Property stocks were among the biggest losers at Friday’s open after retail inflation for October jumped past the RBI’s 6% comfort limit to 6.09%, from 5.54% in September. The Nifty Realty index fell 1.23% to 922.75 in early trade, tracking autos, banks and IT lower. The Sensex opened about 450 points down at 81,463 and was off nearly 490 points at one stage, and the Nifty slipped below 25,150, touching a low of 25,087. Pharma stocks were the pocket of strength.

Realty is more sensitive than most sectors to the inflation number. Higher prices make it harder for the RBI to ease, and the central bank has already raised the repo rate to 5.50% and signalled that its next move is a hike or a pause, not a cut. That keeps home loan EMIs under pressure just as developers need buyers to turn up after Diwali.

Where the sector stands

The dip comes after a strong run. At 922.75, the index is still about 13% above its October 30 level of 814 and roughly 3% below its 52-week high near 952. The benchmarks had gained about 1.1% this week and were on course for a third straight weekly rise, so today’s slide is a pause in an uptrend rather than a break.

Housing finance stocks: the other side of the home loan story

Listed housing finance companies, which lend to the same buyers developers are trying to attract, are even more directly exposed to the inflation print, because their margins and loan demand both depend on interest rates. LIC Housing Finance reported an 11% rise in second-quarter profit to ₹1,509 crore, with disbursements up 11% on the year and a loan book of ₹3.26 lakh crore. Its shares reached about ₹529 on November 6 after five straight gains, though they remain down about 8.6% over a year and trade at only around five times earnings. The company has raised its lending rates by 25 basis points, a sign that the RBI’s October hike is reaching borrowers. Aadhar Housing Finance hit a 52-week low of ₹414 on November 2 before recovering to about ₹433 after posting a profit of ₹308 crore.

What to look for through the day

The Nifty is hovering just above 25,100, with support at 25,000 and then 24,800, and resistance near 25,350 to 25,800. A fall below 25,000 would test the post-Diwali rally. For realty, watch whether the index holds above 900 and whether buyers step in on dips, since foreign money has been supporting large developers. Wall Street ended lower on Thursday, with worries about Nvidia weighing on tech, and elevated crude prices are still a risk.

What is moving realty stocks

• Inflation: The 6.09% print raises the odds that the RBI stays tight.
• Foreign money: FPI buying has been strong in November and supports large developers.
• Crude oil: Prices remain a swing factor for inflation and the rupee.
• Earnings: Lodha’s profit rose 28% to ₹1,013 crore and Brigade’s 29% to ₹219 crore, while Godrej Properties’ profit fell 62% despite record collections.

What to wait for

• Remaining Q2 results: Tomorrow, November 14, is the last day for developers to report.
• Diwali sales data: Booking and launch updates will show whether homebuyers returned after a 21% drop in bookings in April to June.
• Next RBI meeting: It is scheduled for December 2 to 4 and now carries more weight.
• Foreign flows: A reversal would quickly cool the rally.

The outlook

Realty has risen sharply and the inflation breach gives investors a reason to book some profits. The sector needs benign price data, steady foreign money and real festive sales numbers to hold its gains.

Also Read: Realty Stocks Open Weak as Dalal Street Extends Cautious Trend; Heavyweights Drag Sector Lower

The post Realty Stocks Slide 1.23% at the Open as Inflation Breaches RBI’s 6% Limit; Sensex Sheds 500 Points appeared first on Square Feat India.

In a clear ruling that maintenance charges in a cooperative housing society must be levied equally across all flats and not on a wing-wise basis that burdens a minority, the Maharashtra State Co-operative Appellate Court has partly allowed an appeal filed by two members of Aurum Tower Co-operative Housing Society Ltd., Goregaon (West). The Court stayed the society’s resolution and circular that had raised maintenance for the only two flats in its D wing nearly four times, while directing the society to recalculate and charge all flats in wings A, B, C and D equally after a transparent process.

The order, passed on 3 November 2026 by President Sau. S.S. Sapatnekar in Appeal against Order No. 31 of 2026 (arising from Dispute No. 178/2023 in Co-operative Court No. 4, Mumbai), sets aside the trial court’s rejection of interim relief and substitutes a fresh direction protecting the minority members.

Background of the Dispute

The appellants are Shri Ramawadh Devnandan Jayaswal (age 71), Flat No. D/101, and his son Shri Nishit Ramawadh Jayaswal (age 44), Flat No. D/201. Both flats measure 1,300 sq.ft. each in the D wing of Aurum Tower CHS Ltd. (earlier linked to Goregaon Unnat Nagar-2, Plot Nos. 51-55 CHS Ltd.).

After redevelopment by M/s Kabra Associates, the society has four wings: A wing (82 flats), B wing (55 flats), C wing (76 flats) and D wing (only two flats). The original 40 members grew to about 215 after redevelopment. Until June 2022 the two D-wing flats were charged approximately ₹7,867 each per month. From July 2022 the society raised this to ₹27,166 and ₹29,266 respectively—nearly four times—while flats in the larger wings continued at roughly ₹2,300–₹2,600.

The increase stemmed from an Annual General Meeting held on 27 March 2022. Agenda No. 4 authorised recalculation of billing and recovery of actual maintenance expenses wing-wise for members holding flats in wings A, B, C and D. The resolution proposed appointment of an independent Chartered Accountant, display of calculations on the notice board, and finalisation after addressing members’ concerns. However, the society issued a circular on 5 June 2022 implementing the revised charges from 1 July 2022 without holding a further general body meeting to consider objections or formally adopt the figures.

