The Purchase

The registered sale agreement, dated 4 April 2012, recorded the total consideration for the flat at ₹72 lakh. Katkade filed his income tax return for Assessment Year 2012-13 declaring an income of ₹2,71,280. The IT Department processed the return and accepted it without objection. For Katkade, the matter was closed.

The Raid He Knew Nothing About

On 24 September 2014 — more than two years after Katkade had taken possession of his flat — the IT Department’s investigation wing conducted a search and seizure operation at the offices of Cosmos Group, the builder. Cosmos Group was engaged in real estate development and construction across the Mumbai Metropolitan Region.

During the raid, investigators claimed to have found Excel sheets containing flatwise and shopwise cash payment records, emails in the builder’s Gmail and Yahoo accounts, and what they described as a cash book of on-money received from buyers. Two key persons were questioned — Karuna Khambayat, the Sales Head of Cosmos Group, who made a general admission that cash payments were often involved in the sale of flats and shops, and Suraj Parmar, son of promoter Ramesh Parmar, who spoke about cash transactions in the business.

Flat No. 802 — Katkade’s flat — appeared in those Excel sheets with cash figures against it.

Katkade was not present during the raid. He was not questioned. No one from the IT Department contacted him. He had no knowledge that a file bearing his flat number now existed inside the investigation wing.

Five Years of Silence, Then a Bombshell

For nearly five years after the raid, nothing happened. Then, on 29 March 2019 — seven years after the original flat purchase and five years after the Cosmos Group raid — Katkade received a notice under Section 148 of the Income Tax Act. The IT Department was reopening his already-closed assessment for AY 2012-13.

The basis was information passed by the Directorate of Income Tax (Investigation), Unit 1(4), Mumbai. The Assessing Officer (AO) had obtained prior approval from the Principal Commissioner of Income Tax (Pr. CIT-2), Thane. The allegation was stark — that Katkade had paid ₹34.5 lakh in cash over and above the registered agreement value, split as ₹28.5 lakh in AY 2012-13 and ₹6 lakh in AY 2013-14. Since Katkade held a 50% share in the flat, the AO proposed to add ₹14.25 lakh — 50% of ₹28.5 lakh — to his income for AY 2012-13 as unexplained money under Section 69A of the Income Tax Act.

The Letter the IT Department Refused to Believe

Katkade fought back. He filed a fresh return in response to the notice, denied paying any on-money, and asked the AO to refer the matter to the District Valuation Officer for an independent valuation. The AO rejected that request, saying the case did not pertain to flat valuation.

When the AO issued a show cause notice asking Katkade to explain why ₹14.25 lakh should not be added to his income, Katkade did something significant. He went back to Cosmos Group and obtained a written confirmation letter from the builder stating that the total amount received from Katkade and his wife for Flat No. 802 was ₹72 lakh — nothing more, nothing less. The very builder whose internal records the IT Department was relying upon to allege cash payment was now confirming in writing that no such additional payment existed.

The AO dismissed the letter entirely and made the addition anyway, relying instead on the Excel sheet from the raid and the statements of Suraj Parmar and Karuna Khambayat.

There was one more problem — the actual incriminating documents, the Excel sheets, the emails, the cash book, were never shown to Katkade at any stage of the assessment. He was being taxed on the basis of evidence he had never seen.

Appeal Rejected, Fight Continues

Katkade appealed to the Commissioner of Income Tax (Appeals) — CIT(A) — at Panaji. He raised three arguments: that the reopening of the assessment after seven years was itself legally invalid; that the addition was baseless since no evidence had ever been produced before him; and that he had been denied the right to cross-examine Karuna Khambayat and Suraj Parmar, whose statements were being used against him.

The CIT(A) rejected all three. On the cross-examination request — a right firmly established by the Supreme Court in Andaman Timber Industries vs CCE — the CIT(A) gave a puzzling response, holding that the addition was not based only on the incriminating material and therefore cross-examination was not required. The order was passed on 26 September 2025.

ITAT: The Addition Was Never Sustainable

Katkade’s chartered accountant, Subodh Ratnaparkhi, filed an appeal before the ITAT Mumbai in November 2025. The case came up for hearing on 18 March 2026 before a two-member bench of Judicial Member Pawan Singh and Accountant Member Makarand Vasant Mahadeokar.

Before the Tribunal, Ratnaparkhi placed on record five previous ITAT orders where identical additions had been made against other Cosmos Group flat buyers — and deleted in every single case. The buyers included Bharat Laxman Bhiwapurkar, Mamta Sharad Gupta, and Monika Anand Gupta. In each case, the basis was the same Excel sheet, the same statement of Suraj Parmar, and the same methodology. In each case, the Tribunal had ruled against the IT Department.

