Real estate developers are purchasing more land

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Due to the overwhelming demand for homes, real estate developers have accelerated their plans to acquire land. A pattern discovered in 2023 continues this year, with builders going on a land-buying binge, particularly in major cities. However, why are land deals skyrocketing, and which acquisitions are grabbing the news in 2024? Propertywala finds out. 

Industry reports indicate that as real estate tycoons continue their widespread land acquisition binge, real estate will rise by roughly 10-15 percent, reaching nearly 3,00,000 units in 2024. With an emphasis on metropolitan areas, developers have been looking for underserved local markets to cash in on the rising demand for homes. Land deals in well-known Indian cities have significantly increased due to this. The subsequent piece delineates the land-acquisition patterns of builders for the years 2023 and 2024 thus far, in addition to the elements propelling the rapidly increasing demand for housing. 

Large-scale land grabs by real estate developers

Major developers throughout India are seeing an increase in land ownership momentum due to deals involving direct acquisitions and joint ventures. For example, DLF Ltd. recently paid Rs 825 crore to purchase a 29-acre plot in Gurgaon’s Golf Course Extension. The land has 7.5 million square feet of development potential. A 100-crore land deal on Gurgaon’s Golf Course was closed by TREVOC Group concurrently. 

LikewiseJan 25, 2024, Lodha Developer, a company listed as Macrotech, completed the acquisition of a 100% stake in Pune’s Goel Ganga Venture. As for a business-known developer, Gulshan Homz paid Rs 150 crore for a 2.5-acre plot in Sector-129, Noida. In collaboration with regional partners in Uttar Pradesh, Gulshan Homz is also building a residential project in Moradabad. There are plans to build 90 residential units as part of the project. 

Godrej Properties’ recent acquisition of a 4-acre plot of land in Bangalore also helped to start the trend. Godrej anticipates that the project will have a development potential of about Rs 1,000 crore as they look to solidify their position in the Bangalore real estate market. 

Godrej gained attention in the previous fiscal year for its meticulous land acquisitions, adding 18 new land parcels to its list. An approximate revenue potential of Rs 32,000 crore will result from these acquisitions, with a cap of Rs 15,000 crore for 2024. 

Small-time local developers are finding it challenging to acquire land because of the recent development by large developers. Developers, for example, are not happy with the bidding guidelines for a 24-acre land parcel in Bandra, Mumbai, and are criticizing the eligibility and financial requirements. Developers claim that limiting the bidder’s net worth to an astounding Rs 15,000 core will prevent many small developers from participating in the Bandra Reclamation Project. 

Cause of the increase in housing demand 

According to the Confederation of Real Estate Developers’ Associations of India (CREDAI), housing demand needs to reach 93 million by 2036, confirming the longevity of the rising residential sales trend. But given rising living expenses, what might be the motivating factor behind such steadfast demand? 

“Homebuyers’ demand has an increased interest cost environment resulting from elevated inflation, the strong domestic economic fundamentals, and the increasingly aspirational attributes of residential real estate,” says Shishir Baijal, Chairman and Managing Director of Knight Frank India. However, the trend is apparent in the primary residential markets across the country.”  

Significant land purchase initiatives during the previous year  

While land acquisition activity in the first quarter of 2024 got off to a great start, some notable deals occurred in the year prior. Here are a few noteworthy land purchase transactions from 2023: 

  • In Gurgaon, near the Dwarka Expressway, BPTP Developers paid Rs 87 crore for a 5.2-acre land parcel. 
  • Chintels India gave the Sobha Group land parcels close to the Dwarka Expressway for Rs 121.82 crore. 
  • Graphite India sold 1.02 lakh square meters of land to TATA Realty in Bangalore for Rs 986 crore. 
  • Casa Grande paid Rs 56.8 crore to secure a four lakh square foot deal in Hyderabad. 
  • With a land purchase in Gurgaon for Rs 597 crore, Oberoi Realty made its real estate debut in the Delhi NCR area. 
  • Birla Estates purchased a 28-acre plot of land in Sarjapur, Bangalore, for a residential development. 

Trends to watch in land investment 

In light of the current circumstances, industry experts have identified a few prominent investment trends that can help investors and developers make better decisions for the upcoming fiscal years. For example, because large builders are purchasing land parcels for development in and around Tier-1 cities, the focus on these areas is still prevalent. 

However, there is also a ton of investment potential in cities in Tiers 2 and 3. Recent reports claim that builder brands are focusing on the undeveloped markets of Nagpur, Panipat, and Ludhiana. Investor’s first choice is also the Mumbai Metropolitan Region (MMR). Due to their lower initial costs and potential for appreciation, buyers are eager to purchase new properties. 

Developers intend to seize the opportunity while it is still favorable, acknowledging that the current surge in housing demand is here to stay. Industry insiders predict that land acquisition will continue to be popular in 2024, with Tier-1 cities and developing areas continuing to be the hotspots. 

Five things to be aware of regarding the group housing plot plan by the Greater Noida Authority

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Following its float on February 7, the plan will expire on March 1, 2024. Officials say requests for the plots can come through February 2nd.

To entice real estate developers to create residential projects in the area, the Greater Noida Industrial Development Authority (GNIDA) has reopened a scheme for selling eight group housing builder plots after a lapse of more than ten years. 

According to officials, the scheme opened on February 7, and applications for plots can be made until February 2. The scheme will close on March 1, 2024. The Gautam Budh Nagar district’s Greater Noida region is under the jurisdiction of GNIDA.  

The planned October 2024 opening of the Noida International Airport is causing a spike in demand for housing in the Greater Noida and Yamuna Expressway regions. Thus, to address the housing shortage, we have introduced a plan for eight builder plots of group housing, and we are optimistic that relevant developers will respond favorably. 

He claims this is the first time the program has been introduced in 13 years, as the Authority decided to allocate housing plots in this category in or around 2010. 

These plots are spread throughout Greater Noida’s six sectors. Sectors 12 and Sigma 3 contain two plots each, while sectors Mu, Omicron 1A, Eta 2, and Sector 36 each have one plot. According to officials, these areas are close to the Yamuna Expressway, which links Agra and Greater Noida, and the Eastern Peripheral Expressway, which avoids New Delhi and travels through UP and Haryana. These industries will also correspond to the planned Jewar Film City and the soon-to-be Noida International Airport.  

According to the scheme brochure, Sector 36 offers a plot measuring 13,938.5 square meters, Sector Mu provides 18,215 square meters, and Sector 12 offers 22,558 square meters. 

Similar to this, a 32,350 sqm plot in Sector 2 is for sale, along with a 28,265 sqm plot in Eta 2, a 30,000 sqm plot in Sigma 3, and a 30,470.52 sqm plot in Sector Omicron 1A. The most expansive plot of the scheme of 38,771 sqm is on offer in sector Sigma 3.  

Allocation

Plots for group housing will go out through an online auction. A separate announcement will arrive regarding the e-auction’s date and time. For ninety years following the date of the execution of the lease deed, the plots will be on a leasehold basis. 

Authorities say that dividing or combining the allotted plots will not be allowed. 

Plan of payment 

In addition to a Rs 4.15 lakh processing fee, the applicants must deposit 10% of the plot’s reserved cost as registration money. 

The winning developers will have ninety days when the allotment letter is used to pay the entire land price. Within seven years of signing the lease deed, they must finish the project with the approved layout plan and get an occupancy certificate from the authority. 

How to use

Brochures and application forms are available for download at www.greatnoidaauthority.in. To apply and submit documents, interested parties must register on the e-auction portal at https://etender.sbi and receive a user ID and password. 

DLF is one of the real estate companies on the list of the fifteen most valuable companies in India

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DLF, at position 30, is India’s leading real estate developer, followed by Macrotech Developers, at position 58. In third place, at position 105, is Godrej Properties.

Axis Bank’s private banking divisions Burgundy Private and Hurun India have released a list of fifteen real estate firms in India. These companies include DLF, Macrotech, and Godrej Properties. 

With a market capitalization of Rs 15.65 lakh crore, Reliance Industries holds the third year’s top position. In second place, valued at Rs 12.4 lakh core, is Tata Consultancy Services; at  Rs 11.3 lakh crore, is HDFC Bank.  

The qualifying amount for the 2023 Burgundy Private Hurun India 500 is Rs 6,700 crore threshold from the year prior. 

On the list of real estate developers, DLF is at number 30, and Macrotech Developers is 58. According to the list, Godrej Properties comes in third place with a score of 105. 

Oberoi Realty is at position 115, The Phoenix Mills is at position 138, and Prestige Estates Projects is at position 151. The list places Bagman Developers at number 230, Mindspace Business Parks REIT at number 228, and Embassy Office Parks REIT at number 154. 

The list places Brigade Enterprises at number 275, DB Realty at 428, Signature Global at 451, NoBroker at 455, AnantRaj at 462, and Sobha at 500. 

This year has seen some notable changes in the real estate industry. Three new entrants have joined the market, demonstrating the industry. Anas Rahman Junaid, Founder and Chief Researcher of Hurun India, stated, “It is impressive that nine major companies have seen significant wealth growth. With an outstanding 70% lead, DLF closely follows Prestige Estate Projects at 44% and Microtech Developers at 54%. 

“Mumbai and Bengaluru each have six real estate firms, indicating the strength of these markets. Beyond the individual achievements, the sector’s overall growth contributes significantly to India’s GDP, demonstrating the industry’s critical role in the country’s economic structure. The current trend points to bright futures and an exciting time for the real estate industry,” he stated. 

Mumbai’s real estate crimes are on the rise

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Case studies showed examples of developers manipulating real estate values by either undervaluing properties at first or inflating them above market rates. 

Real estate is a big business and a sizable market in Mumbai. In Mumbai, real estate is a significant industry and business. Real estate-related crimes are increasing in the city concurrently with this growth. Many builders, including well-known developers, have been implicated in deceiving individuals. Reports about cases involving dishonest developers arrive at almost every police station every few days. Every couple of days, all police stations report cases involving people who have been cheating. Real estate scams have cost many people their entire life savings. 

Developer Lalit Tekchandani was recently taken into custody in a housing fraud case by the Mumbai police’s Economic Offenses Wing (EOW) on January 30. In Taloja, Navi Mumbai, the complainant invested Rs 36 lakh in Tekchandani’s construction project; however, a year before the project’s 2017 deadline, work ended abruptly. In a recent incident, an arrest took place by EOW of developer Jayesh Vinod Tanna on suspicion of defrauding 27 flat buyers out of Rs 40 crore in a Goregaon project. Another case, according to Ahuja Builders, involves a 20-year-old housing and investment scam. 

The father-son team of Jagdish and Gautam Ahuja (Ahuja builders) allegedly defrauded over two thousand homebuyers, according to lawyer Prakkash Rohira, who represents homebuyers in the High Court. Jagdish Ahuja is in custody, but Gautam is still at large despite police efforts to apprehend him. Furthermore, several developers have tricks by feigning to sell homes. 

Tax cheating developers

An increasing number of people in Mumbai City are worried that developers are involved in financial fraud, which is depressing and costly for the clients. Some developers have come under fire for allegedly using deceptive marketing techniques, like displaying features and amenities that do not match the products. Misleading representations have caused customers to invest in properties. 

Case studies showed examples of developers manipulating real estate values by either inflating them above market values or by first offering lower prices and then raising them during the deal. Project completion delays have been a common problem, putting purchasers in financial jeopardy because they had budgeted their investments based on deadlines. Some developers have missed scheduled delivery dates without providing sufficient justification or payment.

