The revised directive introduces stricter conditions and explicitly excludes land under key housing authorities like MHADA and Slum Rehabilitation Authority (SRA), raising critical questions about eligibility and future housing pathways.

The Original Promise: Relief for Pre-2011 Encroachments

The March 25 GR was seen as a major step toward resolving long-pending housing issues across Maharashtra. It allowed:

• Regularisation of residential encroachments existing on or before January 1, 2011
• Applicability across the state, excluding Mumbai city and suburbs
• Coverage limited strictly to residential use
• Regularisation of land up to 1,500 sq ft
• Free regularisation up to 500 sq ft, with charges beyond that
• Protection from eviction upon application until a decision is made

The move aligned with broader goals of inclusive housing and aimed to bring informal settlements into the legal framework.

The Big Change: MHADA & SRA Lands Excluded

The April 17 corrigendum introduces a crucial restriction:

Encroachments on land under MHADA and Slum Rehabilitation Authority will not be regularised under this policy.

This clarification is significant because:

• These lands are often reserved for planned redevelopment projects
• Allowing regularisation could conflict with ongoing or future housing schemes
• It reinforces the government’s focus on redevelopment over regularisation in urban zones

Exception Clause

If such land cannot be developed under MHADA or SRA schemes due to unavoidable reasons:

• It may be transferred to local authorities
• Used for schemes like affordable housing (e.g., PMAY)
• But only after obtaining No Objection Certificates (NOCs)

Shift Towards Planned Development: Group Housing Push

Another key addition is the introduction of group housing schemes:

• In areas where individual plot allocation is not feasible, authorities can opt for cluster or group housing models
• This is particularly relevant for:
  • Large gram panchayats
  • Semi-urban clusters
  • Densely populated settlements

This signals a shift from plot-based regularisation to planned township-style development.

Governance Change: Who Oversees the Process?

The corrigendum also modifies the composition of review committees:

• If the local MLA is also a minister,
• A nominee appointed by the Revenue Minister will take their place

This aims to streamline decision-making and avoid administrative overlaps.

What This Means for Residents

The updated GR creates a more structured but restrictive framework:

Positive Impact

• Legal security for eligible families living on government land
• Protection from eviction during application review
• Opportunity to transition into formal housing

Key Limitations

• No benefit for encroachments on MHADA or SRA land
• Strict eligibility proof required for pre-2011 occupancy
• Commercial encroachments largely excluded

The Larger Policy Signal

The Maharashtra government appears to be walking a tightrope:

• Providing relief to long-settled residents
• While protecting land for planned urban redevelopment

By excluding MHADA and SRA land, the government has clearly indicated that high-value urban land will remain within structured housing and redevelopment frameworks—not ad-hoc regularisation.

Conclusion

The April 17 update reshapes the narrative around encroachment regularisation in Maharashtra. What initially appeared as a broad relief measure is now a targeted policy with clear red lines.

For thousands of residents, the message is clear:
Eligibility matters—and location matters even more.

Also Read: Maharashtra Govt Issues Orders to Regularise Pre-2011 Residential Encroachments on Govt Land

The post Not All Encroachments Will Be Legal: Maharashtra’s New GR Draws Clear Boundaries appeared first on Square Feat India.

Organized by NAREDCO Maharashtra NextGen, the event brought together over 750 delegates, including global investors, policymakers, and industry leaders, to discuss the transformation of India’s real estate landscape into a globally integrated and institutionalized asset class.

From Family Funding to Institutional Capital

A key theme at the conclave was the sector’s structural shift from traditional family-funded models to institutional investments, including private equity, REITs, and InvITs.

Dr. Niranjan Hiranandani, Chairman Emeritus, NAREDCO Maharashtra, highlighted that India is at a critical turning point:

“Urbanization is expected to rise from 35% to nearly 50% by 2047, fundamentally reshaping demand and development patterns.”

He emphasized that while the sector is evolving rapidly, challenges such as land availability, pricing, and financing constraints must be addressed to sustain growth.

