June 29, 2021 - CREDAI Bengal Homes
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June 29, 2021
CREDAI Bengal Daily News Update | 29.06.21
WEST BENGAL NEWS
Newspaper/ Online Magicbricks News (Online)
Date June 28, 2021
https://content.magicbricks.com/property-news/kolkata-real-estate-
Link news/bidhannagar-police-urge-salt-lake-homeowners-to-submit-
tenants-details/122183.html
Bidhannagar police urge Salt Lake homeowners to submit tenants'
details
The Bidhannagar police on June 27 sought cooperation from the residents of Salt Lake and
requested them to submit the details of tenants and paying guests staying in rented
accommodations and guest houses.
A meeting between the cops and the representatives of nine block committees in Bidhannagar
Municipal Corporation’s (BMC) board of administrators Chairperson Krishna Chakraborty’s own
ward (29) was held at the BJ Block community hall on June 27. Several security issues were
discussed at the meeting.
Chakraborty said that the initiative was taken from her ward while other wards in Salt Lake would
also hold such meetings soon. “There are several houses where elderly people live alone. So,
there should be a robust security arrangement for them. There is a need to check who are coming
and living in the guest houses and we are urging the residents to submit the Aadhaar card and
other related documents of the tenants and paying guests with the police and BMC,” said
Chakraborty.
Cops said that there have been some lapses in security issues on the part of resident welfare
associations as was noticed during the probe into Sukhobristi shootout case. “We are sending
forms and requesting residents to submit with us the detail information about the tenants and
paying guests. To identify a suspected criminal, we need proper information. This will not be
possible for us without the cooperation of the residents,” said Bidhannagar Police Commissioner
Supratim Sarkar.
BMC officials said that several such guest houses have come up in Salt Lake without informing
the civic authorities who are in the dark regarding how many such guest houses are operating
without trade licence.
The representatives of block committees, who attended the meeting, said that despite the guest
house menace in Salt Lake increasing day by day, no significant step has been taken so far to
keep the rented accommodations under scanner. They also said that the incident at Shukhobristi
housing in New Town was an eye opener for Salt Lake residents as one of the guest houses at CL
block was raided by cops recently in connection with the case.
“The administration needs to check and have strict vigilance on every guest house. If the guest house is not commercial or does not have valid documents, it should be shut,” one of the residents suggested. Other issues that were discussed at the meeting included the need to keep tabs on the parks in the township to curb anti-social activities. “Apart from the guest houses, another concern is illegal parking. Since the Sector V Metro station is set to be one of the busiest stations in the near future, there should be a permanent police kiosk for the help and safety of the residents of DL, CL and BL blocks,” said CK-CL block committee Assistant Secretary Dipankar Mitra. ________________________________________________________________________
OTHER NEWS
Newspaper/ Online Financial Express (Online)
Date June 28, 2021
Link https://www.financialexpress.com/industry/real-estate-development-
along-national-highways-offers-over-15-returns-jll-india/2279788/
Real estate development along national highways offers over 15%
returns: JLL India
The consultant said there is a need for development of commercial spaces, warehouses and
logistic parks, traveller facilities including wayside amenities along the highway.
Real estate development along national highways can generate a return of more than 15 per cent
for builders and potential investors, according to property consultant JLL India. The government
is focusing on providing world-class infrastructure and related services for the highway network,
it said.
The consultant said there is a need for development of commercial spaces, warehouses and
logistic parks, traveller facilities including wayside amenities along the highway. These wayside
amenities include restaurants, food courts, retail outlets and electric vehicle charging stations.
“National highways offer real estate development opportunities across India with 15 per cent
upward returns,” JLL India said in a statement. NHAI (National Highway Authority of India) has
identified more than 650 properties across 22 states with a combined area of over 3,000 hectares
to be developed with private sector participation in the next five years, the consultant said.
It includes 94 sites on the Delhi-Mumbai Expressway, 376 sites in under-construction new
highways/expressways, and close to 180 sites along an existing network of highways in India.
“We envisage that NHAI will give an impetus to modernisation of the Indian Highway network
in coming years, ultimately culminating in various advantageous effects for highways users,
market players, developers, investors, and facility operators,” A Shankar, Head – Strategic
Consulting & Valuation Advisory, JLL said.
