In a positive development for homebuyers, Mumbai’s real estate market has shown remarkable growth, with a record number of property registrations in 2024. Meanwhile, Supertech homebuyers are looking forward to a solution as NBCC has submitted a proposal to complete 17 stalled Supertech projects. The National Company Law Appellate Tribunal (NCLAT) will soon consider this proposal, which is a ray of hope for nearly 27,000 homebuyers stuck in these incomplete projects.
NBCC’s Proposal for Supertech’s Stalled Projects
The National Buildings Construction Corporation (NBCC), a government-owned enterprise, has stepped in to offer a solution for Supertech’s long-pending projects. The Supreme Court recently allowed the NCLAT to review NBCC’s proposal for completing 17 stalled projects of Supertech, a troubled real estate company. For years, around 27,000 homebuyers have been waiting for their homes to be completed, and NBCC’s involvement may bring some relief.
A bench consisting of Justice Sanjiv Khanna and Justice Sanjay Kumar has issued a notice to NBCC and instructed the NCLAT to pass appropriate orders on the proposal. The court made it clear that any party dissatisfied with the NCLAT’s orders has the right to challenge them according to the law.
Nyati Group Partners with Navigo to Enhance Homebuying Experience
While Supertech’s stalled projects await resolution, Pune’s Nyati Group is setting an example of innovation in the real estate industry. The Nyati Group has teamed up with Qubit’s next-generation 3D visualization tool, Navigo, to offer homebuyers a more immersive and personalized experience.
Navigo’s technology allows buyers to explore properties in 3D, providing all the essential details about the project from the comfort of their homes. This cutting-edge tool has transformed Nyati Group’s sales process, giving buyers a clear view of how the project will look upon completion, what amenities it will include, and much more. As a result, Nyati Group has seen an increase in sales by 16-18%, making Navigo a vital part of their sales strategy.
Nyati Group’s High-End Projects Use 3D Visualization
Nyati Group has two major upcoming projects where Navigo will serve as the main sales tool. Harish Shroff, Director of Sales and Marketing at Nyati Group, said that integrating Navigo has revolutionized how they interact with customers. He added that the technology provides buyers with the confidence to make informed decisions about their future homes even before the project is completed.
Qubit co-founder Ajay Parge explained that Navigo offers hyper-real customization and immersive 3D tours, enhancing the overall buying experience. This technology has significantly improved the way the Nyati Group presents its projects, streamlining the decision-making process for potential homebuyers. With real estate contributing 7.3% to India’s GDP, advancements like Navigo help meet the rising demand for property in the country.
Mumbai’s Property Market Hits New Highs
The real estate market in Mumbai has reached new heights this year, with property registrations hitting a record level. According to Knight Frank, property registrations in Mumbai’s Municipal Corporation area (BMC) increased by 12% year-on-year, with 1,05,608 units registered between January and September 2024. This is a significant increase from the 94,309 units registered during the same period in 2023.
In September alone, Mumbai registered 9,111 units, pushing the city past the 1,00,000 mark for property registrations, a milestone reached faster than in any of the past ten years. The surge in property transactions can be attributed to economic growth and a growing preference for homeownership among Mumbai residents.
The report from Knight Frank highlights that the demand for properties in Mumbai continues to grow, and the increasing prosperity of the city’s residents is driving this sustained growth. In comparison, the 1,00,000 registration mark was reached in October last year, showing how 2024 has been a strong year for the city’s real estate market.
With both positive developments like record property sales in Mumbai and solutions for stalled projects like Supertech’s, India’s real estate sector is moving forward steadily, offering better prospects for homebuyers across the country.
