The civic action follows a series of notices issued to occupants of Wings A and B of the project. According to a BMC notice dated August 19, 2026, issued by the Assistant Commissioner of the G-South Ward, the civic body invoked Section 488 of the Mumbai Municipal Corporation Act to enter the premises with assistants and workmen for inspection, measurement and photography.

The notice was addressed to the owner, occupier, chairman, secretary and developer of Rustomjee Crown, located at F.P. No. 1043, T.P. Scheme IV of Mahim Division, Gokhale Road, Prabhadevi. It directed the concerned parties to remain present with relevant documents, updated amended plans and permissions obtained from the competent BMC authority. The inspection was scheduled for August 24 at around 11 am or thereafter on another working day.

The notice is significant because Section 488 empowers the civic authorities, subject to the provisions of the Act, to enter premises for carrying out inspections and other municipal functions.

The BMC subsequently said that the building comprises three basements, a ground floor and 63 upper floors. Wings A, B and C contain residential premises from the 14th to the 63rd floors. Wings A and B each comprise 186 flats and have received Occupation Certificates.

According to the civic body’s statement, complaints were received alleging unauthorised constructions and FSI violations in Wings A and B. In all, 138 notices were issued under the relevant provisions of the Mumbai Municipal Corporation Act, 1888 and the Maharashtra Regional and Town Planning Act, 1966.

The complaints were not limited to ordinary internal alterations. The alleged violations included enclosure and incorporation of common lobby areas into individual flats, as well as the merging of kitchen ducts and ventilation shaft areas with the habitable portions of apartments.

After issuing notices, following the prescribed legal procedure and providing the concerned parties an opportunity of hearing, the BMC said it passed Speaking Orders in the applicable cases. The demolition action was subsequently undertaken in three to four flats, with the unauthorised alterations removed in accordance with the respective Speaking Orders.

The action had its origins in complaints alleging unauthorised additions and alterations, amalgamation of flats, misuse of areas not forming part of permissible FSI and conversion of common spaces into private habitable areas. Media reports have identified RTI activist Santosh Daundkar as the complainant whose representations prompted scrutiny of the alleged violations.

Reports have also stated that the BMC’s notices covered owners in Wings A and B and that the civic action initially focused on a small number of flats where the alleged violations had proceeded through the statutory process and resulted in Speaking Orders.

The controversy has attracted particular attention because Rustomjee Crown is one of the prominent luxury residential developments in Mumbai and some flats in the project have reportedly been associated with politicians, government officials and prominent businesspersons. However, the BMC’s stated basis for the demolition action is the alleged deviation from sanctioned plans and encroachment or incorporation of common areas into private premises, rather than the identity of individual occupants.

The case also highlights an important distinction for apartment owners: receiving an Occupation Certificate for a building does not necessarily mean that every subsequent alteration inside an individual flat is automatically authorised. Internal changes that affect sanctioned areas, common spaces, ducts, shafts, lobbies or other portions of the approved building plan can still become subject to municipal scrutiny and enforcement.

In the Rustomjee Crown case, the BMC has maintained that the action was taken only after notices were issued, the concerned parties were given an opportunity of hearing, Speaking Orders were passed where applicable, and the demolition was carried out in accordance with those orders.

The immediate demolition has therefore involved only a limited number of flats, despite the larger number of notices issued in Wings A and B. The 138 notices represent the broader enforcement proceedings arising from complaints, while the demolition carried out so far relates to cases in which the BMC says the prescribed legal process had been completed.

The action puts the spotlight on the legal and practical limits of alterations within high-value apartment projects, particularly where common areas or building services are incorporated into private residential spaces. It also underlines the importance for flat owners to verify whether any proposed alteration is covered by the sanctioned plan and approvals before carrying it out.

Also Read: BMC Commissioner Directed to Hold Inquiry into How Illegal Structure Existed for Decades Next to a BMC Chowki

The post BMC Demolishes Unauthorised Alterations at Rustomjee Crown appeared first on Square Feat India.

The senior living segment, still at a relatively nascent stage in India, has increasingly emerged as an alternative real estate asset class. Colliers said the market has moved beyond conventional retirement housing, with projects increasingly integrating healthcare, wellness, assisted living and community-based services.

The market was estimated at around ₹180 billion in 2024 and has expanded to approximately ₹300 billion in 2026. Colliers forecasts that it could reach around ₹700 billion by 2028 and exceed ₹1,000 billion by 2030.

Demand for senior housing could reach 30 lakh units by 2030

One of the biggest drivers of the market is India’s rapidly ageing population.

Colliers estimates that current demand for senior living stands at around 20-22 lakh units, while organised senior living inventory is only about 25,000 units. This translates into a penetration rate of approximately 1.3%, indicating a substantial gap between potential demand and organised supply.

The demand for senior living units is projected to increase to 23-25 lakh units by 2028 and 28-30 lakh units by 2030.

At the same time, organised senior living inventory is expected to increase from around 25,000 units currently to approximately 55,000 units by 2028 and about 1 lakh units by 2030.

As a result, the penetration rate of organised senior living could rise to around 2.3% by 2028 and nearly 4% by 2030.

The expansion is expected to be supported by increasing acceptance of organised senior living communities, longer life expectancy and a growing preference for housing that combines residential accommodation with healthcare and wellness services.

India’s ageing population creates a structural opportunity

India’s demographic profile is expected to significantly change over the coming decades.

According to the data cited by Colliers from the UN World Population Prospects 2024, people aged 60 years and above currently account for around 11% of India’s population. This share is projected to rise to approximately 20.6% by 2050.

The country’s senior population is projected to increase from around 157 million in 2024 to approximately 346 million by 2050.

Colliers said rising life expectancy, the increasing prevalence of nuclear families, higher income levels and greater retirement preparedness are contributing to demand for age-appropriate residential solutions.

The report also points to increasing focus on health and wellness as a factor supporting the emergence of senior living as a more organised housing category.

Badal Yagnik, Chief Executive Officer and Managing Director, Colliers India, said India’s senior living market is entering a period of accelerated growth as demographic and socio-economic changes increase demand for professionally managed senior housing and care solutions.

According to Yagnik, organised senior living inventory could quadruple over the next three to four years, while increasing policy support, investor participation and collaboration between developers and healthcare operators could reshape the sector.

