August 2016 Vol 02
Your address will soon be an 11-digit number
The city authority has decided to clone the Centre’s Aadhaar idea and repurpose it to cover all the buildings across the metropolis with an 11-digit unique identification number.Numbering the structures will simplify inquiry processes for citizens seeking information or making grievances, as all such details will be linked to the ID and made available online.
CM clears proposal to redevelop BDD chawls
With eyes on the forthcoming BMC election, Chief Minister Devendra Fadnavis on Saturday cleared a proposal to apply provisions of slum rehabilitation scheme in the redevelopment of British-era Bombay Development Directorate (BDD) chawls and set a December deadline to commence the work on the project.
PE inflows into Office Space surge on reforms
Renewed confidence among institutional investors has pushed private equity flows into commercial real estate in the first half of 2016 even beyond the cumulative investments witnessed during the whole of last year. Office realty has received over Rs.3,256 crore investments from private equity funds during January to June against Rs.3,229 crore in 2015, a JLL India study showed.
India 7thon list of wealthiest nations
India has figured among the top 10 wealthiest countries in the world with a total individual wealth of $5,600 billion, while the US topped the chart.According to a report by New World Wealth, India was ranked 7thahead of Canada ($4,700 billion), Australia ($4,500 billion) and Italy (USD 4,400 billion), which came in at 8th, 9thand 10thslots, respectively.
Four extra work hours leave Mumbai Builders happier
Home buyers in Mumbai can now expect delivery of their homes faster owing to a recent government directive that has allowed construction work on building projects between 6am and 10pm, an effective extension of four hours every day.
End-users vs Investors
The realty market is influenced by the activity of the end-users and the investors both, but there are times when one has a greater influence on the market in comparison to the other. The investor’s property is meant for the end-users eventually; therefore, the demand from consumers is usually constant. In the prevailing market condition, the return from real estate investment is subdued in comparison to what it was a few years ago; therefore, the end-users are in a commanding position in the current market.
The curious case of Taxes and Duties
If you are among the many home-buyers looking for a property, it’s important that you are well-versed with the nuance of different taxes and duties and ways through which they will impact your cash flow management.
MHADA goes builder-friendly, changes redevelopment policy
In a builder-friendly move, the Maharashtra Housing and Area Development Authority (MHADA) has decided to drop the condition of sharing apartment in MHADA colonies redevelopment projects and decided to charge a premium from builders for getting rights to redevelop MHADA colonies. The policy, brought about during the Congress rule, was seen as a major reason behind builders not taking up MHADA redevelopment projects.
Physical `Site’ visit Important
A site visit is an essential step in one’s home-buying journey. Experts confirm that it is one’s duty to physically inspect the place of one’s future dream abode.A site visit can help a buyer ascertain the genuineness of claims made by the builder – especially if one chooses to visit the project during its construction of pre-launch phase.
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