BEST to kick off premium bus service between Thane, Bandra Kurla Complex

 Nov 25, 2022

The premium BEST bus service is expected to be on the lines of private cab service providers.

The Brihanmumbai Electric and Supply Transport (BEST), an undertaking of Brihanmumbai Municipal Corporation (BMC), is likely to begin its much-awaited premium services from the second week of December. Lokesh Chandra, General Manager of BEST, said that with five buses, they are set to begin the premium service between Thane and Bandra Kurla Complex.

“We have identified a couple of routes of which the first will be BKC-Thane. Five buses have arrived of which three are in Regional Transport Office (RTO) and are undergoing registration. The other two are at depot and have obtained RTO clearance. These buses will ply between BKC and Thane route in peak hours. In non-peak time, they will ply within BKC as premium service only,” said the IAS officer.

The premium BEST bus service is expected to be on the lines of private cab service providers. The user can book the bus from the exisiting BEST Chalo mobile application, make the payment digitally and board the bus from the nearest stop. The service will be fully air-conditioned, said Chandra, adding the commuters will have a comfortable travelling experience.

On the rationale behind the premium bus service, Chandra said, “Many office goers do not use BEST as they are overcrowded. With option of premium service, these people, who largely prefer private cab as they want to travel comfortably, will also switch to BEST buses. Moreover, the BEST premium service will be affordable unlike cab service providers. It will cost Rs 5 per km, which means a trip on the BKC-Thane route should be in the range of Rs 150 to Rs 200.”

Apart from facilitating the commuters, BEST premium service will also help in reducing road occupancy, according to officials.

The service will have 200 buses via a private operator in phase 1. The fleet will gradually expand to 2,000 buses by 2024.

BEST has tied up with a private operator – Ashok Leyland – on a revenue-share model as part of which the operator will share 4 per cent of earning every month with BEST in return of which it will be allowed to use BEST facilities like bus stops, parking at the depot among others. The drivers of these buses will be provided by the operator.

What Should Consumers do When Developers Back Out of Subvention Schemes?

A subvention scheme is a tripartite arrangement between the developer, the bank financing the home loan, and the buyer of a unit in a project that is still under construction. As per this arrangement, the homebuyer makes a down payment of 5 to 20% of the property's price. The lender bank gives the developer the remaining money in installments. The developer covers the interest accrued on the outstanding balance till project completion. In a subvention scheme, a home buyer pays loan interest only after taking ownership of the house. WHY DO SUBVENTION SCHEMES APPEAL TO HOME BUYERS? Subvention schemes are very appealing to renters. Why? Because the scheme allows buyers to commit only a portion of the total obligation. They are exempt from paying interest on the loan prior to taking ownership of the property. So, renters have adequate time while the project is still in progress to save money. WHAT HAPPENS AFTER THE SUBVENTION SCHEME IS OVER? Home buyers have to pay the lower-cost EMI for the remaining debt after the subvention period is over. Also, the developer will continue to pay the bank interest even if a loss occurs and the project is delayed. Though, this will also cause a delay in the buyer's remaining balance. The construction process nonetheless continues proving that the saying "buy now, pay later" is true. ARE SUBSIDY AND SUBVENTION SCHEMES THE SAME? The subvention scheme and the subsidy scheme are very different from one another. A grant or subsidy is when the government contributes a certain amount to the cost of the property. It helps to lower the expense borne by the person or business. TYPES OF OFFERS IN SUBVENTION SCHEMES Buyers from developers can choose between two different plans under these subvention schemes. The first is a subvention scheme in which the homebuyer pays 10–20 percent of the sale price as a down payment. Next, the developer, the buyer, and the bank enter into an agreement. According to the agreement, the lender bank will pay the remaining sum to the developer. Here, the developer pays the bank's interest on the loan while the project is being built. Developers are paid by the bank, but construction does not begin until the buyer takes ownership and begins making EMI payments. * The second scheme is a deferred payment arrangement. This is between the buyer and the developer. In this plan, the buyer pays 5-25 percent of the total price at the time of sale. The remaining amount is paid when taking possession. Deferred payment plans are available in various permutations, such as 30:30:40 or 10:70:20. Payments are made at different stages of construction. This clever subvention scheme is a recent concept, as consumers are unwilling to commit a significant amount upfront due to rising pricing. Thus, deferred payment schemes are currently popular. Risks Involved in Subvention Schemes * A subvention scheme has a price, just like any other plan. A potential concern here is that even if the homeowner hasn't yet taken ownership of the property, he will have to start making EMI payments once the subvention period is over. * Subvention schemes have put buyers in problems in the past. When developers stop making EMI payments, the banks approach the buyers to pay since they are the primary borrowers. * Some developers promise to cover the interest cost only for the first 12 to 18 months. In this case, the buyer will have to make EMI payments regardless of whether the project is completed. * A subvention plan might not be the best option if you are paying rent. This is because, if the developer fails to complete the project on schedule, you can be required to pay both rent and EMI. * The cost of the property is another negative. Although the sellers may try to entice you with the promise of paying no interest while the building construction is ongoing, the interest rate is added to the total. Subvention schemes significantly raise the property's overall cost, and in the event of a delay, you may pay more than the property's asking price. * Some subvention schemes only last for a specific period before the buyer is responsible for paying the interest. * The fact that the scheme can damage the buyer's reputation if the developers fail to pay the loan interest is a natural stunner. Therefore, it is essential to do thorough due diligence on the developer and comprehend the terms and circumstances of the scheme What Should a Prospective Home Buyer Do in this Situation? * You may receive recovery notices from banks for pre-EMIs. You must keep paying if you anticipate that the project will be finished in the next six to ten months. * You should also take possession of your new property immediately after the builder's default and pursue financial recovery. * You should bring up the problems with the bank directly if you cannot pay the EMIs and your project appears to take 4-5 years to complete. Banks have the authority to recoup funds and freeze the assets of defaulters. However, since you are the primary borrower under the tripartite arrangement, you are the one in default in this instance. The Securities Interest Act of Securitization and Reconstruction of Financial Assets and Enforcement (SARFAESI Act) gives banks the authority to sell the assets of loan defaulters to recoup loans. * Furthermore, if you have problems with banks, you must visit them and discuss them because failing to reply to the banks' notices is not a solution. Final Words on Developers Backing Out of Subvention Schemes A subvention scheme refers to a legal agreement between the buyer, the seller, and then the lender for the home loan. This agreement allows you to apply for a loan to buy a house. Numerous real estate developers provide subvention schemes. So, it is a decent agreement if you wish to buy a home without stressing about rent and loan-equated monthly installments (EMIs). However, for these schemes, you must select a builder with a good reputation. Other Popular Schemes Tamil Nadu Housing Board Schemes MHADA Lottery Pune DDA Housing Scheme Rajiv Awas Yojana Scheme RAY Chandigarh housing board residential scheme YEIDA Plot Scheme Jhatpat Connection Scheme Indira Awas Yojana- Housing Scheme Noida Authority Plot Scheme TO KNOW MORE ABOUT REAL ESTATE PROPERTY BUILDERS IN THANE VISIT REAL ESTATE THANE CREDAI MCHI THANE UNIT

