Indian real estate market transparency among most improved globally: Report

 July 5, 2022

Owing to the series of policy decisions including the implementation of the Real Estate (Regulation & Development) Act, 2016 and digitization of land registries and market data has helped Indian real estate market’s transparency level move upwards.

The transparency level in the county’s real estate sector is now amongst the top ten most improved markets globally and is part of the semi-transparent category at 36th spot out of 94 countries, showed JLL’s 2022 Global Real Estate Transparency Index (GRETI).

India’s improvement in transparency score between 2020 and 2022--from 2.82 to 2.73--is higher than some of the highly transparent markets, due to digitization and data availability for transaction processes in addition to overall market fundamentals.

The improvement in transparency is reinforced by increased institutional investment and the growing numbers of real estate investment trusts (REITs) helping to broaden market data and bring more professionalization to the sector to complement regulatory initiatives like the Model Tenancy Act.

“The move towards greater transparency in India will intensify investor interest and bolster occupier confidence. As a result, we will see more capital deployment into the country as it demonstrates consistent efforts to make accurate data available, enforce legal protections for property ownership, and enhance the regulatory environment to facilitate the transactions,” said Radha Dhir, CEO and Country Head, India, JLL.

Regulatory changes in the Indian real estate sectors like RERA and digitization in all transaction processes have led to a more sanitized and transparent data availability, helping the country make robust progress in the transparency in a sector that was known for its opaque ways of functioning.

“Sustainability continues to be the key focus for the world going ahead. We have seen India take great strides in sustainability in the past years, however, there is a need for a more concerted and congruent thought process and action plan to bring sustainability into the mainstream,” Dhir added.

To be able to move to the coveted transparent list, from the present semi-transparent list, the country needs to improve sustainability tracking. Sustainability has not been one of the major areas for change over the last couple of years for India, but investors and occupiers are driving this change.

Several initiatives are underway at either the national or local level including the National Guidelines on Responsible Business Conduct from 2021, with reporting for the largest 1,000 companies by market cap to be compulsory from 2022-23, and local plans such as Mumbai's Climate Action Plan, released in 2022, which is expected to establish a system to conduct regular energy performance benchmarking of buildings by 2025, and mandate a building energy management system in all new buildings.

Making green certifications/ratings and adherence to the Energy Conservation Building Code (ECBC) a mandate would give a greater push to sustainability. The regulatory impetus for mandatory tracking and reporting is still lacking but should get a major push following India’s call for Net Zero by 2070.

India’s score improvement was the highest on the parameter of improvement in transaction process. Given the regulatory initiatives, and better and deeper data availability, access to asset information has improved in a significant way. With reforms also creating the push for better professional standards for property agents and an environment for weeding out illicit finance through stringent anti-money laundering regulations, the transaction process in India has become more transparent and meaningful.

India’s improvement in this parameter was just behind Vietnam and Malaysia among other APAC countries.

“India’s investment performance parameter has held steady with a conducive investment environment in place and healthy opportunities for investors. The last two years have also been marked by upheaval and a reset in investor strategies. Some countries have found increased favour from investors and have moved up the rankings. India has kept its ranking steady, though it has improved its composite score in this parameter,” said Samantak Das, Chief Economist and Head of Research, REIS, India JLL.

Diversification remains a core theme for many investors in the Asia Pacific. Institutional capital, such as that controlled by asset managers, pension funds, and sovereign wealth funds, is active in alternative real estate sectors in nearly two-thirds of the markets tracked. That means expectations for transparency across niche property types like lab space, data centers, or student housing have grown.

India has made rapid strides in the availability of high-frequency data across its big cities and core asset classes through the intervention of tech platforms and regulatory reforms. It needs to replicate for other cities and alternative sectors with the work already underway through a mix of both private sector participation and government push towards digitization of land and property records.

As market transparency improves through access to data, better corporate governance practices, and more publicly listed REITs creating more publicly available datasets, the sustainability agenda needs a greater push for India to rapidly ascend to the transparent tier.

The road from regulations to putting them into practice--across financial regulations, land-use planning, taxation, anti-money laundering and eminent domain--will be necessary to increase transparency levels and match heightened expectations.

