The data highlights the impact of the Dussehra and Diwali celebrations on the city’s real estate activity, particularly in the municipal region under BMC (Brihanmumbai Municipal Corporation) jurisdiction. This growth marks a significant rise from 10,607 units registered in October 2023.

Residential units dominated this upward trend, comprising 80% of the total registrations for the month, emphasizing a strong and steady demand for housing in Mumbai.

October 2024 noted a marked increase in demand for high-value properties, with transactions for properties priced above Rs 2 crore reaching 2,876 units.

This high-end segment accounted for 22% of total registrations, up from 18% in October last year. The trend showcases an upward shift in consumer preference for premium properties, reflective of Mumbai’s resilient real estate market.

Conversely, the share of registrations for properties priced below Rs 50 lakh dropped significantly from 27% in October 2023 to 20% in October 2024, indicating a shift towards mid-to-high-end property investments.

Here is what real estate industry leaders have to say on the robust property registrations in October 2024:

Mr. Prashant Sharma, President, NAREDCO Maharashtra

“The remarkable increase in property registrations and revenue generation in Mumbai this October underscores the positive sentiment surrounding property investments during the festive period. The alignment of auspicious occasions like Navratri and Diwali in the same month has certainly catalyzed this growth, as buyers view this as an ideal time to make high-value investments.

This trend reflects the growing confidence in Mumbai’s real estate market, supported by strong demand across segments and favorable state policies. NAREDCO Maharashtra is optimistic that this momentum will continue, contributing significantly to the state’s economic growth and further bolstering buyer confidence in Mumbai’s dynamic property market.”

Mr. Rajeev Ranjan, Co-Founder & CEO, The Mentors Real Estate Advisory Pvt Ltd

“The festive period this October has brought forth a surge in property registrations, fueled by the high-value sentiment associated with Navratri and Diwali. This seasonal upturn, combined with the strategic allure of Mumbai as a premium investment destination, showcases the strength of the real estate sector as a wealth-building asset for buyers.

The impressive rise in revenue from property registrations not only reflects robust market activity but also signals a maturing buyer profile that sees long-term value in real estate. As we move forward, we anticipate sustained demand driven by such auspicious periods and consistent market confidence in Mumbai’s thriving property landscape.”

Mr. Anil Mutha, Chief Visionary & Co-Founder, Nandivardhan Group

“The strong performance in property registrations during October reflects Mumbai’s enduring appeal and the pent-up demand catalyzed by Dussehra and Diwali. The shift towards higher-value properties is particularly encouraging for developers as it indicates a maturing market where homebuyers are increasingly prioritizing location, lifestyle, and amenities. The real estate market is witnessing a transformative phase, and we are optimistic about the sector’s continued growth.”

Mr. Vedanshu Kedia, Director, Prescon Group

“The increased demand in the high-value property segment underscores a shift in buyer preference towards premium, amenitized, living experiences, as seen in the rise in registrations for properties priced above Rs 2 crore.

This trend highlights the aspirations of Mumbai’s buyers for quality and lifestyle-driven investments, and we expect this momentum to sustain as more homebuyers align their choices with long-term value creation and life-style oriented decision making.”

Mr. Rohan Khatau, Director, CCI Projects

“The significant increase in registrations, particularly in premium segments, signals a robust demand landscape driven by economic stability and aspirational buying. The reduced share of lower-value properties indicates a trend where Mumbai homebuyers are moving towards long-term investments that enhance quality of life.

The sector’s positive growth trajectory demonstrates the resilience and potential of Mumbai’s real estate market as it aligns with the aspirations of modern homebuyers.”

Mr. Govind Krishnan Muthukumar, Managing Director & Co-founder of Tridhaatu Realty

“The consistent rise in property registrations, especially during the festive season, reflects a renewed confidence among homebuyers, spurred by robust market dynamics and favorable economic conditions. The strong demand for high-value properties reaffirms Mumbai’s position as a lucrative and resilient real estate market.

With upcoming infrastructure advancements, we anticipate this trend will continue, creating positive momentum across all price segments and benefiting developers and consumers alike.”