Land Deals by Builders Jump over Three-Fold in Eight Cities in Jan-Sept 2022: Report

 Nov 21, 2022

At least 68 separate land deals, accounting for 1,656 acres, were closed in the first nine months of 2022 across top eight cities, as against just 20 land deals for 925 acres in the corresponding period of last year, it said.

NEW DELHI: Real estate developers are aggressively looking to expand their business with revival in demand, resulting in a sharp rise in the number of land deals which jumped over three-fold to 68 across eight major cities during January-September this year, according to property consultant Anarock.

Anarock has compiled the land transactions, which include both outright purchases by developers and also joint development agreements (JDAs).

At least 68 separate land deals, accounting for 1,656 acres, were closed in the first nine months of 2022 across top eight cities, as against just 20 land deals for 925 acres in the corresponding period of last year, it said.

Out of the 68 deals in January-September period of 2022, as many as nine were either JDAs or on revenue sharing basis. The remaining deals were outright purchase.

Land, the most precious finite resource amid rapid urbanisation, has been seeing increased action after the COVID-19 pandemic, Anarock noted.

To encash the surge in housing demand compared to 2020 and 2021, all major real estate firms like Macrotech Developers, Godrej Proerties and Prestige Estates are buying land parcels outright and also entering into partnership with landlords.

"In terms of land area transacted, has seen the biggest land transactions so far this year," said Santhosh Kumar, Vice Chairman of Anarock Group.

"In terms of total number of land deals, MMR (Mumbai Metropolitan Region) clocked the highest number of deals; while the total area transacted was unspectacular, one must also consider the steep prices in this land-starved city," he added.

Of the total land deals during January-September of this year, there were 40 deals comprising 590.54 acres for development of residential projects, while four land deals were for industrial and logistics parks covering 147 acres.

For development of data centres, four land deals were struck for 118.8 acres.

Maharashtra to Launch State-Run Housing Scheme for Homeless

 Nov 25, 2022

A target of 3.5 lakh homes have been set under the Awaas Plus policy that covers people not represented in the PMAY list.

Maharashtra will launch a new housing scheme to provide accommodations to people not covered under the central government’s Pradhan Mantri Awas Yojana scheme (PMAY) and the state-run Awaas Plus Yojana.

Recall here that under the PMAY scheme, the state is building 5 lakh houses, expected to be ready by March 2023. A target of construction of 3.5 lakh homes is set under the Awaas Plus policy that covers people not represented in the PMAY list.

With this additional step, the state aims to make Maharashtra the first state free of homeless people, said Maharashtra deputy chief minister Devendra Fadnavis.

“Under the PMAY, a target of completing 10.5 lakh homes was set for Maharashtra, which used to be the first to complete projects. However, later it lost its ranking with respect to project completion, owing to reasons like encroachment and non-availability of plots. The Maharashtra government has framed a new policy that regularizes encroachments and makes land available,” he said.

Maharashtra CM Eknath Shinde sanctions Rs 900 crore for 49 projects in Thane

 Nov 24, 2022

THANE: Chief minister Eknath Shinde has okayed a fresh budget for 49 various projects collectively worth Rs 900 crore to be implemented in three administrative wards of Thane city, MLA Pratap Sarnaik informed Wednesday.

As per the plans, the funds for basic infrastructure revamp from the urban development department would be used for strengthening alternate water sources in the area, constructing Lata Mangeshkar music academy, aquarium, swimming pools, revamping gardens, musical fountains at Upwan lake, constructing new roads, community centres, among others.

The works will be taken up in the assembly constituency of Sarnaik that includes Majiwada-Manpada, Vartak Nagar and Lokmanya Nagar areas.Sarnaik said he has spoken with municipal commissioner Abhijit Bangar about drawing a road map for executing the projects at the earliest.

MMRDA plans high-speed Thane road, 1.5-hour travel time to be cut to 10 minutes

 

Nov 23, 2022

MMRDA is exploring the plan for a bypass that would skirt Thane’s congested streets by cutting through parts of the Sanjay Gandhi National Park (SNGP). If constructed, it would be primarily of benefit to traffic moving between Mulund, Airoli, Chembur and onwards to Palghar and Gujarat.

Starting point: Northernmost tip of Mulund at Shrinagar off LBS Road

Ending point: Gaimukh on the outskirts of Thane on Ghodbunder Road

Areas to be covered: The road would pass along the Yeour Hills, crossing Indira Nagar, Lokmanya Nagar, Upwan lake, Manpada, Dongaripada and Anand Nagar

Who will it benefit

Motorists from Mumbai’s central and eastern suburbs & those from Thane travelling northwards.

1.5 hours Time taken at present to cross the 20km stretch between Mumbai-Thane boundary at LBS Road and Gaimukh.

10 minutes Time taken to travel between the same points on the proposed Foothill Road (to be designated as a high-speed corridor) at an average speed of 70kmph.

Trans-harbour railway line to get one more station next year

 Nov 23, 2022

The MRVC official said that for this corridor, 2.55 hectares of land will be required of which 0.47 ha is private land and the rest, government land. While the government land parcel has been acquired by MRVC, the private land is in an advanced stage of acquisition, the official said.

THE EXISTING trans-harbour railway line that runs between Thane and Panvel will have a new station, Digha, which will be a part of this route in January 2023. The new station will come after Airoli and will also be a part of the proposed Airoli-Kalwa elevated suburban corridor on the Central Railway line.

