What Were Smart City SPVs?

When the Centre launched the Smart City Mission, each selected city was required to set up a Special Purpose Vehicle — a separate company incorporated under the Companies Act — to plan, appraise, approve, and implement Smart City projects. These SPVs had their own Chairpersons, Boards of Directors, and Chief Executive Officers, typically drawn from senior IAS officers, functioning independently of the parent Municipal Corporation. Maharashtra had eight such SPVs operating across Nagpur, Nashik, Pune, Pimpri-Chinchwad, Thane, Kalyan-Dombivli, Solapur, and Aurangabad (Chhatrapati Sambhajinagar).

What the GR Orders

The GR is sweeping in its scope. It orders the following:

The Chairpersons and Directors of all eight Smart City SPVs are relieved of their positions, and their powers stand transferred to the respective Municipal Corporation Commissioners. The CEO role of each SPV is similarly handed over to the Municipal Commissioner or Additional Commissioner of the concerned corporation.

All contractual officers and employees working under the Smart City SPVs are to be relieved and their charge transferred to regular Municipal Corporation staff — with a compliance report to be submitted to the government by April 30, 2026.

After the transfer of SPV assets to the Municipal Corporation is complete, the CEOs of each Smart City SPV are directed to independently initiate the process of winding up the company incorporated under the Companies Act for the Smart City Mission.

Who Gets Charge of Which City

The GR names specific IAS officers as the new custodians of Smart City powers. For Nagpur, Commissioner Bipin Iyenkar takes over from MMRDA Commissioner Sanjay Mukherjee. In Nashik, Commissioner Manisha Khatri, who was already holding additional charge as SPV CEO, now formally holds full authority. Pune’s Smart City powers move to Commissioner Navalkinshore Ram, while Pimpri-Chinchwad’s go to Commissioner Vijay Suryavanshi. Thane’s Commissioner Saurabh Rao, Kalyan-Dombivli’s Commissioner Abhinav Goyal, Solapur’s Commissioner Sachin Ombale, and Chhatrapati Sambhajinagar’s Commissioner Amol Yedge round out the list.

Why Is This Happening?

The GR’s preamble is candid about the reasons. The Smart City Mission’s operational period ended some time ago, and the Centre has made clear that no further funds will flow for the mission beyond its concluded tenure. All Smart City projects were to be completed by December 2025 — a deadline set at a meeting on April 7, 2025, and communicated through an official memorandum. With the project pipeline wound down and central funding ceased, maintaining parallel institutional infrastructure in the form of standalone SPVs no longer serves any administrative purpose.

The Maharashtra government had already directed the transfer of SPV assets to Municipal Corporations through a letter dated March 27, 2025, and the current GR is the logical follow-through — dismantling the human resource and governance layer of the SPVs as well.

The Larger Picture

The Smart City Mission, launched by the Centre in 2015, was one of India’s most ambitious urban transformation programmes, injecting funds into 100 selected cities for infrastructure, technology, and governance upgrades. Maharashtra had eight cities selected under the mission. However, the programme has faced sustained criticism for delays, incomplete projects, and the creation of parallel bureaucratic structures that sometimes operated at cross-purposes with the parent Municipal Corporations.

By merging Smart City powers back into the Municipal Commissioners’ offices, the Maharashtra government is signalling a consolidation of urban governance — streamlining accountability and reducing institutional duplication. The move also means that any pending Smart City works or assets will now fall squarely under the Municipal Corporation’s responsibility, with no separate body to either credit or blame.

Also Read: Shutdown Impacts Renovation & Interior Work In City

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Vacant Office Stock Rises Amid Robust Demand

As of Q1 2025, Hyderabad leads the nation with a staggering 28 million square feet (Mn sq ft) of vacant office stock, the highest among the top seven cities. This is largely due to the city’s trend of seeing new office space completions surpass absorption for five consecutive years. Despite the steady demand from key sectors like IT, BFSI, and Flex Spaces, a significant pipeline of upcoming office supply in 2025 is expected to push this vacant stock even higher.

Interestingly, across the rest of the country, office leasing activity remained relatively strong, though the total construction activity saw a slowdown of 39% compared to the previous quarter, as well as a 12% decline year-over-year. The overall slowdown can be attributed to a lack of new office supply in cities like Hyderabad and minimal additions in Chennai, Mumbai, and Kolkata.

