Wednesday, 27 October 2021

How to Choose the Right Outdoor Paint for Your Project

At its core, a home is shelter. It keeps us dry during a storm, warm when it’s cold, and shaded from the sun. Its outdoor areas, on the other hand, often show just what it means to be protected from the elements. Siding that’s pelted by rain or snow can dull over time, just as decks and patios can warp and splinter. Furniture and planters follow suit, and soon a backyard can be the most forgotten space of a home.

Property in Thane - How to Choose the Right Outdoor Paint for Your Project
Credits : freepik.com


Now that the hot days of summer have given way to sweater weather, it’s the ideal time to give your exterior some TLC. And since most of these weather-worn issues can be solved with a fresh coat of paint, it’s important to pick the right one.

“Exterior paints are formulated to handle outside weather, mildew, chipping, and fading,” says Julia Buerger, merchant of spray paint, exterior paint, and primers for The Home Depot. “Exterior latex-based paints will also give consumers the longest durability, as they’re formulated to expand in warm weather and contract in cool weather, preventing cracking or peeling.”

How to Prep and Maintain Outdoor Surfaces


As with any paint project, Buerger says that it’s important to prepare all surfaces ahead of applying a brush stroke. Not only will this allow the paint to adhere more easily to the item—whether it’s the wood surface of a deck or the curves of metal furniture—but it will make the coat last longer. Follow her three tips to get started, and one tip for maintaining the job once it’s finished:

Work in the right climate. “In temperatures colder than 50 degrees, the paint will take longer to dry,” she notes. “In warm temperatures, the paint may dry too fast, causing lap marks. Wind, rain, and humidity can also affect the drying time and final appearance.”

Get the surface ready. “Make sure to prepare the surface before painting by cleaning, sanding, and priming the materials as needed,” Buerger says.

Don’t forget about primer. “Apply a coat of primer before painting,” she says. “This is the base coat for paint, and it smooths out the surface and helps with paint adhesion.”

Get in a cleaning routine. “To keep the paint job looking fresh, hose off dirt, leaves, and rainwater that accumulates over time,” she adds. “It’s also helpful to pressure wash the home’s exterior about once every five years to keep mildew at bay.”

How to Choose the Right Outdoor Paint for Your Project


Painting a deck or patio: If you’re looking to refresh a wood deck or patio with a coat of paint, Buerger recommends using a 100 percent acrylic latex paint for the best weather-resistant coverage and protection from foot traffic. “This type of paint typically contains a higher resin content, which is the chemical compound that supports adhesion to the painted surface,” she says.

Painting a front door: Since this is a surface that will get daily use, Buerger advises using a paint that has a high-gloss finish. “It can withstand nicks, add shine, and highlight architectural details,” she notes.

Painting a pool: Did your pool see a lot of splashes this summer? The right paint to repair a typical concrete pool is “a polymerized cement-based product,” Buerger notes, because it can handle the seasons in between next summer’s splashes. “You’ll also want to make sure to use paints that provide stain and abrasion resistance,” she adds.

Painting outdoor furniture: This solution is slightly more complicated, because the right type of paint depends on the furniture material. “If the furniture is metal, then an oil-based exterior paint will be most effective in preventing rust,” she says. “For wooden and wicker furniture, a latex-based exterior spray paint will give you smooth and even paint coverage.”

Painting planters: Completing this project, Buerger says, depends on the type of look you have in mind. “If you’re wanting a more detailed design, then you’ll want to use an exterior acrylic latex paint and a brush,” she says. “For full-coverage of one paint color, an exterior acrylic latex spray paint is a good, quick option.” 

Real Estate Sector To Touch $1 Trillion By 2030: Kant

 The real estate sector plays a multiplier effect in the development of the economy and is expected to reach a market size of USD 1 trillion by 2030, accounting for 18-20 per cent of India's GDP, Niti Aayog CEO Amitabh Kant said on Friday. Virtually addressing an event organised by industry body CII, Kant further said the last 18 months have been challenging for India and the economy in general, and the real estate sector was not left untouched.


"However, we see a silver lining as the vaccination rate has picked up and the infections are slowly coming down," he said.

Kant noted that the real estate sector and its stakeholders also play a critical role in supporting the 'housing for all' initiative of the government.

"The real estate sector plays a multiplier effect in the development of the economy and the ecosystem of the country. The sector is expected to reach a market size of USD 1 trillion and contribute 18-20 per cent of the country's GDP by 2030," he said.

Kant further said the Securities and Exchange Board of India (Sebi) has already given its approval for Real Estate Investment Trusts (REITs), which will create an opportunity worth Rs 1.25 lakh crore in the coming years.

"The smart city project with a plan to build 100 cities is a prime opportunity for real estate companies," he said, adding that a slew of measures introduced by the government, including monetary and fiscal stimulus, have supported businesses and industries through these challenging times.

According to Kant, the sector will need to be in sync with the stated goals in order to leave a greener world for the future generations.

"Big corporates are realigning their sustainability roadmaps to speed up their net zero goals as a global movement towards more sustainable choices is underway," he added.

Pointing out that housing sales are recovering, buoyed by the decade-low mortgage rates, Kant said, "Make in India and India's growing might as a digital economy has spurred our warehousing and industrial segments. As we move ahead, technology will be a key game changer."

Land Acquisition For Mumbai-Ahmedabad High-Speed Rail Project To Be Completed Within Two Months, Say Officials

THANE: The land acquisition for the ambitious

Mumbai-Ahmedabad high speed rail (HSR) project in is likely to be completed within the next two months, officials said on Thursday.

The announcement was made following a joint meeting for land acquisition called by Konkan divisional commissioner (DC) Vilas Patil to take a review of all crucial infrastructure projects passing through Thane district but are held up due to delayed land acquisition.

It may be noted that Thane district has several crucial infrastructure projects cutting through it including the Mumbai-Vadodara national highway, dedicated railway freight corridor, Kalyan-Kasara additional lines and Samruddhi highway among few.

