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Dattatray Ganpati Mohite, linked to a major housing scam in Navi Mumbai's 'Pragati Valley Project', has been arrested. This scam deceived thousands with promises of land and false government approvals.

Massive Navi Mumbai Housing Scam Uncovered

Dattatray Ganpati Mohite was arrested for a large Navi Mumbai scam promising investors fake land and returns through 'Pragati Valley Project'.

Dattatray Ganpati Mohite, 56, was arrested for a large-scale housing scam in Navi Mumbai, targeting investors with false promises of land and returns through the fictitious 'Pragati Valley Project'.

A 56-year-old man has been arrested for allegedly masterminding a multi-crore housing scam in Navi Mumbai that duped thousands of investors in the national capital with false promises of land, high returns and fake government approvals, an official on Friday said.
The accused, identified as Dattatray Ganpati Mohite, was caught from Maharashtra&rsquo;s Raigad, he said.
The officer said that Mohite, who carried a cash reward of Rs 50,000 on his head, was wanted in four separate cases registered with the Economic Offences Wing (EOW) and one case with Amar Colony Police Station.
&ldquo;Mohite was the mastermind behind a massive real estate scam involving a fictitious housing scheme named 'Pragati Valley Project' at Karjat, Navi Mumbai. He, along with associates, allegedly lured thousands of Delhi investors to put money into a non-existent project through false promises of land ownership, high returns and fake government approvals,&rdquo; said Additional Commissioner of Police (CP), Crime, Sanjay Kumar Sain.
The accused and his firm, Pragati Land &amp; Housing Corporation, in conspiracy with more than 70 fake estate companies launched an aggressive marketing campaign using forged brochures, pre-launch offers and fabricated documents, he added.
The victims were induced to invest via cheques and cash, amounting to over Rs 20 crore, police said.
&ldquo;Investigations later revealed that the company did not own any land, had no government registration or approvals and abruptly shut down operations by 2010 following which the accused and his associates absconded,&rdquo; the Additional CP said.
All cases pertain to offences under relevant sections of the IPC relating to cheating, forgery, criminal breach of trust and conspiracy, police said.
The proclaimed offender status was declared between 2018 and 2019 by the courts in Rohini and southeast districts of Delhi, they said.
A police team conducted surveillance and groundwork over several days even posing as local contractors to gather actionable intelligence, officials said.
The team traced Mohite to the jurisdiction of Karjat Police Station in Raigad, they said.
A coordinated raid was conducted earlier on Wednesday, resulting in Mohite's arrest, police said.
He was produced before a local court in Raigad and a transit remand was obtained for his production before the competent court in Delhi, they said.
Further investigation is on to identify the wider network of accomplices and to recover assets procured through the fraudulent scheme, police said.

Housing sales in nine major Indian cities fell by 18% in Q2 2024, with significant declines in Hyderabad and Mumbai. Delhi-NCR, however, saw a 7% increase in sales, showing resilience amid the broader downturn

Housing sales in Q2 2024 fall 18% in nine major cities in India

<h2>Housing sales in nine major Indian cities fell by 18% in Q2 2024, with significant declines in Hyderabad and Mumbai. Delhi-NCR, however, saw a 7% increase in sales, showing resilience amid the broader downturn</h2>

In the April to June quarter of 2024, housing sales in 9 major cities in India have declined 18%, according to a report by PropEquity, a real estate data analytics firm. The nine major cities include Mumbai, Delhi NCR, Bengaluru, Chennai, Hyderabad, Kolkata, Pune, Navi Mumbai and Thane.
<h3>Housing sales decline</h3>
As per the data, as many as 1,19,901 units were sold across nine major cities in Q2 2024, which is a decline of 18% compared to the previous quarter. However on a year-on-year basis, the housing sales witnessed a marginal dip of only 2%.
The April-June quarter of 2024 witnessed sale of 1,19,901 housing units compared to 1,21,856 units sold in Q2 2023, the data showed.
<h3>Highest decline in Hyderabad</h3>
Hyderabad saw the maximum fall of 36% followed by Mumbai that witnessed 25% decline. In Hyderabad, as many as 15,016 housing units were sold in Q2 2024 while 23,595 residences were sold in Q1 2024. Mumbai witnessed sale of 13,032 units between April and June (till date) in 2024 as against 17,307 in Q1 2024.
Likewise, Bengaluru saw a decline of 14% QoQ in housing sales as only 15,127 units were sold in Q2 2024 as against 17,547 units in Q1 2024. The data also revealed that absorption of housing units has gone down by around 16% QoQ in Kolkata.
Meanwhile, Delhi-NCR is the only region that witnessed an increase in new supply and sales on QoQ basis with 2% and 7% respectively. In Delhi NCR, Q2 2024 witnessed sale of 10,198 housing units as compared to 9,510 units in Q1 2024, which is a growth of around 7%, the data showed.
Also Watch: <a href="https://www.editorji.com/business-news/economy/residential-rental-price-slows-down-in-key-cities-as-supply-increases-1718708958312">Residential rental price slows down in key cities as supply increases</a>
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After construction disruptions due to a funding crisis in 2016, the project underwent legal proceedings initiated by homebuyers in 2019. 

