BEST to kick off premium bus service between Thane, Bandra Kurla Complex

 Nov 25, 2022

The premium BEST bus service is expected to be on the lines of private cab service providers.

The Brihanmumbai Electric and Supply Transport (BEST), an undertaking of Brihanmumbai Municipal Corporation (BMC), is likely to begin its much-awaited premium services from the second week of December. Lokesh Chandra, General Manager of BEST, said that with five buses, they are set to begin the premium service between Thane and Bandra Kurla Complex.

“We have identified a couple of routes of which the first will be BKC-Thane. Five buses have arrived of which three are in Regional Transport Office (RTO) and are undergoing registration. The other two are at depot and have obtained RTO clearance. These buses will ply between BKC and Thane route in peak hours. In non-peak time, they will ply within BKC as premium service only,” said the IAS officer.

The premium BEST bus service is expected to be on the lines of private cab service providers. The user can book the bus from the exisiting BEST Chalo mobile application, make the payment digitally and board the bus from the nearest stop. The service will be fully air-conditioned, said Chandra, adding the commuters will have a comfortable travelling experience.

On the rationale behind the premium bus service, Chandra said, “Many office goers do not use BEST as they are overcrowded. With option of premium service, these people, who largely prefer private cab as they want to travel comfortably, will also switch to BEST buses. Moreover, the BEST premium service will be affordable unlike cab service providers. It will cost Rs 5 per km, which means a trip on the BKC-Thane route should be in the range of Rs 150 to Rs 200.”

Apart from facilitating the commuters, BEST premium service will also help in reducing road occupancy, according to officials.

The service will have 200 buses via a private operator in phase 1. The fleet will gradually expand to 2,000 buses by 2024.

BEST has tied up with a private operator – Ashok Leyland – on a revenue-share model as part of which the operator will share 4 per cent of earning every month with BEST in return of which it will be allowed to use BEST facilities like bus stops, parking at the depot among others. The drivers of these buses will be provided by the operator.

What Should Consumers do When Developers Back Out of Subvention Schemes?

A subvention scheme is a tripartite arrangement between the developer, the bank financing the home loan, and the buyer of a unit in a project that is still under construction. As per this arrangement, the homebuyer makes a down payment of 5 to 20% of the property's price. The lender bank gives the developer the remaining money in installments. The developer covers the interest accrued on the outstanding balance till project completion. In a subvention scheme, a home buyer pays loan interest only after taking ownership of the house. WHY DO SUBVENTION SCHEMES APPEAL TO HOME BUYERS? Subvention schemes are very appealing to renters. Why? Because the scheme allows buyers to commit only a portion of the total obligation. They are exempt from paying interest on the loan prior to taking ownership of the property. So, renters have adequate time while the project is still in progress to save money. WHAT HAPPENS AFTER THE SUBVENTION SCHEME IS OVER? Home buyers have to pay the lower-cost EMI for the remaining debt after the subvention period is over. Also, the developer will continue to pay the bank interest even if a loss occurs and the project is delayed. Though, this will also cause a delay in the buyer's remaining balance. The construction process nonetheless continues proving that the saying "buy now, pay later" is true. ARE SUBSIDY AND SUBVENTION SCHEMES THE SAME? The subvention scheme and the subsidy scheme are very different from one another. A grant or subsidy is when the government contributes a certain amount to the cost of the property. It helps to lower the expense borne by the person or business. TYPES OF OFFERS IN SUBVENTION SCHEMES Buyers from developers can choose between two different plans under these subvention schemes. The first is a subvention scheme in which the homebuyer pays 10–20 percent of the sale price as a down payment. Next, the developer, the buyer, and the bank enter into an agreement. According to the agreement, the lender bank will pay the remaining sum to the developer. Here, the developer pays the bank's interest on the loan while the project is being built. Developers are paid by the bank, but construction does not begin until the buyer takes ownership and begins making EMI payments. * The second scheme is a deferred payment arrangement. This is between the buyer and the developer. In this plan, the buyer pays 5-25 percent of the total price at the time of sale. The remaining amount is paid when taking possession. Deferred payment plans are available in various permutations, such as 30:30:40 or 10:70:20. Payments are made at different stages of construction. This clever subvention scheme is a recent concept, as consumers are unwilling to commit a significant amount upfront due to rising pricing. Thus, deferred payment schemes are currently popular. Risks Involved in Subvention Schemes * A subvention scheme has a price, just like any other plan. A potential concern here is that even if the homeowner hasn't yet taken ownership of the property, he will have to start making EMI payments once the subvention period is over. * Subvention schemes have put buyers in problems in the past. When developers stop making EMI payments, the banks approach the buyers to pay since they are the primary borrowers. * Some developers promise to cover the interest cost only for the first 12 to 18 months. In this case, the buyer will have to make EMI payments regardless of whether the project is completed. * A subvention plan might not be the best option if you are paying rent. This is because, if the developer fails to complete the project on schedule, you can be required to pay both rent and EMI. * The cost of the property is another negative. Although the sellers may try to entice you with the promise of paying no interest while the building construction is ongoing, the interest rate is added to the total. Subvention schemes significantly raise the property's overall cost, and in the event of a delay, you may pay more than the property's asking price. * Some subvention schemes only last for a specific period before the buyer is responsible for paying the interest. * The fact that the scheme can damage the buyer's reputation if the developers fail to pay the loan interest is a natural stunner. Therefore, it is essential to do thorough due diligence on the developer and comprehend the terms and circumstances of the scheme What Should a Prospective Home Buyer Do in this Situation? * You may receive recovery notices from banks for pre-EMIs. You must keep paying if you anticipate that the project will be finished in the next six to ten months. * You should also take possession of your new property immediately after the builder's default and pursue financial recovery. * You should bring up the problems with the bank directly if you cannot pay the EMIs and your project appears to take 4-5 years to complete. Banks have the authority to recoup funds and freeze the assets of defaulters. However, since you are the primary borrower under the tripartite arrangement, you are the one in default in this instance. The Securities Interest Act of Securitization and Reconstruction of Financial Assets and Enforcement (SARFAESI Act) gives banks the authority to sell the assets of loan defaulters to recoup loans. * Furthermore, if you have problems with banks, you must visit them and discuss them because failing to reply to the banks' notices is not a solution. Final Words on Developers Backing Out of Subvention Schemes A subvention scheme refers to a legal agreement between the buyer, the seller, and then the lender for the home loan. This agreement allows you to apply for a loan to buy a house. Numerous real estate developers provide subvention schemes. So, it is a decent agreement if you wish to buy a home without stressing about rent and loan-equated monthly installments (EMIs). However, for these schemes, you must select a builder with a good reputation. Other Popular Schemes Tamil Nadu Housing Board Schemes MHADA Lottery Pune DDA Housing Scheme Rajiv Awas Yojana Scheme RAY Chandigarh housing board residential scheme YEIDA Plot Scheme Jhatpat Connection Scheme Indira Awas Yojana- Housing Scheme Noida Authority Plot Scheme TO KNOW MORE ABOUT REAL ESTATE PROPERTY BUILDERS IN THANE VISIT REAL ESTATE THANE CREDAI MCHI THANE UNIT

