Mumbai builders can now check their proposals online

The Brihanmumbai Municipal Corporation (BMC) has told builders to scrutinize building proposal files with the help of approved software before submitting them, as it will minimise developer-official interaction and will control corruption.

Civic officials, who hope to grant building permission within two months, want to eliminate the role of middlemen like architects, who deal with them on behalf of builders to get permission.

The BMC has been using the Auto-DCR software for the last few months to scrutinize proposal files submitted by builders. It examines the height, width, length of flats, stairs, lobby, refugee area, open area along with other details and indicates deficiencies.

The BMC has told builders to purchase the software and check their proposals.

The building proposals (BP) department, which grant construction permission, is considered one of the most corrupt departments in the BMC. Municipal commissioner Ajoy Mehta, who has been attempting to put a system in place to minimize corruption, discussed the issue with builders and BP officials and concluded that they have to first remove middlemen.

The builders and BP officials had several meetings, from which the middlemen were kept away. He chaired around a dozen of the meetings before reaching a consensus on reducing the NOCs from 150 to 70. Civic officials will make the process online and keep builders updated about the status of files. An official said builders need not approach civic officials, which will reduce corruption.

The civic authorities have approached chief minister Devendra Fadnavis and Shiv Sena chief Uddhav Thackeray to inaugurate the new proposal booklet, which has norms on the reduced permissions.

An official stated that once builders submit proposals, they scrutinize them through the software, which take a few minutes. Earlier they would scrutinize them manually, which would take a month. After scrutiny, the file goes to the storm water drain, sewage, tariff, road, fire and garden departments for NOCs. Sometimes, a sub-engineer from the BP department visits the site and submits a report to the assistant engineer. The file then goes to the deputy chief engineer and then the chief engineer (BP).

The entire process takes around a year-and-a-half. Builders often appoint an architect to coordinate with civic officials to get permission. Builders will now have to submit files online, a copy of which will go to departments concerned, and they have to issue NOCs within seven days. Builders will be intimated about it through an SMS or email.

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Real estate bill, decoded

The amendment of the Real Estate (Regulation and Development) Bill, 2013, to include real estate agents and registrations of realty projects in the Central Advisory Council, is likely to introduce transparency and accountability in the real estate sector.

The amendment of the Real Estate (Regulation and Development) Bill, 2013 to include real estate agents and registrations of realty projects in Central Advisory Council is likely to bring in transparency and accountability in the real estate sector. This move is now expected to assist the government in understanding the issues better that prevail in the real estate industry. The same bill also lays down the proposal for the formation of the Real Estate Regulatory Authority, which will act as a body to defend the interests of real estate agents, promoters as well as the allotters. Shammi Sethi, director, Rare Earth Strategic Real Estate Consultant, says, "Making real estate agents a part of the Central Advisory Council is great news as the government recognises brokers as key stakeholders of the industry, but there should be a bigger plan and the idea should recognise real estate agents as true professionals."

Brotin Banerjee, MD and CEO, Tata Housing Development Company, adds, "Since real estate agents deal closely with the homebuyers, they are privy to the customer expectations regarding the real estate transactions. By including them in the council, the government will be in a better position to discern the consumer sentiment regarding the real estate market." Experts from the industry are of the view that in principal, this is a fantastic step being taken by the government, as the first step in solving any issue is recognition. According to Jay Patel, CEO, IndiaMLS, "Until recently, the voice of the real estate brokers and agents had never been considered in matters relating to the real estate industry. For an industry that accounts for almost 10 percent of the nation's GDP, recognising one of the most important players in the sector was long overdue. An important follow-up action in recognising the real estate brokers as professionals is enacting some form of licensing, regulation, or qualifications necessary to become a real estate professional." The genuine real estate agents in India want and deserve this recognition.Without it, anyone can claim to be a broker, as it is the case today. Numerous countries such as Philippines require brokers to be licensed, and other countries such as Uganda are planning to put in place regulation in the near future.

Ram Raheja, director of S. Raheja Realty, says, "Now, the industry would get insight into the ground level realities, which these agents experience from dealing with developers and consumers on a dayto-day basis. Now, there would be an assurance of transparency in the purchasing process, which will benefit both, the real estate companies and consumers." Sanjay Dutt, managing director, Cushman and Wakefield (India), informs, "Now, this body would be responsible for advising the central government on issues related to the real estate industry such as policy recommendations, protection of consumer interests, grievances, redressal and the overall development of the real estate industry." Further, the Real Estate Bill seeks to establish the Real Estate Regulatory Authority (RERA) at the state level for the regulation and development of the real estate sector, as well as to defend the interests of the consumer, real estate agents and promoters.This move would assist the government to better understand the issues prevailing in the real estate industry as the amendment would place property brokers as 'stakeholders' in the highly fragmented real estate sector. Rohit Poddar, managing director, Poddar Developers, says, "Real estate agents are important stakeholders in the real estate space. If one professes to be inclusive of all stakeholders, it is high time that they also have a seat at the table."