More than ₹13,000 crore investment commitments

The expected expansion of supply is also being supported by significant investment commitments.

Colliers estimates that more than ₹130 billion, or ₹13,000 crore, of investments have been announced by senior living developers, operators and investors since 2025. These investments are expected to be deployed over the next three to four years.

The investments could support the addition of close to 75,000 senior living units.

Developer-led investments currently account for a significant portion of the expected capital deployment. However, the sector is also seeing greater interest in partnerships between real estate developers and healthcare service providers.

Institutional investors are also increasingly exploring joint venture platforms with developers to expand senior living portfolios across different markets.

Vimal Nadar, National Director and Head of Research, Colliers India, said the capital commitments demonstrate growing investor confidence in the long-term potential of the sector.

He added that the development pipeline is expected to expand across both independent living and assisted living formats, while investments could help operators enter newer markets and strengthen their offerings.

Tier II and III cities, spiritual hubs emerge as new markets

While Tier I cities currently account for most of India’s organised senior living stock, Colliers expects the next phase of growth to extend beyond the country’s major metropolitan markets.

Cities such as Coimbatore, Puducherry, Dehradun and Vadodara are emerging as potential senior living destinations. Spiritual centres including Tirupati, Vrindavan and Ayodhya are also gaining attention.

These locations offer several advantages, including relatively lower living costs, improving healthcare infrastructure, more affordable real estate and a slower pace of life.

Colliers expects Tier II and III cities and spiritual hubs to account for around 30-40% of new senior living project launches going forward.

This could significantly broaden the geographical footprint of India’s senior living industry, which has traditionally been concentrated in larger urban markets.

Developers move towards integrated senior living communities

The nature of senior housing itself is also changing.

Colliers said developers are gradually moving from standalone senior living developments towards integrated living and care ecosystems.

Independent and assisted living projects continue to predominantly feature one-, two- and three-bedroom configurations. However, developers are increasingly incorporating senior living clusters into larger developments such as villas, mixed-use projects and integrated townships.

Such developments can provide residents access to shared amenities, healthcare facilities, social interaction and community activities within a larger residential ecosystem.

Future projects are also expected to cater to more specialised requirements, including dementia care, emergency support, rehabilitation and wellness services.

The report expects operator-led models to gain greater traction as developers partner with healthcare providers to create and manage senior living communities.

Technology and wellness to shape future projects

Technology is expected to become an increasingly important part of senior living developments.

Developers and operators are looking at smart home features, telemedicine, remote health monitoring and AI-enabled emergency response systems to improve safety and quality of life for residents.

Technology could also be used during construction. Colliers highlighted Building Information Modelling, automation, robotics, artificial intelligence and 3D printing as technologies that could improve project efficiency and potentially reduce development costs.

Sustainability is another area expected to influence future senior living projects, with greater emphasis on energy efficiency, green certification and wellness-oriented design.

Regulatory framework likely to become more important

The sector is also expected to see greater regulatory oversight.

Colliers noted that the regulatory environment for senior living is likely to strengthen following the renewed emphasis on model guidelines for senior living projects originally issued by the Ministry of Housing and Urban Affairs in 2019.

The guidelines are expected to encourage states and Union Territories to establish clearer frameworks for senior housing.

Alongside RERA compliance requirements, such measures could bring greater standardisation, transparency and accountability to senior living projects.

Colliers pointed out that states including Haryana and Maharashtra have already taken steps towards establishing dedicated guidelines or policies for senior living.

Senior living moves towards becoming a mainstream real estate asset class

With demand potentially reaching nearly 30 lakh units by 2030 against organised supply of only around 1 lakh units, the segment has significant room for expansion.

The combination of demographic change, increasing healthcare needs, higher retirement preparedness, developer participation and institutional investment could push senior living beyond its current niche status.

For the real estate industry, the projected increase in organised supply from around 25,000 units today to approximately 1 lakh units by 2030 represents a major expansion of a specialised housing category.

If Colliers’ projections materialise, India’s senior living market could become a ₹1 trillion-plus real estate segment by the end of the decade, while Tier II and III cities and emerging spiritual destinations could play an increasingly important role in shaping its next phase of growth.

Also Read: Indian Senior Living Sector Poised for Substantial Growth

The post India’s Senior Living Market Set to Cross ₹1 Trillion by 2030 appeared first on Square Feat India.

The Authority passed this order while dismissing most of the reliefs sought by a complainant in a case involving alleged discrepancy in carpet area, though it did direct the developer to hand over the possession letter once outstanding dues are cleared.

What The Dispute Was About

Abhijeet Gopal Chormale, the complainant, purchased a flat in the “5P Aria” project developed by Naynesh Niranjan Pandya. The project carries MahaRERA Registration No. P52000013706.

Chormale’s case rested on a gap between what was promised and what was signed. He said the flat had been advertised with a carpet area of 387 sq. ft., but the registered Agreement for Sale, executed on January 22, 2018, recorded only 271 sq. ft. He calculated the shortfall at a financial loss of ₹4,97,872 and asked MahaRERA for a refund with interest.

His complaint did not stop at carpet area. He also flagged incomplete amenities, construction defects, leakage, drainage and water supply problems, non-issuance of the possession letter, deficiencies in overall project completion, and even sought cancellation of the project’s Occupation Certificate.

The Developer’s Response

Pandya rejected the allegations outright, pointing out that Chormale had voluntarily signed the registered agreement, which clearly stated the carpet area as 271 sq. ft. The developer explained that the project had flats of varying sizes, and the buyer had chosen this specific unit after going through the agreement terms.

On the possession letter, the developer’s position was straightforward: it had not been issued because Chormale still owed GST and other contractual dues.

MahaRERA’s Reasoning

The Authority went through the Agreement for Sale and the registered Index-II, both of which consistently showed the carpet area as 271 sq. ft. Crucially, Chormale could not produce any evidence that he had signed the agreement under fraud, coercion or misrepresentation.

Because the agreement was executed voluntarily, MahaRERA held that it, and not any prior advertisement, would govern the rights and obligations of both parties. The Authority explicitly rejected the argument that a developer can be held liable simply because an advertisement showed different specifications than the final contract.

