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.

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Key highlights of the report are given below:

• India’s real estate sector remains optimistic, driven by stable residential demand and a growing office market. Project completions have slightly slowed, yet the reduction in vacancy rates highlights a positive trend for the industry.
• The retail sector saw a 7% year-on-year growth in space absorption in early 2024, with luxury retail expanding in Tier-II and Tier-III cities. Direct-to-consumer (D2C) brands are increasingly establishing physical stores, reshaping the retail landscape.
• Higher-priced residential units (₹10 million and above) have driven sales growth, while the mid-size and affordable segments experienced moderation. Major cities like Mumbai and Bengaluru lead in sales volume.
• India’s office market grew strongly in 2024, led by Bengaluru’s 8.4 million sq. ft. in H1 and GCC driving 37 percent of Q3 demand. Flex spaces also expanded, with co-working leading the segment.
• The retail market saw a 7 percent YoY increase in space absorption in H1 2024, with luxury retail expanding significantly.
• Private equity investments grew by 15% YoY, reaching US$3 billion in H1 2024, with foreign investors contributing significantly. FDI in real estate also rose, with over 70% of investments focused on ready assets
• Rising interest rates, geopolitical uncertainties, and inflationary pressures present risks, along with potential regulatory changes and environmental mandates that may impact construction timelines and costs.
• Emphasizing sustainable practices, the real estate sector aims to adopt energy-efficient building methods and renewable energy integration to meet India’s net-zero goals by 2070. Regulatory support will facilitate alignment with these global goals.
• The Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0) continues to support affordable housing, with increased funding for credit risk guarantees to boost first-home construction

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At Paradigm Realty, we are committed to ushering a paradigm shift in the lives of our customers & associates, we are delighted to share some significant milestones we have recently achieved. With revenues surpassing over 550 Crores for the FY 2023 – 2024, with over 35% YOY Growth, we have brought joy, this financial year, taking our total to over 3000 homes delivered.

Notably, our flagship project, Paradigm Antalya in 102 Downtown township at Oshiwara, Andheri (W) stands at an impressive 99% sold out & nearing completion within 3 years of its commencement, delivering over 550 homes while Paradigm Alaya, the township’s final residential Tower has witnessed the sale of over 300 apartments (over 50% of total inventory sold).

After delivering over 1200 homes on our home turf – the rich suburb of Mumbai, Borivali, last financial year we launched an iconic one-of-a-kind 40-storey rise residential tower, Paradigm Anantaara, which has a massive positive response.

We have delivered over 7 projects with OC, with 3 projects nearing completion early this year, totaling approximately 2.2 million sq. ft. of delivery across Mumbai. Additionally, we have 5 ongoing projects covering 3.7 million sq. ft. and 6 upcoming projects spanning 5 million sq. ft. across rich suburbs of Mumbai.

Furthermore, our partnership with over 3200 channel partners & 500 + contractors, vendors & suppliers has been immensely instrumental in our success, culminating in our recent recognition as the “Progressive Developer of the Year 2024” by the Times Group.

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This increase in outstanding home credit was ascribed by real estate and banking experts to pent-up demand and a robust rebound in the residential real estate market following the COVID outbreak.

The credit outstanding for housing (including priority sector housing) stood at Rs 27,22,720 crore in March 2024, up from Rs 19,88,532 crore in March 2023 and Rs 17,26,697 crore in March 2022, according to data from the Reserve Bank of India (RBI) on sectoral deployment of bank credit for March 2024.

Additionally, the data indicated that as of March 2024, the outstanding credit for commercial real estate was Rs 4,48,145 crore. March 2022 saw it at Rs 2,97,231 crore.

Numerous real estate advisors have reported large increases in both housing sales and prices throughout the last two fiscal years.

When contacted, Bank of Baroda Chief Economist Madan Sabnavis stated that the housing boom observed across all categories is the reason for the significant increase in home loans.

Sabnavis mentioned that the government’s initiative has specifically led to an increase in the affordable housing market.

