A grand property expo by MCHI

  4 March, 2022

The 19th CREDAI MCHI Thane Realty and Home Finance Expo is slated to happen at the Raymond Grounds, Thane on the 11th to 14 March 2022.

Thane’s leading property and home fi nance expo returns for the convenience of home seekers in 2022, after a two year break following the Covid-19 pandemic. Thane’s real estate not only retained its vibrancy and price stability during the pandemic, it also saw sales not getting impacted as a result of the lock-downs, said CREDAI-MCHI Thane President Jitendra Mehta.

In the ‘new normal’ post the pandemic, home buyers have missed the advantage that the property expo provides. It is about selecting a home from a wide choice, across different segments and price points, created by a wide variety of leading real estate brands - all under one roof. Giving due weightage to the requests from home seekers, CREDAI MCHI Thane has organized its annual property and home finance expo – PROPERTY-2022 THANE- from 11th March to 14th March 2022, at Raymond Ground, Pokharan Road.No.1, Thane (W) 400601. “Due importance has been given to ensuring a Covd-19 appropriate setup. This year, entry for home seekers to the expo is free, and we have provided transportation from Anand Cinema, Thane East and Modella Mills Compound, Mulund Check Naka to the venue,” added the CREDAI MCHI Thane President.

Ajay Ashar, Immediate Past President, said, “PROPERTY - 2022 Thane, a team effort by CREDAI MCHI Thane, will see many real estate developers and leading home fi nance providers offering some of the best options that a home seeker would want. The advantage of having a wide array of options under one roof, with the option of directly interacting with representatives of real estate brands and home fi nance providers will see many a home seeking family select their dream home and make it a reality,” he added.Sandeep Maheshwari, Exhibition Committee Chairman said, “The property and home fi nance expo has been organized in March 2022 following continuous feedback received from home seekers, who were looking forward to being able to check our various property and home finance options under one roof. This year, entry for home seekers to the expo is free; transport has been arranged from Anand Cinema, Thane east and Modella Mills, Mulund Check Naka to the expo venue, and Covid-19 appropriate behaviour will be ensured. The organizing team is looking forward to providing home seekers with the perfect platform to make their dream homes come true,” he concluded.

The Inauguration of the 19th Real Estate and HFC Expo would be done on Friday, 11th March 2022 by worthy hands of Hon'ble Minister Eknath Shinde and in Presence of Hon'ble Minister Shri Jitendra Awhad.Along with this the MCHI Raymond's Fashion Show and Calendar Shoot 2022 would be held as a grand event on the 12th of March at the Raymond's ground. The celebration would see a lavish inaugural party in the presence of many CEO's of multinational companies. This would be India's 1st corporate calendar for the financial year 2022 - 23, with the best models walking the ramp from all across India. The calendar would be distributed across 3000 plus companies across Maharashtra, Gujrat and sponsors.

Source: www.mid-day.com

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PROPERTY-2022 THANE: A safe and secure home buying experience

 4 March, 2022

PROPERTY 2022 THANE, the property and home finance expo is organized by CREDAI MCHI THANE, one of the most respected real estate associations. The confidence that a home seeker gets while buying a home from a member of the association, during the annual property expo organized by CREDAI MCHI THANE, is immense.

From the home seeker’s perspective, it is not just about good deals and sweeteners or the expo being free to visit. Neither does provision of free transport from Anand Cinema, Thane East and Modella Mills, Mulund Check Naka to the venue make a difference; rather it is setting up of the expo in response to home seekers’ suggestions and feedback – they want to select a home at the expo. For CREDAI MCHI THANE, it is a simple endorsement of the trust and confidence gained over the years.

Back, after a gap of 3 years, After a break of two years, PROPERTY 2022-THANE will be held at a new venue at Raymond Grounds on Pokhran Road No 1, Thane west. Along with a new venue, the hope is that a new era in property and home finance expos will commence this year onwards. A new venue, hosting the perfect platform for home seekers to make their dream homes into a reality

Thane is unique, It is the perfect city for all segments of home seekers, across budgets and sizes. A culturally rich city which offers a safe and secure life-style, it is blessed by Mother Nature in form of the verdant greenery and water bodies. The existing infrastructure is good, the on-going projects will enhance the city’s future-preparedness. For all home seekers, there’s a project in Thane where your dream home will become a reality.