By including the real estate agents, the government seeks to gain a better comprehension concerning issues that real estate buyers face when it comes to real estate transactions, and to the real estate business as a whole. Ramesh Nair, COO-business and international director, JLL India adds, "Brokers are better placed to understand such issues, as they have direct dealings with end users of real estate. It is clear that the government depends of receiving relevant information from the most informed sources, in order to formulate its policies."

Chandrabhan Vishwakarma, director, Maharashtra Property and Interior says, "It is a very good move. Now onwards, we can highlight the key issues on which the government can work. However, we have been suggesting to set up the registration format and minimum criteria for property brokers where they need to have minimum educational qualification, if they want to raise their voice and concern for the real estate sector."

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Avail tax benefits of under-construction properties

With the recent move by the RBI to allow a LTV of upto 90 percent, owning a home isn't a tedious exercise anymore.

The recent move by the Reserve Bank of India (RBI) to allow a Loan-To-Value ratio (LTV) of upto 90 percent for home loans of Rs 30 lakhs or less, is being applauded by the industry players and home-buyers. Earlier, 90 percent of LTV was allowed only for loans upto Rs 20 lakhs. A 90 percent LTV indicates that the buyer will have to arrange for only 10 percent of the property value from his pocket and the rest can be financed through banks. Loans upto Rs 30 lakhs fall under the 'affordable or low-cost housing' category.

Sriram Mahadevan, business head, Happinest, Mahindra Lifespaces, says, "This is an important decision for the real estate sector, especially for the affordable housing segment. Decreasing the risk weights attached to home loans, lowering of the repo rate and increasing the loan amount, are important steps in reducing the EMI burden on the common man. This will not only give the much-needed boost to the market but also help re-instill consumer confidence and improve the overall sentiment."

According to a recent report by CRISIL, around 80 percent of home loan borrowers and 70 percent of home loans (by value) would meet the criteria for lower risk weights set by the RBI and thereby, benefit from the change in regulation. Home loan borrowers in smaller cities and peri-urban areas are likely to be the biggest gainers from the RBI's move due to the limited supply at affordable price points in the larger cities. 

Mona Jalota, vice-president, operations and strategy Coldwell Banker India, adds, "If the banks agree to grant 90 percent loan for a property that costs below Rs 30 lakhs, it is going to be a real boost for the government's initiative of 'Housing for All'. In the current scenario, all the developers are focussing on the luxury market where we have seen the demand only in the last three years. The maximum gap between the availability and demand is in the lower income group and this segment of housing, if they focus on, will see healthy sales." If the government is providing 90 percent of the loan value, then paying 10 percent becomes very affordable.

Harjith D Bubber, MD and CEO, Rivali Park, CCI Projects, feels, "It will be helpful on a macro scale in the real estate industry. Only in Mumbai, its affect won't bestow its benefits but there will be a transition in the world of real estate. More buyers will be instigated to buy residential properties, which are going to push the sales and will also facilitate the buyer with the purchasing power to buy property. Homes will be more affordable for the population falling under the lower income group."

When Mumbai comes into consideration, then the developers are not going to gain much because the minimum property rate is Rs 30 lakhs. However, areas beyond Thane and Navi Mumbai may see some activity. On the whole, the developers might derive benefits but no colossal ones. For any home buyer, it's going to be easier to purchase a property as the banks will be providing most of the funds. It would provide the benefaction as the initial outflow will be low and easier to afford a home as the rest of the amount would be paid by the bank.

Sonal Mehta, a property consultant in Vasai says, "This move is going to help people who are looking for a 1-BHK or a studio apartment in areas beyond Thane and Navi Mumbai." The developers with affordable projects will definitely get a boost in their sales because home-buyers will prefer investing in affordable housing as getting loans will be quicker and they will have to pay less, which will benefit the developers in the affordable housing segment. Banks can now push more housing loans, given the lower risk perception of the regulator on the affordable housing segment.

