Wednesday 26 September 2018

Redevelopment in Mumbai will be unviable with FSI sops gone: Experts



September 26, 2018
Mumbai

Construction industry sources told TOI that withdrawals of FSI incentives in the new DP notification will hamper development in the city. Generally, about 50% of a plot is reserved for Accommodation Reservation (AR) meant for any public amenity like a hospital or a market. For surrendering this portion of the plot, the developer was earlier entitled to receive additional FSI for the total area. The changed AR policy, architects said, will not find any takers.

Industry experts warned redevelopment of housing societies will become unviable. Architect Manoj Daisaria said withdrawal of the AR and Road FSI benefits will severely hamper redevelopment.

Under the new notification, the incentive FSI has been curtailed to the net plot (after surrendering the land required to BMC). For example, on a 10,000 sq m plot, the developer surrenders 5,000 sq m to the BMC for public amenities. With the incentives offered earlier, the builder would have been able to construct over 40,400 sq m on the 5,000 sq m under him. The notification dated September 22 will reduce the construction allowed to just 16,685 sq m on the 5,000 sq m portion held by the builder. "The state government's own AR policy in 2016 had allowed incentive FSI on the gross plot. It is shocking that the urban development department has reduced this on the net plot," said a senior architect.

Another withdrawal is of construction benefits offered to land-owners/builders whose plots are reserved for widening a public road. The government's Road TDR policy of November 16, 2016 had offered additional construction rights in the form of FSI to builders when a portion of the plot is surrendered for road-widening. The new notification has withdrawn this.

For instance, an industry expert said, on a 10,000 sq m plot, the builder would have been able to receive extra FSI to build on the 9,000 sq m (after surrendering 1,000 sq m for road-widening). This extra FSI would have permitted him to build around 35,700 sq m on the 9,000 sq m portion. However, now the developer may get to build just 30,000 sq m.

Architects, engineers and town planners are aghast that even after four rounds of corrections over the last three years, the government is unable to correctly publish the Development Control and Promotion Regulations (DCPR).

Members of the Practising Engineers, Architects and Town Planners Association (PEATA) said the government in May 2016 had promised land owners who offered their plots for public amenities extra FSI over and above the permissible limit.

"All this has been rolled back without assigning any reasons and without inviting objections and suggestions," said Yomesh Rao, an architect. Rao said nearly 70% of plots in Mumbai have reservation for road-widening. "Societies who have to give up land for road setback waiting to carry out redevelopment will be badly hit. The FSI they will now get for the setback area will not ensure them those slightly larger flats on account of the FSI cap," he added.

Architect Vilas Nagalkar said in the last five decades neither the state nor BMC have come forward to acquire plots on which reservations have been clamped. "In the absence of incentives no landowner will offer his land for reservation nor offer to develop it. The result is Mumbai suffers," he said. Sources in the BMC said civic officials have already started work on correcting certain clerical errors.

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Tuesday 25 September 2018

Realty Hotspot Series: Connectivity is big plus point for Ghodbunder locality, Mumbai





September 25, 2018
This week’s realty hotspot series takes a look at Ghodbunder Road in Thane. This locality is well-connected to office areas across Thane West, Mumbai, and Navi Mumbai. The proposed metro line between KasarvadavaliWadala would further strengthen connectivity.

It is about 32 kms from the airport and 13 kms from the nearest railway station.

Properties here are priced in the range of Rs 7,040-12,280 per sq ft.

Ghodbunder Road, Thane
Price range: Rs 7,040-12,280 per sq ft
Demand: Medium
Supply: High

Distance from 
Airport: 32 km
Railway station: 13 km
NH-48: 0 km

Highlights
  • Proximity and smooth connectivity to office areas across localities of Thane West, Mumbai and Navi Mumbai.
  • Connects with Eastern & Western Express Highways and enjoys wider access to key MMR areas.
  • Proposed Metro Line 4 (Kasarvadavali-Wadala) would further strengthen connectivity in the region.