“There was also some pent up demand for buying homes in the last two years after COVID which is getting reflected here,” he explained.

According to Sabnavis, the increase in housing loans would continue to be strong but would slow down to 15–25% because of the greater base.

Samir Jasuja, CEO and MD of PropEquity, a top provider of real estate data and analytics, commented on the RBI data and stated that the substantial increase in the number of homes launched and sold in the last two fiscal years is the main cause of the rise in the amount of housing loans outstanding.

“Major Tier-1 cities have seen high rates of price appreciation ranging from 50-100 per cent since FY 2021, which has influenced an increase in average loan size per property,” he stated.
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Jasuja believes that as long as there is a high demand for residential real estate, the home loan market would continue to grow.

The Indian real estate market, which provides support to over 200 auxiliary industries such as steel and cement, has been seeing robust demand since 2022. Prior to this, the market had been stagnant for over ten years due to low sales and steady prices.

In addition to the disruptions brought about by the new real estate law, RERA, GST, and demonetisation, the real estate industry suffered from a lack of confidence as many developers failed to complete projects after collecting money from clients. Nonetheless, the industry recovered after COVID since the pandemic highlighted the value of owning a home again.

Industry insiders predict that by 2030, the sector will have crossed the $1 trillion mark.

Senior Vice President and Group Head at rating agency ICRA Karthik Srinivasan stated that the merger of Housing Development Finance Corporation Ltd (HDFC) with HDFC Bank, which became effective in July 2023, is the reason behind the notable increase in retail housing loans that banks deployed in FY’24.

“Mortgage saturation level is steadily rising in India (around 12 per cent as of March 2024; the amount of housing loans due as a proportion of GDP), but remains fairly lower than developed economies, implying significant room for growth,” said the economist.

In the near to medium term, ICRA anticipates that the trend will continue, with overall home finance growing by 12–14% yearly, helped by strong demand.

The demand for homes has increased to an unprecedented level over the last two years, especially in the wake of COVID, according to Aakash Ohri, Jr. Managing Director of DLF Home Developers.

This increase highlights how people’s views on homeownership have fundamentally changed and how important it is to have a place to call home more than ever. In addition to providing a haven for end users, residential real estate has become a desirable place to invest, the speaker claimed.

Ohri went on to say that favorable government policies, alluring financing choices, and the public’s growing ambitions toward homeownership are some of the reasons for the extraordinary rise in home loan advances.

According to Mohit Jain, Managing Director of Krisumi Corporation, purchasers are giving priority to designated workspaces and comfortable living rooms, and demand for large homes has genuinely surged.

“We are witnessing a surge in interest for properties with separate home offices and outdoor space features that were once regarded luxuries, but are now essential for the modern homeowner,” he stated.

According to Jain, there is still a very bright future for the property sector, which means that house loan growth will probably likewise continue to be robust.

According to realtors, the industry is most likely in the second or third year of a protracted up cycle. Real estate trade associations CREDAI and NAREDCO have been pleading with the government to raise the tax breaks on home loans in order to further stimulate the demand for housing. They are asking for an increase in the deduction allowed for interest paid on home loans from the existing Rs 2 lakh to Rs 5 lakh.

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emand for homes in both the budget and luxury categories has been fueled by rising disposable incomes and increased aspirations.

According to the State Level Bankers’ Committee (SLBC) – Gujarat’s most recent report, house loan disbursals in the December quarter of FY 2024 were Rs 18,967 crore, a 71% increase over the same period the previous year. Since FY 2020, this is the largest disbursal that has occurred in the previous five years.

The increase in disbursals, according to bankers, can be attributed to the growing demand for residential real estate and the merging of HDFC and HDFC Bank, which has steadily increased the housing finance portfolio over the last three quarters.

“There is undoubtedly a strong demand for new dwellings. It is a tax-saving alternative in addition to being a wise investment. Certainly, well-paid young professionals are making an investment in purchasing their own homes.

