MCHI Thane Virtual Expo 2022 Is Back

 CREDAI MCHI Thane’s Virtual Property Expo gets good response from NRIs.

The success of PROPERTY 2022-THANE, the real estate and home finance expo organized by CREDAI-MCHI Thane, resulted in one query: until the next such event, how to ensure home seekers can get access of all details relating to real estate projects in Thane, which would help them make the right choice?

Under the leadership of Mr. Jitendra Mehta, President, CREDAI-MCHI Thane, the Expo Organizing team brainstormed with the Digital team, and came up with the ideal solution: take the real world property expo on-line in a digital format. Live on the internet, it opens up opportunities for those who couldn’t visit the expo in person to attend it virtually. In the first few weeks of going live, the Virtual Property Fest has received good response from NRIs.

The CREDAI MCHI Thane President explains: “All developers who participated in the expo, and the projects which they exhibited during the expo, are being hosted on the virtual expo. In effect, this extends the life of the expo, albeit in a virtual avatar. It also provides a second opportunity to all who missed attending the highly successful 19th edition of CREDAI MCHI Thane’s property and home finance expo.”

The virtual expo is not just about extending the tenure of the expo; it also provides better, effective and enhanced promotion of Thane’s real estate.

The real world expo aimed to reach out to potential home buyers and investors from Mumbai, suburbs and the Mumbai Metropolitan Region (MMR). “The Online Expo will connect Thane’s property with millions of imminent purchasers through the web, and these will not be restricted only to the MMR or Maharashtra; but across India and even abroad,” he adds.

Digital is a unique platform for holding a property expo. “If visitor’s safety is a priority, and bridging gap of thousands of miles across Oceans the aim, the virtual property expo is available at the click of a button. With all exhibitors and properties which were exhibited during the real world expo, with most developers offering similar festive discounts, offers and promotions as they did during the actual expo, it has created the perfect platform to showcase Thane’s real estate. The biggest value-add has been Global Indians, the NRIs who are able to visit the virtual exhibition easily from their phone, tablet, computer or laptop - from the safety of their location, whichever country they may be located in.” said Mr. Jitendra Mehta.

The virtual expo is easily accessible 24x7. “Home seekers can visit exhibitors stalls, listen to speakers, download project brochures, visit developers website and get all the information they need to plan for their property purchase or investment in Thane’s real estate,” he points out. “That’s not all, the virtual exhibition lets home seekers connect directly with respective project developers and also get the best deals.”

“Conferences, trade shows, career fairs, and seminars are omnipresent in most geographies, and are leveraged by companies and large organizations. These events are part of campaigns to either reach a larger audience, attract home buyers, or reach out to investors. In the current global scenario, not all who wish to attend such events are able to attend physically. This is why CREDAI MCHI Thane opted to host this virtual event.”

While in-person events and conferences are a tried and true method of holding events, taking these to a virtual environment is something we have worked out as a marketing outreach from CREDAI MCHI Thane, which not only reaches out to those who missed the expo, but also helps connect with NRIs as well. This is an endeavor to take CREDAI MCHI Thane and its members on the digital highway, keeping marketing in sync with the Digital Age Transformation we are witnessing,” Mr. Jitendra Mehta concludes.

Log on for virtual Expo: https://mchithane.org/virtualexpo2022

Jitendra Mehta is CMD, JVM SPACES
& President, CREDAI-MCHI Thane

TO KNOW MORE ABOUT MCHI THANE VIRTUAL PROPERTY EXPO VISIT REAL ESTATE THANE CREDAI MCHI THANE UNIT

Maharashtra government revises income slabs for buyers of affordable homes

 June 15, 2022

The revised income slabs are expected to come into effect with the upcoming draw of around 5,000 affordable homes by MHADA in the Mumbai Metropolitan Region.

The Maharashtra government has revised the income slabs- a criteria to determine who is eligible to purchase affordable homes constructed by the Maharashtra Housing and Area Development Authority (MHADA).