Construction Defect Claims Did Not Hold Up

On the quality complaints, MahaRERA noted two important facts: the project already had an Occupation Certificate, and Chormale had taken physical possession of the flat back in June 2022. With no independent technical report or expert evidence placed on record to prove ongoing structural defects or statutory violations, the Authority found no basis to grant relief on these grounds.

No Power To Cancel The Occupation Certificate

Chormale had also asked MahaRERA to cancel the project’s Occupation Certificate. The Authority made clear this was outside its jurisdiction, since an Occupation Certificate is granted by the competent planning authority under separate planning laws. MahaRERA can only act on it if the certificate itself has been withdrawn or set aside by that competent authority, not otherwise.

The One Relief The Complainant Did Get

Despite rejecting the bulk of the complaint, MahaRERA did not leave Chormale empty handed. It directed the developer to issue the possession letter and all related possession documents once Chormale clears his outstanding dues under the Agreement for Sale. He has been given 60 days to pay, after which the developer must hand over the possession documents within 15 days.

The Bigger Lesson For Home Buyers

This order is a reminder of something buyers often overlook in the excitement of booking a flat: brochures and online listings are marketing tools, not binding contracts. The moment a registered Agreement for Sale is signed, its terms take over. Proving fraud, coercion or actionable misrepresentation is a high bar, and without it, regulators and courts will almost always stand by what was actually signed rather than what was advertised earlier.

The takeaway is simple. Read the Agreement for Sale carefully before signing it, especially the carpet area, specifications and other contractual details, because that document, not the advertisement, will decide your rights later.

Case Details

Complaint No.: CC006000000364758 Complainant: Abhijeet Gopal Chormale Respondent: Naynesh Niranjan Pandya Project: 5P Aria MahaRERA Registration No.: P52000013706 Authority: Maharashtra Real Estate Regulatory Authority (MahaRERA) Coram: Ravindra Deshpande, Member II Date of Order: August 4, 2026

Also Read: MahaRERA Asks Builder to Submit Completion Milestones to Homebuyers While Granting Extension

The post MahaRERA Rules Signed Agreement Overrides Ad Claims in Carpet Area Dispute appeared first on Square Feat India.

A builder sold a flat to homebuyers in 2014. Years later, when the buyers sought possession, the developer claimed that the flat was actually reserved for MHADA and had been mistakenly shown as a saleable unit.

The developer offered to refund the money paid by the buyers and, when they refused to accept the refund, issued a termination notice seeking to cancel the Agreement for Sale.

MahaRERA has now rejected the developer’s attempt to terminate the agreement, calling the termination “void and unjustifiable”, and ordered the builder to hand over possession of the flat along with the Occupation Certificate and pay delay interest to the homebuyers from January 1, 2020.

MahaRERA Order and Case Background

The order was passed on August 3, 2026, by Ravindra Deshpande, Member II, Maharashtra Real Estate Regulatory Authority, Mumbai, in two cross-complaints concerning the project “Simna Heights / Shantichndra Heights”, registered under MahaRERA Project Registration No. P51900017724.

The two complaints involved homebuyers Shravan Gandhi and Dimple Shravan Gandhi on one side and M/s As-Simna Construction Builder Developers on the other. The promoter also filed a separate complaint against the buyers seeking confirmation of its termination of their Agreement for Sale.

The Flat at the Centre of the Dispute

The flat at the centre of the dispute is Flat No. 1804. According to the order, the buyers had entered into an Agreement for Sale on December 30, 2014, which was registered on March 17, 2015.

The flat measured 415.05 sq. ft. carpet area and had a total consideration of ₹34.49 lakh. The promoter had also issued an allotment letter for one parking unit. The order records payments of approximately ₹17.92 lakh towards sale consideration, TDS and other charges.

Buyers Claim Delay, Developer Denies It

The buyers’ first major grievance was that their Agreement for Sale did not contain a possession date. However, the project’s MahaRERA webpage showed the original proposed completion date as December 31, 2019.

The buyers argued that possession should therefore have been handed over by the end of 2019 and that they were entitled to interest for the delay from January 1, 2020.

The developer took a different position. It argued that because the RERA registration remained active and the revised completion date had not lapsed, there was no delay. It also cited the COVID-19 pandemic and related lockdowns, labour shortages and disruptions in construction and procurement as reasons for the project’s delay.

Developer’s Claim: Flat Was Reserved for MHADA

But the more unusual defence concerned the flat itself.

The promoter claimed that Flat No. 1804 had originally been reserved for MHADA, or the competent authority. According to the developer, the unit was mistakenly shown as a saleable flat in the approved layout because of an error in the documentation. The developer claimed that it was taking steps to correct the layout and reflect the MHADA reservation.

The promoter further claimed that all units in the project had already been sold. Therefore, it could neither give Flat No. 1804 to the buyers nor provide them with an alternative flat in the project.

Refund Offer and Termination Attempt

Instead, the promoter said it had decided to refund the entire amount received from the buyers. It claimed that repeated requests were made to the buyers to collect the refund, but they did not do so.

The promoter subsequently issued a termination notice dated January 7, 2025, terminating the Agreement for Sale. It then approached MahaRERA seeking confirmation of that termination.

The buyers, however, did not want a refund. They wanted the flat and compensation for the delay.

MahaRERA’s Findings on Possession Delay

MahaRERA sided with the buyers on the central issue.

The Authority noted that the Agreement for Sale did not contain an agreed possession date. In such circumstances, it held that the proposed completion date declared by the promoter at the time of registering the project with MahaRERA had to be considered.

That date was December 31, 2019.

MahaRERA therefore held that the promoter should have handed over possession by December 31, 2019, and had failed to do so.

COVID-19 Argument Rejected

The Authority also rejected the promoter’s attempt to rely on COVID-19 as an explanation for the delay.

The reason was straightforward: the project’s declared completion date was December 31, 2019, while the COVID-19 pandemic began affecting India from March 2020. Therefore, the promoter could not use the pandemic to justify non-delivery of possession by the original deadline.

MHADA Reservation Claim Rejected

The biggest setback for the promoter came over its claim that the flat was reserved for MHADA.

MahaRERA observed that the Agreement for Sale had been executed in 2014, yet the promoter claimed years later that it had only realised that the flat had been mistakenly sold even though it was supposedly reserved for MHADA.

