March 10, 2021 - CREDAI Bengal Homes
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March 10, 2021
CREDAI Bengal Daily News Update | 10.03.21
Newspaper/ Online Financial Express (Online)
Date March 09, 2021
Link https://www.financialexpress.com/industry/demand-for-luxury-
housing-improves-in-delhi-national-capital-region/2209427/
Demand for luxury housing improves in Delhi, national
capital region
India Sotheby's International Realty CEO Amit Goyal said the maximum demand is in Rs
15-25 crore bracket and the top three markets are Sundar Nagar, Jorbagh and
Shantiniketan in the national capital.
The demand for luxury housing properties in the national capital has improved in the last six
months on low prices and home loan interest rates, but there is a need to reduce stamp duty to
give a further boost, according to industry experts.
Addressing a webinar on luxury housing market of Delhi-NCR, India Sotheby’s International
Realty CEO Amit Goyal said the circle rates in Delhi should be rationalised as market prices are
30-40 per lower than the circle rates.
Rahul Bhargava, Joint General Manager, HDFC Ltd, Anubhav Jain, CEO, Silverglades Group
and Ravinder Singh Ahuja, CA, Founder RS Ahuja & Co also participated in the webinar.
“In the last 8-9 years, property prices have only come down. So, it’s high time that the circle rates
are rationalised now. I wish there is a stamp duty cut, just like how it was done in Maharashtra
and some other states. Even internationally, countries such as the UK and Malta did the same,”
he said in a statement.
Maharashtra and Karnataka governments have reduced the stamp duties on registration of
properties.
Last month, the Delhi government had reduced the circle rates of residential, commercial and
industrial properties by 20 per cent for the next six months, but industry players made a case for
further rationalisation.
Goyal said demand is much greater than supply in the market today, due to pent-up demand, low interest rates, an all-time high equity market. “There is some amount of profit-booking happening from other asset classes, and money is flowing into real estate,” he said. Goyal said property prices have not appreciated over the last decade and rather have come down. “Location has become important post lockdown because people are putting emphasis on upgrading lifestyles. They don’t want to travel too much for work and leisure,” Jain said. Bhargava said the loan disbursements have surpassed pre-COVID numbers. “April-May disbursement was negligible, but now, we have surpassed our pre-COVID numbers, and we can see this trend will continue,” he added. Ahuja said the property prices and interest rates are at the lowest, which has created a very attractive and positive environment. Goyal said the maximum demand is in Rs 15-25 crore bracket and the top three markets are Sundar Nagar, Jorbagh and Shantiniketan in the national capital. HDFC Home Loans and India Sotheby’s International Realty are jointly organising Delhi Luxury Home Fair 2021, an online property show from March 6-21. The show will exhibit luxury properties including ready-to-move-in homes and new developments across Delhi NCR in a price range of Rs 5 crore to Rs 150 crore. _____________________________________________________________________
Newspaper/ Online ET Realty (Online)
Date March 09, 2021
https://realty.economictimes.indiatimes.com/news/infrastructure/delhi-
Link government-allocates-rs-1550-crore-for-development-of-unauthorised-
colonies/81410605
Delhi government allocates Rs 1,550 crore for development of
unauthorised colonies
The deputy chief minister said in 619 slums, 10,16,531 metre of concrete pavements and 250
kilometre of drains have been constructed.
The Delhi government on Tuesday allocated Rs 1,550 crore in budget for the development of
unauthorised colonies in the city. Presenting the budget for the financial year 2021-22, Deputy
Chief Minister Manish Sisodia, who also holds the portfolio of finance, said so far, construction
work has been completed or is in progress in 1,345 out of 1,797 unauthorised colonies of Delhi.
For the development of unauthorised colonies, Rs 1,550 crore has been allocated, he said.
Sisodia lauded the efforts of Delhi Urban Shelter Improvement Board (DUSIB) and said all the
slums of NDMC, SDMC and EDMC have been declared 'Open Defecation Free'. It has provided
674 Jan Suvidha Complexes with 21,586 western seats.
The deputy chief minister said in 619 slums, 10,16,531 metre of concrete pavements and 250
kilometre of drains have been constructed.