Find An Ideal (and Cheap) Office For Your Million-Dollar Idea

 Looks are important in business. Everyone understands this simple fact. But how important are looks with regard to office space?

Is the aesthetic value of an office a tangible thing? Companies live and die by branding and image. If you’ve got clients coming to your reception area and rolling their eyes at the décor, you’re not going to survive. The same could be said for potential employees – the top talent isn’t going to want to work in a dull space.

Therefore, it’s important to take the time to make your office more than just a row of desks. The key is to do so without spending a fortune, and this is often difficult. Upgrades cost money, so it’s good to know shortcuts and what pitfalls to avoid.

Upgrading Space on a Budget

Simply put, your office design should motivate you and your employees. Colors need to pop, furniture has to look relatively new, and there should be enough space for everyone to have their own personal areas. You can adequately outfit a space without breaking the bank, and the first place to save is on the actual physical property.

Generally speaking, you want to build up equity before making any significant purchases in terms of retail space or properties. Once you’ve established a profitable business, then you can begin to look to actually invest in some real estate. Until then, sit down and examine what type of space would work for your company.

Starting with a bare bones space isn’t ideal, but living on the cheap for a couple of years will really open up the possibilities down the line. If you plan on requiring some warehouse space early on, try and find a property that has room for growth or open floor plans. Older properties can often accommodate such a layout, so look into properties that have seen better days. You can also rehab these spaces with relative ease – having a low bar for improvement is one of the best ways to feel good about your office! Find an old warehouse located in a cool and upcoming area, put some work in, and you will have a great space in no time.

Location, Location, Location

Does your business require employees that are more likely to live in a city? If you need coders, developers, or highly regarded account people, you’re going to have to pay a little extra and locate the business near the city center or at least near a transportation hub. The best talent is going to congregate near the downtown area of any major city, so you’re going to have to sit down with a map and rule out anywhere that’s not within a quick commute.

If your office is accessible by public transportation, your company should be able to attract top talent. Millennials often don’t have cars (relative to other population segments), but they frequent bus and train lines. If you can get a better and cheaper spot 20 minutes outside of the center of the city, and it’s accessible by public transportation, you should be all set!

If your workforce isn’t as specialized, you can find low-end help in most areas, and you won’t need to splurge on a top-shelf location. Try to find a middle ground, as you should be able to find a bargain outside of the city without locating all the way out in the sticks.

Some of the cheaper offices are located in areas with chaotic surroundings, and others may have landlords or realty companies that lack any semblance of professionalism or standards. You don’t want to work next to a construction site, so be sure to visit the spot several times before making any decision. You need to strike a balance between comfort and practicality – if you can live with some noise and a slight hassle, take the cheaper spot that’s got thin walls and audible hammering.

Be Your Own Contractor

With a rare exception, keeping the overhead costs down is more important than finding prime office space. Sure, you want a great spot, but it’s better to find a cheap space and build it into something great. If you don’t have the money to do so, energy and time can make up for any lack of capital. Elbow grease goes a long way. Spend a weekend scraping and painting, or tear up the old rug and bring a little color into the space.

You don’t want to be the cheapest CEO of all time, however. If you are installing a new carpet, make sure it’s nice enough to last a couple of years. You don’t want to have more duct tape visible than the actual carpet! Also, don’t consider bringing furniture in from home! Although it may look nice, most home furniture isn’t designed to handle the rough and tumble office environment. Go to an auction – here you can find great deals and still get sturdy and purposeful products!

It’s possible to do most of the design and construction work yourself in your office. The only room that you may need a professional for is the reception area – a poorly decorated or maintained reception area can be a HUGE turn off to clients and prospects.

The same could be said for the space that’s set aside for higher-end or highly stressed employees. Your salespeople are going to bat for you and facing constant rejection – you should carve out an upbeat area for them.

Remember, as a small business owner, you’re going to be at the office… A LOT. Make it your home. Put some time and effort into making it cozy, and enlist the help of your employees. Making everyone do some manual labor around the office could be a great teambuilding exercise, and a welcome break from daily tasks.

