Thane: A Success Story By Manthan Mehta

As second generation real estate developers, we youngsters tend not to play major roles in association-based activities.

The change-over for me and my fellow second generation real estate developers of Thane came during meeting a little over a year ago.

President of CREDAI-MCHI Thane Shri Ajay Ashar, at the meeting of all Gen-Next of Thane real estate developers, proposed the idea of a youth wing. Obviously, we were excited, and amidst the excitement, Ajayji suggested that we needed to make someone responsible for the proper nurturing and growth of the Youth Wing - and, he proposed my name as the First President of the Youth Wing.

I was pleasantly surprised when everyone unanimously agreed. Now, it was all too real. and Ajay ji did what Mentors do best: he hinted that I should concur and thank the audience - which I did. And, it began.

It has largely been Ajayji's Mentoring which helped me carry out my responsibilities. I have held similar positions in the Leo Club, but here, it was in an industry association. With my parents' blessings, and with Mentoring by Ajayji and other seniors, we 'got going'.

My attitude in life is: 'give it my best try'; it was with the same attitude that i took up this task. With my fellow team members, the first task we took up was improving the online presence of CREDAI-MCHI Thane. We tied up with knowledge partners, and held seminars on topics - Income Tax, GST, MahaRERA, Sales and Marketing aspects, to name a few. Also we started with an online knowledge series.

In the initial phase, the Youth Wing played a vital role in marketing activities for Thane's real estate. We also conducted activities with channel partners. The Thane Youth Wing was well represented in all meetings and study tours organised by CREDAI-MCHI Youth Wing.

I would take this opportunity to thank all my youth wing members for supporting me throughout this journey and also our Mentor, IPP Shri Ajay Ashar ji, for placing this trust on me and supporting me always.

Being the First President has been a great feeling. I would like to convey to the incoming Presidents of the Youth Wing that time is limited, the tenure will quickly get over, so be ready to experiment and use the platform to learn. Our seniors are always there to help and whenever need be, I will always be around.

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Frequently Asked Questions On Property Registration

Among the many tasks that a homebuyer has to perform is the responsibility to register the property with the government, after paying stamp duty and registration charges. Registration of the property transaction and related documents is done under the various provisions of the Registration Act, 1908.

Here are the answers to certain frequently asked questions involving the topic:

IS IT A MUST TO REGISTER PROPERTY PURCHASE DOCUMENTS?

Under the provisions of the Act, the registration of these property documents is a must:

• Documents pertaining to gift of immovable property.


• Documents that are created to 'create, declare, assign, limit or extinguish' any right, title or interest of the value of Rs 100 and upwards in an immovable property.


• Leases of immovable property that are created for a period of one year or more.


• Documents that are created after a court order transferring any right, title or interest of the value of Rs 100 and upwards in an immovable property.

IS THERE A TIME LIMIT, TO APPLY FOR REGISTRATION OF A DOCUMENT?

The document should be presented for registration within four months from the date of signing. A will on the other hand can be registered at any time.

WHAT IF ONE FAILS TO REGISTER THE PROPERTY TRANSACTION?

Property transactions that are not registered do not have legal validity. Unless a property is registered in your name, you are not its legal owner, even if you are occupying the space.

REGISTRATION OF WHAT DOCUMENTS IS OPTIONAL?

In certain cases, registration of documents is optional. These include:

• Documents, other than instruments of gift and wills, which purport or operate to create, declare, assign, limit or extinguish any right, title or interest of a value less than Rs 100 in an immovable property.


• Leases of immovable property for any term not exceeding one year. Registration for leases that are exempted under Section 17 is also optional.


• Documents that are created after a court order transferring any right, title or interest of value of less than Rs 100 in an immovable property.


• Wills.

WHAT PROPERTY DOCUMENTS NEED NOT BE REGISTERED?

Certain property-related documents, as specified under the Act, need not be registered. These include:

• A grant of immovable property by the government.


• Any order made under the Charitable Endowments Act, 1890, vesting any property in a treasurer of charitable endowments or divesting any such treasurer of any property.


• Property purchased at a public auction where a civil or a revenue officer is the seller.

CAN THE SUB-REGISTRAR REJECT MY REGISTRATION APPLICATION?

The sub-registrar can refuse to register your property if:

The language is not comprehensible: If a document is written in a language which the registering officer does not understand, he may refuse to register the document. Such a document must be accompanied by a translation into a language commonly used in that area.