These are some of the main drivers of the increase in housing finance disbursals. A senior official from SLBC Gujarat requested anonymity. “In the meantime, the merger of HDFC and HDFC Bank has added a fresh chunk of portfolio of disbursals as is reflected in the past three quarters,” the official stated.

In an update on its home loan business in India, HDFC Bank stated that following the merger, the bank’s market share has increased by roughly 18% to 20% on incremental disbursals.

In the six months following the merger, it has demonstrated strong and steady double-digit year-over-year growth throughout its home loan business. A broader distribution network has contributed to the increase in sales turnover.

Additionally, there has been a 67% increase in the number of home loan takers from 1.29 lakh in the third quarter of FY 2023 to 2.16 lakh in the same time this fiscal year. Experts in the real estate industry credit the surge to positive sentiment and strong demand for products in the premium market.

Experts in the real estate industry credit the surge to positive sentiment and strong demand for products in the premium market.

The executive director of Knight Frank India, Balbir Singh Khalsa, stated: “Primary sales in Ahmedabad have doubled over the last two years, accompanied by a consistent rise in prices.

One of the main sources of funding for homebuyers is home loans, and the significant increase in disbursals is consistent with the market’s activity and interest from home buyers.

Furthermore, market volumes have been driven by the premium sector products’ or higher value flats’ sales rise, which is subsequently increasing bank disbursals even more.”

Dhruv Patel, president of Credai Ahmedabad, expressed a similar opinion when he stated, “Over the next few quarters, there will be a positive demand for residential real estate.” Even the supply of new schemes is increasing in response to demand. There is a strong demand for both expensive and well-located properties.”

Additionally, experts predict a steady demand until 2024. “Homebuyer interest continues to remain strong and should be able to sustain the demand in 2024 especially as inflation eases and with interest rates expected to taper off and possibly reduce during the year,” according to an industry professional.

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The housing society in Borivali’s stacked parking system seriously jeopardized everyone’s safety, including children, elderly residents, and maybe even onlookers. This was pointed out by a division bench of Justices Gautam Patel and Kamal Khata.

On Tuesday, the order dated January 18 was made available.

In the event of an emergency in the community, the bench said that no firefighter or ambulance is permitted to travel beyond the stack parking.

The decision to install seven mechanized cantilever (stack) parking spaces at Rahul Jain’s housing society in the western suburb of Borivali was challenged by the ophthalmologist in a petition that the court granted, citing the fact that the spaces were obstructing his property’s entrance and posing a safety risk.

According to the petition, the developer had changed plans to add two more stories to the structure, hence the stack parking system in the society grounds was necessary.

Afterward, the developer received permission to build seven stack parking places from the fire department and the Municipal Corporation of Greater Mumbai (MCGM).

In its ruling, the court took issue with the chief fire officer of the local body’s fire brigade department’s proposal that, since the building had fewer than thirteen stories, a fire engine wouldn’t be needed in the event of a fire.

“We dare say that the declaration of the fire officer if communicated to anybody in the government, especially people who are about to seek votes in the next elections, would end up in a very considerable perturbation,” the judge stated.

“There is no legal or equitable presumption that people who reside in pricey highrises should have a higher priority for their safety than those who do not. It stated, “The sooner the chief fire officer (CFO) of the MCGM realizes it, the better.

The bench also questioned the current Development Control and Promotion Regulations (DCPR)’s laxer fire safety standards, which include requiring only one fire lane on either side of the building and reducing the number of stairwells in taller buildings. The DCPR also notes that these regulations are constantly contested and lack rationale.

According to the order, the civic body commissioner may, under the DCPR, give special permission for revisions in certain circumstances when there is a clear hardship.

The court stated that the relaxation should not, however, “affect the health, safety, fire safety, structural safety, and public safety of the inhabitants of the building and the neighborhood.”

“If it can be shown that the relaxation negatively impacts safety, fire safety, and public safety then no such authorization can be granted or if granted is liable to be immediately revoked,” added the statement.