Twenty-one slum development centres have also been built.
Reiterating the government's commitment to providing 'Jahan Jhuggi, Wahan Makaan', Sisodia
said in Sultanpuri, the work of allotting 1,060 houses to the people living in the nearby slum
settlements is in the final stage.
Apart from this, the construction of 784 multistoried houses for the economically weaker section
has started in Dev Nagar, Karol Bagh.
Sisodia said Rs 5,328 crore has been allocated for housing and urban development projects in
2021.
________________________________________________________________Newspaper/ Online ET Realty (Online)
Date March 10, 2021
https://realty.economictimes.indiatimes.com/news/industry/rules-
Link eased-to-fast-track-redevelopment-of-cessed-buildings-in-
mumbai/81423716
Rules eased to fast-track redevelopment of cessed buildings in
Mumbai
It has scrapped a 2019 GR that, many developers said, had impractical conditions. Now,
developers will not be required to deposit massive sums in escrow accounts to get a
redevelopment NOC.
With hundreds of Mhada NOCs stuck for over a year, the state housing department has relaxed
conditions for redevelopment of old and dilapidated cessed buildings in the city.
It has scrapped a 2019 GR that, many developers said, had impractical conditions. Now,
developers will not be required to deposit massive sums in escrow accounts to get a
redevelopment NOC. They will only have to deposit 10% of the ready reckoner rate of the total
proposed construction area in the form of a bank guarantee or fixed deposit in a nationalised bank.
GR that had stalled redevpt of cessed bldgs scrapped
The state housing department scrapped a controversial government resolution (GR), passed in
September 2019, which had stalled redevelopment of such structures, and issued new rules for
redevelopment of cessed buildings that are regulated by Mhada on Monday.
Several developers had pointed out that redevelopment of Mhada buildings had come to a
standstill since the old GR laid down several impractical conditions for builders seeking to
redevelop them. One of these was that any builder who wants to redevelop a cessed building
should have had a turnover of Rs 10-50 crore in three years. Another condition made it mandatory
for the builder to have constructed 500 houses to be eligible to redevelop a cessed building.
“If the landlord himself is developing the property or the housing society then they won’t have to
show any previous building experience. If the owner is a developer then there will be some norms
of previous construction experience. This will also apply if the owners or landlords sign an
agreement with a builder for redevelopment,” an official said.
The 2019 GR had stalled redevelopment of dilapidated cessed buildings. The new rules are
a welcome move. While conditions of redevelopment have been relaxed, there must be a
timebound plan forredevelopment. Mhada must ensure timely redressal of grievances ofresidents and take penal action against developers for delays after issuing of NOCs. At the same time, Mhada must regulate and monitor the quality of construction strictly.TimesView Samajwadi Party MLA and corporator Rais Shaikh took up the issue of the NOCs last year with housing minister Jitendra Awhad. “In many cases, such as that of Byculla’s Abdullah Mansion, the builder had submitted a proposal and was waiting for an NOC. But no NOCs were being issued because of the 2019 GR. The conditions were so stringent and impractical that no small or medium-sized builder could fulfil them. Scrapping of the old GR is a welcome move. All NOCs that were put on hold must be fasttracked now,” Shaikh said. Amin Patel, Congress MLA from Mumbadevi, said scrapping the GR and issuing new guidelines was a good decision. “Given the Covid-19 pandemic, norms for redevelopment must be relaxed and builders must be given concessions so that redevelopment can move forward,” Patel said. Mhada officials said there are about 14,000 cessed buildings in the city, many of which are in urgent need of redevelopment. A cessed building is one which pays a cess or tax, which is actually a repair fund. These buildings are owned by private landlords and regulated by the Bombay Rent Control Act. Most are in south and central Mumbai, where structures date back to the pre- Independence era. ________________________________________________________________
Newspaper/ Online ET Realty (Online)
Date March 10, 2021
https://realty.economictimes.indiatimes.com/news/residential/dda-
Link housing-scheme-2021-draw-of-lots-for-allotment-of-flats-
today/81423792
DDA housing scheme 2021: Draw of lots for allotment of flats today
These flats are on offer under the scheme for various categories at locations such as Dwarka,
Jasola, Manglapuri, Vasant Kunj and Rohini.