In a notification issued on May 14, the Maharashtra housing department said that the annual income slab for the economically weaker section (EWS) has been increased to Rs 6 lakh for those residing in Mumbai, Pune and Nagpur Metropolitan Region, and Rs 4.5 lakh for the rest of the state. Earlier, the income slab cap for the EWS category was a monthly family income up to Rs 25,000, or Rs 3 lakh a year.

For the lower-income group or LIG segment, the annual income limit was raised to Rs 9 lakh for Mumbai, Pune and Nagpur Metropolitan Region and Rs 7.5 lakh elsewhere, going up from Rs 25,001 to Rs 50,000 monthly income (upper limit of Rs 6 lakh a year) for the entire state. Further, the income slab for middle-income group (MIG) families, which was Rs 50,001 to Rs 75,000 a month (upper limit of Rs 9 lakh annually) for the entire state has been revised to up to Rs 12 lakh statewide.

Families earning an annual income of over Rs 12 lakh fall in the high-income group (HIG) category, up from the Rs 9 lakh limit earlier. There is no upper limit set for HIG category.

The revised income slabs are expected to come into effect with the upcoming draw of around 5,000 affordable homes by MHADA in the Mumbai Metropolitan Region. The last revision of income slabs was undertaken in 2016 citing the need to match the income limits defined by the Union government under the Pradhan Mantri Awas Yojana (PMAY) scheme.

In addition, the carpet area for affordable homes has now been defined as up to 30 square meters for the EWS category, up to 60 sq m for the LIG category, up to 160 sq m for the MIG segment and up to 200 sq m for HIG families.

Source: www.moneycontrol.com

TO KNOW ABOUT THANE REAL ESTATE DEVELOPMENT CONTACT US AT 022 2580 6868

About 20,000 housing societies in Maharashtra can gain from cooperative bank funding

 June 14, 2022

The housing finance limit of 5% of the total asset is expected to boost self-development of societies in Pune, Mumbai, and Thane, Maharashtra Housing Federation vice-chairman Suhas Patwardhan said.

PUNE: Nearly 20,000 housing societies and apartments planning self-redevelopment in the state will benefit from the RBI’s decision to allow cooperative banks to grant finance for the commercial real estate-residential housing segment.

The housing finance limit of 5% of the total asset is expected to boost self-development of societies in Pune, Mumbai, and Thane, Maharashtra Housing Federation vice-chairman Suhas Patwardhan said.

“Real estate projects involving redevelopment are key areas in the property market, especially in growing cities.As per the RBI notification, all district cooperative banks and state cooperative bank will be able to grant loans to housing societies for self-redevelopment instead of them handing over the project to a developer for commercial real estate-residential housing according to the notice on June 8,” Patwardhan added.

The decision is expected to open more liquidity and financing avenues for real estate development. Federation members said that it will help housing societies implement the 2019 GR to promote self-redevelopment.

Bank manager Shrikant Karegaonkar said that the RBI monetary policy has doubled the limit of housing loan for cooperative banks. “It will help reduce the impact of inflation by pumping more funds into the housing sector and open opportunities to customers with the cooperative sector,” he said.

Members of housing societies said that while 5% of the total assets looks small compared to the demand, the limit may be extended and it was a good beginning.

Source: realty.economictimes.indiatimes.com

TO KNOW ABOUT THANE REAL ESTATE DEVELOPMENT CONTACT US AT 022 2580 6868

Lease income from ‘residential’ property is exempt from GST

 June 8, 2022

MUMBAI: Rent or leave and license fees received by an owner of a residential flat, even if such flat has been let out to corporate entities for use by the latter’s employees, will not be subject to goods and services tax (GST). This was recently held by the Authority for Advance Rulings (AAR), Maharashtra.

