Mumbai Metropolitan Region Development Authority (MMRDA) has reissued six infrastructure tenders aimed at improving Thane's connectivity. These projects, valued between INR 2.25 crore and INR 12.98 crore, include coastal roads, creek bridges, and elevated corridors. Originally announced pre-2024 Lok Sabha elections, the tenders were cancelled due to technical issues on the National Informatics Centre portal and have now been reissued with modifications. Key changes include reducing the defect liability period from five to two years. Construction periods range from 30 to 48 months, including time for approvals and accounting for monsoons. The bid submission deadline is July 12, with a pre-bid meeting scheduled at MMRDA's BKC office.
Bollywood star Aamir Khan has expanded his Mumbai real estate portfolio with a new INR 9.75 crore apartment in Bella Vista Apartments, Pali Hill. This acquisition adds to his existing holdings in the area, reflecting his strategic investment in prime residential properties slated for redevelopment. Khan's proactive approach aligns with ongoing urban rejuvenation initiatives in Pali Hill, where significant redevelopment projects are underway. His investments not only underscore confidence in Mumbai's property market but also position him as a key player in shaping the city's luxury real estate landscape, contributing to its evolving skyline and prestige.
Ravet, a developing suburb on the outskirts of Pune, has gained significant popularity due to its location and affordable housing options. This emerging locality offers a mix of high-rise apartments and gated communities, attracting a diverse population. Proximity to the Pune-Mumbai Expressway and the Hinjewadi IT Park makes it appealing to working professionals. In June, Om Yashodham led real estate activity with five deals, followed by Sonigara Presidency. Apartment sizes in Ravet range from 336 to 698 square feet, with prices averaging around INR 8,258 per square foot. The area continues to grow, balancing urban conveniences with a peaceful environment, making it a sought-after destination for homebuyers and investors.
Puravankara Limited plans to raise up to INR 1,000 crore through a Qualified Institutional Placement (QIP), aligning with a growing trend among Indian real estate developers. This capital will support new projects, expand operations, and bolster their financial position, including recent land acquisitions in Thane and Goa. The QIP trend has seen notable successes in 2024, with Macrotech Developers raising INR 3,281 crore and Union Bank securing INR 5,000 crore. QIPs offer rapid access to capital, reduced compliance burdens, and attract institutional investors, enhancing developer credibility and financial health. This positive trend indicates strong investor confidence and a robust outlook for the real estate sector.
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Unity Small Finance Bank, backed by Centrum Financial Services and BharatPe, has secured 168,000 square feet across prime Mumbai locations for INR 393 crore. This includes a landmark INR 227 crore deal for over 70,000 square feet in Santacruz East's Unity Towers, slated as the bank's headquarters. Additionally, the bank invested INR 165.60 crore in 97,920 square feet across 20 units in Navi Mumbai's Seawoods. These acquisitions underscore Unity's commitment to expanding its footprint strategically amidst Mumbai's burgeoning office space market, positioning itself for sustained growth and leadership in India's financial sector.
? A residential flat spanning 1,075 square feet sold in Hiranandani Verona CHS in Mumbai's Powai for INR 4.08 crores
? A residential flat spanning 999 square feet sold in Wadhwa Dukes Horizon in Mumbai's Chembur for INR 3.81 crores
? A residential flat spanning 1,087 square feet sold in Kolte Patil 24K Sereno Wing A in Pune's Baner for INR 1.8 crores
? A residential flat spanning 1,017 square feet sold in Logipark Pristine O2 World Part 1 in Pune's Wagholi for INR 1.16 crores
? A residential flat spanning 1,016 square feet sold in Dosti West County - Dosti Tulip in Thane's Balkum for INR 1.61 crores
? A residential flat spanning 949 square feet sold in Olivia Prime in Thane's Panchpakhadi for INR 1.3 crores
? A residential flat spanning 582 square feet sold in Maitreya Orange City Park III in Nagpur's Yerkheda for INR 33 lakhs
? A residential flat spanning 684 square feet sold in Greenstone Giriraj Residency in Nagpur's Zingabai Takli for INR 25 lakhs
? A residential flat spanning 1,436 square feet sold in Nikoo Homes II West in Bengaluru's Chokkanahalli for INR 72.73 lakhs
? A residential flat spanning 922 square feet sold in Provident Neora in Bengaluru's Sampigehalli for INR 51.45 lakhs
An asset that cannot move from one place to the other?is considered to be an immovable property. In India, real estate is considered to be an immovable property.
The Transfer of Property Act 1882 is an Indian legislation which regulates the transfer of property in India. It contains specific provisions regarding what constitutes a transfer and the conditions attached to it.
A contract of sale or an agreement to sell is a document prepared by both parties which entails the mutually agreed upon terms by which the sale will take place. As per the Transfer of Property Act 1882, a contract of sale or an agreement to sell in itself does not created any interest in or charge on the property mentioned in the contract. Therefore, an actual sale and an agreement to sell are two distinct concepts.
A sale is a complete out-and-out transfer of ownership of a property (with all its rights and liabilities) from one person (or more) to another (or more) in exchange for a consideration, i.e. money. As per Section (17) of the Registration Act 1908 registration of a sale is mandatory when the value of the immoveable property exceeds INR 100/-. If a property is transferred for something other than money, the transaction is referred to as an exchange and not a sale.
The registration fee is calculated at the rate of 1% of the agreement value of the property with a maximum cap of Rs. 30,000/-.
To read the full news stories, head over to Prop News Time