“These are crucial projects for the state and country and shouldn’t be delayed due to land acquisition. The administration should take adequate efforts and ensure all obstacles in their progress are cleared at the earliest,” said Patil while addressing the officials.

“The HSR project requires 79 hectares of land in Thane district of which 51 has been acquired and the rest which are in Bhiwandi and are in various stages of acquisition. The DC has directed us to expedite the acquisition and complete the process in the next two months. The acquisition process for other projects will also be hastened,” said Prashant Suryawanshi, land acquisition, Thane district.

Activists have been long complaining that schedules of few have been apparently delayed due to slow land acquisition and transfer by the administration. Last year, the Thane corporation had junked the transfer of a crucial part of land for constructing a tunnel on the Mumbai-Ahmedabad high speed rail (HSR) route in Diva which was eventually cleared recently. 

Mumbai: Nod For Land Modification Proposal For Thane-Borivali Tunnel Rd Project

 Thane: The Thane General Body has okayed the proposal for the modification of land lying in the route of the proposed Thane-Borivli tunnel road,Mayor Naresh Mhaske said .


Thursday evening A proposal for approving the modification will now be sent to the state government following which the aquisition could start for the same, explained officials. As many as eight hectares of land was in the way of the approach for the tunnel road while another 28ha within the city limits will have the tunnel passing underneath —Manoj Badgeri

MahaRERA Extension Likely For 10% Of 'Lapsed' Projects

Mumbai

Around 10% of the 3,371 projects termed “expired” by MahaRERA may get extension two weeks after the real estate regulatory authority issued orders for regulating the “lapsed projects”.

The developers have been told to submit necessary documents for seeking extension that will allow them to carry on with the projects. The Maharashtra Real Estate Regulatory Authority (MahaRERA) had put out a list of projects that expired with the promoters not applying for extension and also not uploading Form 4 from the architects on completion of the projects on the website.

A new circular issued last month, laying out conditions to regulate these expired projects, has seen developers of 99 projects submitting the documents. On the other hand, 286 projects have been directed to seek an extension.

“As many as 99 projects will be deleted in the next two days from the earlier list of 3,371. Others have been told to apply for extension till their date of Occupancy Certificate (OC). The names of the projects will be deleted from the ‘expired’ list only if the builders seek extension,” MahaRERA Secretary Vasant Prabhu said. If these developers seek extension, nearly 385 projects will be deleted. This will take the tally of “expired” projects to 2,986.

Maharashtra Societies Welfare Association Chairperson Ramesh Prabhu told TOI, “This is a good sign because if MahaRERA had not flagged such projects as ‘lapsed’, the promoters would not have taken any initiatives to revive them. This will also help the flat purchasers come together and take a collective effort in completing the project through the promoters.

Confederation of Real Estate Developers Associations of India (Credai) State President Sunil Furde said, “This is a good move by MahaRERA. Credai-Maharashtra had also requested for the same arrangements.” 

Real Estate Developers Reach Out To Government Over GST On Redevelopment

 Several real estate developers have reached out to the government for clarity and concessions on the issue of double GST payment in redevelopment projects, a factor that has led to cost escalation at a time when margins are already under pressure.


The economics of redevelopment projects, a type of an urban real estate renewal method where realty players takeover old buildings and rebuild them, has gone awry in the last few years following implementation of GST in 2017, say industry trakers.

The problem arises due to the way GST is computed on these projects.

“The GST is paid firstly on cost of construction without input tax credit, and secondly, when the area is delivered to existing residents at market price. Both GST payments are absorbed by a developer, which often becomes a huge cost,” said Rohit Jain, partner at law firm ELP.

Tax experts say all the redevelopment projects are now facing problems due to higher GST costs.

Top real estate developers have now approached the government for lenience in the way GST is levied.

Real estate players say they have seen disruption during the Covid-19 pandemic in the last two years with increasing costs, falling revenues and other problems such as labour shortage.

In a typical redevelopment project, a real estate developer takes over a project, and rebuilds it with additional space and apartments.

In most cases, the original residents return to their apartments with some extra space, or bigger apartments.

The GST regulation mandates that the tax has first to be paid when the developer undertakes construction and there is no input tax credit available on that development.

Input tax credit is a mechanism where part of the GST paid on raw materials can be set off against future tax liabilities.

Industry trackers say the bigger problem for realty players is when they return the apartments to the original residents.

As per the current regulations, even in cases when original residents do not pay anything when they get the bigger apartments back, GST at 5% has to be paid.

The GST has to be paid as per the market price on these apartments.

Since the original buyer is not paying anything, this cost in most cases will have to be absorbed by the real estate developer, say tax experts.

Industry trackers say some of the largest redevelopment markets including Mumbai have seen real estate developers walking away from redevelopment projects.

This is not the first time that the real estate sector is at odds with the taxman.

Earlier, the real estate sector had faced issues following a government notification around joint development agreements.

Joint development agreements are a common feature in the real estate sector wherein the land owner transfers the land to the real estate developer and gets apartments, a certain amount of revenue or a combination of both, in return.

As per a notification issued in January 2018, GST was payable by both the land owner and the developer.

The GST notification sought to levy tax even on land owners, which was later challenged in the court.

Real estate developers had dragged the GST Council, central and state governments to court over bringing such transactions under the gamut of the GST framework.

Tuesday, 19 October 2021

Thane-Borivali Twin Tunnel Project Makes Headway

 18 October 2021


THANE: The ambitious Thane-Borivli twin road tunnel project has gained some traction with the Thane Municipal Corporation proposing to de-reserve around 34 hectare (ha) of landwithin its ambit for the project in coming days.

A recent survey had revealed that around 8.4 ha in the Majiwada-Manpada administrative ward was required for access to the Thane-Borivli road, while another 25.6 ha was required for the underground tunnel link. A proposal has been moved before the Thane general body for changing the current reservation on the lands, explained officials.