Absorption and Completions Overview

The first quarter of 2025 saw a notable rise in absorption across the major office markets in India, despite the macroeconomic uncertainties. The pan-India absorption figure rose by 34% compared to the same period in 2024, reaching 17.96 Mn sq ft. This rise was predominantly driven by an uptick in real estate activities in western cities, including Mumbai and Pune.

Here’s a detailed breakdown of the absorption and new completions across the major cities:

City-wise Trends in Absorption and New Completions

• Bengaluru led pan-India absorption with 4.08 Mn sq ft in Q1 2025, followed closely by Mumbai, with 3.99 Mn sq ft. Kolkata saw a notable surge in absorption, increasing by 289% over the previous quarter, but its overall absorption remained at 0.23 Mn sq ft.
• The absorption rate in Pune saw a dramatic rise of 276%, which significantly boosted its share of pan-India absorption, jumping from 5% in Q1 2024 to 15% in Q1 2025.
• Chennai recorded the largest drop in absorption, with a 52% year-on-year decline, resulting in a lower market share of 9% in Q1 2025, down from 25% a year earlier.
• NCR saw a 100% year-on-year increase in new office completions, reaching 2.6 Mn sq ft in Q1 2025.

IT and Flex Spaces Drive Demand

The demand for office spaces in India continues to be predominantly driven by sectors like IT-ITeS, GCCs (Global Capability Centers), BFSI, and Flex Spaces. In particular, Bengaluru dominated the absorption by GCCs, with a 39% share in Q1 2025, which represented significant growth both on a quarter-over-quarter and year-over-year basis.

The impact of artificial intelligence on the IT sector is notable, with IT-ITeS continuing to account for a large share of the absorption activity across major cities.

Conclusion: A Mixed Outlook for India’s Office Market

While overall leasing activity remains strong, the office market in India faces a nuanced picture. Hyderabad’s vacant office stock reflects the challenge of balancing new supply and absorption. With a strong pipeline of office space set to come online in 2025, this dynamic is expected to continue. On the other hand, the increase in absorption, particularly in cities like Bengaluru, Mumbai, and Pune, signals ongoing demand for office space despite broader economic challenges.

As Shrinivas Rao, CEO of Vestian, aptly put it, “Demand for office spaces by GCCs, IT-ITeS, BFSI, and Flex Spaces is expected to swell in the forthcoming quarters, ensuring the growth momentum continues in India’s office market.”

Also Read: Green Building Boom: India’s Real Estate Moves Towards a Greener Skyline

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Urban Vault, a leading provider of managed flex spaces, has made a strategic entry into Pune by launching a 35,000 sq. ft. facility at Ambrosia Galaxy, Baner High Street. The state-of-the-art workspace offers over 700 desks, with pricing ranging from ₹6,500 to ₹8,000 per seat per month, targeting startups, SMEs, and enterprises seeking flexibility and scalability.

Mr. Amal Mishra, Co-founder and CEO of Urban Vault, stated, “Pune is a rapidly growing market with a strong demand for flexible office solutions. Our entry into this city is driven by the increasing need for high-quality, managed workspaces that cater to diverse business requirements.”

Strategic Expansion and Growth Plans

Following the Baner launch, Urban Vault plans further expansion across Pune, focusing on key commercial hubs such as Balewadi, Hinjewadi, Viman Nagar, Kalyani Nagar, and Kharadi. Additionally, emerging business districts like PCMC are being explored for future developments.

Urban Vault currently operates over 20 lakh sq. ft. of office space with 30,000+ desks, mainly in Bengaluru, where it manages 65 centers. For the fiscal year 2024-25, the company projects a turnover of ₹120 crore, with a profit after tax (PAT) of 18% and a year-over-year growth rate exceeding 70%.

With this latest expansion, Urban Vault aims to solidify its position as a leading provider of managed office spaces, fostering innovation and productivity while promoting sustainable growth.

Also Read: Corporate Biggest User Of Coworking Spaces.

The post Urban Vault Expands to Pune with New 35,000 Sq. Ft. Flex Space at Ambrosia Galaxy appeared first on Square Feat India.