The Authority found this explanation difficult to accept, particularly because the issue came up after the buyers had already approached MahaRERA seeking possession and delay interest.

More importantly, the promoter did not produce any authoritative order or direction from a competent authority establishing that Flat No. 1804 was reserved for MHADA.

It also failed to place on record any letter from MHADA confirming that the flat was reserved for MHADA.

In the absence of such evidence, MahaRERA said the promoter’s claim was not believable and appeared to be an afterthought.

Termination Declared Void

The Authority therefore went a step further and held that the developer’s termination of the Agreement for Sale was “void and unjustifiable.”

Earlier Refund Application Rejected

The developer had also previously sought to refund the buyers’ money under Section 18 of RERA. However, MahaRERA had rejected that application on September 25, 2025, holding that the right to seek refund under Section 18 belongs to the allottee and that the promoter does not have the right to unilaterally refund the amount to the allottee.

The buyers had chosen to pursue possession along with interest instead of withdrawing from the project.

Final Directions by MahaRERA

MahaRERA consequently directed the promoter to take immediate steps to obtain the Occupation Certificate from the competent authorities.

It also directed the promoter to hand over Flat No. 1804 to the buyers along with interest for the delay in possession. The interest is to be calculated on the total amount paid by the buyers, excluding taxes, stamp duty, registration fees and other amounts paid to statutory authorities.

The interest will run from January 1, 2020, until the actual handover of possession with the Occupation Certificate, at the rate prescribed under Rule 18 of the Maharashtra RERA Rules, 2017.

The Authority also permitted the parties to set off the interest amount against any balance consideration payable by the buyers.

In addition, the promoter was ordered to pay ₹20,000 towards the cost of the buyers’ complaint.

Other Reliefs Denied

The buyers had sought several other reliefs, including penalties, compensation, action over alleged construction on the refuge floor, reduction/refund in case of a reduction in carpet area and revocation of the project’s MahaRERA registration.

Those additional prayers were not granted.

The request for revocation of the project registration was specifically rejected because the buyers themselves were seeking possession. MahaRERA observed that revoking the project registration would prevent completion of the project and ultimately prevent the buyers from receiving possession.

The promoter’s separate complaint seeking confirmation of the termination was rejected in its entirety.

Key Takeaway

For homebuyers, the order sends a strong message: a promoter cannot simply sell a unit, later claim that the unit was mistakenly shown as saleable or was reserved for MHADA, offer a refund and then unilaterally terminate the buyer’s agreement when the buyer insists on possession.

In this case, MahaRERA found that the developer had failed to substantiate its MHADA-reservation claim and had failed to deliver possession by the declared completion date. The result: the buyers retain their claim for possession, while the promoter must also pay delay interest from January 1, 2020 until possession with OC is actually handed over.

Also Read: Buyer Ghosts Builder After Paying ₹49k: MahaRERA Orders Agreement Cancellation

The post Builder Sells Flat, Later Says It Belongs to MHADA, Asks Homebuyer to Take Refund and Leave the Flat appeared first on Square Feat India.

The Reserve Bank of India’s Monetary Policy Committee has kept the repo rate unchanged at 5.25 per cent for the fourth consecutive meeting, maintaining its neutral policy stance. The decision, announced by RBI Governor Sanjay Malhotra after the three-day policy meeting held between August 3 and August 5, comes as the central bank continues to balance domestic growth momentum against global uncertainty stemming from the ongoing West Asia conflict. Consequently, the Standing Deposit Facility rate remains at 5 per cent, while the Marginal Standing Facility rate and the Bank Rate continue at 5.5 per cent.

For homebuyers, the status quo means EMIs on existing and new home loans stay exactly where they are, at least until the next policy review scheduled for October. That predictability is quietly becoming as important to the housing market as the headline rate itself.

What the Governor Said

Explaining the rationale behind the pause, Malhotra said the MPC arrived at its decision after assessing evolving domestic macroeconomic and financial conditions alongside the global outlook, noting that the continuing conflict in West Asia has disrupted trade routes and supply chains, increased market volatility and weakened business sentiment. He flagged that global growth is expected to slow while inflation stays elevated through the year, adding to the case for caution rather than any immediate rate action.

On prices, the Governor struck a watchful but not alarmist tone. He said headline inflation is expected to rise further in the near term and likely peak in the third quarter, largely on account of food and fuel, before moderating thereafter, while underlying or core inflation has stayed contained and should converge with the headline number by the end of the financial year. Importantly, he attributed the anticipated inflation uptick to supply-side factors rather than any broad-based demand pressure, a distinction that matters, since it suggests the central bank doesn’t see the kind of runaway pricing pressure that would force its hand on rates.

On growth, Malhotra pointed to resilient domestic demand, steady expansion in manufacturing and services, and healthy exports as the pillars supporting the economy, projecting real GDP growth for FY27 at 6.7 per cent, with the strongest quarter expected to be the first at 7 per cent before moderating and picking up again by Q4. He was candid, however, that the outlook remains hazy given global trade policy uncertainties, and that greater clarity is needed on inflation’s path before any policy shift. The headline takeaway for the property market remains the fourth straight hold.

Industry Reads It as a Green Light for Festive Season Buying

Real estate voices were broadly welcoming, several framing the timing as significant given the run-up to the festive season, traditionally the busiest home-buying window of the year.

Amit Goyal, Managing Director of India Sotheby’s International Realty, called this the fourth consecutive policy with rates unchanged and said the decision reflects confidence in the resilience of the Indian economy even as crude prices stay elevated and June retail inflation touched an 18-month high. He noted this is the last policy review before the festive season, giving both buyers and developers greater certainty to plan purchases and launches, and expects the combination of steady rates and easing crude to support sentiment through the coming quarters.

Dharmendra Raichura, VP and Head of Finance at Ashar Group, echoed that view, saying the RBI’s decision to hold the rate at 5.25 per cent reinforces confidence in an already resilient residential market by providing certainty around borrowing costs. With a broad consensus among economists that the rate could stay at 5.25 per cent through the rest of 2026, he expects homebuyer sentiment, financing decisions and residential demand to stay healthy over the next six to twelve months, with predictable EMIs improving purchase planning while developers gain clearer visibility on project execution and capital allocation. He added that faster transmission of policy rates into home loan pricing by banks, along with adequate systemic liquidity, would further strengthen affordability and end-user demand.

