The housing finance giant has subsequently sold the project to an asset reconstruction company (ARC). Despite being envisioned as one of the most luxurious real estate projects in Vadodara, Agora City Centre has been plagued by controversies and challenges since its inception.

The project, developed by Manav Infrastructure under the Pradhan Mantri Awas Yojana (PMAY), was built on land that formerly housed the Sanjaynagar slums.

As part of the redevelopment, high-rise residential buildings were constructed on a portion of the land and allocated to the slum’s former residents. These homes were completed and handed over to the beneficiaries as planned.

The remaining land was set aside for Balaji City Centre, a grand mixed-use development comprising retail, commercial, and residential spaces.

It was also designed to include a high-end clubhouse and other luxurious facilities. Promoted as a unique project and the first of its kind in Vadodara, Balaji City Centre faced significant challenges and controversies from the very beginning.

One of the first allegations against the project was that it had been launched without the necessary permissions. Additionally, constructing a retaining wall within the Vishwamitri River’s boundary raised environmental concerns. Further complications arose over the project’s height, which led to the removal of certain floors.

The project came under scrutiny again after Vadodara Municipal Corporation (VMC) conducted investigations during floods and identified encroachments that were reportedly obstructing the river’s natural flow. This resulted in VMC demolishing the project’s clubhouse, further tarnishing its reputation.

The challenges deepened for Manav Infrastructure following the untimely death of its chairman, Ashish Shah, in 2022. Shah, who passed away due to dengue in Ahmedabad, was the driving force behind the company and the Agora City Centre project. His demise marked a significant setback for the project and its developers.

Amid these ongoing difficulties, LICHFL issued a notice last month, inviting agencies to take over the project’s stressed loan. According to the notice, the developers owed a total of ₹711.2 crore, prompting LICHFL to initiate the process of identifying an ARC to handle the loan.

In accordance with the Securities and Exchange Board of India (SEBI) guidelines, LICHFL disclosed the transaction in a recent statutory filing to stock exchanges.

The bidding process resulted in the identification of CFM Asset Reconstruction Private Ltd as the ARC to manage the stressed loan. CFM Asset Reconstruction paid ₹250 crore to LICHFL for the acquisition of the loan.

This development highlights the financial challenges surrounding the Agora City Centre project. With LICHFL officially transferring the loan, CFM Asset Reconstruction will now take charge of recovering the outstanding debt.

The declaration underscores the significant hurdles faced by this ambitious project and marks a critical step in addressing its financial woes.

The post LIC Housing Finance Labels Agora City Centre as a Stressed Asset appeared first on .

This directive follows the regulator’s observation of widespread non-compliance by promoters, raising serious concerns about transparency and accountability within the real estate sector.

During a recent review meeting, HRera highlighted that numerous promoters had failed to submit these mandatory reports, despite being issued repeated reminders.

Consequently, the authority has begun issuing show-cause notices to defaulting promoters. These notices stipulate a strict deadline for compliance and warn that failure to adhere will result in substantial financial penalties.

In its official order, HRera stressed that failing to file annual reports constitutes a significant breach of the Real Estate (Regulation and Development) Act, 2016 (RERA Act).

Promoters who do not comply within 30 days of receiving the notice will face an initial penalty of ₹5 lakh. Additionally, for non-compliance extending beyond 60 days, an incremental penalty of ₹10,000 per day will be imposed.

The submission of annual reports is a vital obligation under Section 4(2)(l)(d) of the RERA Act. Promoters are required to ensure their project accounts are audited by a certified chartered accountant within six months after the conclusion of each financial year.

This audit must confirm that funds collected for a project are used solely for its intended purpose and that withdrawals correspond accurately to the project’s progress.

HRera has further cautioned that any promoter who provides false information or violates the provisions of Section 4 may face penalties of up to 5% of the estimated project cost, as outlined in Section 60 of the Act.