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

Get Your Home Monsoon Ready

 How can home owners ensure that their homes are ready for the rains and ensure that it does not cause any harm to the safety and beauty of the home? We offer some suggestions...

While the arrival of the monsoon season may bring relief to many, after the sweltering heat of summer, it is also the time to prepare and protect the home. Leakages not only damage the look of the home but can also spoil the interiors, including furniture and furnishing. Home owners, hence, should check for the smallest signs of damage and take prompt action, to ensure that the problem does not become uncontrollable.

Water-proof Your Home

Water-proofing protects the structure from extreme rainfall and also saves on repair cost and hassle, in terms of breakage and weakening of the the structure.

Seepage of water and dampness can also pose serious health hazards, as dampness and cracks lead to the growth of fungus, moulds and algae. Dampness can cause home owners to develop allergic reactions, asthma, irritations in the nose, eyes and throat and other respiratory ailments, cautions Sanjay Bahadur, global CEO, construction chemical division, Pidilite Industries Ltd. These problems can be avoided, if a little precaution is taken. “Different surfaces are exposed to diverse challenges. Hence each surface needs the right kind of water-proofing. Merely water-proofing the roof, is not enough to ensure a leak-free home. The home will be fully protected, only when all five possible areas for water entry – below the ground, internal wet areas (bathroom, kitchens and balconies), roof, concrete water tanks and exterior walls – are properly water-proofed. All broken plasters and cracks should also be repaired,” adds Bahadur.

Check The Surrounding Area Of The Building

Prior to the monsoon, also check the surrounding area of the building compound, or the garden area of the bungalow. “Check if any tree branches in the garden or terrace are weak and need trimming, lest they give way in a heavy downpour and cause damage. Make sure that the drainage in the house or even outside the villa is checked for blockages. Metal doors, frames and grills of windows and balconies should, ideally, be given a coat of paint before the monsoon, to prevent rusting and corrosion,” says Prachi Chavarkar, co-founder of ArchiLab Designs.

“Water and electricity is a dangerous combination. For outdoor usage, opt for electrical switches and lights that are designed for external usage. Also, get an electrician to check all the connections before the rains, to avoid chances of electric shock or short-circuit,” adds Chavarkar.

Keep The Home Pest-Free

Puddles and stagnant water are common during the monsoons. As mosquitoes breed in stagnant water, one should keep areas like air-conditioner ducts, drains, trays beneath potted plants, etc., clean and dry. Clean the terrace and rainwater drainage pipes of dried leaves, so that water can flow easily and not stagnate. Before laying a carpet on the floor, ensure that the floor is completely dry. Alternatively, roll them up and store them away for the season. Vacuum and air them well and keep camphor balls along with the carpets, before putting them away.

“It is better to do a pest control treatment before the monsoon, so that all the hidden worms and bugs are eradicated from the house. Use antibacterial fluids for mopping the floors, as dampness can encourage the growth of bacteria and termites. Opt for a cleaning agent, which is designed to keep bugs away. Indoor plants not only add to the moisture level in the house but also house insects. Hence, keep potted plants outside during this season,” says Shantanu Garg, founder and creative director of Shantanu Garg Designs.

Caring For Furniture and Accessories During The Monsoon

When cleaning furniture, avoid using a wet cloth and instead, replace it with a dry cloth. “All leather bags, belts and shoes should be kept in cotton or muslin bags, as this will keep them new. Also, instead of placing footwear directly on the shelf, place a newspaper first and then, keep the shoes on it. This will keep the shoe rack clean,” adds Garg.

Home Maintenance Tips For Rainy Season

• * To get rid of the damp moist smell in the rainy season, use scented candles and burning oils.


• * Ensure that the clothes are completely dry, before keeping it in the wardrobes. Keep silica gel pouches in cupboards or between clothes, to soak up the moisture and prevent the growth of fungus. Also, put some dried neem leaves (not on the clothes) or naphthalene balls in the cupboard, to keep fungus and mildew away.


• * Keep the kitchen area dry. When cleaning the cabinets, keep them open for some time to prevent bad odours and moisture from being trapped inside.


• * Install metal canopies and shades over windows and balconies, to prevent water from coming in.