A computerized lottery for 3,662 homes under various housing schemes in Pune, Pimpri-Chinchwad, PMRDA, and Solapur was conducted under Shinde’s leadership. The event, held via video conferencing from the Thane District Collector’s Office, was attended by Deputy Chief Minister and Pune Guardian Minister Ajit Pawar, Minister of State for Housing Pankaj Bhoyar, MHADA Pune Board Chairman Shivajirao Adhalrao Patil, and MHADA Vice President and Chief Executive Officer Sanjeev Jaiswal.

Shinde highlighted that the central government has identified four states for setting up growth hubs, with one planned in the Mumbai Metropolitan Region. These hubs will attract industries, IT firms, and service enterprises, generating employment. In response, MHADA plans to develop eight lakh homes to meet rising demand, along with rental housing and hostels for working women, students, and senior citizens. He emphasized that given Mumbai’s space constraints, redevelopment will focus on eco-friendly housing through cluster development.

The Pune Board’s housing lottery received 71,642 applications for 3,662 homes, indicating strong public trust in MHADA’s transparent process. Shinde directed officials to ensure timely possession for successful applicants while maintaining transparency and quality standards. In the last 18 months, MHADA has allotted 30,000 homes through 13 lotteries and is working to resolve stalled projects and accelerate slum redevelopment. Cluster redevelopment projects are being prioritized in Mumbai, Pune, and Thane, with similar initiatives under review for Pune.

Ajit Pawar stated that the overwhelming response to the lottery highlights the demand for affordable housing and reinforces public trust in MHADA’s digital lottery system. He noted that homes are allocated transparently through the Integrated Housing Lottery Management System (IHLMS 2.0), an automated and interference-free process. Applicants must complete registration and eligibility verification before participating. Once selected, winners receive a formal intimation letter, followed by a provisional allotment letter after completing necessary formalities. Pawar warned citizens against falling prey to intermediaries, emphasizing that MHADA does not authorize agents or brokers.

MHADA Pune Board Chairman Shivajirao Adhalrao Patil noted that the board has successfully provided affordable homes and remains committed to future housing initiatives. Under the first-come, first-served scheme, homes in Tathawade, Mahalunge, Saswad, and Purandare are currently available.

The event was streamed live on MHADA’s official social media platforms, with over 48,000 viewers tuning in. The list of successful applicants will be published at 6:00 PM on housing.mhada.gov.in, with winners notified via SMS.

The event was attended by Thane District Collector Ashok Shingare, Thane Municipal Corporation Commissioner Saurabh Rao, MHADA Deputy Chief Executive Officer Anil Wankhede, MHADA Pune Board Chief Officer Rahul Sakore, Deputy Chief Engineer Sunil Nanavare, Deputy Chief Engineer Anil Ankalgi, Chief Information and Communication Technology Officer Savita Bodke, Deputy Chief Officer Atul Khode, and Deputy Engineer Manisha More.

Also Read: MHADA-lottery-page-3

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Mumbai, 23rd January 2025: Net absorption of commercial office space across India’s top six markets is projected to exceed 60 million square feet (msf) in FY2026, the highest ever, according to a report by ICRA. The cities—Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai Metropolitan Region (MMR), and Pune—are expected to achieve a 3-4% increase in absorption over FY2025’s estimated 59-60 msf.

Despite a surge in new office space supply of 125-130 msf across FY2025 and FY2026, vacancy levels are anticipated to decline to 14-14.5% by March 2026, marking a multi-year low. This trend is driven by robust demand from global capability centers (GCCs), domestic corporates, increased physical occupancy in offices, and revival in IT-SEZ spaces due to regulatory changes.

“Leasing activity has remained resilient, with net absorption reaching approximately 54 msf in FY2024 and 44 msf during the first nine months of FY2025. Vacancy levels dropped by 70 basis points to 14.7% as of December 2024, compared to March 2024. By March 2026, occupancies in the top six markets are expected to reach a decade-high of 85.5-86%,” said Anupama Reddy, Vice President and Co-Group Head – Corporate Ratings, ICRA.