The festive quote by Mr. Harshvardhan Tibrewala, Managing Director of Vida Realty

At Vida Realty, we are focused on developing premium, sustainable real estate projects that cater to the evolving needs of modern families. With Chembur emerging as a rapidly growing real estate market, we’ve seen a surge in interest, especially since Navratri, and we are excited to meet the demands of potential customers through our thoughtfully designed properties and flexible payment plans.

Our existing projects, such as Upper East 97, East Eden, and Roha Vatika, have set a benchmark in quality living. With our ongoing projects Eva Aria & Eva Aspire, and several upcoming projects like Vida Crest, Elevia, and JVLR60, we are targeting over ₹200-300 crore worth of property sales in the next six months.

The post Mumbai Property Registrations Surge by 22% in October 2024 boosted by High-Value Transactions in festive season appeared first on .

This marks a considerable increase compared to previous years, as 190 projects were registered in 2023 and 215 in 2022. This trend highlights the strong growth in real estate developments within Uttar Pradesh.

A key trend observed is the increased registration activity in non-NCR districts and continued development within NCR districts. Of the total new registrations in 2024, approximately 144 projects, representing 65% of the registrations, are in non-NCR districts.

Meanwhile, 76 projects, accounting for 35%, are in NCR districts. Notably, this represents a shift from the 2017-18 period, where registration numbers in NCR and non-NCR areas were nearly balanced.

The non-NCR districts contributing to this surge include Mathura, Ayodhya, Bareilly, Moradabad, Jhansi, Prayagraj, Varanasi, and Lucknow. In NCR, the main districts where projects have been registered are Gautam Buddha Nagar, Ghaziabad, and Meerut.

In total, UP-RERA has recorded 3,756 projects across the state, which include residential, commercial, and mixed-use developments.

Of these, 1,701 projects are situated in NCR districts, while 2,055 are based in non-NCR districts. Among the total registered projects, 1,207 have been completed and have secured the necessary Occupancy Certificate (OC) or Completion Certificate (CC).

Regarding the type of projects, around 1,700 are new projects that were registered after May 1, 2017, whereas 2,056 fall under the category of ongoing or work-in-progress.

In the non-NCR region, of the 2,055 registered projects, 1,068 are new, while 987 are ongoing. Meanwhile, in NCR, of the 1,701 projects, 632 are new, with 1,069 continuing under construction. Gautam Buddha Nagar leads with 1,015 projects, followed by Lucknow with 785, and Ghaziabad with approximately 470.

The post Over 200 New Projects Registered with Uttar Pradesh RERA between January and October 2024 appeared first on .

This decision is significant because it establishes a deadline for making an investment in a new home in order to qualify for tax benefits. Long-term capital gains (arising from the sale of the old property) have a taxable component that is reduced to the extent of investment in the new house.

Consequently, there is a reduction in the tax outflow. The new house must be bought either “one year prior” or “two years after” the old house’s sale date, per this clause. Alternatively, three years from the date of the original property’s sale, the new residential home may be built.

In this instance, involving a non-resident couple for the fiscal year 2010–11, the I-T officer rejected the exemption and found that each individual’s taxable income was close to Rs 36 lakh.

The I-T officer decided that making a claim for an erroneous deduction amounted to “concealment of income or furnishing of inappropriate particulars of income,” thus penalties were also assessed.

On February 10, 2011, the couple who didn’t live there sold the old house. As a result, the new home might have been bought between February 11, 2010 (a year earlier) and February 9, 2013 (two years later).

The tax benefit was declined by the I-T officer, who pointed out that the agreement for the purchase of the new house was established with the builder on July 25, 2009.

ITAT rendered a decision in support of the taxpayers. The bench determined that merely the right to purchase had been obtained by signing a purchase agreement. Regarding the tax benefit, the date of possession—February 2, 2011—should be taken into account. This date was inside the allotted time frame.

The post Key date of residence for tax benefits: ITAT appeared first on .

01^st May 2024, New Delhi: Max Estates Limited, the real estate arm of the Max Group, today announced a strategic investment of INR 388 Crore from New York Life Insurance Company, America’s largest mutual life insurer[1].

Upon the transaction’s close, New York Life will acquire 49% stakes in two SPVs of Max Estates that hold Max Towers and Max House (Phase I & II). Both are rent yielding operational commercial real estate projects located in Noida and Delhi, respectively. Max Estates will hold 51 % in the two SPVs after the transactions are concluded.