  • Locality snapshot
    • Schools 15+
    • Banks 20+
    • Hospitals 12+
    • Grocery Stores 16+
    • Restaurants 17+
    • Petrol Pumps 12+

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How to make your home pet-friendly




September 2018

Home owners who wish to keep pets at home, need to ensure that their house caters to its needs and provides a safe environment for all. We explain the dos and don’ts

Besides providing companionship, there are also therapeutic benefits of owning a pet. Nevertheless, owning a pet is also a commitment and a responsibility. Consequently, home owners should ensure that the house is safe and comfortable for their pets. Although a pet can turn your house upside-down, things generally change as the pet grows up and you learn to adjust to its behaviour and needs.

The most common change that home owners make to the décor, is to remove all rugs. If you have cats or dogs at home, the carpets can turn into breeding grounds for fleas, cautions Lekha Gupta, senior architect, LAB (Language Architecture Body).

“Wooden flooring is usually slippery. Pets love to run around and wooden flooring may cause serious injury. So, avoid it,” adds Gupta.

All staircases must be barricaded, to prevent small pets from rolling down or trying to climb up, unattended. “Also barricade all grills that overlook lower floors, as your puppy may try to jump down. All balconies and windows with wide grills, must be meshed so that puppies cannot go through them,” advises Yashodhara Hemchandra of Yashbans Kennels in Bengaluru, a well-known pet groomer, who along with her two daughters, Rishya and Radhiya, offers various pet related services.

Luxury Home in Thane
Credits : Freepik.com

Protecting your home’s décor


People with dogs or cats at home, are likely to find that their sofas are covered with hair, no matter how often they vacuum the house. Hence, opt for sofa covers that can be taken off and washed occasionally. “When you have guests at home, you can remove these covers,” offers Gupta. To keep the house clean, one should also designate a dining area, a toilet area and a cosy sleeping area for your pet. “To ensure that they do not spoil the floor with urine or poop, owners should start potty training from the first day the pets come home. Continuous and correct training for the first few days is important,” states Hemchandra.

“Most pets will tend to walk right into glass. So, put a frosted film, or a decal on the glass to avoid accidents. Pets can also get hurt by swinging doors or get locked in a room. Therefore, use door stoppers that are heavy, so that the pet will not be able to play with them,” advises Gupta.

Ensuring comfort for your pets


Cats and kittens tend to scratch, to sharpen their claws. Buy a scratch pad, so that they do not scratch your furniture. Ensure that cords on curtains and wires do not hang at a low level. “Keep small objects, stationery and children’s toys, medicines and household cleaners away from your pets’ reach to prevent them from swallowing these objects,”

Birdcages should be kept away from windows, to protect the pet from the sun’s heat and rain. Aquariums should also be kept away from direct sunlight, to prevent the growth of algae, which will make the water green. While painting, polishing or doing pest control treatment, keep the fish tank away, as the chemicals in the air may kill the fishes. Also, keep the tank away from sources of loud noise and check the electrical equipment of the tank regularly.

Tips for home owners with pets

  • Vacuum-clean the house regularly.
  • Hard flooring and anti-skid tiles are ideal for homes with pets.
  • Provide steps for pets to climb onto high furniture. Else, their nails can rip the upholstery when they try climbing.
  • Protect the pets by covering sharp edges of furniture.
  • Store household chemicals in a locked cabinet and keep glassware and lighted candles away from the pets’ reach.
  • Use wide and low wicker baskets to store all the pet’s toys and to avoid cluttering the house.
  • Most common household plants are poisonous to dogs. Hence, keep plants like jasmine, poinsettia, castor bean, lantana, philodendron, etc., out of their reach.
  • Keep dustbins and toilet lids closed.


