CREDAI-MCHI report shows surge in housing sales in MMR

Representational Image. File Pic

A recent report by CREDAI-MCHI, the only Government-recognised body for private sector developers in MMR, has revealed a significant increase in housing sales in the region. Despite a challenging economic environment, the overall housing sales in MMR have risen by 5 per cent in FY 2024 compared to FY 2023, said the report.

The report was released in partnership with CRE Matrix. It highlights a substantial surge in sales in certain regions, including South Mumbai, which saw a 41 per cent increase driven by the redevelopment of old buildings into luxury projects. Navi Mumbai followed with a 22 per cent increase in sales.

However, the report also notes a 63 per cent rise in unsold inventory in Navi Mumbai, primarily due to the high volume of recent launches. Meanwhile, the average value of housing units across MMR has seen a steady rise, with a 4 per cent increase in FY 2024 compared to the previous fiscal year.

As per the report, Bhiwandi, Thane City, Navi Mumbai, and Mira-Bhayandar, experienced a 7-12 per cent appreciation in apartment values, while the Rest of Palghar region saw an 25 per cent increase.

While Central Mumbai recorded a 12 per cent drop in unsold inventory, the overall MMR region saw a modest 5 per cent increase in unsold units compared to FY 2023, indicating a balanced demand and supply scenario, said the report.

ED raids Mumbai-based business group; luxury cars, watches among seized assets

ED raided a Mumbai-based business group on Wednesday in an alleged Rs 975 crore bank loan fraud linked money laundering case, reported PTI.

The searches were undertaken against Mandhana Industries Limited (now GB Global Ltd.) and its promoters, the federal agency said in a statement.

As per the report, luxury cars like Mercedes Benz and Lexus, and watch brands like Rolex and Hublot apart from more than 140 bank accounts and lockers were seized after the raid.

The money laundering case stems from a CBI FIR filed against the company, its directors Purushottam Mandhana, Manish Mandhana, Biharilal Mandhana and others based on a complaint filed by the Bank of Baroda for allegedly defrauding a consortium of banks to the tune of Rs 975.08 crore, according to the statement issued on Thursday.

Mandhana Industries Ltd and its directors "hatched a criminal conspiracy" to cause loss to banks and corresponding wrongful gain to themselves by "diverting" loan funds through fraudulent transactions and circular trading, it said.

In the searches conducted, the Enforcement Directorate (ED) said that it unearthed "crucial incriminating" documents including property documents

More than 140 bank accounts, five lockers and shares and securities worth Rs 5 crore have been frozen. Addiionally, three high-end cars, including a Lexus and a Mercedes Benz, along with multiple watches of brands like Rolex and Hublot were seized during the raids, the ED said.

"Various fictitious entities were incorporated by the directors of Mandhana Industries Ltd. in the name of employees of the company for layering funds through the bank accounts of such entities. Suspicious third-party transactions were made to divert funds to the accounts of promoter/directors and their family members and bogus purchases were booked against payments made to different entities providing accommodation (hawala) entries," it alleged.