Max Estates will use a bulk of these funds to finance its expansion into the high – growth residential market and to capitalise on market opportunities.

This strategic investment will further enable Max Estates to deliver on its aspired growth trajectory of acquiring at least 2 million square feet of development opportunity every year and redefine the future of residential and commercial real estate in the NCR.

Max Estates believes that this latest round of strategic investment by New York Life is an affirmation that Max Estates has the ability to execute at scale bringing real well-being to real estate in India.

New York Life owns 22.67% share in the listed entity – Max Estates. It also owns 49% stakes in Max Estates’ new commercial projects in Delhi-NCR.

It includes Max Square, which is already operational on Noida Expressway in Noida; and two under construction projects Max Square Two located adjacent to Max Square and a project located on main Golf Course Extension Road, Gurugram.

Commenting on this development, Sahil Vachani, VC & MD of Max Estates said, “We are excited to announce that our ever-growing partnership with New York Life Insurance is even stronger now. This collaboration further strengthens Max Estates’ financial capacity to deliver world-class commercial and residential projects in Delhi-NCR and ensures a balanced approach to capital structure to fund company’s growth trajectory. 

It signifies continued confidence from institutional investors in the growth potential of the company and its ability to unlock significant value for all stakeholders with right market-product combination in the real estate sector in India.’’

With a proven track record of delivering world-class commercial and residential properties, Max Estates has established itself as a leading player in the Indian real estate landscape with focus on Delhi NCR. The Company has completed a full cycle from investment to part monetization, showcasing its ability to raise capital and monetize rent-yielding assets.

About Max Estates Limited:

Established in 2016, Max Estates Limited is the real estate arm of the Max Group. With the purpose of ‘Enhancing Quality of Life through spaces it creates’, it has chosen to create premium commercial and residential spaces in Delhi NCR.

The company has developed a very well diversified portfolio of real estate across the two asset classes in Delhi NCR and in this pursuit has partnered with New York Life Insurance Company (NYL) particularly for commercial office platform.

Its marquee projects include a one-of-its-kind commercial office space Max Towers, on the edge of South Delhi that opened its doors in 2019, Max House – a re-development of office campus, Max Square, located on a primary office vector – Noida Expressway and, 222 Rajpur, a luxury residential villa community on Rajpur Road, Dehradun.

It has two under construction commercial office projects – Max Square Two, adjacent to Max Square and a project located on main Golf Course Extension Road marking its entry in commercial office segment in Gurgaon.

On the residential front, the company has successfully launched and sold its first project in Delhi NCR in CY 2023, Estate 128, which is being developed in Noida and second project is to be launched in first half of CY 2024 in Gurugram. Max Estates also has a real estate services & management company – Max Asset Services. Max Estates Limited is listed on NSE and BSE.

The post Max Estates announces strategic investment of INR 388 Crore from New York Life Insurance Company. appeared first on .

TARC KAILASA, a 1.7 million square feet development spread over a strategically located 6-acre land parcel, comprises 5 high-rise magnificent towers beautifully designed by renowned architectural practice Andy Fisher Workshop – Singapore.

The Company has thoughtfully chosen Arabian Construction Company as its construction contractor considering their expertise in high-rise construction and the large number of delivered projects all across India and also UAE.

Amar Sarin MD & CEO of TARC Limited expressed his views on the meticulously designed project that never before offered the amenities and luxury that the buyer community has been longing for in New Delhi, India.

Be it the expansive spread, the high ceilings, the 3 sides open design for light and ventilation, very high-end specifications, private lift lobbies, and the all-weather pools, KAILASA has been designed to provide the solace and tranquility we all long for.

The 170,000 square feet of entertainment areas, the 7-tier security, the concierge services, and the large apartment formats at KAILASA have something and more for each member of your family stated Amar Sarin (MD & CEO).

TARC KAILASA has a revenue potential of over INR 4000 Crores, and the Company reported garnering a tremendous response.