Developers are accused of compromising construction quality

In certain instances, developers have faced allegations of sacrificing construction quality, utilizing inferior materials, or taking shortcuts to increase their earnings. It poses a threat to built properties’ longevity and security. 

Developers may make it more difficult for investors’ clients to comprehend the big picture of finance if they follow the opaque transaction processes that have drawn criticism from some places. Because hidden costs are unpleasant surprises, buyers frequently perceive them as scams. 

Affected clients file a lawsuit

To address these problems, several impacted clients have taken legal action, registering complaints with consumer forums and real estate regulatory bodies. Consumer advocacy organizations have also been actively educating the public about these dishonest practices and pressuring authorities to punish negligent developers harshly. 

The chairman of Mumbai Grahak Panchayat, advocate Shirish Deshpande, asked a question about the Maharashtra Real Estate Regulatory Authority, stating that “the government seems to be falling short in preventing such crimes. “On May 1, 2017, the MahaRERA Act was signed into law to guarantee accountability and transparency. 

He continues, saying, “Developers defame the MahaRERA Act by submitting fictitious documents to the agency to legitimize their projects and defraud the public. The government does nothing. MahaRERA only provides dates; occasionally, it does not provide dates. After a year, some customers receive dates, which is advantageous for the builders. RERA does not entertain complaints filed by customers.” 

‘MahaRERA still isn’t solving over seven thousand complaints. The Consumer Forum sent a letter to the MahaRERA Chairman about this, but he has not replied yet. The number of complaints and stalled projects continues to increase. Builders aren’t taking the RERA Act seriously. Deshpande claims that despite the MahaRERA Act’s strength, its application is being done incorrectly. 

“When any complaint reaches our association, our committee scrutinizes it and decides whether to inform MahaRERA or resolve it internally,” said Harish Kumar Jain, president of the Brihanmumbai Developers Association. 

“The Association encourages developers to follow the rules, which will help the real estate industry’s reputation, especially since it will give consumers more confidence. Cheating cases are much less common now than in the past; Jain noted that it is uncommon to find even 10%of such cases. 

Learn about the Indian Housing Society’s parking regulations.

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It’s an astounding 4.1 million cars sold in India, but there were not enough parking spots to accommodate all the growth. Due to poor space management, residents of housing societies also have parking problems. Propertywala explains the common issues residents face when parking their cars in this article and the rules surrounding parking in Indian housing societies.

Parking regulations in a housing community 

Housing societies’ regulations regarding apartment parking can be confusing to tenants. Here’s a sharp image: 

The Maharashtra Ownership Flats Act (MOFA) permits societies to design unique parking policies that comply with MOFA standards. For the Resident’s Welfare Association (RWA) to keep a record of parked cars, residents must send in an application form and the vehicle’s RC book. 

  • The first-come, first-served parking policy is outlined in Section 78 of the MOFA and applies to all available spaces. 
  • Those wishing to use stilt parking must apply in writing to the secretary of the society. 
  • A family member may only apply for one parking space per vehicle, and only the legitimate owner of the car may do so. Requests for additional slots undergo evaluation annually to determine if spaces are available. 
  • Section 84 of MOFA establishes the annual parking space fee, which is decided upon at the society’s general body meeting. 
  • The visitor parking regulations, which reserve a minimum of five percent of the space for visitors, require security guards to enforce them, as per the regulations of the Brihanmumbai Municipal Corporation. 
  • Residents must observe traffic laws, put entry stickers on their cars, ask permission before parking for guests, and refrain from blocking other driver’s spaces. 

RERA parking allotment regulations 

The Real Estate Authority (TERRA) in India has regulations governing parking in housing societies. Parking spots are a fundamental benefit the community provides, so builders are forbidden to sell them separately. When builders attempted to sell parking spots separately in 2010-2011, locals objected and went to court. According to the Bombay High Court, parking is a component of shared amenities. The Supreme Court upheld this decision, prohibiting builders from imposing parking fees. 

  • Regulations established by the Ministry of Housing and Urban Affairs stipulate that for every 100 square meters of residential floor area, there should be two equivalent car spaces (ECS). One space for every three bedrooms, as well as two for every four bedrooms, corresponds to this. 
  • Housing societies can establish their parking regulations thanks to the Apartment Acts of each state. 
  • According to the National Building Code, a parking space for a four-wheeler must be at least 13.75 square meters and a space for a two-wheeler must be at least 1.25 square meters. 

RWA’s role in housing society parking policies. 

Similar to the manager of a housing society registered under the Societies Registration Act of 1860 is the Residential Welfare Association (RWA). As stated in the Real Estate Regulatory Authority (RWA) Act, RWAAs must form ninety days following the reservation of a flat. 

  • Social areas that are shared or common are a part of the entire community. 
  • Residents or members of RWA do not own parking spots. 
  • Since it is their responsibility, the MC (RWA) or the General Body can assign parking spaces to registered residents.  
  • Members of RWA can include families, associate members, and homeowners.
  • Parking spaces are numbered by the civic body’s approved LOP (layout plan).  
  • If your car has a RWA sticker, you will not have to go through security checks inside the society. 

Common problems with parking in housing communities

Issues with parking in apartments and society are not uncommon these days. Tenants, residents, and even visitors to the community face these kinds of difficulties. The following are typical problems that could arise when parking in a housing society.  

Unauthorized parking: When residents park more cars than the number of spaces assigned, it creates traffic jams and other problems for housing societies. 

Parking for visitors: When security officers direct guests to park on streets rather than in approved spots, it can cause damage to the vehicles or even theft. 

Unmarked spaces: Improper arrangement or making of parking spaces causes confusion and conflict among neighbors, which is bad for peace. 

Few parking spaces: When residents own more cars than there are parking spaces available, regular parking occurs outside the building, which exacerbates traffic congestion.

Parking restrictions for tenants: Temporary occupants encounter difficulties when parking within society premises because the vehicles of permanent residents cause congestion.  

Unfair parking space distribution: When parking spaces are unfair, causing some residents to occupy multiple spaces while others are left without, it causes tension and discontent in the community.

Car security and protection are assured when you park your car in a safe area. Housing societies either charge a reasonable fee or offer residents designated parking spaces for free. Parking can occasionally become a significant issue that leads to traffic jams and poor management. For this reason, when visiting or purchasing a home in a housing society, it is critical to be aware of its parking policies. Fair parking regulations are required to accommodate the fluctuating demand for parking spaces in housing societies. 

The Extended Deadline for Delhi MCD Property Tax Geo-tagging: Everything You Need to Know

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In response to complaints about technical difficulties, the Municipal Corporation of Delhi (MCD) has extended the deadline for Delhi MCD Property tax geotagging until February 29, 2024. Residents who self-geotag their properties before the deadline can receive a 10% rebate on their advance property tax payment. With this, the company hopes to use cutting-edge technology to create a database of property tax records. 

The deadline for geotagging properties in Delhi has been extended by one month by the Municipal Corporation of Delhi (MCD). The last day to apply was January 31, 2024. By Feb 29, 2024, property owners will have the ability to geotag their property. 

The MCD had declared earlier in December that the 10 percent rebate on the advance tax payment for the fiscal year 2024-25 oil lose its force if the asset didn’t have a geotag. For those who do not know, tax rebates are available to citizens who pay their advance property tax by June 30, 2024. With this action, the Delhi MCD hopes to geotag 15 lakh properties in two months. 

Geo-tagging 

The method of digitally mapping a property using a geographic information system (GIS) and its distinct, permanent latitude and longitude coordinates is known as “geotagging.” Property geotagging in the capital, according to MCD officials, will benefit the corporation and its citizens in several ways. 

Geotagging gives different media– images, videos, text messages, QR codes, and webpages—geometric coordinates baked on the mobile device’s location. GPS and other location-based technologies that automatically geotag photos are now available on smartphones and digital cameras. 

The significance of geotagging properties 

Delhi property geotagging is crucial for several reasons. 

Geotagging will increase revenue collection and facilitate tax authorities’ ability to distinguish between taxpayers and tax evaders. The money made in this way will assist MCD in planning cities and creating public spaces in advance.  

Urban planning benefits from geotagging properties as it helps identify unauthorized and illegal colonies and allows law enforcement to take appropriate corrective action. Additionally, this practice enhances colonial civic infrastructure by streamlining essential services like sanitation and maintenance. 

Geotagging has the added advantage of being crucial for timely and targeted interventions that preserve a healthy locality by addressing the issues raised by the data and applying it.

Several other municipal corporations are exploring the possibility of utilizing geo-tagging to enhance urban planning and service delivery in light of these advantages. These corporations include the Municipal Corporation of Greater Mumbai (MCGM), Bruhat Bengaluru Mahanagara Palike (BBMP), and the city corporations of Hyderabad, Chennai, Ahmedabad, and Pune. 

Difficulties with property geotagging 

For various reasons, all Delhi citizens with real estate need to geotag their properties. However, a few obstacles that the residents must overcome have made the procedure more difficult: 

Technical Error 

Several residents have reported that technical problems hinder their ability to finish rolls. The MCD server is frequently unavailable, causing the process to be sluggish. 

Ignorance 

Delhi residents have complained that there is no appropriate announcement or circular regarding property self-geotagging from the Delhi government. The residents are why they aren’t aware of the potential advantages of geotagging the property.

Absence of clarity 

The officers have allegedly done nothing to address the public’s concerns, even though they have brought up the problems with the app multiple times before the local authorities. People who reside in South, East, and North-East Delhi’s slums or unofficial colonies are especially concerned about entering incorrect information. To inform the public about the advantages and procedures for finishing the property geotagging, MCD organized an awareness campaign. 

How to geotag properties in Delhi on your own 

Installing the UMA app and following the instructions below will allow you to easily self-geo-tag properties in Delhi. 

Step 1: Download the UMA app from the App Store (iOS) or Google Play Store (Android).

Step 2: Select the property tax module after logging in to the app with your registered mobile number and OTP.  

Step 3: Select the property to be geotagged by clicking on its unique property identification code (UPIC). 

Step 4: To record the geographic conditions of the property, click the ‘capture geo-coordinate” button. 

Step 5: Add information such as the building name, floor number, and any other pertinent detail requested to the UMA app along with the property photos. 

Step 6: Save all the information and send it in. After verification, the property with its geo-tagging appears to be green. 

MCD of Delhi One of the main initiatives to enhance urban planning and service delivery is property tax geotagging. It assists municipal corporations in identifying issues, completing property tax assessments, and accelerating road and sanitation repairs in colonies. 

What’s increasing the demand for luxury and mid-range housing in Pune and MMR?

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Buying a property is a significant choice, particularly luxury or mid-range housing. The growing demand for upscale real estate in cities like Mumbai and Pune indicates that modern homebuyers have aversions to comfort and luxury all under one roof. However, how is Pune’s and MMR’s real estate market holding up to the growing demand for opulent homes?  

The luxury real estate market has had a spectacular recovery in the last few years following the pandemic. The trend of working from home has led to an increase in investments in luxury homes with large floor plans, first-rate amenities, and improved quality of life. The trend has centered in desirable areas like Pune and the Mumbai Metropolitan Region (MMR), which saw growth of 42% and 8%, respectively, in Q3 (July-September) of 2023. Propertywala investigates the reasons behind the rise of mid-range and luxury real estate in Pune and MMR, along with the expected shifts in the market in 2024. 

What drove the demand for luxury and mid-range homes in Pune and MMR? 

