The leave and licence agreement was registered in August 2026. The property is located in Kapol CHS Ltd. in Juhu, one of Mumbai’s most sought-after luxury residential neighbourhoods.

The agreement provides for a starting monthly rent of ₹16 lakh, with the rent increasing by 5% every year.

₹16 lakh monthly rent in the first year

According to the registration documents, the bungalow has a built-up area of 724.90 sq m, equivalent to approximately 7,803 sq ft.

The monthly rent has been fixed at ₹16 lakh for the first year.

With a 5% annual escalation, the monthly rent is expected to rise to approximately ₹19.45 lakh by the fifth year.

Based on the agreed escalation, the total rental value over the 60-month lease period is estimated at approximately ₹10.61 crore.

₹48 lakh security deposit

The agreement also provides for a ₹48 lakh security deposit.

The transaction attracted stamp duty of approximately ₹2.71 lakh, while the registration charges were ₹1,000.

The five-year tenure means that the property will remain under the leave and licence arrangement for 60 months, subject to the terms and conditions of the registered agreement.

Nearly 7,800 sq ft bungalow in Juhu

The property has a built-up area of 724.90 sq m, or approximately 7,803 sq ft.

The bungalow is situated within Kapol CHS Ltd. in Juhu.

The size and location of the property help explain the substantial rental value. At ₹16 lakh a month in the first year, the annual rent works out to ₹1.92 crore.

On the stated built-up area, the initial monthly rent translates to roughly ₹205 per sq ft per month, although rental comparisons should be made carefully because the agreement refers to built-up area and factors such as land value, bungalow configuration, amenities, parking and location can significantly affect rents.

Juhu continues to command a premium

Juhu remains one of Mumbai’s most established luxury residential markets.

The western Mumbai neighbourhood is known for premium residences, celebrity homes, high-end restaurants, hotels, retail and entertainment infrastructure. Its coastal location, established social infrastructure and connectivity to important parts of Mumbai have helped it maintain strong demand for high-value residential properties.

Unlike apartment markets where developers can add significant new supply, premium standalone bungalows in established neighbourhoods are relatively limited.

This scarcity can support both capital values and rental values, particularly for large properties with prime locations and established infrastructure.

What does the deal mean for Mumbai’s luxury rental market?

The transaction highlights the rental potential of ultra-premium residential assets in Mumbai.

A monthly rent of ₹16 lakh places the property firmly within the city’s high-end rental segment. More importantly, the 5% annual escalation ensures that the rental income rises progressively during the five-year lease.

For landlords, long-term leases with predetermined annual escalation can provide greater visibility on rental cash flows.

For tenants, however, the annual escalation means that the cost of occupying the property increases significantly over time. The monthly rent rises from ₹16 lakh in the first year to approximately ₹19.45 lakh in the fifth year.

Over five years, therefore, the tenant’s total rental outgo is more than five times the first-year annual rent because of the annual escalation.

Why celebrity-owned properties attract attention

Transactions involving celebrity-owned real estate often attract attention because they provide a window into the economics of Mumbai’s luxury property market.

In this case, the significance of the transaction is not simply the identity of the landlords. The agreement demonstrates the rental value that a large residential property in an established Mumbai micro-market can command.

The transaction also highlights the growing importance of rental income as an investment strategy for owners of high-value residential properties.

Rather than selling a premium property, owners can potentially generate substantial recurring income by leasing it over a longer period.

A ₹10.61 crore rental stream over five years

The most significant number emerging from the agreement is the estimated ₹10.61 crore cumulative rental value.

The income is spread over five years rather than being received upfront. The first year’s rental income is approximately ₹1.92 crore, increasing every year because of the 5% escalation.

By the fifth year, the annualised rent reaches approximately ₹2.33 crore.

This structure provides the landlords with a steadily increasing rental income stream while giving the tenant contractual visibility over the property for the five-year period.

Who are the landlords?

Ajay Devgn is one of the prominent actors in Hindi cinema and has also worked as a filmmaker and producer. He made his acting debut with Phool Aur Kaante in 1991 and subsequently appeared in films including Dilwale, Zakhm, Company, The Legend of Bhagat Singh, Omkara, Singham and Drishyam.

He has also received multiple honours during his career, including National Film Awards for Best Actor.

Veena Devgan, Ajay Devgn’s mother, is associated with Hindi film production and has maintained a relatively private profile. She was associated with the production of the 1999 film Dil Kya Kare, which featured Ajay Devgn, Kajol and Mahima Chaudhry.

What does this mean for homebuyers and investors?

Although the property is a luxury bungalow and the transaction is far removed from Mumbai’s mainstream housing market, it offers some insights for property investors.

First, location remains one of the biggest drivers of rental value. Juhu’s established ecosystem and limited availability of premium standalone properties allow well-located assets to command substantial rents.

Second, rental escalation can materially increase returns over a longer holding period. A property generating ₹16 lakh a month initially can generate considerably more by the end of a five-year lease when annual escalation is built into the agreement.

Third, investors should distinguish between headline rental income and actual investment returns. Property taxes, maintenance, repairs, society charges, insurance, vacancy risk and other ownership costs can affect the net income generated by a property.

For ordinary homebuyers, the transaction is therefore less a benchmark for Mumbai’s broader residential market and more an indicator of the premium commanded by scarce, high-value properties in established luxury neighbourhoods.

The bigger picture

Mumbai’s luxury residential rental market continues to be supported by a combination of limited premium housing supply, strong demand from high-income households and the city’s concentration of business, entertainment and professional activity.

The Ajay Devgn-Veena Devgan transaction adds another high-value rental deal to this segment.

With a starting rent of ₹16 lakh a month, a 5% annual escalation and a five-year tenure, the bungalow is estimated to generate ₹10.61 crore in cumulative rent.

The transaction therefore underscores an important feature of Mumbai’s luxury property market: for owners of scarce, well-located assets, rental income can itself become a substantial source of long-term wealth creation.

Source: Property registration documents reviewed by Square Yards on the Maharashtra Inspector General of Registration (IGR) website.

Also Read: Ajay Devgan to get 7.25 lac Rent per month 

The post Ajay Devgn, Mother Veena Lease Juhu Bungalow for 5 Years, to Earn ₹10.61 Crore appeared first on Square Feat India.

The approval was issued by the state Revenue Department through a Government Resolution dated August 13, 2026. The land, located in Block No. 1(A) of the Haregaon estate, will be leased for an initial period of 49 years, subject to several conditions laid down by the government.

The government has fixed an initial lease rate of ₹50,000 per acre per year. The lease rate will increase by 3% every year on a simple basis from the initial base rate.

1,500 acres to generate ₹7.5 crore annual lease revenue

At the initial rate of ₹50,000 per acre per year, the 1,500-acre parcel will generate approximately ₹7.5 crore in annual lease revenue for the Maharashtra State Farming Corporation.

The company will also be required to deposit three years’ advance lease rent with the corporation.

At the initial base rate, three years’ rent works out to ₹22.5 crore, although the actual amount payable will be governed by the lease agreement and applicable annual escalation provisions.

The government has granted approval for the land to be leased directly to Nibe Group without undertaking an e-tendering process. The lease will be governed by the provisions of the Revenue Department’s April 8, 2026 government circular.

How did the land allotment come about?

The decision follows a series of meetings and approvals at the state government level.

According to the government resolution, a Cabinet sub-committee comprising the Ministers for Revenue, Industries and Environment was constituted following directions from the Chief Minister.

The sub-committee considered the proposal at its meeting held on June 23, 2026 and decided on making the 1,500-acre area in Block No. 1(A) of the Haregaon estate available to Nibe Group.

A subsequent meeting under the chairmanship of the Revenue Minister was held on July 16, 2026.

The Maharashtra State Farming Corporation then submitted its report to the government on August 3, 2026. Following the report and the proposal submitted by the Revenue Department, the Chief Minister approved the proposal.

The Revenue Department subsequently issued the August 13 government resolution approving the lease.

Lease can potentially extend to 98 years

The initial lease period has been fixed at 49 years.

