In a significant administrative reform, the Maharashtra government has simplified property-related approvals under Section 37A of the Maharashtra Land Revenue Code, 1966, bringing major relief to homebuyers, housing societies, and developers across the state.

The move, notified on June 5, 2026, aims to reduce delays, improve transparency, and make it easier for citizens dealing with properties built on government or leasehold land, commonly known as Nazul land.

What is Section 37A?

Section 37A governs transactions involving government-owned or leasehold land. It mandates that activities such as sale, transfer, redevelopment, change of land use, use of additional Floor Space Index (FSI), or transfer of development rights (TDR) cannot be carried out without prior permission.

The rationale is simple: since the land belongs to the government, any financial gain or change in its use requires official approval and payment of charges such as premium or unearned income.

What was the earlier system?

Until now, all such approvals under Section 37A required clearance from the State Government at Mantralaya in Mumbai. This centralized system often led to long delays, bureaucratic hurdles, and increased dependency on intermediaries.

Housing societies, especially in Mumbai, Thane, and Navi Mumbai, faced significant challenges in getting approvals for redevelopment projects, while many property transactions remained stuck or were carried out without proper permissions, creating legal complications.

What has changed now?

The government has decentralized the approval process by delegating powers to local authorities:

• District Collectors can approve cases involving up to ₹10 lakh
• Divisional Commissioners can approve cases between ₹10 lakh and ₹20 lakh
• Only cases above ₹20 lakh will require State Government approval

Additionally, authorities have been directed to conduct a special three-month drive to identify and regularize unauthorized transactions carried out without prior approval.

How will this benefit common citizens?

The reform is expected to have a direct and meaningful impact on everyday property owners.

Faster approvals:
With decisions now being taken at the district level, citizens can expect significantly reduced waiting times for permissions related to sale, transfer, or redevelopment.

Boost to redevelopment:
Many old buildings on leasehold land were stuck due to approval delays. The new system will help unlock stalled projects, enabling residents to move into safer, modern homes sooner.

Regularization of past issues:
Property owners who previously carried out transactions without proper approvals will now have an opportunity to legalize their holdings by paying the required charges.

Improved property value and liquidity:
Clearer processes and legal certainty are likely to boost buyer confidence, improve resale prospects, and make it easier to obtain home loans.

Reduced dependency on middlemen:
Decentralization is expected to reduce bureaucratic bottlenecks and minimize the need for agents or political intervention.

A step towards ease of doing business

The reform aligns with the government’s broader push to improve ease of doing business in the real estate sector. By shifting decision-making closer to the ground level, the state aims to create a more efficient and transparent system.

However, it is important to note that while the process has been simplified, permissions are still mandatory, and applicable charges such as premium or unearned income will continue to apply.

Conclusion

The latest changes to Section 37A represent a practical reform that addresses long-standing challenges in property transactions involving government land. For common citizens, the biggest gain lies in faster approvals, reduced uncertainty, and the opportunity to resolve pending legal issues—making property ownership and redevelopment smoother than before.

Also Read: Housing minister wants Dharavi redevelopment to start

The post This ONE Change Will Benefit Thousands of Societies Awaiting Redevelopment on Govt Land! appeared first on Square Feat India.

According to PropTiger’s Real Insight – Residential Q1 2026 report, Bengaluru recorded a sharp 24% year-on-year increase in average housing prices, reaching ₹9,785 per sq ft. This makes it the fastest-growing housing market in the country, second only to the Mumbai Metropolitan Region (MMR) in absolute price levels.

The city’s performance is particularly notable against the backdrop of a cooling trend across other major urban markets. While average housing prices across India’s top eight cities rose between 3% and 24% year-on-year, most markets experienced slower growth compared to the previous year.

Demand Strength Anchored in Employment Ecosystem

Bengaluru’s robust price growth is being driven by its unique demand fundamentals, particularly the sustained strength of its Global Capability Centres (GCCs) and startup ecosystem. These sectors have created a resilient employment base that continues to support end-user housing demand, even amid fluctuations in traditional IT hiring cycles.