Greater Noida's First: Housing project emerges from insolvency, finally offering occupancy to buyers

After construction disruptions due to a funding crisis in 2016, the project underwent legal proceedings initiated by homebuyers in 2019. 

After construction disruptions due to a funding crisis in 2016, the project underwent legal proceedings initiated by homebuyers in 2019.&nbsp;

In a first for Gautam Buddh Nagar district, a stuck project that faced insolvency due to a fund crisis, has received the occupancy certificate from the local authority and is now offering possession to buyers of more than 800 flats.
The 18-acre project, RG Luxury Homes, in Greater Noida West was launched in 2010 with an initial deadline of 2014. Facing delays, the construction work was stalled in 2016 due to a fund crisis. In 2019, a group of homebuyers moved the National Company Law Tribunal (NCLT).
The phase 1 of the project with approximately 1,900 units was affected due to proceedings in NCLT since September 2019 but in February 2020 the NCLT issued a "reverse insolvency order", directing the promoter of RG Group to complete it under the supervision of an insolvency resolution professional (IRP).
In October 2021, the promoter commenced the construction of the project again under the IRP's supervision and secured occupancy certificates (OCs) from the Greater Noida Industrial Development Authority (GNIDA) in February for 854 flats in four towers, as it rolled out possession to homebuyers.
IRP Manoj Kulshreshtha said he came on board when another NCLT-appointed IRP left the project within two years.
"When I reviewed the project with my knowledge, it seemed it could be completed. It took efforts from all stakeholders and we had targeted an OC at an earlier date but the compliances as per requirement were also to be made sure of," he said.
"The shortage of funds also posed a challenge at times. When a company faces insolvency and stress, no more funds get infused into it. Somehow that phase passed, and now we are in a stage where we have got OCs for four towers and working towards completing compliances of three more towers to get their OCs as well," Kulshreshtha told PTI.
"We received the certificate recently and now have started giving possession to our customers," RG Group Director Himanshu Garg said.
According to Uttar Pradesh Real Estate Regulatory Authority (RERA), 133 projects registered with it were in the NCLT by the end of February, while an official confirmed RG Luxury Homes was the first in the region to offer possession to buyers after reverse insolvency under which promoters are required to infuse funds to complete a project.
CREDAI, the apex body of real estate developers in the country, has also hailed the development, saying a single project might serve as a "beacon of hope" for the industry as a whole.
"Reverse insolvency is a tremendous leap of faith for the entire process to complete a project. The government, financial institutions, and legislative authorities need to consider this aspect and provide a special area for promoters who are having difficulty with NCLT but are committed to finishing the project and have strong backing from investors, allottees and other stakeholders," CREDAI Western UP's Secretary Dinesh Gupta told PTI.
Kulshreshtha, who is an IRP on multiple stuck projects in Karnal, Ghaziabad and Noida, said this project can serve as an example for other stuck projects. Also Watch:<a href="https://www.editorji.com/business-news/march-2024-bank-holidays-important-dates-to-note-for-financial-planning-1709104856956"> March 2024 bank holidays: Important dates to note for financial planning</a>

The Mumbai Metropolitan Region (MMR) experienced a remarkable 40% increase in housing sales in 2023, outpacing national challenges of high property prices and interest rates. 