However, the government resolution provides for the possibility of renewing the lease for another 49 years, provided there has been no violation of the terms and conditions of the lease.

Any such renewal will be subject to the policies, terms and conditions applicable to the Maharashtra State Farming Corporation at that time.

This means that, subject to compliance with the conditions and future policy approvals, the land could potentially remain under the company’s lease for another 49 years after the initial lease period.

Additional 900 acres may also become available

The government resolution contains another significant provision concerning around 900 acres in Block No. 1(A).

This land is currently being used for joint farming. After the standing crops are harvested and the land becomes available, the Maharashtra State Farming Corporation may make it available to Nibe Group, subject to the decision of the Cabinet sub-committee and government approval.

Therefore, while the immediate approval concerns 1,500 acres, the resolution also provides a mechanism through which an additional approximately 900 acres could potentially be made available to the company in the future.

Company exempted from separate security deposit

Under the terms of the Maharashtra State Farming Corporation’s agreement, Nibe Company is required to pay three years’ advance lease rent within 15 days from the date of the corporation’s order.

Since the company is required to make this advance payment, the government has granted it exemption from depositing a separate security amount with the corporation.

This is one of the specific concessions incorporated into the government approval.

No MSFC NOC required for project-related permissions

The government has also exempted Nibe Group from obtaining a separate No Objection Certificate (NOC) from the Maharashtra State Farming Corporation for the permissions required to establish the project.

However, this does not mean that the company has been exempted from other statutory approvals.

The government resolution specifically states that development on the land will have to be carried out with the permission of the relevant planning authority and in accordance with the applicable approved Development Control Regulations.

The company will also have to obtain all other necessary approvals, prior permissions and NOCs from the relevant government departments and agencies.

Land cannot be transferred or mortgaged without government approval

The lease comes with restrictions on the company’s ability to deal with the land.

Nibe Group will hold the property only as a lessee and must use it exclusively for the purpose for which the land has been allotted.

The company cannot transfer the land, any portion of it or any interest in the land without prior approval from the state government’s Revenue Department.

Similarly, the land cannot be pledged or mortgaged without prior government approval.

These restrictions are important because the transaction does not amount to an outright sale of the land to the company.

Project must commence within two years

The government has stipulated that the approved use of the land must commence within two years from the date on which possession is handed over.

This condition is intended to ensure that the large land parcel is actually put to the approved use rather than remaining unused after being leased.

If the company violates any of the terms and conditions of the government approval, the land will be liable to be resumed by the government.

The resolution further states that in such a situation, the company will not have the right to claim compensation.

Future sale could give Nibe priority

Another notable provision concerns a possible future sale of the land.

If the Maharashtra State Farming Corporation decides to sell the leased land in the future, the corporation has been directed to give preference to Nibe Company.

This provision does not mean that the land has been sold to the company. The present transaction remains a lease.

It provides for priority to the company only if the Farming Corporation subsequently decides to sell the land.

What does this mean for Ahilyanagar’s real estate market?

The leasing of 1,500 acres for a large non-agricultural project could have wider implications for the local economy and surrounding real estate market.

A large project can potentially create demand for workers, services, commercial establishments, rental housing and other supporting infrastructure.

If the project results in significant employment and investment, surrounding locations could see increased demand for residential and commercial properties over time.

However, the government resolution itself does not quantify the expected investment, employment generation or future residential and commercial demand arising from the project. Therefore, the precise impact on local property prices cannot be established from the order alone.

What does it mean for the Maharashtra State Farming Corporation?

For the Maharashtra State Farming Corporation, the transaction creates a long-term lease revenue stream from a large land parcel.

At the initial rate, the 1,500 acres are expected to generate ₹7.5 crore annually, with a 3% annual increase in the lease rate.

At the same time, the conversion of the land from agricultural to non-agricultural use represents a significant change in land utilisation.

The government has therefore imposed conditions relating to the permitted use, development permissions, timelines, transfer, mortgage, encroachment and compliance.

Large-scale land-use change could reshape the area

The significance of the decision goes beyond the ₹7.5 crore initial annual lease value.

A 1,500-acre parcel represents a substantial contiguous land holding. Its development for non-agricultural purposes could alter the economic and infrastructure profile of Haregaon and surrounding areas.

The impact could extend to roads, utilities, commercial activity, employment and housing demand, depending on the scale and nature of the project eventually developed on the land.

At the same time, the shift away from agricultural use makes questions around land-use planning, infrastructure capacity and environmental and statutory approvals important.

The government resolution itself requires the company to obtain all applicable permissions from the relevant authorities before development.

Key terms of the deal

• Location: Haregaon, Shrirampur taluka, Ahilyanagar district
• Landowner: Maharashtra State Farming Corporation
• Area: 1,500 acres
• Block: 1(A)
• Lessee: Nibe Group Company, Mumbai (Global Defence Industries Limited)
• Purpose: Non-agricultural use
• Initial lease rate: ₹50,000 per acre per year
• Initial annual lease revenue: ₹7.5 crore
• Annual escalation: 3%
• Advance rent: Three years
• Initial lease period: 49 years
• Possible renewal: Another 49 years, subject to conditions
• E-tender: Not conducted
• Project commencement: Within two years of possession
• Transfer/mortgage: Requires prior government approval
• Future sale: Nibe Company to receive preference
• Additional land: Approximately 900 acres may potentially be made available after harvesting, subject to approvals

The larger real estate takeaway

For the real estate industry, the decision highlights how large government-controlled land parcels can become catalysts for new economic activity and potentially reshape local property markets.

For homebuyers and property investors, however, the immediate impact should not be interpreted as a guaranteed rise in property prices.

The actual effect will depend on the nature of the project, the investment made, employment generated, infrastructure development and the pace at which the surrounding area urbanises.

For now, the key development is that Maharashtra has approved a 49-year lease of 1,500 acres of its Farming Corporation’s land at Haregaon to Nibe Group for non-agricultural use, with an initial annual lease value of ₹7.5 crore and a 3% annual escalation.

Also Read: 87 Land Deals for 1862+ Acres Closed in FY-23

The post Maharashtra Leases 1,500 Acres in Ahilyanagar to Nibe Group for 49 Years appeared first on Square Feat India.

The Peg: A Week That Delivered More Than It Promised

Cast your mind back to Monday’s open. The sector was in the red alongside five other sectoral indices, crude was above $88, and the Muscat second round talks had no confirmed date. The week looked like another holding pattern session — cautious buyers, elevated crude, and the same unresolved diplomatic deadlock that had capped the sector’s recovery since the July 13 high of 1,009.30.

Then Thursday arrived. The US CPI for July came in in-line with expectations, immediately removing the most feared macro risk of the month — a hot inflation print that would have cemented the case for a Federal Reserve rate hike in September. OPEC+ cut its 2026 demand forecast, signalling that $88–90 crude is already destroying demand and is therefore self-limiting. South Korea’s KOSPI surged 3.76% on semiconductor strength. And the Nifty Realty index responded with a 1.50% advance to 899.30 — its strongest single-session performance since the August 5 session when it rose 2.12% as the week’s top sectoral gainer.

The sector’s constituent-level performance on Thursday told the story of a broad-based institutional recovery. Brigade Enterprises led with a 3.09% gain. DLF advanced 1.43% — continuing the catch-up momentum that had begun on Monday with a 2.65% surge. Godrej Properties added 1.37%, Aditya Birla Real Estate gained 0.69%, Lodha Developers rose 0.53%, Sobha advanced 0.50%, Phoenix Mills climbed 0.40%, Anant Raj added 0.19%, and Oberoi Realty edged up 0.12%. Nine of ten constituents in the green on Thursday — for the second time this week — is the clearest possible signal of broad-based institutional conviction.

Prestige Estates Projects was the one constituent trading ex-dividend on Thursday — the company declared a final dividend of ₹2 per share with August 13 as the ex-date, meaning the stock traded lower by the dividend quantum on Thursday rather than on market forces alone. Its price movement on Thursday therefore cannot be read as a negative signal.