The Revenue’s Senior Departmental Representative, Usha Gaikwad, supported the lower authorities and argued that the statements and seized material were sufficient basis for the addition.

The Tribunal was unconvinced. In its order pronounced on 4 June 2026, the bench held that the addition was based solely on third-party statements, which cannot be used as evidence against a buyer without cross-examination. It further held that the Excel sheet was inadmissible as electronic evidence since it had not been authenticated under Section 65B of the Indian Evidence Act. The actual seized documents — the emails and cash books — had never been brought on record before any authority at any stage. The builder’s own confirmation letter confirming ₹72 lakh had been ignored without any valid reason. Following five coordinate bench decisions on identical facts, the Tribunal deleted the addition entirely.

Since Katkade had won on merit, the bench did not even find it necessary to rule on whether the 2019 reopening was legally valid in the first place.

What This Means for Homebuyers

The Katkade case is not an isolated incident. It is part of a pattern. The ITAT has now deleted on-money additions linked to Cosmos Group in at least six cases, consistently finding that the Excel sheets seized during the 2014 raid are inadmissible, that general admissions by builder insiders cannot be attributed to specific buyers without corroboration, and that denying buyers the right to cross-examine witnesses whose statements are used against them is a violation of natural justice.

For homebuyers across India, the case carries a broader warning. A builder raid can trigger tax demands against buyers years or even decades after a purchase. The IT Department can reopen assessments using information from someone else’s search. And the buyer — who had no part in that raid, never saw those documents, and may have paid every rupee above board — can find themselves fighting a tax addition based entirely on a figure in someone else’s spreadsheet.

The only protection is documentation. A registered agreement, a complete payment trail through banking channels, and written confirmations from the builder at the time of purchase are a homebuyer’s best defence if the taxman comes knocking years later.

For Katkade, that defence ultimately worked — but it took fourteen years, two appeals, and a Tribunal order to prove it.

The order is dated June 4, 2026.

Also Read: ITAT Mumbai Clears Real Estate Developer of Fraud Allegations, Allows ₹1.79 Crore Tax Deduction

The post Builder Confirmed No Cash, IT Department Didn’t Believe Homebuyer appeared first on Square Feat India.

“The committee noted that the global environment has deteriorated since the last policy meeting with the conflict lingering amidst a fragile truce. The adverse implications of the extended disruption in supply chains and elevated energy prices are reflected in the moderation of growth and increase in inflation projections from the April policy,” Governor Malhotra stated.

This decision to maintain the repo rate serves as a critical anchor for India’s residential real estate sector, which continues to witness strong annual growth despite short-term geopolitical shocks. The rate pause provides stability amid rising consumer pressures and volatile construction environments.

Impact on Homebuyers and Home Loans

The repo rate is the interest rate at which the Reserve Bank of India lends short-term funds to commercial banks. When the RBI changes the repo rate, it directly influences the cost of borrowing for banks, which in turn affects the interest rates they charge on loans, including home loans.

With the repo rate unchanged at 5.25%, banks are expected to keep their lending rates, such as those linked to the Marginal Cost of Funds-based Lending Rate (MCLR) or External Benchmark Lending Rate (EBLR), stable in the near term. This means home loan EMIs for buyers will remain predictable and manageable, shielding them from immediate upward pressure on borrowing costs.

For homebuyers, this stability is particularly welcome. In an environment of elevated global oil prices and rising domestic construction costs due to the Middle East conflict, stable financing prevents additional strain on monthly budgets. Potential buyers who had paused their decisions due to uncertainty can now move forward with greater confidence, as borrowing costs are not being hiked.

Real Estate Sector Outlook

The residential real estate sector has delivered mixed but resilient performance. According to Pankaj Kumar, VP – Fundamental Research at Kotak Securities, listed developers reported 16% YoY pre-sales growth in Q4FY26, taking full-year FY26 pre-sales to Rs 1.37 lakh crore (up 17% YoY). While industry sales grew 5% in FY26, this was largely price-led, with volumes declining 3%. Inventory levels remain healthy at 21 months, and developers maintain strong balance sheets. The FY27 launch pipeline of Rs 2 lakh crore supports expectations of continued 17% pre-sales growth.