A majority of the land is currently reserved for a botanical and zoological park, Thane transport depot and road development plan. There are also a few residential patches and a green zone in Borivade that will need to be altered to suit the project.

It may be recalled that a study of the possible entry-exit points for the six-lane highway was conducted a few months ago by multiple agencies, including the MMRDA, and is now being executed after it was handed over from the MSRDC recently.Officials had then said that they were working on ensuring minimal disturbance to residential and green zones along the the stretch.

As per initial plans, the highway, along with its 11-km-long tunnel, will connect Thane at Manpada and and Borivli near the Magathane BEST depot, drastically cutting down travel time. The tunnels will be drilled under the Sanjay Gandhi National Park using tunnel boring machines. Each of the two tunnels will have three lanes for traffic and one for pedestrians. The estimated cost of the project is approximately over Rs 10,000 crore. Presently, the route along Ghodbunder road is circuitous and takes at least two hour one way.

Residential real estate sales up 59% YoY in Q3 2021: PropTiger.com

18 October 2021

On a pan-India basis, weighted average price stood at Rs 6,200 – Rs 6,400 per sq ft, a YoY change of 5%, the report said

Home sales across the country's top eight micro markets grew 59% on a year-on-year basis in Q3 2021 on the back of support measures by the government and the banking sector, a report by PropTiger.com showed.

According to Real Insight (Residential) – July-September (Q3)2021, a quarterly industry report by REA India-owned online real estate company PropTiger.com, home sales in India’s eight leading markets have undergone a significant improvement during the July-September period of 2021 (Q3 2021) as demand for residences picked up post the second wave of the coronavirus pandemic.

The cities included in the analysis include Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi NCR (Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, and Faridabad) and Mumbai MMR (Boisar, Dombivli, Mumbai, Mazagaon, Panvel, Thane West), and Pune.

A total of 55,907 new housing units were sold in these markets during the three-month period, showing an upswing of 59% when compared to the same period in 2020. On a sequential basis, home sales showed a much stronger growth of 250% with only 15,968 units being sold during the April-June period this year (Q22021), the report showed.ccording to the report, home sales and new launches have both shown a significant improvement in the period between July and September 2021, indicating that a turn-around for the real estate sector might be around the corner.

NUMBERS FOR NEW SUPPLY SHOW THREE-FOLD JUMP OVER Q32020

After a prolonged period of decline, new supply in India’s eight prime residential markets also saw a remarkable upswing in Q3, showing a three-fold jump of 228% to 65,211units when compared to Q32020 wherein a total of 19,865 units were launched in these eight prime real estate markets, it said.

There was also a sequential increase in the new supply. A total 21,836 units were launched in Q2 of the calendar year, indicating a 199% jump in Q3. Of the total units launched in Q3, 33% were from the Rs 45-75 lakh price bracket, the highest number of launches seen in any segment during the quarter.

Mumbai (33%) and Ahmedabad (21%) saw the highest number of quarterly launches, the report showed.

INVENTORY OVERHANG DECLINES TO 3.6 YEARS; FURTHER IMPROVEMENT LIKELY IN FESTIVE SEASON

As on September 30, 2021, builders in India had an unsold stock consisting of 7,20,519 housing units across the top eight residential markets.

Even though new supply added to the overall number of units available for purchase in the eight housing markets (unsold stock stood at 7,11,215 in Q22021), the inventory overhang during Q32021 declined to 44 months (3.6 years) from 48 months in the previous quarter.

This decline in the inventory overhang - the estimated period builders in a particular market are likely to take to sell off their unsold stock at the existing sales velocity - can be attributed to the upswing in demand during the quarter, which is likely to improve further in Q4. This may lead to a further reduction in the inventory overhang during the festive season.

While the NCR has the highest inventory overhang of 62 months, Hyderabad has the lowest inventory overhang at 25 months.

PRICE GROWTH REMAINS MUTED

As supply-side issues continued to adversely impact cost of building housing projects in the aftermath of the pandemic, all housing markets included in the analysis showed an uptick in average prices of flats and villas. On a pan-India basis, weighted average price stood at Rs 6,200 – Rs 6,400 per sq ft, a YoY change of 5%.

Ahmedabad saw the highest upward movement in average prices of flats, with average price increasing to Rs Rs. 3300 - Rs. 3500 per square foot (psf) in Q32021, 8% YoY increase. This was followed by Hyderabad at 6% then Delhi NCR at 5% and Pune and Bengaluru at 4%, Mumbai and Chennai at 3%, Kolkata at 2% YoY change in weighted average price.

“It is now a well-established fact that the notion of property ownership has gained significant currency in the aftermath of COVID and its impact on the way people live and work. Even as this has helped build positive consumer sentiment vis-à-vis residential real estate, support measures by the government and the banking sector have set the ball rolling for a positive change in momentum for the sector,” says Dhruv Agarawala, Group CEO, Housing.com, PropTiger.com and Makaan.com

“The stage is now set for the festive season to give that much-desired fillip for the industry that it has been eagerly awaiting and working so hard for,” he said. 

Real estate firm Puravankara Ltd to invest Rs 350 crore in Mumbai project

 13 October 2021


The company plans to construct this affordable housing project on a Joint Development Agreement model and the units would be in the range of Rs 40 lakh to Rs 80 lakh.

Realty firm Puravankara Ltd will invest Rs 350 crore for the construction of its affordable housing project in Mumbai launched on October 13 under the Provident brand, the company said.

To be called Provident Palm Vista, the project is located near Shil Phata, Mumbai and has a saleable area of one million square feet, the company said. The company plans to construct this affordable housing project on a Joint Development Agreement model and the units would be in the range of Rs 40 lakh to Rs 80 lakh, it said.

