PMAY Scheme Key to Ensuring Affordable Housing : Housing Minister

Housing and Urban Affairs minister Hardeep Singh Puri, has assured that the government is committed to ensuring a decent habitat for people in urban areas and schemes like the Pradhan Mantri Awas Yojana are key to achieving this objective

The government is committed to ensuring a decent habitat for people in urban areas, particularly the poor and has taken various initiatives in this regard, Housing and Urban Affairs minister, Hardeep Singh Puri said on October 5, 2017. He was addressing a programme organised by his ministry, on the theme ‘Housing Policies: Affordable Homes’ on the occasion of World Habitat Day.

Puri asserted that the Pradhan Mantri Awas Yojana (Urban), was at the core of ensuring affordable homes to the poor and the needy, while missions like the Swachh Bharat Mission (Urban) and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) were aimed at enabling the much-needed infrastructure, for a decent habitat. Under the PMAY (Urban), the ministry has so far approved the construction of 28.57 lakh affordable homes for the economically weaker sections and low and middle income groups, with an investment of Rs 1.54 lakh crores. A central assistance of over Rs 44,250 crores, has also been approved for these houses.

Puri said that the government has taken several initiatives to boost the housing sector, especially the affordable units, to meet the accommodation needs of the people. Amid concerns of a slowdown, Puri said he had reasons to believe that the real estate sector would bounce back soon. Puri, while referring to the UN’s Sustainable Development Goals to be achieved by 2030, noted that India’s performance would be the key, to achieve these goals at a global scale.

Latest News

To Real Estate Projects in Thane or Know More about Builders and Developers in Thane Contact Us at 022 2580 6868

Contact
501, 5th Floor, Plot No – A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane  – 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com

 

Property Bidding: The New Kid on the Block

In the wake of a slowdown in the market and the huge inventory pile-up, developers are looking for innovative ways to sell their units. One such way is through the online bidding process. A concept that is hugely popular in the West, it is fast cathing the fancy of developers and end-users alike in India. Developers reach out to buyers, offering the lowest reserve price over which the registered buyers can place their bid.

What is bidding?

Oxford Dictionary defines bidding as “the act of offering to do something or to provide something for a particular price”. There are two types of bidding. The first is the one which is of the attached properties which are in the possession of banks. The other is when a property is sold by a developer in his new residential project. While a majority of the times, the property auctioned by a bank is usually a resale property in a well-developed neighbourhood, the property being put on the block by a builder is a new property which may or may not be in a well-developed area.

The interested buyer must be mindful of the fact that these properties are usually sold on ‘as-is-where-is’ or “as-is-what-is” basis. If it’s a resale property which is being bought through a bank, check for any outstanding dues such as property tax and electricity bill.

Bidding online

Each unit is usually allocated a reserve price by the developer, which is the lowest primary market rate. Bidders have to pay a participation fee. Once the potential bidder comes to the platform and registers for the process and the registration is approved, the KYC documents and a post-dated cheque for the mentioned amount has to be submitted. On the successful payment of the participation fee online which acts as a bidding fee, KYC documents and PDC, he or she now waits for the bidding process to begin.

What you should do?

It is a buyer’s duty to do the due diligence.

The bidder should ascertain the average price of similar property in the locality, so that he can take informed decisions. Check out the property by visiting the website or the actual site.

Check out which unit you want to bid for. Some of the things you should consider are Vastu compliance if you are a believer, orientation of the flat as that impacts the sun and wind coming into the unit, the view outside as that is something you have to live with and the number of units per floor which determines the wait time at the lift.

Latest News

To Real Estate Projects in Thane or Know More about Builders and Developers in Thane Contact Us at 022 2580 6868

Contact
501, 5th Floor, Plot No – A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane  – 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com

 

Thane Civic Body to Redraw Development Plan for Cluster Redevelopment Zones

THANE : The Thane Municipal Corporation (TMC) is likely to start designing Micro Development Plans (DP) soon for each of the eight cluster stretches identified in the city for implementing the redevelopment project to ensure a planned zone with all amenities.

According to the plan, the DP will have to be designed for each of the zones that will see a planned development post implementation of the cluster project that will factor in increased floor space index and allocation of amenities. The existing DP that was finalized in 2003 was not designed keeping in mind the cluster project and accordingly, before implementation of the redevelopment in any of the areas, the planners would require a fresh DP to be redrawn keeping in mind the planned infrastructure in specific areas and adjoining stretches.

