April 01, 2021 - CREDAI Bengal Homes
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April 01, 2021
CREDAI Bengal Daily News Update | 01.04.21
Newspaper/ Online The Economic Times (Online)
Date March 31, 2021
https://economictimes.indiatimes.com/industry/services/property-/-
Link cstruction/housing-prices-up-1-in-jan-mar-may-rise-further-in-second-
half-of-2021-report/articleshow/81777887.cms
Housing prices up 1% in Jan-Mar; may rise further in second half
of 2021: Report
Average housing prices appreciated marginally by 1 per cent year-on-year across seven major
cities during the January-March quarter and are likely to rise further on the higher cost of raw
materials, according to property consultant Anarock.
Average housing prices appreciated marginally by 1 per cent year-on-year across seven major
cities during the January-March quarter and are likely to rise further on the higher cost of raw
materials, according to property consultant Anarock. As per the latest data, the average housing
prices in seven cities increased to Rs 5,660 per sq ft in the first quarter of the 2021 calendar year
from Rs 5,599 in the year-ago period.
The data is of residential properties available for sale in the primary market. In the Delhi-NCR
market, prices appreciated 2 per cent to Rs 4,650 in January-March from Rs 4,580 per sq ft in the
corresponding period last year.
Housing prices in Mumbai Metropolitan Region (MMR) were up 1 per cent to Rs 10,750 from
Rs 10,610 per sq ft during the period under review. In Bengaluru, rates increased 2 per cent to Rs
5,060 per sq ft from Rs 4,975 per sq ft.
Pune saw a one per cent appreciation to Rs 5,580 per sq ft from Rs 5,510 per sq ft, while
Hyderabad witnessed a 1 per cent rise to Rs 4,240 from 4,195 per sq ft. Housing prices in Chennai
were up 1 per cent to Rs 4,990 per sq ft from Rs 4,935 per sq ft. In Kolkata, prices rose marginally
to Rs 4,400 per sq ft in January-March 2021 from Rs 4,385 per sq ft in the year-ago period.
"Average property prices in the top seven cities have remained range-bound for the last few years
but in Q1 2021, we saw some movement with most cities recording a rise of 1-2 per cent over Q1
2020 - except Kolkata, where prices remained stagnant," Anarock Director and Head Research
Prashant Thakur told.
Going forward, he said property prices could rise further, particularly in the second half of 2021.
"At the onset, this price rise was long overdue and if not for COVID-19 in 2020, we would have
seen an escalation," Thakur said. He mentioned that robust housing sales in cities like Bengaluru,
Pune and MMR are reason enough for prices to rise.
"Also, this price rise will not just be because inventories are getting cleared or demand is
improving but also because input costs (of cement, steel etc.) are going up and there is also upward
pressure on labour cost. Hence, the price rise is inevitable," Thakur said.
Recently, Anarock reported that 58,290 homes have been estimated to be sold in the top seven cities in Q1 2021 in comparison to 45,200 units in Q1 2020. MMR and Pune together accounted for 53 per cent of housing sales in the quarter, driven by the reduction in stamp duty by the Maharashtra government. ____________________________________________________________________________________________
Newspaper/ Online The Economic Times (Online)
Date April 01, 2021
https://economictimes.indiatimes.com/industry/services/property-/-
Link cstruction/maharashtra-government-to-reinstate-5-stamp-duty-on-
property-registrations/articleshow/81788199.cms
Maharashtra government to reinstate 5% stamp duty on property
registrations
The state government had slashed the stamp duty charges to two per cent between August
and December last year to boost the real estate market, which was facing a slowdown due
to COVID-19 and the subsequent lockdown. It was made three per cent between January 1
and March 31.
The Maharashtra government on Wednesday decided not to extend the two per cent stamp duty
waiver on property registrations from April.
It said it would reinstate its earlier system of five per cent stamp duty on property registrations
from Thursday.
The state government had slashed the stamp duty charges to two per cent between August and
December last year to boost the real estate market, which was facing a slowdown due to COVID-
19 and the subsequent lockdown. It was made three per cent between January 1 and March 31.
State Revenue Minister Balasaheb Thorat on Wednesday said that there would not be any changes
in the stamp duty rates announced in September last year.
Stamp duty is one of the three biggest revenue contributors for the state government.
Deputy Chief Minister Ajit Pawar had offered one per cent extra relaxation in stamp duty if the
property is purchased in the name of a woman.
While issuing the order, state finance department had stated that once the property is purchased
in the name of woman, she cannot sell it for the next 15 years.
If she sells it, then one per cent of the waived amount along with heavy fine will be collected
from her. It means, if a woman buys an immovable property, she will have to pay four per cent
stamp duty.
However, for the purchase of the same property, a man will have to pay five per cent stamp duty
from April 1 onwards.
