Monthly Archives: February 2024

The real estate fund of Motilal Oswal contributes. First close of Rs 1,250 crore.

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Across India’s top 8 cities, IREF VI will strategically concentrate on early-stage investments in mid-income/affordable residential projects. 

The first close of the sixth real estate fund, India Realty Excellence Fund VI (IREF VI), was announced by Motilal Oswal Alternates (MO Alts). Launched with an aim corpus of approximately Rs 2,000 crore, the fund has committed Rs 1,250 crore after its first close. 

MO Alts has made capital investments in the real estate sector through five real estate funds. The company oversees additional stand-alone and in-house real estate investments. As an experienced real estate manager, MO Alts has funded approximately Rs 7,500 crore across 50 Indian developers and completed more than 150 investments. In addition, they have profited from over 20% of their pre-approval wagers. 

The early-stage investments in mid-income/ affordable residential projects in India’s top 8 cities—Mumbai, Delhi-NCR, Pune, Bangalore, Chennai, Hyderabad, Kolkata, and Ahmedabad—will be the primary strategic focus of IREF VI.   

High net-worth individuals, Indian non-residents, family offices, and corporations have raised this fund. The fund is set up as an alternative investment fund (AIF Category II). MO Alts is the name of Motilal Oswal Financial Services Limited’s alternative investment platform. 

In the growth stages of real estate and private equity, MO Alts manages assets worth over $2 billion in aggregate. 

“This marks the largest and fastest first close for our real estate funds to date,” stated  Vishal Tulsyan, MD & CEO, MO Alts. This successful fundraising endeavor amid a rising stock market shows our investors are in our abilities. We are very optimistic about the real estate market and believe it will experience strong growth shortly. We are committed to strengthening our position as the leading capital provider for the real estate sector by taking advantage of as many opportunities as we can in the years to come.” 

“The Indian real estate market has exhibited remarkable resilience and growth in recent years,” stated MO Alts co-head (real estate) Saurabh Rathi. The demand for residential real estate has been exceptionally high, and the office market has exhibited robust absorption as it approaches the pre-pandemic peaks. The need for early-stage capital is more apparent than ever, with sectoral indicators indicating sustained momentum. We are committed to meeting this need by utilizing our solid risk management framework, conservative underwriting procedures, and proven track record.” 

Co-head of MO Alts’ real estate department, Anand Lakhotia, stated, “We are incredibly appreciative of our investors’ continued faith in our investment knowledge, especially those who have previously invested in our funds. We are in an excellent position to take advantage of new opportunities because of the tightening restrictions on banks and NBFCs regarding capital utilization and the positive outlook for the real estate market. Our robust pipeline of investment opportunities in major cities being evaluated at various stages and offering competitive risk-adjusted yields makes the deal flow look extremely promising.” 

Everything about the 2024 Gujarat Housing Scheme

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In addition to providing unsold housing units in existing projects, the Gujarat Housing Board has been actively introducing new projects to meet the state’s housing needs. In addition to being affordable, the government’s support ensures that these houses are built for every segment of society. 

Under the auspices of the state government, the Gujarat Housing Board (GHB) has been working to create new housing initiatives to benefit the populace. Housing for families in the Below Poverty Line (BPL), Economically Weaker Section (EWS), and Low-income Group (LIG) has received particular attention. A portion of the Middle-Income Group (MIG) and Higher-Income Group (HIG) of society are also catered to by particular projects in the new housing schemes.

 There are a few cities where the projects are underway: Surat, Ahmedabad, and Vadodara. 

Concerning the Gujarat Housing Board  

The division of the province of Bombay led to the creation of the Gujarat Housing Board (GHB) in 1961. The board must provide housing initiatives for all social classes of State residents. It not only constructs affordable apartments in Gujarat but also develops commercial properties. 

How can one apply for the Gujarat Housing Scheme 2023? 

The Gujarat Housing Scheme application procedure is as follows: 

Step 1: Go to the Gujarat Housing Board’s official website. 

Step 2: After that, click the “application form” link in the upper left corner of the homepage.

You can then the application form by opening a new window. 

Step 3: Correctly complete all the information and submit the form. Save the receipt for your records. 

Qualifications for the Gujarat Housing Scheme 2023 

  • The candidate must be a resident of the State of Gujarat and be older than eighteen. 
  • The scheme applicant was not eligible to receive any other housing scheme from the government of Gujarat.  
  • If someone wants to be eligible for MIG or LIG quotas, they cannot own any other property in India. 
  • Rs 1,00,001-2,50,000 is the annual family income threshold for applying for a LIG home. 
  • The annual household income requirements for applying for a MIG home are Rs 2,50,001-10,000,000. 
  • Candidates for HIG apartments must earn at least Rs 1,000,000 annually as a family. 
  • Required documentation to apply for a 2023 residence proof document under the Gujarat Housing Scheme
  • Caste certificate
  • Income certificate 
  • Aadhaar Card 
  • Passport-size photographs with a transparent background.

