Friday 27 February 2015

Real Estate News - No development in Aarey precinct, says CM

No development in Aarey precinct, says CM
Feb 27, 2015

Mumbai: Chief minister Devendra Fadnavis on February 26 reiterated his government is committed to protect open spaces in the city, adding there was no question of allowing any kind of development in the Aarey colony precinct.

"All of Aarey colony is a no-development zone and we will ensure it remains the same. There is absolutely no change in the stand taken by my government. We are exploring the possibility of utilizing a small piece of land for setting up the metro station,'' Fadnavis told TOI.

The CM said the controversial development plan is not acceptable to his government. "The development plan has been submitted. It will be first examined by a committee to be set up by the BMC. Subsequently, it will be scrutinized by the urban development department," he said.

Read entire stroy only at Real Estate News Thane Mumbai Section by www.mchithane.org

Real Estate News Mumbai - Maharashtra needs 50 lakh new homes to meet 'housing for all' target

Maharashtra needs 50 lakh new homes to meet 'housing for all' target 

Feb 25, 2015

MUMBAI: As part of the Centre's target under the 'housing for all' scheme, the Maharashtra government will have to build 50 lakh new homes by 2022 and for this it can consider some projects based on PPP model, industry body Naredco said.

"Maharashtra will need 50 lakh houses till 2022 if it has to meet the central government's target of housing for all. So far, the state government's contribution in creation of housing stock is less than 5 per cent, but we want it to make active participation by taking on some projects on PPP basis for planned development," Naredco national president Sunil Mantri told reporters here today.

 Read Entire story at - Real Estate News Thane Mumbai section on www.mchithane.org

 

Wednesday 25 February 2015

Acme Group to develop over 10 million sq. ft. within 5-7 years

Acme Group to develop over 10 million sq. ft. within 5-7 years


Acme Group, the Mumbai-based company, unveiling their future plans for next 5-7 years held a conference, where they showed up company’s ambitious plans to develop up to 10 million sq. ft. of residential and commercial real estate in Mumbai and Gujarat over the period.

The realtors have signed up with Godrej as a sustainability partner and plans to attain leadership position in affordable housing, slum redevelopment projects and Greenfield projects in future. “We have eight ongoing projects today covering about 4.5 million sq. ft. of saleable area,” Pravin Doshi, Chairman,Acme Housing, told at a press conference. Further he added, “While we are proud of our contributions on improving the real estate landscape of Mumbai, we see a clear shift in the consumer preferences in near future.”


Read more Real Estate News Mumbai Thane at this link - www.mchithane.org



Tuesday 24 February 2015

Some good news for Thaneites: Last arm of Kapurbavdi flyover may open on March 22

MSRDC may finally throw open the GB Road-Mumbai arm of Kapurbawdi flyover to motorists by Gudi Padwa, which is on March 22.


THANE: After skipping several deadlines, the Maharashtra State Road Development Corporation (MSRDC) may finally throw open the GB Road-Mumbai arm of Kapurbawdi flyover to motorists by Gudi Padwa, which is on March 22. The corporation has speeded up work of the last arm. 

Read the entire story at - http://mchithane.org/Feb-thane-last-arm-kapurbavdi-flyover-may-open-on-march-22.html
 

More more Real Estate News in Thane and Mumbai, keep watching www.mchithane.org



 

Tuesday 17 February 2015

Thane, Kalyan-Dombivli among 20 promising cities: Survey


The survey was based on factors like household income, expense and standard of living.

Thane: Here’s some good news for residents of Thane and Kalyan-Dombivli. These cities have made it to the top 20 promising cities in the country in a survey.

Based on factors such as household income, expenditure and variables related to the standard of living, First Sm@rt Cities Council, along with the support of premier economic research firm Indicus Analytics, has put together a list of the top 20 promising cities, with a population of over a million in India.

This excludes the metro cities. First Sm@rt Cities Council has further explored the infrastructural opportunities in these already cities.

Read entire story at - http://mchithane.org/Feb-thane-kalyan-dombivli-among-20-promising-cities-survey.html

Monday 16 February 2015

Getting loan against property more cost-effective



Even if you are a meticulous saver, there may be times when your finances are strained and you need a little help to tide you over. Though borrowing from family or friends is a preferred option for many, if the amount you need is large, it may not be a good idea to stress their finances as well. A better option would be to leverage an asset you own—your house.