The disputants challenged this as arbitrary, contrary to the Model Byelaws 2014 (which the society had adopted), and prejudicial to the minority. They also sought a stay on a separate Special General Meeting resolution of 10 July 2022 under agenda No. 3(d) that authorised legal action, including possible expulsion under Section 35 of the Maharashtra Co-operative Societies Act, 1960, against named members if found involved in anti-social, illicit or criminal acts.

Trial Court Rejection and Appeal

The Co-operative Court No. 4, Mumbai, had rejected the interim application on 23 February 2026. The Appellate Court noted that the scope of appeal against an interim order is limited, but interference is warranted where the trial court has not exercised its discretion judiciously.

Court’s Analysis of Byelaws and Process

The Appellate Court examined Model Byelaws 2014 in detail. Byelaw 65 lists the heads under which contributions can be collected. Byelaw 66 covers service charges. Byelaw 67 requires the committee to apportion the share of each member towards the charges of the society and to fix society charges in respect of every flat on the basis laid down in the byelaws. The Court held that the society is required to charge maintenance per flat or unit-wise and not wing-wise in a manner that creates extreme disparity.

It observed that while A, B and C wings have dozens of flats (making per-flat charges lower), D wing has only two. The wing-wise approach therefore produced an exorbitant burden on the two flats—₹21,180 per month as per one set of calculations on record—while other wings paid far less. This was held to be arbitrary and prejudicial to the minority members.

The Court further found that the 27 March 2022 resolution itself required Chartered Accountant verification, display on the notice board, and consideration of members’ objections before finalisation. The society skipped this step. The managing committee meeting of 20 May 2022 (which allegedly approved the figures) was not properly documented as a general body decision. Policy decisions on maintenance must be approved by the general body; the committee cannot implement them unilaterally. The society also failed to produce minutes of the 30 September 2018 AGM that it claimed as the foundation for wing-wise revision. Several managing committee members had resigned that day, and no business appeared to have been transacted.

Relying on the principle in Venus Co-operative Housing Society Ltd. vs. D.Y. Detvani, the Court reiterated that the general body, though supreme, cannot pass arbitrary or unreasonable resolutions merely because it has a majority, if such resolutions cause prejudice to minority members.

Findings on Prima Facie Case, Balance of Convenience and Irreparable Loss

The Court held that the disputants had established a prima facie case and balance of convenience in their favour on the maintenance issue. Continuing the four-times hike without following the byelaws and the procedure contemplated in the society’s own resolution would cause them irreparable loss. The society’s contentions that D wing has separate water, electricity, lift and compound arrangements did not justify the differential charging, as these facilities were part of the approved plan and the society’s own decision on the layout of the four wings.

On the separate SGM resolution of 10 July 2022, the Court refused relief. It noted that the resolution merely authorised legal action if members were found engaged in anti-social, illicit or criminal acts, which the society is entitled to pursue under the byelaws and the Act.

The Final Operative Order

The Appellate Court partly allowed the appeal and set aside the trial court’s order, substituting the following:

1. The resolution passed by the society in its AGM dated 27 March 2022 vide Agenda No. 4 is stayed till final disposal of the dispute.
2. The circular dated 5 June 2022 implementing the said resolution is also stayed till final disposal.
3. The society is directed to revise or increase maintenance charges after considering the actual expenses for each wing with the help of an independent Chartered Accountant, after considering the objections of members, if any, for all the flats situated in the wings A, B, C and D equally.
4. The prayer for staying the resolution passed in the SGM dated 10 July 2022 under Agenda No. 3(d) is rejected.
5. A copy of the order is to be sent to the trial court.

Implications for Housing Societies

The order reinforces that maintenance in a cooperative housing society must be structured according to the Model Byelaws and charged equally across flats rather than through an arbitrary wing-wise system that disproportionately burdens members of a smaller wing. While societies may consider actual expenses of different wings and use a Chartered Accountant, the final levy must be equal for all flats and must follow a transparent process of verification, display and consideration of objections. Majority resolutions cannot override these requirements or impose unfair burdens on minority members.

The main dispute will continue for final adjudication on the quantum of expenses and other issues. Until then, the stayed resolution and circular cannot be enforced against the two members, and the society must proceed with the directed equal revision process.

(Based on the judgment dated 3 November 2026 in A.O. No. 31 of 2026 of the Maharashtra State Co-operative Appellate Court, Mumbai.)

Also Read: Cooperative Court Can’t Decide Family Property Dispute

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In the first nine months of 2026, the country recorded 76 land deals covering approximately 1,445 acres. This is a clear slowdown from the same period last year, when 99 deals spanned nearly 3,292 acres. Large transactions of 50 acres or more fell sharply — from 12 deals in 9M 2025 to just five in 9M 2026 — with their combined acreage dropping from about 2,398 acres to 588 acres.

JDAs Now One in Every Four Deals

The most notable structural shift is the rising preference for JDAs. Of the 76 deals closed in 9M 2026, at least 19 were joint development arrangements, taking the JDA share to 25%.

The trend has been building steadily:

• 2022: 10 JDAs out of 83 deals (12%)
• 2023: 11 out of 98 (11%)
• 2024: 23 out of 133 (17%)
• 2025: 30 out of 126 (24%)
• 9M 2026: 19 out of 76 (25%)

“With project economics becoming more important, developers are increasingly turning to JDAs with existing landowners,” said Mayank Saksena, MD & CEO – Land Services, Anarock Group. “These are distinct from joint ventures or JVs, where developers partner with other developers. Under a JDA, a developer can access land and build projects via a partnership rather than via an outright purchase.”

Cumulative Picture: 516 Deals, Nearly 13,000 Acres

Between 2022 and 9M 2026, a total of 516 land deals spanning 12,958 acres were closed across the country. 2024 saw the highest number of deals (133), while 2025 recorded the highest acreage (3,772 acres over 126 deals). The 9M 2026 numbers indicate a deliberate recalibration after this three-year expansion phase.

