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Hindustan Times
08-05-2025
- Business
- Hindustan Times
MahaRERA update: Maharashtra regulator surpasses 50,000 project registrations in 8 years
Eight years after its establishment, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has surpassed 50,000 total project registrations across the state, according to a statement released on May 8. MahaRERA update: Eight years after its establishment, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has surpassed 50,000 total project registrations across the state. (Picture for representational only)(Mehul R Thakkar/HT) The MahaRERA is the only real estate regulatory body in India that has registered over 50,000 real estate projects. Of the total, around 50% of the projects are registered in Mumbai Metropolitan Region and Pune alone, official data reveals. Tamil Nadu stands second with 27,609 and Gujarat, third, with 15,322 residential projects. Almost one third of the country's housing projects (around 35%) are registered in Maharashtra, the regulator said. According to Ministry of Housing and Urban Affairs data shared by MahaRERA, a total of 1,44,617 housing projects have been approved by all the RERA bodies in the nation. Also Read: Nearly 50% of Mumbai properties registered in 2024 smaller than 650 sq ft, 60% are 1 BHK and 2 BHK homes: MahaRERA data When was MahaRERA formed? MahaRERA came into existence in May 2017 under the Real Estate Regulatory Act, 2016. The purpose of the RERA was to regulate the real estate sector including real estate developers and consultants. According to the data, currently, a total of 50,162 housing projects are registered with MahaRERA. Of the total 50,162 projects in Maharashtra, 12,788 housing projects are alone in Pune district, followed by 6,746 in Thane district, 5,907 in Mumbai suburbs and 5,360 in Raigad district, the data reveals. Konkan region, which includes the Mumbai Metropolitan Region (MMR), has the highest number of residential projects at 23,770. This is followed by 15,932 in the Pune region, 4,621 in North Maharashtra, 2,764 in Nagpur area, 1,886 in Chhatrapati Sambhajinagar region and 957 in Amravati region, MahaRERA said in its statement. The MahaRERA also has jurisdiction over two union territories including Daman and Dadra Nagar Haveli where over 230 projects have been registered in the last eight years. Also Read: MahaRERA puts grading of real estate projects in Maharashtra on hold "This is a moment of achievement for the industry-friendly and ever-progressing Maharashtra. Until a few years ago, the real estate sector, which was largely limited to the Mumbai Metropolitan Region or Pune region, but now it is expanding all across the state," said Manoj Saunik, Chairman of MahaRERA. "The consistently increase in the demand for houses across Maharashtra is an indicator of state's social and economic development. While legally empowering homebuyers, the MahaRERA also ensures that the grievances are equal to negligible. MahaRERA strives to ensure homebuyers do not have any grievances," Saunik added. Complaints and completion of real estate projects While over 50,000 projects have been registered by MahaRERA over the last eight years, the completion stands at mere little over 17,000 projects. The MahaRERA maintains that actual completion could be more considering the data available with them is basis completion declaration made by the developer. Also Read: Indian residential market prices cool down as growth moderates, Bengaluru and Hyderabad drive growth: report While many projects have been completed and possession has been given, however, the developer has not declared the same with MahaRERA, officials said. Meanwhile, MahaRERA has got over 28,000 complaints in the past eight years of which orders have been passed for 21,000 complaints. The authority has also resolved conciliations for 1,235 cases, the data revealed.