 Mumbai leads with 40% surge in housing sales; top-7 cities sell 4.7 lakh units: Report

The Mumbai Metropolitan Region (MMR) experienced a remarkable 40% increase in housing sales in 2023, outpacing national challenges of high property prices and interest rates.&nbsp;

In 2023, the Mumbai Metropolitan Region experienced a significant surge in housing sales, despite the prevailing challenges of high home loan interest rates and soaring property prices nationwide. According to the latest data from Anarock Research, the top-7 real estate markets in India, including MMR, witnessed a 31% increase in housing sales last year.
Notably, MMR stood out with a&nbsp; 40% rise in housing sales, marking a substantial leap from the previous year. A total of 153,870 homes were sold in MMR in 2023, compared to 109,730 units in 2022. Additionally, MMR led in terms of completed residential projects, with a staggering 143,500 units finalized in 2023.
Anarock Group Chairman, Anuj Puri, highlighted that 2023 saw the highest annual completion of residential units, with over 435,000 homes achieving ready-to-move-in status across the top-7 cities. Looking ahead, Puri noted that more than 531,000 units are slated for completion in these cities in 2024.
The surge in housing sales was not limited to MMR alone. Across the top-7 cities, a total of 476,530 housing units were sold in 2023, marking a 31% year-on-year increase. Pune followed MMR with approximately 86,680 units sold, while the National Capital Region (NCR) witnessed the sale of 65,625 units.
Reflecting on the pricing dynamics, Anarock's report revealed an annual price hike ranging from 10% to 24% across the top-7 cities in 2023. Hyderabad experienced the highest jump of 24%, followed by Bengaluru with an 18% increase in average housing prices.
Despite the price appreciation, demand remains robust, with expectations of an 8-10% average price increase across the top-7 cities in 2024. Furthermore, there's been a noticeable uptick in demand for luxury housing, with a five-fold increase in supply compared to 2018, indicating sustained interest in premium properties.
In terms of completion, MMR and NCR led the pack, with 143,500 and 114,280 units completed, respectively, in 2023. Pune, Bengaluru, Hyderabad, and Chennai collectively saw the completion of 87,190 units, while Kolkata witnessed the finalization of 25,075 houses last year. Also Watch: <a href="https://www.editorji.com/business-news/luxury-home-sales-surge-75-in-top-7-cities-cbre-report-1707919216176#google_vignette">Luxury home sales surge 75% in top 7 cities: CBRE report</a>

Indian govt to sell 7% Hudco stake, aiming for ₹1,100 crore through an OFS on Oct 18-19, adhering to SEBI regulations, contributing to FY 2024 disinvestment target

Government proposes to sell upto 7% stake in HUDCO via OFS, raising ₹1100 Crore

<h2>Govt to sell 7% Hudco stake, aiming for ₹1,100 crore through an OFS on Oct 18-19, adhering to SEBI regulations, contributing to FY 2024 disinvestment target</h2>

The government is set to sell a 7% stake in Housing And Urban Development Corp. Ltd (Hudco) through an offer for sale (OFS) on October 18-19. The anticipated sale is expected to generate approximately ₹1,100 crore, according to a statement from a senior government official.
Tuhin Kanta Pandey, Secretary of the Department of Investment and Public Asset Management, confirmed the news via social media platform X (formerly known as Twitter).
The OFS will open for non-retail investors on the first day, followed by retail investors on the second day. The government fixed the floor price for the offer at ₹79 per share, it aims to sell about 140 million shares, totalling around ₹1,106 crore.
Hudco revealed that the OFS is crucial to meet the minimum public shareholding norms stipulated by the Securities and Exchange Board of India (Sebi). Currently holding an 81.8% stake in Hudco, the government plans to reduce its ownership to 74.8%&mdash;just below the maximum permissible limit of 75%.
Elara Securities (India), IDBI Capital Markets &amp; Securities, and SBICAP Securities have been appointed as brokers for the sale. The funds raised through this stake sale will contribute to the government's disinvestment target of ₹51,000 crore for the fiscal year 2024.
As of October 17, the government had already garnered ₹6,950 crore from disinvestment, primarily from selling stakes in companies such as Coal India Ltd, Rail Vikas Nigam Ltd, and SJVN Ltd. The Hudco stake sale aligns with the government's ongoing divestment strategy, aiming to optimize its holdings in various listed companies. Also Watch: <a href="https://www.editorji.com/business-news/coal-india-offer-for-sale-shares-tank-as-government-proposed-to-sell-3-stake-1685599230997">Govt to sell up to 3% stake in Coal India offer-for-sale; shares tank over 4%</a>