An official of Mumbai Rail Vikas Corporation (MRVC), which is implementing the Airoli-Kalwa suburban corridor and has also constructed the Digha station, told The Indian Express that the station is almost ready and only work of platform shelter, subway, bridge, drainage construction are in the last stages which should be completed by December this year. From January, the trans harbour line trains will also halt at Digha, said the official.

Meanwhile, the MRVC is waiting for the Mumbai Metropolitan Region Development Authority (MMRDA) to hand over land for the new suburban corridor link between Airoli and Kalwa. MMRDA is also responsible for resettlement and rehabilitation of existing slums on this land. There are about 1,080 slums spread on the private land portion. MMRDA has approved 924 rental housing units for R&R. Verification of 209 Project Affected Houses (PAHs) has been done and sent to MMRDA for allotment, of which allotment letters to 113 PAHs have already been issued, as per the MRVC.

The MRVC official said that for this corridor, 2.55 hectares of land will be required of which 0.47 ha is private land and the rest, government land. While the government land parcel has been acquired by MRVC, the private land is in an advanced stage of acquisition, the official said.

The Airoli Kalwa elevated new suburban corridor is proposed to be completed in three years once the R&R and land acquisition is done, said the official. The new corridor has been proposed so that commuters of Central Railway catching trains from Badlapur, Kalyan, or Dombivli do not have to change trains from Thane station which is the terminus for trans harbour railway line. Currently, those travelling from the down direction on the Central Railway line and wanting to travel on the trans harbour route have to get off at Thane station. With the commissioning of the Airoli-Kalwa elevated corridor, commuters will be able to directly travel to the trans harbour line without changing local trains at Thane.

Decoding the housing boom in and around Thane

 Nov 23, 2022

The burgeoning satellite city of Thane which is an extended suburb of the MMR region has netted the nickname – ‘The city of dreams’ a couple of years ago, and the label could not be more accurate than in current times. As prospective end-users and investors endure to stream into this developed metropolis from diverse parts of the country, the city’s advancement has been unabated and is presently expanding and merging to the other bordering towns. While every city undergoes a transmutation as it witnesses unrestrained migration, Thane’s case is atypical in the sense that the strategic growth is led by housing and commercial, along with being well complemented by the speedy infrastructure development in terms of connectivity and transportation.

As per the previous census 2001-2011, Thane was considered to be a prime area for the population influx in the MMR region. A significant percentile of the population was keen on shifting to an area, where lifestyle isn’t compromised, negligible congestion, and most importantly economical. The aforesaid reasons were the mobilizing factor to influence the population to move to a satellite city like Thane and its extended boundaries.

The current pandemic era has presented a drastically altered real estate market, with penchants modifying to accommodate new realities, for instance, the WFH concept. Many potential homebuyers will now consider shifting base to the cities bordering areas leading to markets emerging for new areas like Kalher, in extended boundaries of Thane, will be a unique case among the new micro-markets, for being an affordable housing destination for middle-income group, in the pursuit of acquiring homes with enhanced amenities.

Around 4 km away from Balkum, Thane, there is a location being planned as a counter magnet to the existing Thane city. Residents who will be planning to set up their new homes can still enjoy the social infrastructure and benefits of Thane at a relatively lower price. The chief growth drivers are the existing and upcoming development, snowballing employment opportunities around the neighboring area, and infrastructure projects which are emerging as growth corridors fuelling a surge of real estate valuations.

Kalher booming and how

Kalher is set to become one of the fastest-growing real estate market in the outer fringes of the city of Thane. It has metamorphosed into one of the most desired investment destinations. This location includes all the provisions of convenience, comfort, and ease if compared to the ones associated with Thane.

Being the epicenter to numerous locations around it, Kalher enjoys the benefit of commutability without much hassle. With the neighboring areas of Thane and Airoli in Navi Mumbai having developed into prime IT hubs owing to the speedy commercial revolution taking place in the form of IT parks and malls, there has been a surge in employment opportunities, followed by an increase in the demand for homes as well. Besides neighboring areas of Bhiwandi are fast emerging as warehousing hubs for e-commerce majors. With a rise in the liveability index, great ROI prospects, and unabated pace of infrastructure development, this outlying micro-market will be witnessing rampant growth not only from migrants but also for low and middle-income groups who are looking to enhance their lifestyle.

Modern Day MIG and LIG Millennial

Unlike the prior generation, the modern-day millennial is not keen on spending hours of their workday in travel, thus urging property developers to plan markets in proximity to where the labor force is.

The city’s young millennial crowd are gradually turning to the peripheral suburbs of the MMR, including areas like Navi Mumbai, Thane and Kalher where their professional establishments are moving too. Their need is for township projects, majorly catering to the budget residential segment which comprises components of retail and commercial in addition to basic social infrastructure. Locations in and around Thane like Kalher have countersigned some of the major infrastructural projects taken up and accomplished in the recent past, which has certainly shaped the growth trajectory. This allows residents of these locations the chance not only to enjoy their own township facilities but also some of the best social infrastructure of Thane like schools, colleges, hospitals, malls, entertainment etc. From widening the internal roads to constructing flyovers connecting the area to the other cities, there have been innumerable tangible steps taken to enhance the area’s connectivity.

Under construction and proposed connectivity in and around Thane

As millions of residents would use the upcoming infrastructure projects daily, the real estate developments which lay alongside the project corridors will certainly gain traction. ‘The under-construction Metro Line 5 that will connect Thane-Bhiwandi-Kalyan will ease overcrowding. This coupled with the fact that Kalher is also a proposed station under the Metro Line 5 Route is expected enhance the potential of the location further. Besides that, the under-construction Metro Line 4 that will be running from Wadala to Kasarvadavali in the neighborhood will endow the commuters a swiftly travelling option to avoiding traffic congestion. The planned metro line 10 that will be running between Gaimukh to Shivaji Chowk will also offer seamless connectivity between Mira-Bhayandar and Thane. Other proposed infrastructure facilities that are all set to alter the extended Thane’s real estate skyline include the Proposed Mumbai-Ahmedabad bullet train, Virar Alibaug Multi-Modal Transport Corridor, planned Thane-Borivali tunnel, scheduled Thane Waterways, RO-RO waterways and planned CST-Thane Underground Railway Line and to name a few. Owing to the impending connectivity with other transport modes, housing schemes, and the private real estate traction it has been beholding locations around Thane like Kalher which are on the verge of transforming into an operational commercial hub as well.