The Union Budget of 2023, in which the Government set a cap of Rs 10 crore for tax deductions on long-term capital gains, is responsible for the spike in the sale of high-end homes in Mumbai. Real estate gains currently carry a 20 percent post-indexation tax if not taxable within two years. The income-exemption limit under Sections 54 and 54F of the Income Tax Act will increase by Rs 10 crore under the new caping, which will take effect on April 1, 2024. According to experts, the desire to upgrade to better, more spacious homes and the rush to save taxes on gains are the causes of the increase in demand for luxury housing in most cities, especially Pune and Mumbai. 

In what ways have the costs of luxury and mid-range housing in Pune and MMR changed? 

Mumbai’s property values have always been higher than its neighbors in Delhi, Bangalore, and Hyderabad, but the COVID-19 pandemic has caused the rates to rise even more. The increased cost of building materials, rising mortgage rates, and the preference for large homes are the reasons given by developers. Moreover, one of the causes of the high demand for luxury homes in cities like Mumbai and Pune is the abundance of NRI investment opportunities pouring in from the Gulf countries. 

The unexpected pay increases in the years after the pandemic are another reason driving up the price of luxury homes. According to ET HR World, salaries in Mumbai rose by 18% despite the pandemic. This hike is higher than the remaining metro areas’ average hike of 11%. It is a further factor that helps explain why Knight Frank’s 2023 Affordability Index report ranks Mumbai as the most expensive city in India. The EMI-to-income ratio of 55% indicates that Mumbai residents repay their home loans with more than half of their wages. 

Residential sales in the MMR region recorded sales of 1,53,870 units in 2023 as opposed to 1,09,730 units in 2022, demonstrating the resilience of residential sales in the face of rising costs. Pune sold 86,680 units after close, compared to 57,145 units in 2022. 

The MMR region’s trend of luxury home ownership and the money made  

With the assistance of the Maharashtra State government’s revenue collection from real estate transactions, let us examine the newly emerging luxury housing sector. The Maharashtra state government registered 72,700 properties between January and July 2023, netting Rs 6,500 crore. 

The average property value, reported at Rs 1.9 crore, represented another paradigm shift. The average value of properties registered in February 2022 was Rs 1.18 crore, so it’s 65 percent more than this amount. 

It is not a one-time event. Last year, the state received Rs 10,850 crore in revenue from stamp duty, an increase of 22 percent. The president of CREDAI National, Boman Irani, states that “post-COVID, homebuyers’ shifting sentiment played a crucial role in both economic and sectoral growth. “Property registrations for units valued at Rs 1 crore and above have sharply increased from 52% in 2020 to 57% in 2023 due to the demand for larger homes.”

Furthermore, Sotheby’s International Realty and CRE Matrix found that the growing demand for better amenities, larger homes, and affordable home loan rates has resulted in a twofold increase in sales of luxury houses.  

Popular sizes and configurations in Pune and MMR

The MMR area and Kolkata are the only two cities where average flat sizes have decreased by 2% and 5%, while other major cities like Hyderabad and Delhi NCR have seen the construction of larger homes. There have always been space issues in the MMR region, and the rise in residential demand has resulted in smaller, more compact homes than in the past. According to industry reports, 2-BHK apartments continue to be the most popular kind of housing in the area. 

In Mumbai, the average sought-after home size is currently 749 square feet, a decrease from 840 square feet in 2022. On the other hand, the MMR region has seen an increase in average sizes of one percent between 2019 and 2023 if we take into account the overall appreciation over the previous five years. In contrast, Pune’s average apartment size grew to 1,086 square feet in 2023 from 980 square feet the prior year. 

The annual Luxury Outlook Survey 2024 indicates that while the demand for luxury homes increased in 2023, this trend is here to stay. The poll shows that although real estate prices have increased by 40% in the past 24 months, 71 percent of respondents said they plan to purchase a luxury home in the upcoming year. Of these, almost 56% of wealthy Indians believe that the Reserve Bank of India (RBI) will lower interest rates in the coming Budget announcements for 2024. 

In summary, modern luxury residences are not just about grandeur; they also reflect a refined style distinguished by one-of-a-kind encounters, high-end conveniences, and first-rate services. It is especially true for people moving to urban areas in India in search of a better, more lavish way of life. Therefore, in the upcoming quarters, there will probably be an increase in demand for luxury and mid-income housing in MMR and Pune. 

Noida’s cost of living: View a comprehensive breakdown of monthly expenses

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The cost of living in Noida can change depending on lifestyle choices, preferred accommodation, and available transit. Here’s a closer look at a few things you should consider before relocating to a busy city. 

Because of its many corporate offices and technology hubs, Noida, a thriving city near the capital, is a popular choice for working-class individuals. It is one of the most sought-after suburbs in the NCR because it is a more cost-effective option than Gurgaon. Even though the city has affordable options for buyers and renters, being aware of Noida’s cost of living can help you budget your spending, especially if you plan to be in the area for a while. 

Crucial factors to take into account 

Some significant considerations to make when estimating the cost of living in Noida are: 

  • Your current occupation or career 
  • Whether you are supporting a family or living alone 
  • Your present financial situation
  • Are you going to purchase or rent a home in Noida? 
  • The way you live 
  • Expenses associated with education
  • Transportation costs 
  • Food-related  expenses 
  • Utility bills for the garbage disposal, TV, gas, electricity, and housekeeping services, among other things

Living expenses in Noida in 2023 

The vibrant city of Noida offers a plethora of leisure and lifestyle-oriented activities. Still, the prices are appealing when the amenities and conveniences are available here. These are a few expenses you might have if you decide to move to Noida. The following costs represent an approximation of the actual cost of living in Noida: 

Expenses Average Cost 
2 BHK apartments for rent Rs 15000
Cost of 2 BHK apartment in Noida: Rs 50 lakh Rs 50 lakh 
Local travel costs, such as monthly train passRs 1,000
Utilities such as Garbage disposal, water, and electricityRs 4,000
Household domestic help for cooking and cleaning Rs 5,000
Groceries Rs 6,000
Lifestyle expenses Rs 10,000
The cost of a meal for one person in an inexpensive restaurant Rs 300

Noida is still a popular destination for buying and renting because most people find it a cheap spot to stay. A few lifestyle adjustments will help those who wish to reduce their expenses. 

The cost of living for singles in Noida in 2023 

Costs and rentals for real estate

In Noida, bachelor quarters run between Rs 5,000 and Rs 10,000 a month. For bachelors or students, there are plenty of 1 BHK apartments readily available. If these apartments are available for rental on a shared basis, the cost might be even lower. 

Living Expenses

In Noida, a bachelor’s cost of living will be about Rs 5,000. It will cover the price of maintenance, domestic help, electricity bills, and internet. Extra amenities are also available, but they come at an additional cost.  

Transportation

Depending on the place of work, college, and the available commute, an individual living alone in Noida can manage their transportation for less than Rs 1,500. Staying at your office or college is the best option for travel around Noida by metro, rickshaw, or auto. 

Living style 

Noida offers lifestyle options, from opulent clubbing to basic pleasures. The monthly expenses for a bachelor would be approximately Rs 5,000, depending on lifestyle choices. 

Cost of living in Noida for families in 2023 

The expenses for families wishing to relocate to Noida may be slightly more than those for single people. The total cost of living in Noida for a family with children is approximately Rs 50,000. Families can choose from well-built 2 BHK and 3 BHK apartments. 

Family outlays 

With all costs, including tuition, extracurricular activities, and household assistance, a family of four should budget between Rs. 35,000 and Rs. 40,000 per month. 

Transportation cost 

A family with a car will spend roughly Rs10,000 on transportation each month. Alternatively, public transport could only cost you Rs 3,000. 

Cost of living for working couple in Noida 

The type of locality that a couple chooses to live in Noida will determine their total expenses. Certain luxurious areas provide a 1 BHK apartment for about Rs 20,000 per month. Affordable options are available in other regions as well, though. The couple’s monthly household expenses would come to about Rs 15,000, while their monthly transportation expenses would total almost Rs 5,000. 

Your lodging will be one of your main costs while visiting Noida. Property values are rising even though rental values are affordable. Therefore, people who intend to stay in Noida longer may want to contemplate purchasing something. You will be the property’s owner even though you must make the EMI payments. 

Giants of the Mumbai real estate market head to Ayodhya as prices rise 179% following the Ram Mandir ceremony.

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Their three main areas of concentration are land plotting (sale of plots), residential township development, and business, including hospitality and commercial. 

Real estate moguls from Mumbai are scurrying towards a sacred plot of land as soon as Ram Lala arrives in Ayodhya!

According to trustworthy sources, seven major players (from Mumbai), including Oberoi Realty, Godrej Properties, Runwal Group, and the Hiranandani Group, have acquired sizable land parcels in the temple city during the last three months.

Property values increase by 179%

Following Prime Minister Narendra Modi’s Pran Pratishthan ceremony on January 22, property prices are up 179%, per an online real estate portal.  

B Teams of Mumbai-based developers are currently in Ayodhya looking for additional land banks and setting up business development operations, according to a reliable source who spoke with FPJ. Their three main areas of concentration are land plotting (sale of plots), residential township development, and business, including hospitality and commercial. 

Only 590 hotel rooms are available in Ayodhya’s 17 hotels, according to Dr.Adv. Harshul Savla, managing partner of M Realty. There are plans to build 73 hotels, 40 currently under construction. OYO plans to add 1000 rooms, and Marriott International and IHCL have already inked hotel deals. “It is no surprise that developers are sending out teams on a land grab expedition, given the enormous potential for hospitality!”

The average property prices in Ayodhya, where the Ram Mandir opened to the public on January 23, have increased by 179% in the previous three months. According to the real estate portal, Ayodhya’s average prices grew from Rs 3,174 per square foot in October 2023 to Rs 8,877 per square foot in January 2024. 

Land rates, which in 2019 varied from Rs 1,000 to 2,000 per sqft, are currently at Rs 4,000 to 6,000 per sqft, according to real estate consulting firm ANAROCK Group. 

The cost of real estate close to Ram Mandir ranges from Rs 10,000 to Rs 15,000 per square foot. Before, it cost between Rs. 2000 and Rs. 3000 per square foot. Now, properties within 6 to 15 km of the temple site fetch between Rs 4,000 and Rs 9,000 per square foot. 

The demand for commercial land is increasing, local real estate experts told FPJ. The Abhinandan Lodha group is developing Sarayu, a seven-star mixed-use luxury enclave, on the exact spot where a team from Maximum City recently approached Sudhakar Srivastava, a local hotelier and property dealer from Ayodhya, for a land parcel. It is said that Bollywood star Amitabh Bachchan paid approximately Rs 14.5 crore for a 10,000-square-foot plot here.  

For locals, property prices have become unaffordable. 

Srivastava continued by saying he had shown some sites to a team of developers from Mumbai. “They have taken an interest in a 640-square-foot land parcel near the Abhinandan Lodha group site. One Biwa is equal to 1362 square feet. Through my communication with the local farmers, we were able to unite them on a single platform and gather 640 Biswas on an ongoing basis. However, Srivastava told FPJ, “The developer is not too happy about the price point and wants 1000 Biswas.”

He said that the cost was approximately Rs 10 lacs per biwa. He stated that a Biswas was once available for RS 2 to 3 lacs. Even though land parcels are readily available, a source told FPJ that farmers and local agents are purposefully raising the price and projecting scarcity because they are sensing demand from large players. “They are projecting a situation of supply and demand.”  