Land Deals by Builders Jump over Three-Fold in Eight Cities in Jan-Sept 2022: Report

 Nov 21, 2022

At least 68 separate land deals, accounting for 1,656 acres, were closed in the first nine months of 2022 across top eight cities, as against just 20 land deals for 925 acres in the corresponding period of last year, it said.

NEW DELHI: Real estate developers are aggressively looking to expand their business with revival in demand, resulting in a sharp rise in the number of land deals which jumped over three-fold to 68 across eight major cities during January-September this year, according to property consultant Anarock.

Anarock has compiled the land transactions, which include both outright purchases by developers and also joint development agreements (JDAs).

At least 68 separate land deals, accounting for 1,656 acres, were closed in the first nine months of 2022 across top eight cities, as against just 20 land deals for 925 acres in the corresponding period of last year, it said.

Out of the 68 deals in January-September period of 2022, as many as nine were either JDAs or on revenue sharing basis. The remaining deals were outright purchase.

Land, the most precious finite resource amid rapid urbanisation, has been seeing increased action after the COVID-19 pandemic, Anarock noted.

To encash the surge in housing demand compared to 2020 and 2021, all major real estate firms like Macrotech Developers, Godrej Proerties and Prestige Estates are buying land parcels outright and also entering into partnership with landlords.

"In terms of land area transacted, has seen the biggest land transactions so far this year," said Santhosh Kumar, Vice Chairman of Anarock Group.

"In terms of total number of land deals, MMR (Mumbai Metropolitan Region) clocked the highest number of deals; while the total area transacted was unspectacular, one must also consider the steep prices in this land-starved city," he added.

Of the total land deals during January-September of this year, there were 40 deals comprising 590.54 acres for development of residential projects, while four land deals were for industrial and logistics parks covering 147 acres.

For development of data centres, four land deals were struck for 118.8 acres.

Maharashtra to Launch State-Run Housing Scheme for Homeless

 Nov 25, 2022

A target of 3.5 lakh homes have been set under the Awaas Plus policy that covers people not represented in the PMAY list.

Maharashtra will launch a new housing scheme to provide accommodations to people not covered under the central government’s Pradhan Mantri Awas Yojana scheme (PMAY) and the state-run Awaas Plus Yojana.