The 126 km-long Virar-Alibaug Multi Modal Corridor that is expected to connect NH-8, Bhiwandi bypass, NH-3, NH-4, and NH-4B, Mumbai-Pune Expressway, NH-17. This will play a crucial role in creating more employment opportunities in the growth centers of Thane, Kalher, Bhiwandi, Kalyan, Dombivali, Panvel, Uran, Taloja, and Virar. This infrastructure expansion is expected to further open not only for the affordable residential segment but alongside this proposed infrastructure is set to roar. The Metro rail by the Mumbai Metropolitan Region Development Authority (MMRDA) has also been entitled to this flourishing suburban market.

Lifestyle is the supreme factor

Well planned residential developments, mounting infrastructure, budget-friendly prices, and plentiful of open spaces in the surrounding areas will surely draw demand from existing residents, potential buyers, and investors alike from various parts of the city. With the prevailing work from home culture, many may now choose to reside in more expansive and cost-effective homes in peripheral Thane locations which serve as an extension of Thane in itself. While adequate supply presently is existent in most of the fringes, there would be a requirement to inject fresh supply to meet this newfound demand.

Maharashtra revenue department website resolves 5,000 land-related issues

 Nov 21, 2022

The website now has over 2500 officers on board and dozens of land related queries from across the state are answered every week.

MUMBAI: The state government's revenue officers have responded to and given solutions to 5,000 queries from citizens on land related problems on a unique website created by officials to help people with resolving their land matters.

The website now has over 2500 officers on board and dozens of land related queries from across the state are answered every week. The website, maharashtracivilservice(dot)org was designed and developed by a senior Deputy Collector (Suburban Mumbai) Dr. Vikas Naik, a veterinarian by education but a tech savvy official who worked extensively in the Vidarbha and Marathwada region.

"People from my native place would often ask me about land problems, which led me to think about having and developing a website where people from anywhere could ask questions. On the website, people can raise questions on land transfers, mutation, changing names on property cards, acquisition, succession, inheritance and they are answered by officers with solutions, suggesting the correct process in 4-5 days. Citizens can then take the answers to their local offices and follow the process," said Dr Naik.

The website is supported by the Maharashtra Civil (Revenue) Services Organisation whose members sign up on the website and answer queries. The website's Janpith tab is most popular where visitors ask questions, and another section Dnyan-Kendra features laws and acts related to land matters, Government Resolutions (GRs), books and presentations.

"This is a voluntary web-based service started by a few Deputy Collector's after seeing hundreds of land-related problems and lack of awareness about land laws .

Many queries are also related to deletion of daughters' names from 7/12 extracts. Any revenue department officer can sign up, and start answering queries based on his expertise. They offer free help," Dr Naik adds.

While there are many officers who have signed up, any registered Revenue Department officer can answer queries, some like Kiran Panbude, Deputy Collector, working in the Stamps Department are most prompt in replying to citizens.

Officials said that they receive many queries where property rights are denied to daughters. "Many questions are related to the deletion of daughters' names from the 7/12 extract, even though the amendment to the Hindu Succession Act, 2005, gave daughters' property rights as that of sons in the coparcenary property. People get answers to their questions from experienced officers with domain knowledge and experience acquired by dealing with complicated land matters," Dr Naik explains.

The website is in Marathi, so it is easy for people from regular areas to access and raise questions too.

Mumbai: 388 Mhada buildings set to get redevelopment push before BMC poll

 Nov 20, 2022

Officials said that the Shinde-Fadnavis government is given an in-principle nod to redevelop these old buildings under section 33 (7) of the Development Control Regulation (DCR) with a floor space index (FSI) of 3 or additional incentive FSI of minimum 78%.

MUMBAI: Ahead of the BMC polls, the Shinde-Fadnavis government in the state will soon issue a notification which will pave the way for the redevelopment of Mhada’s 388 reconstructed buildings that are more than 30-years old with added incentives to fast-track their redevelopment. Most of these buildings located in south Mumbai are in a dilapidated condition. Around 30,000 to 40,000 residents live in these buildings.

Officials said that the Shinde-Fadnavis government is given an in-principle nod to redevelop these old buildings under section 33 (7) of the Development Control Regulation (DCR) with a floor space index (FSI) of 3 or additional incentive FSI of minimum 78%.

“Earlier, only 66 of Mhada’s reconstructed buildings were redeveloped with the added incentives under Prime Minister’s Grant Project (PMGP). Now the remaining 388 buildings in south Mumbai will get these additional benefits. These are buildings that have been reconstructed in the past but now need to be pulled down and redeveloped,” an official said.

The state government’s decision is seen as a move to woo voters ahead of the BMC elections now scheduled for early next year. Cessed building is a building which pays cess or tax which is actually a repair fund to Mhada.

“The government is positive about the redevelopment of buildings by amending clause 33(24) of the DCR and applying all the benefits of clause 33(7). A decision will be taken within a week. This will bring relief to thousands of people living in old and dilapidated buildings. This decision will fulfil the dream of residents now living in 160/225-sqft area homes to get new homes of 400 sq ft,” an official said.

“Suggestions and objections were invited and said proposal was submitted to the government by Mhada. Out of more than 14,000 old and dilapidated buildings in the city, many buildings have been reconstructed by Mhada. Due to this maintenance cost of the buildings has increased. There was a demand for redevelopment of these buildings. Developers were not coming forward for the redevelopment of the buildings as there was not enough FSI available for the redevelopment of these buildings. But a concrete decision will be taken soon. It is expected that a notification will be issued by next week,” said an official.

Raymond Realty’s The Address by GS and TenX Habitat Tops IndexTap Premier League Chart with more than 200 units sold in Thane

 Nov 15, 2022

MUMBAI, 15 NOVEMBER, 2022 (GPN): Raymond Realty, the real estate arm of Raymond Group, India’s biggest FMCG to textile conglomerate has topped the IndexTap Premier League Chart for Thane region. The group’s premiere real estate projects – The Address by GS and TenX Habitat have bagged the first and the second position in Thane city region with 78 and 124 units sold worth ₹201 crores and ₹147 crores, respectively. As per latest available numbers, Raymond Realty projects have sold 202 units for ₹348 crores, combined.

Overall, project TenX received 120 bookings in the second quarter of FY23. TenX has 2,186 units booked, equivalent to 85% of the total inventory launched till September 2022 with a booking value of ₹2,210 crores. Similarly, ‘The Address by GS’, the premium residential project stands out with a booking value of ₹834 crores in the same period. It has received 68 bookings totalling 349 bookings till September 2022.