TO KNOW MORE ABOUT LUXURY HOME IN THANE , VISIT CREDAI MCHI THANE UNIT

Source: housing.com

Thursday 20 September 2018

Maharashtra govt waives security deposit required under PMAY scheme


Mumbai

Under pressure to achieve the target of building 19 lakh affordable houses by March 31, 2022 under Pradhan Mantri Awas Yojana (PMAY), the Maharashtra government has waived the required security deposit for the economically weaker sections. Sources in the housing department said the response to the scheme so far has been poor, making it difficult for the government to achieve the target. In January this year, the government had approved 79 projects for constructing 2.15 lakh houses under the scheme.

In a notification issued in this regard on September 17, the government said, "The economically weaker sections are required to pay different types of fees under the Beneficiary Led (Individual House) Construction' (BLC) resulting in low response to the PMAY scheme. Therefore, it has been decided that the security deposit will not be charged for economically weaker sections under the BLC under the PMAY."

Under the PMAY scheme, the Centre provides an assistance of Rs 1 lakh-Rs 1.5 lakh while the state contributes Rs 1 lakh. The government allots the land at the rate of one rupee per sq mt while Rs 1,000 is charged as stamp duty.

In the beginning of the year, the state government had given its approval for building 2.15 lakh houses – 1.40 lakh houses for the economically weaker sections, 37,656 houses for the lower income group, 14,766 for the middle income group and 166 houses for the higher income group. These houses will be constructed in Pune, Konkan, Nagpur, Nashik, Amaravati, Solapur, Pimpri, Washim, Barshi (Solarpur), Parbhani, Gadchiroli, Ichalkaranji (Kolkhapur).

As per the data accessed by Mumbai Mirror, the state government in the financial year 2017-18 constructed 55,695 houses under the PMAY. In the current year (2018-19), so far 1,498 houses have been constructed.

An official from the housing department said, "The pace of construction under the PMAY is slow, but the government will achieve its 2022 target. The government has identified various locations for projects under the scheme, and a few proposals are under consideration for approval."

With the objective of extending the PMAY to Mumbai too, the state government has offered a floor space index (FSI) of 2.5 under public-private partnership. The developer can construct affordable houses under the PMAY on government as well as private land.

How scheme fares
Year | Houses

2016-17 | 1,69,250
2017-18 | 55,695
2018-19 | 1,498

Shruti Ganapatye, Economic Times, Mumbai


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Wednesday 19 September 2018

Don't take a rain check yet



Mumbai

Home-hunting during the extended monsoon is a great way to assess the property and its surrounding infrastructure when it's most vulnerable. Read on...

It's a known fact that people choose to stay indoors during the monsoons. The monsoons also create the perfect setting to sip chai and munch pakoras. But the romanticism is shortlived when one must brave puddles, delayed transport and an irate crowd to reach work, right? And these factors would have dampened your home-hunting spirit in the past months. However, as we bid farewell to the notorious monsoons, it's time to venture out and observe the remnants that the season has left behind. And if you are a home-buyer, rush to the nearest project site for an inspection to figure out its current condition before the flaws are fixed, especially if the last time you inspected it was during the summers. There's going to be a stark difference between your observations during the summer and post monsoon. Do not let the light showers deter you. Also, if reports by IMD are to be believed, Mumbai may experience an extended pattern of showers well into the festivities of Ganesh Chaturthi.

Take the case of Sujit Sarkar, a resident of Mulund who went home-hunting on a rainy Saturday last weekend so that he could seal the deal on the auspicious occasion of Ganesh Chaturthi but he returned home a bit dejected. "When I reached the site of the project, water-logging was rampant on the site and the leakages from the cracks on the building put me off. I enquired with the owner of the nearby grocery store who reiterated that water clogging is a menace during the monsoon. My entire plan went for a toss and suddenly, it didn’t appeal to me."

Sudeep Anandapuram, Co-founder and CEO of ZippServ, a real estate risk assessment firm says, "Monsoon is the best time to witness the exact nature of the property. Elements such as drainage systems in the property, water-logging, type of material used for pathways (are they slippery?), water inlets and outlets, etc can be observed. Most of the basement car parks are built below the ground level and the monsoon would be the perfect time to check the drainage outlets in the buildings. Again, it would make sense to study the area through maps and take professional help to review all influencing factors."