He estimated a land price appreciation in said sites and micro-markets by 60-80 per cent in the
short term, and 20-25 per cent as the facilities become operational.“JLL has been appointed as an international consultant by NHAI for properties located in the North and South region of India. The engagement comprises shortlisting of existing and new land parcels in a phased manner, identifying options for land monetization, detailed feasibility, and financial viability of each site,” Shankar said. Out of the 650 identified sites, bids were already invited for 138 sites and had received enthusiastic participation from market players, he said. “Clear land title, encumbrance free and pre-approved sites, with no change in land use required, in addition to attractive lease tenure option of up to 30 years with flexible project development options will open more doors of growth for developers and potential investors,” JLL said. _____________________________________________________________________
Newspaper/ Online Times Property (Online)
Date June 28, 2021
Link https://timesproperty.com/news/post/real-estate-growth-reaches-pre-
%20covid-level-blid935
Real Estate Growth Reaches Pre-Covid Level
There has been an impressive growth in sales and fresh launches across major cities in Q1,
2021
Showing signs of a robust revival, launches of residential units and sales volumes have picked up
in quarter 1, 2021.
This is thanks to a host of policy announcements by the government and RBI.
Knight Frank in its latest report observe that the residential market in India has seen a steady rise
in both sales and launches in Q1 2021 (January – March) period. While launches were recorded at
76,006 units, sales were recorded at 71,963 units in the top 8 cities of India including Ahmedabad
and Kolkata.
Quarterly sales volumes have steadily improved since Q2 2020 and have surpassed the 2019 pre-
Covid quarterly sales average in Q1 2021. Considering that this is the second consecutive quarter
to cross the 2019 quarterly sales average, the report says, “The market is recovering well. 71,963
units were sold during Q1 2021, 44 per cent more than in Q1 2020. This healthy growth in sales
also encouraged developers to launch new projects which is reflected in the 76,006 units launched
during the quarter, a substantial growth of 38 per cent YoY.”
Growth curve
Ahmedabad, which is the most affordable market in the country, has witnessed a steady growth
both in terms of launches and sales. In Q2, 2020, the city saw a meagre 525 units being launched.
It was the peak of Covid-19 and lockdown. The figure increased to 1451 in Q3, 3294 and 3977 in
quarter 4 of 2020 and Q1 of 2021, respectively. The first quarter of 2021 saw an increase of 89 per
cent compared to Q1 2020. The Q1 y-o-y growth was 89 per cent.
Freebies
The incidence of developers giving indirect discounts/freebies has been a key factor in spurringsales in 2020 but this has been observed to have reduced significantly in Q1 2021. In fact, on sequential basis (QoQ), housing prices have remained stable in most cities and recorded an increase in the case of the southern cities. RTMI preferred Homebuyers were inclined to acquire ready or near-ready inventory to minimise completion risk. This is reflected in the average age of inventory which stayed at 16.7 quarters in Q1 2021 compared to 15.9 quarters in the year ago period. This is also in line with developers focusing on liquidating older inventory before launching new products which has consistently helped reduce unsold inventory levels to 0.44 mn units in Q4 2020, 2% less than a year ago. Shishir Baijal, chairman and managing director, Knight Frank India, says, “Q1, 2021 saw a significant rise in sales across the key markets. Major cities recorded a rise in sales of homes due to a shift in attitude in homebuyers that has now started to prefer ownership. That coupled with home loan interest rates at multi-decade lows of sub 7 per cent, a substantial correction in apartment prices, as well as increase in household savings, seems to have convinced homebuyers that this was an opportune time to buy their properties.” He adds, “While the sentiments have remained largely positive in the first quarter leading to consistent rise in home sales, the recent spike in Covid-19 cases in the country has to be factored in for the future.” Talking about the growth of real estate post Covid-19, Harsh Vardhan Patodia, president, CREDAI National, avers, “The real estate sector showed tremendous resilience in bouncing back on a cautious recovery path post the first wave, despite little relief measures. However, the second wave has prompted us to reflect and re-evaluate the growth path of the industry, and we felt it was vital to assess the challenges faced by the customers and industry partners in light of the recent developments.” Pointing out the challenges before the sector, Patodia says, “We have made a representation to the government requesting them to infuse urgent financial stimulus and initiate quick progressive measures to assist recovery. We have requested for liquidity infusion, one-time restructuring of loans, across the board 6 months extension of completion date by RERA, stamp duty reduction or waiver, and freezing of SMA classification for another year.” Housing sales could bounce back to 2019-level this year as the importance of owning a home has also been propelled by the uncertainty the pandemic has brought in people’s lives.