Anuj Puri, Chairman of Anarock Property Consultants, noted that residential sales in Q1 2026 stood at approximately 1,01,675 units, reflecting a 7% QoQ decline but a healthy 9% YoY growth. Sales value reached INR 1.51 lakh crore. New project launches surged 26% YoY, pushing unsold inventory beyond 6.01 lakh units. “The MPC’s policy consistency is a stabilising buffer. Input costs are rising… but domestic consumer demand is fundamentally resilient,” Puri added.

Dharmendra Raichura, VP & Head of Finance at Ashar Group, said, “RBI’s decision to maintain the repo rate at 5.25% reflects a calibrated approach… Predictable borrowing costs support efficient project planning and timely execution, while buyers continue to benefit from stable lending rates and manageable EMIs.”

Rising geopolitical uncertainty has also paused some Middle Eastern investments in Indian housing, but the stable rate environment helps developers manage higher material costs and supports the sector’s growth story through 2026.

Overall, the RBI’s decision provides much-needed policy stability, enabling homebuyers to benefit from steady home loan rates while the industry absorbs new supply and maintains momentum.

Also Read: Housing sales momentum to continue as RBI holds repo rate

The post RBI Holds Repo Rate at 5.25%: Relief for Homebuyers Amid Geopolitical Pressures appeared first on Square Feat India.

The report highlights that India now ranks as the second-largest data centre market in the Asia Pacific (APAC) region, with 1.6 GW of operational capacity, driven by rapid adoption of artificial intelligence (AI), hyperscale cloud expansion, and growing enterprise demand.

Mumbai Leads, Hyderabad Gains Global Prominence

Among Indian cities, Mumbai has emerged as a primary data centre hub in APAC and is expected to cross 1 GW of operational capacity by the end of 2026. The city continues to anchor India’s data centre growth due to its strong connectivity, financial ecosystem, and proximity to subsea cable landing stations.

Meanwhile, Hyderabad has gained global recognition, ranking ninth among secondary data centre markets worldwide. It is also identified as the leading secondary market in APAC, reflecting strong investor interest and infrastructure readiness.

Other cities such as Chennai, Delhi NCR, Pune, and Bengaluru are also witnessing increasing development activity, indicating a multi-market growth strategy.

Strong Pipeline and Future Capacity

India’s long-term growth outlook remains robust, with over 10.5 GW of additional capacity currently at the land acquisition stage. This signals sustained investor confidence and a strong pipeline of future projects.

Despite this rapid expansion, the sector remains underpenetrated. Data centre density in India stands at approximately 943,000 people per MW, suggesting significant room for further growth compared to global benchmarks.

Vacancy levels have also tightened, declining to 12.9% as of Q4 2025, indicating strong absorption of new capacity and sustained demand.

AI and Hyperscalers Driving Demand

The report notes that hyperscaler demand—led by global cloud providers—and the increasing adoption of AI workloads are the primary drivers of capacity expansion in India. Cities like Mumbai, Hyderabad, and Pune are witnessing large-scale deployments as enterprises scale their digital operations.

Emerging locations such as Visakhapatnam are also being positioned as future AI and data infrastructure hubs, reflecting a shift toward newer, scalable markets.

APAC Trends Mirror India’s Growth

India’s growth aligns with broader trends across the APAC region, where data centre capacity expanded by over 1.5 GW in the past year alone—a 13% increase. Vacancy across the region declined from 12.4% to 10.9%, underscoring strong occupier demand.

Notably, most new data centres are being pre-leased before completion, with nearly all under-construction capacity already committed. This highlights the intensity of demand and supply constraints across key markets.

Policy Support and Power Challenges

India’s data centre expansion is further supported by policy initiatives such as the Draft National Data Centre Policy 2025, which proposes tax incentives and GST benefits to attract investment.

Additionally, the country ranked fourth globally in electricity production growth between 2022 and 2025, strengthening its ability to support energy-intensive data centre infrastructure. However, transmission losses of over 14% remain a concern, pointing to the need for continued upgrades in grid efficiency.

Execution Will Define Next Phase

Industry experts note that the global data centre sector is shifting from a demand-driven to an execution-driven growth phase, where access to power, land, and regulatory approvals will determine market competitiveness.

India’s combination of strong demand visibility, expanding infrastructure, and a growing multi-city ecosystem positions it well to capitalize on this shift. However, timely execution and infrastructure readiness will be critical in sustaining long-term growth momentum.

Also Read: Faster Internet, Better Streaming: How India’s $22Bn Data Boom Will Impact You

The post India’s Data Centre Boom Accelerates with 3.1 GW Pipeline, Mumbai Emerges as Key Hub appeared first on Square Feat India.