____________________________________________________________________________________________Newspaper/ Online ET Realty (Online)
Date April 01, 2021
Link https://realty.economictimes.indiatimes.com/news/industry/realty-
registrations-in-mumbai-jump-365-in-march/81815117
Realty registrations in Mumbai jump 365% in March
In March, the country’s financial capital recorded 365% year-on-year jump in property
registrations at 17,681 deals, showed data from the office of the Inspector General of
Registration Maharashtra. Stamp duty collection also rose 174% from a year ago to Rs 837
crore in March.
Registration of property transactions in Mumbai, the country’s biggest and costliest realty market,
continued to grow at a rapid pace for the seventh successive month in March driven by record-
low home loan rates, discounts and reduction in stamp duty charges.
In March, the country’s financial capital recorded 365% year-on-year jump in property
registrations at 17,681 deals, showed data from the office of the Inspector General of
Registration Maharashtra. Stamp duty collection also rose 174% from a year ago to Rs 837 crore
in March.
“The government’s move to reduce stamp duty rates has received solid response from property
buyers and has resulted in significant growth in registration activity in the last six months. Our
Mumbai offices have achieved all the targets in terms of stamp duty collection and registrations
apart from setting new records,” said Shridhar Dube-Patil, deputy inspector general of
registration, Mumbai division, told ET.
This is the second highest registration activity noted in the last seven months since the
Maharashtra government announced the limited-period stamp duty reduction that ends this
evening. The sustained growth is being witnessed after the country's commercial capital had set
a historic high of 19,552 deals in December, up 204% from a year ago. With over 10,059 deals,
last month had also witnessed the best February performance since 2012.
Given that the registration activity has been on the rise since the government announced the
reduction in stamp duty charges in August, realty developers have urged the government to
reconsider the decision and extend the benefit further.
“Maharashtra government has played a leadership role in rolling out revolutionary measures like
stamp duty reduction to augment sluggish real estate market post Covid pandemic crisis. The
extension of this bolster benefit would have played a catalytic role in keeping up the pace of sales
and property registration momentum across the micro markets and different housing segments in
the state,” said Niranjan Hiranandani, National President, NAREDCO.
According to him, the proven data clearly reflected uptick in volume leading to increased state
revenue in the last six months and the multiplier effect it draws on employment and economy."The state government's decision to discontinue the stamp duty benefit will be a huge distress for the homebuyers who would have decided to buy their dream home but couldn't do so because of the severe impact of the pandemic. We had requested the Government to extend the stamp duty benefit for at least a year so that more and more buyers could fulfil their wish of buying their home,” said Pritam Chivukula, secretary, CREDAI-MCHI. He also urged the government to reconsider their decision and extend the stamp duty benefit further in interest of the homebuyers. Realtors welcomed the government’s decision to not hike the ready reckoner rates and provide 1% concession in stamp duty to women homebuyers, but also expressed that they will keep pushing for the extension of the stamp duty reduction, which is a win-win scenario for all. “An extension would have ensured the sustenance of the sales momentum while providing the necessary support to one of the strongest economic pillars and employment generators in the country. We look forward to continuing our dialogue and representation with the necessary authorities to resume the reduced 3% stamp duty rates in the near future and safeguard the best interest of all stakeholders involved,” said Deepak Goradia, president, CREDAI-MCHI. ________________________________________________________________
Newspaper/ Online ET Realty (Online)
Date March 31, 2021
Link https://realty.economictimes.indiatimes.com/news/industry/real-estate-
projects-spring-up-across-visakhapatnam/81773969
Real estate projects spring up across Visakhapatnam
With the city tipped to become the executive capital of Andhra Pradesh, realtors expect this
region to become the heart of new development.
Realty projects are mushrooming across Anandapuram and Bhogapuram in Vizag city in
anticipation of a rise in demand.
With the city tipped to become the executive capital of Andhra Pradesh, realtors expect this region
to become the heart of new development.
The expectation is bolstered by the region set to get a greenfield airport and metro rail
connectivity. Apartments, big and small, regular and premium, gated communities are springing
up in the area. Nearly 50 per cent of all real estate work in happening here.
Confederation of Real Estate Developers Associations of India (Credai-AP) expressed in its
recent annual general body meeting that Vizag city has a lot of potential for growth of the realestate sector. “Vizag was a real estate hotspot even in united AP due to its geographical advantage. Now, with the executive capital proposal in horizon, Vizag’s real estate market is extending towards Vizianagaram,” Credai vice-president B Raja Srinivas told TOI. Credai members said that the price of flats in these areas will likely range between Rs 40 lakh to Rs 3 crore. More flats are expected to come up in the Rs 50–70 lakh range considering affordability, they said while adding that demand is higher at Bheemili, Anandapuram and Bhogapuram where there are a lot of vacant sites available and there is good road connectivity. ________________________________________________________________
Newspaper/ Online ET Realty (Online)
Date March 31, 2021
Link https://realty.economictimes.indiatimes.com/news/industry/now-
mutation-with-registration-of-land-in-bihar/81773738
Now, mutation with registration of land in Bihar
CM Nitish Kumar had recently cited land-related disputes as the main reason behind 60%
of crimes committed in the state.