Which general amenities come with houses constructed through the Gujarat Housing Scheme? 

A few standard features of homes constructed by GHB are: 

  • Elevators 
  • Vitrified tiles (for flooring)
  • Parking 
  • Earthquake resistant construction 
  • Street lights 
  • Regular water supply 
  • Landscaping 

Distribution of residences under the Gujarat Housing Scheme 2023

The Gujarat Housing Scheme allots houses through a drawing process. The Gujarat Housing Board holds an online drawing in front of the applicants to guarantee transparency.  

Gujarat  Housing Scheme 2023 will also launch new projects soon. Visit the official website for announcements and updates on the application process. Additionally, these houses ae intended for end users, and tenants are not encouraged. 

Five trends are influencing the residential real estate market in India.

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The rapid expansion of the middle class in India is mainly to blame for the significant changes occurring in the Indian real estate market. Development professionals, investors, and potential end users are all very interested in this revolutionary shift, characterized by a sharp increase in population and economic growth. Urbanization, rising incomes, and easier access to education all contribute to this phenomenal growth. 

The Indian residential market is a leading indicator of changing regulations, economic vitality, and societal aspirations due to its novel opportunities and trends. The value of India’s residential real estate market reached an all-time high of Rs.3.47 lakh crores in FY23, representing a strong 48% annual growth. The sales number also showed an upward growth trajectory, increasing by 36% to 379,095 units sold. 

The nation is changing swiftly, and every part of the industry beats in time. The following are the main developments influencing India’s residential real estate market:

  1. Rise of Low-Density Housing: Plotted developments, townhouses, and villas are among the low-density housing options currently in high demand. Low-density housing uses less energy, such as electricity, air, and water, and is similar to small neighborhoods or single-family homes. Long-term residents of this kind of housing are encouraged to lead sustainable lives. Reducing the need for additional infrastructure in neighborhoods by forming them with fewer houses and preserving the land largely intact can help save resources. Buyers are becoming more aware of the benefits of low-density housing. Low-density housing is becoming more popular for people to escape congested urban areas and prioritize privacy, space, and harmony with nature. Developers are introducing carefully planned, low-density projects in response to this trend, emphasizing the value of open spaces, lush greenery, and a feeling of exclusivity. This change reflects a rising desire for well-balanced homes that combine contemporary conveniences with the peace of suburban settings. According to India Sothby’s International Realty’s annual Luxury Outlook Survey 2023, roughly one-third of HNIs and UHNIs are willing to spend over Rs 10 crores on real estate. For instance, Landmark Group sold out of its plots in record time at Landmark Avana, a new low-density housing project in Gurugram, particularly to a younger demographic looking for more space and a better standard of living. 
  1. Technological Integration: By improving comfort, security, and convenience, technology integration is completely changing the residential landscape. Ad IoT devices, home automation systems, and AI-powered assistants biome standard features in smart homes set new standards for futuristic living while providing residents with a seamless living experience. India’s smart home market is expected to generate US$6.5 billion in revenue by 2024. Based on research and markets for smart homes, India ranked third globally in 2020. Furthermore, by 2025, there will be 442 million smart homes in India, an increase over the current number of homes, according to Statista’s Digital Market Outlook for 2021. 
  2. Growing Preference for Owning a Home: The start of the COVID-19 pandemic has caused a significant shift in the way that society views home ownership. Purchasing a home is becoming more and more important to people than renting one. People now recognize the benefits of living in their own space with areas set aside for work, study, and leisure. As a result, people are more conscious of the inherent worth of owning a home since it provides a greater sense of stability and security during uncertain times. Like the pre-COVID housing loan levels, Indian banks advanced housing loans totaling approximately 2 trillion Indian rupees in FY22. As more Indians were investing in residential real estate, this suggested that homebuyer confidence was returning. 
  1. Elegant living: The market focuses on pricey, showy real estate. These upscale residential developments draw discriminating buyers looking for an unmatched quality of life with their first-rate amenities. According to a recent India Sotheby’s International Realty study, the number of affluent people planning to buy luxury real estate in the upcoming years has considerably increased. The luxury real estate market has seen substantial disruption due to growing income levels, deeper technological integration, and evolving consumer preferences brought about by shifting demographics. Millennials are becoming interested in luxury real estate as their incomes rise and their urban lifestyles change. Luxurious properties are in high demand due to the possibility of substantial rental income and a high return on investment. The sales of luxury homes in India increased by 130% in the first half of 2023 compared to the last year. Set to open in Dwarka Expressway, Landmark Group’s new residential project promises to be the ideal residential complex with its endless luxury services and state-of-the-art amenities that are best suited for the changing way of life. 
  1. Tier 2 becomes a powerful force: After the pandemic, many people assessed their living situations and looked for sale houses in their hometowns to feel more stable. The consequence has been an increase in the visibility of Tier 2 cities, which are growing hubs for real estate. The discernible increase in investment activity is causing significant changes in these cities’ real estate markets. With a robust housing market supporting them, Tier 2 cities are rapidly expanding their infrastructure and offering various opportunities for residential and commercial use. Furthermore, the government’s support of cities helps the real estate industry expand. Projects to develop townships and settlements may receive up to 100% FDI approval from the government. Tier 2 cities real estate growth has surpassed Tier 1 cities. For example, at the end of the fiscal year 2021-22, Ahmedabad’s residential real estate market size of INR 83,390 crores exceeded the market sizes of some Tier 1 cities, like Chennai and Kolkata, with INR 52,554 crore and INR 38,440 crore, respectively. This expansion was also apparent in Tier 2 cities like Nashik, Jaipur, Vadodara,  and Gandhinagar. 