How Realty Stocks Are Opening

Friday’s broader market decline — Sensex at 77,800, down 279 points — creates a challenging backdrop for the sector to hold Thursday’s gains. The Nifty50 at 24,330 is approaching the 24,300 support level that analysts have identified as the near-term floor. A sustained hold above 24,300 through Friday’s session would confirm the week’s recovery is intact. A close below 24,300 would raise technical concerns about the index’s ability to hold the 24,200–24,300 support zone into the weekend.

The Nifty Realty index opens Friday in mild negative territory, tracking the broader market’s cautious morning. DLF, which has now gained 2.65% on Monday and 1.43% on Thursday across the week’s two strongest sector sessions, opens Friday in profit-booking mode. The stock’s two-session gain of approximately 4% within the same week — its strongest consecutive weekly performance since the June-July rally — will naturally attract some institutional profit-taking before the weekend. Godrej Properties, at approximately ₹2,090–2,100 after Thursday’s 1.37% advance, opens cautiously. The stock’s weekly trajectory — a 2.35% fall on Tuesday followed by a 1.37% recovery on Thursday — reflects the sector’s week-long tug of war between crude anxiety and CPI-driven relief.

Lodha Developers at approximately ₹1,230, Sobha at ₹1,355, Phoenix Mills at ₹1,944, Brigade Enterprises at approximately ₹609, Anant Raj at approximately ₹600, Aditya Birla Real Estate at approximately ₹1,395, and Oberoi Realty at approximately ₹1,793 all open Friday with a cautious negative to flat bias. Prestige Estates, now trading ex-dividend after the ₹2 per share payout with August 13 as ex-date, opens at its adjusted price.

What Is Working

The week’s net performance is the sector’s most important positive takeaway heading into the weekend. Despite Monday’s red open, Tuesday’s crude-driven selloff where Godrej Properties fell 2.35%, and Thursday’s India CPI anxiety session, the Nifty Realty index has closed the week higher than it opened — driven by Thursday’s 1.50% advance. A positive weekly close in the context of crude still above $87–88 and the Muscat second round talks still unscheduled is a signal of genuine institutional conviction that the sector’s medium-term recovery thesis is intact.

DLF’s weekly performance is the most significant individual stock development of the week. The stock gained 2.65% on Monday and 1.43% on Thursday — two of the week’s strongest single-session moves from the index’s largest constituent. This is the clearest sign yet that the catch-up trade that institutional investors had been positioning for since the June-July rally is now actively underway. DLF closing the week with net positive gains of approximately 4% against a backdrop of crude above $87 and a cautious Nifty is the sector’s most bullish signal of August so far.

The Prestige Estates ₹2 final dividend — with ex-date August 13 — signals balance sheet confidence from the company’s management. Dividend declarations from listed developers are unusual outside of strong cash flow periods, and Prestige’s payout follows Lodha’s ₹4.25 per share dividend with ex-date August 7, Brigade’s ₹2 per share with ex-date August 5, Anant Raj’s ₹1 per share with ex-date July 31, and DLF’s ₹8 per share with ex-date July 27. The wave of dividend announcements across the sector — five of the ten Nifty Realty constituents declaring dividends within the past three weeks — is a collective statement of financial strength that institutional investors are taking note of.

The in-line US CPI read on Thursday has restored the Federal Reserve rate cut pathway that the market had been building positions around before the July Iran escalation disrupted crude oil and complicated the inflation picture. September Fed cut expectations are back on the table, and that directional shift — even without a formal Fed statement — is the most important medium-term positive the sector has received this month.

What Isn’t Working

Friday’s 280-point Sensex decline is the immediate headwind that prevents the sector from building on Thursday’s strong performance. The broader market’s weakness is driven by cautious global sentiment — geopolitical uncertainty around the Muscat process, pre-weekend position squaring, and the absence of any fresh positive catalyst to sustain Thursday’s CPI-driven optimism through the end of the week.

Crude oil holding in the $87–88 range — rather than falling decisively toward the sub-$80 levels the sector needs — remains the unresolved macro overhang. The OPEC+ demand cut forecast is a structural signal that should push crude lower over time, but the Hormuz deal deadlock — Iran’s insistence on full sanctions removal before any Strait reopening — is keeping supply uncertainty premium in the energy market. Until the Muscat second round produces a concrete framework agreement, crude will trade in this elevated range.

Weekend risk is Friday’s most specific concern. The pattern of the past two months — markets recovering on diplomatic optimism through the week, only to face fresh Iran escalation headlines over the weekend — is well established. With the Muscat second round talks yet to be scheduled, the weekend carries an asymmetric risk: any positive diplomatic development would lift Monday’s open, but any Iranian military action or US escalation would push crude above $90 again and reset the sector’s recovery momentum.

The Nifty Realty index’s proximity to the 900 psychological level — approaching from below after the week’s oscillations — creates a technical ceiling that profit-booking will naturally defend on Friday. The index closing above 900 on a Friday would be a genuinely bullish weekly close. A close below 890 would suggest the week’s gains were more fragile than Thursday’s performance implied.

What to Watch Through the Day

The Nifty50’s hold of 24,300 is Friday’s primary technical checkpoint. The support at 24,300 — which analysts have identified as a key near-term floor — needs to hold on a closing basis to maintain the week’s positive technical structure. A close above 24,350 would be a constructive weekly signal heading into the week of August 17.

Watch crude’s intraday direction through the afternoon session. Any Iran-related headline before India’s market closes at 3:30 PM would move crude and the sector simultaneously. Brent holding below $88.50 through the session would confirm that OPEC’s demand cut signal is holding the price ceiling intact.

Within the sector, watch DLF’s ability to hold its weekly gains against Friday’s profit-booking pressure. If DLF closes Friday above ₹660 — approximately where it finished Thursday — it would signal that institutional buyers who accumulated through the week are not distributing on Friday’s weakness. A close below ₹655 would suggest some of the week’s accumulation is being unwound before the weekend.

Watch for any announcement from Oman’s Foreign Ministry or the US State Department on the Muscat second round timeline. Even a procedural update confirming talks are being rescheduled — without giving a specific date — would be taken as a positive signal by the market heading into the weekend.

August 14 closes a week that delivered more positive sessions than negative ones for the Nifty Realty index, produced a wave of sector dividend announcements that signal balance sheet health, confirmed an in-line US CPI that restores the rate cut pathway, and saw DLF finally begin its long-awaited catch-up within the index. The weekend ahead carries its usual Iran escalation risk. But the week’s fundamentals are the strongest the sector has assembled in August — and they provide a firmer foundation for the week of August 17 than anything the sector had at the start of this week.

Also Read: Realty Stocks Advance at Open as Crude Hits $72; Nifty Realty Among Top Sector Performers

The post Realty Stocks Dip on August 14 as Market Slips 280 Points; Week Ends With Sector Up 1.5% appeared first on Square Feat India.

An analysis by ANAROCK Research of investor presentations of 11 leading listed developers estimates their combined pre-sales to rise 22.3% year-on-year, from ₹1.49 lakh crore in FY26 to ₹1.82 lakh crore in FY27. The projections indicate that demand for organised and branded housing remains resilient, even as the rapid pace of sales growth seen in the post-pandemic period begins to moderate.

Of the 11 developers analysed, 10 are expected to report positive pre-sales growth in FY27, while one is projected to see a marginal decline, largely because of a high base in the previous year. Nearly half of the developers are expected to deliver more than 20% growth in pre-sales.

Oberoi, Puravankara and Mahindra among fastest-growing players

The projections show considerable variation across developers, reflecting differences in launch pipelines, project completion schedules and the markets in which they operate.

Oberoi Realty has the highest projected growth, with pre-sales estimated to jump 141% to ₹13,000 crore in FY27 from ₹5,400 crore in FY26.

Puravankara follows with an estimated 51% increase to ₹11,200 crore, while Mahindra Lifespaces is projected to grow 41% to ₹4,800 crore.

Sobha’s pre-sales are estimated to rise 31% to ₹10,600 crore, while Rustomjee is projected to record 25% growth at ₹5,000 crore.