Niyati Naik, a Bandra resident who is actively scouting for an apartment chose to take an autorickshaw from the project's nearest railway station to gauge the transport infrastructure and time taken during commuting. "Because it was raining, it took me an awful lot of time, which I did not anticipate. Not only was the road to my future home uneven, but also the drainage stench near the building caused much dismay. During the summer, it didn't appear to be so tedious but post monsoon, I am concerned."

Naik and many other prospective buyers emphasise the need to also talk to locals to gauge the condition of the area during the monsoon. How much time does it take to reach my child’s school? Is the bus operational during the rains? Does it take more time to navigate? Are the roads murky? It's mandatory that you venture out and find answers to these yourself.

Monnanda Appaiah, MD, Wienerberger India Private Ltd says, "Depending on the area in question, a real estate property or locality can look starkly different during monsoons. Busy areas or areas with bad drainage and bad road maintenance can create a very distressing living situation for you, especially in terms of daily commute. Many times, builders will assure the prospective customers that the roads would be soon reconstructed or rectified by the local bodies. But the situation may not change for the better for months to come." Ashutosh Limaye, Head - Research and REIS, JLL India shares a piece of advice, "The best way to assess the surrounding area is to travel at different times of the day and week to understand the traffic situation. One may also want to simulate activities like grocery shopping, emergency trips to doctors, etc to assess the impact of the neighbourhood on one’s daily life."

It's a known fact that buyers find the auspiciousness of the ongoing festive season apt for home buying. However, instead of being dismayed by the monsoon, venture out, for the project may throw many surprises at you, most of which would be not-so-flattering. And these very factors can adversely affect your buying.

Make hay when it's partly cloudy. Appaiah gives you a checklist:

Proper drainage

A poor drainage system can result in water-logging that not only damages the property but also makes commuting unsafe and unhygienic. Uneven roads and surfaces, absence of proper outlets can also result in water-logging, both inside and outside the building.

Window sheds

One of the concerns that property owners share during monsoons is the absence of proper window sheds/ facades in the building as it means less protection from the rain and higher chances of leakage. These structures are especially needed in the areas with windy monsoons, in the high-rise apartments or houses with poor ventilation.

Proper sealing of the usable water sumps

High-rise multiplexes, larger societies and individual houses generally come with underground sumps to store usable water. Without proper sealant in place, there are high chances of dirty water leaking into the sumps, especially during monsoons. This can result in various health hazards and hence, needs a thorough inspection always, especially before deciding on buying a property.

Viren Naidu, Times Property, The Times of India, Mumbai


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Studio apartments: Easy on pocket, low on maintenance



Chennai

Changing tastes and preferences have led to a demand for studio apartments over the years in many parts of the city.

In the last decades, the demography of Chennai has changed drastically. There has been a steady inflow of population into the city from different parts of the country. Many of these new generation professionals are looking forward to buying their own home within the first few years of their first job. This has led to a demand for studio apartments, which comprise all the elements of a home in a single room.

Right from low cost to low maintenance, the advantages of a studio apartment are many and are preferred by bachelors and travelling executives alike. Ravi, a city based realty expert says that these studio apartments are also being used as service apartments by the corporates. "Primarily, it catered to the needs of travelling executives posted in different cities. The professionals who have offsite assignments always tend to invest in studio apartments if they are offered by the developers, which gives them flexibility to travel during a shortterm assignment."

Often termed as one room-kitchen apartment, these apartments have an attached bathroom and have an area range of 200 to 450 sqft. A studio apartment, also known as a studio flat or self-contained apartment, efficiency apartment or bachelor apartment, is a small apartment which combines living room, bedroom, and kitchenette into a single room. It is apt for a small family area ranging around 200 to maximum up to 450 square feet. Studio apartments are the entry level in the housing spectrum and are priced between '25 to '30 lakh.

