REALTYNEWS
MahaRERA Unveils MahaCRITI: Your Go-To Portal for Training !
04/09/24
MahaRERA has launched its new website, MahaCRITI, offering users an improved platform with online training and instructional videos. The site provides step-by-step guidance for tasks like filing complaints, registering projects, and submitting reports. These resources aim to assist various stakeholders, including developers, real estate agents, and complainants, ensuring smoother navigation of the new system
Govt of Maharashtra Launches Draft Housing Policy !
28/09/24
The Maharashtra government's draft housing policy aims to boost affordable housing by promoting high-density housing in cities, encouraging public-private partnerships (PPPs), and leveraging the Pradhan Mantri Awas Yojana. It proposes mobilizing funds through government budgets, financial institutions, and innovative financing models like real estate and infrastructure investment trusts, along with the creation of a state-level housing fund to support housing projects.
Pimpri Chinchwad Targets Floodline Violations: 27 Structures Demolished !
25/09/24
The Pimpri Chinchwad Municipal Corporation (PCMC) began demolishing illegal structures in blue floodline zones of the Pavana, Mula, and Indrayani rivers on Tuesday, removing 27 constructions on the first day. The civic body has identified 2,534 total structures in these zones and issued notices to the owners of 1,092 buildings. The drive has faced opposition from local residents and politicians
Pune Tops in Affordable Housing and Leads in Office Space Sales
!
23/09/24
Pune remains India's top choice for affordable living, as the Pune Housing Report - September 2024 shows a 36% rise in home sales and significant growth in warehouse and office space sales during the first half of 2024. This growth highlights new job opportunities and strong demand for larger homes, signaling a positive outlook for Pune’s construction industry.
Home Sales Dip 11%, Property Prices Soar
23%
After 2-Year Bull Run
!
30/09/24
India's real estate market saw an 11% drop in housing sales in Q3 2024, with major cities like Mumbai, Bengaluru, Pune, and Hyderabad reporting declines. Despite this, the Mumbai Metropolitan Region (MMR) remained the top performer, selling 36,190 units. Available inventory across the top seven cities decreased by 2%, totaling around 5,64,415 units.
Office Space Absorption Jumps 31% in September Quarter !
26/09/24
Pune Housing Market Faces 17% Sales Drop, Supply Shrinks 49% !
27/09/24
India's top six cities saw a 31% increase in Grade A office space demand in Q3 2024, with 17.3 million square feet leased, according to Colliers Bengaluru, Hyderabad, and Mumbai nearly matched or exceeded 2023 demand levels, driven by large-sized deals over 1 lakh sq ft, which made up 65% of total leasing. Tech and BFSI sectors played a key role in this growth, especially in Bengaluru and Pune
Pune’s housing market saw a 17% year-on-year drop in sales in Q3 2024, with new supply decreasing by 49% Around 19,050 units were sold, down from 23,000 the previous year, due to high prices and shifting buyer preferences. Despite this, Pune remains the second-largest sales market among India's top seven cities.
Godrej Properties Tops Realty Firms
with Rs 35k Cr Q1 Sales !
01/09/24
India’s 21 major listed real estate developers reported combined property sales of nearly Rs 35,000 crore in the first quarter of the 2024-25 fiscal, driven by strong demand for residential properties, particularly luxury homes. Godrej Properties topped the list with pre-sales of Rs 8,637 crore, making it the largest player in the market for the April-June 2024 period. Most developers saw annual growth in sales during this quarter.
India Becomes 3rd Top Choice for Global Real Estate Investors !
19/09/24
India has emerged as the third most preferred destination for foreign real estate investments in 2024, according to a report by Colliers. Approximately 70% of these investments are directed towards the industrial and warehousing sectors, driven by rising demand from logistics companies and manufacturers. Piyush Gupta from Colliers highlighted that the growth in these sectors reflects the increasing need for third-party logistics and enhanced manufacturing capabilities in key areas.
Property Search Activity Rises 10%; 2BHK Remains Most Popular !
25/09/24
Online property search activity increased by 10% in August 2024, the highest growth since December 2023, according to the IRIS report by Housing.com. This rise is expected as the festive season typically boosts real estate transactions in India. The report also shows that 2BHK units are the most searched properties nationwide, with Delhi-NCR showing strong demand for 3BHKs and Mumbai favoring 1BHKs priced between ₹50 lakh and ₹1 crore.
20-25% Business Growth Expected from Redevelopment Projects in 2-3 Years !
13/09/24
Abhishek Kapoor, Group CEO of Puravankara, anticipates that 20-25% of the company's overall business will come from redevelopment projects in the next 2-3 years. The firm operates in nine cities, recently entering the NCR region and acquiring 12 acres in Thane. Notably, on September 12, Puravankara secured redevelopment rights for Miami Apartments in Breach Candy, South Mumbai, marking its entry into the upscale real estate market
PMC Unveils Rs 10 Billion Slum Rehabilitation Project !
19/09/24
The Pune Municipal Corporation (PMC) is launching a Rs 10 billion slum rehabilitation initiative in Meenatai Thackeray Vasahat and nearby areas. This will be the first project directly managed by the PMC under the Slum Rehabilitation Authority scheme, aiming to improve living conditions by constructing high-rise buildings for residents. The project will start with a 12.5-acre site in Maharshinagar and includes 12 to 13 high-rises and commercial towers.
Uruli Devachi and Phursungi to Have Their Own Municipal
Council !
13/09/24
Phursungi and Uruli Devachi will finally have their own municipal council, as the state government has issued a final notification to exclude these areas from Pune Municipal Corporation limits. This decision comes after years of demands for a demerger, as these areas were merged into the PMC in 2017. The government has appointed Vikram Rajput as the administrator for the new council until it is officially formed. Local leaders had argued that being part of the PMC was not benefiting the residents of these areas.
Centre Approves New PMAY Housing Projects in Chhattisgarh !
06/09/24
The Central Government has approved the construction of over 8 lakh houses under the Pradhan Mantri Awas Yojana (PMAY) for rural areas in Chhattisgarh Chief Minister Vishnu Deo Sai stated that this approval includes provisions for housing for surrendered Naxalites and those affected by Maoist violence. He criticized the previous Congress government for failing to implement the scheme, leaving 18 lakh families without adequate housing According to Sai, the Congress administration did not allocate the state's share of funding due to concerns about giving credit to the Central Government.
New Sub-Registrar Offices Coming to Pune to Support Real Estate Growth !
21/09/24
The state government plans to establish new subregistrar offices in response to the rising number of property transactions due to urbanization and industrialization. A new office will be set up in urban areas when document registrations exceed 12,000 per year, and in rural areas when they surpass 8,000. Currently, there are 520 sub-registrar offices, and this move aims to enhance land registration services and manage the increasing demand effectively.
Ghatkopar East Set for Transformation: ₹8,498 Crore Slum Rehab Scheme Approved !
29/09/24
The Mumbai Metropolitan Region Development Authority (MMRDA) has approved an ₹8,498 crore slum rehabilitation scheme for Ramabai Ambedkar Nagar and Kamraj Nagar in Ghatkopar (East) This project, covering 31 82 hectares, will help over 17,000 slum residents and is set to be completed within 48 months. It will provide free housing units and essential infrastructure, including gardens, healthcare centers, and schools.