July 02, 2021 - CREDAI Bengal Homes
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July 02, 2021
CREDAI Bengal Daily News Update | 02.07.21
Newspaper/Online Money Control ( online )
Date July 01, 2021
https://www.moneycontrol.com/news/business/real-estate/mumbai-unlock-
Link 7857-housing-units-registered-in-june-after-lockdown-restrictions-eased-
7112181.html
Mumbai unlock: 7,857 housing units registered in June after
lockdown restrictions eased
Since withdrawal of the stamp duty waiver by the Maharashtra government in March
2021, homes worth Rs 1 crore or below have witnessed traction.
The second wave of the COVID-19 pandemic is severer than the first wave. Even the lockdown
duration, as well as the intensity, is similar. However, there is a stronger growth in property
registrations in Mumbai post easing of lockdown restrictions compared to last year. In June
2021 as many as 7,857 housing units were registered which is a growth of 47 percent month-on-
month (MoM) over May, data by Maharashtra government’s department of Registrations and
Stamps (IGR) has said.
These numbers were up 327 percent year-on-year (YoY) compared to 1,839 units registered in
June 2020. The registrations for June 2021 were also 39 percent higher compared to the same
month in pre-pandemic period of June 2019, an analysis of the data by Knight Frank India has
said.
Even though the duration of lockdown in Mumbai was similar to last year, the pick-up post
gradual easing of restrictions was sharper this time around compared to last year, it noted.
It was noted that 42 percent of registrations in June 2021 were from new residential sales
concluded in the month, recording a sharp improvement compared to 29 percent during May
2021 and 7 percent during April 2021. At 3,300 units, the number of new apartments sold (fresh
sales) during June 2021 were more than double compared to 1,554 units sold in May 2021 and
348 percent higher compared to 710 units sold during April 2021, the analysis said.
“The recovery indicates a fundamental shift in homebuyers’ behavior towards owning a house,
an aspiration which had taken a backseat due to the ‘uberisation culture’ of recent years. This
shift in behavior was complemented by other factors such as lowest ever home loan rates,
discounts offered by developers, extended time spent indoors and demand for larger homes, to
name a few. We are hopeful that this recovery will sustain, and the momentum will improve
further keeping pace with improved vaccination and economic revival,” said Shishir Baijal,
chairman and managing director, Knight Frank India.
The Maharashtra State Government, in December 2020, had given a leeway of four months to
homebuyers to register a property after the payment of stamp duty in order to prevent crowding
of registration offices. This ensured that homebuyers who had purchased residences and paidstamp duty on or before 31st March 2021, have a maximum window of four months till 31st July 2021 from the respective date of payment of stamp duty for registering their apartment. Before this leeway was permitted, for over 95 percent of registrations in recent years, the difference between the date of payment of stamp duty and date of registration was less than 10 days and for less than 2 percent of the registrations, the difference was over 30 days. Share of women homebuyers in new sales improves from 1.8 percent in May 2021 to 4.7 percent in June 2021 On March 8, to celebrate International Women’s Day, the Maharashtra Government announced a 1 percent rebate in stamp duty for women homebuyers effective from 1st April 2021. As a result of which women homebuyers constituted 6.6 percent of new home sales in the month of April 2021 paying a discounted stamp duty rate of 4 percent over their purchase. The share of women homebuyers across the 5,360 units registered in May dropped to 1.7 percent. In June, the share of women homebuyers across the 7,857 units registered increased to 4.7 percent, the analysis said. Homes worth Rs 1 crore and below witness traction Upon assessment of sales and registration data since September 2020 – March 2021, it was observed that during the period of reduced stamp duty, new homes sales for that month in mid to premium categories, those costing Rs 1 crore and above, formed a significant part of registrations as lower stamp duty rate on high value housing led to substantial absolute monetary saving for the buyers. The share of women homebuyers across the 5,360 units registered in May dropped to 1.7 percent. ____________________________________________________________________________________
Newspaper/Online Money Control ( online )
Date July 01, 2021
https://www.moneycontrol.com/news/business/real-estate/up-govt-trying-to-
Link resolve-issues-of-stalled-projects-in-noida-greater-noida-state-minister-
mahana-7114871.html
UP govt trying to resolve issues of stalled projects in Noida, Greater
Noida: State minister Mahana
Mahana said some proposals have been received such as pledging of units with the authority and
others and all these possibilities are being explored and looked upon.
The Uttar Pradesh government is trying to resolve the issue of stalled projects in Noida and Greater
Noida to protect the interest of thousands of homebuyers who have not got possession of their flats, the
state's minister Satish Mahana said on Thursday.
The infrastructure and industrial development minister said the state government has received
various suggestions to resolve the issues and those are being examined to protect homebuyers'
interest.
Many builders, including Amrapali, Jaypee Infratech and Unitech, have defaulted in delivering
their projects in Noida and Greater Noida, causing huge distress to thousands of homebuyers
whose investments are stuck for about a decade now.
He said some proposals have been received such as pledging of units with the authority and
others and all these possibilities are being explored and looked upon.