Documents contain interlineations, blanks, erasures or alterations: The registering officer may refuse to register documents that have interlineation, blank spaces, erasures or alterations.

If details of property maps or plans are not provided: Documents relating to immovable property are not accepted for registration unless these contain a description of such property sufficient to identify the same.

WHAT IF THERE ARE FALSE STATEMENTS MADE IN DOCUMENTS?

Section 82 of the Act says that an imprisonment for up to seven years or a fine (no specific amount is mentioned in this regard) or both could be imposed, in case a buyer 'intentionally makes any false statements, presents a false copy or translation of a document or a map or plan'. Attempts to 'falsely personate' other people is also a punishable offence.

IS THERE A TIME LIMIT WITHIN WHICH ONE HAS TO COLLECT THE REGISTRATION PAPERS?

Except in case of wills, all other registration-related documents must be claimed within a period of two years of registration, failing which the papers might be discarded by the office. The maker of a will can register his will during his entire lifetime.

CAN A WILL BE REGISTERED AFTER THE DEATH OF THE WILL-MAKER?

The will of a person can be registered even after his demise. To do that, the claiming party will have to produce the document and other records relating to the death of the will-maker, the witnesses and the scribe before the sub-registrar. In case the registrar finds no objections in the matter, he will register the will. However, after the will is registered, a procedure known as will enquiry will be carried out by the sub-registrar's office, to further check the authenticity of the claims.

WHAT ARE THE STAMP DUTY AND REGISTRATION CHARGES FOR REGISTRATION OF WILLS?

Unlike property, there is no stamp duty that has to be paid for registering of a will. For registration of a will during the lifetime of the testator, a registration fee of Rs 100 and nominal user charges are to be paid. To register the will after the death of the testator, an inquiry fee has to be submitted, apart from the above-mentioned charges.

WHO IS RESPONSIBLE FOR FIXING PROPERTY REGISTRATION CHARGES?

State governments fix stamp duty while registration charge is a central levy. While stamp duty charges vary from state to state (within a range of 2-10 per cent of the transaction value), a buyer generally has to pay one per cent of the deal value as registration charges. In some states, buyers also pay a flat fee on properties of a certain value.

States also fix charges for searching of the registers (in case you need to find out something from the records), for making or granting copies of reasons, entries or documents, before, on or after registration. They also decide the additional fees payable for the issue of commissions, for filing translations, for attending at private residences and for the safe custody and return of documents. 

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Thane: An Alternate Commercial Real Estate Hub In MMR

 At a time when land became a rare and expensive commodity in the main island of Mumbai, several leading developers went ahead to purchase land in nearby Thane where its prices were much lower.

With many of these leading developers having land banks here, they are now looking to launch new projects - both commercial and residential. Moreover, Thane boasts of good social and physical infrastructure facilities with easy connectivity to major areas in Mumbai via the Eastern Express Highway and Ghodbunder Road. In fact, Metro Line 4 from Wadala to Kasarvadavli-Gaimukh, being constructed by the MMRDA, will further connect Thane with Mumbai. Most recently, the proposal for an internal metro which will connect various parts of the city to this metro line has been given the green signal.

All in all, the metro when operational will boost connectivity between Thane and other major areas of Mumbai. Given that office rentals are fairly cheaper in Thane than the financial capital, many offices would consider Thane as a viable option. Moreover, amid altering consumer preferences where peripheral areas are being preffered by home buyers, going forward, we may see few large occupiers de-centralize and come in proximity to these residential spaces in the peripheries for their employees. After all, the trend of workspace near homes has gained prominence post the pandemic.

COMMERCIAL MARKET TRENDS

As per ANAROCK Research, out of the total net absorption of nearly 2.26M sq.ft of space in entire MMR in FY2021, Thane witnessed total absorption of nearly 0.38M sq.ft - i.e. over 17% total share. If we look back in FY2019, out of the net absorption of 5.7M sq.ft space in entire MMR, Thane comprised just 7% share with nearly 0.4M sq.ft absorption out of the total 5.7M sq.ft absorbed in entire MMR.

This rise in net absorption share clearly indicates the growing preference of companies. Moreover, it also somewhat resonates with the trend of offices shifting closer to residential catchments such as in Thane.

In terms of new completions, data indicates that Thane comprises nearly 5% of the overall supply in entire MMR in both fiscal years - FY 2021 and FY 2019. Of total new completions of 5.4M sq.ft in MMR in FY21, Thane added 0.25M sq.ft office space while back in FY 2019 of the total 2.88M sq.ft office space added in MMR, the city saw 0.15M sq.ft supply.