In cities like Mumbai, residential flats are often let out, on a lease and license basis to business entities. In turn, the concerned company allots these flats to its key executives for their residential purposes. Letting out of residential flats is exempt from GST, but does the mere fact that it is let out to a corporate entity transform its character? This often becomes a contentious issue. Kasturi and Sons, which had proposed to let out some of its residential flats, located in a posh South Mumbai area, to Life Insurance Corporation of India (LIC) approached the AAR. It contended that the flats that are going to be let out are residential apartments and they are going to be used for residential purposes only. Merely because these flats will be taken by LIC does not change the end usage to ‘commercial’

The bench was composed of members Rajiv Magoo and R. R. Ramnani, who ruled that flats which are used for residential purposes, irrespective of whether they are let out to individuals or to commercial entities will be covered by the exemption notification dated June 28, 2017. In this case, as the nature of the end use was residential; Kasturi & Sons would not have to pay GST on the monthly leave and license fee received by it (This was proposed to be Rs. 145/sqft).

Indirect tax specialist and founder of a CA firm, Sunil Gabhawalla explains, “The exemption is available if the property being let out is a residential dwelling and is used for residential purposes. If the property is used for commercial purposes, the exemption is not available and the landlord or licensor would be required to register and pay GST at 18% if the annual rent crosses 20 lakhs.”

“The ruling correctly holds that the commercial nature of licensee (which is LIC) would not be relevant to decide the eligibility for the exemption but the actual use of the property - residential stay by employees of LIC is the determining factor,” adds Gabhawalla.The AAR bench in its order pointed out that the submissions made by the jurisdictional GST official defined all logic. He had submitted that: LIC is a commercial organization and hence the staff to whom the flat is let out can sit late in office and work more. LIC is a profit-making company. So, in order to increase profit, the facility of residential quarters is given to employees, which is a commercial use.

The jurisdictional officer had also submitted that the exemption notification would not apply, but he had failed to provide any reasoning for his opinion, observed the AAR bench.In its order, the AAR bench also referred to a similar advance ruling given by the West Bengal bench. “The GST applicability is not decided by the nature of the property, but by the purpose for which it is used,” emphasized the AAR bench and held that the exemption notification would apply.

Source: timesofindia.indiatimes.com

TO KNOW ABOUT THANE REAL ESTATE DEVELOPMENT CONTACT US AT 022 2580 6868

Inflation overdone; Real estate to grow in near future: Report

 June 7, 2022

According to the ‘Bulls and Bears’, Indian valuation handbook, Indian real estate segment shows a good growth with largest ever launch in the pipeline by most real estate companies

Motilal Oswal Financial Services Limited’s (MOFSL), India valuation handbook ‘Bulls and Bears’, May 2022 edition stresses on the fact that the fear of inflation is overdone and the realty segment will see a good growth going forward.

According to the report, most Indian real estate companies have witnessed a 10%-15% rise in construction costs. Now even if the cost is around 25%-40% of the sales price, the overall impact on margins is restricted to 3%-4% only and the realty companies have been able to push a price hike of 5%-8% on portfolio level comfortably.

Strong pre-sales

Affordability, rising need of home ownership and sector consolidation etc. have paved the path for the Indian real estate sector to again see strong pre-sales momentum since the onset of Covid-19. The handbook mentions that with the largest ever launch in the pipeline by most Indian real estate companies, the Indian realty segment is expected to see a healthy demand in the near future.

Reduction in inventory overhang

Since 2013-14, though the housing demand has remained stagnant, the inventory levels have seen significant correction driven by consistent decline in new launches. As per MOFSL, unsold inventory has dipped notably to 4, 37, 000 units from the peak of 7, 70, 000 units in CY13 with the overhang now reducing to 23 months.

Impact of interest rate hike

According to the MOFSL report, while the impact of interest rate hike is expected to be minimal in spite of a similar hike which was made recently, it can have a negative impact as the rates start moving closer to 8%. In that case, most developers will have a 10%+ borrowing cost and this will in turn have an impact on their return profiles.

Realty sector valuation

The report highlights that the top 12 listed companies posted 43%/45% YoY growth in bookings in FY21/FY22. This should have ideally resulted in further re-rating of the stocks, but the rising cost pressure along with recent interest rate hikes have built in expectations of margin erosion and demand slowdown. Hence, post the recent correction, many stocks have now entered the value zone.

The sector valuation has corrected to below its long-term average P/E of 23.2x and is now trading at 21.2x on a one-year forward basis.