Branded Residences and New Asset Classes Take Center Stage

Emerging asset classes are set to drive the next growth cycle in Indian real estate:

• Branded residences
• Senior living projects
• Warehousing and logistics
• Asset management platforms

Panel discussions revealed that family offices are increasingly investing in branded residences and hospitality assets, viewing them as core holdings for long-term wealth preservation and legacy creation.

These investments offer a combination of:

• Premium lifestyle value
• Strong capital appreciation
• Enhanced liquidity

REITs and SM REITs Expanding Investment Access

The conclave also highlighted the growing importance of Real Estate Investment Trusts (REITs) and Small and Medium REITs (SM REITs).

• REITs are emerging as a mainstream investment option
• SM REITs (introduced in 2025) enable fractional ownership for retail investors
• Expected to unlock a ₹67,000–₹71,000 crore monetization opportunity

A report by ANAROCK, released during the event, noted that India’s REIT market is evolving into a mature, high-performing asset class backed by strong fundamentals and investor confidence.

Policy Reforms Driving Growth

Industry leaders credited a decade of reforms for the sector’s current momentum:

• RERA (Real Estate Regulation Act) improving transparency
• GST rationalization streamlining taxation
• Supportive RBI policies enhancing liquidity

Prashant Sharma, President, NAREDCO Maharashtra, stated:

“These reforms have significantly improved governance and investor confidence, leading to record property sales and increased institutional participation.”

Sustainability and New Investment Themes

Another key focus area was sustainability in real estate, with discussions around:

• Financial viability of green buildings
• Return on investment (ROI) from sustainable projects
• Incentives and financing mechanisms

Emerging segments such as:

• Data centres
• Mixed-use developments
• Organized rental housing

are expected to play a crucial role in shaping future demand.

Growing Role of Global Capital

The event underscored the increasing role of foreign and institutional capital in Indian real estate.

• Foreign capital now accounts for over 50% of institutional investments
• India is becoming a preferred global investment destination
• Platforms like EXCELERATE help connect domestic developers with global investors

Vikas Jain, President, NAREDCO Maharashtra NextGen, noted:

“Investor confidence is at an all-time high, and platforms like EXCELERATE 2026 are crucial for accelerating the next phase of growth.”

A Decade of Expansion Ahead

EXCELERATE 2026 concluded that India’s real estate sector is poised for sustained long-term growth, supported by:

• Rising household incomes
• Rapid urbanization
• Institutional capital inflows
• Regulatory transparency

The sector is no longer just about construction but is evolving into a diversified, investment-driven ecosystem with global relevance.

The Bottom Line

India’s real estate sector is undergoing a fundamental transformation, with branded residences, REITs, and institutional capital emerging as key growth drivers.

With strong policy support and increasing global integration, the industry is well-positioned to enter a decade of accelerated expansion.

Also Read: Homebuyer Paid to Director of Real Estate Firm, Director Died, Surviving Directors Claimed Ignorance — MahaRERA Steps In to Deliver Justice

The post India Real Estate Growth: REITs, Branded Homes Lead appeared first on Square Feat India.

The official order, issued by the state’s Revenue and Forest Department on February 23, 2026, allows the land to be handed over to the storm water drains (SWD) division of Brihanmumbai Municipal Corporation for the river rejuvenation and beautification project.

Central Approval Preceded State Order

The clearance follows a multi-stage approval process under India’s forest conservation laws. The regional office of the Ministry of Environment, Forests & Climate Change in Nagpur had already granted:

• In-principle approval in September 2024
• Final approval in March 2025

After verifying compliance conditions, the state government issued the final diversion order allowing transfer of the land for non-forest use.

Project Scope and Land Details

The diverted parcel comprises both identified and unnotified mangrove forest patches totaling 0.1814 hectares, divided into two segments:

• 0.0638 ha (approx. 58m × 11m strip)
• 0.1176 ha (approx. 84m × 14m strip)

The land falls within Mumbai Suburban district and is categorized as mangrove forest area, which is legally protected and requires central clearance for any non-forest use.