“The real estate industry could witness surge in sales in 2021 which could reach the 2019 sales figure or exceed it. While the sector continues to face few challenges, overall the real estate industry has seen a good revival in terms of sales in both residential and commercial segment,” Patodia adds. Samantak Das, chief economist and head of research and REIS, JLL India, concludes, “The demand for residential real estate has revived as homebuyers took advantage of the lowest mortgage rates along with realistic pricing and various freebies and options rendered by developers. Residential sales in Q1 (Jan-March) 2021 recovered to more than 90 per cent of the volumes witnessed during pre-Covid times across the top 7 cities. The sustained growth in sales presents clear signs of demand and buyer confidence coming back to the market.” ______________________________________________________________
Newspaper/ Online Financial Express (Online)
Date June 28, 2021
Link https://www.financialexpress.com/money/model-tenancy-act-2021-to-
create-an-effective-rental-marketplace-in-india-report/2279665/
Model Tenancy Act 2021 to create an effective rental marketplace
in India: Report
By putting down the ground rules of tenancy in black and white, the Model Tenancy Act,
2021 aims to create an effective regulatory ecosystem in India to govern landlord-tenant
relationships.
The Model Tenancy Act has far-reaching implications for both the residential and commercial
real estate asset classes, and will help create a three-tiered regulatory ecosystem for stakeholders,
according to a report by Knight Frank and Khaitan & Co.
From a residential standpoint, the research report – titled ‘2021: A New Era for Rental Real Estate
in India’ — cites that India’s high vacant stock of total residential census houses can be brought
within the fold of formal rental housing once this Act is implemented by states and union
territories in letter and spirit.
With this policy push, urban India’s 21.72 million (Census of India, 2011) rented households
provide a huge market opportunity for market participants to focus on housing projects solely for
rental purposes. 76.5% or 16.63 million (Census of India, 2011) of these urban rented households
in India is spread across eight states and Union Territories. The high percentage share of the total
rented households in urban India can be attributed mainly to key urban employment hubs in
Chennai, Hyderabad, Mumbai, Pune, Bengaluru, Ahmedabad Kolkata, and the National Capital
Region (NCR).STATES WITH THE HIGHEST PERCENTAGE SHARE OF RENTED HOUSEHOLDS IN INDIA The Union Cabinet, in June 2021, approved The Model Tenancy Act, 2021 for circulation to all states and UTs for adaption by way of enacting new legislation or amending the existing rentals laws. The objective of the research report is to lay down the opportunities and challenges in the rental housing market. By putting down the ground rules of tenancy in black and white, the Model Tenancy Act, 2021 aims to create an effective regulatory ecosystem in India to govern landlord-tenant relationships. The relationship between landlord-tenants has been tainted due to trust issues in the past as there was no uniform rental housing law in the country. Despite many states adopting the Rent Control Act in the past, there was a need for a dispute resolution mechanism as tenancy laws in India are popularly perceived as ‘pro-tenant’. The
absence of a regulatory framework to demarcate the rights and obligations of both parties has always resulted in long-drawn legal battles. Commenting on the development, Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, “As most of the populations in top eight cities lives in informal rental housing accommodation, concerning the new Act, it will provide a huge opportunity for private housing operators and institutional investors in the organized rental housing market. Once the Act is implemented across the country, India may be ready to introduce rental housing models such as Build-To-Rent and Rent-to-Own. The Model Tenancy Act, 2021 will go a long way in the history of Indian real estate to create an efficient and transparent rental housing marketplace over the long haul.” Sudip Mullick, Partner, Khaitan & Co, said, “The Act deals with both residential and commercial property. The framework brings in an intention and promise to give impetus to boosting investment in both these sectors and balances the rights and obligations of the stakeholders including speedy relief in case of disputes. However certain provisions need to be relooked and the contractual rights of the parties should not be regulated, as such regulations will be frowned upon by the investors who would look to return on their investment. Investor sentiments and return on investment is quintessential for the development and growth of both the sectors in turn leading to development and employment.” Key features of the Model Tenancy Act: 1) Creation of a three-tier redressal system: The Act will introduce Rent Authorities, Rent Court and Rent Tribunals. These regulatory institutions will reduce the burden of tenancy disputes from the civil courts and help in speedy dispute resolution. 2) Security deposit demand capped: The Act places a limit to the security deposit, that is to be paid by a tenant in advance to – a) not exceed two months’ rent in case of residential premises, and b) not exceed six months’ rent in case of non-residential premises. 3) Rights and obligation of landlords and tenants: The do’s and don’ts of each party (landlords and tenants) are clearly defined, covering various aspects including retention of original tenancy agreements, rents and other charges payable, repair and maintenance of the property, entry into