CREDAI-MCHI Thane: CREDAI-MCHI Thane has always considered itself as part of the social fabric of Thane. As an association of real estate developers, CREDAI-MCHI Thane has always been a part of Thane’s development. Going beyond just square feet of space, the association has been ready to take on responsibilities and support authorities for all sorts of situations. For Thane to evolve into a City that is best in every way, authorities including the state government and the TMC play an important role. But, making it a better city is a joint responsibility - all stakeholders in Thane’s development working as a team, ensuring they co-script new chapters of the city’s evolution and growth.

Beyond residential real estate: There are many aspects of commercial real estate which are witnessing growth in Thane and peripheral areas. While organized retail and office spaces have traditionally had good offtake over the years, the city has also seen growth in IT and ITeS as also sunrise sectors like Data Centres, Warehousing and Logistics. Corporate India finds Thane the ideal place to relocate and centralize office spaces and the city also offering homes across a wide spectrum of price points is icing in the cake.

The ‘New Normal’ in the pandemic: Humankind co-exists with the pandemic and its different variants; the vaccination program enabled a recovery from negative effects of the pandemic. Across project sites, CREDAI-MCHI members have ensured a safe and secure working environment; ensuring time-bound possession of homes. Traditionally a stable real estate market, Thane, even during the pandemic, did not see any wild swings in price points. The growth is steady, and stable – this has been the story of Thane’s real estate growth over the years, it remained so even during the pandemic.

Homes in the ‘new normal’: The ‘new normal’ in the pandemic has seen demand for homes which are a bit different than what was the norm earlier. Thane offers home seekers abodes which are perfect to meet the new requirements brought about by the pandemic. Be it flexible home interior spaces or an additional room for work from home or e-study, Thane’s residential offerings are ‘just right’ in the new normal.

The expo’s growth over the years: CREDAI-MCHI THANE organized its first property and home finance expo in 1999, over the years it has only grown. Being the first property exhibition announced in 2022, and given the positive impact of not just the BUDGET 2022-23 but also the RBI’s recent Monetary Policy Update, home buying during the expo will happen in a positive environment. Not only has the exhibition clocked growth in terms of quantum and numbers over the years, what has also enhanced is its importance. For real estate developers, the expo helps increase their buyer base and turn fence sitters and speculators into serious buyers. For the home seeker, it is a wide array of options to evaluate under one roof: a comfortable, safe and secure platform. For investors too, the expo is the ideal platform.

Come, make your dream home come true: PROPERTY 2022 THANE has been organized after feedback received from home seekers, who were looking forward to being able to check our various property and home finance options under one roof. The organizing team looks forward to providing home seekers with the perfect platform to make their dream homes come true.

Source: www.mid-day.com

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Mumbai: MMRDA allocates Rs 2,111 crore for transport and infrastructure projects in budget 2022-2023

 February 28, 2022

MUMBAI: Crucial infrastructure works, including underground Metro corridor between Wadala-CSMT, an extension of Eastern Freeway till Thane, construction of coastal link road between Nariman Point-Cuffe Parade are likely to begin this year. Mumbai Metropolitan Region Development Authority (MMRDA) has sanctioned a substantial amount for these projects in Rs 18,404 crore budget for the financial year 2022-23.

MMRDA undertakes works on Metro corridors and road expansion projects, besides developing crucial infrastructure in Mumbai Metropolitan Region (MMR) that includes districts of Mumbai, Thane and Raigad.

The budget was approved in the 152nd authority meeting chaired by Urban Development minister Eknath Shinde Metropolitan Commissioner SVR Srinivas said “We have presented budget with a deficit of Rs 7,680 crore. The expenditure proposed is Rs 18,404 crore as against the revenue estimated at Rs 10,724 crore.”

The shortfall will be met by borrowing through loans, revenue by leasing of land parcels, development charges, income from Metro projects that will be commissioned this year.

Srinivas said, "This budget mainly emphasized on implementation of public transport and vital infrastructural Projects for which Rs 2,111.30 crores have been earmarked.”