Strict Environmental Compliance Conditions

The approval comes with stringent safeguards:

• The Mangrove Conservation Unit must verify all conditions before land handover.
• Authorities must monitor compliance continuously.
• Any violation can lead to cancellation of permission and legal action under the Forest Conservation Act.
• Forest officials must be granted unrestricted site access for inspection.

If compliance lapses occur, the matter must be reported to the Deputy Director General of Forests at the central ministry.

Public Disclosure Requirements

The government has also mandated transparency measures:

• The civic agency must publish full clearance details in two widely circulated newspapers (one English, one regional language).
• Local bodies must display the order publicly for 30 days.

These provisions aim to ensure public awareness and scrutiny of environmental clearances involving ecologically sensitive land.

Why the Project Matters

The Poisar River rejuvenation initiative is part of Mumbai’s broader push to improve urban water management and reduce pollution in natural drainage channels. Sewage treatment plants along rivers are considered critical for:

• Reducing untreated wastewater discharge
• Preventing flooding
• Restoring urban waterways
• Improving coastal ecosystems

However, projects involving mangrove land often draw scrutiny due to the ecological importance of these coastal forests, which act as natural flood barriers and biodiversity zones.

Also Read: Maharashtra Govt Forms Probe Panel Over Illegal Mangrove Constructions in Thane’s Majiwade Area

The post Maharashtra Clears Mangrove Land Diversion for Poisar River STP Project in Mumbai appeared first on Square Feat India.

The case highlights how colonial-era private agreements between landowners can still cast long shadows over Mumbai’s booming redevelopment market, where societies in prime South Mumbai locations seek to replace aging structures with taller, lucrative towers.

The Background: A Colonial-Era Land Subdivision

The story begins in the 1940s, when brothers Phirozeshaw Darashaw Dubash and Bachubhai Phirozeshaw Dubash owned a large parcel of approximately 11,983 square yards on Altamount Road in affluent Malabar Hill/Cumballa Hill area.

• On October 15, 1943, they sold a portion (2,873.6 square yards) to Kaikushru Gazdar and Piroja Gazdar via a registered Indenture. Clause 6 imposed a height restriction: the remaining “Plot of Cottages” (later linked to what became New Deluxe’s land) could not have any structure exceeding 30 feet in height, measured from a specified point on an annexed plan. This was a private covenant designed to protect light, air, views, or enjoyment of the sold land.
• On July 25, 1944, the brothers sold another chunk (3,016 square yards) to Govindram Brothers Ltd., explicitly including the same 30-foot height restriction in the deed.

These were purely private contractual restrictions, not government-imposed zoning laws or municipal rules. Such covenants were common in pre-Independence land deals in posh areas to preserve the character of retained or adjacent properties.

Over the decades:

• The 1944 plot passed to Seksaria Industries Pvt. Ltd. around 1950.
• In 1963, Seksaria conveyed 1,900 square yards (about 1,588 sq m, C.S. No. 5/664) to New Deluxe Co-operative Housing Society (registered in 1962). The 1963 Indenture expressly stated the sale was “subject to all stipulations, agreements, covenants and restrictions” in the 1944 deed—meaning the 30-ft limit carried forward.

Meanwhile, the retained/adjacent land (benefiting from the covenant) evolved into Pemino Co-operative Housing Society’s plot through sales in 1945 and later conveyances up to 1972, which incorporated the benefit of the earlier restrictions.

New Deluxe built a ground-plus-three-storey building over 60 years ago. Pemino’s building also started similarly but added floors around 1966, reaching seven storeys.

The Modern Conflict: Redevelopment Dreams vs. Old Covenant

By 2024, New Deluxe—home to 23 members, many senior citizens—deemed its building dilapidated and resolved to redevelop using full permissible FSI (Floor Space Index), which would require a taller structure far exceeding 30 feet.

• The society issued public notices in March 2024 inviting claims/objections.
• It wrote to Pemino twice seeking suggestions—no response initially.
• Pemino then objected via legal notice (April 16, 2024) and public notice (August 22, 2024), citing the 1943 Indenture and enforcing the 30-ft limit.
• Developers interested in the project withdrew, demanding a No-Objection Certificate (NOC) from Pemino.