Brigade Enterprises and Signature Global are each expected to grow 22%, reaching ₹9,000 crore and ₹10,000 crore, respectively.

Prestige Estates is projected to report an 18% increase to ₹35,300 crore, while Lodha is estimated to grow 17% to ₹24,000 crore. Godrej Properties is expected to increase pre-sales by 14% to ₹39,000 crore.

DLF is the only developer in the group projected to remain broadly flat, with FY27 pre-sales estimated at ₹20,000 crore against ₹20,100 crore in FY26.

FY27 pre-sales projections

Why are homebuyers continuing to spend?

The numbers suggest that the housing market is undergoing a change in composition rather than a broad-based slowdown.

While unit sales growth has moderated in several markets, booking values remain strong. ANAROCK attributes this to rising average selling prices, larger apartment sizes and continued demand for premium homes.

In other words, developers may not necessarily be selling dramatically more units, but the value of each booking is increasing.

This is particularly important for the organised residential sector. Buyers are increasingly prioritising developers with established brands, stronger balance sheets, transparent financial disclosures, proven execution capabilities and a track record of timely delivery.

The trend represents what ANAROCK describes as a continued “flight to quality” in the housing market.

For homebuyers, this means the choice of developer is becoming increasingly important. A strong brand does not automatically eliminate project-level risks, but financially stronger developers can potentially provide greater confidence around construction, funding and delivery compared with weaker or undercapitalised players.

Inventory levels remain under control

Another positive indicator is the inventory position of these developers.

According to ANAROCK, the inventory-to-annual-bookings ratio based on FY27 estimates ranges from just 0.07x to 2.70x. Most of the developers have inventory equivalent to less than 1.5 years of annual bookings.

A lower inventory-to-sales ratio generally indicates that developers are not sitting on excessive unsold stock relative to their annual sales velocity.

For the industry, this reduces the immediate risk of a large inventory overhang. It also suggests that developers are increasingly matching new launches with actual demand rather than aggressively creating supply without sufficient absorption.

For homebuyers, controlled inventory can have mixed implications. On one hand, it indicates a healthier market and lowers the likelihood of distressed discounting caused by excessive unsold stock. On the other, strong demand and limited availability in desirable projects can keep prices firm.

Higher prices are changing the meaning of sales growth

The increase in booking values also highlights a critical feature of India’s current housing market: the market is becoming more expensive.

Rising average selling prices, larger homes and stronger premium-housing demand are pushing the overall value of residential sales higher.

This means a 20% increase in pre-sales value should not automatically be interpreted as a 20% increase in the number of homes sold.

For homebuyers, the distinction is important. A developer can report strong growth in booking value even if unit sales growth is considerably lower, simply because homes are being sold at higher prices or buyers are purchasing larger apartments.

The trend also indicates that the premium and upper-mid segments continue to play an important role in supporting the industry’s growth.

Balance sheets remain a key strength

ANAROCK’s broader analysis of listed developers also points to financial discipline.

Aggregate net debt among the larger group of listed developers remained largely stable in FY26 compared with FY25, even as their combined pre-sales increased by around 18%.

This suggests that a significant portion of the growth was supported by internal accruals and operating cash flows rather than being driven primarily by fresh borrowing.

Several developers also continued to maintain net cash positions, with cash and cash equivalents exceeding outstanding debt. Most of these companies further increased their net cash surplus during FY26.

This is significant for the sector because residential development is capital intensive. Developers need substantial funds for land acquisition, construction, approvals, marketing and project execution.

A stronger balance sheet gives companies greater flexibility to launch projects, acquire land and withstand periods of weaker sales without depending excessively on external borrowing.

For lenders and investors, it also improves the risk profile of established developers.

Listed and Grade A developers gaining market share

The growing dominance of organised developers is also visible in new launches across India’s major residential markets.

ANAROCK data shows that the combined share of listed and Grade A developers in new launches increased across most major cities between FY26 and Q1 FY27.

In the National Capital Region, their share increased from 66% to 70%. Bengaluru saw an increase from 53% to 57%, while Pune moved from 45% to 46%.

Hyderabad recorded an increase from 36% to 39%, Chennai from 58% to 60%, and Kolkata from 41% to 43%.

The Mumbai Metropolitan Region also recorded an increase, although the share remains comparatively lower, rising from 24% in FY26 to 26% in Q1 FY27.

This indicates that larger, financially stronger and more organised developers are gradually increasing their presence in the new-launch market.

What does this mean for MMR homebuyers?

The MMR numbers are particularly relevant for Mumbai, Navi Mumbai, Thane and surrounding residential markets.

Listed and Grade A developers accounted for 26% of new launches in MMR during Q1 FY27, up from 24% in FY26.

The increase points to growing participation by organised developers in a market where land costs, construction expenses and regulatory requirements are already high.

For buyers, greater participation by established developers could mean more competition around product quality, amenities, project execution and financing. However, it does not necessarily mean lower prices.

Mumbai’s structural land constraints and sustained demand mean that prices can remain elevated even as the quality and scale of developers improve.

Homebuyers therefore need to evaluate projects on factors such as location, carpet area, all-in cost, possession timeline, MahaRERA compliance, developer track record and the financial viability of the specific project rather than relying solely on the developer’s brand.

The bigger picture: organised housing gaining strength

The FY27 projections point to a broader structural transformation in India’s residential real estate sector.

The market is increasingly shifting towards developers with stronger balance sheets, established brands and the ability to execute large projects at scale.

The post-pandemic housing boom may be normalising, but ANAROCK’s numbers suggest that the underlying demand remains healthy.

The projected 22.3% increase in combined pre-sales among the 11 developers is particularly significant because it comes at a time when home prices have risen substantially and global economic and geopolitical conditions remain uncertain.

The industry therefore appears to be moving from a period of broad-based volume-led expansion towards a more selective, value-led growth phase.

For developers, disciplined launches, careful capital allocation and strong execution will become increasingly important.

For homebuyers, the message is equally clear: demand remains strong, and there may be limited scope for a broad-based correction driven simply by weaker sales. At the same time, the increasing strength of organised developers could provide greater choice and confidence, particularly for buyers who prioritise execution and delivery certainty.

The projected ₹1.82 lakh crore in FY27 pre-sales is therefore more than just a sales target. It is an indicator of how India’s organised residential market is consolidating around financially stronger developers while homebuyer demand remains resilient despite higher prices and a more uncertain global environment.

Also Read: Realty Stocks Slide as Crude Hits $92 and Trump Hits Pharma With 100% Tariff

The post Listed Developers Target ₹1.82 Lakh Crore Pre-Sales in FY27 as Homebuyer Demand Holds Firm appeared first on Square Feat India.

The order was passed on August 10, 2026 by Member Ravindra Deshpande in Review Application No. CC006000000221101/APPL/RV/2 arising out of Complaint No. CC006000000221101.

Background of the Case

Mr Vaibhav Kishor Ambukar and Mrs Seema Vaibhav Ambukar had booked Flat No. 1503 in Tower-1, Wing-B of the “Lodha Mulund Project Tower I” (MahaRERA Registration No. P51800031360) for a total consideration of Rs 2,26,93,597. They paid Rs 1,00,000 on September 26, 2021 and Rs 6,00,000 on October 10, 2021 towards booking. Out of the first instalment, Rs 35,000 was towards GST. Thus, the developer received Rs 6,65,000.

According to the buyers, after returning to India they executed the Application Form. Their housing loan was later rejected due to uncertainty in Mr Ambukar’s contractual employment abroad. By email dated November 27, 2021, they sought cancellation of the booking and refund of the amount paid.

Lodha refused the refund, relying on Clause 3.5 of the Application Form which provided for forfeiture of the booking amount in case of cancellation. The buyers then approached MahaRERA in May 2022 seeking refund with interest.

On June 10, 2025, MahaRERA allowed the complaint and directed the developer to refund the amounts paid by the complainants.