Delhi-NCR is the only region to record single-digit yearly growth of 7% in the top 7 cities. Pune recorded the highest growth of 65%

Housing sales touch all time high in second quarter of 2023; Mumbai & Pune account for 51% of sales

Delhi-NCR is the only region to record single-digit yearly growth of 7% in the top 7 cities. Pune recorded the highest growth of 65%

Housing sales in the second quarter of 2023 has reached a record high with 1,15,100 units being sold in top 7 cities, said a report by Anarock research. The report also pointed out that the housing sector saw a spike in housing sales despite various global economic headwinds, including layoffs and high loan rates.&nbsp;
In comparison, only 84,940 units were sold in the second quarter of 2022 in top 7 cities. This is a 36% jump year-on-year. As per Anarock, of the top seven cities, Mumbai Metropolitan Region (MMR) and Pune accounted for 51% of the total sales. As many as 58,770 units were sold in these cities.
Pune sold 20,680 units in Q2 2023 which is a massive 65% jump compared to the previous year. Meanwhile Mumbai Metropolitan Region saw a hike of 48% with 38,090 units being sold, Bengaluru saw a spike of 31% &nbsp;with 15,050 units sold in the second quarter. Chennai saw sales of 5,490 units in Q2 2023, amounting to an increase of 44%, while Hyderabad recorded sales of 13,570 units, which is a spike of 21% over Q2 2022. Housing sales in Kolkata increased by over 20% in Q2 2022 with sales of 5,780 units.&nbsp;&nbsp;
Delhi-NCR is the only region to record single-digit yearly growth of 7%. It saw 16,450 units sold in the second quarter, while in Q2 2022 it was 15,340 units.&nbsp;
&ldquo;The housing market is yet to feel the impact of the home loan rate hike early this year, and of the global economic headwinds. It continues to be on a roll with the momentum remaining strong even in the second quarter of 2023. Housing sales in the top 7 cities broke the previous high record of Q1 2023 and stood more than 1.15 lakh units in Q2 2023&rdquo;, said Anuj Puri, chairman of Anarock Group.
Meanwhile, the new launches in the top seven cities breached the one lakh mark and witnessed a 25% increase year-on-year.&nbsp;
&nbsp;&nbsp;
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Delhi-NCR saw the highest increase in residential prices at 16 per cent YoY, followed by Kolkata and Bengaluru with 15 per cent and 14 per cent YoY increase respectively

Rising property prices in India: Delhi-NCR sees highest annual rise of 16% among 8 cities 

Delhi-NCR saw the highest increase in residential prices at 16 per cent YoY, followed by Kolkata and Bengaluru with 15 per cent and 14 per cent YoY increase respectively

Housing prices in Delhi-NCR rose the maximum, by 16 per cent, in the January-March period among top eight cities on better demand and higher construction cost, according to a report by CREDAI, Colliers and Liases Foras.
Realtors' apex body CREDAI, real estate consultant Colliers and data analytic firm Liases Foras on Wednesday released their joint 'Housing Price-Tracker Report Q1 2023'.
As per the report, housing prices across the top eight cities rose 8 per cent year-on-year (Y-o-Y).
Delhi-NCR saw the highest increase in residential prices at 16 per cent YoY, followed by Kolkata and Bengaluru with 15 per cent and 14 per cent YoY increase respectively.
The report mentioned that housing prices in Delhi-NCR have seen a steady rise since the last 11 quarters.
"Notably, Dwarka Expressway witnessed a significant price rise at 59 per cent YoY, largely led by opening of Central Peripheral Road and the loop connecting Dwarka expressway with NH-8," it said.
Housing prices in Golf Course Road, Gurugram surged 42 per cent YoY. The prices in Golf Course Road are now highest in the NCR region, surpassing the rates in Delhi.
As per the data, housing prices in Ahmedabad rose by 11 per cent YoY during January-March this year to an average rate of Rs 6,324 per square feet.
Bengaluru saw a 14 per cent increase in prices to Rs 8,748 per square feet, while Chennai witnessed a modest increase of 4 per cent to Rs 7,395 per square feet.
Prices of residential properties in Hyderabad appreciated by 13 per cent to Rs 10,410 per square feet.
In Kolkata, the housing prices increased 15 per cent to Rs 7,211 per square feet.
Housing prices in Delhi-NCR went up by 16 per cent YoY to 8,432 per square feet.
Pune saw an increase of 11 per cent in rates to Rs 8,352 per square feet.
However, the prices in Mumbai Metropolitan Region (MMR) fell 2 per cent to Rs 19,219 per square feet.
Pankaj Kapoor, Managing Director, Liases Foras expects moderate price rise going forward.
CREDAI President Boman Irani said, "despite the rise in housing prices, which is primarily owing to rising raw material costs and this consistent demand, we expect the strong momentum to continue as consumers have shown a clear appetite to buy new, bigger houses with better amenities &ndash; especially in the post pandemic era." Peush Jain, Managing Director (Occupier Services), Colliers India said the housing sector has remained resilient, offsetting the challenges posed by higher interest rates amidst global headwinds.
Increased preference for home ownership, relative affordability and quality supply are helping the growth in the housing sector, he added.