While overall housing sales across 75 cities dipped marginally by around 1% year-on-year, the total value of transactions surged nearly 16%, reflecting a continued shift toward premium housing and higher-value deals.

Record Supply Becomes Defining Trend

The most striking development in FY26 was on the supply side:

• 1.72 lakh units launched in a single quarter — highest ever
• ~10% annual growth in new launches
• Top 8 cities contributed 1.22 lakh units
• Tier II & III cities added nearly 50,000 units

This surge signals a broad-based expansion of India’s housing market, moving beyond the post-pandemic consolidation phase dominated by large developers.

However, this rapid supply growth has pushed unsold inventory to nearly 12 lakh units, with inventory overhang at:

• ~20 months in Tier I cities
• ~19 months in Tier II & III cities

These levels remain within manageable limits—but the trajectory warrants caution.

Mixed Demand Across Cities

City-level performance remained uneven:

• NCR led growth with ~11% increase in sales
• Ahmedabad & Bengaluru showed steady momentum
• MMR (Mumbai Metropolitan Region) contributed ~24% of total sales with moderate 4% growth
• Pune saw the sharpest decline at ~25%
• Tier II & III cities collectively declined ~4%

Despite volume moderation, price growth and premium demand kept overall market value strong.

Prices Continue to Rise Moderately

Housing prices across India maintained an upward trajectory:

• ~3% pan-India price growth YoY
• Ghaziabad saw up to 9% appreciation
• Bengaluru recorded around 7% growth

Notably:

• 61% of projects saw price increases between 0–10%
• 17% projects recorded over 10% appreciation

This indicates a more stable and sustainable price growth cycle, rather than speculative spikes.

Market Broadens Beyond Large Developers

One of the most important structural shifts is the return of smaller and regional developers:

• Total active developers increased to 17,679
• Smaller developers contributed 29% of total launches (~1.81 lakh units)
• 59 large developers accounted for only 18% of launches (~1.1 lakh units)

This suggests the market is transitioning from consolidation to decentralization, with broader participation across the ecosystem.

Mid-Segment Housing Makes a Comeback

Contrary to the perception of a purely luxury-driven market, the mid-income segment is witnessing a revival:

• ₹1–1.5 crore segment led launches with 83,430 units
• ₹50–75 lakh segment emerged as a key contributor
• Nearly 34,000 affordable units (<₹30 lakh) were also launched

The ₹50 lakh to ₹5 crore price band now dominates supply, indicating diversified demand across income groups.

Execution Risks Begin to Emerge

Despite strong supply momentum, a key concern is construction lagging behind launches:

• Slower project execution across regions
• Rising unsold inventory in certain pockets
• Aggressive new launches without matching completion pace

These trends point to emerging execution risks, which could impact delivery timelines and buyer confidence if not managed carefully.

Outlook: Transition Phase for Indian Housing

The report suggests that India’s housing market is entering a critical transition phase:

• Moving from consolidation to broad-based growth
• Rising participation from smaller developers
• Demand expanding beyond premium to mid-income segments

However, the sustainability of this growth will depend on:

• Timely project execution
• Inventory management
• Balanced supply-demand dynamics

If managed well, this phase could lead to a more resilient, inclusive, and structurally stronger housing market.

Also Read: India’s Housing Market Shines Globally: 9.6% Price Growth in 2025 Outpaces World Average

The post India’s Housing Market Expands, But Execution Risks Begin to Surface appeared first on Square Feat India.

As the country accelerates its transition toward renewable energy, sectors like land, industrial, and warehousing real estate are poised to see unprecedented growth.

The Big Numbers Driving the Story

• 251 GW renewable energy capacity already installed (2025)
• 270–300 GW new solar & wind capacity expected by 2030
• ~7 lakh acres of land required for upcoming projects
• USD 110–120 billion total investment expected
• USD 10–15 billion opportunity in land acquisition alone

Solar and wind already dominate India’s clean energy mix, accounting for nearly 75% of installed renewable capacity.

Why Real Estate Is the Biggest Beneficiary

1. Massive Land Demand

Renewable projects require huge land parcels:

• Solar: 2–3 acres per MW
• Wind: 1–2 acres per MW

This translates into large-scale land aggregation opportunities, especially in emerging corridors and semi-urban regions.

2. Industrial & Warehousing Boom

Renewable energy manufacturers (OEMs) are rapidly expanding.

• Leasing demand expected to reach 4–7 million sq ft annually by 2030
• Will contribute 10–15% of total warehousing demand

Cities like Chennai and Pune are already leading this trend.