The TMC is presently in the final stages of appointing a panel of experts to help them formulate an urban renewal policy that is a mandatory aspect for implementation of the cluster implementation. The micro DP is part of the policy and the team will be entrusted with redrawing it, explained an official.

Currently, the TMC has floated bids for hiring the panel of experts, who could be a mix of town planners and architects, who would take up planning each of the selected cluster zones.

The TMC has proposed eight clusters within the city limits, including those at Rabodi, Mumbra, Kalwa, Kisan Nagar and Lokmany Nagar among others. The cluster plan has been formulated to ensure the menace of illegal structures that occupies a notable volume of land in the city paves way for planned development. It is believed that over 11 lakh sqm area in the city is occupied by illegal constructions, most of which includes government land.

Officials explained the fresh DP would be redrawn as per the urban renewal policy that would mandate the allocation and use of all amenities required. The planning would be easier as the designers will have lots of horizontal space for allocation of amenities and no space would be lost to illegal structures or encroachments as is the present situation.

“The urban renewal policy will be an integral part for implementation of the cluster redevelopment project. We are in the process of selecting and appointing a panel of experts who would help scrutinize the clusters and design a development plan for the same,” said a senior civic official.

The final decks for implementation of the Cluster Redevelopment Plan in Thane was cleared in June 2017 after the Bombay High Court vacated its stay after the Mumbai Corporation submitted the impact assessment.

Latest News

To Real Estate Projects in Thane or Know More about Builders and Developers in Thane Contact Us at 022 2580 6868

Contact
501, 5th Floor, Plot No – A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane  – 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com

 

RERA Denies Extension To Builders Who Haven't Registered Yet

Developers who haven't registered their ongoing projects with the Maha RERA are unlikely to get a fourth chance to do so. Even as the deadline to register those ended two months ago, the authority has accepted over 2,500 registration applications but not before levying a penalty.

"As over 13,300 projects have already been registered, there is a dip in the number of applications since the last extension. Initially, we got many applications but since September, the number has been about a few hundred. Thus, we are not willing to give any more extensions," said a RERA official.

Source : freepik.com

Dr. Vijay Satbir Singh, member of MahaRERA, said, "We are not planning to give any further extension to builders of ongoing projects. Only new projects will be allowed to submit their application for registration now. In case applications are received in October, we will take a call on what to be done for them."

While the act disallows any extension for ongoing projects, there is a provision to penalize developers for defaulting the norms. Maha RERA officials said the extensions were granted only after using this. RERA gave three extensions after its original July 31 deadline, and charged differing penalties for every application that came hence. A penalty of Rs 50,000 was charged on applications till August 2, then R1 lakh for those that came till August 31 and Rs 2 lakh or a penalty equivalent to the registration fee - whichever is more - till September 30, when the final deadline ended.

Maha RERA issued 13,300 certificates in September, another 300 applications submitted before September 30 are pending to be registered.

Latest News

To Real Estate Projects in Thane or Know More about Builders and Developers in Thane Contact Us at 022 2580 6868

Contact
501, 5th Floor, Plot No – A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane  – 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com

 

Piramal Finance to Invest Rs 280 crores, in Puranik’s Project in Thane

Piramal Enterprises, through its subsidiary Piramal Finance (PFL), will invest Rs 280 crores in Puranik’s flagship project ‘Puranik City Reserva’, in Thane. “We hope that this will be a long and rich relationship with the Puranik Group, which has a demonstrated track record of execution in the Thane micro market. We look forward to enabling the growth of the Group, with our offerings across both, the wholesale and retail business,” Piramal Finance managing director, Khushru Jijina said.

PFL, through its entire suite of products, is following a financial partnership model, by extending holistic solutions to developers, right from early stage equity to late stage debt, construction finance, lease rental discounting, as well as bulk buying apartments. Commenting on the deal, Puranik Group’s managing director Shailesh Puranik said, “This transaction will help us to achieve a complete financial closure for the project. We firmly believe that the market today presents attractive opportunities and we look forward to relying on the Piramal platform’s experience and expertise as a lender of choice, as we chart out our own path towards further growth.”

