In what can be seen as a combined effect of RERA, modernisation of construction technology, and the increasing market share of large and listed developers, the last decade (2014-H1 2024) has seen homebuyers’ wait for possession in large under-construction projects in the top 7 cities reduce to 4.9 years, from 6.1 years in the 2010-2019 period.

Anuj Puri, Chairman – ANAROCK Group, says, “Latest ANAROCK data reveals that the average time to complete large residential projects of 500+ units in top 7 cities clocked in at 4.9 years from 2014-H1 2024, from 6.1 years in the preceding decade. Large and listed players account for nearly 34% of the market today. The stringent rules imposed on project delays by the regulatory authorities have also been a key factor in reducing the completion time.”

All projects launched and completed between 2010-2019 and 2014-H1 2024 in the top 7 cities were analysed in the study, and were further segregated into developments with less than 500 units larger ones with over 500 units.

When it comes to completing large projects, the top southern cities were markedly ahead of their northern, western, and eastern counterparts. For all large projects launched and completed between 2014 and H1 2024, the average completion time was lowest in Chennai with 3.6 years, while Hyderabad and Bangalore clocked in at 4.2 and 4.8 years respectively.

“For most large projects in NCR and MMR, developers had purchased land outright, thereby compromising their overall financial health and delivery capability,” says Puri. “On the other hand, most projects in the main southern cities are joint developments where landowners usually get a certain share of the developed units. In NCR, extreme weather conditions and the statutory restrictions imposed on construction when the pollution levels rise also play affect construction timelines in the region. Most developers have gradually reduced their leverage and with stronger financial conditions, are able to focus on execution.”

It is noteworthy that at 36%, Chennai has the highest reduction of construction time among the top 7 cities, despite incessant rains during the monsoon season causing major challenges..

Small & Large Projects: Completion Trends (2014-H1 2024)

The average time taken to complete smaller projects of less than 500 units in the top 7 cities was 4.0 years, and 4.9 years for large projects of >500 units each.

• In Kolkata, large projects launched and completed between 2014 to H1 2024 took the longest average time to complete, at 5.7 years.
• In MMR, it took an average of 4.7 years to complete small projects, and around 5.2 years for large projects.
• In Pune, the average project completion time was 4.3 years for small projects, and 5.4 years for large ones.
• In NCR, homebuyers waited an average of 4.7 years for small projects and 5.4 years for large ones.
• In Chennai and Hyderabad, the average completion time for small projects was 3 years and 3.1 years respectively, and 3.6 and 4.2 years for large projects, respectively. In Bangalore, it was 3.5 years for small projects and 4.8 years for large ones.

As larger projects gain momentum across the cities and new construction technology is implemented, construction time will reduce further. Continuity of execution across major projects is becoming a major factor with financially sound developers whose sales volumes have enabled continued cashflows.

Also Read: Prices of under-construction projects increase 15.2% QoQ across top 13 cities

The post Avg. Large Project Completion Time Down 20% to 4.9 Years in H1 2024 from 6.1 Years in 2019 appeared first on Square Feat India.

 To say that India’s two leading realty hotspots NCR and MMR (Mumbai Metropolitan Region) have seen off-the-charts housing market activity in the last five years is an understatement. Record-breaking sales have caused unsold inventory to decline and average residential prices to soar by 49% in this period.

“Latest ANAROCK Research data finds that NCR recorded a 49% five-yearly jump in average residential prices between H1 2019 and H1 2024 – from INR 4,565 per sq. ft. to INR 6,800 per sq. ft.,” says Anuj Puri, Chairman – ANAROCK Group. “In MMR, average residential prices appreciated 48% in the period – from INR 10,610 per sq. ft. in H1 2019 to INR 15,650 per sq. ft. in H1 2024.”

Source: ANAROCK Research

The steep rise of housing prices in Delhi-NCR and MMR is attributable to steep hikes in construction costs as well as healthy sales. Prices in both regions had maintained status quo from late 2016 to 2019. Just when these two markets were beginning to see green revival shoots, the pandemic struck.

The COVID-19 pandemic was a boon for these two residential markets, causing demand to soar to new heights. Initially, developers induced sales with offers and freebies; but with demand heading north, they gradually increased average prices. Strong sales helped unsold inventory to decline in the period, especially in NCR.

