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Hindustan Times
2 days ago
- Business
- Hindustan Times
Sunteck Realty announces ₹1,200 crore GDV JDA project at Mira Road near Mumbai
Listed real estate developer Sunteck Realty Ltd (SRL) announced on July 23 that it has entered into a joint development agreement (JDA) to develop 3.5 acres of land on Mira Road along the Western Express Highway near Mumbai. The project, spread across 13,500 sq m, will offer a development potential of 5.5 lakh sq ft of carpet area, with an estimated Gross Development Value (GDV) of ₹1,200 crore, the company said. Listed real estate developer Sunteck Realty Ltd (SRL) announced on July 23 that it has entered into a joint development agreement (JDA) to develop 3.5 acres of land on Mira Road along the Western Express Highway near Mumbai. (Picture for representational purposes only)(Mehul R Thakkar/HT) "This JDA reinforces our commitment to expanding in high-potential growth corridors of MMR. Mira Road, with its robust infrastructure pipeline and superior connectivity, offers an ideal canvas for creating a landmark luxury residential development. As seen with Sunteck SkyPark, we believe in transforming locations into lifestyle destinations. With this new development, we aim to deliver living experiences that elevate the value of the entire neighbourhood," said Kamal Khetan, chairman and managing director of Sunteck Realty Ltd. Also Read: Mumbai, Thane, Navi Mumbai, and Pune see a decline in housing sales and supply in Q2 2025 The company said the project has direct highway frontage and is adjacent to the upcoming Metro Line 9 (Miragaon Station) and has access to Dahisar and Mira Road railway stations. Upcoming infrastructure initiatives like the Borivali-Thane Tunnel and the Coastal Road Extension will further elevate connectivity, making the location even more desirable for discerning homebuyers and investors, the company said in a statement. Also Read: Housing sales volume of Tier 1 real estate developers dips by 6% in FY25: Ind-Ra The company said that Mira Road has emerged as a high-absorption residential market in the Mumbai Metropolitan Region (MMR), backed by proximity to reputed educational institutions, healthcare centres, retail hubs, and green belts. With a growing demand for premium, well-connected living. Also Read: Are Mumbai real estate prices moderating, giving homebuyers more room to negotiate? Local brokers said the per-square-feet price for residential apartments in Mira Road, with exceptions, is ₹10,000 to ₹15,000.
Hindustan Times
15-07-2025
- Business
- Hindustan Times
Mumbai sees redevelopment projects worth ₹18,000 crore amid signs of softening sales: Here's what you need to know
Mumbai's real estate market is seeing a surge in redevelopment project announcements, even as overall housing sales begin to show signs of softening. In the past six months, at least five listed developers have unveiled redevelopment projects in the city, with a combined potential value of ₹18,000 crore. Mumbai's real estate market is seeing a surge in redevelopment project announcements, even as overall housing sales begin to show signs of softening.. (Picture for representational purposes only)(Mehul R Thakkar/HT) Experts say this flurry of activity reflects a strategic move by developers to capitalise on strong sales over the past three years. By building a robust redevelopment pipeline, they aim to secure their sales book for the next three to five years. While this signals a phase of consolidation, experts caution that the current momentum may ease over the coming year. Redevelopment announcements in Mumbai In the last six months, Mumbai-based Rustomjee Group has announced at least three redevelopment projects in Mumbai with over ₹7,700 crore of gross development value (GDV), and Arkade Developers has announced eight projects in Mumbai with over ₹5,000 crore of GDV. Bengaluru-based Puravankara Limited has announced the redevelopment of eight societies in Mumbai's Chembur with over ₹2,100 crore of GDV, and Mahindra Lifespace has announced at least three redevelopment projects with a GDV of over ₹3,000 crore. K Raheja Homes in March 2025 secured the rights to redevelop Mumbai's Palmera Cooperative Housing Society, widely known as 'Pleasant Palace'. The property, situated on Narayan Dabholkar Road in the posh Malabar Hill neighbourhood of South Mumbai, spans over 6,000 square meters, and its estimated development potential is approximately 3 lakh sq ft. Bengaluru-based company, Prestige Group, has launched luxury projects at Marine Lines and Worli in Mumbai in the last two years, and is exploring more projects in South Mumbai. Sunteck Realty, based in Mumbai, was appointed to develop the residential project on 2.5 acres of land in Mumbai's Andheri. The project is expected to generate 2.75 lakh sq ft of saleable area and has a GDV of ₹1,100 crore. Also Read: Planning to buy a house worth ₹1 crore in Mumbai? Know how much you need to keep aside Why the rush for redevelopment? Real estate developers say redevelopment is the most viable path forward in a city like Mumbai, where land is scarce and demand remains strong in key micro-markets. Acquiring projects in locations where the supply-demand equation works in their favour is seen as a safe and strategic move. 