The achievement stands in line with Raymond Realty showcasing a strong sales growth by three-fold to ₹245 crores from ₹81 crores compared with the previous year in the second quarter. The realty segment also reported a quarterly EBITDA margin of 25.8%. Commenting on this achievement, Gautam Hari Singhania, Chairman and Managing Director, Raymond Ltd said; “We have observed a spirit of resilience in home demand in relation with higher liquidity flow in the market. The increasing customer confidence in Raymond Realty due to our fast-paced construction and timely deliveries of our commitments, we are now attuned to meet the evolving demands on the new age home buyers.”

Raymond Realty has become the No.1 real estate developer in the Thane region in a matter of three years, guided by its robust business strategy of creating the best product at the best price at the best location.

The real estate sector, especially the housing division, showed a sharp revival in demand and supply after Covid. Despite multiple RBI rate hikes, consumer confidence in future earnings and the pandemic-induced importance of owning a house for safety concerns are the key elements for revamping property sales in the Indian metros and has helped to revive investor confidence.Ends

Buyers can seek refund if builder skips possession dates: Tribunal

 Nov 16, 2022

Mumbai: Setting aside an order by the MahaRERA chairperson, the Maharashtra Real Estate Appellate Tribunal (MREAT) observed that the developers continued to skip mentioning the date of possession of flats in their allotment letters given to home buyers even two years after RERA came into place

Setting aside an order by the MahaRERA chairperson, the Maharashtra Real Estate Appellate Tribunal (MREAT) observed that the developers continued to skip mentioning the date of possession of flats in their allotment letters given to home buyers even two years after RERA came into place. The tribunal has asked MahaRERA to view this seriously.

“This requirement, envisaged by RERA, is flouted more often than observed which needs to be viewed seriously by the authority,” observed a tribunal bench, comprising Shriram Jagtap, member judicial, and SS Sandhu, member administrative, in a November 11 order. The bench also slammed the practice of developers not sharing a draft Agreement For Sale (AFS) containing the terms and conditions prior to asking for payment for execution of the agreement.

The tribunal also took strong exception to the Authority’s “over emphasis” on the view that home buyers need to seek reliefs under Section 18 on or before the Occupancy Certificate (OC) is obtained, and that they were not entitled to refunds under the section if they file the complaint after the OC is obtained by the promoter. MahaRERA had backed the promoter’s contention that irrespective of the delay in granting possession, once the OC is obtained or possession offered, Section 18 would not apply.

In this case, the home buyers had filed the complaint on March 17, 2021, after the promoter had obtained the OC by February 9, 2021.

The observations came on appeal filed by senior citizens, Bijon and Shanta Talukdar, who had booked a flat in Eirene project by promoter Dhruva Woolen Mills Pvt Ltd. Booked under the 9:91 scheme, the couple had paid ₹9.44 lakh and the remaining 91 per cent was payable at the time of

Though the email communication between the parties indicated June 2020 as the date of possession, it was not specified in the letter of allotment (LOA) issued by the promoter on June 19, 2019 – on the MahaRERA portal, the promoter mentioned the possession date as December 2019, with a grace period of six months. Thereafter, the promoter could not hand over possession by June 2020, thanks to the lockdown; and in the intervening period MahaRERA allowed extension of possession date till December 2020.

Meanwhile, the home buyers served notice on the promoter on August 24, 2020, to hand over possession within 15 days, failing which their money be refunded with interest. They reiterated the demand in another legal notice dated January 21, 2021. Thereafter, the promoter informed the couple that OC had been received on February 9, 2021, and asked them to take possession by paying the balance 91 per cent amount as agreed.

As the demand for refund with interest was declined, the home buyers had filed a complaint seeking refund of the amount under Section 18 for delay in possession. MahaRERA had dismissed the complaint after agreeing with the promoter’s contention. Aggrieved by the order, the home buyers had challenged the September 7, 2021, order before MREAT.

The tribunal held that the promoter had replied to the legal notice only on February 26 (after the OC was obtained on February 9) declining to refund their investment, and therefore, there was no undue delay in homebuyers approaching MahaRERA seeking relief under Section 18.

The orders by MREAT can be challenged by aggrieved parties before the Bombay High Court in second appeal on a point of law.

Housing federations move Maharashtra CM, deputy CM for redevelopment regulator

 Nov 14, 2022

​A representation to address this has been made to the chief minister and deputy CM last week, said chairman Ramesh Prabhu of the Maharashtra Societies Welfare Association.

PUNE: Housing federations and associations have demanded the setting up of a separate regulator for redevelopment, with many projects stuck in the state’s key metro cities.

A representation to address this has been made to the chief minister and deputy CM last week, said chairman Ramesh Prabhu of the Maharashtra Societies Welfare Association.

The cooperatives department had issued directions in 2019 on appointing developers for self-redevelopment. “But, there should be a separate clause to regulate and monitor redevelopment under a specially appointed regulator,” the latest representation stated, adding, “With many redevelopment disputes going to civil court, consumer court, and the High Court, there is a need to look into it and help boost such stalled projects in the state.”

Cities such as Mumbai, Navi Mumbai, Thane, and Pune have many old and dilapidated buildings that require urgent redevelopment. There are around 3,000-4,000 such societies in Pune alone. “While Development Control and Promotion Regulations as well as Unified Development Control and Promotion Regulations in Maharashtra have provided some relief and incentives for redevelopment, it is not enough,” Prabhu told TOI.

The demand is to bring out a special authority like the Slum Rehabilitation Authority (SRA) to monitor redevelopment, and to include provisions regarding appointment of the developer to address grievances of the members; some other issues have also been brought up, such as change of developer if the earlier one fails.

Associations have also demanded implementation of a self-redevelopment GR to help small societies appoint a builder themselves. “On many small plots, 10-20 flats are constructed. Developers do not come forward for such projects and so, self-redevelopment is the only option,” added another association member.

Nearly 60,000 units in the state are over 30 years old and vying for redevelopment. The Maharashtra State Housing Federation had sought a simplified redevelopment work process for such structures. Suhas Patwardhan, vice-president of the Federation, said they had been for long seeking an easier process for redevelopment, besides pushing for self-redevelopment. “Post-Diwali, a meeting was expected and we are awaiting the government’s response. Funding issues also need to be addressed,” he said.