Recall here that under the PMAY scheme, the state is building 5 lakh houses, expected to be ready by March 2023. A target of construction of 3.5 lakh homes is set under the Awaas Plus policy that covers people not represented in the PMAY list.

With this additional step, the state aims to make Maharashtra the first state free of homeless people, said Maharashtra deputy chief minister Devendra Fadnavis.

“Under the PMAY, a target of completing 10.5 lakh homes was set for Maharashtra, which used to be the first to complete projects. However, later it lost its ranking with respect to project completion, owing to reasons like encroachment and non-availability of plots. The Maharashtra government has framed a new policy that regularizes encroachments and makes land available,” he said.

Maharashtra CM Eknath Shinde sanctions Rs 900 crore for 49 projects in Thane

 Nov 24, 2022

THANE: Chief minister Eknath Shinde has okayed a fresh budget for 49 various projects collectively worth Rs 900 crore to be implemented in three administrative wards of Thane city, MLA Pratap Sarnaik informed Wednesday.

As per the plans, the funds for basic infrastructure revamp from the urban development department would be used for strengthening alternate water sources in the area, constructing Lata Mangeshkar music academy, aquarium, swimming pools, revamping gardens, musical fountains at Upwan lake, constructing new roads, community centres, among others.

The works will be taken up in the assembly constituency of Sarnaik that includes Majiwada-Manpada, Vartak Nagar and Lokmanya Nagar areas.Sarnaik said he has spoken with municipal commissioner Abhijit Bangar about drawing a road map for executing the projects at the earliest.

MMRDA plans high-speed Thane road, 1.5-hour travel time to be cut to 10 minutes

 

Nov 23, 2022

MMRDA is exploring the plan for a bypass that would skirt Thane’s congested streets by cutting through parts of the Sanjay Gandhi National Park (SNGP). If constructed, it would be primarily of benefit to traffic moving between Mulund, Airoli, Chembur and onwards to Palghar and Gujarat.

Starting point: Northernmost tip of Mulund at Shrinagar off LBS Road

Ending point: Gaimukh on the outskirts of Thane on Ghodbunder Road

Areas to be covered: The road would pass along the Yeour Hills, crossing Indira Nagar, Lokmanya Nagar, Upwan lake, Manpada, Dongaripada and Anand Nagar

Who will it benefit

Motorists from Mumbai’s central and eastern suburbs & those from Thane travelling northwards.

1.5 hours Time taken at present to cross the 20km stretch between Mumbai-Thane boundary at LBS Road and Gaimukh.

10 minutes Time taken to travel between the same points on the proposed Foothill Road (to be designated as a high-speed corridor) at an average speed of 70kmph.

Trans-harbour railway line to get one more station next year

 Nov 23, 2022

The MRVC official said that for this corridor, 2.55 hectares of land will be required of which 0.47 ha is private land and the rest, government land. While the government land parcel has been acquired by MRVC, the private land is in an advanced stage of acquisition, the official said.

THE EXISTING trans-harbour railway line that runs between Thane and Panvel will have a new station, Digha, which will be a part of this route in January 2023. The new station will come after Airoli and will also be a part of the proposed Airoli-Kalwa elevated suburban corridor on the Central Railway line.

An official of Mumbai Rail Vikas Corporation (MRVC), which is implementing the Airoli-Kalwa suburban corridor and has also constructed the Digha station, told The Indian Express that the station is almost ready and only work of platform shelter, subway, bridge, drainage construction are in the last stages which should be completed by December this year. From January, the trans harbour line trains will also halt at Digha, said the official.

Meanwhile, the MRVC is waiting for the Mumbai Metropolitan Region Development Authority (MMRDA) to hand over land for the new suburban corridor link between Airoli and Kalwa. MMRDA is also responsible for resettlement and rehabilitation of existing slums on this land. There are about 1,080 slums spread on the private land portion. MMRDA has approved 924 rental housing units for R&R. Verification of 209 Project Affected Houses (PAHs) has been done and sent to MMRDA for allotment, of which allotment letters to 113 PAHs have already been issued, as per the MRVC.

The MRVC official said that for this corridor, 2.55 hectares of land will be required of which 0.47 ha is private land and the rest, government land. While the government land parcel has been acquired by MRVC, the private land is in an advanced stage of acquisition, the official said.

The Airoli Kalwa elevated new suburban corridor is proposed to be completed in three years once the R&R and land acquisition is done, said the official. The new corridor has been proposed so that commuters of Central Railway catching trains from Badlapur, Kalyan, or Dombivli do not have to change trains from Thane station which is the terminus for trans harbour railway line. Currently, those travelling from the down direction on the Central Railway line and wanting to travel on the trans harbour route have to get off at Thane station. With the commissioning of the Airoli-Kalwa elevated corridor, commuters will be able to directly travel to the trans harbour line without changing local trains at Thane.