The government has increased its efforts to provide affordable housing in response to the recent spike in housing demand, and developers have modified their business plans. The term “affordable housing” describes real estate with prices within the reach of low- and middle-class families. The affordable housing project Landmark the Homes in Sector 81 is anticipated to be completed by December 2024, according to the Landmark Group. One can look into government-funded programs created especially for low-income groups or home loan options from private lenders/NBFCs to purchase affordable housing in India. A commitment of Rs 79,000 crore (US$9.64 billion) for the PM Awas Yojna has been announced in the Union Budget 2023-24, a 66% increase over the previous years.  

Government initiatives such as the Rajiv Awas Yojna and Pradhan Mantri Awas Yojana have encouraged developers to take on projects to offer affordable housing, thereby promoting accessibility and inclusivity in the real estate market. Meeting the demand for 40 million urban housing units is necessary, given that the population is growing at an average annual rate of 2.1% and that a large portion of our population has low purchasing power.

 India’s growing urban population is driving up demand for homes, changing the country’s skylines and city spaces. 

Top 5 Places to invest in real estate in Goa

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Are you considering settling in Goa, among the Portuguese colonies lining the Arabian Sea coast? Residential real estate accommodates a wide range of preferences, from those looking to retire to those looking to retire to those seeking to buy a home. In North and South Goa, investors have a variety of options to select from, including villas, apartments, and plots. However, where in Goa are the top places to purchase real estate? 

A popular holiday destination near Maharashtra, Goa is known as the “land of beaches and seas.” The Mopa International Airport and the Zuari Bridge are just two infrastructure projects that have made headlines recently. In addition to improving connectivity, these projects have refocused attention on Goa’s residential market. 

Top areas in Goa to purchase a property 

The following list explores the salient characteristics, past prices, and real estate trends of the five most desirable places in Goa. 

North Goa’s Porvorim 

A thriving residential community in the center of Goa, Porvorim sits along the Mandovi River and the busy Mumbai-Goa Highway. Additionally, it serves as the legislative capital of Uttar  Pradesh. NH-78 and NH-66 connect strategically to the Panvel-Kochi-Kanyakumari Highway, Karmali Railway Station, and Dabolim Airport. Porvorim offers a wide range of housing options, with large, move-in ready 2 BHK apartments dominating the market. Porvorim offers monthly rental rates between Rs 9,000 and Rs 39,000, and home-buying prices hover around Rs 8,300 per square foot. The area continues to appeal to working people as a place to live, especially since industrial estates like Pilerne and Colvale are only 14 km away. 

Mapusa, North Goa

Mapusa, a residential and commercial district known for its busy lifestyle, is tucked away in Goa’s northern region. The locality is connected to areas within the city and beyond by the Calangute-Mapusa Road, NH-66, Thivim Railway Station, and Mapusa bus terminal. The 2 BHK apartments from local builders dominate the Mapusa housing market, which provides a high-end experience. With a sharp 40% increase in the previous five years, the average property price in Mapusa is now approximately Rs 6,450 per square foot. Those who invest in Mapusa can anticipate reasonable monthly rentals, which start at about Rs 26,600, along with consistent price growth. 

Candolim, North Goa

From Aguada to Calangute, the charming community of Candolim in North Goa is situated along the Arabian Sea and Nerul River’s shores. With a variety of sea-facing properties and excellent connectivity through NH-66, Aguada Fort Road, and Verem-Nerul Road, Candolim is the ideal location for anyone looking to live a tranquil coastal lifestyle. One-bedroom and 2-BHK ready-to-move-in apartments in Candolim’s residential inventory; the average price per square foot is roughly  Rs 12,800. In the past five years, home values in Candolim have increased by 80% despite the high rates due to the constant demand. Rentals in the area are around Rs 26,000-35,000 per month. 

