May 25, 2021 - CREDAI Bengal Homes
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May 25, 2021
CREDAI Bengal Daily News Update | 25.05.21
WEST BENGAL NEWS
Newspaper/Online The Times of India ( online )
Date May 25, 2021
Link https://timesofindia.indiatimes.com/city/kolkata/skyscrapers-ready-%20for-
wind-tunnel-test/articleshow/82920063.cms
Kolkata: Skyscrapers ready for wind tunnel test
When cyclone Amphan struck the city last May, Kolkata’s tallest skyscraper ‘The 42’ experienced
the highest wind velocity. Towering 250m above ground, the wind speed at that height gains even
more ferocity in the absence of obstacles and friction at lower levels. This Wednesday-Thursday,
too, this building and other skyscrapers will be put to test.
“At a height of 250m, the wind velocity is at least 3%-4% higher. Other buildings that are140m-
160m tall will also experience strong currents, necessitating greater precautions than buildings that
is 30m-50m tall,” said met scientist Devendra Pradhan.
On Monday, developers in Kolkata ensure the checklists prepared prior to Amphan had been
ticked again.“The 42 is complete and has got the clearance certificate. So there are no scaffoldings
or lose material anywhere,” said Alcove Realty executive director Yashaswi Shroff.
In buildings under construction, tower cranes used to lift materials have either been dismantled or
the arm made free-moving so that they rotate in the wind. Aluminium shutterings have been
reinforced to ensure they don't fly off. Loose material has been stowed in sheds. “Labourers who
live in temporary quarters on the construction site have been shifted into the building for safety,”
said Confederation of Real Estate Developers' Association of India (Credai) Bengal chapter
president Nandu Belani.
At Urbana and South City where people reside, all windows and doors to refuge areas and roofs
are being shut. At Altius in Tangra, where a cladding had flown off during Amphan, checks have
been carried out to ensure there is no repeat. In Atmosphere, palm trees atop Deya, the hanging
club at 150m, are harnessed. “The Deya with Swiss bearings and friction bolts is designed to
withstand such calamities,” said Forum Projects director Vidyut Saraf.
“Other than external cladding in some buildings, there was no damage of consequence during the
Amphan. Modern buildings are tested to withstand winds beyond 300km/ hr. We should not have
any trouble with cyclone Yaas,” said Credai president (West Bengal) Sushil Mohta.
___________________________________________________________________OTHER NEWS
Newspaper/Online Business Standard ( online )
Date May 25, 2021
Link https://www.business-standard.com/article/current-affairs/affluent-indians-
seek-second-home-to-escape-covid-19-pandemic-rage-121052500016_1.html
Affluent Indians seek second home to escape Covid-19 pandemic
rage
The need to escape covid-infested cities is prompting well-heeled Indians to look for a second
home in ‘safer’ places. They are looking everywhere, from the outskirts of the city they live in
to tier-2 cities, green belts with open spaces within the city, the hills, and even Dubai. Ritesh
Mehta, senior director at real estate consultancy firm JLL India, said inquiries for second homes
have risen 20-30 per cent since before the pandemic. The second wave, in particular, has
triggered a rush from people in cities such as Mumbai, Delhi, Chennai, and Bengaluru.
_____________________________________________________________________________Newspaper/Online ET Realty ( online )
Date May 25, 2021
Link https://realty.economictimes.indiatimes.com/news/industry/maharashtra-to-
take-a-call-on-extension-for-property-registration-soon/82930535
Maharashtra to take a call on extension for property registration
soon
Credai Maharashtra has sought four-month extension from the state government for such
property documents, which were to be registered by April-end.
Additional chief secretary (revenue) Nitin Kareer on Wednesday said the state government
would soon decide on the issue of extending registration of property documents executed in
December last year.
Credai Maharashtra has sought four-month extension from the state government for such
property documents, which were to be registered by April-end. “The state government, after the
HC orders, has sought some documents from the state developers’ body. We should take a
decision on the issue soon,” he told TOI.
The state developers’ body had written to the Inspector General of Registration and Stamps
regarding the extension, which was forwarded to the state government. As per section 24 of the
Registration Act of 1908, all documents need to be registered within four months of the date of
the agreement signing, failing which a fine, not exceeding 10 times the registration fee, is to be
levied each month in different slabs.
The developers’ body has approached the state government to be considerate towards property
buyers and not charge a fine in view of the pandemic.
Sources from the revenue department said the government could consider the request by making
necessary amendments to the rules as well as levying a nominal charge for late registration.
Senior officials from the department said the state might consider the extension of one or two
months with a nominal fee. “Considering the pandemic situation, it is unlikely that there will be
registrations. So, people who executed their property documents between January and March
may also seek extension,” the officials said, adding that the final order in this regard was
awaited.