This measure underscores the critical importance of upholding financial integrity in real estate projects.
The regulator has reiterated that these steps are designed to enhance transparency and accountability within the industry.

Promoters are strongly urged to comply with these statutory requirements promptly to avoid facing severe financial and legal consequences.

HRera’s strict stance reflects its dedication to protecting homebuyers’ interests and ensuring that project funds are managed responsibly. Through these actions, the authority aims to reinforce trust and ethical practices in the real estate sector.

The post Haryana RERA mandates builders to file annual reports within 30 days appeared first on .

Among these are prominent projects such as Lokhandwala’s development at Worli Naka and a Lodha project in Dombivli. This development adds to the growing number of deregistration requests, with MahaRERA having received applications for deregistration of nearly 400 projects to date.

Promoters typically file for deregistration under specific circumstances, including when there are zero bookings for the project, financial difficulties, the project’s infeasibility, or new directives issued by planning authorities that affect the viability of the development.

To ensure transparency, MahaRERA has made the list of these 19 projects publicly available on its website, keeping homebuyers informed about the status of these developments.

Of the approximately 400 deregistration applications received, MahaRERA has approved around 200, while the remaining requests are at various stages of review and processing.

According to officials, the reasons cited for deregistration are consistent: projects with no bookings, financial hardships faced by the promoters, project feasibility issues, or challenges arising from planning authority notifications.

For a deregistration request to be considered, it is mandatory that the specific project or phase in question has zero bookings. If the deregistration impacts other phases of a larger project, the developer is required to secure consent from at least two-thirds of the allottees in the affected phases before proceeding with the application.

In February of the previous year, MahaRERA formally outlined the conditions under which projects could be deregistered.

Promoters may withdraw their projects if they cannot commence or complete construction due to reasons such as lack of funds, economic unviability, legal disputes, or changes introduced by planning authorities that adversely affect the project. This policy aims to address stalled projects pragmatically and to offer relief to both developers and buyers.

“MahaRERA conducts a thorough scrutiny of each deregistration application,” stated a MahaRERA official. “This includes examining the project’s accounts and CA certifications to ensure that the interests of homebuyers are not compromised.

Only after all these criteria are met does the regulatory authority approve the deregistration.”
The regulatory body has emphasized that deregistration is considered a practical option for promoters struggling to proceed with their projects.

“When promoters are unable to initiate or complete construction, keeping the project registered serves no purpose. Deregistration is a necessary measure in such situations,” said a senior MahaRERA official.

However, MahaRERA has also provided avenues for recourse to affected parties. Any aggrieved individual or entity can file a complaint regarding the deregistration of a project. MahaRERA assures prompt hearings of such complaints, ensuring that due notices are served to the promoters involved.

Once a decision is reached, the terms and conditions set by MahaRERA in the deregistration order are binding on the promoter. This structured approach ensures that while deregistration addresses the concerns of promoters facing genuine challenges, it also upholds the interests of homebuyers, maintaining transparency and accountability in Maharashtra’s real estate sector.

The post Requests to Deregister 19 More Projects Are Received by Maharashtra RERA appeared first on .

Located in Mallampet Village, Medchal-Malkajgiri district, the project was initially scheduled for completion by July 1, 2023, with a grace period extending to December 2023.

However, with significant delays, RERA has directed the developer to finish all pending work within 90 days from November 14, 2024.

The action follows a complaint filed by flat buyers Allam Nagaraju, S. Arun Kumar, and others, who alleged multiple violations, including delays in project delivery and deviations from the approved construction plan.

According to the complainants, Sterling Homes did not adhere to the sanctioned plan, particularly in constructing the clubhouse and ensuring a compound wall to separate the project from its adjacent Phase II development.

They also accused the developer of misleading buyers by sharing amenities between Phase I and II without prior disclosure. Further, they alleged that Sterling Homes relocated the Sewage Treatment Plant (STP) in violation of the approved plan and began work on Phase II before completing Phase I, thereby compromising the rights of Phase I buyers.