The draw of lots for allotment of flats on offer under the online DDA Housing Scheme 2021 will
be held on Wednesday, the urban body said. These flats are on offer under the scheme for various
categories at locations such as Dwarka, Jasola, Manglapuri, Vasant Kunj and Rohini.
"The Delhi Development Authority is going to conduct the draw for allotment of flats under
the DDA Housing Scheme 2021 on March 10, from 11 am onwards. The draw will be based on
a random number-generation system and will be held in the presence of judges and senior officers
of the DDA," it said in a statement on Tuesday.
As the scheme is online, the general public can view the live telecast of the draw on computer
terminals or mobile phones through live streaming, it said.
Over 33,000 applications were submitted till February 16, the last date for the scheme that was
launched on January 2 with 1,354 flats on offer.
It had received payment from over 22,500 applicants, officials had earlier said.
Of the 1,354 flats on offer, the costliest ones are worth Rs 2.14 crore in the high-income group
(HIG) category.
The maximum number of 757 flats have been offered in the middle-income group (MIG)
category.
The scheme is completely online, done through newly-developed AWAAS software of the DDA
from processing of application to possession of flats.
In HIG, low-income group (LIG) and economically weaker section (EWS)/janta categories, the
number of flats on offer are - 254; 52 and 291, according to the information shared in the brochure
of the scheme.
HIG flats are available in three bedrooms, hall and kitchen (BHK) and two BHK categories; while
MIG ones are in the two BHK category.The last DDA housing scheme was launched in March 2019, offering nearly 18,000 flats under four categories -- 488 (HIG), 1,555 (MIG), 8,383 (LIG) and 7,496 (EWS). ________________________________________________________________
Newspaper/ Online ET Realty (Online)
Date March 09, 2021
https://realty.economictimes.indiatimes.com/news/residential/regularis
Link e-need-based-changes-by-december-31-chandigarh-housing-
board/81405079
Regularise need-based changes by December 31: Chandigarh
housing board
The decision was taken in the board of directors meeting held under the chairmanship of
UT adviser Manoj Parida, who is also holding the charge of CHB chairman.
The Chandigarh Housing Board (CHB) on Monday approved the extension of deadline for
regularisation of need-based changes to December 31.
The decision was taken in the board of directors meeting held under the chairmanship of UT
adviser Manoj Parida, who is also holding the charge of CHB chairman.
Recently, the CHB had proposed to extend the deadline after it expired on December 31, 2020.
The proposal went to the administration for approval, but the authority had asked the CHB to
decide. The CHB officials then placed the agenda in Monday’s meeting.
Parida said, “The penalty scheme to allow additional time to remove, rectify and regularise the
building violations which had expired on December 31, 2020, is now extended up to December
31, subject to payment of applicable charges.”
The CHB has already ruled that the changes carried out in the flats by the allottees, which do notmeet the criteria fixed by the administration in their notification of need-based changes, will still be termed as violations. The board had asked allottees to apply for regularisation after paying some charges. In 2019, the administration had decided not to provide a one-time amnesty solution for large scale violations by CHB allottees in flats. The administration and the CHB had already termed these need-based changes as violations. UT administrator V P Singh Badnore earlier had decided to extend the deadline which had ended on December 31, 2018, to December 31, 2020. The administration has also clarified that additional constructions in the dwelling units of CHB flats are given temporary exemption from immediate demolition, subject to payment of penal charges. Over the years, residents of 50,000 CHB flats have made need-based changes. However, the administration had not regularised these changes and had issued notices to most of the allottees, who are demanding their regularisation. ________________________________________________________________
Newspaper/ Online ET Realty (Online)
Date March 09, 2021
https://realty.economictimes.indiatimes.com/news/residential/goas-
Link rural-development-department-aims-to-fund-400-homes-under-
pmay/81405189
Goa's rural development department aims to fund 400 homes
under PMAY
The short-term goals, which have to be achieved by 2021, are sanctioning funds for 200
homes under the PMAY scheme and generating 2 lakh work days under the MNREGA
scheme through which 460 infrastructure projects will be taken up.