“Paradoxically, the pandemic was an undisguised blessing for the National Capital Region,” says Puri. “Once infamous for high unsold inventory fed by speculative demand and supply, the region has seen a sharp decline of over 52% in its unsold stock in the last five years – from approx. 1.82 lakh units at H1 2019-end to approx. 86,900 units by H1 2024-end. Interestingly, the inventory overhang has reduced to 16 months in NCR in H1 2024 as against 44 months back in H1 2019.”

Conscious curtailment of fresh supply was a major factor that helped the region to clear its stock. ANAROCK data indicates that only about 1.72 lakh units were launched in NCR between H1 2019 and H1 2024.

Meanwhile, MMR’s current available stock is at approx. 1.95 lakh units. In the last five years, the region has seen a 13% decline in its unsold stock – largely on account of substantial new launches to meet resurgent demand. MMR has seen over 5.26 lakh units launched between H1 2019 and H1 2024 – thrice the new supply in NCR in this period. The inventory overhang in the region came down 14 months as of H1 2024-end from 34 months back in H1 2019-end.

Also Read: Prices of under-construction projects increase 15.2% QoQ across top 13 cities

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The first quarter saw Lodha Group (Macrotech Developers) maintain its prominent position as the top performer in terms of volume and units sold on the back of heightened demand with 1881 units amounting to Rs 2318 crores. Oberoi Realty held on to the second spot in terms of total sale value registering Rs 1717 crores while Runwal Group maintained the second spot in number of units sold with 679 transactions.

“The onset of Q1 2024 has affirmed that the Mumbai Metropolitan Region (MMR) is currently a buyer’s market. Increasing home buying sentiment, along with ample supply and diverse options ranging from affordable to luxury housing, is driving investment intentions. Planned infrastructure development, particularly the upcoming metro lines enhancing connectivity to major hubs, is spotlighting new micro-markets for investment opportunities” said Ganesh Devadiga, SVP and Sales Director, Square Yards.

Dosti Greater Thane secured first position as the top-selling project in the Mumbai Metropolitan Region (MMR) based on sales transactions followed by Runwal Gardens and Dosti West County.

In Q1 2024, Thane West emerged as the leading locality for real estate transactions, with an impressive 5000+ units sold. This area emerged as a prime choice for new homebuyers and investors due to its offering of a diverse range of properties from affordable to luxurious. Improved infrastructure and transportation facilities have made commuting easier, contributing to the overall appeal of the Thane. Additionally, the rapid development of social infrastructure, including schools, hospitals, shopping centers, and recreational facilities, has further elevated the desirability of these localities, making them an attractive choice for residents and investors seeking convenience, connectivity, and lifestyle amenities.

Data Source: IGR Maharashtra, squareyards.com

Analyzing the budget and area-wise demand from January to March 2024, properties priced below 50 Lacs constituted the majority of transactions at 51%. Properties priced between 50 Lacs to 1 Cr. accounted for 24% of transactions. In terms of area, properties ranging from 0-500 Sqft. were most in demand, making up 56% of the transactions.

Given the high yields in the MMR region, top developers in the area are diligently addressing market needs, focusing on factors such as affordability, amenities, and space requirements. A comprehensive approach to area development, coupled with ongoing infrastructure improvements, is poised to contribute positively to this prestigious real estate market in 2024.

Also Read: MMR’s Housing Boom Defies Rising Property Prices

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Paradigm Realty, a leading developer having projects spread across Mumbai from Bandra-Khar and Santacruz to Andheri and Borivali, anticipates robust sales traction as the real estate market experiences a positive surge this Gudi Padwa. “This auspicious occasion holds significant cultural and spiritual importance, making it the perfect time for individuals and families to invest in their dream homes,” remarked Parth Mehta, CMD of Paradigm Realty. 

According to Mehta, in India, such moments are cherished for their auspiciousness, and coupled with enticing offers, they become even more compelling. “Gudi Padwa not only marks the Marathi New Year but also symbolizes new beginnings for countless individuals looking to embark on their homeownership journey. With expectations of a 15-20 percent increase in sales, this year promises to be exceptional,” he says. 