MMR Still Leads, But Big Parcels Shift to Smaller Cities

On cumulative acreage between 2022 and 9M 2026, the Mumbai Metropolitan Region (MMR) led with approximately 2,798 acres, followed by the National Capital Region (2,012 acres) and Bengaluru (1,679 acres). Ahmedabad stood out as an outlier — just five large transactions of 50 acres or more accounted for nearly 93% of the city’s tracked acreage.

The seven established metros (MMR, NCR, Bengaluru, Hyderabad, Pune, Chennai and Kolkata) accounted for about 86% of the 516 deals but only about 57% of the total acreage. In other words, smaller and mid-sized deals remain concentrated in the big cities, while the largest land parcels are increasingly being acquired in Tier 2 and 3 markets.

Gujarat emerged as the strongest market for big-ticket deals, with Ahmedabad, Surat and Vadodara together accounting for roughly 2,020 acres. Other cities that featured prominently on cumulative acreage despite fewer deals included Coimbatore (about 770 acres), Amritsar, Nagpur, Panipat and Ludhiana. The single largest transactions in the period were a 714-acre deal in Coimbatore, a 600-acre deal in Hyderabad, and two Ahmedabad deals of 500 and 440 acres.

What It Means for the Market

The data points to a more disciplined acquisition strategy. With land costs elevated and project viability under sharper scrutiny, developers are opting for capital-light partnerships through JDAs rather than locking up large sums in outright purchases. For homebuyers, this selective approach could help keep project launches more measured and reduce the risk of oversupply in certain micro-markets, though land cost pressures are unlikely to ease quickly in core locations of MMR and other metros.

As Saksena noted, “Developers continue to buy land in the established metros, but the biggest parcels are increasingly being acquired in tier 2 and 3 markets.” The pattern of 2026 so far suggests this selective, partnership-heavy phase is likely to continue as long as project economics remain the overriding concern.

Also Read: Mumbai’s Real Estate Market Healing: Property Registrations Catch Steam in February 2026

The post Land Deals Slow in 9M 2026: 25% of 76 Acquisitions Are JDAs as Builders Turn Selective appeared first on Square Feat India.

Sharan Pal Singh and others (the allottees) had purchased a flat from Transcon Sheth Creators Pvt. Ltd. under an Agreement for Sale for a total consideration of ₹1,29,90,000. They paid approximately 91% of the consideration amount. The promoter acknowledged receipt of this amount by email dated 1 July 2023. The allottees also paid stamp duty of ₹6,49,600 and registration charges of ₹30,000.

By an order dated 29 November 2024, the Maharashtra Real Estate Regulatory Authority (MahaRERA) directed the promoter to pay interest for delayed possession from 1 July 2023 until the date of actual possession along with the Occupancy Certificate. The allottees filed Appeal No. AT12500070/2025 before the Maharashtra Real Estate Appellate Tribunal, Mumbai, challenging the said order.

What Happened After the Occupancy Certificate

The project received the Occupancy Certificate on 3 February 2026. Despite this, the promoter did not offer possession of the flat to the allottees. The allottees repeatedly requested handover of possession and expressed their willingness to pay the remaining amount. They communicated this through an email dated 4 April 2026 and also via WhatsApp.

The allottees stated that they were living in rented accommodation and were bearing the burden of rent along with home loan EMIs. They relied on Section 19(10) of the Real Estate (Regulation and Development) Act, 2016, which requires an allottee to take physical possession within two months of the issuance of the Occupancy Certificate.

Tribunal’s Findings

The Appellate Tribunal noted that the allottees had paid a substantial portion of the consideration (approximately ₹1,17,03,345 towards the consideration, excluding certain taxes and charges) and were ready and willing to pay the balance of ₹19,67,905. The promoter had not disputed the payments made.

The Tribunal observed that once the Occupancy Certificate is issued, the promoter is obligated to offer and hand over possession, and the allottee is obligated to take it. Despite the Occupancy Certificate being issued in February 2026, possession had not been offered. Given the large amount already paid, the allottees’ readiness to clear the balance, and the prolonged delay, the Tribunal found merit in their request.

The Order

By order dated 5 November 2026 in Miscellaneous Application No. 879/2026 (Possession) in Appeal No. AT12500070/2025, the Maharashtra Real Estate Appellate Tribunal (Coram: Shri S.S. Shinde (J), Chairperson and Dr. Rajagopal Devara, Member (A)) allowed the application.

The Tribunal directed the allottees to deposit ₹19,67,905 towards the balance consideration and other charges with the Registry of the Tribunal within four weeks and to inform the promoter in writing. Upon receipt of such written intimation, the promoter shall hand over actual possession of the flat within one week.

The directions are without prejudice to the rights and contentions of both parties in the main appeal. The miscellaneous application stands disposed of.

Main Appeal Still Pending

The main Appeal No. AT12500070/2025 continues. The present order only deals with the interim request for possession. Issues relating to interest for delayed possession and other contentions raised in the appeal remain to be decided by the Tribunal.

Also Read: MahaRERA Told Homebuyers to Cooperate. Tribunal Tells Builder to Pay Up

The post Builder Withheld Flat Even After OC, Tribunal Orders Possession appeared first on Square Feat India.

Dalal Street came back from the Diwali-Balipratipada break with a bang on Wednesday, but property stocks were left behind. The Sensex jumped about 1,300 points, or 1.6%, to nearly 82,410, and the Nifty gained about 330 points to 25,376, a gap-up open of almost 300 points. Crude oil fell to about $89 a barrel as tensions in West Asia eased, and foreign investors have put in about $5.68 billion this month, lifting the Nifty and Sensex nearly 9% in November.