New Deluxe filed Suit No. 21 of 2025 in Bombay High Court, seeking:

• Declaration that the old covenant is void/invalid.
• Permanent injunction against Pemino’s interference.

It also sought interim relief (IA 731/2025) to restrain Pemino from blocking developer appointment, plan approvals by Municipal Corporation of Greater Mumbai (MCGM/BMC), etc., even beyond 30 feet.

Key Procedural Developments

• New Deluxe sought to amend its plaint (IA 4573/2025) after Pemino highlighted the 1963 deed—allowed.
• Pemino’s delay in filing Written Statement (IA 6242/2025)—condoned (125 days).

The Court’s Prima Facie Reasoning (February 11, 2026 Order)

Justice Jadhav dismissed the interim injunction application, holding:

1. The covenant appears to bind New Deluxe’s land — Explicitly incorporated in its 1963 title deed, which references the 1944 restriction. It “runs with the land” and travels through successive owners.
2. Pemino prima facie has locus to enforce it — Its chain of title (1943 → 1945 → 1972) carries the “benefit” of the restriction for adjacent/retained land. No verbatim re-assignment needed if intent is clear.
3. New Deluxe did not approach with clean hands — Original plaint denied any restriction existed, suppressing its own 1963 deed. Only after Pemino pointed it out did the society amend to admit the covenant but argue Pemino can’t enforce. This amounted to suppression of material facts and “approbate and reprobate” (accepting title benefits while rejecting burdens).
4. Balance of convenience favours status quo — Allowing high-rise now would cause irreversible harm to Pemino (blocked views/light). New Deluxe can redevelop up to 30 feet meanwhile. Interim relief would grant final relief prematurely.
5. Other issues for full trial — Obsolescence due to locality changes (high-rises everywhere, including Pemino’s additions); vagueness (missing 1943 plan); limitation (cause of action arose in 2024 when Pemino objected strongly—prima facie not barred).

All observations are prima facie; full merits trial remains open.

Implications

The order underscores how forgotten private covenants from land subdivisions can resurface amid Mumbai’s redevelopment surge. Similar disputes have arisen in South Mumbai (e.g., a 2024 case where HC struck down a 7-ft restriction on Altamount Road due to changed character). Developers and societies in prime areas must now scrutinise ancient title deeds more carefully.

New Deluxe can still proceed with low-rise redevelopment or fight on in trial. For now, the “30-feet ghost” from 1943 lives on.

Also Read: Bombay High Court: Slum Occupants Cannot Stall Eviction Over Disputes on Rehab Shop Location

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The report indicates that India’s REIT ecosystem—still in its early but fast-maturing phase—is entering a high-growth era powered by institutional capital, regulatory reforms, and a significant upcoming pipeline of investment-grade commercial assets.

Office Sector to Drive 65% of the ₹10.8 Trillion Growth Potential

JLL projects that the office market alone will account for 65.3% of the total estimated growth opportunity, valued at ₹5.9 trillion (USD 66–68 billion). This represents nearly a four-fold growth runway for office REITs, supported by rising occupancies, strong leasing fundamentals, and an expanding portfolio of institutional-grade assets.

The remaining opportunity lies in the retail sector, estimated at ₹2.8 trillion (USD 32–33 billion) across India’s top seven cities, powered by post-pandemic consumption revival and renewed investor appetite for physical retail assets.

An additional 70 million sq. ft. of under-construction and planned supply, valued at ₹2.1 trillion, further strengthens the REIT opportunity landscape.

REITs Grow From 33 Mn Sq. Ft. to 174 Mn Sq. Ft. in Just Six Years

India’s REIT journey has been transformational. In 2019, the country had a single REIT managing 33 million sq. ft. By September 2025, five listed REITs together manage 174 million sq. ft. of leasable office and retail assets—an increase of more than 5X.