You can use your house as collateral to take a loan from a bank. The latter will exercise due diligence as far as the property is concerned, appraise its value, and offer you up to 70% of its value as loan. Since this is a secured loan (you are offering a collateral), you can get a higher amount than the one you will get for an unsecured loan like a personal loan. Of course, you will also have to pay the administrative and processing fee, which is usually 0.5-1.5% of the value of the loan. Typically, the tenure for such a loan is 1-9 years, but some banks may be willing to extend it to 15 years if the loan is large. The interest rate, which can be floating or fixed, varies from 12-16%, which makes them cheaper than personal loans.

loan against property
"Taking a loan against your property is certainly cheaper than a personal loan, where the interest rate is usually between 14% and 22%. The only loan that is less expensive than the one against a property is a home loan," says Rajiv Raj, director of CreditVidya.

How to get a loan against your property

If the property you are taking a loan against has more than one owner, all of them will have to be joint applicants to avail of the loan. You can get a loan against any type of freehold property, from a house to a plot of land. It also doesn't matter whether you live in that house or have given it on rent. "The most important criterion is that the title of the property should be clear and there shouldn't be any encumbrances," says Pankaaj Maalde, head, financial planning at Apnapaisa.com.


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About Us

MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.

Friday 13 February 2015

Real estate needs tax sops, low registration charges


REITs, affordable housing and single window clearance – these are some of the issues that the real estate sector participants want to be addressed in this year’s budget. In conversation with Magicbricks, Ramesh Kelkar, head-credit & risk (WL & SME), Capri Global Capital Ltd spells out his budget expectations. Capri Global Capital Limited (CGCL) is a Indian Non-Banking Finance Company (NBFC) registered with Reserve Bank of India (RBI) and listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE):

REITs and attractive tax norms:  Kelkar says that income from REIT units should be tax exempted. Denomination of unit and investment size needs to be reduced, to attract investments from small investors.

Tax Sops and reduction in registration charges: Affordable Housing needs special attention by extending tax sops both to buyers and developers. Registration charges to be reduced progressively on small houses. The Section 80C and Section 24 deductions should continue and multiple taxation and multiple clearances should be removed, or at least to be eased.

Single window clearance: Single window clearance are required to be introduced and an independent regulatory body to be established with wide powers.

Infrastructure status: Give infrastructure status to group housing and townships/mega housing projects to attract long term investments/finance to housing sector.

Foreign Direct Investments (FDI): Allow FDI in residential housing projects right at the stage of land acquisition. Many foreign funds are waiting in wings to invest in realty sector in India. Attractive tax regime and hassle free clearances will attract FDI and FIIs. This will infuse cheaper capital sector to make it more affordable.

Attractive taxation rates and administrative norms need to be introduced to attract FDI/FII funds for development of smart cities and mega affordable housing projects.

Kelkar opines that Union Government has already revealed its agenda on establishment of REITs, Affordable Housing, Smart Cities and Housing for all by 2022. Hence, this budget is expected to create conducive atmosphere for flow of investment, both domestic and foreign, in realty sector in India. The expected taxation sops and budgetary support will provide the much needed boost to realty sector.

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About Us 

MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.

How tenants can avoid being taken for a ride




Amrit Keshav a tenant in a prominent housing complex in Ghatkopar raised this query in Open House, Magicbricks’ discussion forum:

“When I rented the house in mid-2014, I was told the maintenance cost to be paid would be Rs. 3500 per month. After a month, they told me to pay Rs. 1000 more as the `cost of maintenance had increased’. But two months after this raise some committee members came to my house and asked me to pay more as I was a non-member. Today they are asking for Rs. 6000 and I am being asked to vacate if I don’t agree”

Keshav’s is not an isolated incident.

"Tenants are often pressurised by the owner or the housing society or both as they are neither the legal owners and by virtue of this not a  member of the society either,” says Govind Sampart, a lawyer specialising real estate disputes.  “The problem is that tenants do not know their rights and are not aware of the nuances when drawing a lease agreement that can protect them.”

Few basic precautions that a tenant needs to take include:

Negotiating with the owner

“The basic power of a tenant actually depends on the rental agreement that is drawn,” says Sushant Kulkarni, himself a tenant and someone who learnt the hard way how to address the issues of the tenants.

There are two types of agreements that are drawn in Mumbai viz., the rental and leave & license agreement. Of these the latter gives more control to the owner and hence extensively used by them.

The former on the other hand comes under the purview of the Rent Act or the State Rent Control Act of Mumbai. Under this agreement a tenant cannot be asked to vacate the premises, except on the grounds for eviction stipulated by the stated rules in the act.