Lodha’s Arguments in Review

Aggrieved by the refund order, Macrotech Developers filed the present review application. The company contended that:

• The Application Form was actually executed on November 7, 2021 and not on November 18, 2021 as recorded in the original order. The later date was merely an internal CRM entry.
• The buyers had voluntarily cancelled the booking due to their personal financial constraints and loan rejection. There was no default on the part of the developer.
• Despite offering a flexible payment schedule and an option to downgrade the unit, the buyers insisted on cancellation.
• Clause 3.5 of the Application Form clearly provided for forfeiture. The developer had suffered financial loss on account of administrative expenses, marketing costs, brokerage and opportunity loss, as the flat remained unsold until July 2023.
• The original order suffered from errors apparent on the face of the record. It neither recorded any violation of the RERA Act warranting refund nor assigned reasons for disregarding the contractual forfeiture clause. It also wrongly applied MahaRERA Order No. 35 of 2022 retrospectively and ignored binding precedents.

Lodha sought quashing of the June 10, 2025 order, stay of its operation, and other consequential reliefs.

Homebuyers’ Stand

The original complainants strongly opposed the review. They submitted that:

• The review application was filed only to evade compliance with the refund order and to delay its execution after non-compliance proceedings had commenced.
• The application was barred by limitation under Regulation 36 of the MahaRERA (General) Regulations. It was filed much beyond the prescribed 45-day period without any application for condonation of delay.
• Review jurisdiction is extremely limited. It can be exercised only in cases of error apparent on the face of the record or discovery of new and important evidence. Lodha had neither pointed out any such error nor produced any new material. It was merely re-agitating the same submissions already considered and rejected.
• The Authority had already held that the Application Form was executed after receipt of the booking amount, was not properly explained to the buyers, contained one-sided and unconscionable clauses, and that several pages lacked signatures. No Agreement for Sale was ever executed.
• The cancellation was sought within nine days of signing the form due to genuine financial hardship arising from loan rejection. The amount paid constituted only about 2.93% of the total consideration. Lodha had failed to produce any documentary evidence of actual financial loss.
• The review was a disguised appeal and an abuse of process.

MahaRERA’s Findings and Order

After hearing both sides on April 21, 2026, Member Ravindra Deshpande reserved the matter and delivered the order on August 10, 2026.

The Authority first examined the limitation issue. The original order was passed on June 10, 2025. Although the developer claimed to have paid the challan, the hard copy of the review application was received by MahaRERA only on August 26, 2025 and the online filing was done on February 5, 2026. No application seeking condonation of delay was filed, nor was any sufficient cause shown. The Authority held that mere payment of challan cannot be treated as filing within the prescribed period. The review application was therefore barred by limitation and liable to be rejected on that ground alone.

Even on merits, the Authority found no error apparent on the face of the record. It noted that the Application Form itself contained two conflicting handwritten dates (07.11.2021 and 18.11.2021). The receipts annexed with the form, however, bore the dates 18.11.2021 and 19.11.2021. Extending the benefit of doubt, the Authority upheld the original finding that the form was executed on 18.11.2021.

The Authority further observed that all the grounds raised by Lodha — including the validity of Clause 3.5, alleged financial loss, judicial precedents and applicability of Order No. 35 of 2022 — had already been specifically raised and duly considered in the detailed order dated June 10, 2025. In that order, MahaRERA had held the forfeiture clause to be one-sided, unconscionable and unenforceable, noted the prompt cancellation due to genuine hardship, and recorded the absence of any proof of actual loss suffered by the developer.

Reiterating the settled legal position, the Authority held that review jurisdiction cannot be exercised as an appellate jurisdiction. A party cannot seek re-appreciation of the same evidence or reconsideration of findings already recorded under the guise of review.

Final Order

1. The Review Application No. CC006000000221101/APPL/RV/2 stands dismissed.
2. No order as to costs.

The original refund direction dated June 10, 2025 therefore continues to hold the field.

This decision once again underlines MahaRERA’s consistent approach that one-sided forfeiture clauses in booking application forms, especially when the amount paid is a small percentage of the total consideration and cancellation is sought promptly for genuine reasons, will not be enforced to the detriment of homebuyers.

Also Read: Lodha Brothers Resolve Disputes, Clarify Brand Ownership

The post Builder’s Review Dismissed: MahaRERA Upholds Refund to Mulund Homebuyers appeared first on Square Feat India.

In a filing to the BSE and NSE dated August 12, 2026, the Tata Group hospitality major stated that it had received an additional penalty claim of Rs 5,51,35,972 on outstanding property taxes for Taj Lands End, as reflected in the Property Tax bill for the financial year 2026-27. This latest demand builds on an earlier disclosure made by the company on February 13, 2026, and pushes the cumulative penalty figure to Rs 103,08,31,312.

Taj Lands End, located in Bandra West, is one of IHCL’s flagship properties on Mumbai’s western waterfront and a key contributor to the company’s hospitality portfolio in the city.

Despite the mounting penalty figure, IHCL has firmly maintained that it has not committed any violation with respect to the tax demand. The company stated that the bills raised by BMC are being disputed, indicating that it intends to contest the levy rather than accept the civic body’s assessment.

On the question of financial impact, IHCL clarified that any monetary exposure would be limited strictly to the penalty amount already disclosed. The company was categorical that the dispute would have no bearing on the operations or other business activities of Taj Lands End or the wider IHCL portfolio, signalling that day-to-day functioning of the hotel remains unaffected by the ongoing tax row.

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates listed companies to inform stock exchanges of material events, including regulatory penalties and disputes, in a timely manner. The filing was signed by Melisa Alva, Senior Vice President and Company Secretary, IHCL.

Property tax disputes between commercial establishments and municipal corporations are not uncommon in Mumbai, where valuation methodologies, capital value assessments, and penalty computations frequently become points of contention. With the total claim now crossing the Rs 100 crore mark, the outcome of IHCL’s dispute with BMC will be closely watched, both for its financial implications and as a reference point for how such tax disagreements involving large commercial and hospitality properties are eventually resolved.

IHCL has not indicated a timeline for resolution of the dispute, and the matter remains at the stage of contestation between the company and the municipal authority.

Also Read: Paying Property Tax on Alleged Encroachment Won’t Amount to Regularisation: Court

The post BMC Slaps Rs 103 Crore Penalty on Taj Lands End Over Property Tax Dispute appeared first on Square Feat India.

The transaction involves a 24-square-metre carpet-area office on the ground floor of Aston Building, part of Aston Premises Co-operative Society Ltd, in Sundervan Complex on Lokhandwala Road, Andheri West. The agreement for sale was executed on August 6, 2026 and registered with the Joint Sub-Registrar, Mumbai 13 under document number 17920/2026.
The purchaser named in the registered agreement is Sonu Agamkumar Nigam, while the seller is Singular Health Private Limited, a Mumbai-based company. The agreement records a total consideration of ₹1 crore for the commercial premises.

24 sq m office sold for ₹1 crore

The property measures 24 sq metres in carpet area, equivalent to roughly 258 sq ft.

Based on the registered consideration, the transaction works out to approximately ₹38,700 per sq ft of carpet area.

The agreement identifies the premises as Office/Unit No. 105A on the ground floor of the building known as Aston, forming part of Aston Premises Co-operative Society Ltd. The property is situated on CTS No. 626/3 (part) of Village Oshiwara, Andheri West, Mumbai.

The document also states that the property is being transferred with vacant possession.

₹1 crore consideration, ₹6.3 lakh paid in stamp duty and registration charges

The transaction attracted ₹6 lakh in stamp duty and ₹30,000 in registration fees, according to the registration documents.

A separate document-handling charge of ₹2,200 was also paid. The pre-registration summary records the market value at ₹94.85597 lakh against the agreement consideration of ₹1 crore.

The agreement states that ₹99 lakh was paid to the seller, while ₹1 lakh was deducted as tax deducted at source from the total consideration. A receipt included in the registered document acknowledges receipt of the full ₹1 crore consideration.

Seller had acquired the property earlier

The transaction documents indicate that Singular Health Private Limited had acquired rights, title and interest in the office earlier through an agreement involving Parikh Enterprise.