During this period, market capitalization jumped from ₹264 billion (USD 3.1 billion) in FY 2020 to ₹1.6 trillion (USD 19 billion) by September 2025.

According to JLL, this explosion of growth reflects deepening investor confidence and maturing participation from institutions such as mutual funds, pension funds, sovereign wealth funds, NBFCs, and insurance companies.

40% CAGR in Market Cap: REITs Emerge as a Serious Institutional Asset Class

The report highlights a striking 40% compound annual growth rate (CAGR) in REIT market capitalization over the past six years, supported by consistent performance across Net Operating Income (NOI), occupancy, and asset addition.

“India’s REIT sector has evolved from an emerging concept to a compelling investment vehicle,” said Lata Pillai, Senior Managing Director & Head of Capital Markets at JLL India. She noted that REITs collectively possess ₹230 billion (USD 2.6 billion) in untapped borrowing capacity, giving them “significant firepower to acquire premium properties and expand their portfolios.”

NOI Performance Strong Across All REITs

Listed REITs have demonstrated strong and consistent NOI growth despite global volatility:

• Embassy REIT: Highest absolute NOI due to its large portfolio.
• Brookfield REIT: Fastest expansion with a 31% CAGR in NOI, growing from four to eleven properties in four years.
• Mindspace REIT: Steady NOI growth with a strong base portfolio.
• Nexus Select REIT: 6% CAGR since its 2023 listing, benefiting from India’s strong retail recovery.

The consistent performance underscores the resilience of India’s office and retail markets, even as global commercial real estate faces challenges from hybrid work and economic uncertainty.

91% Occupancy Reflects Strong Leasing Fundamentals

Occupancy across the four office-focused REITs stood at 91% as of September 2025, underscoring robust leasing demand. Gross Asset Value (GAV) surged by 40% CAGR, rising from ₹330 billion to ₹2.1 trillion across office REITs in the same period.

Nexus Select Trust also saw a 10% CAGR in GAV growth since its FY 2024 listing, reflecting strong traction in the retail REIT space.

Institutional Participation Surges Post SEBI Reforms

Institutional interest has deepened significantly. For instance:

• Embassy REIT: Sponsor holdings dropped from 70% to just 8%, while institutional ownership climbed to 75%.
• Nexus Select Trust: Institutional holdings grew from 17% to 36% in one year.

This shift points to growing recognition of REITs as a stable, income-generating investment class.

SEBI’s 2025 reclassification of REITs as equity instruments—enabling index inclusion and expanded mutual fund participation—has further boosted investor confidence.

A Five-Fold Expansion Likely in the Next Four Years

According to Dr. Samantak Das, Chief Economist and Head of Research, JLL India, the current phase marks the beginning of a multi-year expansion cycle.

He notes that India’s REIT market could grow five-fold from the current GAV of ₹2.1 trillion by harnessing opportunities across office, retail, and emerging segments, driven by regulatory reforms and a healthy supply pipeline.

Also Read: Data Benchmarking Institutions Launched to Empower Indian REIT Investors

The post India REIT Market Crosses ₹1 Trillion Milestone, Eyes a Multi-Year Growth Cycle appeared first on Square Feat India.

The Bombay High Court has dismissed two writ petitions filed by Nashik residents challenging the confirmation of auction sale of their mortgaged properties, observing that the petitions were built on “falsehood and suppression of material facts.” Justice Amit Borkar upheld a 2021 order of the Divisional Joint Registrar refusing to condone a 12-year delay in filing a revision application.

The petitioners — Ramrao Tukaram Patil, Manjusha Patil and Sindhubai Patil — had taken two loans by mortgaging land parcels in 2005. When they defaulted, the Nashik District Industrial and Mercantile Cooperative Bank auctioned the properties in August 2009, with sale proceeds appropriated against outstanding dues.

Petitioners Claimed Ignorance of Auction Until 2020

In their plea, the petitioners stated on oath that they learned about the 2009 auction only in November 2020, arguing that delay should therefore be condoned and the sale declared void for alleged non-compliance with Rule 107 of the Cooperative Societies Rules.