The report highlights that Bengaluru achieved a rare combination of strong sales growth, near parity between supply and demand, and the highest price appreciation nationally—indicating a structurally strong and balanced market.

MMR Retains Price Leadership, NCR Growth Moderates

Mumbai MMR continued to command the highest housing prices in India at ₹15,120 per sq ft, registering a 20% year-on-year increase. Meanwhile, Delhi-NCR recorded an 18% price rise—significantly lower than the 43% growth seen in Q1 2025—suggesting a normalization phase after a sharp post-pandemic surge.

Across the top eight cities—Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, MMR, Pune, and NCR—average prices increased by 1% to 9% on a quarter-on-quarter basis, reflecting steady but controlled market momentum.

Notably, the weighted average housing price across these cities crossed a key psychological threshold, surpassing ₹10,000 per sq ft for the first time.

Sales and Supply Dynamics Reflect Market Discipline

Housing sales across the top eight cities stood at 95,973 units in Q1 2026, marking a marginal 2.2% year-on-year decline but a 1% quarter-on-quarter increase. Supply remained largely stable, with 93,065 units launched during the quarter.

Bengaluru recorded a 33% year-on-year increase in sales, alongside Chennai (43%), Hyderabad (25%), and NCR (11%). In contrast, sales declined in MMR, Pune, Kolkata, and Ahmedabad.

On the supply side, MMR remained the largest market with 27,189 units launched, followed closely by Bengaluru with 15,806 units. However, both cities saw a decline in supply on a year-on-year basis, indicating cautious developer sentiment.

Premium Segment Dominance Raises Absorption Questions

A key trend shaping the market is the continued concentration of new launches in premium and upper mid-income segments, particularly in cities like MMR, Bengaluru, and NCR. While this reflects strong demand for higher-value homes, it also raises concerns about slower absorption rates in these categories due to longer buyer decision cycles.

Industry experts note that this does not signal systemic stress but underscores the need for pricing discipline and targeted demand strategies, especially in the luxury segment.

Market Enters a More Mature Phase

The report suggests that India’s housing market has transitioned into a more disciplined and mature phase, where growth is increasingly driven by demand quality, inventory management, and buyer confidence rather than speculative activity.

Developers are prioritizing price stability and project viability over aggressive volume expansion, contributing to a balanced supply-demand equation.

Looking ahead, the remainder of 2026 will test whether this equilibrium evolves into a sustained growth cycle or consolidates further. The key challenge will lie in balancing premium housing supply with the need to cater to mid-income affordability—a factor that could define the next phase of the residential market’s trajectory.

Also Read: EMIs May Drop, Prices May Rise — Here’s What Q2 2025 Real Estate Data Means for You

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Strong Financial Performance Across Metrics

Awfis’ profitability metrics also saw significant improvement during the year. Operating EBITDA rose 37% year-on-year to ₹550 crore, with margins expanding to 36.8%, reflecting better scale efficiencies, a higher share of mature centres, and improved operating leverage.

Net profit (PAT) stood at ₹71 crore in FY26, registering a 66% year-on-year growth. The company also achieved a Return on Capital Employed (ROCE) of over 60%, positioning it among the most capital-efficient players in the listed flexible workspace segment.

On a quarterly basis, Q4 FY26 continued the growth trajectory. Revenue stood at ₹410 crore, up 21% year-on-year, while EBITDA rose 31% to ₹152 crore. Net profit more than doubled to ₹23 crore, reflecting a 107% year-on-year increase.

Balance Sheet Strength and Capital Efficiency

The company maintained a strong balance sheet, with a net cash position and a negative net debt-to-equity ratio of -0.20x. Its interest coverage ratio stood at 11x, indicating healthy financial stability.

Awfis also reported a revenue-to-gross fixed assets ratio of 1.5x, one of the best in the industry, underscoring efficient asset utilization.

Rapid Network Expansion Across India

Operationally, Awfis expanded its footprint significantly during FY26. The company now operates 266 centres with a total capacity of approximately 1.84 lakh seats across 18 cities.