Considering the opportunity amid a slew of mega infra projects, several corporates and MNCs from sectors sich as IT/ITes pharma, BFSI, R&D, logistics etc. are also now looking to consolidate and come closer to their employees. Resultantly, there are various commercial projects in the pipeline in Thane including the development of a 2.6M sq.ft commercial space by a leading developer (Hiranandani). The project is expected to be ready by 2022-end.

AFFORDABLE OFFICE RENTALS

One of the major factors attracting companies to Thane are the prevailing affordable office rentals. ANAROCK Research indicates that average monthly office rentals stood at approx. INR 67 per sq.ft in Thane in FY 2021 and was INR 65 per sq.ft in FY2019 - thus growing by 3% between the two years. In a major contrast, office rentals in both CBD and SBD (BKC) areas in Mumbai stood anywhere between INR 200-300 per sq.ft in FY 2021.

Considering the fact that several companies are diligently trying to minimise their overall costs (of which real estate has the maximum share), it makes perfect sense for companies including corporates , start-ups etc. in shifting their base to Thane. The IT sector in Thane has already started developing and is set to flourish in the future with various upcoming IT park projects lined up for future development. This will play a major role in future growth of the city.

Santhosh Kumar,
Vice Chairman - ANAROCK Group

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Eco-Friendly Home Decor Ideas For Ganesh Utsav

 The time for festivals is right around the corner. Indian festivals bring pomp and joy in our lives and this is what is showcased in our homes too. Ganesh Chaturthi is something which is loved by every Indian. The 11 days of pure joy and faith are celebrated with festive zeal. This is when you start sprucing up your house to make it look delightful and cheery just like the festivals are.

But, the idea of decorating luxury homes for Ganesh Chaturthi has seen a shift in terms of being environment-friendly. Ganesh Chaturthi is one festival which brings out the creativity in people who prefer decorating their homes based on different themes each year. Here we are sharing a few ways in which you can have an eco-friendly home decor to welcome the Elephant God in your house. Right from decoration to the idol of Ganesh, everything has an eco-friendly option. These ideas are not only simple hacks but can also make your festival environment-friendly.

1. USE OF CLAY FOR DECORATION

Clay is something which has always been a preference when it comes to making eco-friendly decoration ideas. For Ganesh Chaturthi, you can now get clay idols instead of the POP idols which have a hard time decomposing and also harm the environment. You can make earthen diyas and use those to decorate the stairs in your duplex house.

2. FLOWERS FOR HOME DECOR

Flowers have always been the choice to add some freshness and colour to any home. You can use flowers to add a festive spirit to your house by creatively arranging them. Flowers such as Roses, Marigold, Mogra are bright in colour and also make the room feel fresher. You can arrange these flowers in Urlis or glass bowls, you can also floating candles etc to this decoration.

3. PAPER QUILLING

Paper quilling is something which is easy to do and is also environment-friendly. Paper quilling can be used to make decorative items such as flowers, petals etc. You get readymade shapes as well which you can buy from the market if not quill. Ganesh Chaturthi is one of the many festivals which can bring a family together. Doing all the decorations together with one’s family is the highlight of the festival. Paper quilling is something to which the whole family can contribute.

4. VERTICAL GARDEN

If you live in a duplex house, there is no dearth of space. For decoration, you can choose a wall and convert it into a vertical garden. This can add to the home decor and can function as a backdrop for the Ganesh Idol.

Real estate builders in Mumbai have already taken steps to build luxury flats in Mumbai, which are environment-friendly. Having an eco-friendly celebration then becomes the right thing to do. Along with the decoration, make sure that everything else is eco-friendly as well. For e.g. you can give away plastic wrapping for the Prasad and use eco-friendly food wraps instead? You can also use biodegradable cutlery. Make sure the celebration is plastic-free. Do your bit to save the environment.

MHADA to undertake digital mapping, survey of its land parcels across Maharashtra

 The Maharashtra Housing & Area Development Authority (MHADA) has decided to undertake mapping and survey of all the land parcels under its control in housing boards of Mumbai and all other cities controlled by its divisional boards across the state through advanced computer technology.

The housing board has already started the work and is currently in advanced stages of developing the Geographical Information System (GIS) driven mapping and Robotic Process Automation (RAP) systems for the same.