According to Srivastava, the entry of foreign real estate players into Ayodhya, including Mumbai, NCR, Gujarat, and other districts, has driven up property prices to the point where residents can no longer afford them in certain parts of the city. According to Anuj Puri, Chairman of ANAROCK Group, “There is a growing demand not just from locals but from investors outside Ayodhya as well.” 

Property registrations in Ayodhya are said to have increased following the 2019 Supreme Court ruling and the Mandir’s opening. Data from the Ayodhya district’s Stamp and Registration Department shows that between 2017 and 2022, property registrations increased by 120%. 

Following the Supreme Court decision and the Mandir’s recent opening, there has reportedly been a spike in Ayodhya property registrations. The Stamp and Registration Department in Ayodhya district has released data indicating a 120% increase in property registrations between 2017 and 2022.  

Mumbai will not be raising its property tax

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Mumbai’s property taxpayers can once again celebrate the Maharashtra cabinet’s decision to keep the property tax at the current level. An official statement claims that this decision will relieve residents of Mumbai of an extra Rs 736 crore of burden. Are you a Mumbai property owner as well? Then, read this article to learn more about the latest changes to Mumbai’s property tax.  

The forthcoming increase in Mumbai’s property tax has also been put on hold by the Brihanmumbai Municipal Corporation (BMC) for the current fiscal year. By 2020, there will likely have changed since the last one in 2015. The business has held back the hike for two years to give the proprietors a break during the pandemic. It is fascinating that the Maharashtra cabinet decided to keep Mumbai’s property tax laws unchanged this year. The ruling relieved Mumbai property owners by allowing them to postpone paying property taxes for an extra year. Let’s take a look at this recent update in detail. 

Why does Mumbai have a deferred property tax? 

Several MLAs asked Chief Minister Eknath Shinde to postpone the hike for an additional year, citing the burdensome additional 16-20% property tax that would fall on homeowners. Ahead of the municipal election, the choice has been dubbed a scam. 

When would BMC give up on it? 

Refusing to raise the property tax in Mumbai for the current year is expected to cost BMC Rs 1,080 crore in revenue. According to officials, the pandemic has affected property tax revenue over the last two years. 

Because those who live in homes under 500 square feet are exempt from paying property taxes, the BMC is also giving up Rs 462 crore. This concession took effect on January 1, 2022. Owners of residential flats totaling about 16.14 lakh have benefited from it. 

Which other decisions concern property taxes? 

Until September 2022, the Panvel Municipal Corporation (PMC) will reimburse 50%of unpaid property taxes. Helping those who were unable to benefit from the prior 75% rebate is the aim of this decision. 

In the final week of July, approximately Rs 10 crore in property tax was collected, according to senior civic officials. In the current fiscal year, the collection total is Rs 62 crore. 

Mumbai property taxes: current information (February 2024)

The Maharashtra Cabinet decided not to raise the Mumbai property tax during its most recent meeting on February 5, 2024. According to the proposal of the Urban Development Department, the cabinet presided over by Chief Minister Eknath Shinde decided to maintain the current property tax system. Refusing to raise property taxes in Mumbai would spare the city’s citizens an extra Rs 736 crore in debt. 

In 2015, the Brihamantri Municipal Corporation (BMC) kept the property taxes at the same level. Mumbai’s Brihanmumbai Municipal Corporation (BMC) kept the property taxes at the same level. Mumbai’s Brihanmumbai Municipal Corporation reviews property tax increases every five years. In anticipation of civic polls in 2022, the cabinet earlier decided not to hike property taxes because of the COVID outbreak. 

In Mumbai, BMC collected property taxes totaling Rs 5,792 crore in the fiscal year 2022-2023. By choosing not to raise property taxes, the government has been demonstrating to owners of real estate inside the city limits how hard it works for them. These choices will lessen the financial load on property owners and encourage improved money management. Furthermore, Mumbai’s overall property value will continue to be appealing and will eventually rise with stable property taxes.                 

In the Asia Pacific region’s annual housing price growth index, Bengaluru comes in at number eight and Mumbai at number nine.

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According to Knight Frank’s Asia-Pacific Residential Review Index for H2 2023, Singapore is the best-performing Asia-Pacific market, with a YoY growth of 13.7%. 

Regarding annual price growth in H2 2023, Bengaluru, Mumbai, and the National Capital Region have secured a position among the top 10 Asia-Pacific residential markets performing well. Bengaluru ranked eighth on the Asia-Pacific Residential Review, with a YoY growth of 7.1%, while Mumbai ranked ninth, with a YoY growth of 7%.  

Another significant residential market, NCR, came in at number eleven with a 6% YoY price rise during that time. Knight Frank’s Asia-Pacific Residential Review Index for H2 2023 states that Bengaluru, Mumbai, and the National Capital Region (NCR) will account for 60% of all sales volume in Indian markets in 2023. 

Non-city-centric developers are showing interest in Bengaluru, leading to a 24% increase in the number of launches in the city during H2 2023. In the second half of 2023, the town sold 27,799 dwellings. The city’s average price is Rs 5,900 per square foot or Rs 63,508 per square meter. 

The heightened demand during festive periods such as Navratri, Dussehra, and Diali is primarily to blame for Mumbai’s notable improvement in sales in 3Q 2023. The city sold 46,073 residences in the second half of 2023. The average price in the town is Rs 84,849 per square meter or Rs 7,883 per square foot. 

Overall, 29,888 units were sold in the NCR in H2 2023, with an average price of Rs 4,579 per square foot (Rs 51,226 per square meter). 

21 out of 25 Asia-Pacific (APAC) cities have positive annual price growth, according to the Asia-Pacific Residential Review Index for H2 2023. Singapore is the best-performing Asia-Pacific market, with 13.7% year-over-year (YoY) growth. 

Asia-Pacific Residential Review, which focuses on investors, offers a comprehensive analysis of the performance of the Region’s mainstream residential markets. 

“In 2023, residential property demand in India’s major cities has surged to its highest level in a decade, despite the increase in mortgage rates and property prices,” stated Shishir Baijal, Chairman and Managing Director of Knight Frank India. In 2024, residential demand will still maintain momentum due to notable tailwinds like the anticipated decline in interest rates and comparatively robust economic growth.” 

With a large inventory of completed new apartments that are unsold and high-interest rates, the Hong Kong residential market is the last in the world according to the index. Rising mortgage rates make it more difficult for buyers to afford homes, so they are more cautious. 

“The residential market experienced a surge in the past six months, following the FED’s decision to pause rate hikes, which encouraged potential buyers who had been waiting to make purchasing decisions,” stated Kevin Coppel, managing director at Knight Frank Asia-Pacific. Due to persistent supply-side issues like labor shortages, rising input costs, and construction delays, prices have benefited in many cities throughout the Asia-Pacific area”. 

According to him, cities like Bengaluru, Singapore, Sydney, Brisbane, Perth, Manila, Delhi, and Brisbane have all prospered from the wealth effect, supply outpacing demand, and promising economic growth prospects. 

Are you planning to surprise your partner with an apartment on Valentine’s Day?

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Present for wife on Valentine’s Day: If you intend to give your partner an opulent apartment this year, ensure your gift deed is registered. 

A whole new apartment for your sweetie on Valentine’s Day? Although the suggestion might seem a little over the top to some, the gift idea might be perfect for wealthy husbands. However, there are a few things wealthy husbands should be aware of before they get too carried away. 

Is the apartment completed or still under construction?

Choose a finished project over one that is still in progress. You can avoid paying 5% in Goods and Services Tax (GST) if you buy an apartment after the occupation certificate is issued.  

Who is going to have to pay taxes?

The wife is exempt from paying taxes on the property that her husband gifts her. When The wife takes control of the replacement of both the cost and the holding period, However, according to Sonu Iyer, partner of People Advisory Services (tax), EY India, any income from the property, such as rental income, can be combined with the husband’s income. 

Gift deeds, stamp duty, and other things you should know 

Giving your wife a piece of real estate is a way to give your spouse financial stability.

“The thing to be kept in mind while making such a transfer is that it has to be effected by way of a written instrument (gift deed) that has been signed by the husband and attested by at least two witnesses,” says Mona Dewan, managing associate at ZEUS Law Associates. 

In addition to registering the gift deed at the subregistrar’s office, there is an upfront stamp duty and registration fee.

A few states have announced stamp duty reductions. For example, if the property passes to the spouse, Haryana offers a stamp duty exemption, according to her. 

If a husband gives his wife a residential or agricultural property in Maharashtra, there is an applicable stamp duty of Rs 200 (Rupees two hundred only). 

The Uttar Pradesh government recently set a maximum stamp duty of Rs 5000 for stamp duty on gifts of residential or agricultural property between husband and wife. 

In Uttar Pradesh, there was a 7% stamp duty on real estate transfers between blood relatives or family members before the reduction took effect. The stamp duty was either 7% of the property’s value or 7% of the circle rate for such immovable property, whichever was higher. 

However, there is a catch if the property is bought with a gift deed and given as a gift by the recipient before the five-year registration period ends. Accordingly, the reduced stamp duty benefit will not be available if the property received through a gift deed is later by the recipient within five years of the registration date, according to Dewan. 

Nevertheless, she notes that there is no such exemption in Delhi and that stamp duty on a gift deed from a husband to wife is equal to 2% of the property’s circle rate value plus any applicable transfer duty assessed by the Municipal Corporation of Delhi and registration fees.  

How would a wife feel about giving her husband an apartment?

It is important to note that if a wife chooses to give her husband immovable property, she can also receive similar exemptions in Haryana, Maharashtra, and Uttar Pradesh.

It’s important to remember that stamp duty in Delhi is due on a gift deed from a wife to her husband and is equal to 3% of the property’s circle rate value plus any applicable transfer duty and registration fees. 

Recall that the gift deed is final. 

It is vital to be aware that once a husband gives his wife property through a gift deed that was duly executed and registered, the gift is final, enforceable, and cannot be modified. 

According to Dewan, this implies that the done, or wife, becomes the owner of the gifted immovable property and that the donor, or husband, typically lacks the right to revoke or cancel such a gift once it has occurred. 

Expectations for the Finance Minister’s Real Estate Budget in 2024

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The real estate industry’s wish list for Budget 2024 includes tax breaks for homebuyers, industry status, and a broader definition of affordable housing. 

Today, Nirmala Sitharaman, the finance minister, will present the budget for 2024. The real estate industry has been pushing for more tax breaks for developers and home buyers, a broader definition of affordable housing, an increase in the amount exempt from paying interest on mortgages, and increased retail participation in Real Estate Investment Trusts, or REITs. 

It is important to remember that Budget 2024 is an interim or vote-on account budget. 

Exemptions from taxes 

To increase demand for residential real estate, the Confederation of Real Estate Developers’ Associations of India (CREDAI) has urged the government to raise the tax exemption limits on principal amounts and interest paid on home loans. 

It recommended in its pre-budget recommendations that the housing loan principal repayment deduction stands for a separate or stand-alone exemption. To increase the principal repayment of the housing loan beyond the current cap of Rs 1.5 lakh, CREDAI has requested a deduction under section 80C.

The current tax deduction cap of Rs. 2 lakhs for self-occupied property should increase to roughly Rs 3-4 lakhs. When working with a let-out property, restrictions are possible. 

“In the next budget, homebuyers hope to see more tax benefits. Raising the existing Rs 2 lakh tax rebate on housing loan interest under Section 24 of the Income Tax Act to a minimum of Rs 5 lakh is one of the main expectations. According to Piyush Bothra, CO-Founder and CFO of Square Years, ‘“this adjustment is crucial to bolster housing demand, especially within the affordable housing segment.” 