During the year, it added nearly 30,000 seats across 41 new centres, all within Grade A and A+ commercial spaces located in high-demand micro-markets. This expansion strategy has helped the company strengthen its presence in key urban clusters and build strong network effects.

Enterprise and GCC Demand Driving Growth

A major driver of Awfis’ growth has been its increasing focus on enterprise clients. Large enterprises and multinational corporations (MNCs) now account for 64% of its client base.

The company has also seen strong traction from Global Capability Centres (GCCs), with over 100 such clients contributing approximately 23% of rental revenue. Notably, large-format deals continue to dominate, with clients occupying over 500 seats accounting for 37% of the portfolio.

Interestingly, even within smaller seat categories, enterprise demand remains strong, with nearly half of sub-100 seat clients being large corporations.

High Occupancy and Stable Revenue Visibility

Awfis reported a mature occupancy level of 84%, with an overall blended occupancy of 76%. The company’s average client tenure stands at 37 months, with a lock-in period of 26 months, ensuring stable and predictable cash flows.

Additionally, 48% of its clients operate across multiple centres, highlighting strong client retention and stickiness.

Premiumization Strategy Gains Momentum

The company is also accelerating its premiumization strategy. It currently operates 35 premium ‘Elite’ and ‘Gold’ centres and has introduced upgraded formats such as Gold 2.0 and Awfis 6.0.

Over 60% of its new supply has been secured through partnerships with institutional landlords, further strengthening its asset quality. Awfis has also achieved a significant milestone by becoming the first coworking brand in India to receive three simultaneous WELL certifications, reinforcing its focus on health-centric and sustainable workspaces.

Outlook

With rising demand for flexible workspaces, increasing enterprise adoption, and the expansion of GCCs in India, Awfis appears well-positioned to sustain its growth momentum. Its strong financial performance, scalable business model, and focus on premium assets are likely to support continued expansion in the evolving office real estate landscape.

Also Read: Awfis partners with Nucleus Office Parks to launches Awfis Gold Centre in Mumbai

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As per the Government Resolution dated May 20, 2026, a total of ₹220.38 crore has been sanctioned for the general category beneficiaries (other than SC/ST component) under the scheme.

Fund Breakup

• Central Share: ₹132.23 crore
• State Share: ₹88.15 crore
• Total Allocation: ₹220.38 crore

This fund will be disbursed through the SNA-SPARSH system, ensuring transparency and efficient tracking of fund utilization.

Where Will This Money Go?

The funds are aimed at accelerating Affordable Housing in Partnership (AHP) projects across Maharashtra. These projects are typically executed with developers, government agencies, and local bodies working together.

The implementing authority for this scheme in the state is Maharashtra Housing and Area Development Authority, which will oversee fund utilization and project execution.

Why This Matters for Maharashtra

1. Boost to Affordable Housing Supply

This funding will directly support the construction of EWS and LIG housing units, helping reduce the housing shortage in urban areas.

2. Faster Project Completion

With fresh funds being released, stalled or slow-moving housing projects can now pick up pace.

3. Stronger Public-Private Partnership

The AHP model encourages collaboration between government bodies and private developers, improving efficiency and delivery timelines.

What Does a Common Citizen Gain?

Access to Affordable Homes

Urban families struggling with high real estate prices will get access to subsidized, affordable housing units.

Reduced Financial Burden

Government support lowers the cost of housing, making homeownership more achievable for middle- and lower-income groups.

Better Living Conditions

Beneficiaries can expect:

• Proper infrastructure
• Legal and planned housing
• Improved quality of life compared to informal or old housing setups

The Bigger Impact on Real Estate

This move is expected to:

• Increase affordable housing inventory in urban Maharashtra
• Strengthen confidence among developers in government-backed housing schemes
• Support the broader vision of “Housing for All”

It also signals that the government is actively addressing urban housing challenges through structured funding and policy support.

Also Read: “Budget FY27: Real Estate Sector Seeks Affordable Housing Boost, Rental Incentives and Tax Relief

The post Maharashtra Clears ₹220 Cr for Affordable Housing Under PMAY (Urban) appeared first on Square Feat India.