Goa’s Dona Paula 

A well-known tourist destination, Dona Paula is a posh neighborhood in Panaji’s suburbs. There are luxurious homes, resorts, and hotels in the area. NH-66, Jetty Road, and Hawai Beach Road all provide connectivity in Dona Paula. In Dona Paula, the most common type of housing is an upscale 3-BHK apartment, with prices starting at about Rs 12,050 per square foot. Reputed domestic builders like Mohan Group, Rajdeep Builders, and Mathias Construction are responsible for most of Dona Paula’s residential developments. 

South Goa’s Colva 

Colva, a posh residential area in South Goa known for its captivating coastline, features bungalows, standalone houses, multi-story vacation rentals, and residential apartments. The vicinity has excellent access to the Dabolim Airport, the Margao and Majorda regions, the Mumbai-Goa Highway (NH-66), Colva Beach Road, and Colva-Benaulim Road.   

The Goa locations mentioned above are well-located and provide numerous housing options. Although buyers are free to choose any of them based on their needs, preferences, and financial situation, making an informed decision requires careful consideration of all available options. First-time buyers can also speak with local real estate professionals for more details and help. 

Property prices in Pune are booming, with a 46% increase in registrations for properties between Rs 50 lakh and Rs 1 crore.

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A 46% year-over-year increase in property registrations was reported in January 2024 by the Maharashtra government’s Department of Registrations and Stamps, also known as the Inspector General of Registration and Controller of Stamp (IGR), which helped the Pune real estate market. 

The data shows that in January 2024, there were 17,700 registered property units, compared to 12,166 units in the same month the previous year. This spike indicates a growing interest in investing in city real estate. 

In December 2023, the district registered 14,725 property units, generating Rs 560 crore in revenue from stamp duty. In January 2024, stamp duty receipts increased significantly from Rs 441 crore in January 2023 to Rs 589 crore. 

Real estate consultancy Knight Frank India reports that in the Pune district in 2023, there were 152,323 property registrations, and stamp duty collections totaled Rs 5,351 crore. 

A Knight Frank India analysis shows that residential units priced between Rs 50 lakh and Rs 1 crore accounted for the most registrations in January 2024, accounting for 32% of all housing transactions. The properties with prices between Rs 25 lakh and Rs 50 lakh held a 31% market share, making them the closest competitors. Additionally, from 10% in January 2023 to 14% in January 2024, the market share of properties in the higher value segment–which includes those priced at Rs 1 crore and above–increased, indicating that buyers are growing more accustomed to selecting properties in this price range. 

Furthermore, as of January 2024, 41% of the market consisted of apartments ranging from 500 to 800 square feet. Less than 500 to 800 square feet. Less than 500 square feet was another prevalent apartment size, drawing interest and accounting for 33% of transactions. The market share of apartments larger than 1,000 square feet increased from 12% in January 2023 to 14% in January 2024. 

Regarding buyer demographics, most buyers–who accounted for a sizable fifty-four percent of the market—were between the ages of thirty and forty-five. Sixteen percent of buyers were between the ages of forty and sixty, and twenty-four percent of consumers were under thirty. 

Ghaziabad’s circle rates as of 2024-2025

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The Uttar Pradesh government sets circle rates, which are the lowest prices at which property in Ghaziabad can be sold. The whole amount is charged for stamp duty and registration fees when registering new or used property. Circle rates vary based on the type of property and the area, so it is critical to know the most recent rates that apply in the area. Continue reading to learn about Ghaziabad’s most recent circle rates for 2024-2025. 

How does Ghaziabad calculate circle rates? 

The lowest price at which the Uttar Pradesh government will sell a property is known as the “circle rate” in Ghaziabad. Like other Indian cities, Ghaziabad’s circle rates fluctuate according to the area’s market value and level of infrastructure development. Usually, the revision complies with local requirements. The fact that Ghaziabad’s increase in the maximum circle rate has made headlines for housing hubs for all the right reasons is not surprising. These include the vicinity of the Delhi-Meerut Expressway and the Rapid Rail corridor’s influence zone. 

Factors influencing Ghaziabad’s Circle rates 

Commercial properties are subject to a higher circle rate from the state government than residential properties. When determining circle rates in Ghaziabad, the Uttar Pradesh government considers several factors, including the type of property, the market value of the area, and the condition of the current infrastructure. 

Property type: Even within the same neighborhood, Ghaziabad’s circle rates for plots and standalone homes differ from those for flats and apartments.  

