MahaRERA directs civic bodies to register 606 projects

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed local civic bodies to catalogue 606 unregistered projects across the state with the authority immediately. Various consumers had registered complaints against the projects in the form of ‘source complaints’, stated MahaRERA authorities.

While 717 unregistered projects had been noted in the complaints, the authorities were able to get 111 projects registered with MahaRERA over a period of one year.

MahaRERA has allowed consumers to file complaints against unregistered real estate projects on its website after paying Rs5,000 from August 16. As per the July 31 order of the Bombay High Court, it is mandatory for MahaRERA to hear consumer complaints, irrespective of the registration status of the project. Therefore, the number of complaints have picked up, stated officials.

Over the last month itself, 335 complaints have been filed, of these 60 complainants have decided to register a ‘source complaint’. The authority will have to hear consumer grievances filed under Section 3 of the RERA Act if the realty project, whether underconstruction or completed, is not registered with it. As per the latest format, filing and tracking real estate complaints of non-registered projects too has become simpler, officials said.

MahaRERA secretary Vasant Prabhu told TOI that the authority has initiated action and close to 111 projects have been registered after repeated follow-up. The process of registering the remaining projects is underway, he said. “MahaRERA has also informed the planning authorities, which includes municipal corporations, about 135 projects,” Prabhu shared.

Since May 1, 2017, MahaRERA has received 11,249 emails that include complaints against unregistered projects.

In the new process, in case of unregistered projects, the complainant must fill a simple form and include his or her mobile number. The contact details help the complainant keep track of the progress in the case. Once the complainant submits the information, the website generates a number for future enquiry. The complainant is able to view the status of MahaRERA’s investigation.

The change is intended to make the process simpler for both the developer and the complainant. “A standard operating procedure for handling complaints had become essential as the number of projects to be registered will increase in the coming days,” Prabhu said.

Until now, MahaRERA has received 3,927 complaints, of which 1158 are being heard, while orders have been passed in 2,255 cases. In the appellate tribunal, 344 appeals have been received. Of these, 97 appeals are in the process of hearing and orders have been passed in 84 cases.

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Source: content.magicbricks.com

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

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

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

Mumbai real estate market overview

Anuj Puri, chairman of ANAROCK Property Consultants, says that “As per ANAROCK data, out of the total new supply (of approximately 1,14,400 units) from January to August 2018 across the top seven cities, the Mumbai Metropolitan Region (MMR) saw the maximum new launches, with nearly 35,800 new units. On the sales front too, the region clocked maximum housing sales with approximately 15,200 units being sold in Q2 2018, an increase of 26 per cent against the previous quarter.” Despite the gloom over rising prices, experts, hence, expect to see an uptick of 10-15 per cent in residential sales velocity during the festive season, due to various promotional schemes offering direct/indirect reductions in the prices of apartments.

Ravi Ahuja, senior executive director, Mumbai and developer services, at Colliers International India, points out that developers are rolling out discount schemes and freebies, to lure home buyers, to address the issue of inventory build-up. “Developers usually launch discount schemes, in the form of various interest subvention schemes, offering flexible payment plans to buyers with 10 per cent or 20 per cent down payment and the rest on possession. Developers also offer freebies, especially in the case of ready-to-move-in apartments, in an attempt to lure buyers to reduce their inventory overhang,” he explains.

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

Despite the positive environment, the proposal by the state government to levy a surcharge of one per cent on stamp duty (resulting in an increase to six per cent from the existing five per cent), could prove to be a dampener in the short-term, as property prices will rise further. A major impact of this increase, is likely to be felt in the affordable housing segment.

Other challenges for Mumbai’s real estate market:

•         Inventory build-up and high cost of borrowing.
•         Meeting regulatory requirements, with respect to RERA.
•         Procuring multiple approvals from government authorities.
•         High GST rate and rising input costs.
•         Increase in home loan interest rates

Although interest rates have increased in the recent past, they remain low, compared to 2011-2012. Additionally, tax exemptions available on home loans, under sections 24B and 80C, help reduce the effective home loan interest rate for borrowers. The government’s decision, to relax the eligibility criteria by increasing the carpet area to 160 sq metres for MIG-I and 200 sq metres for MIG-II houses, will also encourage home buyers, especially in smaller towns.

Property hotspots for the festive season beginning with Ganesh Chaturthi 2018

Home buyers looking at the affordable and mid-segment housing, should focus on Thane and Navi Mumbai, as these locations, with their excellent infrastructure and cosmopolitan nature, have emerged as sought-after peripheral destinations. “Premium locations like Bandra west to Andheri west, will remain in-demand and given the 10-12 per cent price correction in older buildings, one can use this as an advantage, to buy for current or future end-use,” suggests Ahuja.

Niranjan Hiranandani, CMD of Hiranandani Communities and national president of NAREDCO, maintains that property prices have remained static in most micro-markets across the MMR. “Moreover, there is a possibility of further sweetening of the deal from the developers’ side, at the purchase stage. Given these two factors, I would say that in most micro-markets, property prices across Mumbai are attractive for home buyers,” he concludes.

