{"id":1267,"date":"2024-03-06T12:17:35","date_gmt":"2024-03-06T12:17:35","guid":{"rendered":"https:\/\/simplease.in\/blog\/?p=1267"},"modified":"2025-10-07T15:19:15","modified_gmt":"2025-10-07T09:49:15","slug":"mumbai-breaks-into-worlds-top-10-luxury-residential-markets-now-ranks-8th","status":"publish","type":"post","link":"https:\/\/simplease.in\/blog\/?p=1267","title":{"rendered":"News tracker: March 03, 2024"},"content":{"rendered":"\r\n<h2 class=\"wp-block-heading\"><strong>Mumbai breaks into world\u2019s top 10 luxury residential markets, now ranks 8th<\/strong><\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Mumbai secures the 8th position globally among the world&#8217;s premier luxury real estate markets as per Knight Frank&#8217;s The Wealth Report 2024<\/li>\r\n\r\n\r\n\r\n<li>Remarkable jump from 37th position in 2022<\/li>\r\n\r\n\r\n\r\n<li>In Mumbai, $1 million or \u20b9 8.24 crore can now get you a 1108 sq ft home<\/li>\r\n\r\n\r\n\r\n<li>Monaco retains its top position as the world&#8217;s most expensive real estate market, where $1 million can buy 172 sq ft of space<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Macleods Pharma promoters buy bungalow in Mumbai&#8217;s Juhu for \u20b9 101 cr<\/strong><\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Property is built on a plot under leasehold rights for 999 years starting March 1962<\/li>\r\n\r\n\r\n\r\n<li>This is the 3rd property purchased by them<\/li>\r\n\r\n\r\n\r\n<li>The property has a built-up area of over 3,604 sq ft<\/li>\r\n\r\n\r\n\r\n<li>Founded in 1986, Macleods Pharmaceuticals is engaged in developing, manufacturing &amp; marketing formulations across various therapeutic areas<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Property registrations in Mumbai up 24% in February<\/strong><\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Property registrations at 12,056 units in Feb 2024 [+ 24.5% y-o-y]<\/li>\r\n\r\n\r\n\r\n<li>Best February month in the history of Mumbai\u2019s real estate market<\/li>\r\n\r\n\r\n\r\n<li>Stamp duty collection at \u20b9 885 cr v\/s to \u20b91,110 crs last year<\/li>\r\n\r\n\r\n\r\n<li>Share of apartments measuring 500 sq ft &amp; below, rose to 45% v\/s 34% a year ago<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Promoters of wires &amp; cables manufacturer RR Kabel Ltd buy 2 apartments in Mumbai for \u20b951 crs<\/strong><\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Sea-facing apartments bought in the project 25 South in Prabhadevi<\/li>\r\n\r\n\r\n\r\n<li>The project comprises 3 BHK &amp; 4 BHK apartments<\/li>\r\n\r\n\r\n\r\n<li>Project is being jointly developed by Wadhwa Group and Hubtown, on a 5-acre plot<\/li>\r\n\r\n\r\n\r\n<li>RERA carpet area is 3966 sq ft for each of the two units with an additional area amounting to 735 sq ft<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Maharashtra allocates \u20b9 10,519 cr towards land acquisition for Pune outer ring road<\/strong><\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>MSRDC is responsible for the development of 136.80 km-long outer ring road, which aims to decongest Pune roads<\/li>\r\n\r\n\r\n\r\n<li>Land acquisition to be carried out in 2 phases \u2013 western &amp; eastern, with almost 90% of land already acquired for western phase<\/li>\r\n\r\n\r\n\r\n<li>MSRDC is hopeful of completing the land acquisition by June<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Enforcement directorate seizes \u20b9 7 cr properties of Ornate Spaces<\/strong><\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>ED seized properties belonging to Vijay Machinder of Ornate Spaces in a money laundering case for alleged defrauding flat purchasers in his Oshiwara development project<\/li>\r\n\r\n\r\n\r\n<li>Machinder is also accused of \u20b9 100 cr to Dawood associate Chhota Shakeel for assistance with his Oshiwara and Kalachowkie redevelopment schemes<\/li>\r\n\r\n\r\n\r\n<li>Machinder is currently in jail custody, having secured a commencement certificate from Mhada and borrowed funds from banks for his project<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Mumbai police arrests SVK project LLP directors for defrauding flat buyers<\/strong><\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Manoj Champaklal Shah and Suresh Shroff were arrested by Mumbai police&#8217;s Offences Wing&#8217;s Unit 2 for defrauding 10 flat buyers of \u20b911 crs<\/li>\r\n\r\n\r\n\r\n<li>Charged with cheating, document forgery, breach of trust, and violations of the Maharashtra Ownership Flats Act<\/li>\r\n\r\n\r\n\r\n<li>The accused initiated a residential redevelopment in Vile Parle West in 2014 and collected funds from multiple buyers &amp; submitted a fraudulent Commencement Certificate<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>DLF to launch properties worth \u20b9 80,000 cr in 4 years to encash surge in demand<\/strong><\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Properties worth \u20b9 15,000 cr sold during 2022-23 &amp; aims to surpass this amount in FY2024<\/li>\r\n\r\n\r\n\r\n<li>Targeting to launch 10 mn sq ft in FY 2025 with an expected revenue potential of \u20b9 32,000 cr<\/li>\r\n\r\n\r\n\r\n<li>identified an additional 22 mn sq ft with an estimated revenue of \u20b9 46,850 cr for the 2024-25 fiscal year<\/li>\r\n\r\n\r\n\r\n<li>Majority of these projects will be in the residential sector in the luxury and ultra-luxury segments<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Delhi civic body extends last date or geo-tagging properties till March 31<\/strong><\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>MCD has extended the deadline for geotagging properties