Puranik City Reserva, a theme-based ongoing project at Ghodbunder Road, being developed on 13 acres of land, with 2.2 million sq ft development potential worth Rs 2,000 crores and is expected to be completed over the next 6-7 years. The realty player has so far developed over five million sq ft of real estate and is currently developing around 15 million sq ft in Thane, Pune, Lonavala, Karjat and Mumbai’s suburbs.

Latest News

To Real Estate Projects in Thane or Know More about Builders and Developers in Thane Contact Us at 022 2580 6868

Contact
501, 5th Floor, Plot No – A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane  – 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com

 

10 festive property discounts you cannot ignore

Offers invariably attract us all. This is primarily the reason why we eagerly look forward to the festive season when special discounts are galore.

In India, as the festive season is considered auspicious for buying, the market is abuzz with activities yet again and buyers are being offered tempting discounts which are hard to ignore.

With the onset of the festive season, several developers have come out with special offers and freebies to sweeten the deal for buyers.

Free foreign trips, iPhones, gold coins, modular kitchens, free maintenance for a year, free car parking etc are amongst a host of incentives to attract buyers.
Magicbricks collates a list of discounts on offer this season.

Offers and discounts

1. 100% GST benefit on all units, including under-construction units
2. Free maintenance for a year
3. Free car parking
4. Free club membership
5. Pre-fitted fans and fancy lights
6. Discounted basic sale price
7. Free gold coin
8. Free international holiday trip
9. Free modular kitchen with RO
10.No stamp duty

Builders are aggressively pushing their projects to clear the unsold inventory and break the stagnant market trends to boost buyer sentiments post the GST/RERA era.

"Festivals are considered an auspicious time to finalise property deals. Hence, many buyers scout for best deals during the festive period. Keeping the festive mood in mind, we at ABA Corp are also giving a festive offer on the booking of an apartment in Greater Noida (West), Cherry County project. Under the offer, we are sharing half the burden of GST with the consumer. The stamp duty too will be borne by us," says Amit Modi, Director, ABA Corp and Vice-President, CREDAI Western UP.

The market sentiments are optimistic owing to the fact that buyers feel more secure and safe as the Real Estate (Regulation and Amendment) Act (RERA)too has kicked in.

Read all Thane Real Estate Latest News

To Real Estate Projects in Thane or Know More about Builders and Developers in Thane Contact Us at 022 2580 6868

Contact
501, 5th Floor, Plot No – A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane  – 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com

 

Housing societies in Mumbai not treating waste may face power, water cuts

MUMBAI: More than 3,000 of the 5,000-odd housing societies and establishments here that have not yet begun to treat their waste despite the October 2 deadline could face power and water cuts.

In one of its sternest moves so far, the BMC is considering notifying the Maharashtra Pollution Control Board (MPCB) about these recalcitrant societies.

Source : freepik.com

As many as 3,140 of the 4,749 bulk waste generators in Mumbai that were issued notices to treat their own garbage have not responded to the BMC in the affirmative so far. Merely 251 or around 7% of the establishments served notices have begun composting. Some 188 societies have sought an extension, though the BMC has made it clear it would show consideration only to those that can cite a valid reason. The BMC had announced that it would stop lifting waste from bulk generators in the city from October 2.

Mehta said currently, a three-month extension has been granted on a case-to-case basis, after which the civic body would stop lifting garbage.

“The BMC is holding exhibitions, meeting housing societies to understand their problems in case they are not able to process their waste and also considering central segregation centres for societies that do not have the space. After chalking everything out, we expect people’s participation,” said Mehta.

Meanwhile, Solid Waste Management Rules 2016 state that all gated communities and institutions with more than 5,000 square metres area will, within one year from the date of notification of these rules and in patnership with the local body, ensure segregation of waste at source by generators. Biodegredable waste will be processed, treated and disposed of through composting or bio-methanization within the premises as far as possible.

Solid Waste Management Rules are not mandatory, though. The Environment Protection Act, on the other hand, mandates housing societies with an area larger than 20,000 square metres to compulsorily instal waste converters on their premises for recycling organic waste at source.

Currently, 7,600 metric tonnes of waste reaches the three dumps in the city every single day. The BMC hopes to bring down the waste taken to the dumps to around 5,000 metric tonnes a day with the waste management initiative.

Latest News

To Real Estate Projects in Thane or Know More about Builders and Developers in Thane Contact Us at 022 2580 6868

Contact
501, 5th Floor, Plot No – A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane  – 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com