However, the court noted that this assertion was “patently false” and contradicted by the petitioners’ own documents.

Letters From 2011 and 2015 Exposed False Claims

The court examined records showing that:

• In September 2011, the petitioners requested account statements from the bank and acknowledged receiving extracts that clearly recorded deposit of auction proceeds by the purchaser.
• In April 2015, petitioner Ramrao Patil wrote to the bank admitting the auction, referring to the sale proceeds and their adjustment.

Justice Borkar held that these documents “leave no doubt” that the petitioners were aware of the auction years earlier. Despite this, they repeated the claim of awareness since 2020 in both the revision and the writ petitions.

Court Strongly Criticises Attempt to Mislead Judiciary

Calling the conduct “deliberate, not inadvertent,” the court observed:

• Writ jurisdiction is based on fairness, honesty and complete disclosure.
• A litigant who makes false statements “loses all credibility” and cannot seek equitable relief.
• Suppressing facts wastes public resources and deprives other litigants waiting for justice.

The court referred to Supreme Court precedents, including Amar Singh v. Union of India, reiterating that judicial proceedings cannot be used to gain advantage through concealment or deception.

₹1 Lakh Costs Imposed for Misuse of Court Time

Justice Borkar noted that the matter consumed 90 minutes of court time, calling it an irresponsible misuse of judicial resources. The bench ordered the petitioners to:

• Pay ₹1 lakh to Maharashtra State Legal Services Authority within four weeks.
• Face recovery as land revenue if they fail to comply.

The court also rejected a request to continue interim protection.

Also Read: Bombay High Court: Borrowers Can’t Force Banks to Settle Defaulted Loans

The post HC Imposes ₹1 Lakh Fine for Misleading Claim About Knowing Property Was Auctioned appeared first on Square Feat India.

The property is located in Lokhandwala Minerva, a premium residential development in Mahalaxmi, an area known for its upscale living and prime connectivity to key business hubs such as Lower Parel, Worli, and Nariman Point. Mahalaxmi is also home to some of Mumbai’s most iconic cultural and lifestyle landmarks, making it one of the most sought-after addresses in South Mumbai.

Deal Details

• Sale price: ₹8.10 crore
• Carpet area: 1,247 sq. ft. (116 sq. m.)
• Built-up area: 1,497 sq. ft. (139.07 sq. m.)
• Car parking: 2 spaces
• Stamp duty paid: ₹48.60 lakh
• Registration charges: ₹30,000

As per records, Sood had originally purchased the apartment in 2012 for ₹5.16 crore, meaning he has made a substantial appreciation on the asset over the last 13 years.

Sonu Sood: Actor and Humanitarian

Sood began his career in 1999 with Tamil films Kallazhagar and Nenjinile. He made his Hindi film debut in Shaheed-E-Azam (2002), portraying Bhagat Singh, and later rose to prominence with blockbuster roles in Dabangg (2010) and Simmba (2018). Apart from Hindi cinema, he has worked extensively in Telugu, Tamil, and Kannada films.

Beyond his acting career, Sood has become widely admired for his humanitarian work, particularly during the COVID-19 pandemic, where he helped thousands of stranded workers and students return home.

Also Read: Actor Sonu Sood to help those in need mortgaged his own Juhu properties

The post Sonu Sood Sells Mahalaxmi Apartment for ₹8.10 Crore appeared first on Square Feat India.

MHADA, known for providing reasonably priced homes across income groups, remains one of the most sought-after agencies for aspiring homeowners in Mumbai. Given the city’s soaring real estate prices, MHADA lotteries often see lakhs of applications for a limited number of flats.

The upcoming lottery will offer homes across four income categories — Economically Weaker Section (EWS), Lower Income Group (LIG), Middle Income Group (MIG), and Higher Income Group (HIG) — ensuring that a wide section of society has the opportunity to secure a home at affordable rates.

For many middle-class and lower-income families, MHADA lotteries represent a rare chance to buy a home in Mumbai, where private market rates often remain out of reach. This announcement is expected to generate significant interest among homebuyers eagerly awaiting their shot at affordable housing.