The deal has been executed through its entity Man Aaradhya Infraconstruction LLP, where the group holds a 50.5% equity stake.

What Has MICL Acquired?

The transaction includes:

• Development rights of Tardeo Court CHS
• Development rights of Tardeo Apartments CHS
• Outright purchase of Sethna House

All three assets are located in one of South Mumbai’s most premium micro-markets and will be redeveloped under the Cluster Redevelopment Scheme 33(9).

Project Details: ‘Tardeo 2.0’

The newly acquired project, internally referred to as “Tardeo 2.0,” includes:

• Plot size: ~46,000+ sq. ft.
• Location: Prime South Mumbai belt, often referred to as a “billionaires’ address”
• Segment: Ultra-luxury residential
• Sales potential: ₹2,000+ crore
• Timeline: Expected over the next 4–5 years

Company Strategy: South Mumbai Focus

Commenting on the acquisition, Manan Shah, Managing Director of MICL, said:

“The Group’s South Mumbai journey is defined by scale, speed, and consistent market absorption. We are happy to have achieved a hat-trick in South Mumbai with our latest acquisition at Tardeo.”

He further added:

“This project will elevate our ultra-luxury portfolio. Along with Aaradhya Avaan, Tardeo 2.0, and our Marine Lines development, we are looking at a combined sales potential exceeding ₹8,000 crore.”

Bigger Picture: ₹8,000 Cr South Mumbai Pipeline

With this latest deal, MICL now has three marquee projects in South Mumbai:

• Aaradhya Avaan (Tardeo)
• Tardeo 2.0 (New Acquisition)
• Marine Lines Development

Together, these projects represent a combined revenue potential of over ₹8,000 crore, highlighting the developer’s aggressive expansion in Mumbai’s premium housing segment.

Why This Matters

• Reinforces developer consolidation in South Mumbai redevelopment market
• Shows rising confidence in ultra-luxury housing demand
• Highlights the importance of cluster redevelopment (DCR 33(9)) in unlocking land value
• Signals continued investor interest in high-ticket Mumbai real estate

Also Read: A Dynamic Year for Mumbai’s Real Estate: Surging Demand, Shifting Trends, and a Tech-Infused Future

The post MICL Group Expands South Mumbai Presence with ₹2,000 Cr Tardeo Redevelopment Deal appeared first on Square Feat India.

This performance surpasses the quarterly average leasing volumes of 2025 and positions India firmly on track for another strong year in commercial real estate.

What’s Driving India’s Office Boom?

The surge in office leasing is being led by:

• Global Capability Centres (GCCs) – 45.5% share
• Flexible workspaces (Flex) – 25.9% share
• BFSI sector – 20% share

The technology sector emerged as the largest contributor with a 29.1% share, highlighting India’s growing importance as a global innovation and tech hub.

Top Cities Leading Office Leasing in India

India’s major metro cities continue to dominate leasing activity:

• Bengaluru – 24.8% share (Top performer)
• Mumbai – 19.5%
• Hyderabad – 16.8%
• Pune – 14.5%
• Delhi NCR – 14.2%

Bengaluru stood out as the preferred destination for global firms, capturing 33% of foreign occupier leasing activity and showing strong demand for tech-driven office spaces.

Record Net Absorption & Falling Vacancy

India’s office market also saw:

• Net absorption: 13.7 million sq. ft. (highest ever for Q1)
• Vacancy rate: Dropped to 14.7%, a five-year low

Cities like Bengaluru, Hyderabad, and Mumbai recorded strong growth in occupied office space, indicating sustained demand.

GCCs: The Biggest Growth Engine

Global Capability Centres (GCCs) continue to dominate India’s office market:

• 9.8 million sq. ft. leased in Q1 2026
• 43% year-on-year growth
• Nearly 200 new GCCs added between 2024–2025

These centres are no longer just back-office hubs but are evolving into AI, digital engineering, and innovation command centres.

Expert Insight

Commenting on the trend, Rahul Arora said:

“India’s office market has delivered its strongest-ever first quarter with 21.5 million sq. ft. of gross leasing… This growth is being driven by a fundamental transformation in how global enterprises leverage India.”