The Nifty Realty index opened at 895.75, slightly below Monday’s close of 897.70, and was up only 0.38% at 901 by 9:20 AM, against gains of 1.2% to 1.3% in the benchmarks. That is a pause rather than a reversal. The index has climbed about 10% from 814 on October 30 and is now near its 52-week high of about 952.

How the stocks have moved

The rally has been broad. Godrej Properties, which fell nearly 5% to ₹1,490 on its results day on October 23, trades near ₹1,822. DLF, at ₹691 on October 30, is near ₹753. After a run like that, profit-taking is natural, and some money appears to be rotating into banks, autos and PSU lenders, which led today’s open.

Housing finance stocks: the other side of the home loan story

Listed housing finance companies, which lend to the same buyers developers are trying to attract, have had a more mixed run, though a firm financial sector helps them today. LIC Housing Finance reported an 11% rise in second-quarter profit to ₹1,509 crore, with disbursements up 11% on the year and a loan book of ₹3.26 lakh crore. Its shares reached about ₹529 on November 6 after five straight gains, though they remain down about 8.6% over a year and trade at only around five times earnings. The company has raised its lending rates by 25 basis points, a sign that the RBI’s October hike is reaching borrowers. Aadhar Housing Finance hit a 52-week low of ₹414 on November 2 before recovering to about ₹433 after posting a profit of ₹308 crore. Both stocks will be sensitive to tomorrow’s inflation data.

What to look for through the day

The Nifty has reached the 25,350 to 25,800 resistance band, with support at 25,000 and 24,800. About 1,000 points separate it from its 52-week high of 26,373. For realty, watch whether the index holds above 900 and whether volumes stay strong on dips. India VIX, the fear gauge, rose about 1% to 17.7, and US inflation worries and weakness in the Nasdaq are a reminder that global risks remain.

What is moving realty stocks

• Cheaper crude: Oil has fallen from about $118 in late October to about $89, easing inflation and rate worries.
• Foreign flows: Steady FPI buying has supported the large developers.
• Interest rates: The RBI’s repo rate is 5.50%, so home loan EMIs remain a concern for buyers.
• Earnings: Lodha’s profit rose 28% to ₹1,013 crore and Brigade’s 29% to ₹219 crore, while Godrej Properties’ profit fell 62% despite record collections.

What to wait for

• India inflation data: October retail inflation is due tomorrow, with forecasts of about 5.9% to 6.1%, against 5.54% in September and the RBI’s 6% ceiling. A high reading would dent hopes of lower rates.
• Diwali sales data: Developers’ booking and launch updates will show whether homebuyers returned after a 21% drop in bookings in April to June.
• Remaining Q2 results: A few developers are yet to report, with November 14 the last day.
• Next RBI meeting: It is scheduled for December 2 to 4.

The outlook

Realty has had a strong run and is taking a breather while the broader market sprints. The sector needs benign inflation numbers and festive sales data to keep climbing.

Also Read: Realty Stocks Steady Before Navratri as Market Shakes Off Rate Hike Shock

The post Realty Stocks Lag the Post-Diwali Rally at the Open as Sensex Jumps 1,300 Points on Cheaper Oil appeared first on Square Feat India.

Background of the Dispute

Worli Sagar CHSL (later subdivided, with Vaitarna Bheema Worli Sagar CHSL being the relevant society) was allotted government land at Pochkanawala Road, Worli, under a 1983 Government Resolution for construction of residential tenements for eligible persons. The government later permitted use of up to 15% of FSI for shops on a restricted basis. Residential flat allottees were admitted as ordinary members. Shop occupants, however, were granted only nominal membership with occupancy rights subject to strict conditions: no transfer or creation of third-party rights without consent, compulsory surrender to the society if the occupant wished to leave, and power of the society to terminate on breach.

Respondent No. 4 (Prowess Financial Services Pvt. Ltd., whose director Mr. Satish Chaturvedi already owns a residential flat in the building and had earlier been Chairman) secured nominal membership and occupancy rights in Shop Nos. 7 to 16 after earlier allottees surrendered them to the society. In 2024 the company executed a registered Deed of Confirmation/Transfer with a previous allottee (who had surrendered rights in 2017) and claimed ownership. It then directly approached the Deputy Registrar seeking ordinary membership. The Deputy Registrar treated the matter as an appeal under Section 23(2) and directed the society to issue share certificates. The Divisional Joint Registrar confirmed the order. The society challenged both orders in ten writ petitions.

Statutory Scheme: Why Direct Approach to the Deputy Registrar is Invalid

The Court carefully examined Sections 22 and 23 of the Maharashtra Co-operative Societies Act, 1960.

Section 22 lays down who may become a member. Sub-section (2) provides that if a society refuses admission, the decision must be communicated within fifteen days or within three months from receipt of the application, whichever is earlier. If no decision is communicated within three months, the applicant is deemed to have been admitted. Any question of deemed membership is decided by the Registrar after hearing the parties.

Section 23 deals with open membership. Sub-section (2) allows a person aggrieved by a society’s refusal of membership to appeal to the Registrar within sixty days of the decision.

The Court held that the act of making a written application to the society is a jurisdictional prerequisite. Only after the society has either refused the application or failed to decide it does the Deputy Registrar acquire jurisdiction—either under Section 22(2) (deemed membership) or under Section 23(2) (appeal against refusal). In the absence of any such prior application to the society, neither provision is attracted. The Deputy Registrar, being a creature of the statute, has no plenary or inherent power to entertain a direct request for membership. The orders were therefore held to be without jurisdiction and non-est.

Nature of Rights and Nominal Membership

The Court further held that the company was always only a nominal member holding occupancy rights under a licence-like arrangement. The society retained ownership of the shops. Allotment agreements and letters expressly barred sale, transfer or assignment and allowed the society to terminate membership on breach. The 2024 Deed of Confirmation/Transfer was declared meaningless: the previous allottee had already surrendered all rights to the society in 2017 and retained nothing that could be transferred. There was no privity of contract between the previous allottee and the company. Mere registration of the deed did not create title.