Infrastructure status: A community with sufficient infrastructure inside the municipal boundaries would have a higher circle rate than an area outside the municipality’s borders. 

The government’s authorities examine a region’s circle rates annually. Conversely, the rates may or may not change. In Ghaziabad, the rates have not altered since 2014.   

How can I look up circle rates online in Ghaziabad?

Ghaziabad circle rates are accessible online in PDF format. To view the circle rates online, take the actions: 

Step 1: https://ghaziabad.nic.in/ 

Step 2: Move your cursor to the information section and select “New circle rate list Ghaziabad.”

Step 3: To see the most recent circle rates, you can search for the name of a specific locality. 

Circle Rate: Ghaziabad’s Most Recent New and Updates

2023

After almost six years, the district administration in Ghaziabad increased the circle rates by an average of 10-12%. For FY 2023-2024, the circle rate increase varies from six percent to twenty percent. The hike applies to regions adjacent to the Delhi-Meerut Expressway and along the Rapid Rail corridor. It would directly affect the cost of real estate in the city, which has historically been a well-liked destination for low-middle-class residential real estate. In two Ghaziabad townships– Vasundhara and Siddharth Vihar, which are close to the Rapid X Corridor— the Housing Board has also increased circle rates. There is a rise in circle rates due to this recently opened courier. 

It is essential to understand the typical circle rates in the area to calculate the price of a property bought or sold. You need to verify these rates on the authority’s official website or speak with a knowledgeable real estate agent because of stamp duty and registration fees.  

Beyond The Present: Future-Proofing Your Investment in Ayodhya’s Real Estate Market

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Shortly, Ayodhya’s infrastructure development will significantly boost the real estate market.

Wise investors continually seek chances for long-term growth and sustainability as the real estate market shifts. Real estate investors wishing to safeguard their future find that Ayodhya is a promising destination due to its thriving growth and rich historical fabric.   

The Ayodhya Cultural Tapestry

Ayodhya, the birthplace of Lord Rama, is important culturally and economically. Millions of tourists visit the city because of its cultural significance, which generates a strong demand for lodging and entertainment. Recent data shows that since 2019, the tourism industry has grown steadily, with an astounding 15% annual growth. 

The surge in tourism in Ayodhya provides ample proof of the city’s potential as a lucrative investment destination, particularly for the hotel and real estate sectors. Those looking to take advantage of this growth should consider projects with a heritage theme, hotels, and resorts to align their portfolios with the growing demand. 

Infrastructure Development Drives Economic Growth

There is an expectation that Ayodhya’s infrastructure will lead to an increase in real estate sales. The last two years have seen a 30% increase in the road network, indicating the government’s commitment to enhancing connectivity. In addition, the city’s airport is undergoing extensive renovations to accommodate the growing number of visitors. 

Improved connectivity always results in higher property prices; therefore, infrastructure investments will benefit local real estate investors. Prices for residential real estate in Ayodhya have increased by a notable 10% per year, and analysts anticipate that this trend will continue as infrastructural projects draw closer to completion. 

Ideal Site for Industrial Development 

Ayodhya is a fantastic location for business and industrial endeavors because of its advantageous location in the middle of Uttar Pradesh. The number of new business registrations in Ayodhya has increased by 25% recently, suggesting that companies are increasingly keen to establish themselves in the city. 

Investors evaluating potential investments in commercial real estate should be aware of this tendency. Apart from its strategic location, the government’s pro-business policies have contributed to Ayodhya’s increasing prominence as a commercial hub. Ayodhya is a popular choice for investors seeking long-term returns in the commercial real estate market because of these combined attributes. 

Government Measures Lighting the Path 

Government initiatives primarily shape the Ayodhya real estate market. Implementing tax breaks and expediting approval processes, the government is actively fostering an environment conducive to real estate development. Over the previous year, there has been a 20% increase in the number of real estate projects that the government has approved. 

Investors need to know about these programs and utilize them to future-proof their assets. The government is committed to Ayodhya’s development, so investors need to modify their plans to account for the shifting policy environment.  

Ayodhya is a blank canvas ready to be filled with the future as we gain more knowledge about its real estate market, not just a picture of the present. If investors possess the necessary expertise and strategic insight, they could gain from Ayodhya’s growth. 

I encourage other investors to consider Ayodhya as a progressive investment destination. The information is self-explanatory and shows the city’s ability to grow steadily in various real estate markets. Investors can future-proof their portfolios and help Ayodhya grow from a historic town into a thriving cultural and economic hub by embracing the city’s journey beyond the present. 

The MahaRERA and the Advertising Standards Council will use artificial intelligence to monitor real estate advertisements.

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Artificial intelligence (AI), according to MahaRERA, will be used to identify ads published without a QR code or MahaRERA registration number. As defined by the RERA Act, any project larger than 500 square meters or eight apartments registered with the MahaRERA.