"We are trying to resolve the issue... Last week, we held a high level meeting. We have given
directions... To protect buyers interests, we have taken steps and we are trying, so that
maximum issues can be resolved," he told reporters here.
He was replying to a question about what the state government is doing to resolve the issue of
stalled and delayed housing projects in Noida and Greater Noida.
On transfer charges, Infrastructure and Industrial Development Commissioner Sanjiv Kumar
Mittal said the Greater Noida Authority in its last board meeting reduced the charges by 50 per
cent and the Yamuna authority too has reduced.
"We are trying to make the charge reasonable so that it cannot affect homebuyers," Mittal said.
In case of Jaypee Infratech where over 20,000 buyers are stuck, Mumbai-based Suraksha group
has recently received the approval of financial creditors and homebuyers to takeover the debt-
laden realty firm.Suraksha group has promised to complete the flats in 42 months after getting all the regulatory approvals to acquire Jaypee Infratech. NBCC has been appointed as project management consultant for completing more than 20 projects of Amrapali. Talking about electronics manufacturing in the state, the minister said huge investments are coming including that on Samsung's display unit. Electronics major Samsung has completed the construction of the display manufacturing unit that is shifted from China to Noida. All industrial development authorities have been directed to provide land to mega and above category industries within 15 days from the date of application and through this preferential allotment system, so far three companies have been benefitted Hiranandani Group, Adani Group and Microsoft. Additional Chief Secretary (Infrastructure and Industrial Development) Arvind Kumar said the state government has decided to give Rs 250 crore capital subsidy to Samsung. Further, the state is providing incentives on a fast track mode to new industrial units to create growth centres in the Poorvanchal, Madhyanchal and Bundelkhand regions. And, investment applications worth Rs 1,400 crore with employment potential of 977 have been received under post-COVID-19 Accelerated Investment Promotion Policy for Backward Regions 2020. When asked about the progress in the development of expressways, Mahan said the 340.82-km- long Purvanchal Expressway would start from next month as 95 per cent of the work has been completed. It will connects major eastern exporting hubs like Ghazipur, Azamgarh, Amethi, Sultanpur to Lucknow. Over 60 per cent work is complete for the 297-km-long Bundelkhand Expressway and for the proposed Ganga Expressway, more than 5,000 hectares of land for the project has been acquired and bidding process is ongoing. For this project, 63,500 farmers have been paid Rs 5,000 crore compensation. Work on the Ganga Expressway is expected to start from September, he said adding that the target to complete the project is 36 months.Work is also under for Bundelkhand Expressway and Gorakhpur link expressway. _____________________________________________________________________________
Newspaper/Online ET Realty ( online )
Date July 01, 2021
Link https://realty.economictimes.indiatimes.com/news/regulatory/north-delhi-
civic-body-extends-property-tax-deadline-till-july-15/84038161
North Delhi civic body extends property tax deadline till July 15
South Delhi Municipal Corporation (SDMC) is also considering the option, but no formal
announcement was made till Wednesday evening.
Keeping the order reserved till the last moment, North Delhi Municipal Corporation finally
announced its decision to extend the last date of submission of property tax till July 15.
South Delhi Municipal Corporation (SDMC) is also considering the option, but no formal
announcement was made till Wednesday evening. “We are planning to extend the deadline till
July-end and soon a formal order will be issued,” said the mayor Mukesh Suryan.
SDMC has collected Rs 250 crore as property tax till June 30, according to officials. The civic
body has targeted to collect Rs 950 crore as property tax in 2021-22.
On Wednesday, the online tax filing system as well as offices accepting cheques witnessed
heavy rush. Many people complained that they were unable to file the tax online or left
constantly pursuing civic officials till afternoon regarding any plan to extend the date, but failed
to get any update.
“We made the announcement about extending the deadline late Wednesday evening. People
will get the rebates — such as 15% for advance payment, 15% for senior citizens or women, 2%
extra rebate for online payment (if taxable amount is up to Rs 10,000) — till July 15, but there
will be no extension after that. As far as the residents’ complaints for errors in the online system
are concerned, it was due to last-minute rush. This can be proved from the fact that out of a total
collection of around Rs 190 crore till June 30, Rs 32 crore was collected in one day — on
Tuesday — when at least 1,400 people filed tax online,” said a north corporation official.
East Delhi Municipal Corporation, meanwhile, has extended the deadline till August 31.
________________________________________________________________Newspaper/Online ET Realty ( online )
Date July 01, 2021
Link https://realty.economictimes.indiatimes.com/news/industry/land-values-may-
see-up-to-200-jump-in-telangana/84038076
Land values may see up to 200% jump in Telangana
In many non-commercial areas and resdiential colonies, the hike is expected to be 100%,
while it could be 200% on commercial roads and between 20% and 50% in rural and
municipal towns.
A day after a cabinet sub-committee on resource mobilisation recommended enhancement of
property registration values in the state, the registration and stamps (R&S) department is
considering increasing land rates between 20% and 200% over the current registration rates.