Under the Model Bye-laws and the pre-2019 statutory scheme, nominal membership is meant for sub-lessees, licensees, caretakers or occupants—not for owners. The 2019 amendment (Maharashtra Act No. 23 of 2019, Chapter XIII-B) deleted the concept of nominal membership for housing societies with effect from 9 March 2019. This was held to be a substantive amendment operating prospectively. Existing nominal memberships granted earlier continue by virtue of the saving provision in Section 154B-31, but they are not automatically upgraded to ordinary membership.

The Court distinguished its earlier decision in Viviana CHSL, where shop owners had purchased the shops through registered agreements under the Maharashtra Ownership of Flats Act and were true owners who were being unfairly restricted to nominal membership. In the present case, only occupancy rights had been granted.

Government Land Restrictions and Other Findings

The original 1983 GR and the land allotment were for residential housing of eligible persons. Shop permission was limited and on a sub-lease basis. Ordinary membership was never intended for shop occupants who did not satisfy the eligibility criteria applicable to government land. Payment of consideration to an estate agent, to a previous allottee, or even some amount to the society did not convert occupancy rights into ownership. No absolute interest having been created, principles under Section 11 of the Transfer of Property Act also did not assist the company.

Outcome

The writ petitions were allowed. The orders of the Deputy Registrar and the Divisional Joint Registrar were set aside. The company continues as a nominal member only, with occupancy rights subject to the original conditions, which the society can terminate on breach. The judgment reaffirms that membership disputes must first go to the society; the Deputy Registrar cannot be approached directly.

Also Read: Registrar Cannot Decide Ownership Disputes or Force Housing Societies to Issue Maintenance Bills

The post Deputy Registrar Cannot Grant Membership Without Society’s Decision: HC appeared first on Square Feat India.

Dalal Street ended Monday’s volatile session with modest gains after recovering from steep losses earlier in the day. The Sensex rose 107 points, or 0.13%, to 81,107 and the Nifty gained 58 points, or 0.23%, to 25,045, their highest closing levels in more than eight months. Both indices had slipped as much as 0.4% in the morning as investors booked profits after a seven-session rally of about 10%. Public sector banks led the recovery, with the Nifty PSU Bank index jumping 3.7%, and pharma gained 1.6%. IT fell 1.2%. Cheaper oil, a stronger rupee and sustained foreign buying supported the market, and the Nifty Midcap 100 rose 0.6%.

How realty stocks fared

Property shares had a roller-coaster Diwali. The Nifty Realty index fell 0.66% in Sunday’s Muhurat session and weighed on the market again at Monday’s open, but it bounced back to close 0.8% higher. That follows a surge of 2.85% on Wednesday and 3.52% on Thursday last week, roughly 6.5% across two sessions, so the sector has been catching up with the market after a long lag.

Housing finance stocks: the other side of the home loan story

Listed housing finance companies, which lend to the same buyers developers are trying to attract, have had a more mixed run. LIC Housing Finance reported an 11% rise in second-quarter profit to ₹1,509 crore, with disbursements up 11% on the year and a loan book of ₹3.26 lakh crore. Its shares rose for five straight sessions to about ₹529 on November 6, though they remain down about 8.6% over a year and trade at only around five times earnings. The company has raised its lending rates by 25 basis points, a sign that the RBI’s October hike is reaching borrowers. Aadhar Housing Finance hit a 52-week low of ₹414 on November 2 before recovering to about ₹433 after posting a profit of ₹308 crore, and the housing finance sector as a whole is roughly flat over a year.

What to expect on Wednesday

NSE and BSE are closed today for Diwali-Balipratipada, and trading resumes at 9:15 AM tomorrow. GIFT Nifty is at 25,058, about 13 points above Monday’s Nifty close, pointing to a flat start. Analysts say the Nifty needs to hold above 24,800 to keep the positive bias, with 25,100 to 25,250 the first hurdle and 25,350 to 25,800 the larger resistance. A fall below 24,800 could take it towards 24,600. After an 8.6% weekly rally, consolidation is widely expected. For realty, watch whether buyers defend Monday’s gain and whether volumes stay strong on dips.

What is moving realty stocks

• Foreign money: FIIs have been heavy buyers, while domestic funds sold more than ₹16,000 crore on November 5 and 6 combined.
• Oil and the rupee: Crude below $100 and a firmer rupee ease inflation worries.
• Interest rates: The RBI’s repo rate is 5.50%, so home loan EMIs remain a concern for buyers.
• Earnings: Lodha’s profit rose 28% to ₹1,013 crore and Brigade’s 29% to ₹219 crore, while Godrej Properties’ profit fell 62% despite record collections.

What to wait for

• Inflation data: India’s and US inflation numbers will shape the interest-rate outlook.
• Diwali sales data: Developers’ booking and launch updates will show whether homebuyers returned after a 21% drop in bookings in April to June.
• Remaining Q2 results: A few developers are yet to report, with November 14 the last day.
• Next RBI meeting: It is scheduled for December 2 to 4.

The outlook

Realty enters Samvat 2083 with momentum, but after such a sharp run a pause is healthy. The sector needs steady oil, foreign inflows and real festive sales numbers to keep climbing.

Also Read: Realty Stocks Look for Footing as Sensex and Nifty Open Slightly Lower

The post Realty Stocks Close Higher After a Choppy Diwali Session; Flat Start Expected Wednesday appeared first on Square Feat India.

