Propi

Oberoi Realty Sales Surge 31% in Mumbai’s Premium Property Market

News Brief: Oberoi Realty has reported a 31% year-on-year increase in sales bookings for FY 2024-25, reaching ₹5,266 crore, driven by strong demand in the luxury real estate segment. Despite market volatility, the developer sold 928 units, reflecting a 32% increase in unit sales compared to FY24.

Key Takeaways:
1. Oberoi Realty saw a 31% increase in sales bookings, touching ₹5,266 crore in FY25.
2. The company sold 928 units, marking a 32% rise in sales volume.
3. Luxury real estate remains strong in Mumbai, driven by high-net-worth individuals and end-user demand.

Maharashtra Government Approves 256 Acres of Salt Pan Land for Dharavi Redevelopment Project

The Maharashtra government has approved the allocation of 256 acres of salt pan land in Mulund, Kanjurmarg, and Bhandup for the Dharavi Redevelopment Project (DRP). Despite concerns, the government clarified that these lands are safe for construction and pose no environmental or ecological risks.

1. The Maharashtra government has allocated 256 acres of salt pan land for the DRP in Mulund, Kanjurmarg, and Bhandup.

2. The lands have been decommissioned for nearly a decade and do not pose environmental risks.

3. The approval aligns with the Mumbai Development Plan (DP) 2034, addressing the city's affordable housing needs.

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🏢 HDFC Bank Leases 4 Lakh Sq.ft in Airoli, Navi Mumbai

This massive deal is set to transform Navi Mumbai and Thane! 💼

✨ Details:
~ Location: Mindspace Airoli West Complex
~ Size: 4 Lakh Sq.ft | 8-storey building
~ Lease: ₹320 Cr over 10 years | Starts Jan 2024
~ Employees: 2,500-4,000 professionals

🔥 Impact on Residential Market:
~ Increased Housing Demand: Airoli, Ghansoli & Thane to see a surge in premium housing demand.
~ Rental Value Boost: Rentals may rise by 10-15% in nearby areas.
~ Infrastructure Growth: Schools, retail, and healthcare to flourish.
~ Navi Mumbai is becoming the BFSI hub of India, attracting top talent and spurring residential and commercial development.

🚇 Mumbai Metro Line 3 (Aqua Line) is set to launch soon, pending safety clearance! The first 12.5 km stretch from Aarey to BKC will connect key hubs, including airport terminals. With 96 daily services, fares ranging from ₹10-₹50, and a capacity of 6.5 lakh passengers, this metro line is a game-changer for city commuting! 🏙️

🏢 Important Update: GST Notices on Leasehold Land Transfers 📉

The real estate sector is currently grappling with new GST notices related to the transfer of leasehold land. The key issue is whether these transfers should be treated as a sale (which is exempt from GST) or as a service (which would attract an 18% GST).

This change could result in dual taxation with both GST and stamp duty being applied, potentially increasing costs for buyers and impacting future real estate transactions.

Legal experts and industry stakeholders are closely watching how this issue will unfold. Stay informed about these developments as they could reshape the real estate landscape.

📉🏠 Offshore Property Alert! Wealthy Indians are now under the Income Tax Department's scrutiny for their property investments in Switzerland and Portugal. Last week, several residents received summons, as these previously overlooked markets are now on the taxman's radar. This follows the Common Reporting Standard (CRS) by the OECD, which involves data sharing among over 100 countries about overseas assets. While CRS typically tracks bank accounts and securities, property deals are now being closely examined, especially those tied to citizenship and golden visa schemes. 🌍💼

Navi Mumbai Police have registered an FIR against four individuals for allegedly cheating a 35-year-old real estate developer out of ₹66.75 lakh. The accused are accused of forging documents to falsely claim ownership of a plot in Ulwe and fabricating various agreements and transfer orders from CIDCO.

The fraud took place between December 2021 and January 2023. The FIR includes charges of cheating, forgery, criminal breach of trust, and criminal conspiracy. The investigation is currently underway.

It’s crucial to verify all documents and agreements thoroughly to protect yourself from similar scams.

🏢 Bombay High Court Orders Demolition of Illegal Buildings in Vasai 🚧

The Bombay High Court ruled 41 buildings in Vasai, Palghar district as "wholly illegal." Constructed on land reserved for essential infrastructure, these buildings must be vacated by September 30.

⚖️ Key Points:
- Buildings deemed "patently illegal"
- Flat owners to vacate by September 30
- Petition for relief denied
- The court criticised civic body's delayed action
- Demolition postponed due to monsoon

📢 This decision underscores the need for legal compliance and timely action against illegal developments.

🏗️ Dharavi Redevelopment Project Update! DRPPL seeks a 15-acre land lease in BKC for five years to store heavy machinery needed for the massive redevelopment of Dharavi.

🔹 Key Details:
- Request: 15 acres in BKC from MMRDA
- Purpose: Store heavy machinery
- Previous Use: Metro Works casting yard

🔍 Background:
In November 2022, the Adani Group won the bid for Dharavi's redevelopment with a ₹5,069 crore investment. The project aims to transform 600 acres, improving living conditions for nearly 12 lakh residents.

🔹 Additional Acquisitions:
- RLDA: 27.57 acres near Mahim station
- BEST: 12 acres in Sion East

🏢 Government Support:
Maharashtra cabinet approved requesting 283.4 acres of salt pan land for the project on a 99-year lease.

🚀 Big News! Macrotech Developers Ltd, under the Lodha brand, is set to invest Rs 3,500-4,000 crore this fiscal to acquire new land parcels and enter joint development agreements. With a major presence in MMR, Pune, and now Bengaluru, the company aims to capitalize on the surge in residential property demand. They plan to launch 17 new housing projects this fiscal, targeting a 21% growth in sale bookings.

🌟 Bollywood legend Amitabh Bachchan expands his real estate portfolio with a new acquisition in Alibaug, near Mumbai! 🌊 This coastal town is a hotspot for luxury living, and Bachchan's latest purchase adds to his already impressive collection. 🏖️

Macrotech Developers' Q4 FY24 saw a 10.61% dip in net profit, down to Rs 667 crore from Rs 746.20 crore YoY. However, their total income surged by 24.83% to Rs 4,083.90 crore. Abhishek Lodha, MD & CEO, highlighted pre-sales hitting Rs 145 billion for FY24, with Q4FY24 pre-sales at Rs 42.3 billion, a 40% YoY growth. The company aims to bolster margins and top-line growth over the next 6-12 months. The board recommended a final dividend of Rs 2.25 per equity share. Key financials: net worth at Rs 17,099.80 crore, current liability ratio at 0.96, total debts to total assets at 0.16, debt-equity ratio at 0.45, operating margin at 33.37%, and net profit margin at 16.33%. The quarter also saw the allotment of 2,98,89,353 equity shares. Net debt decreased to Rs 30.1 billion.