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MUMBAI: Over the past 1.5 years, a cartel of small-time developers aided by property brokers has taken land speculation in Navi Mumbai to a different level. After cornering Cidco plots in auctions by quoting astronomical rates, sometimes three to four times the reserved price, they started selling apartments without permissions or allotment letters from Cidco. Local property market sources told TOI that investors and homebuyers made bookings as huge discounts were offered though the projects were not registered with MahaRera, the state real estate regulatory authority. Recently MahaRera clamped down on them. Early this year in Kharghar, boards were seen on some plots offering a rate of Rs 4,000 a sq ft when the going rate is Rs 9,000-plus in this region of Navi Mumbai.Activists in Kharghar, Navi Mumbai, put up hoardings in September warning people lured with huge discounts to some projects that they could be cheated because several small developers were showing fake building plans to entice potential buyers. The discounts offered to clients were huge: 50% to 60% below the market rate.“It was like a carnival with potential investors arriving in their cars and waiting through the day to book apartments. People were blindly paying up to 90% of the amount despite knowing that there were no building plans or permissions. This was driven by pure greed and speculation,” a source said.“These developers collected a few hundred crores so that they could pay back Cidco for the plot won at these auctions,” sources said.Based on a complaint, the state real estate regulatory authority made the Bhagwati Group a respondent. The authority issued a show cause notice on October 4 to Bhagwati Group for putting a hoarding on plot no 61 in Kharghar without registering the project with MahaRera. The developer ignored the show cause notice and failed to appear before the authority.In its order of October 13, 2023, the authority referred to Section 3 of ReRa: “No promoter shall advertise, mar ket, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment, or building, as the case may be, in any real estate project without registering the project with RERA.”MahaRera secretary Va sant Prabhu said in his order, “In the present case, it has been established that the promoter had published an advertisement on a hoarding without fulfilling the requisite registration process with MahaRera. Therefore, it is hereby directed that a written communication be sent to Cidco noting that no additional authorisation be granted for the project until it is duly registered with MahaRera.” A similar order was also issued in case of Gami & Krishna Enterprises LLP for its real estate project Krishna Sky Rise (plot no 62) at Kharghar. A third order was issued against Gami Group for its project on Plot 40, 41, 42 in sector 34 A of Kharghar.

A digital creator on Instagram shared a series of pictures to show the future of real estate in Mumbai. The images of the houses created using artificial intelligence showcase unique concepts reminiscent of spacecraft-like residences. AI-generated image shows apartments floating in the air over Mumbai’s city scape.(Instagram/@_prateekarora) Digital creator Prateek Arora shared the pictures on Instagram with the caption, “Mumbai surreal estate.” The pictures show apartments with glass windows and doors floating over Mumbai’s cityscape. These images were created by Arora using the AI tool- Midjourney. The photos showcase a futuristic architectural vision and hint at the innovative future of Mumbai’s real estate sector. The first picture in this series shows a two-Storey apartment hanging in the sky, while the subsequent one presents a three-story structure situated above what seems to be a vast expanse of water. The third and fourth pictures show hanging apartments above Mumbai’s high-rise buildings, set against a vividly colored sky. The remaining pictures in the post show what other sky-bound apartments would look like under the cover of the night. Take a look at these AI-generated pics below: The pictures were shared a week ago on Instagram. Over 2,600 people have liked them. Additionally, a few even dropped comments on the pictures. Check out what people are saying about these AI-generated pictures: An individual enquired, “How do we go towards it? Or does it descend like a plane?” “Any brokerage fee or not?” joked another. A third wrote, “Quite difficult to sneak out at night though.” “Rent will be like 2 crores,” declared a fourth. “This is awesome,” expressed a fifth. “Do they float around the city?” enquired a sixth. A seventh commented, “This is so cool.” ABOUT THE AUTHOR Arfa Javaid is a journalist working with the Hindustan Times’ Delhi team. She covers trending topics, human interest stories, and viral content online.

ADVERTISEMENT But what are the opportunities and risks associated with investing in Mumbai's real estate? Mumbai's property market has witnessed consistent growth over the years, driven by a confluence of factors. According to recent data, the city's real estate sector contributed significantly to its Gross Domestic Product (GDP), with a notable increase in property transactions in the last few years. In 2023 alone, Mumbai saw an uptick of over 9% in property sales compared to the previous year, showcasing the market's resilience. The city's strategic importance in sectors such as finance, entertainment, and technology has led to a continuous influx of professionals seeking accommodation. As a result, the demand for rental properties remains robust. Research indicates that rental yields in Mumbai are around 3-4%, making it an attractive destination for buy-to-let investors aiming for steady rental income. While Mumbai's real estate market boasts lucrative opportunities, it has its fair share of challenges. One of the most significant hurdles is the high property prices. Statistics reveal that property prices in prime locations such as Bandra, Worli, and South Mumbai have surged by nearly 20% over the past two years, making it difficult for entry-level investors to secure properties in these areas. Moreover, regulatory and bureaucratic hurdles can impede the investment process. Navigating the complex legal landscape can be time-consuming and costly, particularly for those unfamiliar with local regulations. Additionally, some areas' infrastructure bottlenecks and inadequate urban planning can impact property values and rental potential. A prudent approach is crucial for individuals looking to dip their toes into Mumbai's real estate market. Here are some essential tips for first-time investors: Thorough Research: Before making any investment decisions, conduct extensive research on the market trends, property prices, and potential areas for growth. Understanding the micro-markets within Mumbai can help you make informed choices. Location Matters: Mumbai is a sprawling metropolis with diverse neighborhoods. Choose locations strategically based on factors like connectivity, upcoming infrastructure projects, and proximity to commercial hubs. Budget Wisely: Set a realistic budget and stick to it. Consider the property price and associated costs such as stamp duty, registration fees, and maintenance charges. Legal Due Diligence: Engage legal experts who specialize in real estate to ensure smooth navigation through regulatory hurdles and paperwork. Diversify Your Portfolio: Consider diversifying your investments across different property types, such as residential, commercial, and mixed-use properties, to mitigate risks. Long-Term Perspective: Real estate investments typically yield better results over the long term.