As part of its Gudi Padwa offering, Paradigm Realty has an exclusive offer of a 10-gm gold coin + 0% SDR along with a spot discount upon booking a flat at their 71 Midtown and Paradigm Alaya projects adding an extra layer of prosperity to this joyous occasion. 

For developers like Today Global, the festivities aren’t just about celebrating traditions; they present a golden opportunity to connect with customers on a deeper level and cater to their aspirations and lifestyle choices. 

“Home buying isn’t purely transactional; it’s linked to the happy sentiments of the consumer. People wait for these occasions to invest and make an investment of a lifetime. Festive offers act as catalysts, prompting them to finally realize their dream of owning a home. This Gudi Padwa, we are looking to introduce special payment schemes to make it convenient for the buyers to invest,” says Mr. Bhavesh Shah, Joint-Managing Director – Today Global Developers. The Navi Mumbai-based Today Global Developers recently handed over 300 Homes at ‘Codename Bellevue‘, placing them among the first developers at Upper Kharghar to do so.

Over the years, Gudi Padwa has emerged as a pivotal moment in influencing the sentiments of buyers in the commercial real estate sector. This auspicious occasion, also known as Ugadi or Chaitra Shukla Pratipada, heralds the onset of the Hindu New Year and is celebrated with immense zeal and fervor not only in Maharashtra but also across several other states in India.

The significance of Gudi Padwa in the realm of commercial real estate lies in its association with prosperity, new beginnings, and auspiciousness. It is deeply ingrained in the belief that any endeavor initiated on this auspicious day is destined for success and abundance. Consequently, many buyers perceive Gudi Padwa as a propitious time to make significant decisions, whether it involves purchasing commercial properties or investing in real estate projects.

Shakti Constructions, recognizing the significance of Gudi Padwa, has devised a comprehensive strategy aimed at attracting potential commercial property buyers. “As part of our Gudi Padwa campaign, we will offer exclusive promotions, discounts, and incentives through targeted marketing campaigns, virtual tours, and digital marketing strategies, highlighting the value proposition of owning commercial real estate in prime locations with excellent connectivity and growth potential,” says Navya Pahuja MD & Partner, Shakti Constructions. 

However, it’s not just about the deals and promotions; the project location plays a crucial role too. “Gated communities at upcoming locations with great potential of appreciation aregoing to be the key. All existing and upcoming infrastructure developments at Navi Mumbai including MTHL, Kharghar-Turbhe tunnel, airport, etc., are the key to property decisions made around Gudi Padwa,” Mr. Bhavesh Shah, Joint-Managing Director- Today Global Developers informs.

As developers strive to create not just residential spaces but communities where dreams are realized and legacies are built, Gudi Padwa serves as a poignant reminder of Mumbai’s resilience and dynamism. It’s a time when the city comes alive with renewed hope and optimism, and the real estate sector stands as a beacon of opportunity for all who seek to carve out their own slice of Mumbai’s vibrant landscape. As we embrace the festivities and look towards the future, Gudi Padwa symbolizes not just a moment in time, but a celebration of Mumbai’s enduring spirit of growth, prosperity, and possibility.

Also Read: Gudi Padwa to propel housing sales as offers galore

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Hardeep Singh Puri, Hon’ble Minister for Housing and Urban Affairs & Petroleum and Natural Gas, Government of India, inaugurated the two-day conference alongside the CREDAI leadership team. The two-day conference featured various sessions aimed at helping delegates prepare for the future of real estate.

During the event, CREDAI released a report “Building Viksit Bharat”-Transformative role of the real estate sector in India. According to CREDAI, Indian Real Estate is bound to have a significant impact on the Indian economy – with the sector projected to reach $1.3 Trillion (13.8% of Projected GDP) by FY 2034 and $5.17 Trillion (17.5% of Projected GDP) by 2047.

CREDAI, in its report, also outlined pertinent industry trends and insights which are bound to provide a holistic view of the sector’s growth, while also giving direction to the industry as a whole:

• Current market size of Indian Real Estate stands at 24 lac crores, split between Residential and Commercial in the ratio of 80% and 20% respectively.
• Among the residential segment, 61% of current supply is above the cost of Rs 45 lacs. The average home area is also increasing at 11% on an annual basis.
• Over 28 crore Indian citizens want to buy a house, among the 40-crore population that is yet to own a house in the country. CREDAI also projects that there will be a 7-crore additional housing demand by 2030.
• Reflecting the aspirational growth of Indian Homebuyers, over 87.4% of housing demand by 2030 is expected to be of houses costing more than 45 lacs.