The process to redevelop housing societies that are nearly 30 years old is tedious. A member of a housing society said, “If clearances and funding are approved, it will be helpful. Many societies, even if around 15 years old, develop cracks. One can think about their redevelopment if the process becomes easier.”

RERA Act Defined & Simplified: Salient Features Benefits

 

EVER HEARD OF THE RERA ACT? 

Well, first things first - the RERA's full form in the real estate industry is the Real Estate Regulatory Authority. Intending to protect the interests of home buyers, the Government of India introduced this act in 2016. Though the Rajya Sabha initially passed the bill on March 10th, 2016, it came into force on May 1st, 2016. 

Notably, the act works to standardise or systematise specifi c real estate industry-related rules and regulations.  

DEFI NING THE FEATURES OF THE RERA ACT

The RERA rules under the act were established to improve the consistency and accountability of housing transactions. Let's see some of the most critical aspects of the RERA Act.

* The Real Estate Regulatory Authority Act across the country was introduced to keep track of, resolve, and arbitrarily settle disputes that arise in real estate developments.

* Every real estate project has to be registered under the RERA Act. The regulatory authorities have jurisdiction over the projects. If the seller has not adhered to specifi c guidelines, the offi cials have the right to reject the project. 

* If a promoter is about to transfer their property-related liabilities to any third party, written consent will be made mandatory. Also, you have to take written approval for the same from RERA. 

* If a buyer faces any loss, usually because of defective land tiles, it will result in the promotor paying compensation. 

* If an individual encounters any violation of the RERA Act by the promoter/agent, then the individual holds the right to file a complaint through RERA.

* After confi rming a mistake, the RERA offi cials have the right to restrict the promoter from performing any activities. 

* If the individual is not satisfi ed with the final decision of RERA real estate offi cials, then the individual can take this further to the Appellate Tribunal. 

WHY DOES INDIA NEED RERA?

Many dreams of buying a home, but not all successfully achieve that dream. This was more prominent because of the unfair and illegal practices of the builders. To end such practices, the RERA Act was introduced, where specifi c regulations were made to be followed by every builder at the time of building or selling properties in India.

If builders do not comply with the RERA ACT, home buyers have the full legal right to file a complaint against the builder - thus bringing complete transparency to property buyers.

5 BENEFI TS OF THE RERA ACT

Earlier buyers only knew real estate is more than just house prices. The contractor had the luxury of creating a buyer's agreement based on his comfort choices, which encouraged many fraudsters to perform scams. With an increase in such cases, the Indian government decided to launch the RERA Act, which aims to protect the buyers' interests while providing a sense of security.

1. COMPLETE TRANSPARENCY

The RERA Act mandates builders to guarantee detailed transparency in the information passed to home buyers. The details should also be up-to-date, and buyers must be well-informed about the layout of the building.

2. CARPET AREA STANDARDISATION

To calculate the property price, there was no particular parameter set, and builders used to set the property's cost based on their terms and conditions. But since the introduction of the RERA Act, the developers and builders have received a standard parameter in terms of the formula to calculate the carpet area. 

3. HOLDING BUILDERS ACCOUNTABLE FOR DEFECTS 

To protect home buyers from poorly built properties, one of the clauses under the RERA Act ensures that buyers do not encounter any loose ends at the time of purchase. Because of this, builders have prioritised construction quality as the most common factor faced by home buyers. If the buyer encounters any defects, the duty to repair them goes directly to them. Nevertheless, the fault or error should be rectifi ed within 30 days of notifi cation

4. RESTRICTION ON DELAYING OF PROJECTS

Earlier, buyers used to encounter the inconvenience of not receiving possession of the land on time. But now, this practice has been abolished. Builders have to complete the project within the given period, and failing to do so will result in a 2% interest rate above the lending rate offered by the SBI. In the worst-case scenario, builders could also face a three-year prison sentence.

5. NO EXPLOITATION OF BUYER'S MONEY

Around 70% of the money obtained from home buyers must be deposited by builders or real estate developers into various escrow accounts, from which money can be retrieved for construction with the approval of CAs and engineers. Developers can only demand up to 10% of the property's cost before drafting a sale agreement. 

Because of the RERA Act implementation, many malpractices by real estate developers and builders have now been reduced. 

CONCLUSION

The RERA Act was introduced to simplify home buying by promoting industry transparency, accountability, and effi ciency. And indeed, many malpractices and fraud acts have been eradicated since its implementation. The act ensures that the interests of both parties are safe and the real estate builders are adequately following the buying and selling processes. 

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How can an NRI invest in a commercial property?

 

Can Non-resident Indian (NRI) investors directly invest in commercial property? The short answer is yes. They can purchase commercial units complying with legal guidelines under the Foreign Exchange Management Act (FEMA). Notably, real estate investment guidelines are also the same for Persons of Indian origin (PIOs). However, they should gather information on the determinant factors before investing in the real estate sector in India.

Non-resident Indians (NRIs) can invest in commercial real estate in India abiding by the Reserve Bank of India (RBI) regulations. Notwithstanding, they should purchase such properties only under the Foreign Exchange Management Act or FEMA guidelines. Let us get to the details to understand the intricacies of such investment in the country:

WHAT ARE THE PROPERTIES THAT NRIS CAN PURCHASE?

NRIs with valid Indian passports may invest in residential and commercial properties. For these transactions, they do not require special permission from RBI. NRIs do not have to inform the central bank about their purchase and may invest in multiple properties. They may also provide legal power of attorney on their behalf to others for executing transactions in India. However, NRIs cannot invest in agricultural land or deploy investments in farmhouses without obtaining RBI’s permission. Notably, there is no guarantee of RBI’s consent in such cases.

WHAT IS THE PROCESS OF NRI PROPERTY INVESTMENTS?

• * NRIs can individually or with another NRI buy real estate. The best way to buy such property is via the legal power of attorney if they cannot visit India


• * They can appoint the power of attorneys as personal legal counsel. This individual will provide advice on all transactional matters and help with verification and other formalities. It will be a smoother procedure since legal experts are already familiar with all the systems in this case


• * As legal personnel is acquainted with all regulations, they will help NRIs get the safest and best possible deals. The general power of attorney (GPA) or the special power of attorney (SPA) should be appointed only after determining whether the person is reliable or not

WHAT ARE THE DECIDING FACTORS FOR INVESTING?