'We recently announced eight redevelopment projects with a projected gross development value (GDV) of over ₹5,000 crore, primarily in the western suburbs. We're confident and bullish on the redevelopment market in areas like Malad, Santacruz, Andheri, Dahisar, and Goregaon,' said Arpit Jain, Director, Arkade Developers. 'These projects will take a few months to reach the market, but we anticipate strong demand given the quality we're delivering. Our main focus is on acquiring large land parcels, and we're aggressively pursuing that strategy,' he said. 'Redevelopment is emerging as the preferred pathway to unlock value in prime locations, optimise land use, and deliver modern, amenity-rich housing that aligns with the aspirations of today's homebuyers. In a city like Mumbai, where land is scarce and much of the existing stock is outdated, redevelopment provides a sustainable and impactful solution to meet growing urban demands,' said Manan Shah, managing director, MICL Group. 'Particularly in the suburbs, redevelopment presents a rare opportunity to build at scale, upgrade infrastructure, and introduce lifestyle features that greenfield projects often can't accommodate. That's why we're seeing a surge in announcements from suburban areas. Land parcels are larger, societies are better organised, and there's strong demand for transformation," he said. Also Read: Tesla plans to open Mumbai showroom on July 15: Key facts on India's costliest lease deal and its real estate portfolio 'In contrast, redevelopment in South Mumbai is more nuanced. Project scales may be smaller due to heritage and density constraints, but the value creation is significant. Here, redevelopment is focused on exclusivity, heritage restoration, and delivering ultra-premium experiences. While the pace may be steadier, the impact on the skyline and quality of life is no less substantial,' he said. According to Sunteck Realty, even in prime locations, many older societies lack the modern conveniences and aesthetic appeal that contemporary homebuyers desire. The company said redevelopment not only bridges this gap but also significantly enhances the property's value, making it a win-win for both homeowners and developers. Why are developers announcing redevelopment projects despite softening of sales in Mumbai? According to data shared by analytics firm Propequity, the Mumbai real estate market, along with Thane, Navi Mumbai, and Pune, saw a decline in housing sales and new launches in Q2 2025. In Mumbai, housing sales dropped 34% year-on-year to 8,006 units in Q2 2025 from 12,114 units in Q2 2024. New launches also fell sharply by 61% to 4,949 units, compared to 12,610 units in the same quarter last year. Also Read: Mumbai, Thane, Navi Mumbai, and Pune see a decline in housing sales and supply in Q2 2025 According to experts, the recent spate of redevelopment announcements by listed developers signals a phase of consolidation. However, this momentum may soften over the next year. 'The redevelopment activity by listed players reflects a consolidation of their strong sales over the past 3–4 years. That's why we're seeing a barrage of new project announcements, with supply expected to hit the market within the next 12 to 18 months, possibly even sooner,' said Ritesh Mehta, Senior Director and Head (North and West), Residential Services and Developer Initiatives, JLL India. 'While the market is seeing healthy competition, sales are currently somewhat soft. However, listed developers remain relatively comfortable, having posted strong sales over the past few years. This gives them the cushion to endure a period of slower sales as these new projects hit the market over the next 18 months or sooner,' Mehta said. 'Of course, conditions will differ across micro-markets. In areas with limited supply, new launches are less of a concern, and developers are likely factoring that in. In redevelopment projects, a significant portion of the inventory is absorbed by existing tenants who choose to purchase units. Typically, about 20% is sold to them, leaving the remaining 80% for the open market,' he said. "Given that these listed players are sitting on strong sales over the last four years, it seems clear they're consolidating their positions accordingly. Over the next 1-1.5 years, we might see redevelopment announcements soften a bit. The current frenzy may not continue at the same pace. For now, we'll have to wait and watch how things unfold," Mehta added.