With the above findings, CREDAI re-emphasized the significance of Indian Real Estate to the overall growth of the economy and some of the most important macro-economic indicators including Employment, Revenues for Government and Banking eco-system, and increasing Per Capita Income. Coupled with the cascading impact of the sector that supports over 250+ industries directly and indirectly, CREDAI’s projections provide a definitive course of action and visibility on the sector’s contribution to the country’s development in its mission to become Viksit Bharat.

CREDAI President Boman R Irani shares his thoughts “Indian Real Estate today stands at an extremely important junction amidst India’s journey to become a developed economy by 2047. Due to its strong multiplier effect coupled with robust real estate demand – for both housing and commercial – the sector is bound to play a critical role in multiplying GDP value and increasing revenues, per capita incomes that will aid further growth as a part of a self-sustaining cycle due to ever increasing consumption. As India’s leading real estate body, we look forward to working closely with all stakeholders involved to ensure a seamless path towards achieving our collective mission of becoming a fully developed economy.”

CREDAI Chairman Manoj Gaur shares his remarks “As the premier body of Indian Real Estate, we feel extremely proud at what we’ve achieved as an industry – and are even more excited at the potential that this sector currently holds as the primary economic engine of this country. To achieve Viksit Bharat, Real Estate is going to be at the nucleus of growth which is also validated by the recent sheer volume that has coincided with strong QoQ GDP numbers. Moving forward – real estate again is going to play a pivotal role as India strives to multiply its economy.”

CREDAI President Elect Shekhar G Patel says “Currently, India is witnessing significant GDP growth despite global headwinds which is a testament to our economic and sectoral resilience. The entire real estate industry is extremely excited to build on this strong platform and re-emphasizes the importance of a facilitating eco-system that supports all concerned stakeholders, for not just the sustained and sustainable growth of the industry but the entire economy. Through our findings, we have devised a roadmap of Indian Real Estate’s contribution towards Viksit Bharat as we jointly work towards achieving the feat.”

Also Read: CREDAI Pledges to Construct 4000 Green Projects by 2030

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In the world of real estate, things are always changing. Whether you’re thinking about buying or selling a luxury property, it’s important to know what’s going on. As we go through 2024, many things are affecting the market. Economic ups and downs, how society changes, and new gadgets are all part of the mix. Understanding these trends can help you make smart choices. Let’s look closer at what buyers and sellers need to know in luxury real estate this year.

What do buyers need to know?

1. Emphasis on Sustainable Living

People who want to buy fancy homes care more and more about the environment. They’re looking for houses with things like energy-saving appliances and materials that are good for the planet. These kinds of homes are really popular. If you’re considering buying, looking for a place that fits your green goals is a good idea. It’s not just about doing the right thing – it can save you money in the long run.

2. Integration of Smart Home Technology

In today’s world, where technology keeps improving, Luxury homes often come with cool gadgets. People love houses that have smart systems so they can control everything easily. Think of smart thermostats, lights you can control from your phone, security cameras, and fancy entertainment setups. Having these gadgets makes life more convenient, comfy, and secure. If you’re looking to buy a luxury home, it’s smart to check out places with all the latest tech – it’ll make your life easier and keep you up to date with the latest trends.

3. Demand for Wellness-Oriented Spaces

People who are looking for fancy homes really care about feeling good both physically and mentally. They want houses that help them stay healthy and happy. That’s why properties with things like gyms, spas, and peaceful outdoor areas are really popular. Buyers understand how important it is to take care of themselves, so they look for homes that give them a place to relax, recharge, and stay well. If you’re checking out luxury homes, it’s a good idea to focus on areas that offer these kinds of features – they’re like havens for feeling good inside and out.

4. Flexible Living and Remote Workspaces

With more and more people working from home these days, it’s changing how they think about buying a house. Now, buyers want homes that can be used for both work and living. They’re looking for places with rooms they can turn into home offices or study areas. They also like houses with flexible spaces that can be used for different things. These kinds of features are really important for people who want to balance their work and life easily. So, if you’re looking for a house, it’s smart to consider places that offer flexible living options – they make life a lot easier.

