Government Relieves Residents After Extending CIDCO Amnesty Scheme Until August 15 Owing To Election-Related Delays
The amnesty programme run by the Estate Department of the City and Industrial Development Corporation (CIDCO) has been extended by the Maharashtra government till August 15, 2024. The program, which offers a 50% discount on late payment fees and additional leasing amount in addition to a time extension, is in place until June 30, 2024. […]
Five Real Estate Developers Are Arrested by Bandra Police for Duping Widow Over Flat
Five real estate developers have been taken into custody by the Bandra police for allegedly defrauding a widow of the flat she purchased in Bandra West in 2005. Partners in Suchit Developers, Lachman Sajnani, Anil Sajnani, Dilip Manghnani, Anant Rane, and Vikrant Vaidya are the individuals who were detained. At first, the police refused to […]
MahaRERA Requires Developers of Real Estate Projects to Set Up “Complaint Redressal Cells”
In August of last year, the developers were instructed by the Maharashtra Real Estate Regulatory Authority (MahaRERA) to establish a “Complaint Redressal Cell” for each of their projects in order to address complaints from buyers. After the directive was recently reviewed, it was discovered that just 195 projects in Maharashtra had established a cell of […]
MahaRERA directs real estate developer to reimburse flat buyer of ₹66 lakh, plus interest
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has ordered a renowned property developer to return ₹66 lakh that was accepted from the buyer together with interest for not finishing the project by the deadline indicated on the RERA website, which is a huge relief for a homebuyer. Buyers filed three complaints against Nirmal Lifestyle, the […]
Real Estate Sector Secures Rs 9.63 Lakh Crore in Debt Sanctions from 2018-2023
The real estate sector received debt sanctions totaling ₹9.63 lakh crore between 2018 and 2023, with a potential for ₹14 lakh crore in debt financing over the next three years, according to a report by JLL India and Propstack. Their joint report, “Decoding Debt Financing: Opportunities in Indian Real Estate,” highlights that the Indian real […]
10 Considerations for Homeowners in Housing Societies Planning Building Redevelopment
In Mumbai’s real estate market, the redevelopment of old housing society buildings has gained significant momentum in recent years. This surge follows the Maharashtra government’s post-Covid-19 waivers for developers, aimed at revitalising the sector. Data from real estate consultancy firm Knight Frank India indicates that redevelopment projects account for approximately 10% to 20% of the […]
MahaRERA Rules Development Agreement Disputes Beyond Its Jurisdiction
A bench of the Maharashtra Real Estate Regulatory Authority (MahaRERA), including member Mahesh Pathak, has determined that the Real Estate (Regulation and Development) Act, 2016, does not grant the authority the power to adjudicate disputes stemming from development agreements. Such matters are under the jurisdiction of civil courts. As a result, the authority has dismissed. […]
Mumbai is ranked third globally in real estate
Mumbai came in third place and Delhi fifth place out of 44 worldwide cities in the real estate firm Knight Frank’s “Prime Global Cities Index Q1 2024” study about home price appreciation from January to March 2024. Mumbai had an increase in prime residential prices of 11.5% year over year, moving up from sixth place […]
Maharashtra government to examine exorbitant real estate development fees in Mumbai
Mumbai, the commercial hub of the country, has significant premiums on real estate development projects that the government of Maharashtra is trying to alleviate. In order to examine these charges, the state’s Housing Minister, Atul Save, intends to call a meeting shortly with important participants from the departments of revenue, urban development (UD), and finance. […]
Sion Is Eager for a Hint of Luxury
Every neighborhood in Mumbai’s vibrant city narrates a tale of its development and promise. Sion, a location that has consistently produced high-end real estate, is notable for being a key center that has served rich customers for more than 20 years. The micro-market has long been an essential component of Mumbai’s real estate scene, owing […]