Affordability Concerns Persist Despite Stability

Not every voice was unreservedly upbeat. Anuj Puri, Chairman of ANAROCK Group, cautioned that a steady policy rate is welcome for stability but insufficient on its own to revive the mass-market housing cycle. He pointed to ANAROCK’s Q2 2026 data showing total sales across the top seven cities fell 6 per cent year-on-year to about 90,715 units, even as affordable housing supply shrank to just 6 per cent of total launches despite overall new supply rising 7 per cent to roughly 1.06 lakh units. With average residential prices still climbing around 7 per cent annually across major cities, Puri argued that rate steadiness alone cannot meaningfully move the needle on affordability, and that the market’s apparent balance is being driven by the luxury segment rather than the broader, more rate-sensitive affordable housing category.

A Vigilant Central Bank Amid Global Headwinds

Lata Pillai, Senior Managing Director and Head of Capital Markets, India, at JLL, framed the hold as a sign of caution rather than complacency. She noted the RBI has retained its neutral stance for a fourth straight time even as inflation risk stays elevated amid the evolving global situation and concerns around the monsoon. While Q1 GDP and broader macro indicators position India favourably, she said continuing high energy costs and a watchful eye on rainfall, against a backdrop of strong domestic demand, are keeping the central bank vigilant. Pillai flagged that FY27 GDP is now projected higher than at the last MPC meeting, at 6.7 per cent, while the inflation outlook has been revised down by 10 basis points to 5 per cent, even as volatile oil prices and food inflation could weigh on the next couple of quarters. She added that a strengthening rupee has offered some relief, with liquidity remaining healthy.

Vimal Nadar, National Director and Head of Research at Colliers India, said the hold reflects a vigilant approach given the resurgence of tensions in West Asia, volatile crude, a fluctuating rupee and persistent inflationary risks, though he believes Indian real estate is well positioned to navigate these downside risks. He said rate stability continues to offer comfort particularly to buyers in the affordable and middle-income segments, and with the festive season approaching, steady EMIs could support housing demand over the coming quarters, even as rising construction and labour costs pose affordability pressures that may moderate sales compared to last year. He also pointed to RERA’s recent advisory granting a four-month extension to eligible projects affected by the West Asia conflict as a timely regulatory relief for developers.

Shrinivas Rao, CEO of Vestian, described the decision as a balanced response to geopolitical uncertainty, an uneven monsoon and rising domestic inflation, one that should support capital inflows into real estate at a time when developers are grappling with elevated construction costs and softer foreign investment sentiment. He cautioned, however, that current mortgage rates may represent only a limited window for prospective buyers, and that a 25-basis-point hike could be on the table at the next MPC meeting if crude prices and inflationary pressures intensify.

Certainty Over Cuts: What Developers and Buyers Are Saying

Akhil Saraf, Founder and CEO of proptech firm Reloy, said the unchanged rate brings much-needed stability, arguing that in today’s market predictability matters just as much as lower rates. For buyers, it means more confidence in financial planning; for developers, it offers the certainty needed to plan investments and execute projects efficiently. While he acknowledged a rate cut would have given housing demand an extra push, he said holding the rate strikes the right balance between supporting growth and containing inflation.

Ashish Sharma, AVP Operations at Brahma Group, offered a similar assessment, saying the decision reflects a balanced approach to supporting growth while ensuring macroeconomic stability amid global uncertainty. He said stable rates enhance affordability and encourage buyers to move forward with purchase decisions, while giving developers the confidence to launch and execute projects, sustaining positive sentiment and growth momentum across the sector in the months ahead.

The Bottom Line for Homebuyers

With the next MPC review not due until October, homebuyers effectively have a two-month window of rate certainty heading straight into the festive season. EMIs stay predictable, developers get room to plan launches, and the broader consensus among economists suggests 5.25 per cent could hold well into the rest of 2026. The caveat, as Puri’s data makes clear, is that stability in rates does not automatically translate into affordability, especially for the mass and affordable housing segments still contending with rising prices and shrinking supply. For now, the message from both the RBI and the real estate industry is one of steady hands rather than dramatic moves.

Also Read: RBI Repo Rate Hike: Real Estate Sector Voices for Stability

The post Homebuyers, Your EMI Won’t Rise: RBI Holds Repo Rate at 5.25% appeared first on Square Feat India.

The transaction concerns Office No. 407 on the fourth floor of Morya Landmark-II Premises Co-operative Society Ltd., located at Plot No. B/17, C.T.S. No. 593, Village Oshiwara, Andheri West, Mumbai. The sale deed identifies Dixit as the seller and Frames Production Company Private Limited as the purchaser.

Madhuri Dixit sells Andheri commercial property

According to the sale deed, Dixit was the registered member of Morya Landmark-II Premises Co-operative Society Ltd. and held ownership rights in the office premises.

The property measures 1,594.24 sq ft in carpet area. The transaction also includes one open car parking space, numbered 9, on the ground floor and two podium car parking spaces, numbered 80 and 82, on the third floor.

The sale deed states that Dixit agreed to transfer her rights, title and interest in the office premises, along with the associated shares and membership of the co-operative society, to Frames Production Company Private Limited.

The transaction was formally executed in Mumbai on June 23, 2026.

Deal valued at Rs 4.85 crore

The total consideration agreed between the parties was Rs 4.85 crore.

The sale deed describes the amount as a lump-sum consideration covering the transfer of the office premises and associated rights and interests.

The payment was made in multiple tranches. The document records an initial part payment of Rs 51 lakh, followed by a payment of Rs 2 crore. The remaining amount was paid as the full and final consideration after accounting for applicable tax deduction at source.

The deed also records a TDS deduction of Rs 4.85 lakh, equivalent to 1% of the Rs 4.85-crore transaction value, with the purchaser responsible for depositing the amount with the relevant authorities.

Frames Production Company acquires the property

The purchaser is identified in the registered document as Frames Production Company Private Limited, a company incorporated under the Companies Act, 2013.

The company is described as having its registered office at Morya Landmark-II in Oshiwara, Andheri West.