Further details about the locations, pricing, and application process are likely to be announced by MHADA in the coming months.

Also Read; MHADA Announces New Lottery Date for Mumbai

The post MHADA to Hold Mumbai Lottery for 5,000 Homes appeared first on Square Feat India.

A Premium Investment in Lower Parel

Lower Parel, a prime residential and commercial locality in Mumbai, has become a preferred destination for celebrities and business professionals. The area boasts excellent connectivity to major business hubs like Bandra-Kurla Complex (BKC) and Nariman Point. Several Bollywood personalities, including Abhishek Bachchan, Shahid Kapoor, and writer Amish Tripathi, have also invested in properties in this sought-after location.

Details of the Property

The newly acquired apartment is situated in Indiabulls Sky, a premium residential development by Equinox India Developments Limited. As per RERA records, this ready-to-move-in project spans three acres and features luxury residences with configurations ranging from 3 to 6 BHK.

The apartment purchased by Zaheer Khan and his family spans a carpet area of 2,158 sq. ft. (~200.47 sq. m) and a built-up area of 240.58 sq. m (~2,590 sq. ft.). It also includes three car parking spaces. The deal involved a stamp duty payment of Rs. 66 lakh and a registration charge of Rs. 30,000.

Real Estate Trends at Indiabulls Sky

According to Square Yards’ Project Data Intelligence, Indiabulls Sky witnessed two property transactions amounting to Rs. 23 crore between February 2024 and January 2025. The current average resale price in the project stands at Rs. 49,096 per sq. ft., reflecting the high value of real estate in the area.

Zaheer Khan: A Cricketing Legend

Zaheer Khan, a stalwart of Indian cricket, played for the national team in all formats from 2000 to 2014. He was instrumental in India’s 2011 Cricket World Cup triumph and was also part of the squad that shared the 2002 ICC Champions Trophy. For his contributions to Indian sports, he was honored with the Arjuna Award in 2011. Zaheer retired from international and first-class cricket in October 2015.

A Power Couple in Sports and Entertainment

Zaheer Khan and Sagarika Ghatge, who tied the knot in 2017, are a well-known power couple. While Zaheer made his mark in cricket, Sagarika gained fame for her role in the Bollywood film Chak De! India and was also a former national-level hockey player. Their investment in Mumbai’s luxury real estate market adds to their growing portfolio of high-end assets.

With this acquisition, Zaheer Khan, Sagarika Ghatge, and Shivjeet Ghatge join the league of elite homeowners in Mumbai’s prime real estate sector.

Also Read: adani real estate

The post Zaheer Khan, Sagarika Ghatge, and Shivjeet Ghatge Purchase Luxury Apartment in Mumbai for Rs 11 Crore appeared first on Square Feat India.

According to registration documents available with SquareFeatIndia, the 12 apartments are located in a sea-facing building next to Champagne House, which the Kotaks had previously acquired in 2018 for ₹385 crore from the Chougle family, the former owners of the now-defunct wine-making company, Indage Vintners.

The apartments in Shiv Sagar range in size from 173 sq ft to 1,396 sq ft. The total area acquired by the Kotak family measures 7,148 sq ft, for which they paid ₹201.88 crore, bringing the per sq ft rate to ₹2.72 lakh. The stamp duty paid for the registration of these 12 apartments amounts to ₹12.11 crore.

According to sources familiar with the deal, the building comprises a total of 24 apartments, and the Kotaks are looking to acquire all of them. With 12 already in their possession, their plans for the remaining units remain to be seen.

Once all the apartments are bought the entire building will cost around ₹400 crore to the Kotak family.

Meanwhile, at the site of Champagne House, a grand palatial home is under construction for the family. What the Kotaks plan to do with their latest acquisition is yet to unfold.

Also Read: With 57% Value Share, CRE Dominates PE Deals in FY24 

The post Uday Kotak, Family Buys 12 Properties in Worli Building for a Record ₹2.72 Lakh PSF appeared first on Square Feat India.