March 2017 Vol 01
Navi Mum realty soars as airport project takes wing
The finalization of bid for the Rs 16,000-crore Navi Mumbai airport project has led to an increase in enquiries about properties in the vicinity and house registrations in parts of the city. The GVK group on February 13 won the bid for the project.According to the data collated by the Navi Mumbai chapter of Maharashtra Chamber of Housing Industry, out of the total registrations recorded from November 2016 to February 2017, nearly 16-17% were done after GVK won the bid.
Home buyers seek panel help to stop `Dilution’ of Realty Act
A pan-India home buyers’ pressure group, `Fight for RERA’, is asking separate Parliamentary Committee on Subordinate Legislation (COSL) of the two houses of Parliament to intercede so that states do not weaken the federal Real Estate (Regulation and Development) Act & ensure that final rules are framed and implemented within the ambit of RERA.
After the Act was notified on May 1, 2016, states were required to notify final rules within six months. So far Gujarat, UP, Madhya Pradesh have finalised their rules, while Rajasthan, Karnataka, Maharashtra, West Bengal, Tamil Nadu have framed draft rules.Fight For RERA said all these states have diluted the central law in favour of developers and sought COSL’s intervention to put a stop to this.
Bandra-Versova sea link overcomes one more hurdle, gets environmental nod
Though the clearance was given last October before the term of the state environment impact assessment authority (SEIAA) expired, it was issued only in February.The issuance was delayed as the Maharashtra State Road Development Corporation (MSRDC) had not fulfilled all requirements.“Now that MSRDC has complied with all requirements, the clearance has been issued,“ said Satish Gavai, principal secretary, environment department.
The SEIAA, while granting the environmental clearance, had said that it is subject to obtaining a noobjection certificate from the forest and wildlife board and the condition that no mangroves will be destroyed. Moppalwar said that the MSRDC will issue a `request for proposal’ in the next couple of days and financial bids would take another three months. “We shall begin construction by October,“ he said.
Stamp duty on affordable homes set to go?
Affordable houses may soon be exempt from stamp duty, which varies between 4% and 8% of the transaction value. Union minister for urban development and housing M Venkaiah Naidu said that his ministry has written to state governments to exempt affordable houses from stamp duty. Stamp duty is a state subject, with the state government fixing the rate and collecting the duty.
Addressing developers’ association Credai (Confederation of Real Estate Developers’ Associations of India), the minister said that the Centre would ensure that there was no net tax escalation in the housing sector, particularly the affordable housing segment, following the implementation of the goods and services tax (GST).He said that the inclusion of the real estate sector in the GST framework would help the industry.Affordable housing is exempt from service tax, which is around 5.35% of a property’s selling price.
Time ripe for end Users
With real estate prices expected to fall further, realty experts are of the opinion that it is a favourable time for end users. Most developers have already reduced the rates to some extend to attract buyers; the sudden drop in demand enforced them to lower the price. Real estate price was lowered by 10 to 15 per cent after demonetisation. Moreover, flush with cash, many banks have lowered the interest rate for home loans, providing favourable conditions for property purchase. Another reason why it is good time for first time home buyers is the number of lucrative offers that developers are offering post-demonetisation.
Legally Speaking: Check certain documents before you buy
Whether you are investing into an under-construction project, a redevelopment property or a resale flat, it is imperative you check the following documents thoroughly before you sign on the dotted line, say experts.If you have been waiting on the side-lines to buy a property and are thinking of cashing in on the opportunity, make sure you check the following documents to ensure that the property that you are purchasing is a legal one from the developer like 6×12, 7×12 extract; Encumbrance and release certificates; Commencement Certificate (CC); Intimation of Disapproval (IOD); Approved plan; Purchase agreement; Occupancy Certificate (OC);
Legality of the Title of the property:there is another document 8A, which gives details about the payments of land revenue tax, owner’s name, etc. This document would not only verify the legality of the title of the property but will also check for any reservations, which the developer might have overlooked while constructing the building. If you buy a property, which has certain reservations, then there could be some problems at a later date if the authorities decide to take action.The documents required for registration, apart from the sales deed, will include a letter from the society that reflects the number of floors in the building; the construction year; the apartment’s built-up area and the number of lifts in the building.
OCs, CCs no more needed to form housing societies
For thousands of Mumbaikars living in apartments where maintenance has taken a hit as their housing societies have not been formed and are still unregistered, here is a ray of hope.The state cooperatives department has allowed registration of housing societies of residential buildings which may not have received occupation certificates (OC); and commencement of construction and completion of construction certificates (CC) yet.
To do this, residents will have to go to their civic or planning body concerned and get a certificate that says their building was `authorized’ and legal as per plan approved by town planners of that local governing body.A source in the cooperatives department said that there are over 1.2 lakh residential buildings across Mumbai Metropolitan Region, but only about 75,000 have registered housing societies.
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