The department of rural development has set short-term and mid-term goals, which include
funding 400 homes under the Pradhan Mantri Awas Yojana (rural) by 2023 and providing social
assistance to 22,000 beneficiaries or pensioners.
The short-term goals, which have to be achieved by 2021, are sanctioning funds for 200 homes
under the PMAY scheme and generating 2 lakh work days under the MNREGA scheme through
which 460 infrastructure projects will be taken up.
The short-term and long-term goals are part of the state’s strategy to undertake development in
rural areas, said a document released by the department.
The document shows that under the Pradhan Mantri Awas Yojana – Gramin (PMAY-G), 193
individuals received a subsidy to build their homes in 2019-20, while in 2020-21, 102 persons
received funds to construct homes till January 2021.
“Our short-term goals, which are to be achieved by 2021, require us to hit a target of 18,000
beneficiaries under the National Social Assistance Programme. In the PMAY-G scheme, we need
to sanction financial support for 200 houses,” a department official said . The Mahatma Gandhi
National Rural Employment Guarantee Act (MGNREGA) scheme, which is implemented
through the department, proved to be a source of livelihood during the pandemic, with the
department’s data showing a jump in the number of job cards and work days created.
In 2019-20, 33,937 man-days of work were generated, 102 job cards were issued, works
sanctioned were 280, and 97 works were completed.
________________________________________________________________Newspaper/ Online ET Realty (Online)
Date March 09, 2021
Link https://realty.economictimes.indiatimes.com/news/regulatory/mumbai-
bmc-collects-rs-415-crore-property-tax-in-1-day/81414030
Mumbai: BMC collects Rs 415 crore property tax in 1 day
The civic body has collected over Rs 100 crore per day right from February. In March alone,
the BMC collected around Rs 1,100 crore from property tax defaulters.
The Brihanmumbai Municipal Corporation (BMC) is racing against time to meet its target for
collecting property tax before the financial year ends on March 31.
The BMC on Monday collected Rs 415 crore of outstanding property tax dues in a single day.
The BMC’s tax collection has now reached over Rs 3,500 crore.
Since March 8 was the deadline to pay property tax for commercial establishments, the BMC has
stepped up tax collection.
The civic body has collected over Rs 100 crore per day right from February.
In March alone, the BMC collected around Rs 1,100 crore from property tax defaulters.
The BMC has not only begun attaching the property of defaulters, but has also begun auctioning
properties.
The BMC has a total outstanding property tax of close to Rs 20,000 crore.
The civic body is facing a severe cash crunch this year owing to the Covid-19 pandemic and a
slew of discounts to builders and contractors.
“We have made a record collection of Rs 415 crore on Monday. In the first week of March we
have already collected over Rs 1,100 crore. We are confident that we will meet our revised target
of Rs 4,800 crore," said assistant municipal commissioner, assessment and collection, Dr
Sangeeta Hasnale.
"We have created a list of top 100 defaulters in each of the 24 wards and are focusing on
recovering property tax from them,” she said.
Officials said that the target of property tax collection was revised to Rs 4,800 crore due to the
Covid-19 pandemic.“For commercial properties, the deadline to pay tax without any penalty was March 8 and for residential properties the deadline to pay the tax is March end. If they don't pay, they will have to pay a penalty of 2 per cent,” Dr Hasnale said. ________________________________________________________________
Newspaper/ Online ET Realty (Online)
Date March 09, 2021
https://realty.economictimes.indiatimes.com/news/regulatory/property
Link -tax-pending-ahmedabad-civic-body-seals-285-
establishments/81405170
Property tax pending, Ahmedabad civic body seals 285
establishments
AMC officials said that the finance department, which is struggling hard to achieve the
targets set in the budget estimates has now decided to target small property defaulters.