On February 15, the Advertising Standards Council of India (ASCI) and the Maharashtra Real Estate Regulatory Authority (MahaRERA) announced their partnership to identify developers advertising projects without QR codes and registration numbers. To identify developers advertising projects without QR codes and registration numbers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) and the Advertising Standards Council of India (ASCI) announced their collaboration on February 15. 

Artificial intelligence (AI) will identify advertisements published without a QR code and MahaRERA registration number. 

To defend consumer interests on websites, social media, television networks, newspapers, and other media, ASCI is a voluntary self-regulatory organization for the advertising industry. 

MahaRERA and the ASCI have signed a Memorandum of Understanding (MoU) to safeguard the interests of homebuyers, according to a statement released on February 15. Manisha Kapoor, the CEO of ASCI, and Vssant Vani, the administrative officer of MahaRERA, are signatories to the agreement.”

By the agreement, advertisements published without a MahaRERA registration number and QR code will use artificial intelligence. In response, the statement announced the formation of a core group tasked with tracking, observing, and evaluating these ads to eventually bring them to MahaRERA’s attention. 

Developers are prohibited from advertising a project unless it has been filed with MahaRERA. We have taken ex officio legal action against developers who have displayed advertisements without a registration number. 

To allow prospective homeowners to obtain comprehensive information about a project with just one click, it is now necessary for advertisements to include a QR code, according to MahaRERA Chairman Ajoy Mehta. 

He went on, “There are newer forms of advertising emerging in the new age media, which we cannot ignore. Therefore, to recognize and stop such deceptive or incomplete advertisements across all media, we need the aid of ASCI, a self-regulatory organization, and industry experts. The most recent action will aid in reducing these false and deceptive commercials.”

MahaRERA is tightening its grip on developers. 

Since 2023, MahaRERA has been taking measures against publications of advertisements that do not include a QR code or registration number. Aside from the traditional media, the authority has expanded the reach of new-age media. 

How do real estate prices in Delhi fluctuate?

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You and the owner had a thorough conversation and price negotiation because you were in love with the Delhi property. Now that you have the money, you can finally claim the property as your own. However, did you first familiarize yourself with the different steps that the process entails? Property mutation is one of those crucial tasks that you must finish. Now, let us examine the specifics of Delhi’s property mutation procedure. 

Property mutation is a crucial step in the ownership transfer for several reasons. In addition to proving ownership and guaranteeing that the electricity supply in your apartment is in your name, the mutation document has other uses. Thus, you have come to the correct place if you are seeking details about the mutation process and purchasing a property in Delhi. Read on to learn the complete property mutation process in Delhi. 

Delhi’s Property Mutation Process: A Summary 

Property mutation is transferring a person’s title from one thing to another. It entails updating the land revenue department of the government’s records. It is a crucial step in proving legal ownership and guaranteeing the accuracy of the property’s details in government records. 

A property mutation adds the new owner’s name to the land revenue records and removes the previous owner’s name. This procedure aids in upholding transparency and averting future ownership disputes.   

In India, property mutation usually occurs following the conclusion of the registration process. It entails providing the relevant authorities with the required paperwork, including the sale deed, identifying verification, and address verification. Registering a property and mutating it are two different processes. Property mutation modifies the records to reflect the change in ownership, whereas property registration establishes the legal transfer of ownership.  

The process of property mutation 

Three ideas best describe the significance of property mutation: 

  • Legal validity: The transfer of ownership has a legal effect because of the property mutation. It establishes the new owner’s rights and protects them from disputes and unfounded allegations.  
  • Tax assessment: A mutation facilitates the evaluation of real estate taxes. The authorities can ascertain the precise tax amount by using the most recent market value of the property, thanks to the updated records. 
  • Verification of title: The title documents undergo a thorough review of property mutation. It gives the new owner peace of mind by guaranteeing that the property is free of liens and other legal concerns. 
  • Water and power supply: Only after the mutation finishes are water and power allowed in apartments.  

Documents necessary for Delhi’s property modification process

In Delhi, changing one’s property requires a few different documents. Among these documents are: 

  • Copy of sale deed
  • Copy of the will
  • Copy of the Power of Attorney 
  • Copy of the Succession Certificate 
  •  Identify proof 
  • Encumbrance certificate 
  • Latest property tax receipts 
  • Notification Form A (for transfers of property ownership other than inheritance cases) or B (for transfer of property ownership by inheritance)
  • The mutation application has an Annexure A stamp fee of Rs 3 attached. 
  • Annexe B: Indemnity bond, signed on stamp paper of Rs. 100
  • Affidavit (Annexure C) bearing the names of the present and former owners, attested by a notary. 