With this digitisation and mapping of its land parcels across the state, MHADA will be able to get information about the development potential on the said land parcel and layout, any illegal encroachment on the plot and any ot .

MHADA plans to identify existing development rules and schemes applicable to the Mumbai board and other boards as well with this information. The authority will review how these development and redevelopment schemes, rules and acts can be revised or amended that can help it in effective planning and execution of any new development scheme on these land parcels

The authority has roped in RAH Infotech CE Info Systems and Replete Business Solutions to study and provide a consolidated report on land available with MHADA across the boards in the next six months. To keep a close tab on the GIS mapping and RPA system work, the authority has set up a high-level committee of the Mumbai board of MHADA and other board's working officers.

In addition to this, MHADA Mumbai headquarters has informed all its divisional boards including Pune, Konkan and Nashik, and housing societies that are governed by them among others to cooperate with these agencies for the collection of data as mandated.

Last year, the government of Maharashtra’s town planning authority the City and Industrial Development Corporation (CIDCO) started geo-tagging land parcels in Navi Mumbai under its various plot sale schemes.

The move, apart from helping applicants, will also be an additional step towards efficient digitisation of land records. With this Navi Mumbai has become one of the first big cities in the country to initiate the process of the digitisation of land records by the government administration.

Digitisation of land records and such efforts towards the same assume significance in the backdrop of unclear ownership and title. Most land parcels in India are subject to legal disputes and the issue might take Indian courts a century to resolve at their current rate of progress. Lack of clarity on ownership and title makes it immensely difficult to buy land for retail and housing developments.

Rationalising charges for conversion of leasehold into freehold properties in Mumbai can unlock huge value: Report

 Leasehold to freehold conversion charges as high as 60-70% of property value in Mumbai; lowering of charges can spur redevelopment of properties in Mumbai, unlock asset value.

The Maharashtra government should rationalise state charges levied for converting leasehold properties in Mumbai into freehold. This will help in unlocking value of housing, commercial and industrial assets in the city and should be a part of the development agenda that the government has undertaken, India Sotheby’s International Realty (ISIR) has said in its whitepaper titled 'Why Leasehold Property is shackling Mumbai's Real Estate Potential'.

The consultant, in its report, has pointed out that the conversion charges to change property rights from leasehold into freehold are as high as 60-70 per cent of the property value. The amount is typically paid by sellers. Required payment of such a high rate to convert them is often deferred by the landowners to the next generation. This stalls development and actually lowers state revenues.

"Mumbai's real estate market is not only the most expensive in India, it is also among the top few real estate markets that command such high capital values in the world. In fact, in some localities, the per square feet rate has crossed the Rs 1 lakh figure,” said Samir Saran, managing partner, ISIR.

One of the reasons behind such an exorbitant pricing is government fees and charges associated with real estate, Saran said. "It is surprising that subsequent governments have shied away from unlocking the true potential of Mumbai’s real estate by easing the leasehold to freehold norms."

"We believe some serious rethinking is required to create a more robust and equitable housing market in Mumbai," he felt.

The whitepaper noted that property ownership in Mumbai is largely in the leasehold format. Residential, commercial and industrial land have all been leased on varying tenures. As the lease periods come up for renewal or are at the tail end of the lease, the current lessors, mostly government agencies, demand conversion charges for change to freehold status.

"Today, sellers are required to either take permission from the lessor authorities for changes in individual ownership or pay conversion charges of 60-70 per cent," the paper said.

There are nine types of leases available in Mumbai today. The whitepaper is focussed on collector’s land given on lease between 1950s and 1980s for development of housing societies and for commercial and industrial development. These are mostly located in central and western suburb localities such as Bandra, Versova and Chembur.

Besides high conversion charges, the whitepaper has elaborated on other practical problems in undertaking conversion of leasehold to freehold properties. The quality of some assets of over 30-40 years has deteriorated and these buildings are in need of redevelopment.

In order to unlock value of properties in Mumbai, ISIR has suggested that the Maharashtra government should come up with a long-term policy initiative to facilitate property owners who wish to convert their assets from leasehold to freehold.

The consultant has urged that the conversion charges should be significantly lowered. And the reduced rates should be applicable for a longer period so that everyone gets decent time to complete the entire process.

The conversion rates and FAR (floor area ratio) should be attractive enough for land owners and developers to go for redevelopment. It also pitched for liberalising stringent societal norms (like castes and reservation) to facilitate redevelopment. The payment of conversion charges should be allowed in instalments as such large sums of money are difficult for pensioner allottees or even for builders.