3. New Growth Corridors

Renewable hubs will drive development of:

• Industrial clusters
• Logistics parks
• Energy corridors

This will open up new real estate hotspots beyond traditional metros.

What Does This Mean for Common People?

More Jobs, More Housing Demand

With renewable hubs expanding:

• Jobs in manufacturing, EPC, and maintenance will rise
• Demand for affordable housing and rentals will increase

Growth of Tier 2 & 3 Cities

Smaller cities near renewable parks will see:

• Infrastructure upgrades
• New residential developments
• Better economic activity

Land Value Appreciation

Areas near solar and wind parks could witness:

• Rising land prices
• Increased investor interest

Bigger Impact on India’s Real Estate

This is not just an energy story—it’s a structural shift in real estate demand.

From Metro-Centric to Distributed Growth

Development will spread to non-metro regions, driven by land availability.

Rise of Industrial Real Estate

Factories for solar modules, wind turbines, and batteries will boost:

• Warehousing
• Industrial parks
• Logistics infrastructure

Ecosystem Development

Renewable clusters will also need:

• Offices
• Training centers
• Social infrastructure

The Long-Term View

India’s journey toward 500 GW non-fossil capacity by 2030 is not just about sustainability—it’s about economic transformation.

As highlighted by Badal Yagnik, renewable expansion will:

• Accelerate decarbonization
• Create new investment destinations
• Drive long-term, sustainable real estate growth

The post Renewable Boom to Unlock $15B Land Opportunity, Transforming India’s Real Estate by 2030 appeared first on Square Feat India.

The recent controversy involving IAS officer Sanjeev Jaiswal at the Motilal Nagar public meeting has sharply divided public opinion in Mumbai. The episode is being viewed through multiple lenses, sparking debate not just about individual conduct but also about deeper issues of governance, language, and accountability in urban redevelopment projects.

The Divided Opinions

One section believes the protester was out of line—especially when the rehabilitation package on offer is highly favourable. Reports suggest that tenants occupying around 260 sq ft are being offered homes as large as 1,600 sq ft, making the opposition appear disproportionate.

Others, however, feel the IAS officer went too far. Their argument is simple: regardless of provocation, a senior public servant is expected to maintain composure. The tone and language used in response to a citizen holding a protest placard, they argue, crossed the limits of acceptable conduct in a public forum.

Political voices have now entered the debate, accusing the officer of overstepping boundaries. The result is a polarised Mumbai—one side insisting protesters must stay “within limits,” the other demanding the same from those in authority.

What is the Real “Limit”?

In a democracy, citizens have the right to protest peacefully. At the same time, such protests should ideally respect local sensitivities, including language and decorum.

However, the burden of restraint is not equal.

Government officers represent the state. They are expected to uphold a higher standard of conduct—marked by dignity, patience, and emotional control—even in challenging situations.

When either side fails to maintain this balance, confrontations like the one at Motilal Nagar become almost inevitable. The real issue, therefore, is not who crossed the line—but why the system allowed the situation to reach that point.

The Bigger Governance Vacuum

Beyond the immediate clash, the incident exposes a deeper institutional problem within MHADA.

For years, key leadership positions have remained vacant:

• MHADA President (the apex political head)
• MHADA Mumbai Board Chairman

These are not redundant posts. They exist precisely to bridge the gap between bureaucracy and public sentiment.

Had either of these positions been filled, it is highly likely that a political leader—not a bureaucrat—would have chaired such a sensitive public meeting.

Why the Long Delay in Appointments?

This raises a fundamental question for successive Maharashtra governments:

If these positions are so unimportant that the system can function without them for years, then they should be abolished altogether.

But if they serve a real purpose—bringing political accountability and public sensitivity into governance—then why have they remained vacant since 2019?

Across both the previous and current regimes, the failure to appoint individuals to these roles reflects a concerning lack of administrative priority.

This prolonged vacuum has consequences:

• Increased pressure on bureaucrats
• Reduced political accountability
• Greater disconnect between policy decisions and public sentiment

The Way Forward

Incidents like Motilal Nagar are not inevitable—they are preventable.

First, the government must immediately fill vacant leadership positions within MHADA. These roles exist for a reason and cannot remain symbolic placeholders.

Second, there is a need for clear guidelines governing public meetings—especially those involving redevelopment and rehabilitation. This should include protocols around protest management, communication standards, and acceptable conduct from both officials and citizens.