If chief minister K Chandrasekhar Rao approves the proposal, the hike may come into effect
from July second week instead of August 1, a senior official said.
In many non-commercial areas and resdiential colonies, the hike is expected to be 100%, while
it could be 200% on commercial roads and between 20% and 50% in rural and municipal towns.
In Greater Hyderabad and HMDA limits, the hike might be between 100% and 200% in areas
where more number of documents (transactions) are being registered.
Explaining that there was a huge variation between registration (government) value and
prevailing market value of land, officials said for instance in upmarket areas such as Madhapur,
Guttala Begumpet and Khanamet under Serilingampally sub-registrar office, the maximum
(government) land registration values were Rs 30,000 per sq yard for commercial land (main
roads) and Rs 20,000 per sq yd in residential colonies. “The market rate in these areas is Rs 1
lakh per sq yard in residential colonies and over Rs 2 lakh for commercial areas. The amount is
expected to be doubled now,” an R&S department official said. Similarly, in Jubilee Hills, the
rates were between Rs 50,000 and Rs 60,000 per sq yard while the properties (plots) were being
sold at Rs 2 lakh per sq yard.
At the fastest-growing Nizampet, due to its proximity to Hi-Tec City, the land value is Rs
10,000, while in areas like Dundigal it was just Rs 2,000 while the market value is nearly Rs
20,000. In the eastern parts of the city, Uppal and Qutbullapur sub-registrar office register more
documents. In Nagole, the land registration rate is between Rs 9,000 and Rs 10,000. HMDA
had sold its plots in Uppal Bhagat layout close to Nagole between Rs 30,000 and Rs 40,000 per
sq yard.
“After Metro rail became operational, there has been a huge demand for properties in the
abutting areas and the land prices are skyrocketing. At Kalyan Nagar near Uppal Crossroad, the
government land value is just Rs 9,000. On the other hand, open plots are being sold for over Rs
70,000 and it is Rs 1 lakh close to the main road,” a sub-registrar said.The R&S department is proposing hike in registration charges and stamp duty from 7% to 7.5% from the existing 6%. Meanwhile the government has constituted committees at village, mandal and district level to approve the revised land registration rates. ________________________________________________________________
Newspaper/Online ET Realty ( online )
Date July 01, 2021
Link https://realty.economictimes.indiatimes.com/news/regulatory/bhopal-civic-
bodys-spot-house-registry-scheme-to-recover-dues/84015234
Bhopal civic body's spot house registry scheme to recover dues
The housing complex was developed around 2016. According to BMC sources, some of the
beneficiaries have sublet the accommodation, which is illegal as per the agreement.
In an effort to recover its pending dues, Bhopal Municipal Corporation (BMC) is now asking
beneficiaries to deposit house dues and get immediate ownership by getting registered. This
initiative is being taken under government's housing for all scheme.
Recently, BMC commissioner KVS Chaudary inspected one such location -Arjun Nagar phase
II.
Residents were given a handbook to facilitate immediate registry and right to ownership.
The housing complex was developed around 2016. According to BMC sources, some of the
beneficiaries have sublet the accommodation, which is illegal as per the agreement. Around 288
dwellings are there in Arjun Nagar Phase II. BMC officials also served a warning that the
housing scheme is meant for urban poor; strict action would be taken against those who sell or
rent the premises.
Additional commissioner Chandrapratap Gohal, city chief engineer AK Pawar and others were
present during the inspection. Interest-free, easy monthly installment facility has also been
offered by the BMC to the residents.
________________________________________________________________Newspaper/Online ET Realty ( online )
Date July 01, 2021
Link https://realty.economictimes.indiatimes.com/news/regulatory/kolhapur-civic-
body-collects-rs-1-5-crore-property-tax-in-one-day/84015291
Kolhapur civic body collects Rs 1.5 crore property tax in one day
Since the start of the financial year from April 1 to June 29, the KMC has generated Rs
15.6 crore in property tax which is one of the highest in first three months of any of the
previous financial years.
On the last day of availing 6% concession in property tax, around 1,900 owners paid nearly Rs
1.53 crore to the Kolhapur Municipal Corporation.
Since the start of the financial year from April 1 to June 29, the KMC has generated Rs 15.6
crore in property tax which is one of the highest in first three months of any of the previous
financial years. The property tax bills are issued at the start of the financial year. Property
owners get 6% concession if the amount is paid in first three months, 4% concession is given if
paid in later three months and 2% if paid before December of that financial year. The
concession is given to woo property tax payers and thereby increase tax collection.
The total amount collected from property so far this year is around 25% of the annual target set
by the KMC. The officials claim that the tax collection by June 30 would have been much more
as the traders hoping to get the deadline for availing concession is extended by at least a month.
Director of Kolhapur Chamber of Commerce and Industries (KCCI) Ajit Kothari said, “We had
put forth the proposal to extend deadline since the traders are facing severe financial crirs and
can pay taxes only after their business is rolled on. Currently, the shops are shut for last three
months. We are told by property tax officials that for some day the collection will be stopped to
take the decision over our demand.”
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