The sale deed states that the company acted through its directors Hemant Thakur Rupprell and Ranjeet Damodar Thakur.

The acquisition gives the company ownership rights in the commercial office premises along with the associated parking spaces and membership rights in Morya Landmark-II Premises Co-operative Society Ltd.

Property located in Mumbai’s Andheri West

The office is situated in Oshiwara, one of the established commercial and residential pockets of Andheri West.

The property forms part of Morya Landmark-II Premises Co-operative Society Ltd., which was registered under the Maharashtra Co-operative Societies Act, 1960.

The sale deed records that the society was registered with the Deputy Registrar of Co-operative Societies, Mumbai, in December 2013.

According to the document, Dixit had been holding the office on an ownership basis and was entitled to deal with and dispose of the property.

Registration and stamp duty details

The registration documentation associated with the transaction was processed through the Mumbai registration authorities.

The documents in the transaction record show payment towards stamp duty and registration-related charges. The registered sale deed also forms part of a document set that includes the property valuation statement, payment challans and document-handling receipt.

A valuation statement included in the documents assesses the property under the applicable ready reckoner framework and takes into account the built-up area and other relevant property characteristics.

Commercial real estate remains an important asset class

The transaction also highlights the value of commercial real estate in established Mumbai business and mixed-use corridors.

Andheri West and Oshiwara have developed into significant commercial and residential markets, supported by connectivity, established business infrastructure and proximity to other parts of Mumbai.

The acquisition by a production company also puts the transaction in the context of corporate ownership of commercial premises, rather than a residential home purchase.

The registered sale deed establishes the agreed transaction value at Rs 4.85 crore and records the transfer of the office along with its associated parking spaces, society shares and membership rights.

Also Read: Priyanka Chopra Jonas Sells her Mumbai Home

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The report estimates that India’s proposed data centre capacity of around 9,030 MW could generate nearly 4.33 lakh ecosystem jobs. The resulting employment and economic activity could translate into approximately 195 million sqft of residential demand over the next four years.

The findings point to a shift in the way India’s next phase of real estate development could unfold. While highways, industrial corridors, airports and IT parks have traditionally acted as anchors for urban expansion, data centres could increasingly emerge as infrastructure-led growth drivers.

Data centres could reshape residential growth corridors

Data centres are generally viewed as large technology infrastructure assets, but their impact on surrounding real estate could extend considerably beyond the facilities themselves.

According to Square Yards, data centre investments typically require significant supporting infrastructure, including reliable power supply, fibre connectivity, logistics networks and other commercial and civic facilities.

As this infrastructure develops, it can improve the attractiveness of surrounding locations for businesses, institutions, developers and residents. This, in turn, could trigger the development of residential projects, retail centres, commercial establishments and supporting services.

Vivek Agarwal, Co-Founder and Chief Technology Officer, Square Yards, said data centres represent the next evolution in infrastructure-led urban growth.

He noted that while data centres themselves employ relatively few people, they attract investments in power, fibre connectivity and logistics. These investments can create confidence among businesses, developers and institutions, eventually driving residential and commercial development around emerging digital corridors.

5-15 km ‘Golden Ring’ may see maximum housing impact

One of the key findings of the report is that the biggest residential impact may not necessarily occur within the data centre campuses.

Instead, Square Yards has identified a 5-15 km radius around major data centres as the potential “Golden Ring” of real estate development.

This surrounding zone could benefit from infrastructure upgrades, mixed-use developments, residential townships, retail centres and civic amenities.

As the ecosystem matures, housing demand is expected to be supported not only by employees working directly in data centres but also by ancillary employment and businesses that emerge around them.

This could include logistics, facility management, construction, hospitality, retail, transportation, technology services and other support industries.

The development model could therefore resemble the way IT parks, industrial clusters and major transport infrastructure have historically created secondary residential and commercial markets around them.

Maharashtra to lead housing demand

Maharashtra is expected to be the biggest beneficiary of the data centre-led residential opportunity, with the state projected to generate more than 54 million sqft of housing demand by 2030.

Karnataka follows with nearly 28 million sqft, while Andhra Pradesh is expected to generate more than 23 million sqft of residential demand.

Other major markets identified in the report include:

• Uttar Pradesh: approximately 22.7 million sqft
• Telangana: approximately 21.6 million sqft
• Tamil Nadu: approximately 19.4 million sqft

These states are expected to see increased residential activity as data centre investments coincide with improvements in transportation, utilities, connectivity and commercial infrastructure.

For Maharashtra, the projected demand could further strengthen the state’s position as one of India’s most important digital infrastructure and real estate markets.

India’s data demand creates expansion opportunity

The report highlights a significant mismatch between India’s digital data generation and its existing data centre infrastructure.

India currently generates nearly 20% of the world’s digital data but accounts for only around 4% of global data centre capacity.

This gap indicates substantial potential for future investment in data centre infrastructure.

The expansion is being supported by several structural trends, including the growth of artificial intelligence, cloud computing and enterprise digitisation. As businesses increasingly depend on digital infrastructure, demand for data storage and processing capacity is expected to rise.

This could result in greater investment in data centres and, consequently, in the surrounding infrastructure and real estate markets.

Tier-2 and Tier-3 cities could also benefit

The impact of the data centre boom is unlikely to remain limited to India’s traditional metropolitan centres.

Square Yards expects emerging destinations, including Visakhapatnam, Noida and GIFT City in Gujarat, along with other infrastructure-rich locations, to benefit from the next wave of digital infrastructure investment.

These locations could see increased economic activity, improved connectivity and greater institutional investment as data centre ecosystems expand.

The development of such digital infrastructure could therefore create new residential growth corridors outside established IT hubs and major metropolitan areas.

Sunita Mishra, Vice President – Research & Insights, Square Yards, said housing demand consistently follows locations with strong employment potential. According to her, data centres could not only drive but also shape the future of residential development across India.

She added that the opportunity could extend beyond large cities, with Tier-2 and Tier-3 cities also positioned to benefit from the emerging trend.

Data centres could become new real estate anchors

The report suggests that India’s next real estate growth cycle could increasingly be influenced by digital infrastructure.

Unlike conventional office-led growth, data centre-led development could create a broader ecosystem involving power infrastructure, fibre networks, logistics, commercial activity and residential development.