India’s Office Market Resilient Amid Global Slowdown

The Indian office market has defied global economic sluggishness due to its cost-effective, highly skilled workforce, a growing domestic economy, and competitive rental prices. These factors continue to attract global firms, strengthening India’s position as a preferred real estate investment destination.

ICRA expects the credit profiles of office space operators to remain stable, supported by an increase in net operating income (NOI). The debt-to-NOI ratio for operators is forecasted to improve to 3.9-4x by March 2026, compared to 4.3-4.4x by March 2025. Debt service coverage ratios (DSCR) are projected to rise to 1.45-1.5x in FY2026 from 1.35x in FY2025.

Retail Malls See Growth Amid Challenges

Retail mall operators are also expected to witness growth, with rental income projected to increase by 7-8% year-on-year in FY2025 and 8-9% in FY2026. New mall supply of 9-9.5 msf each year in FY2025 and FY2026 is expected to stabilize vacancy levels at 21% as of December 2024 and maintain occupancy rates of 79-80% through March 2026.

“Retail consumption growth is expected to moderate to 6-7% in FY2025 due to the General Elections, weather disruptions, and the impact of extended monsoons. However, a rebound is anticipated in H2 FY2025, driven by the festive and wedding seasons. Segments such as food, apparel, accessories, and hypermarkets will continue to drive growth,” added Reddy.

Despite the positive outlook, challenges persist for retail mall operators, including the growing competition from e-commerce and q-commerce platforms, which are increasingly impacting even premium brands in the fashion segment.

ICRA estimates the debt-to-NOI ratio for mall operators to improve to 4.2-4.5x by March 2026 from 4.6-4.8x in March 2025, driven by rising NOI levels. DSCR is expected to remain stable at 1.45-1.5x during FY2025-FY2026, indicating a healthy financial outlook for the sector.

Conclusion

The sustained growth in India’s office and retail real estate markets underscores the country’s resilience and potential as a global investment hub, driven by its robust economic fundamentals and growing demand for quality commercial spaces.

Bengaluru office demandAlso Read:

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Currently, open houses are held weekly at the MahaRERA head office in Mumbai, where senior officials address queries from developers. Despite assistance from Self-Regulatory Organisations (SROs), developers often encounter challenges that require clarification. Responding to requests from developers in other regions, MahaRERA has decided to extend this initiative to Nagpur and Pune.

During these open houses, officials from financial, legal, and technical departments will provide on-the-spot resolutions to issues related to project registration. Developers are encouraged to attend with all necessary documents to ensure a smooth process.

To further facilitate registrations, MahaRERA recently reduced the minimum project requirement for forming SROs outside the Mumbai Metropolitan Region (MMR) from 500 to 200. This decision is expected to simplify the registration process for developers across Maharashtra.

As per the Real Estate (Regulation and Development) Act, 2016, housing projects cannot be advertised or sold without RERA registration. MahaRERA has emphasized the importance of submitting complete and accurate information during registration to expedite the process.

“The Real Estate (Regulation and Development) Act, 2016, clearly states that housing projects must be registered with RERA before advertising. MahaRERA has established a robust framework for legal, financial, and technical aspects of project registration. By extending open houses to Nagpur and Pune, we aim to make the process seamless for developers,” said the MahaRERA chairman.

Developers are urged to utilize this opportunity to address any issues and ensure compliance with RERA regulations.

Also Read: builder fined by MahaRERA

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The ₹200.23 crore includes compensation from multiple regions, with the highest recovery seen in Mumbai suburban and Pune. Of the total, Rs 46.47 crore was recovered from Mumbai city, Rs 76.33 crore from Mumbai suburban, and Rs 39.10 crore from Pune. Other regions such as Thane, Nagpur, Raigad, Palghar, and Sambhajinagar also contributed to the recovery, while some districts, including Sindhudurg, Satara, Ratnagiri, and Solapur, still have pending recoveries.

MahaRERA’s ongoing recovery efforts aim to ensure that homebuyers who have faced delays or issues with developers receive their rightful compensation, including interest, refunds, and damages. The authority has issued a total of 1,163 warrants to recover Rs 705.62 crore from 442 real estate projects, out of which Rs 200.23 crore has already been successfully recovered from 283 warrants involving 139 projects.

