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Affordable homes account for over 48% unsold units in Mumbai region: Report

Around 48% of total unsold stock in the Mumbai Metropolitan Region (MMR) is affordable housing units priced below Rs 45 lakh. Realty developers in the region had an unsold stock of over 2.93 lakh units till July 2019, showed a Proptiger report.

Majority of this unsold stock in the MMR is concentrated in Thane, Dombivali, Neral, Mira Road, Panvel, Virar and Chembur.

While the largest number of two-bedroom and 3-bedroom homes are available in Thane (west) (13,766 and 4,306 units, respectively), Neral has the biggest concentration of one-bedroom homes at 8,599 units.

A total of 59,042 units were delivered in the first half of 2019, the highest number of housing delivery recorded in the first half of a year since 2014, the report said. Nearly 41% of this stock or 24,188 units were priced below Rs 45 lakh.

Tuesday October, 08

CIDCO rakes in over Rs 100 crore by leasing out four Navi Mumbai plots

Defying the current property market scenario, the City and Industrial Development Corporation (CIDCO) has fetched over Rs 100 crore in a day by leasing out four plots in Pushpak Nagar, a greenfield Smart City to be developed in Navi Mumbai.

Interestingly, all the four plots--each admeasuring nearly an acre--have received more than the reserve price of Rs 55,216 per sq meter or Rs 22.34 crore. The plots had an FSI of 2, and are allowed, commercial, residential, and even commercial plus residential use.

CIDCO, the planning authority for Navi Mumbai region, confirmed generating revenue of Rs 101 crore through the long-term lease of these plots to local developers.

The auctioned plots--2, 19 21 and 39--are located in sector 5 of Pushpak Nagar and bids for the plots were invited through both e-tender and e-auction process.

While plot number 2, had the highest bid at Rs 86,216 per sq meter, plot number 19 saw the highest bid of Rs 68,216 per sq meter. Plot number 21 witnessed the highest bid of Rs 78,216 per sq meter and plot number 39 saw the highest bid of Rs 76,221 per sq meter.

Saturday October, 05

Mumbai residential launches down 33% on-year in July-Sept: Report

New supply of residential apartments in Mumbai, the country's most expensive property market, declined 33% during the quarter ended September. The city witnessed new supply of 9,390 units comprising 67% share of total supply of 14,040 new units launched in entire Mumbai Metropolitan Region (MMR), showed data from ANAROCK Property Consultants.

Navi Mumbai contributed 17% to total launches in MMR at 2,430 new units, while Thane saw 2,220 units launched during the quarter. In July-September 2018, total launches in Mumbai stood at 14,040 apartments - exactly the same number of launches that is seen by entire MMR in the latest quarter this year.

As on September end, MMR had an unsold stock of nearly 220,870 units. Of this, Mumbai comprised 66% share with around 146,380 unsold units. On yearly basis, the city was able to shed its unsold stock by 3% while sequentially it only saw 1% reduction in the unsold stock.

Tuesday October, 01

Housing for all target will be met two years in advance: Housing Minister

NEW DELHI: The target of housing for all by 2022 will be met two years before deadline said Hardeep Singh Puri, Minister of State (I/C) for Housing and Urban Affairs.

Puri was speaking at the 15th National Convention organised by NAREDCO in New Delhi on Tuesday.

The government will also roll out 50 smart cities by December 2019, he added.

In relation to rental housing policy the minister said that the MoHUA has held consultations with the states, during which some concerns have been expressed, but several positive suggestions too have come up.

Puri further said that they are in the process of streamlining RERA procedures further. But by and large, the regulator has come to be accepted by all stakeholders, he added.

Friday August, 23

Cidco clears plan for 94,000 low-cost homes in Navi Mumbai

Around 53,000 houses will be low income group (LIG) and the remaining economically weaker section (EWS) category.

NAVI MUMBAI: Cidco board on Tuesday approved a Rs 19,000-crore plan to build 94,000 affordable houses/flats. It is probably the most houses to be built as part of PM Narendra Modi’s flagship housing for all by 2022 scheme, introduced on June 1, 2015.

Around 53,000 houses will be low income group (LIG) and the remaining economically weaker section (EWS) category. The houses will be close to suburban railway stations, bus and truck terminals and construction will start after registration under RERA.