Expand the SWAMIH Fund to Rs 50,000 crore in size. 

Real estate experts suggest raising the overall size of the Special Window for Completion of Affordable and Mid-Income Housing Projects (SWAMIH) fund established under the Special Window for Affordable and Mid-Income Housing to Rs 50,000 crore to boost the housing market and guarantee the completion of more delayed projects, even with the recent capital infusion of Rs 5,000 crore. 

Modifications to the meaning of affordable housing

Standardizing and streamlining the definition of affordable housing across government programs and financial institutions can assist homebuyers in being eligible for more affordable financing options within that specific category, according to recommendations made by the real estate industry. 

CREDAI pointed out that affordable housing was defined in 2017 and has stayed the same since, with a cap of Rs 45 lakh. It was proposed that “a unit with 90 square meters of RERA carpet area in non-metros without a cap on the price tag” be added to the definition of affordable housing. 

One way to address the growing demand for affordable housing in urban and rural areas would be to implement policies that provide tax breaks to developers for building affordable housing. It recommends reintroducing the 100% tax holiday under Section 80IBA for affordable projects.  

The founder and chairman of Signature Global (India) Ltd., Pradeep Aggarwal, suggested that the government relaunch the CLSS scheme, raising the threshold for affordable housing to Rs 75 lakhs and expanding the carpet area to 90 square meters.   

Expand the requirements for PMAY scheme eligibility. 

Knight Frank India reports that the proportion of sales in the affordable housing sales group, which includes real estate under Rs 50 lakh, has gradually decreased from 48% in 2018 to 30% in 2023. Affordable housing sales have decreased 16% year over year in 2023, even though overall home sales are at a 10-year high. In an inflationary environment marked by high-interest rates and rising home prices, buyers in this market segment are most affected by affordability restrictions. 

“The PMAY program, which offers a central grant, is good through December 2024. The most effective tool the government currently has to support buyer affordability in economically disadvantaged areas is this program, which continue until December 2025. The PMAY scheme’s eligibility requirements limit homebuyers to receive interest subsidies to Rs 2.3 and 2.7 lakhs. As per Knight Frank India Chairman and Managing Director Shishir Baijal, the criteria for affordability could be enhanced.

Incentives for senior living 

Senior care services are subject to the 18% GST slab in India. 

The real estate industry anticipates senior care-specific investments and initiatives in the Union Budget 2024. By the end of this decade, the $12-15 billion senior care market in India will soon reach $40-50 billion, necessitating the creation of an ecosystem involving the public and private sectors, solid policy frameworks, and increased care capacity. 

According to Rajit Mehta, MD & CEO of Antara Senior Care, “the spending on non-prescription healthcare will reach around $5.33 trillion by FY25, and sustained investments in geriatric healthcare infrastructure, skilled workforce development, and wellness services for seniors would ensure better quality and access for Indian consumers.”

Encourage purchasers to purchase properties from RERA-registered developments. 

There should be incentives for buyers to choose properties from RERA-registered developments. According to Abhay Upadhyay to the Forum for People’s Collective Efforts, a pan-Indian homebuyers’ organization, “this will encourage homebuyers to buy only into real estate projects that stan with RERA and bring more builders under the ambit of the regulator.” 

Karnataka High Court orders the state to retrieve stalled homebuyers’ funds in four months.

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Under the guidelines of the Karnataka RERA, homebuyers in Bengaluru projects with up to four years of delays are waiting for the state to reimburse them for their money. According to experts, the government should expedite recovery as they pinpointed the crucial issue. 

The Karnataka High Court has given the state government of Karnataka four months to recover the money the buyers of the Ozone Urbana project in Bengaluru paid. It happened due to the state government’s inability to comply with an order from the Karnataka Real Estate Regulatory Authority (RERA) requiring it to recover the funds starting in 2022.  

The delayed execution of the Karnataka RERA order to recover the money by the state government is the homebuyer’s grievance, according to the high court order. As per the high court order uploaded last week, “The order shall be complied with within four months.”

The Real Estate (Regulation and Development) Act 2016 stipulates that if a builder fails to provide buyers with apartments, the regulatory authority may issue a revenue department to start a recovery against the builder. If the builder does not reimburse or compensate homebuyers, the recovery department may commence against the builder. 

Legal experts state the deputy commissioner’s (DC) office will collect the funds from the developer as revenue from land arrears once an RR order has taken effect. 

Homebuyers, some of whom have invested crores of rupees, are stuck because of the state government’s sluggish recovery. 

Sluggish rebound

Based on the most recent information available, the revenue department has only been able to collect roughly Rs 26 crore from builders in the state as refunds or compensation for delayed apartment deliveries to buyers. It is still necessary to recover more than Rs. 245 crore. 

Moneycontrol claims that the state government still needs to retrieve 114 orders issued by KRERA for the Ozone Urbana projects, worth more than Rs 50 crore. 

“This project alone still has over Rs 50 crore that needs to be recovered. Homebuyers who have been waiting since 2020 have turned to the high court in hopes of receiving relief due to the delayed recovery process, according to homebuyers’ advocate Akash Banita. 

The requirement for substitute remedies 

Ani Kalagi, the founder of the Bangalore City Flat Owners’ Association, who is also working with the DC office, says that the main problem with this case is that the RRC orders attach the projects that have already been delayed and put up for auction. Most of these projects are still ongoing or involve unresolved land title issues. Most of these projects are still ongoing or involve unresolved land title issues. The state government is having difficulty selling the properties at auction to recoup the funds.”

Experts claim that in recovery cases in states like Maharashtra and Uttar Pradesh, the RERA has frequently acted suo moto. However, Karnataka has never enacted any legislation of this kind since 2016. 

One feasible way to solve this issue is to identify the auctionable assets builders own and provide a list to the DC office and tahsildars for attachment. The state government will be able to auction these assets and get the money much quicker in this way, Kalgi continued. 

The president of the Karnataka Home Buyers Forum, Dhananjaya Padmanabhachar, claims that the absence of a recovery timeline indicates that the state department fails to provide buyers with adequate support. He says the state government must set a deadline for the revenue department’s and the RERA’s procedures. 

These considerations are crucial for real estate investors before purchasing property in Noida and Greater Noida.

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Experts in real estate advise investors to proceed cautiously and investigate the developer’s standing, project approvals, and timeliness records.

Over 6500 apartments could be registered shortly in Greater Noida after at least thirty developers consented to settle their debts following the Uttar Pradesh government’s 2023 real estate policy. Here are some things real estate investors who wish in the real estate market should know about.   

By the policy, the realtors of thirty housing projects in Greater Noida currently on hold will receive authorization to complete the registry of 6,500 apartments in their projects after paying Rs 350 crore. 

“A minimum of thirty developers in Greater Noida have signed an agreement to pay 25% of the outstanding balance and execute registries of available units in delayed housing projects.” To alleviate suffering for homebuyers, we are pursuing all realtors to encourage them to utilize the program and obtain registry permission,” said Saumya Srivastava, an additional chief executive officer of the Greater Noida Authority.  

Thirteen realtors in Greater Noida who have accepted the government deal in Noida have also agreed to the policy of coming forward to settle their debts.  

What policy does the UP government have? 

It is not penal interest for real estate developers to halt construction during the two-year COVID-19 period or in response to a court order.

Officials say that another thirty realtors will most likely consent to pay their dues. These developers have agreed to contribute 25% of the total dues, minus penal interest, to be eligible for the registry of apartments. 

How much do developers owe the authority in total? 

The stalled housing projects under this policy are 57 housing projects with 32,000 units in Noida and 96 housing projects with 75,000 units in Greater Noida.  

About Rs 8,000 crore is estimated to be owed by Noida realtors, and roughly Rs 5,500 crore is due by Greater Noida realtors for the abandoned projects. 

The authority can take away the developers’ allocations under the policy. 

If defaulting realtors refuse to pay their dues and take over the unfinished project, the government cancels their allotment. The policy also gives the three industrial bodies—Noida, Greater Noia, and Yamuna Expressway— the ability to put the defaulting developer on a five-year. 

Officials claim that out of the 75,000 units in Greater Noida, at least 96 projects are stalled and may benefit from the 2023 policy. 

The process should take one or two months to finish. 

Upon the authority’s completion of the process and granting the required permission, the procedure will be finished in two to three months.  

Three committees, led by deputy general managers, have been established by the authority to go after the remaining realtors and force them to settle their debts before they can register authorization. 

Registry in Noida 

Of the 57 real estate developers of housing projects in Noida that have stalled, only 13 have stepped forward to make payments after obtaining interest waivers under the new policy.

Realtors are under pressure from the Noida authority to either pay land dues by the new real estate policy deadline of December 21, 2023, or face consequences. 

Reason for action: of the 57 realtors of housing projects put on hold, only thirteen came forward to pay the balance after using the interest waivers provided by the new policy. 

Of these 13, seven have already paid the fees; the other two have consented and are now processing payments to obtain registration authorization. 

Thirteen stalled housing projects in Noida are among the developers who have accepted the government deal in exchange for permission to register. 

Why don’t developers in Noida show up to pay their bills as frequently as they do in Greater Noida? 

Developers in Greater Noida are paying their dues in large quantities because the policy that allows for waivers reduces the amount they owe the Authority. Major developers in Noida with debts exceeding Rs 100 crore include Supertech Group, ATS, Prateek Group, and Gardenia Glory. 

Officials from the Noida authority claimed, “These developers also demand more waivers before they decide to pay up the dues.”

However, Greater Noida authority officials stated that more developers are coming forward to settle their debts because they are less than Rs 100 crore. 

Do you want to buy property in Greater Noida or Noida? Observe the following information. 

More developers have agreed to pay their debts, which could lead to progress and a quicker completion date for the project, according to Prashant Thakur, Regional Director & Research, ANAROCK Group. Prospective buyers should, however, proceed cautiously and thoroughly review the developer’s standing, project approvals, timely completion record, and financial standing before investing. He advised doing extensive due diligence at all times and sticking with reputable, well-organized developers. 

To navigate the complexities of the market and make wise decisions, it makes sense to seek professional guidance from a qualified real estate advisor if there is any cause for doubt. Reputable consulting firms will be able to provide accurate information. He asserted that small brokers, unrestricted by industry best practices, often give misleading information to close deals. 

“It is important to monitor the policy’s progress and the developers’ compliance to obtain a clearer picture regarding its effectiveness in expediting project completion,” he went on.

Noida’s five most expensive residential areas

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The National Capital Region (NCR) includes Uttar Pradesh state’s Gautam Buddh Nagar district, which is home to Noida. Over time, Noida has become one of the most affluent and luxurious residential areas. Noida is a popular destination for singles, families, and professionals. Numerous people opt to live here because it is less expensive than Delhi or Gurgaon. 

These upscale neighborhoods in Noida offer opulent homes, first-rate amenities, and an unparalleled culture. Every resilience shows dedication to sophistication and elegance, from opulent estates to modern penthouses. Discover the allure of these affluent communities, where residents take advantage of the best facilities available and a majesty that reflects the high-end Noida residential area. Would you like to learn more about the city? Continue Reading!

Modern infrastructure, everyday comforts, public services, and state-of-the-art facilities are all available in Noida. Numerous schools, IT companies, and residential areas with both low- and high-rise buildings are in Noida. 