Since its inception in 2008, Provident Housing Limited has pioneered and championed the premium affordable housing segment of the country. Over the last 12 years, around 21 msft of projects have been launched across Bengaluru, Chennai, Hyderabad, Mumbai, Pune, Goa, Kochi, Coimbatore and Mangalore, out of which around 12 msft have been delivered. The latest project of PHL is located in Kalyan. Over the last few years, Mumbai has harboured a rising demand for premium affordable housing from branded developers.

“We are committed to making homeownership an inclusive and achievable dream for millions of individuals across the country. After delighting close to 20,000 customers, we are excited to expand our footprint in Mumbai and have a transformative impact on the vibrant metropolis. This new venture of Provident Housing Limited will enable thousands of homebuyers to have improved access to affordable luxury housing in planned and green urban spaces,” said Ashish R. Puravankara, Managing Director, Puravankara Limited.

Puravankara Limited plans to launch close to 15 msft in FY22. Out of this, Provident Housing Limited accounts for 7 msft. The flagship brand Puravankara will account for 3.5 msft. On the other hand, its plotted development arm, Purva Land, will see close to 4 msft.

Who Pays Real Estate Fees?

October 2021

 

The seller usually pays the real estate commission

Most people who buy or sell a home do so with the help of a licensed real estate agent. These professionals know their local markets, have superior negotiating skills, and can generally make the entire buying and selling process easier. In exchange for their expertise, real estate agents earn a commission. Here's a look at how real estate commissions work and who pays these fees.

Properties in Thane - Who Pays Real Estate Fees?
Credits : freepik.com


  • Real estate commissions are always negotiable but are often between 4% and 6%.

  • If two agents work on a real estate transaction—one for the buyer and one for the seller—the commission is usually split down the middle.

  • The real estate brokerage takes a cut of the commission to help pay for things like advertising and office space.

How Do Real Estate Commissions Work?

Real estate agents and brokers typically don't charge buyers and sellers by the hour. Instead, they take a cut of the sales price—in the form of a commission.

The contracts buyers and sellers have with their agents determine the agents' commissions. The real estate fee is often split evenly between the buyer and seller agents, although a contract could stipulate that one agent receives more of the commission than the other.

Imporatnt : The terms Realtor, real estate agent, and broker are often used interchangeably, but they differ. Agents and brokers have different levels of licensing, and either can become a Realtor by joining the National Association of Realtors.

The fee doesn't go straight to the real estate agents, however. It first goes to the listing and selling brokers. That's because real estate agents must work for and under the umbrella of a broker, and the brokers take a cut of the real estate fees to cover costs such as advertising, sign rentals, and office space.

Each broker then splits the amount with the agent, sometimes 50/50, but it could be any amount upon which the broker and agent have agreed. So, a 5% commission would break down as follows, assuming a 50/50 split across the board:

  • Listing broker: 1.25%

  • Selling broker: 1.25%

  • Seller's agent: 1.25%

  • Buyer's agent: 1.25%

On a $200,000 sale, each broker and agent would receive $2,500.

How Much Is a Real Estate Commission?

Real estate commissions are always negotiable—otherwise, agents would be in violation of state and federal antitrust laws—so they vary. Though 6% has traditionally been regarded as the standard fee, commissions typically fall between 4% and 5% nowadays. The average real estate commission in 2019 (the most recent data available) was 4.96%, down from 5.03% in 2018, according to research firm Real Trends.

Keep in mind that the commission represents a percentage of the home's selling price—so the exact fee won't be known until an offer is accepted and the house is sold.

Who Pays the Real Estate Commission?

Precisely who pays a real estate agent's commission is where things get a little tricky. Standard practice is that the seller pays the fee. However, the seller usually wraps the fee into the price of the home. So, the buyer ultimately ends up paying the fee, albeit indirectly.

Let's say, for example, that a buyer and seller (each with a real estate agent) agree to a deal on a home for $200,000. Assuming the real estate commission is 5%, the fee would be $10,000 ($200,000 X 0.05). The fee comes out of the cost of the home—it is not added to the sale price. So, although the buyer would pay $200,000, the seller would receive $190,000 from the sale (this is an overly simplified example as closing costs and other fees would apply).

Are Real Estate Commissions Worth It?

One of the biggest contentions about real estate fees is that they are too high, or that the service real estate agents deliver isn't worth the cost.

If a home sells on the first day it's listed, the seller's agent could make a tidy sum for relatively little work—such as taking photos, setting a listing price, and putting the home on the market. However, on the flip side, a home can also take weeks, months, or in the case of very unique or expensive houses, years to sell.

For the seller's agent, this can add up to many hours spent marketing the home, holding open houses, taking phone calls, and staying abreast of other listings and sales in the neighborhood. That agent will also bear the long-term cost of keeping the house on the market, including signage and advertising fees. If you look at it this way, not many sellers would want to take the risk of paying a real estate agent by the hour.

The same goes for buyers. Some will find a house immediately, while others will look at dozens of homes—over weeks or months—before settling on one. If buyers had to pay an agent by the hour, they would likely feel rushed into making a decision.

Flat-Fee Real Estate

Of course, there are listing agents who work for a flat fee—such as $100 or $500. This can obviously benefit sellers (and ultimately buyers) in terms of cost savings, but the drawback is that these agents may offer limited representation.

A traditional real estate agent will be your partner throughout the entire homebuying or selling process. A seller's agent will help you stage your home, take professional photos, get your home on the Multiple Listing Service, advertise, schedule and host open houses, and negotiate on your behalf.

Similarly, buyer's agents will help you determine your must-haves, find the right property, take you to showings, negotiate offers, and recommend other professionals (such as a home inspector).

Flat-fee or discount brokerages may cost less, but you could end up getting what you paid for. Still, there are full-service agents who work for a lower commission or flat fee. If you decide to go this route, be sure to find out ahead of time which services the agent offers to make sure that what you will get matches your expectations.

The Bottom Line

Most buyers and sellers work with real estate agents. In exchange for their work, agents receive a percentage of the sales price known as the commission. Though it's the seller who is usually on the hook for the commission, the cost is generally factored into the listing price of the home. In this way, the buyer ultimately bears the cost of any real estate fees.