premises, besides information and duties of a property manager and consequences of violation of necessary duties. 4) Eviction of tenants and recovery of possession of premises by the landlord: In the past, rent control acts of various states such as the Delhi Rent Control Act and Maharashtra Rent Control Act provided grounds for eviction that was highly disputed in the court of law. This often led to protracted litigation. By limiting the grounds for eviction and termination of tenancies, this Act seeks to bring a consistent approach towards addressing these issues at the ground level. 5) Role of property managers: The Model Tenancy Act, 2021 clearly defines the role of property managers, their duties and the consequence they face in case of any violations. The Act will require property managers to furnish details such as name, PAN number, Aadhar number, address and contact details registered with the Rent Authorities. Any individual or a legal entity, including the rental agent who acts on behalf of the landlord to manage the premises and represents him in dealings with the tenant, will be included here. This Act will provide more opportunities for property managers going forward, especially in the residential sector. Some challenges in the implementation of the Model Tenancy Act, 2021: 1) Meaning of ‘Premises’: The Act defines a premise as a building or a part of a building intended to be given out on rent, except a hotel, lodging or property in industrial use. States where the Rent Control Act is in place and where urban dwellings like slums/chawls were previously covered, may have to define it clearly under their state level laws to provide protection to both tenants and landlords. 2) Non-applicability for certain type of premises: The Model Tenancy Act, 2021 has largely kept properties owned by Central/State government, Union Territory administration, local authorities, government enterprises; any property owned by some religious or charitable institutes, away from its purview. This will keep a large inventory of leasable properties away from the regulatory framework. 3) Force Majeure: Since the Act deals with both commercial and residential, it would be better to address both types of transactions under the force majeure clause. Merely stating what would constitute Force Majeure and linking the same with habitability only may not help the stakeholders.
4) Digital platforms creation by the rent authority: In the digital age, availability of information in real-time is instrumental for informed decision making. For a robust digital infrastructure, a central database can be created which can be managed by States and UTs which can be a holistic way to retrieve or store tenancy related information. This database can also be enhanced to include additional information about landlords and tenants’ past tenancy history, which can be an important quality indicator for future use for interested parties. Some of the other issues include the time period required for on-ground implementation of the Model Tenancy Act, 2021 by all states and UTs across the country. Since real estate is a state subject, for states where old Rent laws have to be repealed or amended, it may take even longer. There may be a few states which may not implement the Act at all. _____________________________________________________________________
Newspaper/ Online Business Standard (Online)
Date June 28, 2021
https://www.business-standard.com/article/current-affairs/nbfc-
Link disbursement-to-dip-by-50-60-in-q1fy22-bad-loans-set-to-rise-icra-
121062800807_1.html
NBFC disbursement to dip by 50-60% in Q1FY22, bad loans set to
rise: Icra
However, the sector is expected to post a healthy revival in the latter part of the year
The disbursements by non-banks--finance and housing companies--is likely to decline by 50-60
per cent in the first quarter ended June 2021 amid restrictions imposed through lockdown to
contain spread of Covid-19 pandemic. However, the sector is expected to post a healthy revival
in the latter part of the year, according to rating agency Icra.
The sectoral Asset Under Management (AUM) growth is pegged at 7-9 per cent for FY2022 vis-
a-vis four per cent in FY2021. The low base and growth in disbursement of 6-8 per cent to support
AUM growth.
Rating agency said in a statement that pressure on asset quality will manifest as a 50-100 basis-
point increase in non-performing assets (NPAs). The write-offs could remain higher and similar
to the last fiscal in the base case scenario.
The demand for restructuring would go up this fiscal because of prolonged stress in the operating
environment and non-availability of any blanket forbearance such as loan moratorium. In FY21,
RBI had given a six-month moratorium (March-August 2020). The restructuring in the last fiscal
was about 1.5 per cent of the sectoral AUM.