Home loan borrowers will benefit with the lowest interest rate on the loan as the duration of the loan will be shorter. According to industry experts like Gaurav Shah, director, sales and marketing, Ravi Group, "This move is going to be beneficial for a very small percentage of homebuyers. Hence, it will have a minimal effect on the real estate market. The property prices in Mumbai have moved up much above Rs 50 lakhs, even for affordable houses; this way, this move may not bring any significance to the real estate market."

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Neral scores high on affordable housing

Neral today is boasting of a township equipped with all the amenities available at the doorstep of its residents.

In the last decade, Neral has undergone a massive transformation and is turning rapidly into a developing city. Once known as an area that lacked infrastructure and connectivity, today, it boasts of residential township, hospitals, schools and social infrastructure, thus making it one of the fastest developing districts for premium and luxury housing.

Pushing towards growth

Talking about the area and new developments, Bhavin Patel, MD, Tulsi Estates says, "Neral is the next big residential hub, after Badlapur and Kalyan, on the same rail track. Many affordable projects are coming up in this area, given its easy connectivity to Mumbai via the road-rail network." Also, the state government of Maharashtra has initiated several mega infrastructure projects, which will catalyse the growth of property in Karjat and Neral.

Some of these projects are like the Badlapur-­Karjat road where the highway is being developed into a 4-lane highway and Karjat­-Murbad road where the highway is being developed as a part of the Virar-Murbad-Karjat-Khopoli-Alibaug outer ring road. Prabhat Ranjan, CMD, Olympeo Infrastructure Pvt Ltd says, "The area is well-connected with industrial and commercial areas of Kalyan to Badlapur by roads and the Mumbai suburban rail network. The Ambernath-Badlapur region has four industrial areas (4 MIDC) where it is home to nearly 1,000 big and small companies. Apart from this, there are three central government establishments falling under the Ordnance Factory Board and Defence Research Development Organization (DRDO). In near future, Ambernath is expecting about 1,200 pharmaceutical companies in the MIDC area. All these factors will propel employment opportunities in the region, thus further creating the demand for real estate in the surrounding locations like Neral-Karjat."

Recent studies on the property market of the area, which encompass Karjat, Neral, Shelu and Khopoli, predict that prices are expected to double by 2017.

The resident's checklist

There is also a big demand for developments, which provide amenities such as schools, restaurants, hospitals, ample parking space, among others. Ateev Gala, executive director Vijay Group, says, "Many home-buyers are looking at the area as a first home destination. The reason is that any area which is closer to Mumbai Metropolitan Region (MMR) cannot stay as a second home destination for a long time. The infrastructure has improved in the past few years due to its increased connectivity and good transportation facility." Also, many well planned townships with good social infrastructure are coming up in the area. Besides, amenities like a regular supply of water and popular food joints, open parks and libraries, have also become a feature of the area.

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Top 10 Indian tier II cities to invest in

The southern cities are better investment destinations due to higher potential for growth, reveals the PropEquity Top Tier II Cities study. Here's how the other cities fared.

BASE INDICATORS
Parameters that helped pick the winners

Projects launched
Vadodara saw 200 project launches, the highest average in 2014-15. While it mainly has affordable housing, Nashik and Jaipur have a high midhousing supply.

Residential supply
Again Vadodara was at the top, with the highest yearly average launch of 12,000 units in 2014-15. Three northern cities are in the top 4 because of much bigger projects in north than in the rest of India.

Possession by projects
Vadodara has delivered twice the number of projects in the past two years as launched in this period. Western tier II cities, unlike their tier I counterparts, delivered more projects, indicating the commitment of developers here

Unsold stock
Vadodara leads the unsold inventory with over 20,000 units. Inventory in top five cities is more than the combined inventory of the next 14 cities. It fell in all cities due to a fall in new product launches.

Residential absorption
Vadodara leads tier II cities, with an average absorption of 12,500 units, at least four times more than in Dehradun, Gandhi Nagar and Thiruvanan thapuram. It validates the resilience of affordable segment in troubled times as in Vadodara.

ADVANCED INDICATORS
Parameters that helped pick the winners

Increase in size of market
Change in the size of the market measures the health of the real estate sector. The jump in Dehradun (69%) was due to improvement in the number of units sold and average price of units sold. Dehradun market is just worth `8 billion, compared with `43 billion of Vadodara.

Absorption to supply ratio
This ratio (number of units absorbed to number of units launched) indicates the sales conversion in the market. Even with a huge fall in new launches, north India was the worst performer, where four out of six cities had less than 85% ratio, possibly leading to higher inventory build-ups in the coming years.