Keep in mind that commissions are always negotiable. If you're concerned about high fees, two options to consider are using a flat-fee or discount broker or doing a for-sale-by-owner sale. 

Monday, 18 October 2021

Housing.com Ties up with MyGate to Expand base, Property Listings

 12 October 2021


The partnership would enable users of MyGate's newly-launched property platform, MyGate Homes, to simultaneously list their properties on Housing.com

Realty portal Housing.com, which is owned by REA India, on Tuesday said it has announced a tie-up with community management app MyGate to facilitate larger reach for their customers.

The partnership would enable users of MyGate's newly-launched property platform, MyGate Homes, to simultaneously list their properties on Housing.com.

It would also Housing.com to expand customer base.

"With an existing base of close to 3 million homes in the 25,000 gated communities on MyGate, this tie-up is well positioned to benefit consumers of both MyGate and Housing.com," according to the statement.

The partnership with Bengaluru-based MyGate is one of the many strategic tie-ups Housing.com, has announced in the past one year to expand its services portfolio and consumer base.

Commenting on the partnership, Dhruv Agarwala, Group CEO, Housing.com, Makaan.com and PropTiger.com, said: “Our partnership with the largest community app in the country would be highly beneficial for both the platforms."

This initiative is in line with its strategy to strengthen our full stack rental offerings on Housing Edge, he said.

"While buyers and tenants on Housing.com will have more options to select from, given the large number of listings that could potentially come on our platform through this strategic partnership, it will enable MyGate users to seamlessly use our platform to list their properties to get access to millions of potential buyers and tenants," Agarwala said.

Shreyans Daga, CTO and co-founder of MyGate, said its users can benefit from the reach of Housing.com in just a click, bringing up a larger number of eyeballs to their listing and opening up an additional pool of potential buyers/tenants.

MyGate Homes was recently opened to all of the app's users, after a successful pilot in Bengaluru that attracted over 10,000 property listings.

It is expected to breach 25,000 monthly listings by year-end.

REA India (previously known as Elara Technologies Pte. Ltd.) is a part of REA Group Ltd of Australia. It is the country's leading full stack real estate technology platform that owns Housing.com, Makaan.comand PropTiger.com.

No environment clearance needed for construction on 20,000-50,000 sq metre area: Environment Ministry’s notification

 11 October 2021


The centre’s draft environment impact assessment (EIA) notification lays down rules and process for granting permissions for proposed developments and industrial projects.

The Ministry of Environment, Forest and Climate Change (MoEFCC) released the new draft Environmental Impact Assessment Notification, 2020, on March 23, 2020. This draft EIA notification replaced the earlier EIA notification 2006. The draft was released at a time when the country was going for a nationwide lockdown following the outbreak of the COVID-19 pandemic.

The new iteration of the environmental law outlines the procedure and requirements for infrastructural and industrial projects related to prior environmental clearance (EC). The draft was initially made available for public comments for two months and later extended up to August 11, 2020.

In 2019, the centre, in its modified notification on the environment impact assessment (EIA), had said that construction in areas between 20,000 and 50,000 sq metres would not require environment clearance from the government anymore. The notification, issued by the Ministry of Environment, stated that it had decided to ‘re-engineer’ the EIA rules, based on amendments and the experience over the years in its implementation. “As the principal notification has undergone substantial changes over the years, the ministry has decided to re-engineer the entire notification, in line with the amendments issued and circulars issued from time to time and experience gained over the years in implementation of the EIA notification,” it said.

Under the new notification, the process of clearances granted for sand mining and construction activities was eased out, a decision that did not go down well with environmental activists, who claimed that the EIA notification compromised on public hearings. The draft allows district-level authorities, headed by the district magistrate, to seek exemption from public hearing, while granting green clearance for sand mining in areas up to five hectares of land.

Lawyer and environmentalist Vikrant Tongad said that through the notification, the government was trying to give benefit to builders and mining companies, which in turn, was weakening the EIA. “Under the modified EIA, building and construction in areas between 20,000 sq metres and 50,000 sq metres do not require environmental clearance, which has been taking place all this while. In the sand mining sector, no public hearing will now take place for mining in an area of 0-5 hectares. It is a wrong move and public hearing must take place,” Tongad said. He said, the government was ‘trying to give benefit to builders, mining companies and industries, by weakening the EIA notification of 2006, which would increase pollution and corruption in India’.

EIA is a process of evaluating the likely environmental impact of a proposed project or development, taking into account inter-related socio-economic, cultural and human-health impacts, both beneficial and adverse.

Sharing his view, Centre for Science and Environment (CSE) deputy director general Chandra Bhushan, said this draft has weakened the existing EIA. “My first impression is that this draft, if it is converted into the final law, will weaken the environment assessment. EIA needs substantial strengthening. Public participation part has been weakened,” he said.

Bhushan said that the entire process has become meaningless and will not help in bringing down corruption. “This notification does not set up right institution for compliance of the conditions under which clearance is given. The entire process becomes meaningless. Corruption remains a major issue. The draft is a status quo draft,” he said. The activists were also of the view that this new notification would violate court and National Green Tribunal orders, by which several amendments included in the EIA draft have been quashed already. “The kind of changes which are being brought in, is a violation of court/NGT orders,” Tongad said. No comment was available from the Environment Ministry.

(With inputs from PTI)


WHAT IS ENVIRONMENTAL IMPACT ASSESSMENT NOTIFICATION?


An environmental impact assessment (EIA) notification is issued under Section 3 of the Environment Protection Act, 1986. It aims to impose restrictions on the development of new projects or activities or the expansion or modernisation of existing projects. The section specifies that such measures should benefit the environment.


WHAT IS EIA DRAFT NOTIFICATION 2020?


Some of the key proposals in the EIA draft notification 2020:


* Reduced time for public consultation and hearings: The draft proposes to reduce the notice period for public hearings from 30 days to 20 days and the completion of public hearings from 45 days to 40 days.