• * Place a small bucket near the main door, to keep wet umbrellas. Allow the umbrella to dry, before keeping it back in its place inside the house.


• * Light a few pieces of camphor in a diffuser as camphor is an effective mosquito repellant.

TO KNOW MORE ABOUT HOMES FOR SALE IN THANE VISIT REAL ESTATE THANE CREDAI MCHI THANE UNIT

Realtor's Perspective On Thane's Future

Real estate developers and real estate consultants are partners in the sales and marketing process.

As a real estate consultant, I have seen that there exists mutual respect between developers and consultants across the country, but in Thane, as Thane Estate Agents Association (TEAA) President, I would reiterate the fact that we have high levels of co-operation and co-ordination between CREDAI-MCHI Thane and the TEAA.

I have been a member of TEAA from the Year 2008, and since then, I have been witness to the vital role played by our TEAA members in the marketing and sales of Thane’s real estate. TEAA has always been in the forefront of organizing real estate markeng and sales driven activities. We have organised more than 100 events for our Members in co-operaon with CREDAI-MCHI Thane over the past few years.

In other real estate markets, the situation is different – there is an element of jealousy, unwillingness to work ‘in sync’ among other challenges; but in Thane the relation between real estate developers and real estate consultants has always been cordial. Over the years, this co-operation has grown even as the city expanded and new micromarkets came up. From Shilphata to Bhayandar Pada and all the locations in between, TEAA members have been guide-posts to the process of real estate development, and it has always been in partnership with CREDAI-MCHI Thane.

Now, with the upcoming infrastructure structure growth, and the plans for new roads and flyovers as also the Metro Project, we will see a changed outlook for Thane’s real estate. The waterway which will connect Vasai – Virar with Dombivli - Kalyan through the centre point Thane, will enhance the interactive reach of real estate markets which'll recently were considered distant. The tunnel through the National Park will impact Thane’s property prices in the same way as the WorliBandra Sealink brought Worli’s property price points to Bandra’s real estate.

This merging of micro-markets across different geographies will change the paradigm, and Thane’s real estate will broad-base itself across larger distances, leading to exponential growth in property sales, with Thane as the main focus, the centre-point. TEAA will have to gear up to face the new opportunies which these new developments will throw up, but TEAA’s dedication to Thane will always remain constant, and will always grow in sync with CREDAIMCHI Thane.

What I have observed since the past two decades is that property prices in Thane have slowly and steadily moved upwards. The best part is that over two decades down the line, the trend is still the same. This makes Thane a great investment opportunity for some more years.

As the natural advantages of location and standard of living across locations in the city continues to win the heart of people, who end up making Thane ‘home’. Thane is truly blessed by Mother Nature, with verdant greenery, Beauful mountains, lush green hills, lakes and the Ullhas River, all of which make Thane a peaceful location - the key to being attractive to home buyers.

Over and Above this, the Real Estate Developers of Thane have constructed such lovely complexes with high rises and luxurious amenities, with the result that home seekers across the Mumbai Metropolitan Region dream of buying a property in Thane. In this process of reaching out to potential home buyers, TEAA cooperates with CREDAI-MCHI Thane and we go along hand in hand and support through events which we hold.

TEAA has conducted a City Convention with support from CREDAIMCHI Thane. Looking at the tremendous growth of real estate sector in Thane, TEAA in association with CREDAI-MCHI Thane had organised a Convention in 2020, where we had Invited National Association of Realtors - India (NAR-India), when we had Mr. Naresh Mhaske, the Mayor of Thane as the Chief Guest.

CREDAI-MCHI Thane is a well organised association of Builders and Developers of Thane, the best part being that almost all its members try to keep up their commitments and keep their customers happy.

Lawrence Anthony Shetty,
President, TEAA

TO KNOW MORE ABOUT REAL ESTATE CONSULTANTS AND AGENTS IN THANE VISIT REAL ESTATE THANE CREDAI MCHI THANE UNIT

 

7 Bedroom Decoration Ideas On A Pocket Friendly Budget

 No matter the time of the year, it is always a good idea to spice up the bedroom decor and give it an extra charm

There is a good chance, you already have a long list of articles and recommendations to help with ideas for decorating your private space. And if you do not know where to start, you will find it is not as easy as it may seem.