Unsold inventory to yearly absorption ratio
Thiruvananthapuram and Visakhapatnam are best placed in tier II cities, with only one year worth of inventory. So, the south is expected to benefit the most as soon as the economy picks pace. Mohali has nearly five years of inventory.

Percentage completed projects
Of 2,000 projects launched in 19 top tier II cities between 2009-10 and 2011-12, 550 or 27%, are still not completed. All northern cities, except Jaipur, have been the worst performers, with more than 40% of the projects still under construction.

Average delay in project execution
Lucknow leads with 20 months of average delay during the review period. Compared to average delay of 21 months for tier I cities, the figure for tier II cities stands at 15 months.

METHODOLOGY
Attractiveness index
The study is divided into two parts. The first is the ranking of cities on individual base indicators. The second deals with composite rankings, calculated via advanced indicators. Base indicators include projects launched, projects offered possession, units launched, units absorbed, total unsold stock, launch price increase, and size of market.

Advanced indicators drive the cities' real estate potential and include size of market, increase in size of market, possession/launch ratio (project launched in 2010-12), absorption to supply ratio (unit based), CAGR of absorption (2014-15), absorption in new launches, increase in absorption prices, total unsold inventory to yearly absorption ratio, average delay in project execution (months), and construction committed to completed.

Scope of study includes apartments, independent floors and villas, and does not take into account plotted development. It only looks at residential supply in the organised domain and does not include housing schemes by government bodies. The scope of time utilised for this study is two years (April 2013 to March 2015), except for calculation of delays, where four-year period is taken, and for project completion trend, where 2010-12 period launched projects are considered.

Ranking technique is used to normalise a set of data points. The variables are segregated into positive and negative, based on their effect on the residential real estate sector. While positive variables are given rankings of 19 - 1 (19 being the best), the negative variables are given rankings of 1 -19. The resultant variables are then subjectively given weights. The weighted scores are calculated to arrive at cumulative scores for each city and the one with the highest cumulative score is ranked the highest.

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Avail tax benefits of under-construction properties

While under-constructed properties are available for a discount of around 15-20 percent as compared to a ready-to-move-in house, did you also know that there are tax benefits to be availed, post possession?

If you are planning to buy a property with a lower budget and have no plans of moving in that house in the near future, then financial experts would advise you to book a house in an under-constructed project. While such properties are available for a discount of around 15-20 percent as compared to a ready-to-move-in house, another big advantage for salaried people is that after taking possession of the property, this investment of yours would also help you save on some taxes.

Deepali Sen, a certified financial planner from Srujan Financial Advisers LLP, explains that when a person buys a ready flat, he can claim the tax deduction under Section 80 C for repayment of principal amount of housing loan to the tune of 1.5 lakhs and around 2 lakhs for the interest paid on that loan in that financial year. "No tax deduction is allowed under Section 24 for property, which is still under construction. It is allowed only after the construction is complete and the possession is handed over," she adds. This is because according to the Income Tax Act, 1961, a tax payer gets a deduction of 2 lakhs in respect of the interest paid on the housing loan taken to acquire the house only if the house is in the physical possession and belongs to the tax payer during the year. The maximum limit of interest deduction a tax payer can claim in a particular year is limited to the tune of 2 lakhs and will operate as a combined limit for the interest of that year plus one-fifth of the construction period interest.

Buyers have an option of paying only the interest amount on the loan and the actual EMI starts once the possession of the property is taken. However, if you have already started paying regular EMIs before the completion of the project to repay the loan amount earlier, you cannot claim any deduction for the principal repayment that you made on the property while in the under-construction stage.

Balakrishnan Venkataramani, a certified financial planner from VENSIVA Financial Solutions explains that there is one more condition to claim deduction of such an interest payment. "The possession of the property should be completed within three years from the end of the financial year in which the capital was borrowed for acquisition of the house. If the possession of the house is received after more than three years from the end of the financial year in which the loan was taken, then only an interest of Rs 30,000 is deductible each year."

Rajiv Raj, co-founder and director at CreditVidya, explains, "If the first house is rented out, the income received from the rented property is taxable and interest paid on a loan taken for such a property is fully deducted. The other property, being self-occupied, will have NIL income, but interest deduction on the corresponding home loan will be limited to Rs 2 lakhs," he says.

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Buying a luxury apartment? Here are some tips

Buying a luxury apartment is the ‘in thing’ in the town. However, there is no one definition of luxury. Hence better to know what exactly you are looking for and check if the developer is offering the same to you.