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

Mumbai is the most expensive city in India for constructing an apartment, followed by Delhi, Pune, Chennai, Bengaluru and Hyderabad, says a report by CBRE

Cost of construction for a residential apartment, in a mid-rise building in Mumbai, is the highest among the top urban centres in the country at Rs 3,125 per sq ft, according to a report. Delhi and Pune came a close second, in average cost of construction at Rs 2,750 per sq ft, followed by Chennai and Bengaluru at Rs 2,500 per sq ft and Hyderabad at Rs 2,375 per sq ft, property consultancy CBRE said, in its report. “Among the six leading cities in India, Mumbai remains the most expensive,” the report said, adding that the variation in costs could be primarily attributed to different demand levels, proximity to supply centres, as well as the efficiency of logistics networks across these cities.

Moreover, engineering costs too vary, in accordance with the region, it said.

The report also said that with the implementation of GST stabilising the cost of construction, the overall stock of developed real estate in the country’s leading urban centres will reach 8.2 billion sq ft by 2025 and provide employment to about 17 million people. This is despite the rise in prices of cement and structural steel. The report claims the prices of cement have nearly tripled in the past 16 years, while the cost of structural steel has more than doubled between April 2005 and November 2017.

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SOURCE: housing.com

Children’s needs and its influence on home buying

September 2018

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

Things to consider, as per children’s requirements

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

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

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

Children’s requirements and its impact on property costs

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

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

Also read: Home financing options for NRI buyers

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Source: housing.com

SC lifts stay on construction activities in Maharashtra

September 07, 2018

Mumbai

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

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

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

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

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

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Source:magicbricks.com

Six states keen on replicating MahaRERA path

September 05, 2018

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

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

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

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

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

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

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

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

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

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Source:magicbricks.com

A guide to renting out your property

September 2018

If you are looking to earn rental income from a second or third home, here is a round-up of what you need to keep in mind before locking in the lease

Real estate has always been a lucrative investment option for Indians. Many people will invest in a second and third home to earn rental income. Here is what you need to about the risks involved in renting out your property.

Low rental yield:

The returns from rental housing are not very high. “In most cities, the yield is barely 2-3%,” points out Sanjay Sharma, MD, Qubrex, a Gurgaon-based real estate consultancy. On the positive side, however, rental returns are inflation-adjusted. It is usually possible to revise the rent each year, unless there is a supply glut. Hence, the return on your historical cost, improves as time goes by.

Potential expenses:

All repairs have to be undertaken by the landlord. If the house needs major repair, the cost can eat away a substantial portion of the income earned that year. The house also has to be painted every time a tenant vacates.

Vacancy risk:

If the house remains vacant for a few months after the previous tenant has moved out, your cash flow gets disrupted.

Tenant issues:

Difficult tenants may not pay rent on time. The problem assumes a serious proportion if payments are defaulted continuously. The tenant could also misuse the property, undertaking commercial activities in a residential unit, or even use it for illegal activities. The landlord should be watchful that the tenant pays the society’s maintenance charges and the utility bills, on time.

Finding the right tenant

Research

Before speaking to potential tenants, find out the current rental rate in the area to avoid quoting a rate that is out of sync. You can charge a higher rate only if you have expanded the area of the apartment or furnished the house.

Advertise

Post a flyer on the notice board of your housing society with the resident welfare association’s (RWA) permission. You may also inform local brokers. Many potential tenants approach them when looking for an apartment in an area. Another option is to list your property online.

Police verification

Once you have found a client, you will have to get police verification done. This has become mandatory. Download the verification form from the police department’s website. Fill it and submit it at the local police station along with the tenant’s proof of identity. The police will then conduct a background check and provide approval accordingly.

Tenant issues

Difficult tenants may not pay rent on time. The problem assumes a serious proportion if payments are defaulted continuously. The tenant could also misuse the property, undertaking commercial activities in a residential unit, or even use it for illegal activities. The landlord should be watchful that the tenant pays the society’s maintenance charges and the utility bills, on time.

Rent agreement

This document, usually prepared by the real estate agent, must mention a few things explicitly. It must specify the start and end dates of the lease and the total period. The norm in the residential market is to have a lease period of 11 months. The agreement should also mention the rights and obligations of both, the landlord and the tenant in case one of them wants to terminate the lease before 11 months. The agreement should also state the date on which the rent will be paid. If the tenant is handing over post-dated cheques, it should mention the number of cheques and the repercussions if a cheque bounces. The rent agreement should also mention clearly who will be responsible for repairs. Usually, minor repairs are taken care of by the tenant.

Register the agreement

Get the rental agreement registered. The cost of stamp duty may have to be borne by the landlord, or it could be shared with the tenant. “The rent agreement will have greater validity in a court of law if it is registered and not just notarised,” points out Sujit Kumar, a Delhi-based high court lawyer.

Also read: How to improve your credit score before applying for a home loan

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Source: housing.com