The Ahmedabad Municipal Corporation on Monday sealed 285 properties across the city. The
civic body has now begun targeting properties that have defaulted amounts less than Rs 25k also.
AMC officials said that the finance department, which is struggling hard to achieve the targets
set in the budget estimates has now decided to target small property defaulters. The officials said
that till mid-February the AMC was only targeting establishments that had defaulted over Rs 1
lakh. But on Monday, most of the defaulters of the the 285 properties sealed had less than Rs
50,000 dues outstanding.
AMC officials said 177 of these 285 properties were from the areas of Thaltej, Gota, Bodakdev,
Ghatlodia Shilaj Road and SG Highway among others. In Ganesh Meridian a tenant had defaulted
Rs 10.10 lakh. The tenant was the highest defaulter on Monday. The officials said that they were
targeting the western part of the city as these areas were high-end societies.
The drastic step was taken after a majority of the property units had failed to pay taxes ranging
between Rs 50,000 and Rs 10 lakh. In Ganesh Meridian more than 40 properties were sealed by
the AMC.
The officials said that they are inspecting the properties again after sealing, as several property
owners had tampered with the seals. The corporation has decided to file police complaints against
those property owners who tampered with the seals and impose 10% administrative charges on
them.
AMC officials said that to take action against property tax defaulters, the AMC has gone on a
major drive and has sealed around 600 properties so far this financial year.
________________________________________________________________Newspaper/ Online Financial Express (Online)
Date March 09, 2021
https://www.financialexpress.com/industry/puravankara-re-enters-
Link mumbai-with-ultra-luxury-residential-project-invests-rs-450-
cr/2209392/
Puravankara re-enters Mumbai with ultra-luxury residential
project, invests Rs 450 cr
“Puravankara has invested almost Rs 450 crore with expected top-line revenue of Rs 800
crore. The development will see four towers with a total of 233 residential unit and one
tower of 79 commercial units,” the company said.
Bengaluru-based Puravankara on Tuesday said it is re-entering the Mumbai market with an ultra-
luxury project in suburban Chembur for which the real estate developer has invested Rs 450 crore.
The project, Purva Clermont, is part of Puravankara’s WorldHome Collection.
“Puravankara has invested almost Rs 450 crore with expected top-line revenue of Rs 800 crore.
The development will see four towers with a total of 233 residential unit and one tower of 79
commercial units,” the company said.
Puravankara managing director, Ashish Puravankara said the last few months have witnessed a
steady growth in the luxury housing segment, which is indicative of a shift in post-pandemic
consumer behaviour. Leveraging this shift and latent demand, Puravankara believes this is the
right time to bring the WorldHome Collection to Mumbai.
“We strongly believe that the current landscape is ideal for us to strengthen our presence in
Mumbai, which is one of the largest growing real-estate markets in the country. On a personal
note, I am happy to see our foray back into Mumbai, where it all began in 1975,” said Ashish.
Under the WorldHome Collection, Puravankara offers a range of ultra-luxury homes. The
developer has already launched two projects under the collection – Purva Atmosphere in
Bengaluru and Purva Somerset in Chennai. Mumbai is its third offering under this range.“We are in the process of deciding the launch date, but construction will begin in the next 90 days and the project will be completed in the next four years,” said Abhishek Kapoor, chief operating officer, Puravankara. Purva Clermont is located on a freehold 2.25-acre land and it comprises 2, 3, and 4 BHK units with prices in the range of Rs 2 crore to Rs 6 crore, he added. The company also plans to launch one project each under its affordable Provident brand in Thane and Pune. “Work is on for getting approvals for the Thane project and the total size of it is 1.8 million sq ft. One more launch under the same category is planned for Pune. At present, we have 10 million sq ft already launched in Pune and Mumbai. There are a total of six new launches planned for the western market,” said Ashish. _____________________________________________________________________
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