In a bid to reduce land-related disputes, the revenue and land reforms department is all set to
unveil a new software today that will connect the offices of the sub-registrar with the circle offices
to ensure land mutation at the time of registration.
CM Nitish Kumar had recently cited land-related disputes as the main reason behind 60% of
crimes committed in the state.
"After assessing and studying different aspects of the land disputes...We found that more than
60% of crimes in the state have their roots in land-related disputes," the CM had said on December
8 last year, directing the land and revenue department officials to
integrate the registration and mutation process to bring more transparency so that land disputes
could be reduced.
The revenue and land reforms minister Ram Surat Kumar will formally launch the new system
on Wednesday, which will come into effect across the state from April 1.
"With the new system coming into force, complaints related to mutation of land will come to an
end," the minister said and added that the purpose behind this is to minimize disputes over
land/property, which more often than not lead to crimes.
However, the facility will be available only for those buyers who purchase land from persons
having 'jamabandi' on their names, which means only those who own a piece of land through
mutation can sell it.
The sellers/buyers will have to fill up mutation forms along with the documents for registration
of the land. The forms will be simultaneously forwarded to the circle office from the sub-
registrar's office for simultaneous registration and mutation.
In the new system, a mutation form will have details of the land, names of the buyer/seller among
other relevant information. The copies of the sale/purchase deeds will be sent to the respective
circle offices by NIC within hours of the registration.
At present, land buyers have to submit online applications for mutation. Moreover, they have to
attach copies of the deed of the purchased land with the mutation forms. "This is a cumbersomeprocess, which often delays the mutation," a revenue and land reforms department official pointed out. ________________________________________________________________
Newspaper/ Online ET Realty (Online)
Date March 31, 2021
https://realty.economictimes.indiatimes.com/news/residential/punjab-
Link deadline-for-solar-plant-installation-in-residential-properties-ends-on-
march-31/81773834
Punjab: Deadline for solar plant installation in residential
properties ends on March 31
The administration has not submitted any proposal for extension of the deadline, said a
senior UT official. “However, UT administrator VP Singh Badnore will take a final call on
it,” the official added.
The deadline fixed by the UT administration to install solar plants at residential properties
measuring 500 sq yd and above and group housing societies will end on March 31.
The administration has not submitted any proposal for extension of the deadline, said a senior UT
official. “However, UT administrator VP Singh Badnore will take a final call on it,” the official
added.
The last deadline had ended on March 31, 2020. As lockdown was in force, the UT had decided
not to impose any penalty on residents and had extended the last date till March 31, 2021.
The Union government last year had notified the new subsidy scheme for rooftop solar units.
Under it, the subsidy amount has been raised from 30% to 40% for panels up to 3 kWp capacity.
For solar units from 4kWp to 10kWp, the subsidy will be 20%. The same has been adopted by
the UT administration. There will be no subsidy for plants above 10kWp. Earlier, 30% subsidy
was given to all applicants irrespective of the capacity of the plant.
In a notification issued on May 18, 2016, the administration had made installation of rooftop solar
power plants mandatory in residential properties measuring 500 sq yd and above and group
housing societies. There are around 10,000 such houses in different parts of the city, including
sectors 8 (417 houses), 11 (493 houses), 33 (643 houses), 35 (419 houses) and 36 (417 houses).
Those who fail to install solar power plants despite directions of the UT administration will be
served notices by the UT estate office.
________________________________________________________________Newspaper/ Online ET Realty (Online)
Date March 31, 2021
https://realty.economictimes.indiatimes.com/news/regulatory/mumbai-
Link bmc-disconnects-sewage-lines-for-non-payment-of-property-
tax/81773797
Mumbai: BMC disconnects sewage lines for non-payment of
property tax
BMC usually disconnects water lines of buddings owned by defaulters but now the BMC
has begun disconnecting sewage lines too.
The Brihanmumbai Municipal Corporation(BMC) on Tuesday began disconnecting sewage lines
of properties where owners have defaulted on paying property tax.
BMC usually disconnects water lines of buddings owned by defaulters but now the BMC has
begun disconnecting sewage lines too.
The BMC on Tuesday disconnected sewage lines of 4 properties. BMC officials said that on
Tuesday, dues of around Rs 8. 70 crore were pending of a hotel in the K-West ward. “Despite
repeated requests and notices the property tax was not paid. So the sewerage line of this property
has been cut off,” said a civic official. Sewage lines of three other properties were also
disconnected.
In the financial year 2020-21, the BMC had set a target to collect property tax of Rs. 5,200 crore
but so far property tax of Rs. 4,536 crore has been collected.
The BMC had in February begun attaching the property defaulters for failing to pay property tax.
Officials said attachments are part of the BMC’s drive to recover poetry tax from violators. The
BMC has not just attached but has also begun auctioning properties of those who have not paid
property tax.
The BMC has a total outstanding property tax of close to Rs 20,000 crore that it has to collect
from property owners across the city. With the civic body facing a severe cash crunch this year
owing to the Covid-19 pandemic and a slew of discounts to builders and contractors, the BMC
began to attach and auction properties of defaulters.
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