• Green-certified buildings currently account for approximately 70% of India’s Grade A office stock across the top seven cities.
• Green assets are expected to account for nearly three-fourths of India’s Grade A office inventory by 2030.
• Leasing in green-certified office buildings is projected to cross 80% of total office leasing in 2026.
• Bengaluru and Delhi NCR together account for nearly half of India’s green-certified office assets.
• Technology companies account for 30–35% of total leasing in green office buildings.
• More than 450 million sq ft of existing office stock is over a decade old, creating significant opportunities for retrofitting and green certification.

India’s commercial real estate market is witnessing a significant shift towards sustainable office buildings, with green-certified properties expected to account for nearly three-fourths of the country’s Grade A office stock by 2030, according to a report by Colliers India released on November 5, 2026. Green-certified office buildings already account for approximately 70% of the Grade A office inventory across India’s seven major property markets, while leasing in these developments is projected to cross 80% of total office leasing in 2026, reflecting the growing preference of companies for energy-efficient and environmentally sustainable workplaces.

The changing preference is also influencing developers’ construction and investment strategies, with an increasing proportion of upcoming office supply expected to receive sustainability certifications from the outset. Bengaluru and Delhi NCR have emerged as the leading markets for green office developments, while technology companies are among the biggest occupiers of these properties.

Green buildings expected to account for over 80% of office leasing in 2026

The growing preference for sustainable workplaces is becoming increasingly visible in India’s office leasing market.

According to Colliers, leasing in green-certified Grade A office buildings across the top seven cities is expected to reach 60–65 million sq ft during 2026. This would represent approximately 80–85% of overall office leasing, compared with 74% in 2023.

The data indicates that companies are increasingly treating sustainability certification as a basic requirement rather than an additional advantage when selecting office premises.

The trend is evident from the growth in green office leasing over the past few years.

In 2023, total office leasing across the seven markets stood at 59.1 million sq ft, of which 43.6 million sq ft was in green-certified buildings.

In 2024, green office leasing increased to 50 million sq ft out of total leasing of 67.2 million sq ft.

The momentum continued in 2025, when green-certified properties accounted for 54.5 million sq ft of the total 71.5 million sq ft leased.

For 2026, Colliers estimates overall office leasing at 75–80 million sq ft, with green-certified properties accounting for 60–65 million sq ft.

The report forecasts that green office leasing could increase further to 65–70 million sq ft in 2027.

This indicates that sustainability is increasingly becoming an important consideration in corporate decisions involving office expansion, relocation and long-term leasing commitments.

Bengaluru leads green office leasing, Delhi NCR records the highest penetration

Among India’s seven major office markets, Bengaluru has emerged as the largest destination for leasing in green-certified office buildings.

Between 2023 and the estimated full-year 2026 period, Bengaluru recorded approximately 59 million sq ft of leasing in green assets, representing the largest volume among the seven markets.

This accounted for approximately 28% of the cumulative green office leasing across these cities.

Delhi NCR, however, recorded the highest proportion of office leasing in green-certified buildings.

According to Colliers, green assets accounted for approximately 85–90% of total office leasing in Delhi NCR during the period.

Hyderabad followed with 80–85% of its office leasing concentrated in green-certified buildings.

The city-wise figures reveal that green buildings have become a significant part of office demand across the country.

The cumulative leasing figures for 2023–2026 estimated by Colliers are:

• Bengaluru: 59 million sq ft of green office leasing, against overall leasing of 82 million sq ft.
• Delhi NCR: 38 million sq ft, against overall leasing of 44 million sq ft.
• Hyderabad: 36 million sq ft, against overall leasing of 43 million sq ft.
• Chennai: 27 million sq ft, against overall leasing of 36 million sq ft.
• Mumbai: 27 million sq ft, against overall leasing of 37 million sq ft.
• Pune: 20 million sq ft, against overall leasing of 29 million sq ft.
• Kolkata: 3 million sq ft, against overall leasing of 4 million sq ft.

Across these seven markets, cumulative office leasing is estimated at approximately 275 million sq ft, of which nearly 210 million sq ft is expected to be in green-certified properties.

The figures underline how sustainability has moved beyond a handful of premium commercial developments and is now influencing office leasing across India’s major business districts.

Technology companies account for over 30% of green office leasing

Technology companies are playing a major role in driving demand for sustainable office spaces.

According to Colliers, the technology sector accounted for approximately 30–35% of total leasing in green-certified office buildings across the seven markets during 2023–2026.

Out of the technology sector’s overall leasing of approximately 74 million sq ft, nearly 59 million sq ft was in green-certified buildings.

This means approximately 75–80% of technology companies’ office leasing was concentrated in sustainable buildings.

The preference is also visible across other sectors.

The Banking, Financial Services and Insurance (BFSI) sector recorded approximately 36 million sq ft of green office leasing out of its overall 46 million sq ft of leasing. This represents 70–75% of its total office space uptake.

Engineering and manufacturing companies recorded approximately 32 million sq ft of green office leasing out of 40 million sq ft, with 80–85% of their leasing concentrated in certified properties.

Healthcare companies also demonstrated a strong preference, with 13 million sq ft of green office leasing out of total leasing of 15 million sq ft.

Consulting companies recorded 15 million sq ft of green office leasing out of 20 million sq ft.

The report also distinguishes between conventional office space and flexible workspaces.

Of the approximately 226 million sq ft of conventional office leasing, 176 million sq ft was in green-certified buildings. Flexible workspace leasing accounted for another 34 million sq ft in green assets out of an overall 49 million sq ft.

The numbers indicate that sustainability considerations are influencing occupiers across different business sectors and office formats.

Nearly 70% of India’s Grade A office stock is green-certified

The growing demand for sustainable workplaces is also reflected in the composition of India’s existing office inventory.

According to Colliers, approximately 70% of the Grade A office stock across the seven major cities is expected to be green-certified by the end of 2026.