To improve the efficiency of these efforts, MahaRERA has introduced a new initiative. Retired Tahsildars will be appointed in the offices of the District Collectorates in Mumbai suburban and Pune to expedite the recovery process in regions with high arrears and numerous complaints. This initiative will be piloted in these areas, and based on its success, similar appointments may be considered in other districts as well.

MahaRERA has also been working closely with the District Collectorates and other local authorities to ensure the smooth recovery of dues. The authority emphasizes the importance of coordination between various government departments to facilitate the collection of compensation, especially when developers fail to pay within the prescribed timelines.

According to MahaRERA Chairman, Manoj Saunik, the appointment of retired senior officers from the revenue department has significantly accelerated the recovery process.

“MahaRERA, on various complaints, issues orders regularly to compensate aggrieved homebuyers. Our role is to ensure that the compensation ordered is received by the aggrieved homebuyers, so they get adequate legal and financial relief. To facilitate this, MahaRERA has appointed a retired senior officer from the revenue department, and through him, such cases are consistently followed up with all concerned District Collectors, Deputy Collectors, and Tahsildars. Therefore, this process of recovery has gained momentum,” said Saunik.

MahaRERA’s recovery efforts, district-wise:

• Mumbai City: Rs 85.79 crore due from 35 warrants in 19 projects; Rs 46.47 crore recovered from 22 warrants in 13 projects.
• Mumbai Suburban: Rs 304.45 crore due from 440 warrants in 115 projects; Rs 76.33 crore recovered from 85 warrants in 42 projects.
• Pune: Rs 189.82 crore due from 258 warrants in 131 projects; Rs 39.10 crore recovered from 57 warrants in 36 projects.
• Thane: Rs 62.58 crore due from 191 warrants in 81 projects; Rs 11.65 crore recovered from 27 warrants in 15 projects.
• Raigad (Alibag): Rs 23.79 crore due from 116 warrants in 45 projects; Rs 7.49 crore recovered from 57 warrants in 18 projects.
• Nagpur: Rs 10.62 crore due from 18 warrants in 6 projects; Rs 9.65 crore recovered from 13 warrants in 2 projects.
• Palghar: Rs 19.86 crore due from 79 warrants in 32 projects; Rs 4.49 crore recovered from 8 warrants in 6 projects.
• Sambhajinagar: Rs 4.04 crore due from 13 warrants in 2 projects; Rs 3.84 crore recovered from 9 warrants in 2 projects.
• Nashik: Rs 3.85 crore due from 6 warrants in 5 projects; Rs 1.12 crore recovered from 4 warrants in 4 projects.
• Chandrapur: Rs 9 lakh payable from 1 warrant in 1 project; Entirely recovered.

Despite significant progress, recoveries remain pending in districts like Sindhudurg, Satara, Ratnagiri, and Solapur, where smaller amounts are yet to be collected.

MahaRERA continues to prioritize the recovery of compensation for homebuyers, working closely with local authorities to ensure that developers comply with the orders for refunds and damages. Under the Real Estate (Regulation and Development) Act, 2016, the District Collectors are authorized to recover dues as arrears of land revenue, a process supported by the Maharashtra Land Revenue Act, 1966.

As MahaRERA continues its efforts, homebuyers can expect greater accountability and relief through effective governance and streamlined recovery processes.

Also Read: MahaRERA Invites Objections to De-Registration of Macrotech and Raheja Projects Along with 17 Others

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Affordability Improvements on the Horizon

The affordability outlook for India’s residential market is promising. With the Reserve Bank of India (RBI) signaling a shift towards a neutral stance on monetary policy, a potential rate cut of 50 basis points over the next 12 months is expected to enhance affordability. This, combined with moderate price growth and rising household incomes, will support an improvement in affordability levels across the country’s key real estate markets.

JLL’s HPAI predicts that Mumbai and Pune will approach near-optimal affordability by 2025, meaning that the average household income in these cities will be sufficient to qualify for home loans based on the prevailing property prices. Kolkata, on the other hand, is expected to maintain its lead as the most affordable major city, potentially reaching new affordability peaks.

While Delhi NCR and southern cities like Bengaluru, Hyderabad, and Chennai are also set to see improved affordability, they are likely to remain below their peak affordability levels. However, even these cities will experience better affordability than in previous years.