Sector 44, Noida 

Sector 44 lies near the Okhla Bird Sanctuary in the northern region of Noida. It surrounds the communities of Sector 45, Sector 18, Sector 29, Sector 43, and Sector 40. It lies between Dadri Road and the Noida — Greater Noida Expressway on the north and south sides. This area has easy access to public transportation that connects it to different parts of Noida and Delhi. The closest metro station is Botanical Garden, a stop on the Delhi—Noida metro’s Blur line. There are many parks and gardens around Sector 44, one of the most well-known being the Botanical Garden. The Noida Golf Course, a well-liked destination for golf enthusiasts, is located nearby. 

Important Elements 

  • Connectivity: Sector 44 enjoys good access to the Noida golf course, as well as to the other recreational facilities and sectors 18, 29, and 45.  
  • Transportation Facilities: Buses and metro stations are among the public transportation options available in the neighborhood.
  • Investment: Within a 10-kilometer radius of the area are parks, retail centers, business parks, and software firms, among other places that draw in investment. 
  • Extracurricular activities: The Botanical Garden and the Flim City project are fantastic visitor attractions.  

Sector 72

Sector 72’s advantageous location in the city allows it to enjoy excellent connectivity within Noida. Getting around the city is easy because of the well-designed roads, efficient public transportation, and close-by metro stations that guarantee easy access. Everyone can readily utilize transportation in Sector 72, Noida, whether they commute a long distance or work nearby. A community’s attractiveness frequently depends on the presence of prestigious educational institutions. Gyandeep Public School and The Banyan Roots, two well-known institutions, are located in Sector 72, which enhances the area’s standing as a center for high-quality education. 

Important Elements 

  • Connectivity: Because Sector 72 lies in a posh, well-established neighborhood, it has good access to Noida’s key cities. 
  • Transportation Infrastructure: This region offers excellent access to well-maintained roads, adjacent metro stations, and public transportation facilities. 
  • Investment: This location regularly provides first-rate infrastructure and everyday essentials like excellent services, medical facilities, and educational institutions. 
  • Extracurricular activities: There are numerous exciting extracurricular activities available in this perfect location, like Snow World, Buddh International Circuit, Asquare Mall, Shopprix Mall, and many more, that will keep you occupied and never get old. 

Sector 18, Noida 

Sector 18 is one of the most sought-after locations in Noida. This neighborhood is a fantastic choice for everyone because it provides residents with the ideal mix of commercial, residential, and recreational spaces. Access to public transportation and other parts of the city is convenient from this area. Many banks, insurance providers, and financial institutions, including National Insurance, AOV Forex, Birla Sun Life Insurance, and Bajaj Capital, are located in Sector 18. Visitors can explore a well-rounded living environment, entertainment venues, and the Gurudwara Sahib.   

Important Elements 

  • Connectivity: This area stands out because it provides quick access to some locations, including Dr. Ambedkar Park, the Sector 16 metro station, the Mahmaya overpass, the DND Flyover, and many more.  
  • Transportation Facilities: First-rate buses and metro stations are available for public transportation. 
  • Investment: Many of the neighborhood’s locations, such as hotels, shopping malls, business parks, and schools, attract interest from potential investors. 
  • Extracurricular activities: The Radisson Hotel, Mosaic Hotel, Mall of India, The Great Inia Place Mall, Garden Galleria, Wave Mall, and Sri Guru Singh Sabha Gurudwara are nearby attractions. 

Noida’s Sector 87

Noida’s Sector 87 is a busy neighborhood that skillfully combines commercial and residential development in the heart of the energetic city. This rapidly growing center offers the best of both worlds: contemporary amenities, thoughtfully designed infrastructure, and convenient access to the entire city. A component of the NCR, Noida has expanded dramatically in the past ten years. Sector 87 is one of the most sought-after neighborhoods for renters and homeowners. Due to its prime location, Dadri Main Road, the Noida-Greater Noida expressway, and the FNG Motorway (Faridabad-Noida-Ghaziabad) are just a few of the main thoroughfares that are easily accessible from this area. 

Principal Elements 

  • Noida’s Sector 137, the Jaypee Underpass Flyover, the Mahamaya Flyover, and other significant places are easily accessible. 
  • Transportation Facilities: First-rate buses and metro stations are available for public transportation.
  • Investment: One of the main things that attracts people to Sector 87 is the multitude of amenities available to cater to the diverse needs of the local population. 
  • Extracurricular activities: With plenty of new activities coming soon, including Barbeque Nation, Noida Golf Course, Smash Noida, and more, Sector 87, Noida, is a great place to be. 

Sector 132, Noida 

Enter Sector 132, one of Noida’s most sought-after neighborhoods. The established neighborhood is a popular choice for both renters and buyers due to its peaceful surroundings, first-rate connectivity, and luxurious amenities. Noida’s Sector 132 is a great place to settle down. With some of the best schools in Noida, it is especially great for families with children.  

Essential Elements

  • Connectivity: Sector 132 in Noida is a thriving community that offers exceptional living conditions to its residents.
  • Transport Facilities: NSEZ metro stations, taxis, and autorickshaws are good examples of the public transportation services provided by this sector. 
  • Investment: By placing these ATMs in prime locations, locals can ensure that cash withdrawals and other financial services are easily accessible. 
  • JPS Galleria, Starling Edge, Uptown Square, PK Boutique Hotel, and many more venues offer a range of fun activities. 

Conclusion

The most expensive residential area in Noida represents a sense of exclusivity and luxury. It provides a modern lifestyle with abundant amenities, a feeling of wealth, and attractive architecture. The rising cost of real estate in this sought-after neighborhood reflects the high demand for real estate in the bustling metropolis and the allure of living in luxury. 

What is the procedure for paying land tax online in Kerala?

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Here’s how users can pay land tax online in Kerala by visiting the official website of the State Revenue Department.

Sanchaya, the online portal of the state government’s local self-government department, has simplified the method for paying land taxes in Kerala. To pay land tax, users can sign up for the official revenue department website of the Kerala government. 

Describe the land tax. 

When you buy real estate, the state and union territories impose a land tax. In Kerala, the revenue department has jurisdiction over any land parcels, and the owner is responsible for paying a tax based on how the land is used. The annual tax is the responsibility of the property owner.

The money each panchayat and local urban body earns to maintain and grow public amenities for residents and tourists. Kerala’s revenue department calculates and examines the online land tax. 

Kerala’s land tax rate

By the new budget, land valued at over 20 cents will be subject to a tax rate of Rs. 8 per acre in the village panchayat divisions.

Here, R denotes a 1,000 square foot area. 

The price of municipalities is Rs. 10/R for each centimeter of land. However, a tax rate of Rs 15/R will apply to land valued at more than 6 cents. 

Land has a price of Rs 20/R for corporations, accurate to the nearest 4 cents. Lands worth more than 4 cents are subject to a tax of 30/R.  

How does land tax work in Kerala?

When calculating land tax in Kerala, factors such as the land area, property age, and current cycle rates exist.

How can I pay the Kerala land tax online? 

Step 1: Create an ID and password after registering on Sanchaya’s official website. The Revenue Department of Kerala’s official website is also accessible.  

Step 2: Select “Citizen Login” for Sanchaya and enter the generated ID and password. It will take you to the Local SelF Government of Kerala (LSG) website.

Step 3: Register on this website if you are yet to do so. If you are already a user, select “Payment for Registered User.” 

Step 4: Enter the necessary information and the Captcha code. Verify your enrollment. A new page will appear. 

Step 5: After finishing, access the “Citizen Login” page on the Sanchaya website. The local self-government of Kerala (LSG) will be where you go. 

Step 6: Select the applicable district, corporation, or municipality. Press the submit key.

Step 7: The webpage will display the local organizations. Press the E-pay button. You’ll be sent to a different web page. 

Step 8: Select “Property Tax” and enter the necessary details, such as the ward number, door number, and sub number. 

Step 9: A display of the verified property tax information alongside the tax balance will appear.  

Step 10: Input your email address, mobile number, and Captcha code. 

Sep 11: Select the “Pay Now.” Choose a suitable payment method, then pay the Kerala land tax online. 

The finest cement for plastering a home

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Plastering with cement is the most common way to achieve a perfect finish, a smooth surface, and more durable building walls in any construction project. Plastering is the application of a thin layer of cement mortar adhesive material to the walls and roofs. Plastering comes in different forms, such as lime, gypsum, cement, and clay plastering.  

Cement is a crucial component and a common material in construction projects in the real estate industry. Plastering houses is one of its uses, among other things. The longevity of your home or any other building depends on the type of cement you use, so make the right choice for the best plastering experience. Tell us which plastering in India is the best. 

The best plastering cement 

The two cement grades most frequently used for plastering are Portland Pozzolana (PPC) and Ordinary Portland Cement (OPC). The types of cement used can vary based on the needs of the building or home. PPC cement is considered the best over the former grade because of its numerous advantages. PPC cement is better than the prior grade due to its many benefits. Its ability to repel water keeps the structure from fracturing. PPC cement is softer than OPC cement, but it offers better finishing. The cement plastering ratio is another crucial element for the best cement plastering outcomes. The type of building can affect the plaster requirements. In general, if the thickness of the plaster is more than 15 mm, two coats are applied. For your home’s exterior plaster, you can use masonry or white cement for decoration. In short, the best plastering cement will depend on the requirements of your project.  

Various cement grades 

Various cement grades indicate the mix’s strength. The different cement grades are necessary for this reason. The market offers three grades of cement: Grade 33 (IS: 269), Grade 43 (IS:8112), and Grade 53 (IS: 12, 269) for purchase. Plaster requires cement grade 33, while flooring, precast, and plastering typically use grade 43 cement. 

Cement mortar is another essential component for a smooth plaster finish. Sand, cement, and water are the ingredients of mortar. The proportion of cement to sand determines the strength of cement mortar. To plaster walls with precision, cement mortar is essential. In addition to plaster, masonry blocks like bricks, plaster walls, and slabs consist of cement mortar. 

What is making Kanakpura Road a sought-after residential area?

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Bengaluru’s most sought-after real estate area is Kanakapura Road, hidden in the quiet suburban charm. This growing neighborhood, which attracts investors and homeowners due to its convenient location, offers a modern urban lifestyle in a tranquil setting. Kanakapura Road is a testament to Bengaluru’s dynamic real estate market, ready to draw in buyers looking for convenience, affordability, and peaceful surroundings. Its varied housing options, quick market appreciation, and dedication to maintaining its nature also contribute to this. 

Advantages of Location

The advantageous location of Kanakapura Road provides its residents with many advantages. Its outstanding connectivity, which offers simple access to significant thoroughfares like Hosur Road via NICE Road and the Outer Ring Road, is among its most notable attributes. The city’s inhabitants are used to traveling to neighboring cities like Mysore and around it.  

There are plenty of choices when it comes to transportation. There is an extensive network of autorickshaws, buses, metros, and app-based taxi services accessible. Moreover, the neighborhood’s proximity to Banashankari Bus Terminus is noteworthy and contributes to the ease of commuting for its residents within the city. Whether you are a professional, a family man, or an adventurer, Kanakapura Road offers a comprehensive solution by fusing modern conveniences with metro connectivity to keep you ready for the future. 

Infrastructure developments 

The infrastructure surrounding Kanakapura Road has undergone a dramatic change. Significant modernization of the road network has improved living standards and made commutes more comfortable. The attractive metro (Green Line) line, which promotes intra-city connectivity and unleashes additional potential for this region, is noteworthy. Kanakapura Road is becoming a lively and well-connected community due to the convergence of better infrastructure and increased connectivity, providing an enticing mix of contemporary convenience and exciting investment opportunities. 