5. Exclusivity and Privacy

These days, with everything being so connected and shared, luxury home buyers value their privacy. They want homes in places where they can feel exclusive and hidden away from the busy city life. That’s why places like gated communities and tight security homes are popular. People also like houses with lots of trees and bushes around them and entrances that need to be more obvious. These features make the house feel special and private.

What do sellers need to know –

1. Highlight Smart Home Technology

Technology is a big deal in luxury real estate these days—people who want to buy luxury homes really like ones that have all the latest gadgets. So, if you’re selling a house, adding things like smart home systems, energy-saving tools, and security gadgets is a good idea. Showing off these cool features can make your property stand out and attract buyers who love modern technology and convenience.

2. Focus on Wellness and Lifestyle Amenities

In 2024, luxury homebuyers are highlighting wellness and lifestyle comforts that promote physical and mental well-being. Sellers should capitalize on this trend by highlighting the wellness-oriented features of their properties, such as fitness centres, spa facilities, and outdoor living spaces. Properties that offer a sanctuary for relaxation and rejuvenation are highly sought after in today’s market, and sellers should highlight these lifestyle amenities to attract discerning buyers seeking a holistic living experience.

3. Create Flexible Living Spaces

The rise of remote work and flexible lifestyles has reshaped how buyers perceive luxury properties, with an increasing demand for flexible living spaces catering to diverse needs and preferences. Sellers should consider staging their properties to showcase versatile living areas that can accommodate a variety of uses, including home offices, entertainment spaces, and relaxation zones. Flexible living spaces appeal to buyers seeking adaptability and functionality in their homes, making properties more attractive and marketable in today’s dynamic real estate landscape.

4. Prioritize Privacy and Security

In an era of heightened security concerns and privacy considerations, luxury homebuyers place a premium on properties offering exclusivity, privacy, and top-notch security features. Sellers should prioritize privacy-enhancing measures such as gated entrances, secure perimeters, and advanced surveillance systems. Emphasizing a property’s privacy and security features can instill confidence in potential buyers and differentiate it from competing listings in the market.

In conclusion, the luxury real estate scene 2024 is about changing tastes and how the market moves. If you’re looking to buy or sell a luxury property, keeping up with what’s happening is important. Understanding these trends can help you grab the best chances and make smart choices in today’s lively market. Whether you’re on the buying or selling end, staying in the loop is key to getting the most out of the ever-changing luxury real estate game.

Manju Yagnik, is the Vice Chairperson of Nahar Group and Senior Vice President of NAREDCO- Maharashtra

Also Read: RBI Keeps Repo Rate Unchanged

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·                A total of 1,947 acres of land was acquired by real estate developers across the country with a development potential of ~176 million sq ft.

·                The total value of these land transactions stood at INR 32,203 crore.

·                 Around 1,365 acres (~70%) was acquired for proposed residential projects with a development potential of around 130 million sq. ft.

·                These residential developments would likely have an estimated sales potential of INR 138,750 crore.

·                Delhi NCR led both in terms of number and area of land deals, with 415 acres acquired across 36 separate transactions valued at approximately INR 9,120 crore.

·                MMR had the highest transacted value of land at INR 11,222 crore which translates into average per acre transacted value of INR 39 crore.

The year2023 stands out as a record-breaking year for real estate across all asset classes reflected by the strong performance indicators of both demand and supply. As the real estate sector continues its journey on a steep growth curve, developers are building a robust supply pipeline by investing in acquisition of land across the country. A total of 1,947 acres of land valued at INR 32,203 crore in 111 separate deals were acquired by real estate developers in 2023 as compared to 1,603 acres in 2022 (valued at INR 18,112 crore), up by 21% Year-on-Year (Y-o-Y). The land acquired has a development potential of ~176 million sq. ft.

The average transacted value of land has touched INR 16.5 crore per acre in 2023, up by 46% as compared to the previous year. This staggering increase is attributable to higher land transactions in Tier 1 cities and established prime micro markets. In addition, Mumbai Metropolitan Region (MMR), the most expensive real estate market in the country doubled its share in total land area transacted in India from 7% in 2022 to 15% in 2023 and contributed significantly to this increase in per acre transacted value.