* Exemption of projects: By classifying projects into A, B1 and B2 categories, several projects have been exempted from scrutiny.

* Post-clearance compliance: After a project gets approval from the authority concerned, the proponent projects are required to adhere to certain rules laid down in the EIA report.

* Post-facto clearance: The draft allows a project that has been operating without environmental clearance, to be regularised or apply for post-facto clearance.

* No public reporting for non-compliance: The EIA notification 2020 excludes reporting of violations and non-compliance by the public.

* Rules on project modernisation or expansion: Building construction projects of built-up area up to 1,50,000 sq metres have been exempted. Environment clearance may be granted for the projects after scrutiny by a state-level expert appraisal committee. Earlier, construction projects up to 20,000 sq metres were exempted.


EIA NOTIFICATION 2020 LATEST NEWS


EIA notification to be in regional languages: Centre to Madras HC

The central government has informed the Madras High Court that it has decided to release the Draft Environmental Impact Assessment (EIA) Notification 2020 in regional languages, including Tamil. It will publish the draft EIA 2020 in all the 22 languages in the Eighth Schedule of the Constitution.

Mumbai: Realty sector bestows festive 'Dusshera' offers to homebuyers

 12 October 2021


The realty sector is hoping that Dussehra 2021 is propitious for them.

Dr Niranjan Hiranandani, national vice chairman of Naredco & MD, Hiranandani Group, said, “The festive fall season will see flash of arrays of new launches by the branded organised developers who have manged to refinance their debts and survived in for business continuity. Indian homebuyers are sentiment driven, and taste of auspiciousness is a win-win situation for both – homebuyers and consumers.”

Considering the rise in housing sales, several renowned developers are offering festival bonanzas to their customers. Nahar Group is offering homebuyers investing in its Chandivli project zero stamp duty and registration. The cost of a one-bedroom kitchen flat is Rs 99.99 lakh.

The Wadhwa Group too has Navratri specials underway, for its projects at Matunga, Kandivli and Chembur. The group is offering zero stamp duty along with a 25:75 Payment Plan.

Bhasker Jain, head, sales, marketing & CRM, said, “The real estate sector generally sees an uptick during the festive period starting from Navratri. The buyer gets a diverse choice of offers, schemes, prices to make their homebuying decision convenient. All nine days of Navratri are auspicious, have sacred importance and are perfect to take the plunge when it comes to home-buying decisions.”

Sumit Woods Limited, a prominent realty player in Mumbai, has a ‘Teen ka Tadka Offer’ for its project Arcenciel at Mulund. It is offering a 12-month EMI holiday in additional Rs 3 lakh discount and a ‘wheel of fortune’ for lucky winners to get an extra discount of up to Rs 2.5 lacs. Bhushan Nemlekar, director, said, “Buying a home at auspicious times and festivals is believed to bring prosperity and opulence in life. Therefore, homebuyers planning to invest, wait for this time of the year. Considering this festive mood, we are providing attractive offers for the homebuyers, that becomes an attractive value proposition, amidst the economic slowdown.”

Cherag Ramakrishnan, managing director, CR Realty, stated that people are keen to explore new investment opportunities and developers too offering lucrative schemes. An upward movement is anticipated during the festivities, a development that has given builders a reason to believe that the sector may bounce back to business-as-usual by the end of 2021.

Raymond Realty Forays Into Commercial Development

 06 October 2021


Raymond Realty said that it is evaluating several options through joint development agreement without land acquisition in the Mumbai Metropolitan region.

NEW DELHI: Raymond Realty plans to develop 'Grade A' commercial and high street retail space at Thane land spread across 9.5 acres, the company said in a media release.

The company also plans to build residential units comprising of 3 & 4 BHK configurations spread across 1 million sq. ft.

Raymond Realty said that it is evaluating several options through joint development agreement without land acquisition in the Mumbai Metropolitan region.

"The current project has given us enough confidence now to expand our horizons beyond Thane and our venture into real estate is not limited to land monetization only. We are exploring various options of joint development without land acquisition outside Thane," said Gautam Hari Singhania, chairman and managing director of the company.

With over 100 acres land parcel in Thane, Raymond forayed into the real estate space in 2019 with its project '10X', which is spread over 14 acres.

"Structurally, the first three towers of our maiden project are complete and we are committed to deliver the first unit 24 months ahead of the declared RERA deadline," said Singhania.

Brick by brick, Indian real estate market is climbing out of the Covid hole

 05 October 2021


The Indian real estate market is showing signs of steady recovery with both residential and commercial property segments recording robust performance in the July-September quarter.

Real estate activity gained momentum during the quarter as the country began to cautiously return to normal economic tempo supported by aggressive vaccination drives.

Record-low home loan interest rates and sops offered by realty developers helped top Indian property markets move upward after a lull in the April-June quarter marked by the pandemic's resurgence and restrictions imposed by various state governments.

Top seven Indian property markets recorded over 124% on-year jump in housing sales at 32,358 apartments, data from JLL India showed, while the Knight Frank data recorded 92% rise in housing sales across 8 cities at over 64,010 units.

"The market seems to have factored in the very low likelihood of a complete lockdown as was seen last year due to the ample availability of the Covid vaccine. Comparatively lower residential prices, attractive interest rates and higher household savings rate over the past year should support housing demand going forward. With the upcoming festive season, the market is gearing up for new project launches and consumers are likely to reciprocate," said Shishir Baijal, CMD, Knight Frank India.

The growing need for home ownership and stable employment scenarios led by sectors like information technology and healthcare drove housing demand during the quarter.

“Developers have already started launching optimal sized apartments to capture changing consumer preference across most of the cities. The Indian residential sector is expected to witness sustained growth in the coming quarters. Renewed buyer confidence has been instrumental in the recovery of the housing market in Q3 2021, which recorded good volume of sales and launches compared to the same period last year and almost inching towards the pre-covid era,” said Siva Krishnan, head - residential, India, JLL.