The 2026 sale agreement records that the earlier transaction was registered in November 2019 and that Singular Health had subsequently represented itself as the lawful owner of the premises with marketable title.

The documents further show that Singular Health’s board of directors approved the sale of the property at a meeting held on June 17, 2026.

The board resolution specifically describes the asset as a commercial premises measuring 24 sq metres of carpet area, without parking, and authorises the company’s director to negotiate and complete the sale transaction.

Society gives NOC for the sale

The transaction also received a no-objection certificate from Aston Premises Co-operative Society Ltd.

In a letter dated July 21, 2026, the society confirmed that it had no objection to Singular Health selling Office Unit No. 105A to Sonu Agamkumar Nigam.

The society noted that maintenance bills from April 1, 2026 onwards had not yet been issued and stated that the seller would be responsible for those charges up to the date of execution or registration of the agreement.

An earlier letter from Parikh Enterprise dated July 14, 2026 also stated that there were no outstanding maintenance dues for the property up to March 31, 2026.

What makes the transaction significant for Mumbai real estate?

The transaction provides another example of the premium commanded by small-format commercial properties in established western Mumbai locations.

At approximately 258 sq ft of carpet area, the office is relatively compact. Yet its ₹1 crore consideration translates into a price of nearly ₹38,700 per sq ft on the carpet area.

The transaction also highlights the continued value of commercial real estate in established neighbourhoods such as Andheri West, where proximity to residential catchments, established commercial activity and connectivity can support high capital values even for smaller office units.

However, the registered consideration should not automatically be treated as a benchmark for every commercial property in Andheri West. Property values can vary significantly depending on building quality, age, floor, frontage, access, parking, tenant status, title, amenities and exact micro-location.

A clean-title representation was included

The sale agreement contains several representations from the seller regarding the property.

Singular Health represented that it was entitled to sell and transfer the premises and that the title was marketable and free from encumbrances, claims and reasonable doubts.

The seller also represented that it was in exclusive possession of the premises and that there was no pending litigation or other proceeding affecting the property, according to the agreement.

The agreement further provides for the transfer of original title documents to the purchaser after receipt of the entire consideration.

Existing property records form part of the transaction

The registered document contains several supporting records, including the society’s registration certificate, municipal documents, property-tax records, earlier registration documents, the seller company’s board resolution and identity and tax documents of the parties.

The file also includes a municipal part-occupation certificate relating to the commercial building. The certificate records completion of the relevant development work of the commercial building, including basement parking and commercial floors.

The inclusion of these documents reflects the level of documentation typically assembled for a registered property transaction, particularly where ownership is being transferred from a corporate entity to an individual purchaser.

What does the deal mean for Mumbai’s commercial property market?

For Mumbai’s commercial real estate market, the transaction underscores how location continues to command a premium.

Andheri West is one of Mumbai’s established mixed-use markets, with residential neighbourhoods, offices, retail and entertainment-related activity existing alongside one another. A relatively small office unit can therefore carry a significant capital value when located in an established commercial ecosystem.

The transaction also highlights another trend: individual buyers, including high-profile professionals and entrepreneurs, continue to acquire commercial assets rather than limiting their property exposure to residential real estate.

For investors evaluating similar properties, however, the headline price alone is not enough.

Rental potential, vacancy risk, maintenance costs, redevelopment prospects, society restrictions, parking availability, title history and future liquidity can materially affect the investment value of a commercial unit.

The bottom line

The registered documents show that Sonu Agamkumar Nigam has acquired Office Unit No. 105A in Aston Building, Andheri West, for ₹1 crore.

The 24 sq m carpet-area office translates to roughly 258 sq ft and an implied transaction value of around ₹38,700 per sq ft. The transaction was registered in August 2026, with ₹6 lakh in stamp duty and ₹30,000 in registration fees recorded in the registration documents.

The deal is notable not only because of the buyer’s profile but also because it offers a snapshot of the prices being paid for compact commercial properties in established Mumbai micro-markets.

Also Read: Sonu Nigam Sells Property for Rs 7 Cr

The post Sonu Nigam Buys Andheri Office for ₹1 Crore, Property Documents Show appeared first on Square Feat India.

The Peg: The CPI Print That Gave the Sector Its Rate Cut Story Back

Every session this week had been shaped by one question — what would the US CPI for July say? The answer, arriving overnight, was the one the market needed: in-line. Not hot. Not alarming. Not the above-3% reading that would have cemented the three hawkish Fed dissenters’ case for a September rate hike.

An in-line CPI reading in the context of the Iran war — where crude oil had climbed from $72 to nearly $90 in under six weeks — is actually a stronger-than-expected outcome. It means that the energy price surge from the Strait of Hormuz disruption has not yet fed through into broader US inflation at the rate that the most bearish forecasters had feared. Services inflation, core goods inflation, and shelter costs are not accelerating. The Fed has room to hold — and potentially to cut — at its September meeting.

For Indian real estate stocks, the chain of consequences is direct and powerful. A Fed that is not hiking removes the most dangerous external trigger for FII selling from India portfolios. A Fed that is considering cutting takes FII flows from cautious positive to actively re-entering rate-sensitive emerging market sectors. The rupee strengthens. The RBI’s case for maintaining its accommodative stance strengthens. And developer margin assumptions, which had been under pressure from elevated crude, become more defensible as the energy price trajectory shifts downward. All of that flows from one in-line CPI print.

Crude’s simultaneous 1.15% fall to $87.96 — driven by OPEC+’s forecast that high prices are already destroying demand — adds the energy market dimension to the CPI’s monetary policy signal. OPEC+ cutting its 2026 demand forecast is a structural signal, not a one-day noise: it means that the cartel’s own analysts believe $88-90 crude is already acting as a brake on global economic activity, making further price appreciation less sustainable. For Indian real estate developers, every dollar crude falls from its $98.68 peak adds incrementally to the margin relief story.

How Realty Stocks Are Opening

The Sensex at 78,111 in pre-open — up 145 points — and the Nifty near 24,400 provide a positive but measured market backdrop. GIFT Nifty at 24,433 is down 38 points from the official Nifty close — a mild discrepancy that reflects the CAS mechanism’s adjustment effects rather than a genuine negative signal, given the strongly positive Asian cues and overnight global developments.

The Nifty Realty index enters Thursday having declined through Tuesday’s crude spike to $89.77, and then cautiously consolidated on Wednesday’s CPI-anxiety session. Thursday’s open, with crude now at $87.96 and the CPI concern removed, is the sector’s first genuinely clean positive morning in four sessions.

DLF, the index’s largest constituent at a 19.96% weight and the stock whose catch-up potential has been the sector’s most discussed individual story through the current recovery cycle, opens Thursday with the broadest institutional interest it has attracted in several weeks. The stock at approximately ₹655–660 — still 14-17% below analyst targets of ₹775 — now has both the fundamental case and the improving macro environment to attract fresh institutional buying. A clean move above ₹670 today would be the clearest technical signal that DLF’s catch-up has begun in earnest.

Godrej Properties, which fell 2.35% on Tuesday to approximately ₹2,060–2,070, opens Thursday with buyers returning. The stock’s 52-week high of ₹2,407.90 — the institutional target that anchors most analyst models — is approximately 16% above current levels. The Q1 FY27 PAT decline is a timing issue that the market is increasingly looking through, and Thursday’s positive macro environment gives institutional investors the confidence to rebuild positions. Lodha Developers, which had been the sector’s most resilient name through Tuesday’s crude spike, opens Thursday with continued buying interest — the record Q1 FY27 presales of ₹5,620 crore providing a fundamental floor that has kept the stock from experiencing the sharper declines seen in Godrej Properties and DLF.

Prestige Estates Projects, Sobha, Phoenix Mills, Brigade Enterprises, Anant Raj, Aditya Birla Real Estate, and Oberoi Realty all open Thursday with a clear positive tone — the broadest sector advance since the August 10 session where Brigade surged 4.74% and DLF gained 2.65%. The sector’s uniform positive opening reflects institutional conviction rather than selective buying.

