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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PUNE: India Mortgage Guarantee Corporation (IMGC), India’s first mortgage guarantee company, has announced a strategic partnership with Bajaj Housing Finance Limited (BHFL), India’s largest non-deposit taking HFC, offering the full suite of mortgage products to expand responsible access to home loans for underserved and first-time homebuyers across India.

The collaboration combines IMGC’s expertise in credit risk protection with BHFL’s strong distribution and last-mile lending capabilities to extend formal housing finance to borrowers often excluded due to limited credit histories or informal income profiles.

India’s affordable housing segment continues to face a sizeable credit gap, particularly among self-employed individuals and informal workers. Through this partnership, Bajaj Housing Finance will leverage mortgage guarantee-backed solutions to expand access to home loans — including through Sambhav Loans, its affordable housing offering designed specifically for customers with informal income profiles or limited credit history — while maintaining the risk discipline that underpins responsible lending. The partnership will also enable IMGC to deepen its presence in the affordable housing space, supporting the development of a more inclusive housing finance ecosystem and helping bridge the significant housing credit gap across India.

Speaking on the partnership, Mahesh Misra, MD and CEO, IMGC, said: “This partnership with Bajaj Housing Finance is a step forward in expanding access to housing finance for underserved segments. Mortgage guarantees play a key role in enabling lenders to extend credit with confidence, while maintaining strong risk discipline. With mortgage penetration in India still relatively low compared to global benchmarks, the opportunity to scale responsible lending remains significant, and risk-sharing solutions like mortgage guarantees are critical to unlocking it responsibly.”

India’s total outstanding housing credit stood at ₹43 trillion as of February 2026, yet mortgage penetration remains low at around 11-12% of GDP — compared with over 50% in several developed markets, highlighting the significant opportunity to deepen housing finance access across the country. EY estimates a 25% CAGR in India’s affordable housing segment between 2022 and 2027, with ten states, including Maharashtra, Karnataka, and Uttar Pradesh, accounting for over three-quarters of national demand.

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