MUMBAI: In a real estate market where project delays have become almost institutionalised –  with ANAROCK data indicating that over 40% of under-construction housing inventory in MMR has faced timeline overruns – Ashar Group has done something rare: it has delivered early. Twice.

The Mumbai Metropolitan Region-based developer has secured Occupation Certificates (OCs) for two of its premium redevelopment projects – Ashar Arize in Kalwa, Thane, and The Legend by Ashar in Pali Hill, Bandra – both 20 months ahead of their registered RERA deadlines. Together, the two projects account for the delivery of over 1,200 homes to residents, marking one of the most significant early-delivery milestones in MMR’s recent redevelopment history.

“We entered this business in 2001 with one conviction: that in real estate, your word is your most valuable asset. OC is where that word is finally tested. Delivering two projects 20 months ahead of RERA is the compounding result of a lot of focus, hard work, and integrity – from the day we signed the DA to the day of possession,” says Ajay Ashar, Chairman & Managing Director, Ashar Group.

Ashar Arize | Kalwa, Thane Launched in April 2022 with RERA-registered completion of 2027, Ashar Arize is a 4-acre complex of 40-storey premium residential towers offering 1 and 2 BHK homes. Among the few branded developments in this fast-emerging corridor, the project integrates approximately 20,000 sq. ft. of high-street retail – anchored by national brands including Lenskart and Clove Dental, along with a full-spectrum amenity offering: infinity pool, gymnasium, clubhouse, sports courts, children’s play areas, and elevated sky amenities. 

The Legend by Ashar | Pali Hill, Bandra One of Mumbai’s most anticipated luxury offerings, The Legend by Ashar is positioned at the ultra-luxury end where land scarcity and legal dynamics make redevelopment a formidable undertaking. Securing an OC 20 months ahead of schedule in Bandra underscores execution capability in one of India’s most demanding real estate environments.

“What separates greenfield projects from redevelopment is the unglamorous discipline of approvals, consent management, construction sequencing, and cash flow management. Delivering ahead of schedule, across Bandra and Kalwa, in the same cycle requires a systematic organizational approach. We have built that system deliberately and we are excited to expand our redevelopment portfolio across MMR,” says Ayushi Ashar, Director, Ashar Group.

Redevelopment is widely considered the most complex and execution-intensive segment in Indian real estate. Unlike greenfield projects, redevelopment involves the delicate intersection of existing occupants, legacy title structures, consent mechanics, municipal approvals, and construction in live urban environments. Across MMR, redevelopment projects account for an estimated 60–65% of all new housing supply in the island city and older suburbs – yet they also carry a disproportionate share of delivery risk.

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Homeowners claim that apartments marketed as temple-facing were sold at a premium, but with new construction underway, these views are expected to be blocked. Many families had purchased these apartments to provide their children with access to Gurukul education within the residential complex.

“At Piramal Vaikunth, we trusted the builder’s assurances and promotional materials. The brochure promised a 2.75-acre temple, but in reality, the ISKCON temple has been allotted just one acre,” said a resident, Rohit Sharma, who moved in last year.

The addition of new towers is expected to bring hundreds more families to the complex, raising concerns about overcrowding and disproportionate population density. Several residents have also reported construction-related issues such as water leakage and substandard quality.

Homeowners have launched a signature campaign and submitted formal complaints to the builder, urging immediate corrective action. “A home is more than just four walls. It’s a promise of trust, and that promise has been broken,” said another resident.

This case highlights the urgent need for stronger enforcement and transparency in India’s real estate sector, ensuring that buyers’ expectations and commitments made during sales are respected.

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PUNE: Shriram Properties Limited (“SPL”), a leading mid-market and mid-premium focused residential real estate developer, has signed a Joint Development Agreement (“JDA”) for the development of a ~0.7 million square feet (“msf”) premium residential project in the highly sought-after micro markets of Hinjewadi, Pune.

This marks SPL’s second project in Pune, underscoring its strategic intent to deepen its presence and establish a strong foothold in one of India’s most vibrant real estate hubs. The Company forayed into the Pune markets with its maiden project at Undri in May’25, which met with an encouraging response by selling over 55% of available inventory within six months of launch already.

The Company is now embarking on the second project in Hinjewadi, Pune, in the form of a high-rise mixed-use development that redefines urban living and lifestyle experiences. The project comprises 6.5 lakh sqft of premium apartments complemented by thoughtfully designed retail and commercial spaces, aggregating to a total saleable area of over 7 lakh sqft. The project has a GDV potential of ~₹700 crores.

Strategically located in a high-demand residential corridor, the product is designed to set new benchmarks in vertical living. The development will feature a Sky Clubhouse offering panoramic views of the city, exclusive leisure amenities, and social spaces that elevate the residents’ experience. With its strategic location, integrated design, and contemporary architecture, the project is envisioned as a landmark destination within Hinjewadi. The addition of this new project reinforces SPL’s commitment to geographical diversification and capital-efficient growth through asset-light development models.

Hinjewadi, known as Pune’s largest IT and business district, has emerged as one of the city’s most preferred residential destinations, driven by its robust employment ecosystem, excellent connectivity, and strong social infrastructure. The micro-market continues to attract both end-users and investors, with sustained housing demand supported by steady rental yields and proximity to the Hinjewadi IT Park, the Mumbai-Pune Expressway, and key educational and healthcare institutions.