How to apply for the Delhi property mutation process 

Applications for property mutations in Delhi are dealt with by the Municipal Corporation of Delhi (MCD). The steps to apply offline for a property mutation in Delhi are as follows: 

Step 1: Assemble all the paperwork required for the property modification. 

Step 2: Pick up an application for a property mutation by going to the MCD office that is closest to you. Fill in the required details accurately. 

Step 3: Fill out the application and mail it, along with the required documentation, to the MCD office. Pay the applicable fees as per the MCD guidelines. 

Step 4: To confirm the property’s ownership and authenticity, MCD officials will check the submitted documentation and possibly conduct an inspection. 

Step 5: The MCD will approve the mutation application if all the paperwork is in order and the title to the asset is confirmed. The official records will reflect the property modification. 

To apply online for a property mutation in Delhi, you must follow these procedures: 

Step 1: Go to the Municipal Corporation of Delhi’s official website and register or log in. 

Step 2: Select the “Online Services” menu item. After entering your ward, colony, or zone, select “Search.”

Step 3: Select “Property tax” after selecting “Pay property tax.”

Sep 4: “Request for transfer UPIC” (Unique Property Identification Code). 

Step 5: Search the property using the UPIC or the mobile number. 

Step 6: After submitting a request for UPIC transfer, upload the required files.  

Step 7: After reviewing and approving the request, the relevant Zonal Authority will make the mutation details accessible on the website. 

How to find out the status of your application for the Delhi property mutation process 

You can quickly and easily check the status of your online application if you recently applied for a property mutation in Delhi. Here’s how to do it: 

Step 1: Visit www.mconline.nic.in, the Municipal Corporation of Delhi’s (MCD) official website, and choose your zone. 

Step 2: Choose the “Emulation Property Tax” section from the “Online Services” menu.  

Step 3: Locate and click the “Application for Emulation” option to continue.

Step 4: Enter the application number and click “Application status.” 

Step 5: After entering the information, view the status of your property mutation application by clicking the “Submit” button. 

You can quickly find out the status of your application for a property mutation in Delhi by following these easy steps. Maintaining a close eye on your application is essential to a seamless process and timely updates.  

Ascertain your legal right as the owner and avoid future disputes by completing the property mutation process on time. Prepare the necessary paperwork and decide whether to continue online or offline.  

Real Estate Investing: A Comprehensive Guide

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Karan Shetty offers this thorough guide on how to get started and build wealth in the real estate industry if you are a beginner eager to start your wealth-building journey.

Saving money alone may help you weather financial storms, but investing is the true path to true wealth-building. Today’s millionaires are mainly the product of their investments, demonstrating the importance of these strategies in obtaining financial independence. 

Investment is, therefore, a necessary step, not just an option, if you want long-term financial security. 

The adage “The best time to plant a tree was 20 years ago” is true. Right now is the second-best time. It is true that when it comes to investing, the early bird usually gets the best deal. 

Real estate investing is one strategy that sticks out for its ability to generate significant returns and long-term wealth. 

  1. Learn Things: Your most potent tool in the real estate game is knowledge. Start by being familiar with the fundamentals, including market trends and terminology. Books, Online courses, credible websites, podcasts, and industry reports from renowned companies are all excellent sources for learning this fundamental information.
  2. Specify Your Investment Objectives: What do you hope to accomplish by investing in real estate? Do you see long-term capital appreciation, a profitable flip, or a consistent rental income stream? Setting clear objectives will enable you to make well-informed choices regarding your investment approach, properties, and locations.
  3. Evaluate your financial health: Ensure you understand your financial status before acting. It entails assessing your available capital, debt-to-income ratio, and credit score. Establish a reasonable spending plan and stick to it. This exercise will give you a better understanding of the various financing options that you have at your disposal, such as home loans, private loans, private loans, and government-backed programs. 
  4. Choose the right property: Based on the results above, choose the kind of property you want to concentrate on, such as land, commercial, residential, or vacation rental. Investing in real estate properties that generate income is always advised if you want to make your money work for you. 
  5. Choose a location: A location is a location: When it comes to real estate investing, this adage is accurate. Pay more attention to emerging markets than crowded ones. Seek locations undergoing development about employment prospects, infrastructure, and even tourism. 
  6. Expand Your Network: Connect with other investors and real estate professionals, such as property managers and agents. Networking can reveal possible investment opportunities in addition to offering insightful information. 
  7. Start Small: It is a good idea for novices to take a cautious approach and make a small initial investment. It enables you to hone your investing strategy and acquire new skills.  
  8. Thorough due diligence is essential: Do extensive due diligence before concluding any transaction. It entails investigating the property, comprehending the neighborhood market, and assessing possible dangers. Check that the developer has a good track record and that the construction is of a high standard before investing in a project that is still in the planning stages. Getting a lawyer to verify the property title is crucial if you purchase a property from a previous owner.   
  9. Reinvest and diversify: As your portfolio expands, spread your profits among several real estate markets and reinvest earnings into more properties. Diversification raises the possibility of steady, long-term returns while lowering risk.  
  10. Look into alternative investment opportunities: Traditionally, investing in real estate has required an initial investment or a long-term loan. It has often proven to be the primary barrier to entering the world of real estate investment. 