Record Residential Sales Expected

The anticipated improvements in affordability come at a time of strong growth in India’s residential market. Residential sales are forecast to reach 305,000-310,000 units in 2024, and further growth is expected in 2025, potentially pushing sales to a new peak of 340,000-350,000 units. This surge in sales reflects a growing demand for housing, driven by evolving homeownership dynamics and rising household incomes.

Despite the challenges posed by higher property prices and interest rates in recent years, the market remains resilient, with a sustained bull run driven by strong homebuyer demand. The expected interest rate cuts, alongside moderating price growth and continued income increases, are poised to further fuel the market’s momentum over the next 12-18 months.

Factors Driving Affordability Shifts

JLL’s Chief Economist, Dr. Samantak Das, explains that while the overall economic outlook remains soft, India is still projected to be one of the best-performing large economies globally, supporting steady growth in household incomes. He notes that in 2021, affordability across all major markets reached peak levels. However, rising property prices and persistent interest rates caused affordability to dip in 2022 and 2023. With the anticipated interest rate cuts and moderate price growth, affordability levels are expected to improve to their best since 2022, creating a favorable environment for homebuyers.

The report also highlights the significant growth in real estate prices over the past decade. Hyderabad leads with a 132% price increase since 2011, followed by Bengaluru at 116%, and Delhi NCR at 98%. On the income front, Mumbai has experienced the highest growth, with a 189% increase in household incomes over the same period.

Future Outlook for the Market

Looking ahead, Siva Krishnan, Senior Managing Director at JLL, notes that the combination of strong income growth, potential interest rate reductions, and moderating price growth is expected to improve affordability across India’s key markets. This will ensure continued activity in the residential market, with sustained demand despite ongoing price increases.

JLL’s HPAI will continue to be a vital tool for aligning homebuyers’ affordability with suitable property offerings, ensuring that market demand remains resilient and responsive to economic shifts. The report emphasizes that strategic policy interventions, along with continued improvements in household incomes, will be critical in sustaining demand elasticity in India’s residential real estate market.

Conclusion

India’s residential real estate sector is on track to see improved affordability by 2025, driven by expected interest rate cuts and rising incomes. While cities like Mumbai and Pune are expected to approach optimal affordability, Kolkata is set to maintain its position as the most affordable major market. As residential sales continue to climb, India’s housing market is poised for a resilient and robust future, ensuring strong performance even in the face of rising prices.

Also Read: Oberoi Realty Reports Strong H1FY25 and Q2FY25 Results: Booking Value at ₹2,509.45 Crores; PBT Rises to ₹1,557.50 Crores

The post India’s Residential Market Set for Improved Affordability in 2025, Driven by Interest Rate Cuts appeared first on Square Feat India.

The promoters of these projects have submitted applications for de-registration under the provisions of the Real Estate (Regulation and Development) Act, and the public is being given an opportunity to submit objections to these requests. The list of projects includes both large-scale residential and commercial developments across multiple cities in Maharashtra.

Prominent Projects Affected:

1. Macrotech Developers Limited – ILB ONE in Kalyan, Thane (MahaRERA No. P51700055366)
2. K Raheja Corp Real Estate Pvt. Ltd. – Wisteria, Frangipani, Palash in Pirangut, Pune (MahaRERA Nos. P51700020373, P51700018963, P52100051970)
3. Lokhandwala Infrastructure Pvt. Ltd. – Shriram Corner in Mumbai (MahaRERA No. P51900009787)

In addition to these well-known developers, other real estate companies such as Guardian Landmarks LLP, Puranik Tokyo Bay Pvt. Ltd., and Abhishek Developers also feature on the list. The projects up for de-registration include developments like Wind Shire Phase 1 & 2 in Pune, Tokyo Bay Phase-C2 in Daman, and Abhishek Luxuria in Pune.

Deadline for Objections:

Any person or legal entity who has objections to the de-registration of these projects is requested to submit their objections within 30 days of the notice. The deadline for submitting objections is 12th December 2024.

Objections can be sent via email to director-comp@maharera.mahaonline.gov.in. MahaRERA has emphasized that submissions should be made without delay to ensure they are considered within the specified timeframe.