Prices do play an important role; if the pricing is high then the buyer would opt for a compact two-BHK apartment instead of a studio apartment. Chennai being a conservative market, the design is slightly tweaked to accommodate a separate bedroom.

Arun Nair, a marketing representative, who moved into a studio apartment two years back maintains that price was the deciding factor. He says, "The cost played a key role and getting the best deal in the heart of the city is tough. I wanted a studio apartment as it provides you a compact space which is easy to maintain and clean. Also, studio apartments are always a good option for bachelors because of the low maintenance and cost factor."

The demand for studio apartments is big among business executives. Ravi adds, "The demand for studio apartments has been growing consistently over the last few years and this demand is here to stay. With large companies setting up their units in Chennai and emergence of IT-space, we are looking at serious numbers required in the coming years."

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Tuesday 18 September 2018

Buyers prefer homes in areas with good employment prospects


One major trend that has emerged is that areas with good employment opportunities are seeing a genuine demand for homes, a fact that many developers are cashing in on

As a general trend, employment opportunities in an area have a significant impact on property demand – higher the job opportunities available in an area, greater is the demand for properties in its vicinity. For example, the development of IT and ITeS parks in an area, boosts the demand for properties. Moreover, the demand for homes in such cases, is based on actual needs. Consequently, the realty market’s growth in such areas, is very stable.

Buying a home in an area with growing employment opportunities, has several benefits, explains Manju Yagnik, vice-chairperson of the Nahar Group. Besides the advantage of job prospects in its vicinity, the house can provide significant rental returns and appreciation in its value in future, she points out. “This is because the area will definitely develop across segments – be it commercial, residential, retail or hospitality. Hence, it will attract people in search of employment from across the country, who wish to find their home close to their work place,” says Yagnik.


Buy Property in Thane

Cities that have developed due to better employment opportunities

Upcoming areas include the Hinjewadi IT Park and the industrial belts of Chakan and Talegaon. Areas like Wakad, Tathavade and Balewadi, have also witnessed good growth.

Gurgaon has developed into a residential hub, due to its manufacturing and service industries. In all these regions, the IT/ITeS, engineering and manufacturing or banking sectors, have attracted job seekers and hence, home seekers, to these areas.

For example, the Hennur and Thanisandra micro-markets in Bengaluru witnessed growth, primarily because of the development of the Manyata Tech Park on the Outer Ring Road near Hebbal, points out AS Sivaramakrishnan, head – residential services, CBRE South Asia Pvt Ltd. “The demand, supply and prices of real estate property in the area, have risen steadily. Similarly, the residential micro-market of OMR, Chennai, has also been directly impacted by healthy employment opportunities. From a region with hardly any real estate development in the early 1990s, the locality now has the maximum demand, supply as well as price rise in its property market,” elaborates Sivaramakrishnan.

Other factors to consider

Nevertheless, experts highlight that the proximity to one’s workplace should not be the sole criterion for buying a home. Good physical and social infrastructure in the vicinity – like schools, colleges, hospitals, malls, supermarkets, restaurants, etc., are also important while buying a home in an emerging destination. Many home buyers also prefer to check for facilities within the residential complex, such as clubhouse, swimming pool, gym, children’s play area and greenery around the project. Buyers must evaluate all these aspects, before buying their home, they conclude.