The estimated 195 million sqft of potential housing demand by 2030 underlines the scale of this opportunity.

For developers and investors, the emerging trend could make the areas surrounding major data centre clusters increasingly important. The 5-15 km “Golden Ring” could become a particular focus as infrastructure improvements and ancillary economic activity begin to translate into residential demand.

With India’s digital economy expanding rapidly, data centres are therefore evolving from specialised technology facilities into potential anchors for wider urban development, with implications for housing demand, land values and the expansion of emerging cities.

Also Read: Mumbai Metropolitan Region topped India’s land deals in 2025 with 32 transactions for over 500 acres, driving national total to 3,772+ acres amid strong demand for residential, mixed-use, industrial and data centre projects – per ANAROCK Research.

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The top seven cities recorded gross leasing of approximately 4.1 million sq. ft. of Grade A mall space in H1 2026, compared with only around 0.9 million sq. ft. of new completions. This means retailers leased almost 4.5 times the amount of Grade A space delivered during the period.

The demand-supply imbalance comes even as both leasing and new mall completions moderated from the exceptionally strong levels recorded in 2025. Leasing declined approximately 24% year-on-year in H1 2026, while new completions fell by around 57%.

Mall supply fails to keep pace with retailer demand

ANAROCK’s data shows that the mismatch between Grade A mall supply and leasing demand has been building over several years.

In 2023, the top seven cities added approximately 5.3 million sq. ft. of new Grade A retail supply against gross leasing of 6.5 million sq. ft. In 2024, new supply dropped sharply to just 1.1 million sq. ft., while leasing remained at around 6.5 million sq. ft.

The gap widened considerably in 2025. Although new mall supply recovered to approximately 5.2 million sq. ft., leasing surged to a record 13 million sq. ft.

The trend continued in H1 2026, when only 0.9 million sq. ft. of new Grade A mall space was completed against leasing of 4.1 million sq. ft.

Anuj Kejriwal, CEO – Retail and CEO – Europe, Middle East & Africa, ANAROCK Group, said the supply problem is cumulative and has been worsening over the years. According to him, consistent leasing demand has steadily absorbed available Grade A space even as new mall completions have fluctuated.

The result is a supply-constrained market where retailers are increasingly facing difficulty in securing suitable locations.

Delhi-NCR the only market with new Grade A mall supply

Delhi-NCR was the only market among the top seven cities to record new Grade A mall completions during H1 2026.

The region added approximately 0.9 million sq. ft. of new supply, while leasing stood at approximately 1.26 million sq. ft.

Mumbai, Hyderabad, Bengaluru, Pune, Chennai and Kolkata recorded leasing activity but virtually no new Grade A mall completions during the first half of the year.

This means retailers in these markets were largely competing for space within existing Grade A malls, further tightening the availability of quality retail locations.

Why is new mall development difficult?

ANAROCK said the shortage cannot simply be attributed to developers failing to respond to rising demand. Developing a successful Grade A mall is more complex than delivering several other forms of real estate.

Large-format malls require sizeable and contiguous land parcels in strategically located catchments. Developers also need to commit substantial upfront capital and undertake detailed consumer and catchment analysis.

Securing anchor tenants, obtaining approvals and completing construction can further lengthen the development cycle.

The availability of suitable land has become a particular constraint in established urban markets, while rising land prices can make projects more difficult to structure.

According to Kejriwal, approval timelines, financing conditions and construction schedules can also delay delivery. The sharp decline in new supply in 2024, when only 1.1 million sq. ft. of Grade A mall space was completed despite strong leasing demand, demonstrated how quickly the development pipeline can be disrupted.

The 57% year-on-year fall in new completions during H1 2026 further highlights that mall supply cannot be increased quickly in response to rising retailer demand.

Grade A mall vacancy falls to 6.7%

The tightening supply-demand equation is also reflected in vacancy levels.

Grade A mall vacancy across the top seven cities fell to 6.7% in H1 2026, the lowest level recorded since 2010, according to ANAROCK.

The post-pandemic vacancy rate had peaked at 15.5% in 2021. Before the pandemic, the highest Grade A mall vacancy was recorded in 2011 at 21.5%.

The contrast with lower-quality retail stock is significant. Grade B and C malls across major cities continue to report substantially higher vacancy levels, ranging from approximately 8% to as high as 35%.

The data suggests that India’s challenge is not a shortage of retail real estate in terms of total space. Instead, the market is short of well-located, professionally managed and institutionally owned Grade A and A+ malls capable of meeting the requirements of major national and international retailers.

Opportunity for developers and institutional investors

ANAROCK said the combination of low vacancy, strong retailer demand and the continued growth of experience-led consumption creates an opportunity for developers and institutional investors to increase investment in high-quality retail assets.

The opportunity is particularly significant in markets where Grade A mall vacancy has already fallen to near-record lows.

However, unless new supply increases meaningfully, retailers could face longer waiting periods for prime locations, rising occupancy costs and greater competition for established mall space.

The H1 2026 data therefore points to a structural shift in India’s organised retail real estate market: demand for quality mall space is increasingly outpacing the ability of developers to deliver new Grade A supply.

Also Read: India’s Retail Boom to Attract USD 3.5 Billion in Next 3 Years as Western Malls Crumble

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The development, planned around Siddheshwar Lake, is envisioned as an integrated, globally benchmarked ecosystem that will combine premium commercial spaces, connectivity, landscape and urban infrastructure. The project will mark Sugee Group’s commercial debut in Thane.

The developer plans to position the project as a Grade A+ commercial destination catering to the growing requirements of MSMEs, multinational corporations and expanding enterprises. The development is aimed at businesses seeking premium and professionally planned workspaces without the high entry barriers associated with Mumbai’s commercial real estate market.

Sugee Group said the project will seek to strengthen Thane’s emergence as a major business destination, with the company positioning the city as “New India’s City of Economic Growth – Thane is N.I.C.E.”

The project is expected to benefit from Thane’s expanding infrastructure network. Sugee highlighted upcoming metro connectivity, including Maharashtra’s first ring metro, the Thane-Borivali twin tunnels, the Thane coastal road, planned waterways and ports, the Mumbai-Ahmedabad High-Speed Rail corridor and connectivity to the airport as key factors supporting the city’s growth.