List of Affected Projects:

1. Guardian Landmarks LLP – Wind Shire Phase-1 & Phase-2 (Pune)
2. Puranik Tokyo Bay Pvt. Ltd. – Tokyo Bay Phase-C2 (Daman)
3. Abhishek Developers – Abhishek Luxuria (Pune)
4. Pemraj Associates – Pemraj Skyone (Pune)
5. Shyamsunder Radhyshyam Agrawal – Shubham Heights (Thane)
6. Ghodawat Eduserve LLP – Sanjay Ghodawat Industrial Park (Kolhapur)
7. Rajendra Fakhruddin Motiwala – Meenrung-Sky Villa (Nashik)
8. Tirupati Developers – Suvarnabhumi (Nagpur)
9. Pruthvi Developers – Siddhivinayak Park (Ratnagiri)
10. Macrotech Developers Ltd. – ILB ONE (Kalyan, Thane)
11. Lokhandwala Infrastructure Pvt. Ltd. – Shriram Corner (Mumbai)
12. K Raheja Corp Real Estate Pvt. Ltd. – Wisteria, Frangipani, Palash (Pirangut, Pune)

Key Details in the Notice:

• Promoter Name: Listed along with project names and MahaRERA registration numbers.
• Project Location: Projects are located in cities including Pune, Thane, Mumbai, Daman, Kolhapur, and others.
• De-Registration Process: As per the regulations, developers are allowed to seek de-registration if certain criteria are met, and this process ensures that stakeholders have the opportunity to raise concerns.

Public Participation:

MahaRERA encourages all stakeholders, including prospective homebuyers, investors, and local residents, to review the list of affected projects and submit any objections they may have. The regulatory authority aims to maintain transparency and protect the interests of the public in all real estate dealings.

Contact Information:

For submitting objections or for further inquiries, stakeholders can contact MahaRERA at:
Email: director-comp@maharera.mahaonline.gov.in

About MahaRERA:

The Maharashtra Real Estate Regulatory Authority (MahaRERA) was established under the Real Estate (Regulation and Development) Act, 2016, to regulate the real estate sector in Maharashtra. Its mission is to promote transparency, accountability, and efficiency in the real estate industry, providing better protection for homebuyers and enhancing the overall credibility of the sector.

Also Read: MahaRERA Dismisses Broker’s Complaint for Brokerage Payment, Cites Lack of Legal Provision

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According to ANAROCK’s latest data, the Mumbai Metropolitan Region (MMR) led the sales with around 36,190 units, followed by Pune at approximately 19,050 units. Together, these two cities accounted for 52% of total sales in the quarter. Other cities, including Bengaluru, NCR, and Hyderabad, also reported declines in sales compared to both the previous quarter and the same period last year.

New housing supply also saw a significant decrease, falling 19% to approximately 93,750 units in Q3 2024, the lowest figure since Q1 2023. MMR topped the new supply list with around 29,615 units launched, while Bengaluru followed with about 15,915 units. Notably, NCR and Chennai experienced remarkable increases in new launches of 53% and 51%, respectively.

In terms of price segments, the luxury housing market (priced above INR 1.5 Cr) constituted 33% of new supply, the highest share recorded, whereas affordable housing dropped to a mere 13%, its lowest ever. The overall available housing inventory across the top seven cities decreased by 8% year-on-year, from over 610,000 units in Q3 2023 to approximately 564,415 units in Q3 2024.

Residential prices in the top seven cities surged by 23% year-on-year, with Hyderabad witnessing the highest increase at 32%. Bengaluru and NCR followed closely with price hikes of 29% each.

Anuj Puri, Chairman of ANAROCK Group, attributed the sales slowdown to high prices and seasonal factors, such as the monsoon and the ‘shraad’ period, when many defer home purchases. However, he expressed optimism for the upcoming festive quarter (October to December), which traditionally sees a rise in demand, as developers prepare to launch several projects and promotional offers.

Overall, while the market is stabilizing after a period of rapid growth, Puri noted that the pace of future growth may not match the steep increases seen in the past one to two years.

Also Read: NAREDCO Maharashtra to Host Real Estate Expo in Mumbai

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