Meanwhile, Cidco board will take a call on inviting CM Devendra Fadnavis for the Metro test run for less that 2km in few days. It felt, sources said, that preliminary charging of the depot and other mandatory tests should be done first. The trial run, for which permission has to be sought from the commissioner of railway safety and other authorities, is scheduled in December. The Rs 3,063-crore Metro spans 11.1km, from Belapur to Pendhar.

Friday August, 23

India needs additional 25 million affordable houses by 2030: Report

MUMBAI: Over 40% of the Indian population is expected to live in urban areas as against current figure of 34% and this is likely to create a demand for 25 million additional affordable units, estimated a RICS – Knight Frank report.

The current housing shortage in urban areas is around 10 million units and most of the housing shortage lies in the Economically Weaker Section(EWS) and Lower Income Group Segment (LIG).

According to the report, as of July 2019, 8.36 million houses have been sanctioned under the government’s “Housing for All by 2022” initiative. Construction for 4.9 million units has begun and 2.6 million units of which have been completed. Given the past trend, additional 1.64 million houses are likely to be sanctioned by December 2019, making it highly possible to achieve the 10 million houses target by 2022.

However, the report, noted that a subsidy-based approach may not be enough for maintaining sustained growth in the affordable housing segment and to address the huge demand.

“Affordable housing is a high potential segment that the private development companies are yet to explore to its potential. Unlike other segments of housing, affordable housing poses an interesting challenge involving strategies at all levels,” said Shishir Baijal, Chairman and Managing Director of Knight Frank India.

He believes that given the requisite volume, the category may need to look at innovative solutions right across the stages of development including statutory clearance, design, building and construction management along with marketing and sale.

Financing for affordable housing can be broadly classified into- debt, equity and subsidy. From Fresh disbursals of HFCs and Scheduled Commercial Banks (SCBs), it is evident that

The share of EWS sector in new loan disbursals has come down each financial year from 21% in 2012-13 to just 10% in 2017-18. Moreover, even the share of LIG sector in fresh disbursals has also declined from 39% in 2012-13 to 33% in 2017-18.

Friday August, 02

Can you sell your property before registration?

NEW DELHI: Neelam Sharma has paid the full amount for her newly constructed flat and also taken a No-objection Certificate (NOC) from her developer to register the property. But due to a financial emergency, she was unable to arrange money for the Registry. Meanwhile, a friend came to her rescue and offered to buy the property.

Neelam is not sure if she can sell her property before registration?

The fact is, failure to register a property puts you in high risk. Without Registration you have no legal right over the property even if you have cleared all your dues with the builder.

You need to register your property as soon as you have paid the full amount for your property and other charges to the builder. Stamp duty and registration charges are paid to the govt and the property is registered in the name of the owner. This is how ownership right is created for a property. Without registration, a buyer has no legal right over the property so, one cannot sell it to anyone under the Transfer of Property Rights Act.

Registration Act

Section 17 of the Registration Act, 1908, mandates that documents of immovable property need to be compulsorily registered. However, there is an exception - where the owner is in some difficulty because of which he is unable to register the property.

Wherever one cannot register his property and wants to sell it to some other person, he can approach his builder and request him to make changes in the Builder-Buyer Agreement and transfer the ownership rights in the name of the new buyer. The builder levies processing charges and deducts certain fees and allows the new buyer to register the property in his name. This way, the original owner can sell his property to the new buyer even before registration is done. The builder’s consent is required as he holds the property rights till it is registered in the buyer’s name.

Aditya Parolia, a Supreme Court lawyer, says, “If a Conveyance Deed is signed, you need to go as per the Transfer of Property Act and get the property registered in the name of the new buyer through the Registrar. But if not, the property title in the government records still vests with the builder and you need to transfer your ‘Agreement to Sale’ to the new buyer with prior confirmation from the builder and his attestation for the same.”

Wednesday May, 01

Why the monsoon is the optimal time for home purchase

Many developers offer attractive discounts during the monsoon period in order to boost their sales. Banks to join them with special home loan offers.
In India, the monsoon season stands for a lot of things. Indoors, they set the ambience for pakodas and hot coffee while watching the rains freshen the air and trees. Outdoors, we navigate puddles, slippery roads and traffic jams. However, the monsoon season also presents the perfect time to scout for a new home.