Hindustan Times
07-05-2025
- Business
- Hindustan Times
Indian residential market prices cool down as growth moderates, Bengaluru and Hyderabad drive growth: report
The prices of the residential segment in eight cities of the Indian real estate market have cooled down, and there has been a moderation in the growth, according to a report released by titled 'Real Insight Residential: Q1 2025' India real estate update: The prices of the residential segment in eight cities of the Indian real estate market have cooled down, and there has been a moderation in the growth. (Picture for representational purposes only)(Mehul R Thakkar/HT) the transaction and advisory services platform part of REA India (which also owns revealed in its report that while residential property prices in India have continued to rise year-on-year, the pace of growth has clearly moderated in recent quarters. After a period of rapid post-pandemic expansion, the market now appears to be entering a phase of cautious consolidation. Also Read: Are Mumbai real estate prices moderating, giving homebuyers more room to negotiate? 'Market cooling, not crashing' According to the report, cities such as Bengaluru and Hyderabad continue to drive growth, with both cities recording 5% quarterly increases in Q1 2025. Bengaluru's average prices rose to ₹ 7,881 per sq ft, while Hyderabad touched ₹ 7,412 per sq ft. In contrast, key mature markets such as Delhi NCR, MMR (Mumbai Metropolitan Region), Pune and Chennai recorded no quarterly change in average prices following an already flat previous quarter, suggesting a plateauing of prices, the report said. The report added that Ahmedabad and Kolkata also saw moderate increases of 3.8% and 4% respectively in Q1 2025, reinforcing the trend of steady—though decelerating—growth. Also Read: Bengaluru, Mumbai, Delhi among top 15 global cities for prime residential price growth: Knight Frank report 'The moderation in price growth observed over the past few quarters indicates a stabilising market dynamic, likely encouraging the return of end-users previously displaced by speculative activity,' said Mr. Dhruv Agarwala, Group CEO, & 'This more measured trajectory is critical for sustaining end-user participation while maintaining the value built by investors and developers. In 2025, the market is expected to undergo further consolidation, reinforcing structural fundamentals and enabling steady, sustainable growth," he added. According to the report, the shift toward moderation became particularly evident from Q3 2024 onwards. Between Q4 2024 and Q1 2025, most cities either held steady or posted low single-digit gains. For example, Delhi NCR, MMR and Pune's per sq ft price remained steady at ₹ 8,106 per sq ft, ₹ 12,600 per sq ft and ₹ 7,109 per sq ft. Also Read: Check out Akshay Kumar's return on investment from the sale of six properties in Mumbai Market outlook? The report concluded that this cautious consolidation sets the stage for a more sustainable growth path. With prices plateauing in many cities and rising modestly in others, developers are likely to respond with more calibrated launches. This, in turn, will help maintain momentum while avoiding overheating in the sector, the report said.
Hindustan Times
07-05-2025
- Business
- Hindustan Times
MHADA lottery 2025: 5,000 affordable homes set to go on sale in Mumbai this Diwali, says Maharashtra housing authority
Maharashtra Housing and Area Development Authority is expected to announce the draw for approximately 5,000 affordable homes around Diwali 2025, MHADA officials told MHADA Mumbai Lottery 2025: The Maharashtra Housing and Area Development Authority is expected to announce the draw for approximately 5,000 affordable homes around Diwali 2025(Mehul R Thakkar/HT) "The MHADA is planning to announce a lottery draw of about 5,000 homes this September - October," Sanjeev Jaiswal, Vice President and Chief Executive Officer of MHADA told reporters last week. "The affordable homes will be announced in different locations of Mumbai and the details are being finalised," Jaiswal had said. According to MHADA officials, around 5,200 affordable homes are likely to be part for the draw, which will be announced in the coming months. The schedule, pricing, and locations of the MHADA lottery 2025 for Mumbai will be announced at a later stage, as they are yet to be finalised. In 2024, more than 2000 affordable homes in the price range of ₹ 29 lakh to ₹ 6.82 crore were up on sale. Also Read: MHADA lottery 2025: 493 affordable homes priced between ₹ 12 lakh and ₹ 25 lakh up for sale in Nashik The apartments in the high-income group were offered