DIVERSIFICATION ASPECTS

NRIs make direct investments in commercial units that require a big-ticket initial outlay. They may not be able to lower risks fully.

RENTAL YIELDS

NRIs should watch their average anticipated rental earnings. It stands for the annual rent as a percentage of the market value. Presently, people get rentals between 6-12 percent per year for commercial and 2-4 percent for residential properties in India. The quality and location are key factors, in addition to tenant quality. Grade-A units with better amenities and superior quality fetch higher rental yields, followed by Grade-B and other properties. The immovable assets with reputed companies and MNCs as tenants are more likely to yield higher rentals than their peers.

FINER ASPECTS

NRIs should not be misled by developers who mark higher rentals. Tenants usually get properties as bare-shell office units in commercial transactions. Therefore, they have to execute fit-outs for the flooring, wiring, and electrical at their costs. Sometimes, builders undertake such activities for tenants, leading to an increase in rentals. It makes yields look more appealing, in turn. Yet, rent for these fit-outs only applies for a limited duration (3-5 years). Hence, NRIs should not miss this aspect while investing in commercial real estate in the country.

EXIT PRICING

The earnings from selling commercial properties are not only dependent on the current market rates but also depend on rates fixed with tenants in the lease agreement. Hence, keep this in mind while investing.

LONGER LEASE DURATIONS

Commercial property leases usually cover longer durations with tenures of 3+3+3 or 5+5+5 years. There could be a rent escalation of 10-15 percent after three years as part of the agreement. However, longer durations have sometimes impeded investor interest, particularly in scenarios when market rates have jumped up. While long leases offer income stability, they may be a hindrance when market rates start appreciating rapidly.

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CREDAI partners HDFC Capital to help with funding for builders in non-metros

 Nov 12, 2022

Indian realtors' apex body CREDAI on Friday announced a tie-up with HDFC Capital to help its members from tier 2 and 3 cities to get funding from the entity's USD 3 billion-fund for the housing sector.

ABU DHABI: Indian realtors' apex body CREDAI on Friday announced a tie-up with HDFC Capital to help its members from tier 2 and 3 cities to get funding from the entity's USD 3 billion-fund for the housing sector. CREDAI, which has over 13,000 developers as members, made the announcement at its annual conference 'NATCON 2022' here.

The three-day conference is being attended by over 1,300 developers from India.

CREDAI also underscored its commitment to UN's Sustainable Development Goals (SDGs) 2030 and said its member have taken a pledge to become 100 per cent carbon neutral by 2050. It also aims to reduce the sector's carbon footprint by 25 per cent before 2030.

"We have partnered with HDFC Capital for facilitating investment in tier 2 and 3 cities through its USD 3 billion-fund," CREDAI President Harsh Vardhan Patodia told reporters here and added that tier 2 and 3 cities are starved of funds.

In this context, Patodia described this partnership as game changer.

"HDFC Capital has USD 3 billion fund (over Rs 24,000 crore) for real estate projects. We expect that Rs 5,000-10,000 crore from this fund should go to tier 2 and 3 developers," the CREDAI President said.

Tier 2 and 3 cities are generally non-metros.

CREDAI President Elect Boman Irani said the association, Venture Catalyst and NeoVon have partnered to set up a USD 100 million 'Spyre VC PropTech fund' for tech-enabled startups in the real estate sector.

The fund would invest in early and growth stage startups.

To accelerate the adoption of technology, CREDAI will launch 'Credaiverse' to have a permanent presence in Metaverse for an immersive buying consumer experience.

CREDAI Chairman Satish Magar said, "this year, the real-estate ecosystem has witnessed the best year in decades at the back of pent-up demand post-Covid-19 and consumer sentiment continues to be positive."

He also expressed confidence that with the shift in consumer behaviour from 'HomeRenting to HomeBuying', the growth momentum would continue.

Main Door Vastu Shastra Compliant Tips For Positive Energy Into Your Home

 As per Vastu Shastra, the main door to your house is not just an entrance, but a source for all good and positive energies into your home. It functions as a transition area between the indoors and outdoors. This blog includes some main door vastu shastra compliant tips to ensure the correct direction of your home entrance.

DEFINING A PERFECT MAIN DOOR VASTU DIRECTION

* According to Vastu, the most auspicious directions for the main door are north-east, north, east, or west.

* One should avoid the main entrance gate in south-west, south, north-west (north side), or south-east directions. 

* A door located in the south or southwest can be fixed by using a lead helix and lead metal pyramid. 

* A brass pyramid and brass helix can be used to fix a door in the northwest, while a copper helix can be used to fix a door in the southeast.

COLOURFUL ENTRANCE DOORS ARE A THING IN VASTU

You could try painting the door with soft colours such as earthy wooden shades, light yellow, or any yellowish shades. It leads to instant positivity. 

Do not paint the door with bright orange or shades of red. Moreover, never paint your main entrance door with black. Colouring your entrance door with dark shades usually provokes gloominess and arrogance. 

In fact, bright or pastel shades for the door can lift up your mood instantly. However, you can avoid sliding, slanting, or circular opening entrances.

SIZE OF THE MAIN ENTRANCE DOOR AS PER VASTU

The main door vastu suggests that your house should be large in size. It is believed that good luck, health, and fortune enters your life into a family when it’s designed based on the principles of Vastu Shastra. Also, a door with two parts is considered ideal instead of one large panel. 

Ensure that the door is wooden, has enough space and is away from the corner

WOODEN MAIN DOOR IDEAS FOR A PERFECT VASTU COMPLIANT HOUSE ENTRANCE 

As per Vastu principles, a wooden door is considered auspicious for the main door, as it is an archway to bring progress and happiness. The main door should also be the biggest door in your home. The wood should be of high quality like classic teak wood to keep an attractive appearance and ensure the safety of the house members. Main door vastu states that you must avoid having the main door that is facing directly into another house’s main entrance.

1. DOORS WITH WOODEN ENGRAVINGS

To bring prosperity to your home, decorate your main entrance door with wooden engravings of the divine god and goddesses. You may also want to opt for symbols like Swastika, Om, Cross, etc. It is believed that the main door absorbs negative vibes and only allows positive energy to pass through. Avoid keeping broken chairs, dustbins, or stools near the main door.