Tier 1 cities accounted for 65% of the total land transacted in the country. Developers are strategically acquiring land in both prime locations in the metro cities as well as entering newer markets and pockets of growth.

Land Transaction Snapshot-2023

Source: JLL Research

In 2023, Delhi NCR led both in terms of number and area of land deals, with 415 acres acquired across 36 separate transactions valued at approximately INR 9,120 crore. Select established players acquired multiple land parcels across Delhi NCR. Out of these 415 acres, around 264 acres (64%) valued over INR 5,300 crore was acquired in Gurgaon alone. This was followed by Noida with over 59 acres (14%) land being acquired valued at around INR 1,775 crore. Delhi, Faridabad and Sonipat contributed the rest.

Bengaluru followed Delhi NCR, with close to 305 acres of land acquisitions across 14 separate transactions valued at INR 3,412 crore. MMR saw 24 separate land deals spread over 289 acres valued at INR 11,222 crore – the highest in the country. This translates into average transacted value of INR 39 crore per acre, which is 2.3 X of the average pan India land value.  In Chennai, a total of 209 acres of land was acquired valued at INR 1,220 crore across 8 separate deals.

Other cities like Nagpur, Ludhiana, Ahmedabad, and Ayodhya experienced prominent developers acquiring land. Ludhiana led in terms of area acquired in Tier 2 and 3 cities with around 320 acres of land transacted.

 Source: JLL Report

Note: Delhi NCR includes NCT of Delhi, Gurgaon, Noida, Faridabad and Sonipat. MMR includes Mumbai, Thane, Panvel and Khalapur. Others include Ludhiana, Nagpur, Ayodhya, Ahmedabad, Dholera and Sanand. The development potential is estimated based on the permissible FAR/FSI allowed in the respective micro markets where the land has been transacted. Joint Development agreements (JDAs) are not included for the analysis. Only outright purchases by real estate developers are considered for the study.

The residential segment led the way in land transactions locked in the year 2023.

“With a surge in demand for housing, developers are actively acquiring land parcels for building future supply pipeline. Out of the 1,947 acres acquired in 2023, 1,365 acres (~70%) was acquired for proposed residential projects with a development potential of around 130 million sq. ft. These residential developments would likely have an estimated sales potential of INR 138,750 crore. The launches of new residential projects are expected to strengthen further through new land acquisitions in strategic locations and growth corridors” said Dr Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.

Land Transactions Snapshot for proposed residential developments.

2023 was a bonanza year for residential markets as sales were up by 26% Y-o-Y. Highest ever annual sales of 271,800 units were recorded in 2023, surpassing the peak seen in 2010 at 216,700 units, by 25%. Residential launches in 2023 witnessed a growth of 19% Y-o-Y.

Going forward in 2024, we expect land transactions to remain steady with developers expanding their land banks on the back of expected moderation in interest rates, growing demand for housing and support from institutional funding agencies. Infrastructure changes, specially enhanced metro connectivity between various micro-markets, will throw up new pockets of growth within each city.

Also Read:MahaRERA and Advertising Standards Council of India (ASCI) collaborate to identify erring developers

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In June last year Suhana Khan had bought properties in the village named Thal, located in Alibaug Taluka in Raigad District.

She this year on February 13, registered yet another property located in the same village Thal.

Lets get in to the detail of the recent properties first, then we will talk about the previous ones.

Property measuring 0.72 hectare was bought by Suhana, for which an amount of Rs 9.50 crore was paid.

This property’s documentation was carried out on February 12, while it was registered on February 13.

A stamp duty of Rs 57 lakh was paid for the registration of the deal. The actress bought this property form a 70 year old resident of South Mumbai named Nauzer Wadia.

Suhana shall also have access to the well and the trees on the land read the registration document. Suhana’s current address is that of Mannat, Bandstand, the famous bungalow belonging to actor Shahrukh Khan.

In June last year, Suhana had bought properties in the same village, of which details are as follows.

She had bought agricultural land spread across 1.5 acre with in the same village Thal, in Alibag, for Rs 12.91 crore.

She had paid a stamp duty of Rs 77.46 lakh for the purchase of this land.