In response, Sterling Homes defended itself in its submission to Telangana RERA (TGRERA), citing external factors such as regulatory hurdles, heavy rainfall, labour shortages, and disruptions caused by the pandemic as reasons for the delays.

The developer maintained that the deviations from the approved plan were minor adjustments made to ensure structural integrity and had been approved by the relevant authorities.

Sterling Homes denied allegations of malafide intent, asserting that Phase II construction was initiated only after securing the necessary approvals and that buyers had been informed about the shared amenities.

It further claimed that financial constraints, exacerbated by the complainants’ alleged non-payment of dues, contributed to the delays in completing Phase I.

In its ruling, RERA ordered the developer to complete all remaining work in the Sterling Orchids Phase I project, including promised amenities, strictly in line with the sanctioned plan, within 90 days.

Additionally, RERA mandated Sterling Homes to pay interest at a rate of 10.95% per annum to the complainants for the amounts already paid, as outlined in the Agreement of Sale.

At the same time, the complainants were directed to clear any pending sale consideration amounts within 45 days to facilitate the project’s progress. Both parties have been instructed to fulfill their respective obligations to ensure the project’s timely completion and prevent further disputes.

The post Telangana RERA Penalizes Sterling Homes ₹18 Lakh for Project Delays. appeared first on .

The complainant, Sharath, alleged that Buildox was promoting and accepting payments for a project named The Continent located at Kondapur/Hafeezpet without RERA registration.

Sharath revealed that he discovered the project through Facebook, which led to a WhatsApp chat with a person named Kamal. This interaction was followed by a meeting at the Buildox office with a representative, Damodara Prasad, who introduced himself as a director of Hexasky Infra Projects managing Buildox sales.

Assured of the project’s authenticity and promised possession by 2028, Sharath paid a token amount of ₹2 lakh in February. However, he later discovered that the project lacked mandatory approvals and the land was embroiled in legal disputes. Consequently, he filed a complaint with TG RERA.

In its defense, Buildox denied all accusations, asserting that the Facebook page advertising the project was unauthorized and fraudulent.

The company claimed it neither had a project named The Continent nor any association with individuals named Kamal or Damodara Prasad. Additionally, Buildox stated they had not received any payments related to the project. The company further alleged that their attempt to refund ₹2 lakh was obstructed due to a block imposed by the complainant.

Upon reviewing the evidence, TG RERA concluded that Buildox failed to substantiate its claims, including the justification for receiving funds, and did not comply with interim orders to provide bank statements.

The authority determined that Buildox had violated Section 3 of the Real Estate (Regulation and Development) Act, 2016, by marketing and collecting payments without the required approvals.

On November 11, TG RERA imposed a penalty under Section 63 of the Act, instructing Buildox to refund the ₹2 lakh booking amount to Sharath within 15 days. The authority also cautioned the company that failure to comply would result in additional action under Section 63.

The post Buildox Fined for Accepting Flat Booking Amount Without Telangana RERA Approval appeared first on .

This ruling came as the court allowed a petition filed by M/s Columbia Pacific Communities Pvt Ltd, Bengaluru, a company engaged in providing specialized senior-care services. The petitioner had been collecting common area maintenance charges from residents of Serene Urbana Apartments located in Kannamangala, Devanahalli.

Columbia Pacific Communities challenged a January 11 order issued by K-RERA, which had ruled that a complaint filed by the Serene Urbana Apartment Owners’ Welfare Association against Ozone Urbana Infra Developers Private Limited, the project developer, as well as the service provider and others, was maintainable.

The petitioner argued that the association’s disputes with the developer were unrelated to its role as a service provider and that it was unnecessarily dragged into the matter.

The complainant-association maintained that the service provider was collecting common area maintenance charges from apartment owners and insisted that its inclusion in the proceedings was essential, as the dispute with the developer could not be resolved without involving the petitioner.