The concept of luxury is constantly evolving in Indian markets due to increasing purchasing power. The demand of luxury projects has been gradually shifting from the social elite to the middle class signifying the huge potential in this sector. To cater this increasing demand, developers are coming up with affordable luxury projects which target this growing upper middle class. Where on one side, affordable luxury trend is catching up, another concept with which developers are experimenting in the Indian markets is ‘branded residences’. Besides brand name, typically these branded residences come with features and services that make them exclusive. Association with a brand lends credibility, endorsement and identification to the residences. The trend in India started with the association of luxury residential developments and celebrity brands, with movie stars and athletes as brand ambassadors. Few of the developers even associate their projects with hoteliers like Four Seasons, Leela Kempinski, Radisson and Hyatt to develop and operate these branded residences in cities like Mumbai, Delhi, Bengaluru and Pune.

As there is no clear definition of luxury, the concept is often misrepresented in the name of affordable luxury, super luxury, ultra-luxury, etc. In such a scenario, it really becomes difficult to evaluate whether you are getting value for your money. One should understand, at most times luxury represents one’s ability to use excessive space or an otherwise scarce or expensive resource. Where super luxury or ultra-luxury projects are generally characterised by bigger unit sizes ranging between 5000- to 6000 sq ft, affordable luxury units are smaller in size but characterised by amenities such as swimming pools, clubs, gyms, open spaces, etc. The developers are constantly experimenting to retain the luxury quotient by adopting innovative design and construction practices that not only provide a luxurious environment, but also enhance the financial viability of the project.

Investing in luxury is usually driven by emotional appeal of social prestige. Thus, while buying these projects one should evaluate them on few parameters and ask the developer as to what are the features that according to him make it a luxury project. Compare the prices of the projects in the same vicinity which are not providing these amenities and check the extra cost you are paying for those particular extra features.

The luxury quotient of a project can be assessed on the basis of great view (golf course view, sea view, hill view, etc.), location (prime locality), low density (number of people living in the building), quality (high quality construction material and fittings), ultra-luxury amenities (individual or roof top swimming pool, Jacuzzi, private gym, etc.) and the brand name associated with them. The project equipped with smart features like automated lighting system, automatic multi-level car parks, fast elevators also add to the luxury quotient. The neighbourhood also impact the luxury quotient of a project, thus make sure that you know the buildings planned around your project. The project overlooking slums, graveyards, etc. reduces its value.

It is advisable to go with professional agents with local market expertise. Sometimes the luxury projects are not marketed to the public or are marketed as ‘invitation only’ or ‘limited edition’ projects. Thus a broker with local knowledge can definitely help you to have more options. Generally, luxury projects spend a lot of money on marketing material. The glossy pictures and expensive brochures are sometimes misleading. So it is advisable to go beyond photographs and do your research.

In fact, luxury is a perceived notion about your comfort, thus, identify your luxury parameters and go for the project which has all such features that you are looking for. For example, few people may consider living in a bungalow as luxury while others may define luxury as a pent house.

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Mumbai: Save on home buying

Are you considering buying a home in Mumbai but worried about not finding anything suitable within your limited budget? Worry no more as you too can get the best property within your range and that too at a good offer! Here’s how-

As you know buying a home in Mumbai usually burns a deep hole in the pocket. For lower and middle class it cannot be an action on the whim. The slowdown in the market can bring some respite. Builders are adhering to a new range of discounts and offers to bring back the lost sheen in the game.

The important question remains, are the buyers interested? Nimisha Gupta, one of the buyers says, “Considering the high prices, if I am getting a good discount on a well-to-do property, I won’t mind investing right away. It’s just that the offer should be good enough to be resisted.”

These offers and discounts vary from initial discount of Rs 200 per sq ft to parking charges waiver. Some of the developers are not even shying away from offering huge concession and free gifts such as gold coins and Ipads.

Unique schemes take over
Since developers have understood that they need to stand out to shine in the market, unusual kind of offers has also made headlines these days. Like one of the builders active in Ulwe, Navi Mumbai is offering tax waiver such Stamp Duty, Registration, Vat Tax on property booking while others are offering fully furnished units at same prices.

“Free club memberships and gymnasium facilities are no longer attracting buyers. Builders have actually gone over-the-board to capture buyers’ interest for an investment in time to come,” says Keshav Jha, one of the property consultants in the city.

Good deals on resale properties
Magicbricks also features resale properties. The deals that are being offered include zero percent brokerage, waiver in stamp duty as well as free car parking. Not just the popular localities, established areas such as Santa Cruz West, Majiwada, Pokhran Road and Seawoods are listed for offers for second-hand properties.

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