in the range of ₹ 1 crore and ₹ 6 crore plus. The homes were located in areas like Andheri, Antop Hill, Juhu, Goregaon, Tardeo, Vikhroli, Powai, among several others. Also Read: MHADA to construct 8 lakh affordable homes in the next five years: Maharashtra Deputy Chief Minister Eknath Shinde The costliest unit offered in the MHADA lottery in 2024 was worth ₹ 6.82 crore in south Mumbai's Tardeo area, measuring over 1,500 sq ft. The apartment is located on a higher floor and is ready to move into. The building overlooks the Mahalaxmi Racecourse and faces the sea. MHADA's affordable housing target In the 2024-25 budget, MHADA allocated ₹ 9,202 crore to construct 19,497 affordable housing units across Maharashtra. Under the Konkan Board, which includes the Mumbai Metropolitan Region, it has set a target of 9,902 flats. How to apply for the MHADA lottery 2025? According to MHADA officials, the application procedure for the MHADA lottery 2025, like in the past, will be completely online, and homebuyers can keep a track of lottery-related updates on Also Read: MHADA lottery 2024: Why has the authority turned to street plays to boost affordable housing sales near Mumbai? Income slabs Under the Economically Weaker Section (EWS) category, those with a family income of up to ₹ 6 lakh per annum can apply for a home. Those with an income between ₹ 6 lakh and ₹ 9 lakh can apply under the Lower Income Group (LIG) category. Those with a family income between ₹ 9 lakh and ₹ 12 lakh can apply under the Middle Income Group (MIG) category, and those with a family income above ₹ 12 lakh per annum can apply under the HIG category.
Hindustan Times
06-05-2025
- Business
- Hindustan Times
Bengaluru, Mumbai, Delhi among top 15 global cities for prime residential price growth: Knight Frank report
Mumbai, Bengaluru, and Delhi have been ranked among the top 15 global cities for prime residential price growth in Q1 2025, according to a report released by Knight Frank, a real estate consultancy firm. India real estate update: Mumbai, Bengaluru, and Delhi have been ranked among the top 15 global cities for prime residential price growth in Q1 2025. (Picture for representational purposes only)(Mehul R Thakkar) In the Prime Global Cities Index Q1 2025, Bengaluru was fourth, Mumbai fifth, and Delhi was ranked 15th, considering the annual growth of prime residential prices. The Index tracked price movements across prime residential markets in 45 global cities, the report said. According to the report, Bengaluru led the Indian cities with an 8.3% annual rise in prime residential prices, followed by Mumbai at 7.6% and Delhi at 3.9%. This consistent momentum reflects strong end-user demand, especially growing preference for higher value housing among domestic buyers. The report said the average annual price growth across all 45 cities stood at 2.8%, below the long-run average of 5.3% but still marking the eighth consecutive quarter of positive growth. Knight Frank noted that the Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices using local currency data from its global research network. Also Read: India's top 7 cities record 4% to 8% rental surge in office rents in 2024, global markets show mixed trends: report In Q1 2025, 72% of the cities tracked in the index recorded positive annual growth, with cities in the Asia-Pacific and Middle East regions continuing to lead the global recovery. "The strong performance of Indian cities on the global index reflects the evolving appetite for premium homes, underpinned by economic stability, lifestyle aspirations, and increased global attention on Indian urban centres. Cities like Bengaluru and Mumbai are benefitting from a deeper end-user market, robust infrastructure growth, and rising affluence," said Shishir Baijal, Chairman and Managing Director, Knight Frank India. Also Read: Bengaluru real estate market's rental listing with ₹ 8 lakh deposit for a 3BHK sparks debate on social media "As interest rates soften and buyer sentiment strengthens further, we expect prime residential demand to remain resilient and forward-looking," Baijal added. Also Read: Mumbai real estate: Why are pilots eyeing plots and luxury villas near Navi Mumbai airport? Seoul, Dubai, and Tokyo top the list According to the report, Seoul topped the list with an 18.4% annual rise in prime residential prices, followed by Dubai at over 16%, and Tokyo at 15.5%. Meanwhile, major Western markets such as London and Toronto experienced minor declines. Knight Frank expects future performance to depend on monetary policy clarity, particularly regarding interest rate movements in key global economies.