There are good reasons for why the rainy season is the optimal time for house hunting. In the first place, overall demand tends to be subdued, since a majority of potential home seekers are averse to do site visits and home inspections while rains lash the city. Savvy buyers, on the other hand, are able to strike good deals with sellers on account of the muted demand.
Seasonal special rates on home loans

It is not only discounted property rates which present buyers with an advantage during the monsoon. Even banks and other lending institutions generally come out with special offers on home loans in this season. Even if no formal offers are announced, banks will tend to be more willing than usual to negotiate on their charges and interest rates on home loans.

No better time to determine product quality

For buyers who have had their eyes on certain shortlisted properties but have not taken the plunge so far, the monsoon period is the perfect time to make final inspections and close the deal. The overall construction quality of a property is best determined during this period; while developers are less challenged to maintain their offerings in good, saleable condition during the other seasons, a few heavy downpours will reveal construction flaws such as seepages and leaks which can only be avoided by perfect waterproofing, flawless plumbing and high-quality window fittings.

In other words, the monsoon season is the ideal time to judge the potential investment value of a new property, as well as investments on repairs that would need to be made in resale units. If leaks and seepage are discovered before closing the deal on the property, the buyer can insist that the required waterproofing and other related repairs be carried out by the seller before signing on the dotted line.

The rainy season also reveals how traffic in the neighbourhood behaves when it has to slow down because of wet roads. In fact, some low-lying areas are prone to flooding, leading to immense traffic jams - this is a factor which can only be established during the monsoons. This kind of knowledge is very important to intending buyers who are unfamiliar with the locality.

In short, the monsoon period is probably the best of times to make one's property investment in India. This is a little-known fact, but it can actually help buyers to get the best value for their property investment.

Wednesday July, 03

Planning of 'Metro' for Panvelkar

Panvel Municipal Corporation has included Metro in the proposed planning plan of 2045. The proposed international airport will be connected to Panvel city Metro. Reliable sources said special work is being done in the planning department. According to this, 'Patnala' will run 'Metro' from the city's main road between Panvel Railway Station. Municipal Commissioner Ganesh Deshmukh is under the supervision of the proposed plan of this Metro till about six kilometers.

Friday June, 28

Mumbai's slow pace due to heavy rains Rainfall has also been observed in Mumbai, Thane and Palghar

The city has slowed down due to rains in Mumbai. The traffic jam on JVLR route, Western Expressway, East Expressway has been blocked. Transport of Central Railway has also been slowed down. Mumbai is the fastest city in India. However, due to heavy rains, Mumbai's speed has slowed down. The front row of vehicles appears to be on the Western Express Highway. Local trains are running late for five minutes on Western Railway. The Weather Department has predicted that the next four to five hours of rain will fall like this.

The speed of the local traffic towards the Chhatrapati Shivaji Terminus has slowed down. The slow road traffic has slowed down. Water has been supplied to the railway tracks in Thane and Mulund.

Friday June, 28

It's a proud Moment for entire GrowHomes team for Achieving the "Iconic Township Project of The Year 2019" award from Times Group for Riverside Greens Project.

Times realty Icons conclave & awards 2019 - Navimumbai and beyound held at Sofitel Mumbai BKC,

It's a proud Moment for entire GrowHomes team for Achieving the "Iconic Township Project of The Year 2019" award from Times Group for Riverside Greens Project.

In Honour the Times Group writes " Riverside Greens in Panvel is a beautifully-crafted gated community of five buildings offering aesthetically designed 1BHK and 2BHK apartments. Nestled in untouched natural greenery, the residents of Riverside Greens can enjoy the sound of the gushing river and the sweep chrip of birds."

Friday June, 21

International Yoga day 2019: Practicing yoga can help combat mental, physical illness

“Yoga is the journey of the self, through the self, to the self”

Yoga is an ancient Indian practice that embodies the unity of body and mind; restraint and fulfilment; thought and action. In the west, yoga was initially considered just as a form of physical exercise, but now is being increasingly studied as a healing modality or medical intervention. There has been a significant growth in the number of research studies to investigate yoga practices to treat a variety of physical and mental health conditions, especially depression.

