Daily interesting real estate news

Supertech Twin Towers: Emerald Court RWA intends to build a park on the location of the old buildings.

The complete demolition site in sector 93A of the Supertech twin towers in Noida has been cleared of debris a year after they were demolished in accordance with Supreme Court directives. The Supertech Emerald Court's Residents Welfare Association (RWA) has suggested that a park be built on the vacant land parcel. The park's planning and design work is expected to begin within a month.

SHFL and IFC team up to build affordable green homes.

The International Finance Corporation (IFC), a World Bank member, and Shriram Housing Finance Limited (SHFL) have joined forces to launch an affordable green housing lending product for self-built homes. Through the EDGE (Excellence in Design for Greater Efficiencies) certification mechanism, this program will draw on IFC's design efficiency experience. Additionally, the project will make use of IFC's impact monitoring tool (CAFI) to track and report on affordable green housing.

An associate firm of MICL Group to redevelop 10-acre project.

A subsidiary of Man Infra Construction (MICL Group), Royal Netra Constructions (RNCPL), disclosed plans to rehabilitate a project in the western suburbs of Mumbai in a BSE filing. The project has the potential to generate Rs. 4,000 crores in revenue over the next five years. The aforementioned project is spread over a 10-acre land parcel and will witness one of the largest redevelopments in the Mumbai market. The project has the potential for a total building area of more than 50 lakh square feet and a carpet area for sale of 1.7 million square feet.

Property registrations and revenue in Mumbai were the highest in ten years in August.

Mumbai registered 10,515 properties in August 2023, a 22 percent increase year over year (YoY) and a 2 percent increase month over month. According to the Maharashtra Inspector General of Registrations and Stamps (IGR), this was the greatest revenue and registration collection in August since 2013. Over Rs 783 crore in taxes were collected by the government in August 2023, a rise of 21% from August 2022 but a decline of 5% from July 2023, according to the data.

UP real-estate regulator has issued 8,575 recovery certificates since May 2017 worth about Rs 3,015 crore.

Approximately Rs 3,015 crore worth of recovery certificates (RCs) totaling more than 8,575 have already been granted by the Uttar Pradesh Real Estate Regulatory Authority (UPRERA). The authority added that out of this, RCs totaling around Rs 968 crore had been settled and recovered. So far, the authority has issued over 8,575 RCs totaling Rs 3,015 crore. "After recovery by the respective collectors, Rs 630.70 crore has been deposited in the accounts of 3,421 allottees and complainants," the UPRERA stated.

Buyers dispute the delay in the handover of their apartments.

Homebuyers from the Kharavela Enclave, an upscale housing project constructed by the Odisha State Housing Board (OSHB) in the Khandagiri neighborhood of this city, protested in front of the OSHB headquarters at Unit IV and requested an early handover of their flats. Even though they had paid the board the full sum for their apartments, the buyers claimed they had not yet turned in their units despite the time having passed. Up to 100 allottees protested in front of the board's office on Monday.

KRERA orders the developer to refund pre-EMI with interest for delayed Bengaluru property.

Since the developer of the Shriram Summitt project in Bengaluru failed to deliver the apartment by the construction agreement, the Karnataka Real Estate Regulatory Authority (KRERA) has ordered Shriram Properties to pay delayed interest on the pre-EMI component paid by the homebuyer. The project was supposed to be handed over in 2019 and was booked for about Rs. 72.4 lakhs. KRERA rejected the developer's appeal, citing COVID-19 as the cause of the holdup, and ordered the developer to pay accrued interest at the SBI Marginal Cost of Funds based Lending Rate (MCLR).

Online registration of new homes from builders accelerates

According to officials, some 300 developers in Maharashtra have decided to e-register the first sale of properties from their own offices. As more developers volunteer to register the documents from their own offices, the two-year-old e-registration initiative has gathered pace. According to representatives for property registration, this has encouraged more developers to choose this facility by reducing foot traffic at the sub-registrar's offices for new properties.

91Springboard debuts a 32,000 square foot coworking space in Pune.

Co-working space provider 91Springboard said on August 30 that it had inaugurated a new location in Pune, Maharashtra's IT hub, more precisely in the Baner micro market. The area is 32,000 square feet. According to a statement from the company, the facility, which has seating for over 800 people, is located in Baner's Sadanand Business Centre, just off the Mumbai-Bengaluru expressway and ten minutes from Balewadi High Street.

Mumbai real estate: 1BHK owners switch to 2BHKs as 2BHK homes gain popularity after Covid.

After COVID-19, many prospective homeowners around the nation have thought about moving up to larger homes. Mumbai, the most expensive real estate market in the nation, is experiencing the same trend. According to data, owners of 1 BHK apartments are switching to 2 BHK units, and owners of 2 BHK apartments are switching to 3 BHK units. In Mumbai, the launch ratio of 1 BHK apartments has decreased by 5%, while the launch ratio of 2 BHK apartments has stayed unchanged, with the launch ratio of 3 BHK apartments increasing by 5% (MahaRERA).