After examining the records, Justice M. Nagaprasanna observed that the association’s complaint predominantly involved disputes with the developer, Ozone Urbana Infra Developers Private Limited.

The complaint sought to restrain the petitioner from mortgaging land, infrastructure, and assets, as well as from increasing common area maintenance charges until issues with the Serene Urbana Project were resolved. The judge noted that most of the prayers in the complaint were directed at the developer and other respondents, with only ancillary requests involving the petitioner.

The court highlighted that the petitioner’s agreements with individual apartment owners were limited to providing specific services, as outlined in the “services agreement.” Justice Nagaprasanna remarked that the petitioner had no obligations concerning the development or other activities of the apartment complex. Consequently, the court held that the petitioner could not be held liable for the liabilities of the apartment owners or the developer.

The court emphasized that the petitioner was being unfairly implicated in the proceedings due to disputes unrelated to its role. “For the folly of others, the petitioner is sought to be dragged into these proceedings. In the considered view of this court, the complaint against the petitioner, who is only a service provider, is not maintainable,” the judge stated.

In its ruling, the High Court concluded that the complaint against Columbia Pacific Communities Pvt Ltd was not maintainable, affirming that the service provider could not be held accountable for the disputes between the apartment owners’ association and the developer.

The post High Court: Petition Against Service Provider Before Karnataka RERA Unmaintainable appeared first on .

Unlike standard disbursements under ‘affordable housing’ initiatives, this new approach would assess applicants’ income through unconventional means, such as examining the transaction activity of a street vendor via QR code payments.

Another proposed method involves estimating the business revenue of a roadside eatery by analyzing customer volume and average bill size.

This proposal is being explored in light of recent Cabinet approval for government support to construct 3 crore homes under the Pradhan Mantri Awas Yojana (PMAY) 2024.

PMAY’s focus areas include slum rehabilitation, credit-linked subsidies for economically weaker sections, and interest subsidies for low- and middle-income groups, along with affordable housing partnerships.

A senior banker confirmed the initial discussions but clarified that “it would be inaccurate to suggest that public sector banks are being pushed by the government to pursue this.”

If implemented through the extensive network of PSU bank branches, such a scheme could boost participation in the central housing programs, which were launched in 2016 for rural and 2015 for urban areas.

However, this would involve banks engaging a new customer segment traditionally served by non-banking financial companies (NBFCs), whose loan approvals have recently slowed due to concerns raised by the Reserve Bank of India over their growth rates. Typically, NBFCs charge 1.5-2 percentage points higher in interest.

“While affordable housing loans may fall under the central scheme, banks usually request some form of documentation, like income tax returns or bank statements, even for low-income applicants,” noted another banker.

“What could be explored now is whether banks could conduct an on-site assessment of income. PMAY has faced some obstacles, like missing documentation and regions where properties are transferred without notifying the lender.”

Some in the banking industry believe a partial government guarantee could be beneficial for loans where formal income documentation is absent.

The Indian Banks’ Association recently discussed this idea, with a source mentioning, “This will require a different strategy. Even with income documentation, banks often face scrutiny on factors such as loan-to-value ratios, which the regulator has capped at 90% for loans up to Rs 30 lakh.”

Just last week, the Cabinet approved the PM-Vidyalaxmi scheme to support meritorious students facing financial challenges in higher education.

Under this scheme, students accepted into ‘quality higher education institutions’ (ranked by the National Institutional Ranking Framework) are eligible for collateral- and guarantor-free loans from banks and financial institutions to cover tuition and other course-related costs.

The post State-Run Banks Explore New Home Loan Model for Informal Income Earners appeared first on .

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 .

Quarter Highlights:

• Second highest ever Q2 Revenue since inception.
• Recorded footfalls of 4.51 lakhs.
• Bangalore Park recorded 1.96 lakhs footfalls, Kochi Park recorded 1.39 lakhs footfalls, Hyderabad Park recorded 0.92 lakhs footfalls and Bhubaneswar Park recorded 0.24 lakhs footfalls.