Commenting on the growth and transformation of the residential real estate sector Amar Sarin shared his very positive views and belief on the growth trajectory that India is witnessing and the greater growth opportunities going forward under the admirable and glorious leadership of our revered Prime Minister Shree Narendra Modi Jee.

TARC Limited recently got a new brand identity, which in consonance with the values and traditions that are adopted by the Company is Inspired By India.

Thanks & Regards,

The post LAUNCH OF TARC KAILASA appeared first on .

While conducting property inspections in response to purchasers’ complaints about project delays in rural areas, MahaRERA authorities discovered that developers of numerous planned areas had sold units without registering or providing the QR code that is required for all projects larger than 500 square meters. They said that to issue notifications against such projects, the authority acted suo motu.

“We have issued notices under section 3 of the RERA Act,” an official stated. “Section 3 states that no promoter may, without first registering the project with RERA, advertise, market, sell, offer for sale, or invite persons to purchase in any manner plot, apartment, or building, as the case may be.

MahaRERA, according to Mumbai Grahak Panchayat chairperson Shirish Deshpande, was carefully reviewing every aspect. “This is a fantastic project. When making investments in plotted projects, prudence is required because several developers, particularly those from rural regions, promote without registering and defraud customers. He said that developer organizations ought to keep a careful eye on these people and businesses.

Revenue officials said that developers frequently enticed investors with announcements of planned projects, or the subdivision of land into plots, for sale as non-agriculture (NA) units. These announcements were made without the provision of necessary infrastructure or MahaRERA registration.

Previously, in order to register for RERA, developers had to submit both commencement certificates (CC) and occupancy certificates (OC). MahaRERA introduced new provisions last year that treated NA plot certifications as CC for plotted units. Additionally, an OC that was required to notify RERA that the project had been finished would be received upon receipt of a tehsildar acknowledgment (after completion and execution of all conditions set by the competent authority) signed by the project architect.

Developers in projects run by rural local bodies, however, confront some difficulties. Real estate developments in rural areas may now proceed more quickly as a result of the new regulations and the NA certificate’s acceptance as CC, the official stated. He said that even though the plots were larger than 500 square meters, prominent developers had declared planned developments in rural areas but were not registering them.

Ajoy Mehta, the chairman of MahaRERA, issued an order in 2021 prohibiting a developer from publicizing their projects or allowing any reservations for NA plots since they had failed to register or construct the necessary infrastructure.

The post Notices are sent to 41 unregistered plot projects by MahaRERA. appeared first on .

Of the 200 properties the administration has designated for recovery, 32 will be auctioned on February 5.

“All the property owners who are in arrears have received notifications from the administration. They were instructed to pay the debts.

However, these defaulters have not paid tax despite numerous warnings, which has resulted in property auctions “said Ajit Deshmukh, head of PMC’s property tax department. There will be an online auction.

PMC anticipates making about Rs200 crore from the sale. The owners of any property will receive any residual funds if it sells for more than what is owed. “To get the remaining funds, the property owners must apply.

The money will be placed into PMC’s accounts if the owners don’t claim it within six months, according to a senior official. The administration has affixed its name to the property cards and other pertinent documents before the auction. For as long as ten years, some of the property owners have not paid taxes.

In compliance with the Maharashtra Regional and Town Planning Act, the auction will be conducted. It has authorized local self-governing organizations to hold these tax recovery auctions.

According to a local official, permission from the courts and other authorities has been obtained before the auction can begin.

Approximately 12 lakh properties are subject to tax, according to PMC data. Taxes on mobile towers and payments from large defaulters, such as businesses, IT parks, hospitals, and commercial buildings, are also included.

Ten percent of the property tax is discounted for citizens who pay it by May 31.

The post On February 5, the Pune local council will auction off the properties of tax defaulters. appeared first on .

Ajit Deshmukh, head of the property tax department, stated, “The defaulters received notices from the civic administration.” We started the sealing procedure when they refused to pay after several warnings.”

According to РМС, the total tax dues of defaulters was around Rs8 crore. About Rs1.8 crore was collected since the drive started.

The sealed properties will also be auctioned by the civic authority. Currently, about 200 properties are scheduled to be auctioned off. The PMC is anticipated to make Rs60 crore from the move. The auction was the last resort for recovery, according to officials.