The estimated green-certified stock is approximately 636 million sq ft, against total Grade A office stock of around 908 million sq ft.

This represents a substantial increase from 2023, when green-certified properties accounted for 421 million sq ft of the total 735.5 million sq ft of Grade A office inventory.

In 2024, green-certified stock increased to 502.5 million sq ft, representing 64% of the total inventory.

By 2025, the figure had increased to 574.1 million sq ft, taking green penetration to 68%.

The trend suggests that sustainable office developments are becoming an increasingly important component of India’s commercial real estate supply.

Bengaluru and Delhi NCR are expected to remain the country’s largest hubs for green-certified office developments, together accounting for nearly half of India’s green assets by the end of 2026.

75–80% of new office supply expected to be green-certified

One of the most important trends highlighted in the Colliers report is the increasing proportion of new commercial developments being planned with sustainability certification.

Green-certified developments are expected to account for 45–50 million sq ft of the total 60–65 million sq ft of new office supply estimated for 2026.

This represents approximately 75–80% of the expected new supply.

The proportion is forecast to increase further in 2027, when green-certified developments could account for 50–55 million sq ft of the estimated 60–65 million sq ft of new office supply.

The report indicates that developers are increasingly incorporating sustainable features into projects from the planning and construction stages instead of attempting to upgrade buildings after completion.

This shift could have long-term implications for the commercial real estate industry, particularly as corporate occupiers increasingly seek buildings that align with their environmental, social and governance (ESG) commitments.

More than 450 million sq ft of older office stock creates retrofitting opportunity

While new developments are increasingly incorporating sustainability features, India’s existing office inventory presents another significant opportunity.

According to Vimal Nadar, National Director and Head of Research, Colliers India, more than 450 million sq ft of existing office stock is over a decade old and may require significant upgrades.

This creates considerable potential for retrofitting older commercial buildings to improve their operational efficiency and environmental performance.

As these properties undergo redevelopment and upgrades, many are expected to obtain green certifications.

The retrofitting opportunity is particularly important because the expansion of green office inventory will not depend entirely on new construction.

Upgrading existing buildings could help increase the proportion of sustainable commercial properties while improving the quality and efficiency of older office assets.

Nadar said that most redeveloped assets are expected to obtain green certifications, complementing the upcoming development pipeline.

As a result, green-certified buildings could account for nearly three-fourths of India’s total office inventory by 2030.

Green certification increasingly important for developers and investors

The growing demand for sustainable office buildings is also changing the investment proposition of commercial real estate.

Arpit Mehrotra, Managing Director, Office Services, Colliers India, said the ability to deliver higher portfolio valuations, improved rentals and stronger occupancy levels is strengthening the case for green assets among investors and developers.

He noted that occupiers had leased more than three-fourths of their office space in green-certified buildings over the preceding three to four years.

According to Mehrotra, technology companies have emerged as the largest occupiers of green assets, driving sustainability-led workplace strategies.

He expects 80–90% of occupiers across sectors to align their corporate real estate strategies with broader ESG goals through leasing in green-certified buildings.

Beyond environmental considerations, green buildings can offer better resource efficiency, improved workplace quality and enhanced employee well-being.

For developers, this growing preference could make sustainability certification an increasingly important factor in attracting corporate tenants, maintaining occupancy and positioning commercial assets in the investment market.

What does this mean for India’s commercial real estate market?

The findings suggest that India’s office property market is entering a phase where sustainability is becoming a mainstream commercial requirement.

For developers, constructing green-certified buildings could increasingly become necessary to attract large corporate occupiers, particularly technology, BFSI and manufacturing companies.

For investors, the growing preference for sustainable assets could influence rental performance, occupancy levels and long-term portfolio valuations.

However, the opportunity is not limited to new commercial developments. The more than 450 million sq ft of older office stock identified by Colliers presents a substantial market for refurbishment, retrofitting and sustainability upgrades.

The larger implication is that India’s commercial real estate market is likely to see two parallel developments over the coming years: an increase in new green-certified office construction and the gradual transformation of older commercial buildings.

If the projections materialise, green-certified properties could account for nearly 75% of India’s office inventory by 2030, fundamentally changing the way commercial real estate is developed, occupied and valued.

Also Read: Why Global Companies Are Choosing Green Offices in India’s Flex Workspaces

The post Green Buildings Set to Dominate India’s Office Market, Account for 75% of Stock by 2030 appeared first on Square Feat India.

In a significant relief for homebuyers, the State Consumer Disputes Redressal Commission, Maharashtra, has directed a builder and its partners to refund not only the amount paid for a flat but also the stamp duty and registration charges — a relief that is rarely granted in such cases.

The order came in Consumer Complaint No. SC/27/CC/19/1048 filed by Mrs. Satyabhama Sahoo against M/s. P-Tech Infrastructure and its partners. The judgment, dated 27 October 2026, was passed by Hon’ble Mr. Mukesh V. Sharma, I/c. President, and Hon’ble Ms. Poonam V. Maharshi, Member.

Booking and Agreement Details

Mrs. Sahoo, a resident of Khadakpada, Kalyan (W), booked a flat in the “P-Tech Valley” project (Phase-II) launched by the opponents on land bearing Survey No. 8, Hissa No. 3 at village Mankoli, Taluka Bhiwandi, District Thane.

A Welcome Letter dated 11 April 2013 was issued and a registered Agreement for Sale dated 24 October 2015 was executed for Flat No. 301, 3rd floor, admeasuring 567 sq. ft., for a total consideration of Rs. 10 lakh (exclusive of stamp duty, registration and other charges). Clause 9 of the agreement promised possession on or before June 2016.

The complainant paid a total of Rs. 9.25 lakh towards the flat and additionally spent Rs. 50,000 on stamp duty and Rs. 10,000 on registration charges.