Amongst projects which will see work begin are the construction of a bridge from Nariman Point to Colaba/ Cuffe Parade, Metro Line 10 (Gaimukh to Shivaji Chowk),11 (Wadala-Thane),12 (Kalyan-Taloja), Extension of Eastern Free Way to Thane, Thane Coastal Road, Elevated Road from Anand Nagar to Kharegaon in Thane City, Kalyan Ring Road, Kopri-Patni Road, bride on Gorai Creek, Thane- Borivali Tunnel Link Road etc.

Srinivas said, “We hope to complete the tender process for these Metro corridors in six months. Metro 11 will have integration with Metro 4 (Thane-Ghatkopar-Wadala).”

The Detailed Project Report (DPR) for extension of Eastern Freeway till Thane is being prepared. MMRDA estimates that it will be able to finalise the DPRs and bids by August 2022.

The DPR for the construction of sea-bridge between Cuffe Parade and Nariman Point has been prepared and soon MMRDA will float tenders for which Rs 260 crore has been sanctioned in this budget.

MMRDA has also decided to spend Rs 210 crore this year on the 6 km long road project that will link Mumbai Trans Harbour Link Road to Mumbai-Pune Expressway from Chirle.

Srinivas said, “Allocations have also been made for concretisation of the Eastern Express Highway and Western Express Highway. We expect the work to begin by May 2022.”

Source: timesofindia.indiatimes.com

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Maharashtra government increases FSI for slum-rehab projects across state

 1 March, 2022

MUMBAI: The Maharashtra government has increased the Floor Space Index (FSI), or the permissible development on a plot, to four times from three across the state for slum-rehabilitation projects, in line with existing guidelines for the country’s commercial capital, Mumbai.

The state government has revised the Unified Development Control Promotion Regulations (UDCPR) for the rest of the state to give effect to this increase in the FSI.

"In late 2019, the FSI for slum-rehabilitation projects in Mumbai was increased to four times from the earlier three, and now, after over two years, the same has been made applicable to other parts of Maharashtra," said a senior state government official.

The move is expected to push projects involving slum rehabilitation in other parts of the state apart from Mumbai.

"With growing industrialisation and a population explosion, slums will continue to increase in volume and cause larger issues. The Maharashtra government has rightly identified this and its penetration beyond metro cities like Mumbai. The FSI policy to incentivise developers in other cities to come forward and take up slum redevelopment is a step in the right direction. This will be a big leap forward in housing for all and slum-free cities in Maharashtra," said Gautam Thacker, President of real estate industry body Naredco’s Progressive Neral-Karjat unit.

According to Thacker, when combined with city beautification and pride in one's place of residence, it would encourage more developers to come forward and undertake such development, as well as be a positive step toward a cleaner and safer city or town.

In a bid to strengthen and bring uniformity to real estate construction guidelines across the state, the government approved the UDCPR in December 2020. This uniform set of regulations will specify everything from the height of buildings to the width of roads and the size of amenity spaces.

The new rules are applicable to all municipal corporations, councils and nagar panchayats across the state, except Mumbai and some neighbouring areas like hill stations, eco-sensitive zones and specified corporation areas.

As per the UDPCR issued in December 2020, the density for slum rehabilitation projects to receive the FSI of three was set at 500 dwellings per 2.5 acres. This permissible density has now been increased to 650 dwellings per 2.5 acres, while increasing the FSI to four times from three.

Slum-rehabilitation authorities will have the flexibility to consider projects with an even lower density of 500 dwellings per 2.5 acres, to ensure more rehabilitation projects are undertaken and slum dwellers are accommodated in such developments.

For effective implementation of the projects, a separate authority is likely to be set up for eight metropolitan municipalities including Thane, Kalyan, Panvel, Vasai-Virar and Bhiwandi-Nizampur. Seven municipalities and councils, including Badlapur, Ambernath Alibag, Pen, Khopoli, Matheran and Karjat will also be made part of this separate authority.

Source: content.magicbricks.com

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Mumbai property market on record-setting spree, February scales over 10,000 registrations

 1 March, 2022

MUMBAI: Property registrations in Mumbai, the country’s biggest real estate market, have continued to reflect robust momentum in February, surpassing the pre-pandemic levels witnessed two years ago by a wide margin.