"A system of hefty fines and even cancellation of licences can be put in place as disincentives to a few unscrupulous developers who queer the pitch for those with serious, long-term intent to stay in the redevelopment market," the whitepaper said.

Housing sales in Jan-Jun at nine-year high in top eight cities: Report

 Knight Frank India highlighted that the residential sector has recorded a 9-year high sales volume in January-June 2022. The previous high was recorded in the first half of 2013, when sales were at 1,85,577 units.

NEW DELHI: Housing sales rose 60 per cent annually in January-June this year across eight major cities at 1,58,705 units, the highest half-yearly demand in nine years, mainly driven by lower base effect as well as mortgage rates, according to Knight Frank India.

Housing sales stood at 99,416 units in the first six months of 2021, the consultant said in its 17th edition of half-yearly report 'India Real Estate: Residential and Office Market H1 2022', which was released on Wednesday through a webinar.

Knight Frank India highlighted that the residential sector has recorded a 9-year high sales volume in January-June 2022. The previous high was recorded in the first half of 2013, when sales were at 1,85,577 units.

The consultant has listed several factors for the increase in housing sales such as homebuyers' need to upgrade primary lifestyle, low interest rates on home loans and comparatively low home prices to the pre-pandemic levels.

The renewed need for home ownership sparked by the COVID pandemic is also driving sales.

Housing prices increased across all markets in the range of 3-9 per cent year-on-year (YoY). This also marks H1 2022 as a period in which prices have grown in YoY terms across all markets for the first time since the second half of 2015.

Shishir Baijal, Chairman and Managing Director, Knight Frank India said, "Home buying has witnessed a strong rebound since the advent of the pandemic and continues despite inflationary concerns in the economy."

Giving the breakup of housing sales city-wise, Knight Frank said that housing sales in Mumbai rose 55 per cent to 44,200 units in January-June 2022, from 28,607 units in the year-ago period.

For the period under review (H1 2022 vs H1 2021), Delhi-NCR saw more than two-fold jump in sales to 29,101 units from 11,474 units, while sales of residential properties in Bengaluru grew by 80 per cent to 26,677 units from 14,812 units.

As per the report, Pune witnessed a 25 per cent rise in sales to 21,797 units, from 17,474 units, whereas housing sales in Chennai rose 21 per cent to 6,951 units from 5,751 units.

Hyderabad saw 23 per cent growth in sales to 14,693 units from 11,974 units, while Kolkata witnessed a 39 per cent rise in sales to 7,090 units from 5,115 units.

During January-June this year, housing sales in Ahmedabad rose 95 per cent to 8,197 units, from 4,208 units in the corresponding period of the previous year.

On the supply side, the new launches increased 56 per cent to 1,60,806 units, from 80,566 units during the period under review.

Strong growth in sales velocity, has led to a modest decline in unsold inventory to 4,40,117 units in H1 2022.

Moreover, the strong uptick in sales also brought the quarters-to-sell (QTS) level down to 7.8 quarters from 10.9 quarters in the first six months of 2021. This means that builders need nearly 8 quarters to sell their unsold inventories at the current sales velocity.

Talking about office market, Knight Frank India mentioned that leasing jumped over two-fold to 25.3 million square feet in January-June this year, from 12.25 million square feet in the year-ago period, indicating the potential of the market on the back of a waning pandemic and the promise of a sustained economic recovery.

"The robust performance delivered by the office market during H1 2022 has set the tone for 2022. Physical occupancy levels are rising as more companies want their employees to return to office," Baijal said.

At the same time, he said hiring across many sectors has picked up as India's economic growth continues. "With the current pace of leasing, we expect the year 2022 to see leasing volumes close to the peak of 2019 and exceed in the next year," Baijal added.

He noted that the focus amongst occupiers for this year will remain on flexibility, in leasing terms to allow real-time expansion and contractions indicating a strong year for managed office spaces.

New completions of office space also picked up significantly with 24.1 million square feet getting delivered in H1 2022, a 61 per cent growth annually.

On rental value, Bengaluru and Pune office markets recorded maximum annual increase in rents at 13 per cent and 8 per cent, respectively, mostly due to higher demand and lack of Grade A space.

Hyderabad, Mumbai and NCR also witnessed moderate increase in their rental values, whereas the rental values in Chennai, Ahmedabad and Kolkata remained stable.