Half year Highlights:

• Recorded footfalls of 14.52 lakhs.
• Bangalore Park recorded 5.54 lakhs footfalls, Kochi Park recorded 4.14 lakhs footfalls, Hyderabad Park recorded 3.91 lakhs footfalls and Bhubaneswar Park recorded 0.93 lakhs footfalls.

Quarter Update:

• Footfalls for the second quarter ended September 30, 2024, were 4.51 lakhs, as against 4.96 lakhs during the corresponding period of the last financial year.
• Gross revenue for the second quarter ended on September 30, 2024, was Rs.71.23 crores, marking a 13% de-growth compared to Rs.81.41 crore achieved in the corresponding period of the last financial year.
• EBITDA for the second quarter ended September 30, 2024, was Rs.2.75 crores, marking a 90% de-growth compared to Rs.26.65 crore achieved in the corresponding period of the last financial year. This is primarily due to increased marketing expenses and expanded recruitment efforts aimed at building long-term brand value, raising awareness for the new park, and supporting Wonderla’s ambitious expansion plans.
• Adjusted EBITDA for the second quarter ended September 30, 2024, was Rs.4.74 crores, marking an 82% de-growth compared to Rs.26.65 crore achieved in the corresponding period of the last financial year.
• Profit after tax for the second quarter ended September 30, 2024, was Rs.14.72 crores, marking a 9% growth compared to Rs.13.52 crore achieved in the corresponding period of the last financial year.

Half year Update:

• Footfalls for the half year ended September 30, 2024, were 14.52 lakhs, as against 15.98 lakhs during the corresponding period of the last financial year.
• Gross revenue for the half year ended on September 30, 2024, was Rs.248.69 crores, marking an 8% de-growth compared to Rs.271.67 crore achieved in the corresponding period of the last financial year.
• EBITDA for the half year ended September 30, 2024, was Rs. 98.71 crores, marking a 34% de-growth compared to Rs.149.15 crore achieved in the corresponding period of the last financial year.
• Adjusted EBITDA for the half year ended September 30, 2024, was Rs.106.54 crores, a 29% de-growth compared to Rs.149.15 crore achieved in the corresponding period of the last financial year.
• Profit after tax for the half year ended September 30, 2024, was Rs.77.96 crores, marking a 20% de-growth compared to Rs.97.99 crore achieved in the corresponding period of the last financial year.

Business Outlook:

Commenting on the performance during the quarter, Mr. Arun K Chittilappilly, Managing Director, Wonderla Holidays Ltd., said “Wonderla’s achievement of its second-highest Q2 revenue since inception highlights the brand’s resilience and appeal, even in a dynamic market environment. This quarter’s footfall of 4.51 lakh reflects our dedicated efforts across Bangalore, Kochi, Hyderabad, and Bhubaneswar, despite challenges from shifting consumer preferences and natural disruptions, including landslides in Kerala and floods in Andhra Pradesh and Telangana. Each park made significant contributions, underscoring Wonderla’s regional strength and the sustained popularity of our offerings.

A significant milestone this quarter was the grand opening of Wonderla Bhubaneswar, inaugurated by the Deputy Chief Minister of Odisha, which has expanded our footprint and strengthened our presence in Eastern India.

While discretionary spending showed caution, our strategic emphasis on growing non-ticket revenue and engaging higher-value visitors has supported profitability. This quarter also saw a notable rise in online bookings especially across our established parks in Bangalore, Kochi, and Hyderabad compared to the same period last year. This aligns with Wonderla’s focused efforts to expand its online presence each year. Wonderla remains steadfast in delivering world-class experiences and adapting to shifting market trends. Our ongoing commitment to innovation and operational resilience not only reinforces current growth but positions Wonderla to capture new opportunities within India’s expanding amusement and entertainment sector.”

The post Wonderla records second highest ever Q2 revenue since inception appeared first on .