Know More About   How tenants can avoid being taken for a ride

About Us 

MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.

Thursday 12 February 2015

BMC for redefining high-rise from 70m to 120m in Mumbai




In a move that could change the city’s landscape drastically, the Brihanmumbai Municipal Corporation (BMC) has now proposed to cut the procedure involved in constructing high-rise buildings. It has proposed to do this by redefining a high-rise from the current 70m (around 23 storeys) to 120m (around 40 storeys).

Currently, any structure that exceeds 70m requires the special approval of the high-rise committee (HRC). This HRC is in-charge of checking the structural stability of proposed high-rises. The BMC’s move will ensure buildings between 70m and 120m don’t fall under the purview of the committee, thereby cutting down on the procedure to construct such buildings.

The civic body put forth the proposal in a presentation last week to the Union urban development ministry. While architects have welcomed such a move, its implications on the city’s infrastructure, along with increasing the densification of areas remain to be seen.

The move comes days after state authorities attempt to lift restrictions on the floor-space index (FSI) for construction in the city. Both these proposals will lead to a significant vertical growth spurt for the city in the next few years. It is also likely to be opposed by some planners and environmentalists, who point out the city does not have the kind of infrastructure and amenities to cope with such a spurt.

The civic body may also look at suspending HRC and instead, empanel licensing agencies to offer certification.

The HRC has its fair share of critics. Architects and builders have often blamed it for delays in deciding the fate of proposals.  
Welcoming the move, Shirish Sukhatme, chairman of the Practicing Engineers architects and town planners association (PEATA), said, “On an average, each proposal would take at least a year to be cleared by the HRC alone. They would often look at issues that were not under their purview.”

Additional municipal commissioner SVR Srinivas said such a move was long pending. “While it is still under consideration, most buildings today touch 70m. Hence, we thought that 120m will be a more realistic height limit to keep so that structural safety is taken care of and business is not harmed.”

This limit extension was also proposed by former civic chief Subodh Kumar in 2012. However, the state didn’t respond to the request. Civic sources said with the state’s recent focus on making it easier for businesses to grow, an approval for the proposal seemed likely.

Architect Nitin Killawala, however, said such a blanket extension was undesirable. “It is a myth propagated by the real estate industry that high-rises translate into affordable housing. They can be good in areas that have supporting infrastructure, but not everywhere across the city.”

Know More About MCHI - Thane

About Us

MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.

Wednesday 11 February 2015

Andheri West to get hit with new residential supply




If you are considering buying a home in Mumbai but the thought of high price is scary, you might like to consider the new upcoming projects in the city.  According to PropIndex (Oct-Dec 2014), the India Apartment Index by Magicbricks, close to 25 per cent of the total supply in the city was concentrated in Andheri West in Western suburbs and many other areas. 

As per the data with Magicbricks.com, over 50 projects are slated to be under construction in the locality. All multi-storey apartments are on offer where a few are expected to be delivered by 2015, remaining by 2016 and maximum by 2018. The projects are available in varied budgets and formats.

Why is the area preferred?

According to Manish Chib, a local resident of the area, “Andheri West is a highly preferred locality in Mumbai for rent as well as investment. The locality is well-organised as compared to its eastern counterpart. Apart from homes, the area offers a good lifestyle and a peaceful environment”.

As Andheri East faces heavy traffic jams during peak hours and is surrounded by various slums, therefore, both end users and investors prefer Andheri West as it offers a calm lifestyle. 

What’s on offer?

The value of a 2BHK unit in the locality starts from Rs 25 lakh and goes over Rs 1 crore. A 3BHK apartment is available in a budget range of Rs 2-15 crore. Both furnished and unfurnished apartments equipped with modern amenities are available ensuring a luxury lifestyle for all. 

Connectivity

Andheri West is located at a distance of 6 km from the Western Express Highway ensuring connectivity across the city. The nearest railway station is Andheri Railway Station at a distance of 4 km and Mumbai International Airport at 7 km. The locality offers a well-fabricated social infrastructure with schools, hospitals, commercial complexes and banks. 

So, if you too, are looking to buying a property and wish to live in a locality offering a good lifestyle, developed infrastructure, good connectively and affordable capital values, Andheri West can be worth considering.

Know More About MCHI -Thane

About Us

MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.