TO KNOW MORE ABOUT PROPERTY IN THANE , VISIT CREDAI MCHI THANE UNIT

Source: housing.com

Thursday 13 September 2018

MahaRERA directs civic bodies to register 606 projects



The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed local civic bodies to catalogue 606 unregistered projects across the state with the authority immediately. Various consumers had registered complaints against the projects in the form of ‘source complaints’, stated MahaRERA authorities.
While 717 unregistered projects had been noted in the complaints, the authorities were able to get 111 projects registered with MahaRERA over a period of one year.
MahaRERA has allowed consumers to file complaints against unregistered real estate projects on its website after paying Rs5,000 from August 16. As per the July 31 order of the Bombay High Court, it is mandatory for MahaRERA to hear consumer complaints, irrespective of the registration status of the project. Therefore, the number of complaints have picked up, stated officials.
Over the last month itself, 335 complaints have been filed, of these 60 complainants have decided to register a ‘source complaint’. The authority will have to hear consumer grievances filed under Section 3 of the RERA Act if the realty project, whether underconstruction or completed, is not registered with it. As per the latest format, filing and tracking real estate complaints of non-registered projects too has become simpler, officials said.
MahaRERA secretary Vasant Prabhu told TOI that the authority has initiated action and close to 111 projects have been registered after repeated follow-up. The process of registering the remaining projects is underway, he said. “MahaRERA has also informed the planning authorities, which includes municipal corporations, about 135 projects,” Prabhu shared.
Since May 1, 2017, MahaRERA has received 11,249 emails that include complaints against unregistered projects.
In the new process, in case of unregistered projects, the complainant must fill a simple form and include his or her mobile number. The contact details help the complainant keep track of the progress in the case. Once the complainant submits the information, the website generates a number for future enquiry. The complainant is able to view the status of MahaRERA’s investigation.
The change is intended to make the process simpler for both the developer and the complainant. “A standard operating procedure for handling complaints had become essential as the number of projects to be registered will increase in the coming days,” Prabhu said.
Until now, MahaRERA has received 3,927 complaints, of which 1158 are being heard, while orders have been passed in 2,255 cases. In the appellate tribunal, 344 appeals have been received. Of these, 97 appeals are in the process of hearing and orders have been passed in 84 cases.
Source: content.magicbricks.com

Ganesh Chaturthi 2018: Will it bring about a revival in Mumbai’s property market?



Amidst rising prices of essential commodities, increasing home loan rates and a falling rupee, we look at whether the festive season starting with Ganesh Chaturthi, holds any positives for the real estate market in Mumbai



Ganesh Chaturthi marks the start of the festive period. It is a time, when developers strive to clear their old stock, increase sales and capitalise on the positive sentiment. For home buyers, the festive season translates into good deals and offers on property transactions. Hence, this period brings a win-win situation for all stakeholders in the real estate sector. However, this year, Ganesh Chaturthi will be celebrated in a scenario, where the Indian rupee is depreciating against the US dollar and home loan interest rates are inching upward.

Mumbai real estate market overview

Anuj Puri, chairman of ANAROCK Property Consultants, says that “As per ANAROCK data, out of the total new supply (of approximately 1,14,400 units) from January to August 2018 across the top seven cities, the Mumbai Metropolitan Region (MMR) saw the maximum new launches, with nearly 35,800 new units. On the sales front too, the region clocked maximum housing sales with approximately 15,200 units being sold in Q2 2018, an increase of 26 per cent against the previous quarter.” Despite the gloom over rising prices, experts, hence, expect to see an uptick of 10-15 per cent in residential sales velocity during the festive season, due to various promotional schemes offering direct/indirect reductions in the prices of apartments.
Ravi Ahuja, senior executive director, Mumbai and developer services, at Colliers International India, points out that developers are rolling out discount schemes and freebies, to lure home buyers, to address the issue of inventory build-up. “Developers usually launch discount schemes, in the form of various interest subvention schemes, offering flexible payment plans to buyers with 10 per cent or 20 per cent down payment and the rest on possession. Developers also offer freebies, especially in the case of ready-to-move-in apartments, in an attempt to lure buyers to reduce their inventory overhang,” he explains.

Challenges faced by Mumbai’s realty market, during the festive period

Despite the positive environment, the proposal by the state government to levy a surcharge of one per cent on stamp duty (resulting in an increase to six per cent from the existing five per cent), could prove to be a dampener in the short-term, as property prices will rise further. A major impact of this increase, is likely to be felt in the affordable housing segment.
Other challenges for Mumbai’s real estate market:
  •         Inventory build-up and high cost of borrowing.
  •         Meeting regulatory requirements, with respect to RERA.
  •         Procuring multiple approvals from government authorities.
  •         High GST rate and rising input costs.
  •         Increase in home loan interest rates
Although interest rates have increased in the recent past, they remain low, compared to 2011-2012. Additionally, tax exemptions available on home loans, under sections 24B and 80C, help reduce the effective home loan interest rate for borrowers. The government’s decision, to relax the eligibility criteria by increasing the carpet area to 160 sq metres for MIG-I and 200 sq metres for MIG-II houses, will also encourage home buyers, especially in smaller towns.