A M Karthik, Vice President, Financial Sector Ratings, Icra says that about 30 per cent of the
non-bank exposure is deemed to be in the risky segments like real estate, personal credit,
microfinance and unsecured Small and Medium Enterprises. The segments of commercial vehicle
and passenger vehicle financing exposure are also seen as risky as they were more severely
affected by the pandemic.
The reported Gross NPAs as of March 2021 were lower than anticipated, as loan write-offs
spiked. The write-offs as a proportion of AUM were about 70 bps higher for FY2021 over the
previous year. The provision buffers carried by non-banks are about 100 bps higher than pre-
covid levels, it added.
________________________________________________________________________Newspaper/ Online ET Realty (Online)
Date June 28, 2021
https://realty.economictimes.indiatimes.com/news/regulatory/as-
Link property-dues-mount-in-covid-gurugram-civic-body-stares-at-
shortage-of-funds/83918096
As property dues mount in Covid, Gurugram civic body stares at
shortage of funds
According to officials of the taxation wing, the department has been able to mop up only Rs
18 crore this year so far — which is less than 10% of the demand.
With property tax arrears climbing to around Rs 932 crore, coupled with a slow recovery of the
current year’s demand of Rs 235 crore, the Municipal Corporation of Gurugram is not only
struggling to generate revenue but also staring at a funds crunch.
In terms of property tax dues, Zone 2 (Udyog Vihar and Palam Vihar) tops the list with Rs 276
crore pending, followed by Zone 4 (Sohna Road and Gold Course extension road) with Rs 275
crore, Zone 3 (Cybercity and Golf Course Road) with Rs 221 crore and Zone 1 (Old Gurugram)
with Rs 159 crore. Around 48,000 properties have dues in Zone 2, 47,111 properties in Zone 1,
40,000 in Zone 3 and 47,000 in Zone 4.
According to officials of the taxation wing, the department has been able to mop up only Rs 18
crore this year so far — which is less than 10% of the demand. Of all the zones, the maximum
demand of Rs 102 crore is due from Zone 3 this year. Of that, only Rs 2 crore has been recovered
so far.
A senior official said that there are more than 3,600 properties where the property tax dues are
more than Rs 5 lakh each and recovery from them is a major challenge.
“While Zone 2 has 1,171 properties with dues of more than Rs 5 lakh, there are 970, 953 and 539
such properties in Zone 4, 3 and 1, respectively. The civic body has issued around 1,336 notices
to these properties for recovery of dues to the tune of over Rs 140 crore,” said an official.
Last year, TOI had reported that lockdown has caused a major dent in MCG’s revenues as it had
not been able to generate even 1% of its projected amount for the first quarter of the fiscal.
Meanwhile, the officials blamed the pandemic for the poor recovery and the pressure on the civic
body’s coffers. In a meeting held last week, the officials were directed to prepare a plan of action
to expedite the recovery of dues in order to improve the financial health of the corporation.
MCG officials, however, called it a temporary revenue loss and said that the dues will be
recovered in the next few months. The corporation has taken a few steps to recover these dues. It
initiated action against the defaulters and warned them of disconnecting sewerage and waterconnections if the dues are not settled within 15 days of getting the notice. Further, in order to ensure higher compliance with regard to recovery of property tax dues, the former civic body chief had directed the tehsil officials not to allow any property registration unless the applicant has a no-objection certificate (NOC) from the corporation with regards to the payment of property taxes. ________________________________________________________________
Newspaper/ Online ET Realty (Online)
Date June 28, 2021
https://realty.economictimes.indiatimes.com/news/residential/demand-
Link for-houses-to-soar-in-visakhapatnam-development-body-
region/83918595
Demand for houses to soar in Visakhapatnam development body
region
The draft master plan-2041 of Visakhapatnam Metropolitan Region Development
Authority (VMRDA) has projected that about 36,000 hectares of land would be required to
meet future residential demand.
The draft master plan-2041 of Visakhapatnam Metropolitan Region Development Authority
(VMRDA) has projected that about 36,000 hectares of land would be required to meet
future residential demand.
This has been estimated based on the assumption that housing demand in the region would
increase to 17.94 dwelling units by 2041. The demand estimates also considered 40% of the land
required for developing necessary facilities and services, including community facilities.
Considering the upcoming transit-oriented development corridors with the proposed Bhogapuram
airport and metro rail network, layouts, gated community and high-end housing has been
suggested for the Vizianagaram peripheral areas and Visakhapatnam expansion areas. As per the
draft plan, townships can be proposed in and around industrial clusters such as Atchutapuram,
Nakkapalli, Kothavalasa, etc.