This is also the first time since the stamp duty reduction benefit came to an end last year, the city has seen monthly registration of over 10,000 apartments. In terms of revenue to the state exchequer, the month has recorded the best February ever with over Rs 561 crore stamp duty collection.

The country’s commercial capital witnessed registration of over 10,026 residential deals in February, showing data from the Inspector General of Registration, Maharashtra. This registration number is up 23% from January, which itself was a 10-year record.

February 2020, the month just prior to the outbreak of the Covid19 pandemic in India, had witnessed registration of 5,927 residential deals and the performance recorded this month has surpassed this pre-covid level by over 70%.

“Mumbai, apart from being the country’s largest realty market, is now also one of the strongest growth markets. A slew of measures like the progressive budget, availability of the lowest home loans rates and a good homebuying environment is driving this growth. We expect this uptrend to continue in the months to come and hope that the government remains supportive,” said Boman Irani, President of realtors’ body CREDAI-MCHI.

Record-low interest rates, incentives, and stable pricing have been prompting a robust response from homebuyers for nearly 6 quarters and now the fear of a price hike due to cost-push or an upward revision in government rates is also pushing the sales velocity.

“We are seeing good traction in sales activity across categories and micro-markets, robust conversion of inquiries into deals. It is an indication of positive sentiment combined with low interest rates and stable pricing that is translating into business momentum. With all positive factors in place, most homebuyers have realised this is the best time to buy,” Vikas Chaturverdi, CEO, Xanadu Group that handles sales and marketing of several developers across their portfolios. “Both western and central suburbs of Mumbai are leading the sales activity.”

According to Irani, the Mumbai Metropolitan Region (MMR) posting sustainable growth for the last several months is extremely encouraging news for over 250 ancillary industries and job creation in general.

With the central bank maintaining its stance on low policy interest rates, and developers providing attractive offers, sales trajectory has been on the rise with monthly sales surpassing even pre-pandemic levels seen in 2018 and 2019.

The Mumbai property market has been buzzing with activity since the state government announced a reduction in stamp duty rates in 2020 to kickstart the realty sector and other industries linked with it.

The reduced stamp duty had led to a surge in the number of transactions across segments including luxury, mid-income and affordable housing. While the lower stamp duty benefit window period ended in 2020, the property markets across key cities of Maharashtra are still witnessing robust activity.

Kailash Babar, ET Bureau

Source: content.magicbricks.com

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Plea to defer collection of metro cess

 2 March, 2022

Pune: The realtors’ organisations have urged the state government to not charge the 1% metro cess for property purchases immediately, citing that the realty sector was just beginning to look up in the past two to three months.

Citizens’ groups also sought deferment of levying the cess. Chairman of Maharashtra Societies Welfare Association (MSWA) Ramesh Prabhu told TOI that they would be writing to the government to delay the implementation of metro cess as it would impact the buying process.

“The realty sector is slowly inching towards pre-pandemic times with registrations picking up in all sectors. The government should not suddenly think of implementing the cess, which will impact the consumers. Cities like Mumbai, Pune and Thane see the maximum registrations and the realty sector in these cities would definitely be affected,” said Prabhu. Metro cess is a transport surcharge supposed to be levied in metro cities Mumbai, Pune Nagpur and Thane. It will be 1% of the property value. The revenue earned through it is intended to be used for funding transport infrastructure projects in the metro cities. The urban development department had issued a GR (government resolution) on metro cess about two years ago. But the state government restricted its imposition till March 31 because of the pandemic.

If the metro cess comes into effect from April 1, the stamp duty on property transactions in Mumbai would go up to 6% from the current 5%. In Pune, Nagpur, and Thane, it would be up to 7% from 6% at present. The metro cess would come into force if no new GR was issued, said property registration officials. “As of now, the earlier order stands. If there is anything to be reconsidered by the government, an order must be issued ahead of March 31,” said an official.

Developers’ bodies have approached the state government to reconsider the implementation of metro cess, fearing that additional stamp duty would slow down the bookings. Credai national vice-president Shantilal Kataria told TOI that when 2-3% concession was given in stamp duty last year, the state government benefited from the revenue collection surge. “The government should suspend the implementation of metro cess. If it does not, it will reflect on revenue collections because the highest revenue generating cities are Pune, Nagpur and Mumbai,” he said.

Source: timesofindia.indiatimes.com

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