In the current case, the court said that the stack parking system installed on the society’s property has seriously jeopardized everyone’s safety, including children, the elderly, and maybe even onlookers.

The bench ruled that the construction of stack parking was unlawful and ordered its immediate removal.

“The MCGM will send a notification to the owner of the society to remove the illegally constructed seven mechanized cantilevered car parking spaces,” the court ordered.

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In order to assign a Unique Property Identification Code (UPIC), which will function as a unique ID for all properties under the PCMC jurisdiction, the administration of Pimpri Chinchwad Municipal Corporation (PCMC) has contracted out the survey to an outside organization.

With this ID, property owners can pay taxes to the local government and access other services.

Although the numbering of homes has begun in a number of locations, Bhosari, Wakad, and Pimpri Waghere are currently receiving the majority of attention. We’ll cover every other area as well. We’ve noticed that about 35% of these properties aren’t registered with the property tax department as the survey teams are numbering each one. Therefore, PCMC has not collected property tax from them, according to PCMC’s assistant municipal commissioner, Pradeep Jambhale Patil.

The Wakad area contains a sizable amount of unregistered properties.

Thus far, 3,05,573 properties have had their numbers assigned. Over the past six months, over 300 agency employees have been working in the field. It will probably take another 1.5 years to finish the entire survey and measure every property internally.

“The property tax agency currently has approximately six lakh properties registered with it. At the completion of the study, two to three lakh unregistered properties are probably going to be found, according to the data of the properties surveyed thus far, according to Patil.

These property owners will shortly get notices from the municipal corporation encouraging them to register with the local body.

“The estimated annual tax amount is likely to double once these unregistered properties are added,” a civic official stated. “The expected property tax is around Rs 600 crore.”

According to officials, information about unregistered properties was withheld in the past since a comprehensive survey of this kind was not carried out and property owners took advantage of the advantages.

According to regulations, the civic body is allowed to collect dues for a maximum of six years, so PCMC is probably going to get the unpaid taxes from these property owners.

During the internal measurement, officials discovered more problems with these attributes.

We’ve seen that a large number of properties that are registered as residential are being used commercially. The area of the property on the ground does not match the area registered with the municipal corporation as a result, according to an official.

Thus far, the civic authority has measured the interior of almost 45,000 properties. The teams took ground measurements of the property and compared them with PCMC records.

Numerous property owners have modified the structure of their properties, and as a result, their taxes ought to be adjusted, according to a city official who wished to remain anonymous. However, he added, “changes made to a new property do not fall under the tax ambit and are considered illegal since the property is not registered.”

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Section 15 of the notification reads, “The fungible compensatory area admissible on rehab component will be given without charging a premium and such reusable compensatory area for rehabilitation section shall not be used for free sale component and shall be used to give extra area over and above the eligible area to the existing tenants.”

Introduced in 2012, the fungible compensation area comprises 35% of the total built-up area. In order to facilitate the provision of larger homes—with 105 square feet of carpet area in addition to the required minimum of 300 square feet for a rehab apartment—it is provided to the builder without charge.

Developers, however, have insisted that this extra space is optional and cannot be provided because it would render the project unfeasible.

Now that the government has made it clear that it must be used to provide renters with more space, builders won’t be able to avoid it going forward.

The notification clears the way for the demolition of 19 BMC-owned buildings in central Mumbai that are required to be removed for the construction of the Bandra-Sewri connector. This connector will form an important link between the Bandra-Worli Sea Link and the Mumbai Trans-Harbour Link.

According to the announcement, each occupant undergoing rehabilitation will receive a minimum fixed carpet area of 27.88 square feet (300 square feet) or a maximum of 120 square feet (1,292 square feet).

If a building is deemed unsafe, the BMC/Mhada’s reconstruction requires the consent of 75% of the tenants. A tripartite agreement between the tenants, developer, and BMC/Mhada will be signed, and occupiers will be compelled to pay the premium.

