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 .

These projects are undergoing insolvency proceedings at the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC) of 2016.

Several banks, financial institutions, and other entities that have provided credit to the real estate sector have initiated the Corporate Insolvency Resolution Process (CIRP) against these developers.

Significant investments have already been made in these 314 projects. Of these, 56 are ongoing, with an average apartment registration rate of over 34%.

Among the 194 lapsed projects, the average property registration stands at over 61%. Meanwhile, 64 projects have been completed, with an 84% registration rate for the apartments.

The list includes projects by prominent developers such as Wadhwa Buildcon LLP, Housing Development & Infrastructure Ltd (HDIL), Man Infraprojects, RNA Corp, Radius & Deserve LLP, Karrm Infrastructure, Man Realty, Lavasa Corp, Richa India Infra Development, Rashmi Housing, Nirmal Lifestyle, and Sheltrex Karjat.

MahaRERA has taken various steps to monitor real estate projects closely. The regulator not only verifies information shared by developers but also stays updated on project statuses through other sources.

“MahaRERA is consistently working to ensure that homebuyers’ investments are safeguarded,” said Manoj Saunik, Chairman of MahaRERA.

“This list of 314 projects undergoing insolvency and bankruptcy is part of our effort to alert homebuyers and protect them from potential fraud.

In April 2023, we released a district-wise list of 308 similar projects, which helped many homebuyers. We encourage everyone to review this updated list before making any property purchase decisions.”

The list of projects facing NCLT proceedings is available on MahaRERA’s website and has been compiled based on information obtained from various sources and verified by relevant authorities.

It remains unclear whether these 314 projects are still accepting new bookings. To ensure transparency and protect homebuyers, MahaRERA has updated the list on its portal and urges potential buyers to consult it before making any decisions.

In Mumbai’s suburban areas, 88 projects are listed, with 51 of them having witnessed 70% investment. In Pune, 45 out of 50 projects are already 75% booked. In Thane, 52 of 106 projects have seen 50% investment, while in Palghar, 16 of 18 projects are 74% booked.

Other cities also show significant investments. Solapur’s five projects have 87% investment, Nagpur’s two projects have 60%, and the sole lapsed project in Chhatrapati Sambhajinagar is 55% invested.

Additionally, two out of nine lapsed projects in Mumbai City have seen 68% investment, and in Nashik, the three lapsed projects have 34% investment. In Raigad, 13 of 15 lapsed projects have seen 32% investment, according to data from MahaRERA.

Of the 56 ongoing projects, 21 are in Mumbai suburbs with 38% bookings, 20 in Thane with 28% sales, six in Mumbai City with 31% bookings, and five in Pune with 41% sales.

The post Maharashtra RERA issues warning to homebuyers about 314 housing projects undergoing insolvency 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 .

With 761 projects still unfinished out of these 1,750 total, the Mumbai Metropolitan Area has the most. The second-highest number of these projects is found in the Pune region (628), which is followed by North Maharashtra (135), Vidarbha (110), Marathwada (100), Dadra Nagar Havel (13), and Daman (3).

Homebuyers are advised to exercise caution when investing in any of these developments by the real estate authority. The MahaRERA website has a comprehensive list of these halted projects.

When applying for MahaRERA registration, developers are required to include the estimated completion date of the project. Should the project be finished beyond the specified date of completion, the developer must file an Occupancy Certificate, or Form IV, to MahaRERA.

The developer will need to start the registration renewal process if the project isn’t finished. If there are any difficulties getting the project started an application for the project’s de-registration is required.

A project of this kind is deemed to have expired after its anticipated completion date if the developer fails to conduct any of the aforementioned actions. A project’s bank accounts are closed when it is declared to have lapsed. Additionally, the developer is not allowed to market or advertise the project or sell or register the apartments within it.

For these grounds, developers of 6,638 projects throughout Maharashtra received a 30-day notice to show cause from the MahaRERA. 3,751 of these projects have either filed for project cancellation, presented an occupancy certificate, or requested a registration renewal.

Out of the 2,887 projects that are still pending, MahaRERA has put 1,750 on hold and taken action to put 1,137 on hold.

The post MahaRERA maintains 1,750 abandoned housing project registrations on file. 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 .