Mumbai, 06 November 2024 – Supreme Universal, a prominent name in Mumbai and Pune’s real estate landscape, is proud to announce the launch of the second phase of its luxury villa township, Supreme Villagio, situated  in Somatane, Pune.

Following the tremendous success of the first phase launched in early 2023, which saw nearly 100 villas sold, the company is now introducing an additional 70 exclusive 4 BHK villas. The second phase aims to cater to the ever-growing demand for sumptuous in the Pune region, drawing interest from both domestic and international buyers.

Supreme Villagio, spread over 16 acres, offers premium residential experience, elite accommodations and natural surroundings. The first phase of the project, launched in early 2023, quickly gained traction among high-end homebuyers and investors.

Close to 100 villas were sold out within a year, and the project is set for delivery early next year. This overwhelming response encouraged Supreme Universal to advance plans for the second phase, offering an additional 2.5 lakh sq. ft. of opulent living space.

Vishal Jumani, Joint Managing Director of Supreme Universal, expressed their excitement for the second phase: “The first phase of Supreme Villagio surpassed our expectations in demand and sales, generating significant interest from local and NRI buyers.

The second phase is already generating inbound demand from high-net-worth individuals (HNWIs) and investors from cities such as Pune, Mumbai, Ahmednagar, Aurangabad, Jaipur, Delhi and NRI markets like US, UK, UAE, Singapore and Australia.

The project’s unique location, the upcoming Navi Mumbai Airport, and the 105 km Eastern Ring Road add immense value to this development as an affluence investment opportunity.”

Supreme Villagio sets a new benchmark in villa living, standing out as a premier residential development. Situated 600 meters above sea level, it enjoys the same altitude and natural climate as Lonavala, offering residents fresh air, lush green surroundings, and a peaceful lifestyle away from the bustle of city life.

The project is well-connected to Pune’s major hubs, including Baner, Hinjewadi, and PCMC, as well as to the Mumbai-Pune Expressway and Old Mumbai-Pune Highway, ensuring easy access to both Mumbai and Pune.

In terms of amenities, the project boasts a grand central boulevard, a majestic clubhouse, a large swimming pool, manicured gardens, and a range of recreational activities. With its proximity to reputed schools, hospitals, and entertainment hubs such as Phoenix Mall in Wakad, Supreme Villagio offers residents an integrated, lifestyle-focused living experience.

The newly launched second phase includes 70 exclusive 4 BHK villas designed to elevate luxury living. Each villa has Private top terrace, two parking spaces, lift provisions, and a helper’s room. Several units are strategically placed facing the green spaces and central boulevard, providing breathtaking views and seamless access to the project’s premium amenities.

“The second phase has been designed to meet the evolving needs of top-tier homebuyers. Our focus is creating a living space with state-of-the-art facilities, a connection to nature, and a peaceful retreat,” added Mr Jumani.

Located near the Gahunje Cricket Stadium and surrounded by several landmarks, such as the Prati Shirdi Temple and Japalouppe Equestrian Centre, Supreme Villagio offers a serene and healthy lifestyle. It is also well-suited for weekend leisure activities such as golfing, paragliding, and equestrian sports, with coaching centers nearby.

Mr Jumani, “Supreme Villagio is naturally gifted with beautiful weather and offers a lifestyle emphasizing well-being, leisure, and privacy. This project is ideal for buyers looking to escape the concrete jungle and reconnect with nature while enjoying all the conveniences of modern living.”

Supreme Villagio’s remarkable first-phase achievements have set the stage for its impressive second phase, further solidifying its reputation as a pioneer in redefining luxury residential standards.

Supreme Universal remains committed to creating spaces that offer elegance and comfort while meeting the growing demand for high-quality, nature-immersed living experiences in Pune’s most sought-after neighborhoods.

The post Supreme Universal launches the second phase of Supreme Villagio in Somatane, Pune appeared first on .