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 .

Of these 628 projects, 312 are from the Mumbai region, including Mumbai, Mumbai suburban, Thane, Nashik, and Konkan. About 250 projects are from the Pune region, covering Pune city, western Maharashtra, and Marathwada, while 66 projects are from the Nagpur region.

To protect investments, MahaRERA has urged homebuyers to avoid transactions with housing projects that lack the mandatory RERA registration number. “Promoters of housing projects are not permitted to advertise their projects without a MahaRERA registration number.

Starting August 1, 2023, it is also mandatory to display a QR code with every advertisement, enabling homebuyers to access important project information.

Despite this, some developers are violating these guidelines. Therefore, MahaRERA is always on the lookout for such advertisements and regularly initiates action against the violators,” said Ajoy Mehta, chairman of MahaRERA.

For effective enforcement of these guidelines and to identify violators, MahaRERA collaborates with the Advertising Standards Council of India (ASCI). This partnership aims to monitor both traditional and new-age advertising formats, with the aid of artificial intelligence.

The collaboration has successfully identified violators across newspapers, websites, online video streaming channels, and social media. Notably, the violation rate is significantly higher on social media compared to traditional advertisement formats.

Under the Real Estate (Regulation and Development) Act, any project in Maharashtra exceeding 500 square meters or involving more than eight apartments (including plots) must be registered with MahaRERA. No marketing activities or sales are allowed without securing this registration number.

Furthermore, starting August 1, 2023, developers are required to provide detailed project information, including the project’s name, developer’s name, registration renewal status, expected completion date, pending complaints, litigations, and any recovery warrants. This information can be accessed by scanning the project’s QR code.

Despite these mandatory requirements, some developers continue to disregard the guidelines, prompting MahaRERA to initiate suo motu action and issue show-cause notices to the violators.

The post MahaRERA Takes Action Against 628 Projects for Registration and QR Code Non-Compliance appeared first on .

Mumbai’s real estate sector is witnessing an impressive performance with property registrations for April 2024 expected to cross 11,500 units from 10,514 a year earlier.

Notably, the current figures represent a 9% increase in registrations compared to the same period last year, reflecting a continuous positive outlook. This robust activity is projected to contribute over Rs 1,043 crore to the state exchequer, according to a report by Knight Frank India.

The city’s property sector, under the jurisdiction of the Brihanmumbai Municipal Corporation (BMC), has consistently shown strong results, marking the fourth consecutive month where registrations have exceeded 10,000 units.

The majority of these transactions, about 80%, have been residential properties, underscoring the sustained demand for housing in the region. This trend is a clear indicator of homebuyers’ unwavering confidence in Mumbai’s real estate market, which has remained attractive to potential buyers.

April 2024 has also seen Mumbai record the second-highest number of property registrations for the month in the last 12 years, alongside the highest collection of stamp duty ever recorded for April. This surge in activity and revenue can be attributed to rising income levels and a positive attitude towards homeownership among Mumbai residents.

Here are the comments from the industry leaders on the robust registration numbers.

Mr. Prashant Sharma, President, NAREDCO Maharashtra

The post Housing in Mumbai continues to thrive with strong April 2024 property registrations. appeared first on .

59 people who live in Mohamed Tajbhai chawl in Worli disputed the decision of Oricon Properties Pvt Ltd, the developer, to give them a 351 square foot carpet space through a writ petition. In accordance with Section 33(7) of the Development Control and Promotion Regulations, (DCPR) 2034, the chawl is undergoing reconstruction.

Equipped with architectural blueprints acquired under the RTI Act of 2015, the inhabitants approached HC, requesting more spacious rehabilitation apartments as stipulated by DCPR, a parking lot for each of the four rehab apartments, and an expansion of the amenity open space that the municipal commissioner had cut down from 20% to 8%.

The petitioners’ advocate claimed that the builder had misled tenants by claiming that it was not possible to provide 405 square feet of apartment space because he was paying for fungible FSI to provide 51 square feet of carpet area above and beyond the required 300 square feet, with the remaining fungible FSI for rehab buildings going toward the construction of common areas like lobbies, elevators, and staircases.

Upon obtaining legal counsel, the residents discovered that the FSI does not include the staircase, elevator, or lobby, and therefore the remaining fungible FSI cannot be utilized for that purpose. This is in accordance with Regulation No. 35(2), DCR 1991. They also relied on the architects’ certificate, which states that 405 square feet of carpet space may be allocated for an eligible tenant in the redevelopment of structures that have been discontinued.

The petitioners’ attorney stated that the design showed the developer would use 35% of the fungible land for the redevelopment project. Of the 300 square feet, 105 square feet constitute the fungible space. Tenants are therefore entitled to 405 square feet.

Additionally, the May 2014 civic chief’s sanction declared that the lobby, elevator, and staircase are FSI-free. He noted that although the amenity open space had decreased from 20% to 8%, the FSI had climbed from 2 to 3.

The developer’s representative contended that 198 tenants had given their assent and that there had been a flagrant delay in submitting the petition. Tenants were also living in spaces that were smaller than 150 square feet. According to 33(7), the developer was giving 51 square feet more than the renters were entitled to, he claimed.

It is without dispute that the tenants in the rehab building are entitled to carpet space of 300 square feet plus an additional 105 square feet (35% compensating fungible FSI) in the division bench consisting of Justice Sunil Shukre and Justice Rajesh Patil. There is no legal sanctity to the developer’s reasoning.”

According to the HC, each of the four tenements is entitled to one parking space, “which may be available to them within eight weeks.” The HC ordered that the dispute be reheard over the civic chief’s reduction of amenity open space.

The post Bombay HC: Tenants living in abandoned buildings are required to occupy 405 sq ft rehab units. appeared first on .