India’s July retail inflation data is due today — a domestic data point that will add its own signal to the overnight CPI positive. If India’s July CPI also shows easing pressure — particularly on food inflation, which had been the most volatile component — it would strengthen the case for the RBI to remain on hold comfortably and potentially signal an easing bias earlier than currently priced in the bond market.

What Is Working

The US CPI for July coming in in-line is Thursday’s defining positive catalyst. An in-line reading in a month when crude oil had surged nearly 25% on Iran war supply fears is a direct signal that second-order inflation effects — energy costs passing through to services, logistics, and food — are moving more slowly than the most pessimistic scenarios had assumed. For the Federal Reserve, this print validates holding rates steady. For India’s rate-sensitive sectors, it removes the most feared external trigger of the month.

Brent crude falling 1.15% to $87.96 on OPEC+’s lower demand forecast is the complementary energy market signal. The OPEC+ demand cut forecast is a structural development — the cartel’s official acknowledgement that high prices driven by the Iran war supply disruption are already weighing on global consumption. That demand destruction dynamic, if it continues, will keep a ceiling on crude even if the Strait of Hormuz situation does not fully resolve. For Indian developers, the direction of crude — clearly downward on Thursday — is what matters more than the absolute level.

South Korea’s KOSPI surging 3.76% — driven by Samsung and SK Hynix advancing sharply on improved semiconductor outlook — is the Asian market signal that most accurately reflects global institutional risk appetite. When the KOSPI posts a 3.76% single-session advance, it signals that global institutional money is actively re-risking across emerging markets. India — as the largest and most liquid emerging market equity destination — typically receives a disproportionate share of that re-risking. Real estate stocks, as the rate-sensitive sector most exposed to the FII flow story, are the primary beneficiary within the Indian market.

Tata Sons chairman N Chandrasekaran’s resignation — with Tata Group shares in focus — is a conglomerate-level governance story that will create stock-specific noise across Tata Group companies. However, it is not a realty sector story and is unlikely to affect the Nifty Realty index’s direction through Thursday’s session. If anything, the Tata Group narrative creates a distraction from realty’s own positive developments, potentially reducing the headline noise around what is otherwise the sector’s best morning in a fortnight.

What Isn’t Working

GIFT Nifty’s 38-point negative reading — despite strongly positive Asian markets and the in-line CPI — reflects the ongoing technical adjustment to the CAS mechanism that NSE introduced on August 3. The divergence between where GIFT Nifty trades and where the actual Nifty opens has been an ongoing source of confusion for the past ten sessions, and Thursday’s mild GIFT Nifty negative against a backdrop of 3.76% KOSPI gains should be read as a CAS-related technical artefact rather than a genuine negative signal.

Crude at $87.96 — while falling — is still above the $80 threshold that the sector needs for a genuine re-rating to the 52-week high of 1,009.30. The fall from $89.77 to $87.96 is encouraging but not yet transformative. The sector’s full recovery thesis requires crude to sustain below $80, which in turn requires either a formal Strait of Hormuz reopening agreement from the Muscat second round talks or a continued OPEC+ demand destruction signal pushing prices lower organically. Thursday’s decline is a step in the right direction — not the destination.

The Muscat second round talks still have no confirmed date. The Hormuz deal deadlock — Iran demanding full sanctions removal before any Strait reopening, the US insisting on physical reopening first — is the structural negotiating gap that has not been bridged. Until Oman’s mediators confirm a date for the second round, the diplomatic framework remains aspirational rather than active. Any Iranian hardening of position or US escalation of the naval blockade could reverse Thursday’s crude decline quickly.

India’s July retail inflation data, due today, carries its own downside risk. If food inflation — driven by the monsoon shortfall that the RBI has been monitoring — has risen further in July, it would complicate the domestic rate outlook even as the US CPI eases global pressure. A hot domestic CPI would give the RBI pause despite the benign global signal, and would be a sector-specific negative that partially offsets the overnight positive developments.

What to Watch Through the Day

India’s July retail inflation data is Thursday’s most important scheduled domestic release. The market expects food inflation to remain elevated but contained. A reading above 5.5% on headline CPI would raise RBI rate anxiety. A reading at or below 5.0% would be taken as confirmation that domestic price pressures are manageable — the green light the sector needs for the RBI accommodative narrative to strengthen.

Crude oil’s intraday direction is the real-time barometer. Brent holding below $88 through Thursday’s session would confirm that Wednesday’s overnight fall was the beginning of a sustained correction rather than a one-session technical move. Any Iran or Houthi escalation headline that pushes crude back above $89 would test Thursday’s opening optimism.

The Nifty50’s ability to hold above 24,400 — and ideally push toward 24,600 — is Thursday’s primary technical checkpoint. The 25,000 mark on the August 28 monthly expiry remains the month’s directional target. A clean Nifty close above 24,500 today would set up a test of 24,700 next week and keep the 25,000 target within the month’s realistic range.

Within the sector, watch DLF and Godrej Properties for the magnitude of their Thursday recovery. If DLF gains more than 1.5% today and Godrej Properties recovers more than 2% from Tuesday’s close — the session’s two most beaten-down large-cap names — it would signal that institutional buyers are committing aggressively to the sector’s CPI-driven positive signal rather than cautiously dipping their toes. That is the kind of conviction buying that sustains rallies rather than being reversed at the first sign of renewed crude pressure.

Thursday August 13 is the morning the sector has been waiting for since the Muscat talks stalled and crude climbed back above $88. The US CPI has done what diplomacy could not do in two weeks of negotiations — it has provided a clear, data-backed reason for the Federal Reserve to hold off on rate hikes, for global risk appetite to recover, and for rate-sensitive Indian sectors like real estate to attract fresh institutional buying. Crude is falling. Asia is surging. The market is opening positively. The Nifty Realty index’s next move toward 950 and beyond starts here.

Also Read: Realty Stocks Slide as Crude Hits $92 and Trump Hits Pharma With 100% Tariff

The post Realty Stocks Rise as US CPI Eases Fed Fears and Crude Snaps Six-Day Rally at $88 appeared first on Square Feat India.

Government capital expenditure by the Centre, states and central public sector enterprises (CPSEs) increased 19% year-on-year during April-May 2026. Equirus said the rise provides support to the medium-term cement demand outlook and could help drive a recovery in building-material consumption from FY27.

The report, however, expects cement volume growth to remain sluggish during the first half of FY27. Weak near-term demand, monsoon-related disruption and new cement capacities coming on stream are expected to limit pricing power.

Cement demand remains largely need-based

Cement procurement at the trade level remained largely need-based during July, reflecting subdued construction activity during the monsoon.

Cement prices were flat to slightly lower across several markets. Although cement manufacturers announced price increases in some regions, Equirus said these hikes were largely defensive and difficult to sustain in an environment of weak demand.

Regional performance remained mixed.

Cement prices declined by around ₹5 per bag across western and central markets, while Hyderabad recorded an increase of approximately ₹8 per bag. Prices remained broadly stable across northern and eastern markets.

The western and southern regions continued to report relatively healthier cement demand compared with several other markets.

Government spending could drive the next demand cycle

The 19% year-on-year increase in government capex during April-May 2026 is an important positive indicator for the construction and building-material sectors.

Higher spending by the Centre, states and CPSEs is expected to translate into greater activity across infrastructure and construction projects, supporting cement, steel and other building materials as weather-related disruptions ease.

Equirus expects the current monsoon-related weakness to be temporary, with construction activity likely to improve as project execution normalises.

Core infrastructure output grows 5%

Underlying infrastructure activity also remained resilient.

India’s core infrastructure output increased 5% year-on-year in June 2026, according to the Equirus report. This was the strongest growth recorded in five months.

The increase was led primarily by higher output in cement, electricity and iron ore, suggesting that upstream production of key construction inputs remained healthy despite weaker activity at the retail construction level.

The combination of higher infrastructure output and increased government capex could therefore provide a stronger base for building-material demand in the coming quarters.

Cement prices remain under pressure

Cement pricing continues to be a key concern for manufacturers.