Mumbai has consistently been the largest contributor to sales over the past five quarters. In the September quarter, Mumbai and Delhi each accounted for one-fifth of total sales followed by Pune and Bengaluru. Recovery is well underway as sales surpassed pre-covid levels.

India’s office transactions also recorded a strong quarterly growth at 12.5 million sq ft, up 168% on-year despite a more severe second wave of covid infections and the looming threat of a third wave, showed the Knight Frank data.

According to analysts, the total office transactions of the eight India markets during the quarter have improved and reached 83% of the 2019 quarterly average level.

Among the larger markets, Chennai, Bengaluru, and National Capital Region (NCR) recorded the highest recovery in the September quarter with transactions reaching the level of 123%, 112% and 93% respectively of the quarterly average of the year 2019.

The Information Technology sector was the largest consumer of space during the quarter and took up 34% of the space transacted. The heightened transaction activity from this sector is an encouraging driver for office demand as it is the most prolific occupier category in the office market. Occupiers also took up nearly 23,500 co-working seats across the eight markets during the quarter, the highest this year.

New completions of office projects also picked up significantly with 11.9 million sq ft delivered during the quarter, a 67% on-year growth. Bengaluru, Pune and Hyderabad accounted for 73% of the new completions with Bengaluru witnessing the most space delivered at 4 million sq ft.

The fourth quarter of 2021 is expected to see heightened traction as seen in 2020, if infection levels continue tto remain low and vaccination targets are achieved.

In terms of pricing and rentals, the market is heading towards stability in both residential and commercial segments.

In the office market, NCR was the only market that experienced rental growth during the quarter. However, that was also restricted to 1%. Landlords’ strategy of offering relaxed lease terms is reflected in the fall in rentals on a year-on-year basis across most markets. However, the fall in rentals has reduced in the last few months.

In the residential segment, to push sales, developers had earlier pursued an aggressive pricing strategy over the year with spot discounts, finance deals,stamp duty waivers and other freebies to entice buyers. This has been observed to have reduced in the September quarter as the price decline in most markets has been arrested. Residential markets such as Chennai, Hyderabad and Kolkata have seen prices increase marginally during the quarter.

Housing sales up 92% in July-Sep across eight top cities: Report

 05 October 2021


"The total residential sales of the top eight markets under review during Q3 2021, reached 104 per cent of 2019 quarterly average," the consultant said, adding that sales have breached pre-COVID levels.

NEW DELHI: Housing demand has breached pre-COVID levels with 92 per cent year-on-year growth in sales during July-September period units across eight major cities, mainly on the back of stable prices, very low mortgage rates, property consultant Knight Frank India said on Monday. Releasing its India Real Estate Update for Q3 (July-September quarter) of the 2021 calendar year, the consultant reported that housing sales increased to 64,010 units from 33,404 units in the same period last year. In the previous April-June quarter, 27,453 residential units were sold.

"The total residential sales of the top eight markets under review during Q3 2021, reached 104 per cent of 2019 quarterly average," the consultant said, adding that sales have breached pre-COVID levels.

Addressing a video conference, Knight Frank India Chairman and Managing Director Shishir Baijal attributed "stable housing prices, historically low-interest rates on home loans and changing attitude of customers towards homeownership" for the sharp recovery in housing sales.

Rajani Sinha, Chief Economist, and National Director- Research, Knight Frank India said, "Stamp duty cuts were a significant intervention applied by several state governments to spark a sharp recovery in sales volumes. These measures have convinced the fence-sitters to make the home buying decision."

With the upcoming festive season, Baijal said the market is gearing up for new project launches and consumers are likely to reciprocate.

"While financial stress remains a significant factor for developers across markets, homebuyers' preference for grade A developers and their access to cheaper credit has positioned them well in this recovering market," he added.

Baijal said the market seems to have factored in the very low likelihood of a complete lockdown as was seen last year due to the ample availability of the COVID vaccine.

According to the latest data for Q3, 2021, housing sales in Mumbai more than doubled to 15,942 units during the July-September period from 7,635 units in the same quarter last year.

The delhi-NCR market witnessed 48 per cent growth in sales to 9,101 units from 6,147 units.

Housing sales in Bengaluru jumped over two-fold to 11,337 units from 4912 units, while demand in Pune grew by 94 per cent to 9,565 units from 4,918 units.

Chennai saw a 17 per cent rise in sales to 3,610 units from 3,085 units.

The sales of residential properties in Hyderabad were up more than three times to 5,987 units from 1,609 units, while Kolkata saw a 75 per cent increase in demand to 6,861 units from 3,921 units.

Housing sales in Ahmedabad went up by 37 per cent to 1,607 units in July-September 2021 from 1,176 units in the corresponding period of the previous year.

Knight Frank India, in its report, also mentioned that the share of sales in the ticket size Rs 50 lakh to Rs 1 crore grew to 35 per cent in Q3, 2021 compared to 32 per cent a year ago. This can be attributed to the homebuyers' need to upgrade to larger living spaces with better amenities.

The share of home sales in the under Rs 50 lakh ticket size category dropped to 43 per cent in Q3 2021 from 45 per cent a year ago, as the income disruptions caused by the pandemic were more keenly felt by the lower-income demographic, it added.

Weighted average prices across markets remained stable in Q3 2021 and did not decline compared to the preceding quarter. The Chennai, Hyderabad, and Kolkata markets saw prices increase marginally on a Year-on-Year basis during the quarter.

JLL Residential Market Update: Sales up by 47% YoY during January to September 2021

 04 October 2021


Most new launches in larger markets of Bengaluru, Mumbai and Delhi NCR were in affordable and mid segment

Lower COVID-19 cases and cautious unlocking of the economy due to the ongoing vaccinations has paved the way for higher residential sales in India in Q3FY21.

Residential sales increased 47 percent in seven top cities during January-September 2021 as compared to the same period last year, according to JLL's Residential Market Update – Q3 2021, released on October 4.