The 50+ acre development will be anchored by Siddheshwar Lake in Thane West. According to Sugee, the lake will form an integral part of the project’s planning and identity, with the development designed to bring together urban infrastructure and the surrounding natural landscape.

The architectural vision for the project is being developed under the guidance of architect Hafeez Contractor, who has been awarded the Padma Bhushan. The project draws inspiration from international business districts such as Canary Wharf in London and Hudson Yards in New York, where commercial spaces are planned as integrated ecosystems combining offices, infrastructure, connectivity and public realm.

Nishant Deshmukh, Founder and Managing Partner, Sugee Group, said Thane’s residential growth is now being accompanied by the emergence of a stronger commercial ecosystem. He said the company’s objective is to introduce premium commercial spaces that can support the city’s next phase of economic growth.

Hafeez Contractor said Siddheshwar Lake provides the project with a natural anchor and that the design is intended to integrate the waterfront into the identity and experience of the district. The vision, he said, is to create a commercial destination where connectivity, landscape and built form work together.

Sugee Group’s entry comes as Thane undergoes significant infrastructure-led transformation. The company believes the combination of improving connectivity, expanding business activity and rising demand for quality commercial spaces could create opportunities for the city’s next phase of development.

The proposed project is also intended to evolve beyond a conventional commercial development. Sugee said its larger vision is to create an integrated, globally benchmarked mixed-use ecosystem that can contribute to Thane’s long-term urban and economic growth.

Sugee Group currently has more than 50 million sq. ft. of completed and ongoing developments and a portfolio of over 60 projects across India and international markets, including the UAE and Portugal. The company has received more than 28 industry awards and has a workforce of over 400 employees.

With its Thane entry, Sugee is seeking to leverage its experience across the real estate development lifecycle to establish a new commercial destination in the city. The company said the project is intended to address current business requirements while contributing to Thane’s broader transformation into a major economic and commercial hub.

Also Read: Sugee Group Marks Successful Completion of homes promised before its scheduled time to 160+ Families at ‘Sugee Atharva’

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The report shows that home sales across the country’s top seven cities reached 138,382 units during January-June 2026, making it the second-highest first-half sales performance after H1 2024. While sales in the second quarter (April-June) moderated by 4% compared to the first quarter, JLL said the slowdown reflects a short-term market recalibration rather than weakening demand.

According to the report, 67,751 apartments were sold during Q2 2026 compared with 70,631 units in Q1 2026. However, the overall H1 performance remained positive, supported by sustained urbanisation, infrastructure development, improving connectivity and evolving homebuyer preferences.

Bengaluru emerged as the strongest-performing residential market during the first half of the year, recording 35,017 apartment sales, a 16% year-on-year increase. Chennai posted the highest growth rate among the seven cities, with sales surging 27% to 8,587 units.

Delhi-NCR also recorded healthy growth of 7%, with 20,761 apartments sold during H1 2026.

In contrast, Hyderabad witnessed a marginal 3% decline in sales, while Kolkata recorded a 1% dip. Mumbai remained largely stable with 28,518 apartment sales, down just 1% year-on-year, whereas Pune experienced the sharpest correction among the major markets, with sales declining 14% to 22,782 units.

Despite varying performances across cities, Bengaluru, Mumbai and Pune continued to dominate India’s housing market, together accounting for nearly 62% of total residential sales during the first half of 2026. When Delhi-NCR is included, the four largest residential markets contributed around 76% of total apartment sales.

JLL attributed the temporary moderation in second-quarter sales to seasonal factors, property price recalibration and buyers taking more time to evaluate purchase decisions amid rising housing prices.

The report notes that India’s homebuyers are increasingly prioritising quality construction, better amenities, superior locations and reputed developers over lower prices. This trend is becoming particularly evident in the premium housing segment.

The ₹1.5 crore to ₹3 crore price bracket recorded the strongest growth, with sales increasing 58% year-on-year to 51,231 units. This segment alone accounted for 37% of all apartment sales during H1 2026, up significantly from 24% a year earlier.

Overall, homes priced above ₹1 crore represented 71% of all residential sales during the period, compared with 62% in H1 2025, indicating a clear shift towards premium housing.

On the other hand, affordable and lower mid-income housing continued to lose market share. Homes priced below ₹50 lakh registered a 32% decline in sales, while the ₹50 lakh to ₹1 crore category fell by 20% year-on-year.

The report also highlighted strong developer confidence, with new residential launches increasing 9% year-on-year during H1 2026.

Developers launched 168,507 new apartments across the top seven cities during the first six months of the year.

Bengaluru led new supply with 48,748 apartment launches, representing a remarkable 41% increase over H1 2025. Mumbai followed with 33,498 new launches, registering 18% growth, while Delhi-NCR recorded a 14% increase with 24,884 units launched.

Chennai, Hyderabad, Kolkata and Pune witnessed comparatively lower launch activity during the period.

Commenting on the market, Siva Krishnan, Senior Managing Director (Chennai & Coimbatore) and Head – Residential Services, India at JLL, said the H1 performance reflects the maturity of India’s residential sector.

He noted that sustained urbanisation, infrastructure development and rising aspirations continue to support housing demand, while buyers are increasingly willing to invest in premium projects that offer better quality and long-term value.

According to Krishnan, the 9% increase in new launches demonstrates strong developer confidence, while the growing preference for homes priced between ₹1 crore and ₹3 crore highlights changing buyer aspirations.

The report also noted that residential property prices continued to rise across all seven major cities during H1 2026.

Annual price appreciation ranged between 6% and 15%, with Bengaluru recording the highest increase at 15%, followed by Chennai and Kolkata at 13% each.

JLL attributed the continued increase in housing prices to rising construction costs, strong buyer demand and developers increasingly launching premium residential projects.

Looking ahead, the consultancy expects India’s residential market to remain on a growth trajectory during the remainder of 2026.

JLL believes that improving infrastructure, expanding metro rail networks, new growth corridors, rising household incomes, better access to housing finance and stable interest rates will continue to support homebuyer demand across major cities.

While acknowledging the temporary moderation witnessed during the second quarter, the report concludes that India’s housing market fundamentals remain strong and the sector is well-positioned for sustained long-term growth.

Also Read: Luxury Housing Sales Double to 14%

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