The state government had given a stamp duty waiver of 3% till December 31 last year to
provide the much-needed boost to the realty sector.
Shantilal Kataria, national vice-president, Credai, said with Maharashtra reeling under the
second wave of Covid, it had not been possible for many home buyers to meet the four-month
deadline.
________________________________________________________________Newspaper/Online ET Realty ( online )
Date May 24, 2021
Link https://realty.economictimes.indiatimes.com/news/industry/listed-developers-
sales-share-increases-amid-pandemic-anarock/82910269
Listed developers' sales share increases amid pandemic: Anarock
In contrast, of the total 2.03 lakh units sold in top seven cities in FY2017, the share of
these top eight listed players was the lowest at about 6 per cent while that of non-listed
leading players stood at 11 per cent and others (non-branded) had a whopping 83 per cent
share.
The overall housing sales share of the top eight listed realty players has surged amid the
pandemic. As per latest Anarock data, out of the total sales of around 93,140 units in the first
nine months of FY2021 across the top seven cities, the top eight listed players' share stood at 22
per cent while non-listed leading players' share was 18 per cent. Non-branded developers
accounted for a 60 per cent share.
In contrast, of the total 2.03 lakh units sold in top seven cities in FY2017, the share of these top
eight listed players was the lowest at about 6 per cent while that of non-listed leading players
stood at 11 per cent and others (non-branded) had a whopping 83 per cent share.
The increased share of these top eight listed players over the years provides a clear roadmap of
home buyers' evolving preferences.
The top eight listed developers considered are Brigade Enterprises, Godrej Properties, Kolte-
Patil, Mahindra Lifespaces, Oberoi Realty, Prestige Estates, Puravankara, and Sobha.
The top listed players together sold as much as 21.23 million square feet area in the first three
quarters of financial year 2021 despite the first wave of COVID-19, rising by 2 per cent against
the corresponding period in FY2020, when 20.88 million square feet were sold.
Among the listed players, Godrej Properties sold the maximum in terms of area (around 6.64
million square feet) in this period, followed by Bengaluru-based Prestige Estates with around
5.04 million square feet space.
Anuj Puri, Chairman of Anarock Property Consultants said: "After the roll-out of structural
policies including RERA and GST, organized and branded players' dominance has risen
exponentially. Homebuyer demand has tilted towards branded products. Both listed and leading
developers have been catering to this new demand with projects for the affordable and mid-
income segments, rather than playing only to the luxury homes gallery."
This demand-supply equilibrium has helped keep sales momentum going during the pandemic,
when housing demand rose significantly, he said."The top eight listed players' sales share increased to 22 per cent from April to December 2020 - a major increase from 6 per cent in FY 2017. Even non-listed leading developers have ramped up their share from 11 per cent in FY 2017 to 18 per cent now. It is a major and ongoing realignment in residential real estate demand and supply," Puri said. ________________________________________________________________
Newspaper/Online Money Control ( online )
Date May 24, 2021
Link https://www.moneycontrol.com/news/business/real-estate/mumbai-witnesses-
drop-of-over-60-in-number-of-properties-registered-in-may-6931321.html
Mumbai witnesses sharp decline of 60% in number of properties
registered in May
Only 3631 housing units have been registered in Mumbai in the month of May and just
about Rs 177.52 crore collected as stamp duty on account of the second wave of COVID-
19
The real estate sector in Maharashtra employs about one lakh construction workers, most of
them migrants.
Mumbai saw a drop of over 60% in the number of housing units registered and stamp duty
collected in the month of May 2021 on account of the lockdown imposed due to the second
wave of COVID-19.
Only 3,631 housing units have been registered in Mumbai in the month of May and just about
Rs 177.52 crore collected as stamp duty, registration data made available by Maharashtra’s
Department of Registration and Stamps indicated.
This is as per data until May 24, 2021.
In April, the first month after the Maharashtra government decided not to extend the stamp duty
waiver on property registrations, as many as 10,136 properties were registered in state capital
Mumbai. Stamp duty worth Rs 514 crore was collected.