High housing supply in Mumbai




The considerable gap between demand and supply in the Mumbai Metropolitan Region (MMR)'s residential markets is impacting the real estate market of Mumbai. This was evident in the MagicBricks.com data of the October-December quarter 2014, where high supply of housing units in Mumbai, Navi Mumbai and Thane, were seen in varied ranges. While in Mumbai the properties worth Rs 1 crore and above are showing an oversupply of 15 per cent, Navi Mumbai is seeing an oversupply of 10 per cent in properties over Rs 50 lakhs and Thane is seeing high supply of properties priced Rs 1 crore and above.

This was also indicated through a Knight Frank report which mentioned the pile-up of stock of unsold properties in Mumbai. The situation is such that it will take at least three years to dispose off these units, the report said but has the slow real estate market and lot of supply put you in a dilemma, where you have questions such as when to buy? Will property prices in Mumbai come down? Where to buy? Let's dig into details.

“As Mumbai is an end-user driven market, even a small gap between the demand and supply of properties impacts market sentiments and property prices. Majority of projects in the city are either delayed, incomplete or stuck at various stages of construction. The bulk of such vacant properties can be seen in the suburbs,“ said Gaurav Tandon of Tandon associates, a local real estate agent who deals in Mumbai and Thane. Looking at the situation, specifically in Mumbai, the ready possession properties continue to command significant premium compared to the under-construction ones.This is further fuelling the price premium of ready possession proper ties. Supply is primarily in a few pockets where demand is weaning or has very little scope going forward. Supply in the Bandra-Andheri zone is limited thus, property prices will not come down but when you see that supply in the Panvel zone is higher, there is room for price correction in times to come.

Know More About  High housing supply in Mumbai

About Us

MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.

CONSTRAINT-DRIVEN GROWTH PATTERN




The city of Mumbai was originally reclaimed from the sea by joining seven islands, with the intention of creating a shipping and trading hub for the British. However, the city that resulted from this exercise attracted a magnitude of population which was very disproportionate to that in any of the surrounding regions.

The MMR was notified in 1967 to address the rising problems that the existing inhabitants were facing. Many more areas were included within the region; today, the Mumbai Metropolitan Region includes Greater Mumbai, Thane, Kalyan and Navi Mumbai in addition to many additional towns and villages.

Due to Mumbai’s unique geographical positioning, the growth of urban sprawl in the Mumbai Metropolitan Region has been very lopsided. Until the early ’70s, most of the MMR’s urban built-up area was concentrated in the Island city and its immediate suburbs, so the expansion of real estate development was more or less constrained within this region.

About 3/4th of the population was residing within this relatively small area. However, the city’s road and rail networks expanded remarkably quickly beyond Greater Mumbai.

In the current times, the Mumbai Metropolitan Region is extremely curtailed in its scope for unilateral growth and Mumbai’s resident population has exploded beyond all bounds. Any kind of explosion required a sufficiently large area for its fallout to spread; Mumbai’s population explosion and the real estate development pattern that has resulted is very much akin to the firing of a bullet, with the path being directed by the barrel’s constraints.



About Us 

MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.

Tuesday 10 February 2015

BMC to renovate areas along Marine Drive


Efforts are being made by the Brihanmumbai Municipal Corporation (BMC) to paint the Art Deco buildings along Marine Drive in a uniform colour to draw more foreign tourists. 

The concept is also expected to impact the real estate prices of the area. Dr Ram Barot, municipal councillor, (BJP), who first proposed the concept ten years back, says, “The idea behind painting the buildings in a uniform colour was to beautify the area from Chowpatty to Nariman Point. It was already a tourist hotspot and if such an initiative was implemented, it would enhance the footfalls in the area.“

Barot further adds, “A similar initiative is already being implemented in Kolkata by Mamta Banerjee, so why can't Mumbai go through the same?
Painting the buildings in the same colour can make the stretch stand out."

Most of these buildings are over 30 years old and have poorly maintained exteriors. Abha Narain Lambah, prin cipal architect, Abha Narain Lambah Associates says, “These Art Deco buildings, along the 4.3 km boulevard, are part of the heritage precinct. The initiative will add to the visual congruence of the area and can make it an iconic part of the city. It will also fix the discolouration and darkening of the buildings that has been caused by leakage or plumbing issues,“ says Lambah.

The colour in which these buildings will be painted has not been decided yet. While the heritage committee of BMC is finalising the colour, Lambah advises, “These buildings were originally painted in pastel colours so, the renovation should be within the current palatte of colours. Heritage buildings already have a longer life than normal buildings, all they need is maintenance.“


About us

MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.