Finally, there must be a renewed emphasis on mutual respect:

• Citizens should protest constructively
• Officials must remember they are public servants, not authority figures above scrutiny

Conclusion

The Motilal Nagar episode is not just about one confrontation—it is a symptom of a larger governance gap.

An over-reliance on bureaucrats for politically sensitive roles, combined with a persistent leadership vacuum in key housing bodies, creates the perfect conditions for such conflicts.

The Maharashtra government must decide:
Either strengthen institutions through timely appointments—or accept that such controversies will continue to surface.

Because in the end, this is not just about one incident. It is about whether governance can truly bridge the gap between policy and people.

Also Read: Motilal Nagar Residents Oppose Adani, Claim MVA’s 2021 GR Favoured Developer Over Residents

The post Could We Have Avoided the Friday Motilal Nagar Incident? A Governance Failure Beyond One Clash appeared first on Square Feat India.

For millions of existing and prospective homebuyers, this decision brings much-needed predictability in borrowing costs, especially at a time when global uncertainties and rising construction costs have been putting pressure on the real estate sector.

Stable EMIs Bring Relief to Homebuyers

With the repo rate unchanged, banks are unlikely to increase home loan interest rates immediately, which directly translates into:

• No sudden jump in EMIs for existing borrowers
• Better affordability for new homebuyers
• Improved loan planning and budgeting

According to Shrinivas Rao, CEO, Vestian, the move will help keep mortgage rates steady and competitive, cushioning the impact of rising construction costs and supporting overall demand.

A ‘Wait and Watch’ Move by RBI

The RBI’s decision reflects a cautious approach amid global uncertainties, particularly the ongoing West Asia crisis, which has impacted fuel prices and supply chains.

Vimal Nadar, Head of Research, Colliers India, noted that while inflation has seen some upward pressure due to crude price volatility, it remains relatively contained, with projections around 4.6% for FY27, while GDP growth is expected at 6.9%.

This balance between inflation control and growth support is key to maintaining stable interest rates for borrowers.

Boost to Homebuyer Confidence

For homebuyers, the biggest advantage is confidence in long-term financial planning.

Piyush Bothra, Co-founder & CFO, Square Yards, highlighted that stable interest rates bring predictability, especially for mid-income and premium homebuyers, ensuring that demand remains resilient.

Similarly, Dharmendra Raichura, VP Finance, Ashar Group, emphasized that manageable EMIs and stable rates improve affordability, allowing buyers to make purchase decisions with greater confidence.

Positive Impact on Housing Demand

The decision is expected to sustain demand across key housing segments, particularly:

• Mid-income housing
• Premium housing
• End-user driven demand

Manju Yagnik, Vice Chairperson, Nahar Group and Senior VP, NAREDCO Maharashtra, pointed out that a stable rate environment is critical at a time when residential transaction values are already seeing steady growth.

Outlook: Stability for Now

While the current stance supports homebuyers, experts indicate that future rate movements will depend on inflation trends and global factors.

Key factors to watch:

• Crude oil prices
• Supply chain disruptions
• Inflation trajectory

The Bottom Line

RBI’s decision to keep the repo rate unchanged at 5.25% provides EMI stability, improved affordability, and stronger confidence for homebuyers.

In a volatile global environment, this move ensures that the housing market remains steady and accessible, especially for end-users planning long-term investments.

Also Read: RBI Cuts Repo Rate by 25bps: Lower Home Loan Interest for Homebuyers

The post RBI Keeps Repo Rate at 5.25%, Ensures Stable EMIs for Homebuyers appeared first on Square Feat India.

The developer sold 152 out of 156 units (nearly 97%), highlighting strong demand for premium housing in one of Gurugram’s most established micro-markets.

Strong Demand for Low-Density Luxury Living

The robust response to Birla Arika Phase 2 reflects a growing shift in homebuyer preferences toward:

• Low-density living
• Larger homes and open spaces
• Lifestyle-driven amenities

The project has been designed as a low-density community, offering expansive landscaped areas and four exclusive clubs, each catering to different lifestyle needs.

This aligns with the post-pandemic trend where buyers are prioritizing quality of life, privacy, and integrated living experiences over just location and pricing.

Prime Location Advantage

Located in Sector 31, Central Gurugram, the project enjoys strong connectivity to key business hubs including:

• Cyber City
• Golf Course Road
• Udyog Vihar

It also benefits from proximity to established social infrastructure such as:

• Schools and educational institutions
• Healthcare facilities
• Retail and entertainment hubs

This combination of central location and mature ecosystem continues to drive end-user and investor interest.