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According to a directive released on September 4, failure to follow the directives might result in fines of up to 10% of the project’s estimated cost, up to three years in prison, or both.

Anand Kumar, the chairman of Delhi-RERA, told PTI that there have been a number of instances when developers in Delhi have failed to register their residential and commercial projects, which are covered by RERA.

He claims that RERA registration is mandatory for four different types of projects.

“The real estate projects that are being developed, in whole or in part, with the aim of leasing or selling on plots larger than 500 square meters fall under the first category.

The second group includes projects that call for the development of more than 8 flats, apartments, floors, shops, commercial, or office units over the course of all phases on any sized site with the intention of leasing or selling them, according to Kumar.

He classifies projects where plots are sold or leased on land areas larger than 500 square meters as falling into the third category.

No matter when they were started, any ongoing projects that lacked a certificate of completion before May 1, 2017, fall under the fourth category.

If, for example, a builder sold all ten of his apartments to customers prior to May 1, 2017, without acquiring a completion certificate, the builder or the plot owner must nevertheless register the project today in order to avoid legal repercussions, Kumar explained.

The majority of builders in Delhi choose not to seek completion certificates because they alter projects in ways that are both compoundable and non-compoundable, avoiding the scrutiny of the local authorities. He felt that a completion certificate ought to be required before enabling employment.

“A completion certificate from the local government guarantees that a building is constructed in accordance with approved plans and is structurally sound.

In addition to encouraging builders to make unauthorized improvements, allowing occupancy of any structure without a completion certificate also endangers the lives of its occupants, according to Kumar.

The three-member Delhi RERA has also requested that regular people contact them if such real estate developments are not registered by sending an email to gcrera.delhi@gmail.com or by sending a letter of protest to the RERA office.

According to Kumar, the Authority is also requesting that the relevant municipal entities give Delhi RERA the specifics of all such projects so that it can identify the offenders and apply penalties.

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DTCP has previously shut down more than 50 homes in exclusive residential communities due to violations of building standards. Manish Yadav, the district town planner responsible for enforcement, stated that eight residential properties whose owners were conducting businesses had been sealed.

Around 12 apartments where commercial activities were taking place were discovered vacant during the examination. During the drive, owners of eight residential buildings sought permission to perform business operations under the non-nuisance activity standards.

Yadav claimed that several property owners were observed locking down their apartments in the residential area and vacating the premises even during the sealing campaign.

“Over the course of the past week, we have sealed more than 50 properties and already covered Suncity, Sushant Lok 1, and Golf Course Road. In order to prevent commercial activity in these residential homes, property dealer offices, guest houses, and business offices were sealed, he claimed.

The enforcement wing is conducting a sealing drive on the directive of DTCP Director General TL Satyaprakash to halt the commercial activities taking place in residential homes of licensed colonies. According to an official, warnings have been sent to more than 800 activities thus far, and more than 300 have received orders for restoration.

In DLF Phase 1, 2, 3, 4, Sushant Lok 1, 2, 3, Suncity, Vatika India Next, and South City – 1, the department only focuses on illicit commercial activity.

Officials added that the sealing campaign’s effects had begun to be seen on the ground. “People have started getting rid of businesses inside their homes.

Many homeowners have requested permission to engage in the activities allowed by the Non-Nuisance Rules. Real estate offices, CA and lawyer offices, doctor clinics, etc. are some of these applications, an official added.

The official claims that this month’s goal is to seal about 150 economic activity.

Officials have constantly urged the public to quit engaging in commercial activity because sealing action will be taken if it is discovered.

The infrastructure is currently overloaded as a result of unauthorized development and illegal commercial activity on residential plots, which has been a source of complaints from the locals.

According to Deepak Sharma, a resident of DLF 1, “Despite numerous reminders, the property owners have not obtained mandatory permissions from the appropriate authorities for operating non-nuisance activities, like offices, which are allowed on 25% area on the ground floor.”

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