This was compared to 17,728 units registered in March 2021 when the stamp duty waiver of 3
percent was available.This was around a 43 percent decline in just about a month. However, the number of units registered in April 2021 was up 70 percent compared to the units registered in April 2019 (5,940 units), an analysis by Propstack suggests. There were zero registrations in April 2020 due to the complete nationwide lockdown amid the first outbreak of COVID-19 in the country. In February 2021, 10,170 units were registered; in January this year 10,412 units were registered. December and November 2020 saw registration of 19,581 and 9,301 units, respectively, the state’s registration data indicated. On August 26, the Maharashtra government had decided to temporarily reduce stamp duty on housing units from 5 percent to 2 percent until December 31, 2020. Stamp duty from January 1, 2021 to March 31, 2021, was at 3 percent. Properties worth Rs 10,275 crore were sold in April 2021, up by 12 percent compared to Rs 9,200 crore worth of units sold in April 2019, the Propstack analysis said. However, this amount is 65 percent lower compared to March 2021 when properties worth Rs 29,166 crore were sold. The stamp duty collection for April 2021 stood at Rs 514 crore which is a 12 percent increase from the collection in April 2019 (Rs 460 crore). The registrar’s office collected Rs 875 crore in March 2021, Rs 352 crore in February 2021 and Rs 305 crore in January 2021. The total collection stood at Rs 681 crore in December 2020, according to the registration data. From April 2021 when stamp duty was back to 5 percent, Mumbai contributed to Rs 514 crore of stamp duty collection which is 12 percent higher compared to April 2019 and 41 percent lower compared to March 2021 when the stamp duty was at 3 percent, the analysis said. As for the average ticket size of the housing unit, it stood at Rs 1.02 crore in the month of April 2021. It was Rs 1.65 crore in March 2021 and Rs 1.15 crore in February 2021. The number was Rs 1.74 crore in December 2020. The ticket size in April 2019 stood at Rs 1.55 crore.
The second wave of COVID-19 pandemic notwithstanding, property registrations in Mumbai swelled in March 2021 as the unprecedented rush among the homebuyers continued in the backdrop of all-time low home loan rates, attractive price discounts and reduction in stamp duty charges. Some transactions between January and March 2021 saw stamp duty being paid in advance, but the property getting registered in April 2021. In December 2020, properties worth Rs 34,000 crore were sold in Mumbai alone on the back of the 2-percent stamp duty cut, many of them in the luxury segment. Bankers, stockbrokers and even industrialists came forward to close big-ticket real estate deals in the city. _____________________________________________________________________________
Newspaper/Online ET Realty ( online )
Date May 24, 2021
https://realty.economictimes.indiatimes.com/news/regulatory/pune-civic-body-
Link wants-maharashtra-government-to-give-stamp-duty-dues-of-rs-176-
crore/82910188
Pune civic body wants Maharashtra government to give stamp duty
dues of Rs 176 crore
According to civic officials, they had decided to reduce their budget expenditure due to
poor revenue generation in 2020-21 and introduced a 40 % cut. Only essential services,
mandatory and emergency works were allocated funds.
The Pune Municipal Corporation (PMC) has approached the state government for the release of
its share of stamp duty charges amounting to Rs 237 crore.
“The civic body is suffering a revenue loss due to the pandemic. The civic administration
should get its share from the state government. It will help carry out Covid-19 mitigation work,”
Hemant Rasane, standing committee chairman, said. The civic body has urgently sought Rs 176
crore.
According to civic officials, they had decided to reduce their budget expenditure due to poor
revenue generation in 2020-21 and introduced a 40 % cut. Only essential services, mandatory
and emergency works were allocated funds.
“Our revenue sources are limited. The share that the state gives from stamp duty is one of the
key incomes. If utilised properly, the civic body will be able to survive this financial crises,” a
senior PMC official said.
A number of initiatives include procurement and free distribution of lifesaving injections. “We
have been spending on pandemic-related works. Funds from state government should come and
they will be used for the pandemic’control,” Rasane added.
________________________________________________________________Newspaper/Online ET Realty ( online )
Date May 24, 2021
Link https://realty.economictimes.indiatimes.com/news/regulatory/chandigarh-
property-tax-yield-hit-as-e-sampark-centres-shut/82904806
Chandigarh: Property tax yield hit as e-Sampark centres shut
The municipal corporation (MC) has postponed the last date for payment of property tax
from May 31 to June 30. The authority is confident that the one-month extension with
rebate facility will boost taxpayers.
Lockdown-induced closure of e-Sampark centres has hit collection of both residential and
commercial property tax.
“Property tax collection has dipped from 50% to 60% in the three weeks due to the closure of
the e-Sampark centres. We are not getting as much amount as earlier,” said an official.
Although there are online modes of payment, sources said a majority of people prefer to pay
through the centres only At the same time, the municipal corporation (MC) has postponed the
last date for payment of property tax from May 31 to June 30. The authority is confident that the
one-month extension with rebate facility will boost taxpayers.
According to the records of the civic body, there are around 1.10 lakh property taxpayers in the
city.
MC receives ₹14.5cr tax Out of which, around 85,000 are residential property taxpayers, while
26,000 own commercial properties. Recently, the commercial properties of villages were also
brought under the tax ambit, but due to the Covid-19 pandemic, these property owners had been
given temporary relief of not paying tax for the current financial year.
The civic body has received Rs 14.50 crore property tax, according to the records of the MC.
The authority has kept a target of Rs 48 crore in the current financial year. The authority
received the amount in less than two months from April 1. Now, the date of paying the tax with
rebate facility has been postponed from May 31 to June 30.
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