He added:

“We’re witnessing India’s evolution from a cost center to an innovation epicenter, with Bengaluru firmly at the forefront.”

Flex Spaces & Domestic Demand Rising

Flexible office operators continue to expand aggressively:

• 5.56 million sq. ft. leased by flex operators
• Pune (54.8%) and Delhi NCR (32.9%) saw strong flex demand

Domestic companies are increasingly adopting flexible spaces as a cost-efficient and scalable office strategy.

What This Means for India’s Real Estate Market

India’s office sector is entering a multi-year growth phase, supported by:

• Strong global demand
• AI-driven transformation
• Expanding workforce
• Competitive cost advantage

With current leasing momentum, the market is expected to approach 100 million sq. ft. annual leasing milestone within the next two years.

Also Read: Commercial Real Estate Leads in Green Buildings.

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The decision, taken under the leadership of Chief Minister Devendra Fadnavis and announced by Minister Chandrashekhar Bawankule, comes amid global economic uncertainties and rising construction costs that have been impacting the sector.

Stability in Property Valuation and Stamp Duty

Ready Reckoner rates play a crucial role in determining:

• Property valuation benchmarks
• Stamp duty and registration charges
• Premiums and development-related fees

By maintaining the current RR rates, the government has ensured that there will be no additional stamp duty burden on homebuyers, thereby supporting affordability and transaction volumes.

The move is also expected to stabilize pricing in the market, especially in price-sensitive regions like Mumbai and the Mumbai Metropolitan Region (MMR).

Industry Welcomes the Decision

Real estate developers and industry experts have widely welcomed the decision, calling it timely and pragmatic.

Prashant Sharma, President, NAREDCO Maharashtra, said:

“Maintaining the status quo on Ready Reckoner rates is both timely and pragmatic. It will help sustain demand momentum and provide much-needed stability to the sector.”

Kamlesh Thakur, Co-Founder & Managing Director, Srishti Group, added:

“With rising construction costs, keeping RR rates unchanged avoids additional financial strain on developers and preserves affordability for end-users.”

Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory, noted:

“Any increase at this stage could have impacted transaction volumes. This decision will help maintain pricing equilibrium and encourage buyers to move forward.”

Shraddha Kedia-Agarwal, Director, Transcon Developers, emphasized:

“Stable RR rates will boost confidence among homebuyers and investors and help developers plan projects without uncertainty.”

Boost to Demand and Market Sentiment

The decision follows recommendations from industry bodies such as CREDAI, which had urged the government to maintain or reduce RR rates in light of market conditions.

Key expected impacts include:

• Improved affordability for homebuyers
• Stronger demand momentum
• Higher transaction volumes
• Better project planning for developers

With no increase in statutory costs, the move is likely to encourage fence-sitters to enter the market, especially in urban centres.

Balancing Growth Amid Economic Pressures

The real estate sector has been facing multiple challenges, including:

• Rising input and construction costs
• Global economic uncertainties
• Interest rate pressures

In this context, the government’s decision reflects a balanced approach aimed at sustaining growth without increasing financial burden.

The Bottom Line

By keeping Ready Reckoner rates unchanged for FY27, Maharashtra has taken a pro-market and pro-homebuyer step, ensuring stability in a crucial phase for the real estate sector.

While some stakeholders had hoped for a reduction in rates, the decision to maintain status quo is seen as a practical move to support demand, affordability, and investor confidence.

Also Read: Govt to Allow Conversion of Leasehold Land to Freehold at 25% Above Ready Reckoner Rate

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Justice N.J. Jamadar delivered the judgment on 30 March 2026 in Second Appeal Nos. 121 and 122 of 2026, dismissing the appeals filed by Rare Townships Private Limited against homebuyer Mitul Gada. The Court upheld the Maharashtra Real Estate Appellate Tribunal’s order permitting the allottee to withdraw the refund amount deposited by the promoter during the pendency of the appeal.