Hindustan Times
14-07-2025
- Business
- Hindustan Times
Pune real estate: 1 BHK supply hits record low as buyers seek spacious apartments, upgrades increase
Pune's real estate market is witnessing a significant dip in the supply of 1 BHK apartments, which now account for just 8% of total new launches, the lowest level recorded, according to a research report by Gera Developments. Pune's real estate market is witnessing a significant dip in the supply of 1 BHK apartments, which now account for just 8% of total new launches, the lowest level recorded, according to a research report by Gera Developments. (Picture for representational purposes only)(Mehul R Thakkar/HT) This marks a sharp decline from 2017–18, when 1 BHK units comprised over 40% of the market. In contrast, the share of 2 BHK apartments has increased, driven by growing demand from two key buyer segments: first-time homebuyers seeking slightly larger homes and existing homeowners looking to upgrade. The report also notes that while the launch ratio of 1 BHK units has declined, launches of 2 BHK, 3 BHK, and 4 BHK apartments have gone up, even as overall sales have softened over the past year. Developers attribute this trend to sustained demand in the 2 and 3 BHK segments, fueled by both new buyers and upgraders. Pune real estate market clocks 88000 launches in 2024-25 The Pune real estate market reported the launch of over 88,000 units in 2024-25 (July to June) compared to over 99,000 during the same period in 2023-24. According to the report, of the over 88,000 launches in 2024-24, only 8.7% were in the 1 BHK segment. 1BHKs accounted for a significant 48.1% share of new launches between July 2017 and June 2018. The share fell to 42.2% in 2018-19, 35.3% in 2019-20, and 26.9% in 2020-21, the report said. By July 2021-June 2022, the share stood at 21%, before plunging to just 15.1% in 2022-23 and 14% in 2023-24. The latest data for July 2024 to June 2025 reveals that only 8.7% of new units launched were 1 BHKs, the lowest proportion seen in the eight-year period, the report said. While the share of 1 BHK units has steadily declined, larger configurations have gained significant traction in the housing market over the past eight years, the report indicates. Although consistently dominant, the share of 2 BHK units has fluctuated moderately, from 43.4% in 2017-18 to a peak of 54.9% in 2021-22, before easing to 48.19% in 2024-25. The 3 BHK segment has witnessed a healthy rise, growing from just 5.5% of new launches in 2017-18 to 31.62% in 2024-25. The 4 BHK category has gradually expanded its presence, from a mere 0.4% share in 2017-18 to 4.15% in 2024-25, according to the report. "Post COVID-19, young IT professionals, who had purchased 1 BHK apartments around 10 to 15 years ago, have upgraded to either 2 BHK or 3 BHK, and even first-time homebuyers are preferring 2 BHK and 3 BHK apartments. Also, for real estate developers, profit margins are higher in larger apartments than in 1 BHK apartments. Hence, due to lower demand from homebuyers and lower supply from developers, 1BHKs are a rare sight today in Pune," said Rahul Ajmera, Pune-based developer at Vasupujya Corporation and a data analyst. Also Read: Pune property registrations up 16% in H1 2025 to 1.16 lakh in H1 2025; Stamp duty collections rise 19% '1 BHK launches may not increase significantly despite sales going down' Pune's residential real estate market recorded an 8% decline in annual home sales. According to the Gera report, sales fell from 93,737 units in June 2024 to 86,666 units in June 2025, even as average prices rose moderately by 7.3%. The report attributed the drop in sales to a sticker shock effect, which made apartments less affordable. Despite the decline, Rohit Gera, MD of Gera Developments, does not foresee a significant increase in the launch or sale of 1 BHK apartments in the Pune real estate market. Also Read: Pune real estate faces 'sticker shock', housing sales decline despite lower interest rates "People increasingly prefer larger apartments, especially after COVID-19, and this is evident from the rising share of 2, 3, and 4 BHK units in new launches, while the proportion