Easier Land Acquisition to Boost Affordable Housing: Industry

Mumbai: The real estate industry has welcomed the Cabinet's decision to amend the Land Acquisition Act, saying it will boost construction of affordable housing.

The Ordinance makes significant changes in the Land Acquisition Act including removal of the consent clause for acquiring land for affordable housing and four other areas.

"The amendments will have a positive impact.... We are hopeful of the new norms easing off the inordinate delays seen so far in the land acquisition process for large-scale infrastructure and affordable housing projects," CBRE South Asia chairman and managing director Anshuman Magazine said.

"Acquisition of land is a major hurdle for developers.... projects can be executed faster and cost escalation can be controlled (with the amendments)," Tata Housing managing director and CEO Brotin Banerjee said.

Hiranandani Constructions managing director Niranjan Hiranandani said this will allow "fast track process" for various sectors including housing for poor.

Mr Magazine said the amendments can also bring in more segments of organised real estate within the ambit of such faster processing norms, which would be beneficial for construction activity across the country.

"The step will remove roadblocks and will help developers get faster approvals....farmers will get better deal for their land as the new rules will apply even to land acquired under 13 other acts like railway act, national highway act... provisions will now be uniform on the compensation aspect," Chintels India managing director Prashant Solomon said.

Parsvnath Developers chairman Pradeep Jain said, "Exempting industrial corridors from the consent clause would boost the commercial as well as other realty segments along such corridors. This is a welcome move."

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

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

Flat prices will drop if BMC is freed of graft

If corruption in the civic body could be rooted out, prices of flats in Mumbai would fall by at least Rs 500 per sq ft, said anti-corruption bureau director general Pravin Dixit on December 27. 

"I have been told by an MP that if we can stop corruption in the BMC, flat prices in Mumbai will be reduced substantially," Dixit said during a lecture at Pandharpur in Solapur. 

Bristled by the claim, the Shiv Sena, which controls the civic body, has demanded that Dixit should provide proof. "He must show proof to substantiate his claim. If he fails to provide the documents, then the chief minister should take action against him for making irresponsible statements," a senior Sena leader said. 

But Dixit confirmed to TOI that he made the statement based on information given to him by a Lok Sabha member. "My remark was based on specific information. I would also like to point out that it is not a good sign for India that it stood 84th on the list of corrupt nations in the world," Dixit said. 

Former minister and senior NCP leader Jeetendra Awhad has latched onto Dixit's comment, reiterating his demand for a probe into fraudulent practices at the municipal corporation. "Dixit is among the most respected and honest IPS officers in the country. Since he has made a specific complaint on rampant corruption in the BMC, I feel chief minister Devendra Fadnavis should order a judicial probe into it," Awhad told TOI. He said that based on Dixit's statement, it could be safely said that the Sena-ruled BMC was involved in a Rs 5,000-crore graft. "Around 1 crore sq-ft area is built in the metropolis every year. From what Dixit has cited, there has been corruption worth Rs 5,000 crore in the past five years," he said. 

A senior IPS officer said now that Dixit had made the statement, he had a greater responsibility. "Dixit can record the Lok Sabha member's statement and accordingly, initiate a probe into the corruption in BMC," he said.

 Know More About  MCHITHANE

About Us

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

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

Can’t afford a home in Mumbai? Try stand-alone buildings!

Nishant Kumar, a property buyer looking for a home in Thane, wants to know if he can get a good stand-alone project within a budget of Rs 40-80 lakh. He says stand-alone buildings are ideal for those with money but not very keen on additional facilities which are offered by developers today.

Nishant is not alone. To counter the rising realty prices in Mumbai, buyers seem to be opting for stand-alone buildings to cut down the cost of the property. It also reduces the maintenance charges that one needs to pay in gated communities.

Maintenance charges are directly proportional to the facilities offered. In new projects located in the suburbs and South Mumbai, maintenance charges vary from Rs 6-12 per sq ft per month. On the other hand, it varies from Rs 2-5 per sq ft per month in the extended suburbs,” says Divya Seth, GM, Valuation and Advisory Services Colliers International.

Seth adds, “Owing to no or limited facilities, a stand-alone structure turns out to be cheaper than a gated community. The difference is between 10-15 per cent.”

A survey conducted by Magicbricks also revealed that not all buyers are happy about paying extra for a flat, not only at the time of purchase but also every month in the form of maintenance charges due to the added facilities. More than 60 per cent of respondents said they would not want to pay more than 10 per cent extra for amenities. Moreover, facilities such as balconies and lawns were preferred over club houses and swimming pools which command a premium.

However, most of the stand-alone projects are re-sale properties. Seth informs that old properties in South Mumbai in locations such as Worli and suburban areas such as Bandra and Khar have stand-alone properties. People with limited budgets can also evaluate options of stand-alone projects offered by small city based developers in the extended suburbs of Kalyan and Mira Road.

Thus, for a person who has no option but to live in Mumbai, stand-alone projects can be considered.

 Know More  About   MCHITHANE

About Us

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

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

Tata Value Homes offers one-day prices on projects in 4 cities

CHENNAI: Tata Value Homes is offering exclusive one-day prices on its projects in Ahmedabad, Pune, Chennai and Bengaluru. Flats can be booked by paying Rs. 20,000 online.

The offer, available on December 10 only, is part of Tata Value Homes’ participation in GOSF 2014, an online shopping festival organised by Google.

According to an official statement, with a limited number of units available, the bookings will be taken on a first-come-first-serve basis.

A lot of people have already registered and are eagerly waiting for bookings to open, it said.

In addition Tata Value Homes will present lifestyle apartments in Boisar, near Mumbai. These apartments starting Rs16 lakh would be available during GOSF (10th – 12th December). The apartments located at Boisar will have neighbourhood greens, a monsoon park, jogging tracks and recreational areas, well-equipped gymnasium, modern club house, swimming pool and other modern amenities.

To Know More   Tata Value Homes offers one-day prices on projects in 4 cities

About Us

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

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