Sequence of Events

• November 2015: Mitul Gada entered into two Agreements for Sale with Rare Townships for Flat Nos. 1503 and 1504 in the “North Sea Heights (A1)” project at Ghatkopar. The promoter promised possession by 31 December 2018. Gada paid ₹98,92,960 for Flat 1504 and ₹69,66,437 for Flat 1503.
• 2018–2020: Possession was not delivered. Construction came to a standstill. Gada filed complaints before MahaRERA seeking refund under Section 18 of the RERA Act, 2016.
• February 2020: MahaRERA referred the complaints to the Adjudicating Officer.
• March 2021: Adjudicating Officer directed refund with interest and compensation.
• 2021–2025: Promoter challenged the order in writ petitions before the Bombay High Court. The High Court directed the promoter to deposit the amounts (totaling over ₹3.26 crore) in Court. The writ petitions were disposed of in April 2025, remanding the matter to MahaRERA with liberty to the Authority to disburse the deposited amounts if found due to the allottee.
• September 2025: MahaRERA directed the promoter to refund the entire amount paid by Gada along with interest at SBI’s highest marginal cost of lending rate + 2% (with COVID moratorium benefit).
• Late 2025: Promoter filed appeals before the Maharashtra Real Estate Appellate Tribunal and sought stay on execution. The Tribunal granted stay on further recovery but allowed Gada to withdraw the deposited amounts subject to an undertaking to refund the money with interest if the promoter ultimately succeeds.
• January–March 2026: Aggrieved by the withdrawal permission, the promoter approached the Bombay High Court in second appeals.

Court’s Strong Observations on Homebuyer Vulnerability

Dismissing the appeals, Justice Jamadar observed:

“The promoter and allottee cannot be placed on an equal footing. The capacity to withstand the deprivation of the legitimate amount vastly differs and the position of the allottee is generally very vulnerable.”

The Court noted that over 11 years had passed since the agreements were signed and more than seven years since the promised possession date, yet the project remained incomplete. The allottee continued paying EMIs on home loans while his hard-earned money remained blocked with the promoter.

The judgment clarified that the pre-deposit requirement under the proviso to Section 43(5) of RERA (at least 30% of the penalty or the total amount payable to the allottee) is meant to safeguard the allottee’s interest. However, this does not freeze the money indefinitely. The Appellate Tribunal has discretion to release the deposited amount in deserving cases, especially where long delays and clear default by the promoter are established.

The Court relied on the Supreme Court’s ruling in Newtech Promoters and Developers Pvt. Ltd. vs. State of UP (2021) but clarified that the pre-deposit provision is not a bar on disbursement during appeal when equities demand it.

Key Takeaways

• Homebuyers’ money paid years ago is not “developer’s money” — it remains the buyer’s legitimate amount plus interest for deprivation.
• Appellate Tribunals can permit withdrawal subject to undertakings, balancing the promoter’s right to appeal with the buyer’s immediate hardship.
• The ruling reinforces RERA’s beneficial intent to protect vulnerable homebuyers from prolonged litigation and financial distress.

The appeals were dismissed with costs, and the interim applications also disposed of. The allottee can now withdraw the deposited refund amount upon furnishing the required undertaking.

Also Read: Refund Allowed — But Not Final: Homebuyers Must Repay If Builder Wins Appeal

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The growth has been driven by robust occupier demand, expansion of Global Capability Centers (GCCs), and increasing adoption of flexible workspaces, despite ongoing global economic uncertainties.

Bengaluru & Hyderabad Lead the Surge

Bengaluru and Hyderabad emerged as the top-performing office markets, collectively accounting for nearly 50% of total leasing activity, with a combined demand of 8.7 million sq ft.

Other major cities including Mumbai, Pune, Delhi-NCR, and Chennai recorded steady Grade A leasing activity in the range of 2–3 million sq ft each.

Notably:
Hyderabad and Pune saw leasing demand more than double YoY, indicating strong expansion momentum in these markets.

Technology & BFSI Drive Office Demand

Conventional office leasing remained dominant at 14.4 million sq ft, accounting for 79% of total demand.