Developer Strategy and Market Positioning

Commenting on the launch, K.T. Jithendran, MD & CEO, Birla Estates, emphasized the company’s focus on design-led differentiation, including green spaces, curated amenities, and community planning.

The strong sales performance reinforces Birla Estates’ positioning in the premium and luxury housing segment, particularly in NCR, where demand remains resilient despite rising property prices.

Consistent Sales Momentum

The success of Phase 2 builds on the strong performance of earlier launches:

• Birla Arika Phase 1: ~₹3,000 crore sales
• Birla Pravaah (Sector 71, Gurugram): ₹1,800 crore bookings within 24 hours

This consistent traction indicates sustained buyer confidence in the brand and highlights the depth of demand in the luxury residential segment.

Market Insight

The Gurugram residential market, especially in central and well-connected sectors, continues to witness:

• Strong absorption in premium projects
• Rising demand from affluent end-users
• Increased interest in branded developments

Birla Estates’ latest performance further validates the trend that luxury housing demand in NCR remains strong, driven by aspirational buyers and upgraded lifestyle expectations.

Conclusion

With nearly 97% inventory sold within a month, Birla Arika Phase 2 stands out as one of the fastest-selling luxury residential launches in Gurugram this year.

The project’s success underscores a key shift in the market:
buyers are willing to pay a premium for better living experiences, not just homes.

Also Read: Birla Estates Acquires 10 Acre Land Parcel in Bengaluru

The post Birla Estates Sells 97% Units at Gurugram Project, Clocks ₹1,600 Cr in a Month appeared first on Square Feat India.

The agreement was officially registered in March 2026, highlighting continued demand for high-quality commercial spaces in one of Mumbai’s most sought-after micro-markets.

Deal Details: Rent Starts at ₹4.25 Lakh Per Month

As per the documents accessed via the Inspector General of Registration (IGR) portal:

• Location: One Lodha Place, Lower Parel
• Carpet Area: 731 sq ft (67.91 sq. m.)
• Parking: 1 car parking space
• Security Deposit: ₹17 lakh
• Stamp Duty: ₹72,600
• Registration Charges: ₹1,000

The lease is structured over 60 months (5 years) with a steady rental escalation:

• Year 1: ₹4.25 lakh/month
• Year 2: ₹4.46 lakh/month
• Year 3: ₹4.68 lakh/month
• Year 4: ₹4.91 lakh/month
• Year 5: ₹5.16 lakh/month

Total rental outflow over 5 years: ₹2.81 crore

Lower Parel: Mumbai’s Premium Commercial Hub

Lower Parel continues to attract high-profile tenants due to its strategic location and premium ecosystem.

Once an industrial belt, the area has transformed into a thriving urban and commercial hotspot, offering:

• Grade A office developments and mixed-use projects
• Landmark retail destinations like High Street Phoenix & Palladium
• Strong connectivity via rail and major arterial roads
• Proximity to key business districts like BKC, Nariman Point, and Worli

This combination of infrastructure, lifestyle, and business accessibility makes it a preferred destination for corporates, entrepreneurs, and celebrities alike.

Celebrity Presence Continues to Boost Realty Appeal

Madhuri Dixit’s latest leasing deal further reinforces the growing trend of celebrity participation in Mumbai’s commercial real estate market.

Her move reflects:

Confidence in premium office micro-markets
Rising demand for compact, high-value commercial units
Continued attractiveness of Lower Parel for business and investment

About Madhuri Dixit

Madhuri Dixit remains one of the most celebrated names in Indian cinema. Known for blockbuster films like Tezaab, Hum Aapke Hain Koun..!, and Dil To Pagal Hai, she continues to stay relevant through television and digital platforms.

Beyond her entertainment career, her real estate move highlights the investment and business interests of top Bollywood personalities.

Also Read: Madhuri Dixit pays ₹48 crore for a House

The post Madhuri Dixit Leases Commercial Space in Mumbai’s Lower Parel for ₹2.81 Crore Over 5 Years appeared first on Square Feat India.

Delivered by Justices Pamidighantam Sri Narasimha and Alok Aradhe, the ruling dissects a Bengaluru project gone wrong, offering crystal-clear guidelines for JDA-based developments. It’s a wake-up call for homebuyers: Scrutinize your builder’s track record before signing on the dotted line.