Property hotspots for the festive season beginning with Ganesh Chaturthi 2018

Home buyers looking at the affordable and mid-segment housing, should focus on Thane and Navi Mumbai, as these locations, with their excellent infrastructure and cosmopolitan nature, have emerged as sought-after peripheral destinations. “Premium locations like Bandra west to Andheri west, will remain in-demand and given the 10-12 per cent price correction in older buildings, one can use this as an advantage, to buy for current or future end-use,” suggests Ahuja.
Niranjan Hiranandani, CMD of Hiranandani Communities and national president of NAREDCO, maintains that property prices have remained static in most micro-markets across the MMR. “Moreover, there is a possibility of further sweetening of the deal from the developers’ side, at the purchase stage. Given these two factors, I would say that in most micro-markets, property prices across Mumbai are attractive for home buyers,” he concludes.

Wednesday 12 September 2018

Mumbai has highest apartment construction cost in India, at Rs 3,125 per sq ft: CBRE



Mumbai is the most expensive city in India for constructing an apartment, followed by Delhi, Pune, Chennai, Bengaluru and Hyderabad, says a report by CBRE
Cost of construction for a residential apartment, in a mid-rise building in Mumbai, is the highest among the top urban centres in the country at Rs 3,125 per sq ft, according to a report. Delhi and Pune came a close second, in average cost of construction at Rs 2,750 per sq ft, followed by Chennai and Bengaluru at Rs 2,500 per sq ft and Hyderabad at Rs 2,375 per sq ft, property consultancy CBRE said, in its report. “Among the six leading cities in India, Mumbai remains the most expensive,” the report said, adding that the variation in costs could be primarily attributed to different demand levels, proximity to supply centres, as well as the efficiency of logistics networks across these cities.
Moreover, engineering costs too vary, in accordance with the region, it said.
The report also said that with the implementation of GST stabilising the cost of construction, the overall stock of developed real estate in the country’s leading urban centres will reach 8.2 billion sq ft by 2025 and provide employment to about 17 million people. This is despite the rise in prices of cement and structural steel. The report claims the prices of cement have nearly tripled in the past 16 years, while the cost of structural steel has more than doubled between April 2005 and November 2017.

SOURCE: housing.com

Tuesday 11 September 2018

Children’s needs and its influence on home buying


September 2018


What are the needs of children that buyers need to consider before finalising a house purchase and does this have an impact on property prices? We examine
People often do not pay heed to the children’s requirements, when they buy a home. As children usually spend more time at home than their parents, property owners and buyers should ensure that the home fulfils their requirements. Moreover, the house should also be able to meet the child’s changing needs, as they grow and mature.
“There are many good reasons why children should be an important consideration, while buying a home. Everything that transpires within a family, directly or indirectly involves its children. Even young couples, who do not yet have children, will still consider this as an important factor, while choosing a residential property,” maintains Kishor Pate, CMD of Amit Enterprises Housing Ltd. In a country like India, where emotional ties are strong, it is common for people to make significant investments, based on the present and future needs of our children.

Luxury Residential Projects in Thane with Best Amenities

Things to consider, as per children’s requirements

Experts suggest that buyers on a conservative budget, should focus on connectivity, rather than location. One should invest in a location that is well- connected and not in a location that is centrally located. Builders are also recognising the importance that children’s needs play, in property transactions and are therefore, coming up with projects that cater their requirements.