Technology firms led the market, contributing 36% of conventional leasing
BFSI sector also played a major role, with both sectors together accounting for nearly two-thirds of demand

This highlights continued confidence among corporates in expanding their physical office footprint.

Flex Spaces See Rapid Growth

Flexible workspaces are gaining significant traction:

Flex space leasing rose 77% YoY
Total flex leasing reached 3.9 million sq ft
Share increased to 21% of total leasing activity

Delhi-NCR and Hyderabad led flex space demand, while cities like Kolkata and Pune also saw strong adoption.

This trend reflects growing demand for:
Hybrid work models
Scalability
Cost optimization

Supply Pipeline Remains Strong

New office supply remained healthy at 11.8 million sq ft in Q1 2026, reflecting a 19% YoY increase.

• Bengaluru dominated supply additions with a 47% share
• Mumbai and Chennai added around 1.5 million sq ft each
• Supply remained limited in Hyderabad and Kolkata during the quarter

Vacancy Levels Decline, Rentals Rise

With demand outpacing supply:

Vacancy levels dropped to 15.3%, down ~90 basis points YoY
Office rentals increased by ~6% YoY across top cities

This indicates a tightening market with improving landlord confidence.

The Big Picture

India’s office market continues to demonstrate resilience and long-term growth potential, backed by:

Expansion of GCCs
Diversification across sectors
Rising demand for Grade A office spaces
Growing role of flexible workspaces

Despite global headwinds, India remains one of the strongest office markets in the Asia-Pacific region.

Also Read: Panvel Real Estate Market Sees Robust Growth

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The Government Resolution, issued on March 24, 2026, confirms that both central and state shares will be disbursed through the SNA-SPARSH system to accelerate housing projects in multiple cities.

What Has Been Approved?

• Total Fund Released: ₹29.46 crore
• Central Share: ₹17.68 crore
• State Share: ₹11.78 crore

This funding falls under AHP (Affordable Housing in Partnership) component of PMAY (Urban), specifically targeting Scheduled Caste (SC) beneficiaries.

Where Will the Money Be Used?

The funds will support dozens of housing projects across Maharashtra, including:

• Chhatrapati Sambhajinagar (Aurangabad) – Multiple large EWS housing projects
• Pune & PCMC areas – Pimpri-Chinchwad, Kharadi, Hadapsar, Mahalunge
• Mumbai Metropolitan Region (MMR) – Navi Mumbai, Thane
• Nagpur, Nashik, Kolhapur, Solapur, Sangli, Chandrapur, Akola, Buldhana, Ahmednagar, Palghar

Most projects are focused on EWS (Economically Weaker Section) housing, with some including LIG/MIG units.

Scale of Housing Projects

Some major highlights:

• Thousands of EWS units in Chhatrapati Sambhajinagar
• Large-scale housing in Navi Mumbai (Taloja, Dronagiri, Kharghar)
• Multiple projects in Pune region, including PCMC and Maval
• Affordable housing developments in Tier-2 and Tier-3 cities

How the System Works

• Funds will be routed via SNA-SPARSH digital platform
• MHADA is the nodal (implementing) agency
• Local bodies and agencies must complete:
  • Project mapping
  • E-sign (E-Hastakshar) processes
  • Compliance with financial guidelines

Conditions & Compliance

The government has laid down strict rules:

• Funds must be used only for approved housing projects
• All agencies must follow financial and procedural guidelines strictly
• Proper monitoring and reporting is mandatory
• Any misuse or deviation will invite action

Why This Matters

This move is important because:

• It boosts affordable housing supply for weaker sections
• Helps speed up stalled or ongoing projects
• Strengthens PMAY (Urban) implementation in Maharashtra
• Supports the government’s “Housing for All” mission

Big Picture

With this funding push, Maharashtra is accelerating construction of affordable homes across urban regions, especially for SC beneficiaries. The focus remains on faster execution, transparency, and targeted delivery through digital monitoring systems.

Also Read: Maharashtra Implements ‘SNA-SPARSH’ System for Faster Fund Transfers under PMAY (Urban) and PMAY 2.0

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