2. WOODEN ARCHED DOORS

According to Vastu, it’s important to keep the area around your main door clean to stay healthy – this invites positive energy into your home. You can further jazz up your doorway by adding a wooden arched door and decorating it with flowering pots. If there’s extra space, add some more plant pots to give your house an alluring and natural look.

3. BRASS HANDLE ON WOODEN DOORS

A wooden door with brass handles is an excellent choice for the main door of a house. The combination of brass and wood is ideal for the main door facing south. For a main door on the west side, there should be some metal work on it. 

On the other hand, the main door on the north side should have a more silver hue, while the main door on the east side should be made of wood and equipped with small metal furnishings.

MAIN DOOR VASTU DECOR TIPS

1.TRADITIONALLY DECORATED DOOR

Nothing can beat a traditionally decorated main entrance door. This gives a feeling of a positive and good atmosphere in your place. However, one should ensure that the main door is noiseless during opening or closing it. Main door vastu suggests that the front entrance door should be well lit. Never make any other door in the house larger than the front door. Main entrance door with two shutters inside and clockwise is considered very prosperous. The front door should always have beautiful designs and paint.

2. FLORAL DECORATION WITH BEADS

By adorning your main door with a beautiful toran made of flowers, you’ll ensure positivism inside your home. Keep the main door slightly higher than ground level, and try to have an odd number of steps leading up to it. The entrance should be at least one foot away from any corner. If any doors are aged or cracked, replace them immediately.  Be sure that the total number of windows and doors in the house is even (i.e., 2, 4, 6, 8 etc.) and doesn’t end with 0 (i.e. 10, 20, 40 etc).

LET’S ALSO EXPLORE A FEW VASTU INSPIRED TIPS ON WOODEN DOOR FOR BEDROOM

1. SIMPLE WOODEN DOOR FOR BEDROOM

Besides the vastu for main door, there are certain beliefs (to do and not-to-do’s) for the bedroom door as well. For people who love austerity, it would be best to keep your bedroom door as simple as possible. A good option would be a wooden door. Even though the bedroom door should be simpler than the other doors in the house, it should still be sturdier. The door should open clockwise. Also, avoid having three doors in a line parallel to the main door because that is considered a Vastu defect that could affect the happiness of the home. Furthermore, avoid keeping shoes in front of the bedroom door.

2. WHITE COLOURED BEDROOM DOOR

Vastu Shastra believes that a bedroom door painted white creates a serene and blissful atmosphere in your home. It is advised to avoid having a bedroom door located in the south. If you are considering building an attached bathroom, the north or west direction is more suitable. Furthermore, your bed should never be positioned under a roof beam. The bedroom door should be made using high quality wood

VASTU TIPS FOR GOOD VIBES

* Keep the rooms clean and well illuminated.

* Placement of the plants keeps the aura soothing and fresh, and invites positive vibes.

* Rooms should be designed in a rectangular or square shape.

* Lamps and candles should be placed to create soft lighting and a soothing atmosphere.

* Happy pictures of the family should be placed on the wall in the north east direction of the home.

* A Fish aquarium should be kept in the north east of the living room to bring in an aura of auspiciousness

VASTU APPROVED DECOR FOR BRINGING POSITIVITY IN THE HOME

* Wind Chimes: It welcomes wealth and good luck. It can be hung anywhere – at the entrance, in the bedroom or in the living room area to invite positive vibes.

* Buddha Statue: Vastu for main door suggests that the statue should be kept at the entrance of the home to invite happiness, fortune and prosperity. One can place a picture, a statue, or flower vase at the entrance door.

* Water with Flowers: Water & flowers bring purity and help in creating a connection with spirituality. To welcome peaceful vibes, one can place a bowl or glass filled with water and add a few flower petals to it at the entrance.

* Paintings: Beautiful scenery, flowers, sunrise or waterfall creates a positive home atmosphere. One can display them at the entrance, bedroom or in the living room.

SUMMING IT UP

The above tips give a good understanding of the main door vastu shastra compliant tips for your home. You can follow these to get benefi ts of positive energy and auspicious fortune.

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SC upholds Bombay HC verdict against rules pushing up land property tax

 

Nov 08, 2022

The new rules of the BMC had led to much higher property taxes for the developers, who challenged the constitutional validity of the new regime for computing property taxes.

MUMBAI: The Supreme Court on Monday upheld an April 2019 Bombay high court judgment that had struck down three rules to fix the 'capital value' of land where construction is set to start under a new property tax regime.

In a setback for the BMC, the SC judgment by a bench of Chief Justice U U Lalit and Justice Bela Trivedi is being viewed by property owners and developers as a major relief.

The new rules of the BMC had led to much higher property taxes for the developers, who challenged the constitutional validity of the new regime for computing property taxes. Property tax is among the biggest and "crucial" revenue sources for the BMC, especially since the abolition of the octroi.

"There is no provision under the BMC Act to take into consideration the development potential of vacant land for determining its capital value," the high court had held. But in a victory for the BMC, the HC had upheld the constitutional validity of the 'capital value' system of calculating property tax.

The SC reiterated that "for the purpose of determining 'capital value', only the present physical attributes and status of the land and building can be considered and not the future prospects of the land".

In 2009, the BMC changed the property tax regime and shifted the calculation mode to 'capital value' of land instead of 'rateable value' - a complex formula involving pre-1940 level-low standard rent.

The Property Owners Association (POA) spearheaded the legal battle in 2013 against the 'capital value' regime. Numerous others, including trusts, hotels, institutions and other developers' bodies including the Central Mumbai Developers Welfare Association (CMDWA), joined in.

In 2019, the HC had held that the amendment was valid but quashed three of its rules-20-22- as invalid. Rule 20 said 'capital value' would rely on the buildable potential of the land.

The BMC went in appeal to the SC, saying rules provided for a cap on property tax, and hence they wouldn't skyrocket as builders feared. The HC had also said the new tax regime could be applicable only from March 2012, not 2010 as the BMC was doing.

The POA, CMDWA, other developers and interveners had challenged the part of the HC verdict upholding the new regime.

On Monday, the SC said appeals were dismissed and the matter was finally disposed of.

The SC heard a litany of leading counsel, including attorney general K K Venugopal and V Sreedharan for the BMC, and Shekhar Naphade, Milind Sathe Neeraj Kishan Kaul, Darius Khambata, Chirag M Shroff, H Devarajan who argued that land where existing old buildings were dilapidated could be taxed only as 'vacant land' and not based on a proposed mall or hotel.