Adaptable residential environment 

Homebuyers and developers alike are taking notice of Kanakapura Road as it has become a highly sought-after residential hub. Its advantageous position in IT parks, medical centers, and entertainment hotspots has improved its standing in the real estate market. Prospective homeowners can choose from options that fit their needs and budgets. 

You can look at housing options in this area, from luxurious gated communities to reasonably priced apartments. It is the best option for anyone looking for a home in popular communities like Banashankari, JP Nagar, Jayanagar, Basavanagudi, Konanakunte, Tlaghattapura, Kumaraswamy Layout, ISRO Layout, Uttarahalli, Padmanabhanagar, Bannerghatta Road, and RR Nagar because the price range varies to suit a variety of budgets. Whether you want to upgrade or buy a home for the first time, Kanakapura has a residential option that meets your needs. 

Peaceful balance between ease and quiet 

Kanakapura Road is the ideal location for individuals seeking a harmonious lifestyle because it skillfully combines the comforts of city living with a tranquil setting. There are plenty of options for entertainment nearby, including cinemas, busy shopping centers, and delicious restaurants. Due to the area’s advantageous location, residents have easy access to top-notch healthcare and education options. Notable educational institutions in the area include Sri Kumaran Public School-ICSE, Jnana Sweekar Public School, and The Valley School. Prominent healthcare facilities are also located nearby on Bannerghatta Road and Jayanagar. Furthermore, IT workers benefit notably from the location’s closeness to bustling IT parks and tech corridors like Global City Tech Park, which allows them to shorten commutes and achieve a better work-life balance. For individuals in Bengaluru looking for the ideal blend of city conveniences and peaceful living, Kanakapura Road is a great option. 

Investment Quality 

Kanakapura Road is a bright spot for investors. Property values in this area have been steadily rising due to the area’s advantageous location and the rising demand for housing. With continuous infrastructure improvements, the future appears more promising due to real estate prices staying up and, as a result, offering a superior return on investment. 

Kankapura Road is a tempting option for people looking for a second home because it provides a calm atmosphere and lots of green space. Gated communities and opulent apartments enhance the appeal by offering a first-rate lifestyle that pleases discriminating purchasers.  

Potentials 

As Bengaluru develops and grows, Kanakapura Road has a lot of promise for the future. The general quality of living will rise with the construction of parks and recreational spaces, adding to the neighborhood’s aesthetics. Kanakapura Road’s residential real estate is in high demand due to Bengaluru’s growing business and startup scene, making it an excellent investment option. The region is a great place to invest because it provides a prosperous present and a promising future.  

Conclusion 

A vibrant community that perfectly captures the spirit of contemporary urban living exists along Kanakapura Road. Convenience and peace of mind coexist here thanks to its advantageous location, excellent connectivity, and thriving infrastructure developments. Kanakapura Road is a great place to live, whether you are a savvy investor searching for deals or a potential homeowner looking for a cozy home. Bengaluru’s growth indicates that this region has a promising future and is a great investment opportunity. By purchasing real estate on Kanakapura Road, you are also investing in a way of life that blends the finest living standards with a tranquil setting. 

Hyderabad’s growing need for 3-BHK Houses

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Bigger homes, especially 3BHK units, are in high demand in Hyderabad due to changing lifestyles, financial concerns, and investment strategies. In keeping with this trend, IRA Realty has 3-BHK units at Rs 99.28 lakh available at an IRA Miracle in Kollur. Propertywala explains how IRA Realty meets the changing needs of Hyderabadi homebuyers. 

Hyderabad’s biopharmaceutical, IT, and Special Economic Zones (SEZ) sectors are well-known, and the city’s pearl trading and processing industry is growing. The real estate market in Hyderabad is also booming. The city remains one of the top locations for real estate investments, drawing clients from domestic and foreign markets. But in the post-COVID era, buyer’s preferences for homes have evolved. Buyers are now willing to upgrade from the formerly 2 BHK to larger units that accommodate their hybrid work models. 

The declining interest rates on home loans are another factor supporting this trend in investing. To meet the changing needs of contemporary consumers, IRA Realty is building IRA Miracle, a 3BHK housing community in Kollur, Hyderabad. Let us examine the factors causing Hyderabad to see a rise in the demand for larger spaces alongside the options currently available to potential homeowners.  

Why are Hyderabadi people starting to prefer 3 BHKs? 

A large living area is required. 

Particularly in the aftermath of the pandemic, the need for additional living space has become apparent. The emergence of hybrid work models has led to a rise in demand for apartments that provide warm living, flexible workspaces, and a separate home office. 3-BHK configurations were, hence, the best option. Aside from that, the fact that both adults and children value privacy has led to the need for more rooms. Because of this, IRA Miracle by IRA Realty sticks out from other projects. 

In the up-and-coming Kollur neighborhood, close to the Outer Ring Road, IRA Miracle provides luxurious 3-BHK apartments with contemporary amenities that meet modern living standards. These Vastu-complaint apartments are priced between Rs 99.28 lakh and Rs 1.35 crore and have sizes ranging from 1,655 sq ft to 2,455 sq ft. Every housing unit at IRA Miracle has an independent wall, giving each family a peaceful and private area. It is one of the community’s most noteworthy features.  

Enhanced accessibility 

There has been a noticeable change in the preferences of urban residents when it comes to purchasing homes, as disposable income has been steadily rising. A greater variety of prospective homeowners can now afford the 3-BHK apartments. Lower rates on home loans and the construction of larger projects in the outlying areas that provide more open spaces and improved lifestyle amenities are the primary causes of the fad. Due to their desire to work from home and benefit from the modern amenities and greener surroundings, homebuyers are also willing to invest in such projects. 

One such project, IRA Miracle, aims to cater to the expectations of contemporary homebuyers by providing fully developed landscaped gardens, greener surrounds, and modern amenities, like a library, spa, and pool table, among others, to break up the monotony after a long day at work. 

Regarding facilities, IRA Mriacle offers a lavish multilevel clubhouse spanning 20,500 square feet with premium features to provide an upscale living experience. IRA Miracle is a project currently under construction with a completion date of December 2024. Its RERA number is P01100002811. 

A higher return 

Choosing the right kind of property is essential for maximizing returns on real estate investments, which are considered long-term strategies. In the real estate market, larger units—like 3BHK houses—generally have a higher resale value. The property’s versatility makes it appealing to a broader range of buyers. 

3-BHK homes have a high resale value, showing their enduring appeal and financial benefits. These apartments stay relevant and appealing as families expand and lifestyles change, guaranteeing a steady demand in the real estate market. 

Possibilities for rentals

Hyderabad’s expanding industries, particularly in the IT/ ITeS sector, are driving up demand for rental housing. Professionals and students searching for a comfortable and spacious rental property often choose 3-BHK apartments because they can accommodate multiple inmates, lowering the monthly cost per person. Therefore, homeowners can investigate renting out all or part of their 3-BHK apartments to generate rental income.  

Because tenants prefer buildings with better amenities and less maintenance, newer developments—like IRA Miracle, which will be ready for occupancy by the end of the year—are also much easier to lease out than older ones. 

Long-term financial commitment 

These larger apartments provide adaptability that meets homeowners’ changing needs, whether they want to upgrade their lifestyle or prepare for a growing family. Larger units also raise one’s status and are seen as an asset. 

In conclusion, the changing tastes of contemporary homebuyers have shaped the rising demand for 3-BHK homes in Hyderabad. These bigger apartments provide an all-encompassing answer, meeting demands for roomy living areas and the possibility of higher profits and rental income.   

Can a crisis similar to China’s Evergrande occur in the Indian real estate market?

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Evergrande: One significant distinction between the real estate markets in China and India is that the former has steady buyer demand. 

A Hong Kong court ordered on January 29th the liquidation of the troubled Chinese real estate giant Evergrande. This decision will likely impact the nation’s financial system and the trust of foreign investors. This article looks at the tremendous strides the Indian real estate market has made since the collapse of Infrastructure Leasing & Financial Services, which caused a crisis of non-banking financial companies (NBFCs). 

Experts in real estate claim that there are parallels and differences between the Infrastructure Leasing & Financial Services (IL&FS) debacle and the Evergrande crisis. Both have significant adverse impacts on their respective markets, including high debt levels and inadequate financial management. However, in contrast to China, India’s real estate market recovered gradually due to national initiatives and the creation of the Real Estate Regulatory Authority.

“Thanks to government initiatives and regulatory changes like RERA, India’s real estate market has gradually recovered following the IL&FS disaster. India’s real estate market is more stable than China’s, falling despite challenges like capital shortages and regulatory barriers. The IL&FS crisis was mainly limited to India; Ever grande’s problem has global implications due to its size and exposure to foreign debt, according to ANAROCK Capital’s MD and CEO, Shobit Agarwal. 

Global implications of the Evergrande issue are more extensive. 

China’s real estate market is slowing down, but India’s is more secure despite ongoing challenges like capital shortages and regulatory barriers. According to Agarwal, the IL&FS crisis mainly applied to India, but the scope and exposure to foreign debt of Evergrande’s problem have global implications. 

It is noteworthy that Evergrande owes over $300 billion in debt. Thousands of homebuyers stood in a bind over building and financial mismanagement regarding unfinished apartments. According to agency reports, High Court judge Linda Chan’s ruling on January 29 essentially starts a drawn-out process that includes selling off the developer’s assets and changing the management to ease the worries of its creditors. 

According to agency reports, Ever Grande’s demise came in 2021 when Beijing tightened its lending policies to real estate developers to curb the bubble. 

What distinguishes the two real estate markets? 

Nearly 40% of all home sales in China are due to Chinese real estate developers, who have struggled with severe debt default since 2021. Of the $175 billion in outstanding dollar bonds, they have defaulted on over $114.6 billion. The ongoing COVID-19 impact and government regulations governing financing methods are among the factors. Gulam Zia, Senior Executive Director at Knight Frank India, explains that these actions have developers’ funding options while preserving financial stability and controlling property price surges. 

With 3,100 real estate projects, almost four times as many as Evergrande, and $ 191.7 billion in total liabilities, another real estate developer, Country Garden, has been struggling financially. As per a report published in the South China Morning Post last week, troubled Chinese developer Country Garden Holdings has listed some assets for sale in Guangzhou to clear a significant amount of debt due within the next six months. 

Zia continued, saying another factor to consider is that Chinese homebuyers need more confidence due to unfinished projects and lax laws allowing developers to withdraw funds from escrow accounts.

Furthermore, the real estate industry in China makes up roughly 30% of the country’s GDP, compared to only 7% in India. Real estate experts predict it will not increase by more than 15% even over the next 20 years. 

At $477 billion in valuation, the real estate industry in India accounts for 7.3% of the country’s GDP. According to projections, the economy will grow significantly, reaching $5.8 trillion by 2047, or 15.5% of total output. This growth is due to the increasing demand for better living spaces brought about by rapid urbanization, according to a Knight Frank and Naredco report from the previous year.

RERA: Revolutionizing the real estate industry in India 

The industry has been made cleaner by the real estate regulatory bodies that have been established around the nation to control the real estate market and safeguard homebuyers. 

China faces many challenges, but urbanization will continue to grow India’s market. Thanks to changes in regulations and lessons from past failures, the Indian market has become more resilient and customer-focused. Compared to its Chinese counterparts, India’s real estate market has a brighter future, which puts it in a more stable position, says Zia. 

Persistent demand for housing 

The consistent end-user demand is the primary distinction between China and India. 