Slum rehabilitation can apply to Anandapuram, Pendurthi and Sabbavaram areas in a phased
manner due to its regional connectivity and strategic location. The VMRDA is forecasted to have
a population of 73 lakh by the horizon year. The urban development area would increase to 33%
from the existing 15%. However, 43% of VMRDA region would be protected or retained as
agricultural lands.
As per the development proposals, the residential areas and townships have to be developed with
an idea of new urbanism and liveable communities where adequate public transport connectivity,
social infrastructure, open spaces, etc. are provided. The urban growth areas will contain thefuture residential areas for the majority of the four million additional population by 2041. The majority of the area in VMRDA currently comes under rural character. Visakhapatnam is the major city, while Vizianagaram has comparatively less built-up area. Though there is abundant available land for urban growth, it is intended to restrict the growth within delineated future expansion area to have a compact development along the transit corridors. As per the master plan, Visakhapatnam expansion zone will be a major growth area, accommodating about 26% of induced population because of its proximity to employment nodes and GVMC. Vizag city would have about 19% of the induced population owing to land availability for development. Visakhapatnam industrial zone, having the biggest employment nodes, may accommodate 18% of the induced population in the planned townships and residential pockets, while Vizianagaram zone will be inhabited by about 20% of the induced population. ________________________________________________________________
Newspaper/ Online ET Realty (Online)
Date June 29, 2021
Link https://realty.economictimes.indiatimes.com/news/industry/realtors-
demand-lower-circle-rate-in-delhi-and-gurugram/83943995
Realtors demand lower circle rate in Delhi and Gurugram
With the second wave negatively impacting the economic recovery, real estate experts
believe the sector needs continued support from the government.
Realtors in Delhi have demanded an extension of lower circle rates, or floor prices, by a fifth in
the national capital and rollback of proposed increases by up to 90% in these tariffs for the satellite
town of Gurgaon.
With the second wave negatively impacting the economic recovery, real estate experts believe
the sector needs continued support from the government.
Delhi had announced a reduction in circle rates from March 1 to next six months while Gurgaon
had raised rates from April.
“Revenue offices were closed for almost two months in Delhi due to the lockdown, so the benefit
of reduced circle rates should also be extended by at least two months,” said Amit Goyal, the
India chief executive at Sotheby's International Realty. “There has been a lot of demand for high-
end properties. The decision by the Gurgaon administration to hike the circle rate came at the
wrong time, immediately before we were hit by the second wave.”
According to developers and property consultants, the decision to hike the circle rate by up to
90% by Gurgaon authorities will have a negative impact on the local real estate market and hurt
recovery.
“Circle rate was increased in Gurgaon at a time when we expected some respite from the
government in the form of real estate friendly measures,” said Anubhav Jain, CEO, Silverglades
Group. “Since the pandemic, many states have either kept the circle rates unchanged or gone for
a reduction in rates. This helped them in keeping the property prices low.”
The need to rationalise circle rates has further increased after the second Covid-19 wave.
“We request the government consider reducing the circle rates by 15-20% in various localities.
The government should also consider reducing stamp duty rates to boost demand immediately,”
Jain said.
The Gurgaon administration decided to increase the circle rate by up to 90% at some of the posh
localities of the city from Thursday.For example, circle rates at the ritzy condominiums of DLF Camellias, Magnolias and Aralias have gone up from Rs 20,000 per sq ft to Rs 25,000 per sq. ft. “Recent reports suggested that property transactions in prominent south Delhi areas were the highest in 2020-21. This reflects high demand for luxury properties. Some areas that were lagging started seeing queries after the government announced the reduction in circle rates,” said Pradeep Prajapati, head of luxury residential services at IQI India. “The Delhi government should consider extending the deadline for the sector to recover from the damage caused by the second wave.” Areas such as Maharani Bagh, Panchsheel Park and New Friends Colony, where there were hardly any transactions in the past few years, have suddenly become active. The circle rate moderation also translates to a 1% reduction in stamp duty and that's a relief for buyers. In some areas, both buyers and sellers had to bear the tax on the differential and that was discouraging transactions. The sector has witnessed the positive impact of slashed stamp duty charges in Maharashtra on the property markets of Mumbai and Pune, which suggest that the state government’s decisions have a direct impact on the sector. ________________________________________________________________
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