However, options like fractional ownership, REITs, and InvITs offer an ideal medium for people who want to buy real estate without making significant financial contributions. 

Although it can be intimidating for a novice to navigate the real estate market, the long-term rewards can be quite fulfilling. Gaining knowledge, establishing specific objectives, and adopting calculated actions will put you well on your path to leveraging real estate to build wealth.

To achieve financial independence in real estate investing, ensure that your most reliable allies will be patience, diversification, and well-informed decision-making. 

ULI India’s annual flagship conference is back for a second year.

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Influential figures from India’s real estate, development, investments, urban planning, and built environment sectors will come together for the two-day conference to discuss the opportunities and challenges. 

The Urban Land Institute (ULI) is about to start its second year of operations. ULI’s India National Council is holding its Annual Conference on February 21 and 22, 2022, at Mumbai’s Taj Mahal Palace and Taj Lands End, respectively, laying out the agenda for 2024-25. Addressing the opportunities and challenges in creating “21st Century  Indian Cities,” the conference brings together prominent leaders from the nation’s built environment, including real estate, investments, urban planning, and architecture & design spaces.  

The two-day event will start with an exclusive tour of the National Center for Performing Arts, Bombay House– Tata Experience Center, and Subko Cacao Mill, offering unique case studies on adaptive reuse and heritage retrofits in the real estate industry. A series of illustrated keynotes and panels will follow, kicking off discussions on the following subjects: The Need for Equitable Housing, Planning, and sustainability in development; the role of Airports in Creating New Urban Centers; Infrastructure as an Accelerator of Change; New Real Estate Investing and Operating  Models; New Practices in the Residential sector; and Women in Built Environment.   

The speakers and panellists include eminent leaders, namely Amanpreet Bajaj (country lead, Airbnb India); Anuj Puri (chairman, ANAROCK); Asheesh Mohta (head of RE Acquisitions, Blackstone); Ashank Kothari (managing director, RE Investments India, Brookfield); Ramesh Nair (CEO, Mindspace Business Parks REIT); Sanjeev Dasgupta (CEO, Capitaland Investment); Sudarshan Lodha (founder, Strata); Vivek Narain (founder and CEO, The Quorum & district150); Esben Christensen (partner, Gehl); Sanjay Dutt (MD & CEO, Tata Realty); Ashiwini Thorat (Adani Airport Holdings); Aditya Ghosh (co-founder, Akasa Air); Nirupa Shankar (joint managing director, Brigade Group); Ahaan Bhojani (CEO & founder, Silkhaus); Nibhrant Shah (founder, Isprava); Aditya Bhargava (head of Asia Pacific, Abu Dhabi Investment Authority); Mansi Sachdev (urban planning consultant, World Bank); Manisha Bhartia (studio director, BDP); Nidhi Marwah (managing director South Asia and Middle East, The Executive Center); Mridul Upreti (IFC); Peter Lefkovits (design lead, SOM); Sudeshna Mitra (associate dean, School of Economics, Indian Institute of Human Settlements); Sandhya Naidu Janardhan (founder, Community Design Agency); Brad Dockser (founder, Green Gen & ULI Global Governing Trustee); Rohan Sikri (senior partner – The Xander Group and ULI India Chair); and Alan Beebe (CEO, ULI Asia Pacific).

Prominent stakeholders in the nation’s built environment have praised ULI’s India National Council in its first year. As a result of this accomplishment, we have demonstrated our commitment to working together across the boundaries of competition. We are ready for continued support from the top executives in the sector as we begin our second year of business in India. Manasvini Hariharan, executive director of ULI India, stated, “With the upcoming launches of new product councils and programs, we are determined to bring ULI’s global standard of thought leadership and research to India while showcasing India’s remarkable built  environment to the international ULI audience.”

During this conference, ULI India will also introduce the Office Council, its first product council. An elusive and diverse group of seasoned developers, owners, investors, and technical experts (such as architects, engineers, and lawyers) will form the Office Council. Together, they will explore, in a relaxed and private setting, the state of the market, emerging trends, best practices, innovative thinking, and lessons learned in the creation and ownership of the office asset class. The goal is to spark new, confidential conversations among business executives and motivate a shift in this asset class that is built, invested in, run, designed, and managed. 

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.