of 1 BHK apartments has declined. In Pune, the average size of apartments has also grown over the past few years, even as the overall number of new launches has come down," Gera said. "This trend has likely contributed to higher prices and a slowdown in sales. Looking ahead, I believe developers will need to boost the volume of new launches while reducing apartment sizes, " Gera said. "However, this doesn't necessarily mean there will be a significant surge in 1 BHK launches in Pune, their share might only inch up to around 10%, if at all. Instead, I expect developers will focus on slightly reducing sizes across all configurations and increasing supply to help improve sales momentum," he said. Also Read: Mumbai, Thane, Navi Mumbai, and Pune see a decline in housing sales and supply in Q2 2025 The report said the average size of apartments has increased by 25% over the last five years, from 966 sq ft in 2021 to 1,210 sq ft in 2025. On the other hand, the average price of apartments has increased by 43% over the last five years, from ₹4,731 per sq ft in 2021 to ₹6,759 per sq ft in 2025. Therefore, the average ticket size has increased by 79%, from ₹45.69 lakh to ₹81.77 lakh, the report added.
Hindustan Times
13-07-2025
- Business
- Hindustan Times
MHADA lottery 2025: 5,285 flats, 77 plots up for grabs in Konkan region
The Maharashtra Housing and Area Development Authority's (MHADA) Konkan Board has announced a lottery for 5,285 affordable flats and 77 plots near Mumbai, starting July 14. The housing units are located in areas such as Vasai, Thane, Kulgaon, and Badlapur, while the plots are available in the Sindhudurg district of the Konkan region. MHADA lottery 2025 update: The Maharashtra Housing and Area Development Authority's (MHADA) Konkan Board has announced a lottery for 5,285 affordable flats and 77 plots near Mumbai, starting July 14 (Picture for representational purposes only)(Mehul R Thakkar/HT ) According to a statement from MHADA, applications with price details and location information will be available online from 1 pm on July 14. The lottery draw will be held on September 3, with an inauguration ceremony scheduled for Monday, July 14, 2025. Schedule for the housing lottery The last date to submit applications online is August 13, until 11:59 pm, and the deadline to pay the earnest money deposit (EMD) is August 14, by 11:59 pm. MHADA will release the draft list of eligible applicants on August 21 by 6 pm, with the window for raising objections open until 6 pm on August 25. The final list of eligible applicants will be published on September 1, it said. The MHADA said housing units and plots are being offered under various schemes, including 565 flats under the 20% Inclusive Housing Scheme, 3,002 flats under the 15% Integrated Urban Housing Scheme, 1,677 flats under the Konkan Board Housing Scheme and scattered flats in existing conditions, 51 flats under the Konkan Board Affordable Housing category (with 50% affordability criteria), and 77 plots under the Konkan Board Housing Scheme. Also Read: MHADA plans to conduct two housing lotteries annually, create stock of 50,000 affordable homes over the next five years MHADA has clarified that its lottery system is fully online and transparent, with no human involvement. The authority said that it has not appointed any agents, consultants, or property dealers, and strongly warned applicants against engaging with third parties or falling for misleading offers. Also Read: Maharashtra Housing Policy 2025: Statewide survey proposed to assess housing demand in post-COVID-19 era MHADA lottery 2025 Mumbai reported in May 2025 that the MHADA is expected to announce the draw for approximately 5,000 affordable homes around Diwali 2025. "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 in May 2025. According to MHADA officials, around 5,200 affordable homes are likely to be part of 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. Also Read: MHADA lists 20 buildings as extremely dangerous in South Mumbai, asks residents to move out before monsoon hits In 2024, more than 2000 affordable homes in the price range of ₹29 lakh to ₹6.82 crore were up for sale.