Nevertheless, before the auction, other actions are investigated, such as publishing notifications and temporarily closing the property.

PMC takes ownership of the property and places its name on the 7/12 extracts if the payment is not made even then. Following the attachment, the property is put up for sale by the city administration, including an online bidding process.

The property tax division contributes between Rs1,800 and Rs2,000 crore to PMC’s annual revenue.

The civic administration, according to activists, has instituted a tax defaulter amnesty program. This has misrepresented the situation and hurt PMC’s earnings. On the other hand, conscientious taxpayers do not reap many benefits from local government.

The post Pune municipal council seizes 40 items for unpaid property taxes. appeared first on .

The NMC has instructed the defaulters to pay their taxes within 15 days; if they don’t, the civic organization will begin the warrant-issuing process.

For the current fiscal year (2023–24), the local body has set a target of Rs 210 crore for property tax collection. Municipal Commissioner Ashok Karanjkar has given the property tax department till December 31 to accomplish this objective.

In light of this, the property tax agency has begun pursuing tax defaulters. Notices have been sent to 2.37 lakh tax defaulters who owe the civic body Rs 5,000 or more in the first phase.

The civic body’s Panchavati division has the most defaulters.

Panchavati has 59,961 defaulters with outstanding debt totaling Rs 124.11 crore. In the meantime, from April 1 and October 22, the civic body’s property tax collection increased by 25%.

During the current fiscal year, the civic body has collected Rs 130 crore towards property tax, compared to Rs 104 crore during the same period the previous year.

The most property tax money ever collected by the civic body in its forty years of existence was Rs 188 crore, which was collected during the most recent financial year.

The civic body is required by the 15th Finance Commission’s rules to collect property tax in the amount of Rs 210 crore. Once the NMC reaches the property tax collection objective, it will only be eligible for a government grant under the 15th Finance Commission. Because of the high number of defaulters, the civic body has taken the matter of unpaid property taxes seriously.

Over 5.3 lakh properties are registered with the civic authorities among the city’s six divisions.

The post Notices are sent to 2.4 lakh property tax defaulters by the Nashik civic authority. appeared first on .

There have not yet been any complaints, according to sources at the Rera headquarters in Nagpur. A builder may be penalized up to 5% of the project cost in the event of a lapse.

The sum would vary according to how serious each instance was. If the QR code is absent from papers like brochures, advertising, or other promotional materials, customers may object.

Beginning on August 1, Maha-RERA has made it necessary for contractors to create a QR code for each of their projects, which must be placed in all relevant promotional materials. By scanning the code, customers will be able to access all the pertinent papers pertaining to a project.

Builders also find it simple to comply, according to Gaurav Agrawala, president of the Confederation of Real Estate Developers of India’s Nagpur chapter. The code leads the customer to the applicable builder’s page on the Rera website, where they can view all pertinent paperwork.

Reading the code reveals details about the project’s approval, size, land ownership, the presence of encumbrances on the site, completion date, and even the total number of reservations made thus far. This includes all the data that is presented to the Rera when registering a project.

It is not permitted to contain private information about the builder, such as his financial situation, which must be disclosed to Rera as well in order to verify that the realtor has the funding necessary to finish a project. Even information about other buyers wouldn’t be accessible.

Any document that promotes a specific construction project must have a QR code. If not, a fine of up to 5% of the project cost may be imposed on the constructor. Sanjay Bhimanwar, deputy secretary and head of the Rera’s office in Nagpur, indicated that the punishment will depend on how serious the error was.

Every kind of paper that could be used as advertising for a real estate project is covered by the rule, according to him. Its purpose is to make it easier for users to get project-related facts.

Earlier, it was necessary to present the Rera registration number. By entering the registration number on the Rera website, the information could be viewed. However, few customers were familiar with this mode. With the QR code, he predicted that it would be considerably simpler.

Builders have welcomed the change, according to Anil Nair of Pioneer Constructions, because it also makes it simple for the builder to provide a buyer with all the necessary information. The Confederation of real estate developers of India (CREDAI), according to Sunil Duddalwar of M/s Himalaya Builders, has endorsed the action.

The post MahaRERA may impose fines on contractors who fail to include QR codes in their ads. appeared first on .