In numbers, 77,576 units were sold in Q3FY21 compared to 52,619 units in the year-ago period. "This implies that the second wave had limited impact on sales in the first three quarters of 2021," JLL said.

The report added that sales were also boosted due to many factors such as "lower COVID-19 cases in Q3 backed by robust vaccination drive which led to cautious unlocking of the economy in various states."

Among cities, Mumbai has consistently been the largest contributor to sales over the past five quarters. In Q3FY21, Mumbai and Delhi each accounted for 21 percent of the total sales, followed Pune and Bengaluru. Recovery is well underway as sales surpassed pre-COVID levels, the report added.

It further said that the top seven cities under consideration witnesses new launches of 32,863 units in Q3FY21, an increase of 21 percent quarter-on-quarter (QoQ). As the economy began to improve and with the festive season around the corner, developers continued to launch residential projects across the country.

The sveen cities under consideration were Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai and Pune. Mumbai here included Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai.

Most of the new launches in the Bengaluru, Mumbai and Pune markets were in affordable and mid segments. Hyderabad continued to dominate new launches and accounted for 29 percent during Q3FY21, followed by Pune and Mumbai, which contributed 23 percent and 19 percent, respectively, to the overall new launches.

The markets of Kolkata, Delhi-NCR and Pune witnessed a substantial increase in launch activities during Q3FY21, when compared to the same period last year as well as from the previous quarter, the report said.

Development focus on mid and affordable segments continued in Q3FY21 with 77 percent of the new launches in the sub-Rs 10 million category.

Developers continue to be cautious towards launches

Although Q3 2021 witnessed healthy launches, new launches continued to remain below par when compared to pre-COVID Q1FY20 around 40,500 units) and the average quarterly launches witnessed in 2019 (around 34,000 units).

Developers remain cautious in launching new projects as they are focused on off-loading their unsold inventory and recovering sales volume of the past few quarters, the report said.

Developers are largely aligning their launch strategies in sync with actual market demand, thereby keeping the market fundamentals robust.

The first three quarters of 2021 witnessed launch of 93,873 units registering a significant increase of 38 percent compared to the same period last year. Improving markets sentiments on the back of improved economic activities and the upcoming festive seasons have instilled confidence amongst developers as they strategically launch projects across cities to tap the growing demand.

Hyderabad, Delhi-NCR and Pune witnessed maximum growth in launches during the nine-month period ended September when compared to other cities, it said.

Unsold inventory in Q3FY21 remained almost stable when compared to Q2FY21 as demand and supply dynamics remained steady. An assessment of years to sell (YTS) reveals that the expected time to liquidate this stock has increased marginally from 5.2 years in Q2FY21 to 5.3 years in Q3FY21.

Prices are expected to remain range-bound. Residential prices in a majority of India’s residential markets have remained stagnant in the past few years. In Q3 2021, prices remained largely stagnant when compared to the previous quarter, across all the seven markets under review.

With the festive seasons around the corner, developers are now offering various discounts such as straight-up price discounts, deferred payment plans and other incentives like no pre-EMIs for under-construction properties, waiver of floor rise and car parking charges, free home furnishings, attractive gifts and so on to attract fence sitters and prospective home buyers.

With the residential prices holding steady along with various incentives offered by developers, the residential market is likely to witness an upward trajectory.

Maharashtra collects Rs 7,507 crore in revenue from property registrations in Q2 FY22

The registration of properties across Maharashtra in the second quarter of the ongoing financial year has outpaced the number of registrations in the corresponding quarter in the pre-pandemic 2019-20 fiscal.

PUNE: The registration of properties across Maharashtra in the second quarter of the ongoing financial year has outpaced the number of registrations in the corresponding quarter in the pre-pandemic 2019-20 fiscal.

As per data available with the state registration department, Rs7,507 crore was collected in revenue during the July-September quarter, slightly higher than the Rs7,112 crore earned during the same period in 2019.

Registrations are the largest source of revenue for the state exchequer.

The state’s inspector-general of registration and stamps, Shravan Hardikar, told TOI that high-value registrations during the second quarter primarily helped boost revenue. “We registered many government projects, mortgages and even land transactions of a higher value,” Hardikar said, adding, “Smaller transactions such as gift deeds and leave and license agreements have seen a decrease.”

Officials said they were expecting increased registrations and revenue this month too, with the impending rollout of the e-registration facility — software that would allow developers register properties right from their offices.

Senior government officials, however, pointed out that there were no sops this year, such as reduction in stamp duty that was announced last year, to boost revenue and registrations. Despite this, with the festive season around the corner, developers said they were expecting an increase in registrations.

State Credai president Sunil Furde said there was a positive sentiment among developers and buyers, which has buoyed the market. “Aided by lessons from last year, realtors are managing to cope better in the aftermath of the second wave, with relatively less stringent restrictions. The aggressive vaccination strategy in the state too has helped,” Furde said.

He said they had sought sops — on the lines of the stamp duty reduction this year too and were awaiting a positive response from the government.

A recent survey by real estate consultant Anarock stated that, catalysed by the second wave, home buyers were increasingly looking to purchase properties in the range of Rs 90 lakh to Rs 2.5 crore, rather than in the affordable segment. While 35% favoured properties priced between Rs45 lakh and Rs90 lakh, 27% preferred affordable housing. In the previous quarter, nearly 36% had been in favour of budget homes, the report stated.

Rollout of software for e-registration next week

The state registration department will roll out software next week that would allow developers to register properties right from their offices. The software is being tested right now with the help of 350 developers, most of them from Pune and Mumbai. Hardikar on Saturday said operators and developers will be trained in using the software, which is aimed at streamlining the entire process.

“From the coming week, the process can commence. This will enable more developers to come forward and also reduce footfalls at the registration offices,” Hardikar further added.

Pune Credai president Anil Pharande said the software will ease the entire process of registration.