Depression is a very common mental ailment and negatively affects how a person feels, thinks and handles everyday activities. As per NMHS (National Mental Health Survey), 2015 -16, one in every 20 people over 18 years of age in India have suffered from depression at least once in their lifetime. This amounted to a total of 45 million persons suffering from depression in the year 2015. The burden of depression is not only high in India, but people around the globe are affected by this debilitating illness.

Friday June, 21

90,000 Affordable Homes In Navi Mumbai To Be Made Available Under PMAY

Chief engineer at CIDCO (special projects) told DNA that these houses will be made available under the housing scheme through a lottery system by the end of July or in August, this year. The report also said that these flats will be sold under the economically weaker section (EWS) and low-income group (LIG) categories of the PMAY scheme. The prices of these houses will be 20 to 30 percent lower than those offered by private developers in the city. The CIDCO also plans on keeping the payment process flexible for buyers so as to enable them to make payment as the construction of the houses progress. These houses are planned to be built in Navi Mumbai's Taloja, Bamandongri, Juinagar, Kharghar, Panvel, Kharkopar and Kalamboli locations, the report said. Out of the 90,000 flats, 53,000 will be constructed under the EWS category and 37,000 in the LIG category. Real estate in Mumbai and its metropolitan area known to be expensive. Houses constructed by the CIDCO are sold at a cheaper rate in comparison to private players. For example, it has sold its houses at Rs 6,000 per sq ft as against Rs 9,000/sq ft by a private developer.

Sunday June, 16

CIDCO okays Navi Mumbai villagers’ rehabilitation

Residents of Dungi village, which is outside the core area of the proposed Navi Mumbai International Airport, have received City and Industrial Development Corporation (CIDCO) approval for their rehabilitation.

During last year's monsoon, the village was flooded on account of land filling work for the airport. “The proposal has been passed during the board meeting held on June 7. Dungi's villagers will be receiving a package equivalent to that of others affected by the airport,” said Priya Ratambe, CIDCO public relations officer.

Situated at the boundary of the proposed airport, Dungi villagers had organised protests and written to CIDCO in October last year after monsoon had flooded the area. Farmers from the village who usually sow crops between June and September, were not able to do so last year due to the flooding. “This year too, it will be the same. While our demands have been met, the process will take time, which means this monsoon too, we will have to face floods,” Vikas Naik, a resident of Dungi village said. “There was water inside and outside our house. We are afraid of a similar fate this year.”

The villagers said they were shown an area at Pushpak Nagar wherein they would be rehabilitated, but Mr. Naik said they had asked for more options.

The villagers are also worried about the timeline. “The survey of our houses is pending. CIDCO will provide us money for 18 months' rent as per the scheme but for us to shift out, the survey needs to be finished,” Mr. Naik said.

Meanwhile, a CIDCO official from the Rehabilitation and Resettlement Department said they have written to the Raigad collector, who will come for the survey.

Sunday June, 16

Property buyers return home Inventory of unsold residential apartments drops thanks to steady prices, cuts in GST.

Indian homebuyers are gradually returning to the real estate market thanks to favourable property prices, cuts in the goods and services tax (GST) and an expectation of lower interest rates. Apart from a steady improvement in sales momentum, the relatively lower number of launches is also helping the market limp back to normalcy, experts said.

The inventory of unsold residential apartments in the top seven cities dropped to 30 months at the end of the March quarter against 50 months in the corresponding period in 2017, according to Anarock Property Consultants, a real estate services company. This measure indicates the number of months it will take to sell current unsold stock; a level of around 18 months is considered healthy.

Unsold housing stock in these markets has declined about 16% over the past two years to 665,000 units, although that’s far from the lowest level of 496,000 units in 2013. However, the rising inventory trend since 2014 onwards has been arrested, with data suggesting a sequential decline.

“Average property prices across cities have largely maintained status quo and saw less than 2% rise in the last two years — from Rs 5,480 per sq ft in the first quarter of 2017 to Rs 5,570 per sq ft in 2019 first quarter (January-March),” said Anarock Property Consultants chairman Anuj Puri. “A stable government at the Centre is expected to boost buyer confidence further and increase housing sales velocity in the coming quarters.”

Monday May, 20