Source: housing.com

TO KNOW ABOUT THANE REAL ESTATE DEVELOPMENT CONTACT US AT 022 2580 6868

What Makes Thane A Real Estate Destination Of Choice?

 

It's a simple equation: entry level price points in Thane real estate still have the potential to grow effectively. In some projects, future growth potential has not already been factored into present-day pricing. That's factor one.

The second is relatively easy exit options, as also simple renting and leasing opportunities. Thane's real estate is driven by end-users. So, an investor wanting to divest or exit finds it relatively easier as compared to other property hubs.

Based on the investor's risk appetite and quantum of investible surplus, Thane's real estate has a wide range of offerings which span across locations, type and segments of real estate, as also price - points.

The safe and secure aspect of these options is based on real estate developers who are members of CREDAI-MCHI Thane. This effectively provides the safety and security of dealing with members of a self-regulated association, which has a code of conduct, follows ethical practices -and follows all RERA norms.

TO KNOW MORE ABOUT REAL ESTATE INVESTMENT IN THANE VISIT REAL ESTATE THANE CREDAI MCHI THANE UNIT

5 Things To Keep in Mind While Choosing Your Office Space

 Unlike buying a dream home, where your heart and soul are the front drivers, choosing an office space is more of a rational decision made with the brain. Your heart might willingly agree on shelling out a little more on that top-floor office space in a commercial tower which oversees the countryside. But you need to kick the emotions out and not let this be the reason why you choose that office space over a space that is located in the city’s prime business center and also fits your budget. If you also want to make a rational and logical choice about your office space, just keep these 5 things in mind.

LOCATION

The first question to ask while searching for an office space for sale in India is its location. Your office location sends out a number of signals for your business. When located in the prime and posh locality, a company is considered successful while in a developing locality means it is still in its growing phase. Moreover, there are a number of IT parks, business centers, commercial buildings, and other prime locations where your business can be located to show off its growth rate. Also, consider the connectivity for employees and ease of accessibility for clients while choosing the location for office space.

COMPATIBILITY WITH YOUR BUSINESS

There are different types of office spaces being constructed by the top builders and developers of commercial spaces in India. Depending on the type of business, you can choose whether an office space is suitable for you or not. A spacious and well-planned office is required for those who have large employee base, a small office would suffice for those whose majority of work is happening on the web, and a plush and well-designed office space is indispensable of those who have foreign clients and other delegates visiting their office space.

BUDGET SUITABILITY

While looking for office space in different areas, there are a number of offices that you might shortlist. But you need to consider whether it is within your budget or not. The price of the space when buying it should not affect any other thing in your budget. In case you are taking the office space on lease, it is important to see if the leasing amount fits your financial goals. Moreover, there are many other hidden costs that the builder/developer might ask afterward like maintenance cost, parking space cost, etc., check them beforehand. Know the office space price in the neighborhood to know if the price is in line with the rest of the properties.

COST OF RENOVATION

The cost of an office space does not stop at the purchase or lease. There are a number of other expenses that come along with office space. You need to inspect the entire office space and premise to know how much modification needs to be done so that it becomes in line you’re your work and business culture. While there are some furnished office spaces with air conditioners, lightings, and other electrical fittings, there are other spaces that need to be completely renovated. Check for the total expenses for modification before you say yes to any office space.

GROWTH POTENTIAL

The space available in the office is another important parameter that needs to be considered. You need to check if there is any scope for your business growth in the office. Will it be able to accommodate everyone if you decide to increase your employees or add new set-ups to scale your business to new heights? The office space should have room for your business growth.

Various factors like your location, size of the office, infrastructure, modifications, scope for growth etc., play a crucial role in your brand image not just in front of your clients and customers but also in front of your potential employees. So, just keep the five things discussed above in mind to ensure that you’ve made the right decision regarding your office space.

TO KNOW MORE ABOUT 5 THINGS TO KEEP IN MIND BEFORE INVESTING IN COMMERCIAL OFFICE SPACE IN THANE VISIT REAL ESTATE THANE CREDAI MCHI THANE UNIT