until March 31, 2024, allowing residents to receive a 10% rebate on lump sum advance tax payments<\/li>\r\n\r\n\r\n\r\n<li>Initial deadline was Jan 31, &amp; was previously extended to Feb 29<\/li>\r\n\r\n\r\n\r\n<li>Failure to geotag properties will result in taxpayers not being able to avail the rebate on lump sum tax payments by June 30 in Financial Year 2024-25<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Four land parcels in Gurugram fetch \u20b9 500 cr from three developers<\/strong><\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>The Haryana State Industrial &amp; Infrastructure Development Corporation (HSIIDC) auctioned 4 land parcels in Gurugram for residential development<\/li>\r\n\r\n\r\n\r\n<li>Eldeco purchased 2.7 acres for \u20b9 110 cr, Trehan Iris acquired two land parcels totalling 5.08 acres for \u20b9 190 cr, and Conscient 5.56 acres for \u20b9 200 cr<\/li>\r\n\r\n\r\n\r\n<li>These acquisitions are part of a trend of major land acquisitions in prime locations within Gurgaon, particularly in Sector 80<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>UP govt wants 3-4 lakh registries done in four months in Noida<\/strong><\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>It is anticipating that ~ 7,000 individuals will secure ownership rights of their flats before Holi (March 25)<\/li>\r\n\r\n\r\n\r\n<li>Chief Minister Yogi Adityanath is scheduled to visit Gautam Buddh Nagar between March 7-10 to assess the situation.<\/li>\r\n\r\n\r\n\r\n<li>Home-buyers expressed joy and relief as they finally obtained the registry of their homes after years of waiting.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Nisus BCD Fund invests \u20b9 105 cr in Shapoorji Pallonji subsidiary<\/strong><\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Investment is aimed at a 12-acre land parcel in the Manjari-Budruk area of Pune<\/li>\r\n\r\n\r\n\r\n<li>Land to be developed as affordable housing mixed-use township with a saleable area of over 2.1 mn sq ft<\/li>\r\n\r\n\r\n\r\n<li>The investment takes the form of senior secured non-convertible debentures and will be listed on BSE<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>LTI Mindtree takes another six lakh sq ft space in Chennai<\/strong><\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>With this expansion, LTIM will occupy 1.2 mn sq ft in L&amp;T Innovation Campus, Chennai<\/li>\r\n\r\n\r\n\r\n<li>The new campus can accommodate up to 10,000 IT professionals<\/li>\r\n\r\n\r\n\r\n<li>LTI Mindtree will occupy the first tower from April 2024 and the remainder by Nov 2024<\/li>\r\n\r\n\r\n\r\n<li>The city witnessed the highest-ever office leasing with 10.5 mn sq ft of gross absorption<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Emaar announces two Dubai projects worth $26bn<\/strong><\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Two new luxury projects, The Heights Club and Grand Club Resort announced, valued at $26 bn<\/li>\r\n\r\n\r\n\r\n<li>The Heights Club will have an area of 81 mn sq ft &amp; Grand Club will have an area of 60 mn sq ft<\/li>\r\n\r\n\r\n\r\n<li>Value of real estate deals in Dubai increasing 20% last year to reach $173 bn<\/li>\r\n\r\n\r\n\r\n<li>Knight Frank estimates that prices of prime residential properties in Dubai rose by 16% last year, the 2<sup>nd<\/sup> fastest pace globally<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>4 Indian brothers win Rs 2,000 crore in property dispute with 5<sup>th<\/sup> brother in US<\/strong><\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>A jury ordered Haresh Jogani to pay his brothers more than $2.5bn in damages &amp; divide up their South Carolina property empire<\/li>\r\n\r\n\r\n\r\n<li>Empire includes over 17,000 apartments worth billions<\/li>\r\n\r\n\r\n\r\n<li>The Jogani family, natives of Gujarat, India, built a fortune n the global diamond trade, establishing outposts in Europe, Africa, the Middle East &amp; North America<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">\u00a0<\/h2>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">\u00a0<\/h2>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">\u00a0<\/h2>\r\n\r\n\r\n\r\n<p>&nbsp;<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Mumbai breaks into world\u2019s top 10 luxury residential markets, now ranks 8th Macleods Pharma promoters buy bungalow in Mumbai&#8217;s Juhu for \u20b9 101 cr Property registrations in Mumbai up 24% in February Promoters of wires &amp; cables manufacturer RR Kabel Ltd buy 2 apartments in Mumbai for \u20b951 crs Maharashtra allocates \u20b9 10,519 cr towards [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":1666,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65,19,20,18,99],"tags":[57,64,56,54,47,52,70],"class_list":["post-1267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global","category-gurgaon","category-india","category-mumbai","category-weeklynewstracker","tag-gurugram","tag-gurugramrealestate","tag-mumbai","tag-mumbairealestate","tag-propertymanagement","tag-realestate","tag-simplease-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>News tracker: March 03, 2024 - Simplease Insights<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/simplease.in\/blog\/?p=1267\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"News tracker: March 03, 2024 - Simplease Insights\" \/>\n<meta property=\"og:description\" content=\"Mumbai breaks into world\u2019s top 10 luxury residential markets, now ranks 8th Macleods Pharma promoters buy bungalow in Mumbai&#8217;s Juhu for \u20b9 101 cr Property registrations in Mumbai up 24% in February Promoters of wires &amp; 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