Out of the 4,083 flats, 2,709 flats are allocated for the economically weaker section, 1,034 flats will be given to the low income group, 139 for under the middle income group, and 120 for the high-income group

MHADA opens housing lottery in Mumbai today; All details here

Out of the 4,083 flats, 2,709 flats are allocated for the economically weaker section, 1,034 flats will be given to the low income group, 139 for under the middle income group, and 120 for the high-income group

The Mumbai Housing and Area Development Authority's Mumbai board is all set to accept applications for its upcoming lottery for the sale of flats from today.&nbsp;
Applications can be submitted to MHADA for the 4,083 flats that are up for sale. The last date of submitting the applications is 26th June. The draw is expected to take place on 18th July at Rang Sharda Auditorium, Bandra West which will be telecast online.&nbsp;
The price ranges from ₹34 lakh for a small apartment in Vikhroli to ₹7 crore in Tardeo. Out of the 4,083 flats, 2,709 flats are allocated for the economically weaker section, 1,034 flats will be given to the low income group, 139 for under the middle income group, and 120 for the high-income group.
The deposit via credit card, debit card and internet banking will shut on 26th June and payment through RTGS, NEFT can be done till banking hours on 28th June.&nbsp;
&nbsp;

In the most recent fiscal year, Anarock reported a 48% YoY increase in housing sales of ₹3.47 lakh crore in seven significant Indian cities. Pune records the highest growth in value of sales at 77% year on year

Value of residential real estate sales in India reaches a new high: Anarock

Housing sales in FY23 up 48% to Rs 3.47 lakh crore driven by higher volumes & prices: Anarock

In the most recent fiscal year, Anarock reported a 48% YoY increase in housing sales of ₹3.47 lakh crore in seven significant Indian cities. Pune records the highest growth in value of sales at 77% year on year

Housing sales rose 48 per cent year-on-year to ₹3.47 lakh crore during the last fiscal across seven major cities on higher volumes and better price realisation, according to Anarock.
Real estate consultant Anarock reported that sales of residential properties in value terms increased to ₹3,46,960 crore last fiscal from ₹2,34,850 crore in 2021-22.
In volume terms, sales grew 36 per cent to 3,79,095 units in 2022-23 from 2,77,783 units in the previous year.
The data pertains to the transactions of primary (fresh sale) housing market.
"India's residential real estate segment continues to show boundless forward momentum, and is setting unprecedented benchmarks," said Anuj Puri, Chairman, Anarock Group.
According to the data, housing sales in Delhi-NCR rose 42 per cent to ₹50,620 crore last fiscal from ₹35,610 crore in the previous year.
In Mumbai Metropolitan Region (MMR), sales grew 46 per cent to ₹1,67,210 crore from ₹1,14,190 &nbsp;crore.
Housing sales in Bengaluru increased 49 per cent to ₹38,870 crore from ₹26,100 crore.
In Pune, housing sales rose 77 per cent to ₹33,730 crore from ₹19,100 crore.
Sales in Hyderabad went up 50 per cent to ₹34,820 crore from ₹23,190 crore.
Chennai saw a 24 per cent growth in sales to ₹11,050 crore from ₹8,940 crore.
Housing sales in Kolkata increased 38 per cent to ₹10,660 crore during the last fiscal from Rs 7,720 crore in the previous financial year.

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