“While buying a home, the factors that need to be considered, depend on the various phases of life – a new born child, a teenager and an adult,”

“Medical facilities should be readily available, not only for children but also for other members of the family. Everyone will agree on the importance of good educational institutions being available. Today, people also look at connectivity to nearby amusement parks, theatres, pubs, malls and food outlets,”

Children’s requirements and its impact on property costs

Nevertheless, the availability of good schools, colleges, green spaces, connectivity, hospitals, malls, etc., will add to the cost of property, points out Rishi. “As the comfort and convenience that a particular location offers increases, so does the price. It all boils down to what kind of a budget you are working with,”

However, a home is essentially a family-oriented property and should not cost more because it is children-friendly. If certain developers want to charge a premium for specific children-oriented features or services, there should be a clear and visible justification and its price should be comparable to any other property, with similar lifestyle amenities.



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Source: housing.com

Monday 10 September 2018

SC lifts stay on construction activities in Maharashtra




September 07, 2018
Mumbai

The Supreme Court on September 5 lifted its August 31 stay on constructions in Maharashtra.

The stay was imposed as the state government had failed to inform the apex court that it had framed a Solid Waste Management Policy in 2017. The state was also fined Rs 5 lakh for its failure to ensure being represented in court. The first fine of Rs 2 lakh was imposed in July and was to be paid within two weeks. The government failed to do that as well. The second fine of Rs 3 lakh was imposed on August 31. Both the fines were paid off by the government on September 4.

Senior counsel Shekhar Naphade, specially appointed to represent the state government to lift the stay on construction, said the affidavit was filed and the court then lifted the stay. He added that no intervening application was filed.

Rajesh Prajapati, Public Relations Committee Chairman, Confederation of Real Estate Developers of India-Maharashtra Chamber of Housing Industry, said lifting of the ban is great news for the real estate industry. "We were positive the Supreme Court would lift the ban on all constructions in Maharashtra as the policy and rules on solid waste management were already in place."

Niranjan Hiranandani, President, National Real Estate Development Council (NAREDCO), said, "Given the proactive manner of working of the administration, I am confident the policy will be implemented in due course. The decision brings relief to home seekers who were faced with the possibility of delayed possession of their homes. Across construction sites jobs are secure and with construction activity continuing stakeholders, including material suppliers, will be pleased that offtake of construction material will continue."


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Six states keen on replicating MahaRERA path



September 05, 2018
The government representatives of six states — Goa, Gujarat, Uttar Pradesh, Telangana, Chhattisgarh and Karnataka — have sought a detailed outline from the Maharashtra Real Estate Regulatory Authority (MahaRERA) for implementing RERA in their states.

The state housing department confirmed the development. MahaRERA Secretary Vasant Prabhu said the representatives of the states had discussions with the MahaRERA officials. A workshop would be arranged for these states on September 10 at Yashwantrao Chavan Academy of Development Administration to showcase the functioning of MahaRERA. The minister of housing and urban affairs Hardeep S Puri would attend it.

With over 17,000 projects having been registered with MahaRERA, the other states are drawing flak from the Union government for the non-implementation of RERA.

Prabhu said, "In the past two years, we have been able to not only get more than 17,000 projects registered but also issued several orders, mainly for delay in completion of projects. The appellate tribunal and the counselling helped the customers."

The ratio of registrations and addressing grievances is much higher and more effective in Maharashtra than other states. "No wonder our model has turned out to be very successful," said an official of the housing department.

He said the developers in Maharashtra were also displaying their MahaRERA registration numbers in their projects' advertisements and more than 80% of the buyers were being addressed at the primary-level.

The Confederation of Real Estate Developers' Association of India (Credai), Maharashtra, President Shantilal Kataria said many other states should take a leaf out of how Maharashtra initiated the rules in time. "In two years, several credits go to the authority," he said.

The software for putting up all the details on the MahaRERA website should be an added attraction.

A recent report of Anarock property consultants stated that out of all the states and Union Territories in India, Maharashtra takes the first place when it comes to proactive RERA adoption, its implementation and integration, followed by Uttar Pradesh, Gujarat and Madhya Pradesh.



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