February 2018 Vol 02


Realty bodies ink pacts with Maha to build 9L Affordable Homes by ’22

Realty developers’ bodies CREDAI CREDAI-MCHI and CREDAI Maharashtra have entered into two separate agreements with the government of Maharashtra to develop over 9 lakh affordable houses across the state between 2018 and 2022 to support the government’s objective of ‘Housing For All by 2022’. Members of the developers’ body the Confederation of Real Estate Developers Association of India or CREDAI-MCHI will be building 2.5 lakh homes in Mumbai Metropolitan Region, while remaining 6.5 lakh homes will be constructed across rest of Maharashtra by the members of CREDAI Maharashtra.

- Source: The Economic Times, Saturday 17 February 2018

 Is your Home energy efficient?

As urban homes get increasingly tech-friendly with the advent of newer gadgets and appliances, here’s how you could cut through the complexity by implementing these ideas for intelligent energy consumption… Natural lighting: If your home has even one large east-facing window, you can reduce artificial daylight consumption. “Passive solar design is a huge trend in the west, where natural heat and sunlight are considered premium. However, urban Indian homes are now warming up to this concept by using simple yet smart window fixtures such as blinds, drapes, sunroofs and awnings. These help to maximise sunlight while cutting out intense heat and glare,” suggests Mumbai-based interior designer, Shruti Subramanian.

Walls and windows: Giving your home a fresh coat of paint? Think light colours and fresh tones that will reflect light to give your home a large, spacious feel. Delhi-based interior designer Saheba Singh, says, “Somewhere between grey and beige, taupe is a hot trend this season. Taupe is an easy, a neutral yet versatile shade that can add great charm to your living spaces in the form of light sheer curtains, upholstery, cushions, bolsters and other soft furnishings.” Lighting fixtures: When it comes to lighting, more is not always better. Match the amount and quality of light required for a room for optimum quality and energy consumption. For instance, 60-watt CFL / LED generally suffices as ambient lighting in a living room. For functions that require more light such as reading or working in the kitchen, consider higher wattages.

Home automation: With increasing number of digital devices in the urban home, technology in the form of home automation through the Internet of Things (IoT) is now being seen as a tool to achieve energy efficiency in the home environment. Consider having all your home appliances connected to your mobile phone through which you can check their performance metrics and determine which needs service or replacement based on power consumption. Architect and interior designer Ashiesh Shah says, “Home automation is an excellent energy saver. One needs to tap into a home’s existing potential and use natural light, ventilation, create smart storage solutions and use the right materials for intelligent resource utilisation. If you want to create a tech-friendly home, look into home automation options, using energy friendly lighting, installing solar panels and creating rainwater harvesting systems. In fact, even artworks are going digital today, in the form of kinetic art.”

- Source: Times Property, Saturday 17 February 2018

DP 2034 may be unveiled by end of March

In a move that might help them gain brownie points with voters and provide an impetus to the party in the next assembly elections, Chief Minister Devendra Fadnavis is likely to unveil the Development Control regulations (DCR) by the end of this month and the longpending Development Plan 2034 by March end. Sources say the BJP wants to showcase this as an achievement of their government in the state. Sources said it is likely that the DCR will be out before the budget session of the state legislature which starts on February 26.

The last DP was prepared in 1991 and has been amended several times since, even though norms call for a new plan every ten years. DP 2034 is a vital document projecting the city’s infrastructure needs and vision for the next 20 years. The work for the draft DP 2034 began in February 2014 but following criticism for widespread errors, it was sent for several revisions. The revised plan was cleared by the BMC general body on July 31, 2017.

- Source: Mumbai Mirror, Tuesday 20 February 2018

Bullet train terminus to come up at BKC

The bullet train terminus in Mumbai will come up at Bandra-Kurla Complex (BKC) as the National High Speed Rail Corporation (NHSRC) has said the other two sites recommended by the state were not feasible for the project. The terminus for the bullet train had not yet been finalised even though the foundation stonelaying ceremony for the project was done in September 2017. The terminus will be built underground and IFSC will be above it. Railway officials maintained the G-block plot in BKC is ideal and a win-win situation for MMRDA and the bullet train project.

- Source: The Times of India, Wednesday 21 February 2018

2018: The year of recovery for real estate

Keeping the sales figures of half-two (H2) fiscal year of 2017 in view that was recently released by property consultancy firm Knight Frank, it is safe to say that homebuyers will lead the way in reviving the realty market in 2018. The residential sales in the metropolitan region (MMR) increased by 19 per cent in the H2 period that is from July to December 2017, which is impressive if compared to the low figure of H2 2016 – a period that was marred by the decision of demonetisation. The mid-housing segment in the range of Rs 5-15 million witnessed a good response.

The boost to affordable housing and implementation of RERA has brought positive sentiments among people. The developers have also reported surge in enquiries and sales on account of reduction in prices. Furthermore, the market researchers stated that retail inflation has been growing higher than the city property price which provides an additional benefit to buyers as far as the house purchase is concerned. It is also observed that the property price was 11 times more of income in 2010, whereas in 2017, the property price was high by 7.8 times of the income.

- Source: Mumbai Mirror, Saturday 24 February 2018

Buying land? Go online to check statewide records

Land records can be accessed across the state at a click of a button now. As part of the land record digitization project, the Maharashtra government has completed scanning of over 34 crore records and these will soon be available online. Officials say the purpose is to allow for checking of land records, the name of the owner, area, pending dues on the land, if any, so that sale and purchase of land becomes easier and stressfree in the state.

Governor C Vidyasagar Rao announced this during his joint address to legislators of both the Houses on the first day of the budget session of the Maharashtra assembly. “Cadastral maps (showing the extent, value, and ownership of land, especially for taxation) of six districts of Raigad, Aurangabad, Pune, Amravati, Nashik and Nagpur are being digitized in the first phase,” said Rao. It is part of the central government-sponsored Digital India Land Records Modernization Programme. Under the project, record rooms will also be modernized, he added.

- Source: The Times of India, Tuesday 27 February 2018

Mumbai home to world’s highest-paid expatriates

India’s financial, commercial and entertainment capital, tops global rankings for expat salaries, according to a survey conducted by HSBC Bank International Ltd. Foreigners moving to the sub-continent’s most populous city reported average annual earnings of $217,165. That’s more than double the global expat average of $99,903, the HSBC Expat survey shows.

Other Asian cities joining Mumbai in the top 10 expat salary rankings were Shanghai, Jakarta and Hong Kong. While expats in Asia were generally well compensated financially, all – including Mumbai, the megacity home to more than 18 million people – ranked lower in expat job opportunities than United Kingdom and US destinations such as London, San Francisco, New York, or even Birmingham, according to HSBC.

- Source: Hindustan Times, Tuesday 27 February 2018

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