Property Details:
Feb 13
0.72 Hectare for Rs 9.5 Cr
Rs 57 lac Stamp Duty

June 2023
1.5 Acre for Rs 12.91 Cr
Rs 77.46 lac Stamp Duty

Also Read: SRK’s Daughter Suhana Spends Rs 12.59 Cr for Alibaug Property

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Since it was put into effect, RERA has been gaining increasing traction, particularly in terms of handling consumer complaints among various states and UTs. According to data from the Ministry of Housing and Urban Affairs, as of November 28, 2023, the relevant state authorities had resolved up to 1,16,300 cases.

Out of this, 38% cases (approx. 44,602 complaints) were resolved in Uttar Pradesh alone, followed by Haryana with 20,604 cases (18%) and Maharashtra with 15,423 cases (13%). The three states cumulatively accounted for nearly 69% of the total disposed cases under RERA in the country.

Registrations for projects and real estate agents under RERA have also been increasing steadily. Almost 1,16,117 projects and 82,755 real estate brokers nationwide were registered under RERA as of November 28, 2023. Approximately 71,307 projects and 56,177 real estate agents were registered over the same period in 2021. This represents a 63% and 47% growth, respectively, over the previous two years.

“Resolving homebuyer concerns is one of the main functions of the Real Estate (Regulation and Development) Act, which it has been demonstrably fulfilling,” says Anuj Puri, Chairman – ANAROCK Group. “More than 1.16 lakh consumer complaints have been handled by the various state and union territories’ RERA bodies, according to official data from MoHUA. Over the previous two years, the pace of project and real estate agent registrations was not slowed down.”

“In fact, over the past two years, project registrations have increased dramatically by 63%. Also, the RERA authorities of various states and UTs have resolved over 37,397 consumer complaints in this period,” he adds. “Uttar Pradesh has resolved the highest number of cases. Considering how severely Noida and Greater Noida in UP had been impacted by unscrupulous players, this is noteworthy.”

With 36% of all projects registered under RERA to date across 34 states and UTs, Maharashtra continues to lead the field in project registrations. With a share of 16%, Tamil Nadu is next, followed by Telangana and Gujarat, which have shares of roughly 7% and 11%, respectively.

RERA – Pan-India Progress

• Almost all states/UTs have notified rules under RERA. The North-Eastern state of Nagaland is still under process to notify its rules, while West Bengal – which earlier enacted its own legislation – was challenged on this by MoHUA before the Supreme Court. In March 2022, the apex court  struck down the West Bengal Housing Industry Regulation Act, 2017 (WBHIRA), stating that it overlapped with RERA, which was enacted a law in the Parliament.
• 32 States/UTs have set up a Real Estate Regulatory Authority since implementation, and of this at least 5 are interim. Ladakh, Meghalaya, Nagaland and Sikkim are yet to establish Real Estate Regulatory Authorities.
• 28 States/UTs have set up Real Estate Appellate Tribunal for disposing of consumer complaints, including 4 as interim. Arunachal Pradesh, Jammu and Kashmir, Ladakh, Meghalaya, Mizoram, Nagaland, West Bengal and Sikkim are still underway to establish theirs.
• Regulatory authorities of 30 States/UTs have operationalized their websites under RERA provisions. Arunachal Pradesh, and Manipur are under process to operationalize.
• 26 States/UTs have appointed adjudicating officers, while 10 States/UTs i.e., Arunachal Pradesh, Bihar, Manipur, Meghalaya, Nagaland, Sikkim, Uttarakhand, West Bengal, Jammu and Kashmir, Ladakh are yet to do so.

Also Read: MahaRERA floats paper on quality of construction

The post <strong>RERA’s Record-Breaking Rally – Massive 63% Surge in Project Registrations Hits 1.16 Lakh Milestone</strong> appeared first on Square Feat India.

The rental agreement of which Index II was provided to SquareFeatIndia by Propstack, shows that the deposit for the property paid by Tendulkar’s firm is Rs 1.05 crore.

The property rented by Tendulkar’s firm is located on the fifth floor of the building named Raheja Bay in Bandra west, The total area is 3,358 sq ft.

The owner of the property is Ferrani Developers.

Also Read: Bhiwandi: Logistic firm Rents Property for ₹85 lac a month

The post Tendulkar’s Sports Management Firm Takes Bandra Property on Rent, Per Month Rent is more than Yearly Salary of Many appeared first on Square Feat India.