Even in times of economic recession, such as the Lehman crisis in 2008, the demand for real estate in India has remained steady. In India, the main issue was developers abusing the money that buyers purchased homes with. China, on the other hand, faced challenges with many builders finding it difficult to make timely payments, which were made worse by limited access to funds due to the global economic situation, as Zia points out in his research paper titled India’s Resilient Real Estate Market Amidst China’s Real Estate Woes: A Comparative Analysis.

In India, is a beach considered private property? How does possession vary from ownership?

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The complex issue of private beach ownership exists in India. Although there are some private coastal areas, it’s uncertain if beaches in India fall under the category of private property. State-by-state variations in beach ownership and public access laws give rise to discussions about the effects on the environment. In this article, Propertywala goes deeper into the subject and attempts to comprehend it.  

The ownership rights debate surrounding beaches has connections with historical precedents and current concerns, spanning from the pristine shores of Goa to the picturesque coasts of Kerala. In India, exclusive beach ownership raises questions about cultural heritage, public access, and environmental preservation. The interaction of social dynamics, legal disputes, and tourism-related effects illustrates the depth of the problem. 

Can a beach be private property in India? We will examine this topic and how difficult it is for the nation to balance development and preservation. 

What constitutes private property ownership?

In India, “private ownership of property” refers to the sole legal authority that a person, business, or other entity has over a plot of land, real estate, or other tangible assets. It gives the owner the right to keep, use, give away, and bar others from using the property.  

Within the parameters of Indian property laws, the owner gets to use the property as they see fit and to assume specific responsibilities. Ownership typically occurs through legal documents such as titles, deeds, or conveyances. However, what distinguishes possession from ownership? In this article’s next section, let us find out. 

The distinction between ownership and possession 

Possession and ownership are two different legal concepts in India. The act of physically controlling or occupying a piece of property is called possession. One does not necessarily own property when it is in their possession; tenants are individuals who look after property on behalf of owners. Ownership is a more expansive legal concept than possession, and it refers to actual physical control or occupation. 

The legal right to possess, use, and dispose of property, including real estate or land, in any way that’s allowed by law is, in essence, what ownership refers to. It includes the authority to manage the asset and reap its rewards. 

Let us see whether a beach in India can be considered private property in the next phase. 

Does India allow a beach to belong to someone else? 

While beaches are usually open to the public, some coastal states in India may identify some areas as “Private Access Beaches” to attract tourists. Many hotels and resorts have private beaches that are by local ordinances. Owners may limit access to be exclusive to guests, but under certain circumstances, some laws allow limited public use. 

The Supreme Court ruled in 2022 in a landmark decision that the public has the right to the unimpeded and undistributed enjoyment of natural resources like beaches, forests, rivers, and water bodies. It is thus feasible to say that while you can own a beach, you can also possess it. 

In conclusion, the debate over beach ownership in India is akin to balancing ownership flights with ecological necessities. India’s ability to navigate this complex situation highlights the need to strike a balance between regulations and ensure that the coastline develops sustainably. 

CEO of Bhartiya Urban’s Residential: “Bengaluru Real Estate Stands Out As One Of Most Sought-After in India”

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Due to urbanization, changing demographics, and a renewed emphasis on affordable housing, the Indian real estate market is undergoing significant transformation. The emergence of integrated townships, combining housing with community, sustainability, and other amenities to create holistic living experiences, is a clear example of this evolution. The CEO (Residential) of real estate company Bhartiya Urban, Ashwinder Singh, provides insights on investor opportunities and the state of the Indian real estate market, particularly in Bengaluru, in an interview with News18.com. Edited excerpts: 

What effects on investor confidence, security, and transparency are the implications of Sebi’s legalization of fractional ownership? 

By enhancing transparency and security measures, Sebi’s recent move to formalize fractional ownership has the potential to boost investor confidence. Place these platforms under the regulatory purview of Sebi guarantees compliance with strict guidelines, equitable procedures, and the protection of investor interests. The regulatory framework mandates exhaustive and transparent disclosures to give investors the information they need to make well-informed decisions.  

Enacting investor protection measures will also provide recourse if any issues arise. These measures include fund segregation and dispute-resolution mechanisms.  

SEBI oversight should encourage thorough due diligence on assets put up for sale, lowering the possibility of encouraging illiquid or fraudulent investments. 

Give your thoughts on the state of the Indian real estate market right now. 

In recent times, India’s real estate industry has undergone notable changes. The need for residential real estate is increasing due to several factors, including population growth, urbanization, and a strong focus on affordable housing. The advent of integrated townships signifies a movement towards all-encompassing living situations involving housing, community, amenities, and sustainability. 

What makes the Bengaluru real estate market unique, and why would you advise investors to focus on it first? 

One of the most sought-after real estate markets nationwide, Bengaluru continuously produces strong returns for established and emerging markets. In Bengaluru, there were almost 2 lakh home sales in just the first three quarters of 2023. The city is a popular place to settle down because of its thriving startup scene and well-established IT sector, which draws millennials. The real estate market in Bengaluru will continue to grow, providing end users and their families with a wide range of well-designed homes in handy locations. 

With the expected expansion of the economy and the growing demand for housing, investing in the Indian real estate market offers a bright future. Notably, non-resident Indians (NRI) are increasingly looking to invest in the Indian market and find retirement homes or second homes for travel. In light of these elements, real estate investing in 2024 presents an opportunity to take advantage of market conditions and generate long-term gains.

Describe Bhartiya Urban, its projects, and the reasons behind its prominence as a Bengaluru residential area. 

Bengaluru’s Bhartiya Urban is a massive integrated city constructed close to Hebbal. Spread across multiple districts such as residential, commercial, IT SEZ, hotels/ convention centers, and retail, it is projected to be the largest project of any Indian metro area. The city’s layout blends Indian architectural flairs with international urban planning. 

With features like Central Park, schools, easy access to the airport, and other areas of Bengaluru, Bhartiya Urban hopes to become a thriving center for residential, commercial, entertainment, and cultural activities. With many different formats and price points, the residential options offered under the Nikoo Homes brand appeal to a diverse group of Indian families.  

What do you think the future holds for the real estate industry for trends? 

I aim to reinvent Indian urban living by developing integrated townships and residential projects. Our attention is now more on creating entire ecosystems, which includes beautiful homes, meeting people’s varied needs, and fusing modernity with sustainability and communal living. 

Here’s how to update your name on the MCGM portal property tax records.

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Do you want to update or change the name on your Mumbai property tax records? It is something you can easily do via the MCGM portal. You can expedite the process using our thorough guide, which covers everything from obtaining the necessary information to utilizing the portal. Continue reading to find out how to register, log in, and change your name in property tax records on the MCGM portal. 

Concerning the MCGM portal 

Residents of Mumbai can pay their property taxes online through the Municipal Corporation of Greater Mumbai (MCGM) portal. On the MCGM website, property owners in the city can also conveniently access and review their property tax details, compute the tax amount and make online payments. This easy-to-use portal streamlines the entire tax payment process for residents and provides essential information on property tax exemptions and regulations.

How can I sign up and access the MCGM portal as a user? 

The following instructions will walk you through the process of creating an account and logging in to the Municipal Corporation of Greater Mumbai (MCGM) portal: 

Step 1: Go to the MCGM website. 

Step 2: To register as a new user, the current or new users should click “For Citizens” on the homepage, as shown below. 

Step 3: A drop-down menu allowing new and existing users to register will show up when you hover over the “For Citizens” tab. Under “Pay,” pick the “Property Tax” option. 

Step 4: Click the “Skip” button when the “Timeline for updating property records” image appears. 

Step 5: The “Citizen Portal Services Property Tax” will be the destination for new and returning users. 

Step 6: The new user will select “KYC non-reg. User” from the homepage. The BMC User Login is exclusively for BMC employees; the current user, however, will choose “Citizen Login.” 

Step 7: The current user will click “Login” after entering the “Captcha” and “Property Account No.” They’ll have to go to the dashboard where the current user can use the MCGM portal’s services. The new user will select a category, choose the file document, and click “Submit” after entering their “Property Account Number,” “Name,” “Email ID,” and “Mobile.” 

The user’s newly registered mobile number will receive an OTP. The new user will enter the OTP in the box in the subsequent step during the last stage of user registration on the MCGM portal. After registering on the MCGM portal, they can promptly check and pay their property tax in Mumbai. Let us now examine the process of updating the property tax name on the MCGM portal. 

How can I update my name on the MCGM portal for property taxes? 

There are two ways you can use the MCGM portal to change your name for property taxes: 

Modify the name in Mumbai property tax through the SRO office Modify the name on the MCGM portal for property taxes.
It will be necessary for the applicant to visit the Sub-Registrar’s office to change the name of the property tax in Mumbai. SMS, email, or postal notification will arrive to the applicant.  The change of property tax name through the MCGM portal is only applicable in recent cases. 
From the date of the request, the alteration will occur within three working days. 

In conclusion, Mumbai residents can pay their property taxes quicker and effectively thanks to the MCGM portal. Mumbai residents can manage their property dues with the help of this portal, which allows them to update property details, calculate tax amounts, and change names. 

Forbes Global Properties enters the Indian real estate market with plans to build in Goa, Delhi, and Mumbai.

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In Navi Mumbai, Forbes Global Properties intends to construct a 100-acre project. It is negotiating for a housing project in Goa and a commercial project in Delhi. 

On January 24, US-based Forbes Global Properties revealed its entry into the Indian real estate market by providing brokerage services for upscale residences. In collaboration with landowners, it also intends to build two projects totaling 10 million square feet in Delhi and Mumbai. It also investigates the possibility of building a 10-lakh-square-foot residential project in Goa.

The amount of money the company planned to invest in India was kept a secret. 

Forbes Global Properties, a company founded in December 2020, not long after COVID-19, entered the Indian market using a membership network model. It is already present in 26 countries, where 17,000 agents serve clients with real estate needs.  

The international company will receive a membership fee from the Indian venture “Indian Forbes Global Properties.” The Indian venture’s chairman will be A.K Sharma. According to Sharma, the business would use a development management model to carry out projects. “Brokerage is our primary business,” Sharma stated. “India Forbes Global Properties will offer brokerage services for the luxury residential market and is considering purchasing equity stakes in at least two of these consulting firms.” 

India has a sizable market and economy. To better assist our clients looking to purchase and sell luxury properties, we have expanded into India. Forbes Global Properties CEO Michael W. Jalbert will reporters in this location. 

India Forbes Global Properties will first develop a 100-acre mixed-use project in Navi Mumbai in partnership with Orange Smart City, building a 1,200-acre integrated township. Infrastructure construction is the responsibility of the Mumbai Metropolitan Region Development Authority (MMRDA). 

PropEquity Analytics and India Forbes Global Properties FGP have partnered as well. 

“In 2019, there were about 5235 units in India’s luxury real estate market (above $1 million), with a total value of $5 billion. It is now a more than 100% increase in that number.  Approximately 13,600 units are worth $12 billion today. The demand from the NRI segment and the general expansion of the Indian economy are the main reasons for this number’s growth, according to PropEquity’s founder and CEO, Samir Jasuja. PropEquity is a cutting-edge online search platform for real-time data, intelligence, and analytics. 

The network of invitation-only Forbes Global Properties members represents many of the best properties available worldwide for purchase and is exclusive to the most illustrious brokerages in particular cities and second-home destinations. High net-worth individuals, inventors, and real estate investors will have access to some of the most sought-after and unique properties through Indian ventures.