Across major metros, cement prices remained in the range of approximately ₹380-430 per bag. Prices in the West and Central markets declined by around ₹5 per bag, while Hyderabad recorded an ₹8 per bag increase.

Equirus expects pricing power to remain constrained during H1 FY27 because of subdued demand and additional capacity entering the market.

For manufacturers, the focus is therefore likely to remain on protecting margins rather than implementing aggressive price increases.

Input costs remain broadly stable

The input-cost environment provided some relief to building-material companies during July.

Diesel prices remained broadly in the ₹95-105 per litre range, while TMT steel prices stood at approximately ₹60-66 per kg.

With cement prices also remaining relatively stable across most markets, Equirus expects overall building-material cost inflation in 2026 to remain in the low-single-digit range.

The relatively stable cost environment could help offset some of the pressure created by weaker volumes and limited pricing power.

Construction investment remains positive

Despite the seasonal slowdown, investment and order flows in the construction sector remained encouraging.

Schwing Stetter India is investing approximately ₹400 crore in capacity expansion and a new greenfield unit. The investment is aimed at addressing expected medium-term demand from India’s infrastructure and construction sectors.

NCC Ltd also reported fresh orders worth ₹1,052.71 crore in July.

Of this, ₹590.38 crore came from building projects, while ₹462.33 crore was accounted for by water-related projects.

The new orders indicate that infrastructure and construction activity continues to generate opportunities despite the temporary monsoon slowdown.

Building material investment activity remains muted

While operating activity showed signs of resilience, capital-market activity in the building-material sector remained subdued.

Equirus reported no mergers and acquisitions (M&A) transactions in the building-material space during July 2026. The number of M&A deals in the sector during CY26 remained nil at the time of the report.

The last major transaction cited by the report was Asian Paints’ acquisition of a 40% stake in Obgenix Software for ₹186.7 crore in CY25.

Private equity activity was also limited. Only three deals had been recorded across the broader building-material segment in CY26.

The largest private-equity transaction cited was AllHome’s ₹200-crore fundraise from Bessemer Venture Partners.

Equity fundraising also remains subdued

Equity capital-market activity in the building-material sector remained weak, with no ECM transactions recorded in CY26, according to Equirus.

The most recent ECM transaction cited in the report was the ₹451.3-crore Euro Pratik IPO. The report also identified KEI’s previous QIP as the most recent qualifying transaction in the segment.

The muted fundraising and M&A environment reflects the cautious approach among investors even as the underlying construction and infrastructure pipeline remains positive.

FY27 could mark a recovery for building-material demand

The near-term outlook for building materials remains challenging, particularly because of monsoon disruption, weak dealer demand and additional cement capacity.

However, the medium-term picture is more constructive.

Higher government capital expenditure, infrastructure investment, stronger core-sector output and fresh construction orders could support a recovery once weather-related disruptions ease.

For the cement industry, the key challenge will be translating this infrastructure pipeline into sustained volume growth while managing the impact of new capacity and limited pricing power.

Equirus therefore expects H1 FY27 to remain relatively sluggish, but the stronger infrastructure and government spending pipeline could create the conditions for improved building-material demand as FY27 progresses.

For India’s real estate and construction sector, the message from the July data is clear: the monsoon has delayed near-term activity, but higher public investment could provide the foundation for the next phase of construction demand.

Also Read: Realty Stocks: Focus Shifts to Demand Trends and Policy Signals

The post Monsoon Slows Building Material Demand, but 19% Capex Growth Signals FY27 Recovery appeared first on Square Feat India.

The order was passed on 6 August 2026 by Member Shri Ravindra Deshpande in Complaint No. CC005000000259298 filed by Prasad Ramkrushna Deshpande against M/s. Sunraj Developers (through its proprietor Mr. Jayesh Nivrutti Salunkhe). The project in question is “RAJ SAPHIRE” registered under MahaRERA Project Registration No. P52700008000.

The complainant had agreed to purchase Flat No. 202, B Wing, 2nd Floor, admeasuring approximately 606.64 sq. ft. carpet area (including balcony, enclosed balcony and terrace) for a total consideration of ₹25,60,000. The parties executed a registered Agreement for Sale on 14 March 2019. As per the agreement, possession was to be handed over on or before 31 December 2020.

The homebuyer claimed he had paid a total of ₹26,52,500 towards the flat — ₹92,500 more than the agreed consideration. Of this amount, ₹50,000 was paid in cash and the rest through RTGS, cheques and a home loan of ₹17.50 lakh taken from HDFC Bank. He had also paid stamp duty of ₹1,53,600, registration charges of ₹25,600 and claimed legal fees of ₹1,00,000.

Due to the COVID-19 pandemic, the builder sought additional time. The complainant granted a six-month extension, making the revised possession deadline 30 June 2021. Despite this, the builder failed to hand over possession. The complainant issued legal notices in March and June 2023 seeking either completion of the project or cancellation of the agreement with full refund. The builder neither replied nor delivered possession.

The complaint was filed on 18 August 2023 seeking refund of the entire ₹26,52,500 along with interest at SBI highest MCLR plus 2%, stamp duty, registration charges, legal fees, compensation of ₹2 lakh for mental and financial harassment, and monthly rent of ₹7,000 from the original possession date.

The matter was heard on 14 January 2026. The complainant was represented by a Company Secretary, while the respondent remained absent despite service of notice. The complaint was therefore proceeded ex-parte. Earlier applications for amendment and stay had already been rejected.

In its detailed order, MahaRERA observed that the complaint remained unchallenged. The Authority noted that the agreed possession date was 31 December 2020 and that even after the six-month extension granted by the buyer, possession was not delivered by 30 June 2021. Consequently, the homebuyer was entitled to withdraw from the project under Section 18 of the RERA Act.

However, on the quantum of refund, the Authority took a strict view. It held that Section 18 permits refund only of the amount received by the promoter “in respect of that apartment” as per the terms of the Agreement for Sale. The agreed consideration in the registered agreement was ₹25,60,000. Therefore, only this amount could be ordered to be refunded along with interest from the respective dates of payment at the rate prescribed under Rule 18 of the Maharashtra RERA Rules, 2017.

The Authority explicitly refused to grant refund of the excess amount of ₹92,500 paid by the complainant. It also declined to order refund of stamp duty, registration charges and other statutory payments, stating that Section 18 does not empower the Authority to direct return of amounts other than the consideration for the flat. The complainant was advised to approach the appropriate authorities for refund of stamp duty and registration charges, if so desired.

The final operative directions are as follows:

1. The complainant is allowed to withdraw from the project.
2. The respondent is directed to refund ₹25,60,000 with interest from the respective dates of payment at the prescribed rate within 30 days of the order.
3. Upon receipt of the refund, the complainant shall cancel the Agreement for Sale; the charges for cancellation shall be borne by the respondent.
4. The respondent is directed to take steps to remove the project from abeyance.
5. The respondent shall pay ₹20,000 to the complainant towards costs of the complaint.
6. The Authority clarified that the amount under Section 18 means only the consideration paid towards the flat, excluding stamp duty, registration charges, taxes and other similar payments made to the government.

This order underscores an important practical reality for homebuyers. While RERA provides strong protection for delayed possession and the right to exit with refund of the contractual consideration plus interest, any payment made beyond the figure mentioned in the registered Agreement for Sale does not automatically enjoy the same statutory protection under Section 18. Buyers who pay extra amounts — whether under pressure, verbal assurances or otherwise — may find it difficult to recover that excess through MahaRERA and may have to pursue separate civil remedies for recovery of money paid under mistake or unjust enrichment.

The decision also reiterates the consistent position of MahaRERA that stamp duty, registration charges and taxes paid to government authorities are not recoverable from the promoter under Section 18.

For homebuyers, the takeaway is clear: insist that every rupee paid is reflected in the registered Agreement for Sale and obtain proper receipts. Any amount paid outside the contractual consideration carries the risk of remaining unprotected under RERA’s refund provisions.

Also Read: Double Booking Costs Builder Dear: MahaRERA Orders Refund to Homebuyer in Sunteck Project

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