Decade-Long Wait and Incomplete Building

Despite repeated follow-ups, the building remained incomplete. While the outer structure stands, internal works including flooring, tiling, plastering, painting and sanitary fittings were unfinished. Water and electricity connections had not been obtained and no Occupation Certificate had been applied for.

More than ten years after the promised possession date, the complainant was left with no option but to seek a refund through a letter dated 21 August 2019. When the opponents failed to respond, she approached the State Consumer Commission alleging deficiency in service and unfair trade practice.

Ex-Parte Proceedings

Notices were issued to all three opponents — the partnership firm and its two partners, Mr. Asif Alimiya Sheikh and Mr. Yuvraj Ravikishore Mishra. Despite service (including substituted service by newspaper publication against the firm), none of the opponents appeared or filed a written version. The Commission proceeded ex-parte against all of them.

Commission’s Findings

The Commission held that the complainant was a “consumer” under the Consumer Protection Act, 1986, as she had booked the flat for her own residence. It ruled that failure to complete the building and deliver possession within the agreed time (or even a reasonable time thereafter) clearly amounted to deficiency in service.

Relying on Supreme Court judgments including Fortune Infrastructure v. Trevor D’Lima and Pioneer Urban Land and Infrastructure Ltd. v. Govindan Raghavan, the Commission observed that a purchaser who has paid almost the entire consideration cannot be made to wait indefinitely.

Rare Relief: Stamp Duty Refund Ordered

In a notable direction, the Commission ordered the opponents to jointly and severally refund the stamp duty and registration charges of Rs. 60,000. The complainant had spent this amount on an agreement that became fruitless solely due to the opponents’ default.

The final order directed the opponents to:

• Refund Rs. 9,25,730 with interest at 12% per annum from the respective dates of payment till realisation
• Pay Rs. 60,000 towards stamp duty and registration charges
• Pay Rs. 2 lakh as compensation for mental agony and harassment
• Pay Rs. 50,000 towards litigation costs

The opponents were given two months to comply. In case of default, the rate of interest would increase to 15% per annum.

Why This Order Matters

While refund of the principal amount with interest is common in delayed possession cases, an express direction to refund stamp duty and registration charges is uncommon. Stamp duty is usually treated as a sunk cost. This order recognises that the expense became useless only because of the builder’s failure and holds the firm and its partners jointly and severally liable under the Indian Partnership Act.

For homebuyers stuck in incomplete projects, the judgment strengthens the principle that compensation should cover all legitimate losses caused by the builder’s default, not just the flat money.

Also Read: Real Estate cases comprise of 10% of the total cases in Consumer Commissions

The post Rare Win: Consumer Court Orders Builder to Refund Stamp Duty Too appeared first on Square Feat India.

Dalal Street ushered in Samvat 2083 on Sunday with the special Muhurat trading session, a short and symbolic Diwali session that many investors treat as an auspicious start to the new financial year. The Sensex opened about 400 points higher near 81,400 and the Nifty moved above 25,100, but the gains faded. The Sensex ended 29 points lower at 80,999 and the Nifty 44 points lower at 24,986, ending a seven-session rally and a nine-year run of positive Muhurat sessions.

Realty was among the weaker spots. The Nifty Realty index fell 0.66% in the session, more than Bank Nifty’s 0.40% decline and IT’s 0.33%. Smallcaps rose 1% and market breadth was positive, with 3,127 stocks advancing against 917 declining. Realty also ended last year’s Muhurat session in the red, a reminder that the sector has often lagged on Diwali evening.

How realty stocks started today

Property shares slipped again at Monday’s open. The Sensex opened about 60 points lower near 80,939, and the Nifty hovered around the 25,000 mark. Realty and IT weighed on the market while banks, with SBI, HDFC Bank and ICICI Bank up more than 1%, led the gains. The midcap and smallcap indices dipped about 0.5% and 0.8%.

The pause is no surprise. The Nifty gained about 10% in seven sessions, its best week since 2021, which added ₹28.7 lakh crore to investors’ wealth. Realty led much of that run, jumping 2.85% on Wednesday and 3.52% on Thursday, so some profit-taking was likely.

What to look for through the day

The Nifty’s 25,000 level is the key reference, with resistance at 25,150 to 25,200 and support near 24,400. For realty, watch whether the sector holds its recent breakout or gives back more of the festive bounce. A fall in volumes on dips would suggest normal profit-booking rather than real selling.

What is moving realty stocks

• Foreign money: FIIs bought ₹13,750 crore on Friday, and November is seeing the biggest monthly inflows since September 2024.
• Oil and peace hopes: Cheaper crude on hopes of peace in the Middle East eases inflation and borrowing worries.
• Interest rates: The RBI’s repo rate is 5.50%, so home loan EMIs remain a worry for buyers.
• Earnings: Lodha’s profit rose 28% to ₹1,013 crore and Brigade’s 29% to ₹219 crore, while Godrej Properties’ profit fell 62% despite record collections.

What to wait for

• Diwali demand: Launch and booking updates after the festival will show whether homebuyers returned. Bookings of 28 listed developers fell 21% in April to June.
• Remaining Q2 results: A few developers are yet to report, with November 14 the last day.
• Next RBI meeting: It is scheduled for December 2 to 4.
• Foreign flows: A reversal in FII buying would quickly cool the rally.

The outlook

Realty enters Samvat 2083 with strong momentum, cheaper oil and festive demand to prove. After such a sharp run, breathers are healthy, but the sector needs real sales numbers and steady foreign flows to keep climbing.

Also Read: Realty Stocks Rise as Market Returns From Break

The post Diwali Dip: Realty Stocks Slip in Muhurat Trading and Again at Monday’s Open After 10% Rally appeared first on Square Feat India.