Hindustan Times
13-07-2025
- Business
- Hindustan Times
Mumbai real estate: Where can you buy a second home close to the financial capital with a ₹50 lakh budget?
For homebuyers eyeing a second home near Mumbai with a ₹50 lakh budget, options are limited but not impossible. According to real estate developers, while popular weekend destinations like Lonavala, Igatpuri, or Alibaug are largely out of reach at this price point, emerging locations in the Karjat-Neral belt still offer affordable opportunities. For homebuyers eyeing a second home near Mumbai with a ₹ 50 lakh budget, options are limited but not impossible. (Picture for representational purposes only)(Mehul R Thakkar/HT) 'For a ₹50 lakh budget, one of the few viable options is buying land in areas like Karjat, Neral, Shahapur, or Murbad from a Grade B developer for around ₹20 lakh, and spending the remaining ₹30 lakh on construction and approvals for a 2BHK independent home,' said Gautam Thacker, chairman and founding president of NAREDCO, Karjat-Neral Belt. Thacker said that partnering with property management firms can fetch an annual rental yield of up to 10%. Another option is a 2BHK apartment facing the Matheran hills in Neral, available for around ₹30 lakh. However, buyers hoping to buy a villa in more established second-home hotspots like Lonavala or Igatpuri would need a budget of ₹1–2 crore, while prices in Alibaug can go even higher due to its proximity to South Mumbai. Post-COVID-19, several real estate developers in Mumbai and Pune have launched plotted and villa development projects across Maharashtra, catering to the growing demand for second homes. Also Read: Mumbai real estate: Why are pilots eyeing plots and luxury villas near Navi Mumbai airport? Popular locations include Lonavala and Khandala near Pune, Dapoli in the Konkan region, Alibaug in Raigad district, Manor in Palghar, Igatpuri, Kasara Ghat near Nashik, and the Karjat-Neral belt near Mumbai. Developers such as Rustomjee Group, Mahindra Lifespaces, Godrej Properties, Wadhwa Group, House of Abhinandan Lodha (HoABL), and Arihant Superstructures have introduced such second-home projects over the past two years. Also Read: Planning to invest in a plotted development project near Mumbai? Here's what you should know Here's what buyers must keep in mind before investing Experts advise investors to conduct thorough due diligence before purchasing land or independent houses for use as second homes. 'When investing in land, it's crucial to understand the difference between agricultural and non-agricultural land. Buyers must verify the ownership title and get legal due diligence done before committing funds,' said Aditya Zantye, a Mumbai-based chartered accountant who practices before MahaRERA. The property card, 7/12 extract, property tax receipts, and water connection bills are key documents to review. Zantye also stressed the importance of understanding tax implications. 'NRIs are barred from buying agricultural land under FEMA regulations. Domestic buyers should factor in stamp duty, registration charges, property tax, and water tax. Additionally, short-term or long-term capital gains tax may apply if the property is sold,' he said. According to experts, investors need to ensure proper documentation before purchasing a particular land parcel or an independent house for use as a second home. "While investing in land, one should understand the difference between agricultural land and non-agricultural land. We need to be doubly sure about the ownership title of the project. In fact, investors should get the legal due diligence of the project done before investing their money. Documents such as property card, 7/12 extract, property tax bills, water connection bills should be vetted before signing on the dotted line," said Aditya Zantye, a Mumbai-based chartered accountant who practices in MahaRERA, a real estate regulatory body. Also Read: Housing sales volume of Tier 1 real estate developers dips by 6% in FY25: Ind-Ra "Along with due diligence of the property title, one also needs to keep in mind the tax liability that may accrue to an investor putting in money in a plotted development. Currently, non-resident Indians (NRIs) cannot invest in agricultural land due to restrictions under the Foreign Exchange Management Act (FEMA). Otherwise, one should check the amount due as stamp duty, registration charge, property tax and water tax. Short-term and long-term capital gain tax (LTCG) liability may also arise if the investor decides to sell the property," Zantye said.