The Project and Initial Dispute

The case revolves around “Unishire Terraza,” a residential apartment project in Thanisandra Village, Bengaluru. In February 2012, individual landowners—original owners of about 2 acres of land—signed a JDA with developer M/s Unishire Homes LLP. Under the deal, the developer got 64% of the built-up area and proportionate land rights, plus full authority via a General Power of Attorney (GPA) to handle construction, sales, and registrations for their share.

Starting in July 2013, the developer sold flats to homebuyers with promises of possession within 36 months, plus a 6-month grace period (due by February 2017). But the project stalled, with no handover even after six years. Frustrated buyers filed a consumer complaint in August 2017 before the National Consumer Disputes Redressal Commission (NCDRC), claiming deficiency in service and unfair trade practices under the Consumer Protection Act, 2019.

In its main order on October 19, 2023, the NCDRC pinned the blame squarely on the developer. It ordered completion of construction, obtaining an occupancy certificate, and possession handover within three months. The developer was also directed to pay 6% per annum interest on buyers’ deposits from the due date until possession offer, escalating to 9% if delayed further. Crucially, landowners were cleared of liability, as construction duties rested solely with the developer.

The Review Petition Saga: Twists and Turns

Unhappy with the order sparing the landowners, homebuyers filed a review petition in the NCDRC. They demanded that landowners be held jointly and severally liable for delays and construction completion, plus higher compensation at Rs. 5 per square foot per month (as per the sale agreements) with 6% interest.

In a surprise move, the NCDRC partly allowed the review on December 15, 2023, via an order passed in chambers (without open hearings). It flipped its stance, holding landowners jointly liable with the developer for finishing the project and paying delay compensation—but rejected the enhanced rate.

This chamber order sparked outrage from the landowners, who challenged it in the Supreme Court via Special Leave Petition (SLP (C) No. 9470/2024). On May 3, 2024, the apex court set aside the December order, ruling it invalid because landowners weren’t given a chance to argue their case—a basic breach of natural justice. The matter was sent back (remanded) to the NCDRC with strict instructions to rehear all parties and decide within six weeks.

After the rehearing, the NCDRC issued its final review order on July 30, 2024. Simplifying matters, it reversed the joint liability finding: Based on the JDA’s indemnity clauses (protecting landowners from developer faults) and GPA terms (giving the developer exclusive control over construction and sales), landowners could not be held responsible for delays. The developer alone remained liable for completion and compensation. However, to safeguard buyers’ rights, both landowners and the developer were ordered to jointly transfer clear title and execute sale deeds.

Supreme Court’s Final Hammer: No Joint Liability for Landowners

Homebuyers appealed the NCDRC’s July 2024 and original October 2023 orders to the Supreme Court, arguing a principal-agent relationship via the GPA made landowners vicariously liable. They cited clauses in sale agreements and past judgments to push for shared blame.

The Supreme Court dismissed these appeals outright. Analyzing JDA Clause 7 (mutual indemnities, with the developer shielding landowners from sub-sale issues) and GPA Clauses 2-3 (authorizing the developer to sell, receive payments, and convey titles for their share), the bench ruled that construction delays were the developer’s sole fault. No evidence linked delays to landowners’ actions, and no true principal-agent tie existed for construction lapses.

The Court stressed: Landowners are only jointly obligated for title transfer, not monetary penalties or build timelines. Cited precedents were deemed irrelevant or supportive of developer-only liability, as each case turns on its facts.

Massive Relief for Landowners and Housing Societies

This verdict is a lifeline for landowners in JDA partnerships, common in urban India where land-rich owners team up with cash-strapped developers. It shields them from being unfairly roped into consumer complaints for builder delays, as long as contracts clearly assign construction to developers with indemnity protections.

The ruling also extends comfort to co-operative housing societies, especially in redevelopment projects under laws like Maharashtra’s MOFA (Maharashtra Ownership Flats Act). Societies often act like “landowners” in such deals, and this judgment clarifies they won’t face promoter-level liabilities for developer screw-ups—focusing regulation on builders instead.

Adv Vivekanand Gupta, an expert in real estate law, hailed the decision: “It’s a landmark judgement. A great relief to housing society and its Members. The Hon SC has rightly held that society cannot be held liable for delays caused due to the builders faults and it’s for the purchasers to sue the developer and not the society. The purpose of MOFA is to regulate promoters and developers, not to impose promoter-level obligations on cooperative housing societies redeveloping their own property. This judgement has settled the law bringing great relief to housing societies.”

Backed by thorough analysis of contracts and precedents, the judgment urges stronger oversight under RERA (Real Estate Regulation Act) to hold developers accountable, potentially reducing litigation and boosting trust in the sector.

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