It may seem like you are confined by limited options, squeezing in a comfy bed and if you are lucky a nightstand but there are ways to pack plenty of styles into your limited space. Bedroom decor is actually harder than that any other part of your home. Lavish decorations and multiple elements usually make it into clutter, so don't forget that a bedroom's main function is to rest and recharge.

Your cosy bedroom may be a blessing for a good night's sleep. so it is recommended to keep stimulating distractions like TV and the internet out of the bedroom as it disturbs your sleep pattern. The less there is to do in your bedroom the more sleep you get for yourself. How is that an intelligent idea to cash in more sleep?

So, kick start your bedroom decoration with these 7 Simple Ideas...

1. Keep The Layout Simple

There isn't a magic trick to change the layout of your home. however, you can get creative and make the most of the space you have in your bedroom. now, keeping it chic isn't easy with small space because the bed takes up most of the space.

So the best way to keep the layout simple is by placing the bed in the centre of the main wall rather than placing it on the side adjacent to the side wall because the adjacent wall is likely to have a window (you do not want to miss out on curtains, right?). Having space to walk on either side is key not only to a room flow but also to give you space to make your bed.

2. Love Your Comforter

Bed comforters are a great way to make you feel comfortable and make you sleep like a baby on cold winter nights. There is no reason however, for them to spice up your room decor.

Apart from offering the utmost comfort, the right comforter can add warmth and elegance to your bedroom. Comforters are available in different designs and sizes, appropriately crafted to match the dimensions of your bed and your personality. if your style is quirky go for bohemian prints, for elegance chooses from ethnic prints in light colours, to match your art go for geometric prints in vibrant colours and if neither works you can always rely on a dual comforter.

3. Pamper Your Feet

An area rug in your bedroom can tie other stylistic choices together and give the impression of completeness. it can be used to break up a room and create a more intimate and personal setting.

An area rug by the bed can also be a nice way to hide scratches or stains on the floor but, more importantly, they are the best on cold mornings to keep your warm fuzzy feet comfortable. it is crucial to take note of what is expected of the rug in your bedroom in order to make the right choice. so give it a thought.

4. Give Your Bed A Second Job

Between late night and 7 am the bed is for sleeping but in the daytime, you can arrange some extra throw pillows against the wall to make it ideal for lounging around in the afternoon with a magazine or a book.

The other job your bed can do is be a concealer for your 'dirty laundry' (do not take it literally). Dirty laundry means; things that are seldom in use but hard to move around in the bedroom. it can store your extra fold-out mattress or a small coffee table or even a hiding place for your camping equipment (if you are into that sort of thing).

5. Choose Wall Accents That Add Colours

Most contemporary ideas would suggest that calm and minimalistic is all rage now but you know you can not sleep in an all-white bedroom or all beige or all red, right?

So when it is not always convenient to paint the room more often, interesting wall accents in comforting colours are ideal for the bedroom particularly, cooler colours like blues and grays, as opposed to warm tones, work the best. A contrast of black and white can also work - lay down a nice foundation to layer with an area rug or curtains.

6. Prefer Mounted Lights Instead Of Table Lamps

Just say NO! to table lamps and floor lamps, they take up space in your bedroom and provide tiny use in return. we know what you are thinking, this is turning into a Marie Kondo expedition but no, instead you can choose a scone light on the wall above the bed. Ideally, a swinging arm that can be adjusted downward on the bed or to brighten up the whole room adequately.

If you are partially inclined towards the pendant lights of a hanging chandelier in the corner, one of those would work too.

7. Breezy Curtains

By breezy we mean, adjustable. Besides adding a vibe to your bedroom curtains are also an essential element functionally. During the bright day hours you would want it to be darker and on quaint evenings preferably translucent.

So then, what is ideal? Choose your Colour Palette and mix it up! Two smart ways are to replace closet doors with curtains or use curtains to create a room divider. Either way, be sure to pick colours and textures that feel good in your space.

Bedrooms vary greatly in size and shape. The best way to make the most of your small bedroom is to opt for practical furniture pieces that serve more than one purpose that suits your liking.

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

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