With this project, Shriram Properties is further strengthening its portfolio in the western region, building on the encouraging response to its maiden project in Pune. The company remains focused on expanding its footprint across high-growth micro-markets of Pune while maintaining its leadership in South India’s mid-market housing segment.

Commenting on the development, Akshay Murali, Vice President – Business Development at Shriram Properties, said, “Pune continues to offer strong demand fundamentals driven by its thriving IT and industrial ecosystem. The signing of our second project marks an important step in our expansion strategy and reflects our confidence in the city’s long-term potential. We are excited to strengthen our presence in Pune. This latest addition aligns with Shriram Properties’ broader growth strategy to scale up its presence across key residential markets through partnerships and development alliances, while maintaining its focus on delivering value-driven, high-quality homes.”

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Consumer behavior patterns are an ever-evolving subject. In a progressing economy like India, the buying patterns have altered drastically over the years across industries. The domain of realty is no different the way homebuyers go about buying a home has changed significantly.

The global lockdown situation has highlighted three major factors in the mind of a potential homebuyer and millennial community – it’s important to have your own home, buying a home is a good investment option and having a well-planned home with facilities around is of prime importance. Home investments need to be given paramount significance in modern times. But in light of the present-day circumstance, it has been countersigned that even the current population is looking forward to investing in a safe haven since lifestyle patterns are expected to change by leaps and bounds post the pandemic phase comes to an end.

In current times the residential sector in India is all set to embark on a diverse growth trajectory with ‘home ownership’ attaining a noteworthy desire among the probable consumer community. With the aspect of owning a home becoming a priority, the demand for affordable homes, along with upgraded bigger homes will witness a strategic uptake.

Below mentioned are a couple of consumer trends that have been noticeably altering the consumption of residential realty:

Homeownership has now become a new priority: There is a major fluctuation in the home investment patterns of credible investors, especially young millennial buyers. Comprehending the importance of owning a home in catastrophic times, these buyers have started to prioritize the aspect of home proprietorship. Despite having to pay a considerable amount as an initial payment, millennials favor making an investment in real estate taking into consideration the fact that they can live and not pay rent and yet have the title of an asset in the future. Furthermore, another key factor that determines the change in the buying patterns of home buyers is the sense of security linked with physical assets and lower home loan rates. Today end-users have become inclined towards consolidating their investments into limited assets.

Planned affordable developments are on a rise: The community of buyers living in chawls, slums, and clustered living spaces can face an indeterminate future with both their well-being and livelihood being at stake due to the anxiety of infections spreading. Hence moving to cluster-free planned and integrated developments in seedily developing areas like Kalher, Kasheli, Bhiwandi, etc with upgraded amenities is the next go-to buyers’ preference. These planned residencies can facilitate the buyers to invest in the same amount even for a 1 BHK home thus enabling them to live in a decent way. Investing in an affordable home is a viable option that is sure to be a financially sound move. The vital part of buying an affordable home is that the buyer can enjoy the convenience of investing in homes that are a little far away from suburban areas like Thane, Navi Mumbai, Kalyan, etc. These areas depict great growth potential with speedily developing infrastructure facilities. Additionally, the buyer can benefit in terms of ROI, which will witness an increase in the next 5 years with the valuation of the property rising due to the booming infrastructure in and around the vicinity

Online Home Buying: While real estate will always be an asset that is a family decision in India and one would want to see the property before purchasing the same, the recent lockdown has encouraged online home purchases. Seriously buyers and investors are now slightly more comfortable with putting down a token payment on their dream property to cash in on a good price or deal. Many developers are now giving attractive options where one can book online and post viewing the property can decide if they want to proceed with the rest of the transaction within a specified period. This new trend is slowly beginning to gain some traction and leading realty developers with a good track record will be the chief recipients of this shift in consumer buying behavior.

Work from the Home concept is evolving and with it investing in homes in the peripheral locations: Although owning their own home is on the wish list of many, the aspect of finance is making potential buyers mull over the issue of parking their funds in home investment. But delaying the property purchase till one is able to amass the required funds can also be an expensive proposition. In current times capitalizing on these peripheral areas can prove to be advantageous because of the surging preference towards work-from-home which has condensed the need to travel to work on a regular basis. This is a little easy on the pockets of the buyers who are inclined to buy a home that is far from the work zones but is equipped with all the required amenities. It is an option that seems to have received a positive response from both an employee as well as many corporates. Larger living spaces with the option of converting a room into a home office or homes which have business centers as part of the amenities being offered is something that is now also on the minds of potential home buyers. If an employee has the option of working from home, then being close to the office and traveling is no longer as much of a concern. This means that potential home buyers can also choose peripheral locations where property prices may be relatively cheaper and at the same time enjoy the benefit of larger living spaces that fit within their budget.

In the last two years, there have been changes in the industry with an augmented focus on liquidity and customer-centricity by both, policymakers and realty developers. The real estate industry should be committed to creating the form of the supply in tandem with the demand in order to enable the wheel of revival rolling in an attempt to bring favorable times into the domain of Indian real estate.

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