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Pune property registrations up 34% in December, Maharashtra sees 29% rise

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Pune property registrations up 34% in December, Maharashtra sees 29% rise

The state registration department had witnessed a slump in registrations post-demonetisation in November in all the eight revenue divisions of the state.

PUNE: Property registrations across Maharashtra increased by over 29% in December compared to November when demonetisation had put the brakes on real estate deals.

The number of registrations in November was 1,14,632. In December, it shot up to 1,48,305. The state registration department had witnessed a slump in registrations post-demonetisation in November in all the eight revenue divisions of the state.

In Pune city, 15,241 properties were registered in November. The number increased by 33.8% to 20,393 registrations in December.

During the festive season in October, 1,71,396 documents were registered while for September and August the numbers stood at 1,39,879 and 1,77,821 registrations, according to data from the department.

Post-demonetisation, it is only last month that buyers gained confidence to register their properties, officials believe. Revenue collection figure for November was Rs 1,300 crore while December mopped up Rs 1,675 crore.

“While there has been an overall slump in the market, post-demonetisation there was a further dip in registrations only to slightly improve last month. Nevertheless, overall registrations for the period of April-December has seen an almost 8.8% dip as compared to the same period last year,” a senior revenue official stated. Between April-December 2016, 15.38 lakh documents were registered at the department as against 16.73 lakh documents in 2015.

According to officials, while December would earlier see maximum registrations ahead of the announcement of ready reckoner rates, the trend has changed over the last year with the rates being announced on April 1. Considering the new cycle, officials expect the registrations will record a rise in March.

All eight divisions of the state registration department — Amravati, Aurangabad, Latur, Mumbai, Nagpur, Nashik, Pune and Thane — saw more registrations in December as compared with November.

“People were in a state of shock and many, who had planned to register properties in November, postponed the registration. The market has recovered slightly and e-transactions are slowly being introduced in all sectors,” said a lawyer at a registration office, who saw very few clients in November.

“The per day average post-demonetization was 693 documents in November which improved to 927 in December,” said an official from a city registration office. The same was witnessed in the rural areas of Pune, which registered an average of 309 documents daily in November as against 402, per day, in December.

At the same time, November registrations for suburban Mumbai stood at 9,986 as against 13,677 registrations in December, while in Thane city registrations were at 9,002 in November against 11,375 in December.

Credai Pune vice-president Rohit Gera said that things are starting to look up and in the next two to three months will see an increase in registrations. “Post-demonetization, there was a knee-jerk reaction by customers, who decided to postpone their registrations by a month. This will return to near normal in the coming months. People believed in rumours that the prices were to dip. However, when they saw no change, they registered their properties with the department,” said Gera. He added that it would only get better for the consumer with RERA coming in.

Ashutosh Limaye, country head (research) of property consultants JLL, said though people may have seen properties during Dassera and Diwali they might have adopted a wait and watch policy when demonetization was announced. However, when they realized that there was no fluctuation in terms of rates, they might have gained confidence to register their properties. “They have realized that there was no further decrease possible, as was suggested through various reports, so they gained confidence to register their properties,” he said.

Source: .economictimes.

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NTR Housing Scheme In Full Swing: Chief Minister N. Chandrababu Naidu

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NTR Housing Scheme In Full Swing: Chief Minister N. Chandrababu Naidu

On Thursday, Andhra Pradesh Chief Minister N. Chandrababu Naidu said with the estimated expense of Rs. 5,556.74 crore, the construction of more than 2,44,164 houses, out of the proposed 3,03,044, has been commenced under the NTR Housing Scheme 2017.

While addressing the second day of the Collectors’ Conference he also said the construction of the remaining houses will begin soon. He mentioned that Prakasam and the Kurnool districts are ahead of the schedule in the urban housing scheme. Also, the works are in full swing in the Nellore and the Guntur districts under the rural housing scheme.

According to Naidu, the government will complete 2.5 lakh houses by January next year and another lot of two lakh houses by June.

By October 2, 2018, the state government intends to finish the construction of all the houses and plans to celebrate with massive house warming ceremony with local public representatives. This will help them set an example for housing schemes in other states.

Also Read: Raunak Group Presents Apna Pehla Ghar Campaign

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A Mumbai Suburbs’ Swift Transformation From Industrial To A Residential Zone: Wadala

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A Mumbai Suburbs’ swift transformation from industrial to a residential zone: Wadala

An industrial zone primarily, Wadala has undergone a drastic transformation in the past decade. Now an upcoming residential area, this Mumbai suburb is one of the seven islands to form the modern Mumbai. It is located on the Harbour line of Mumbai’s railway network.

Due to its proximity to BKC, large scale land development was inevitable, thus fueling the real estate market. Wadala is bordered by Dadar on the West, Matunga on the Northwest and Sewri on the South. Nestled between south Mumbai and the suburbs, Wadala enjoys strong connectivity by road and rail to most parts of Mumbai.

It has a number of flyovers like the Anik Panjrapol Link Road, Elevated road and Santacruz flyover. Thane, CST and Chembur are connected via the Eastern Highway while the Western Highway connects the locality to Bandra and Borivali. Wadala has the biggest bus depot in Mumbai. Furthermore, the multiple infrastructure initiatives like the monorail, Truck Terminal and the expansion of Highway are in various stages of development.

All this has given rise to residential demand and pushed the property value over the last few years. One of the most populated areas in Mumbai, Wadala has a large number of old temples, churches and dargahs, university campuses, schools, reputed hospitals and is also home to a former world’s largest IMAX dome theater. There are many stores, showrooms and malls around Wadala like the R Mall, High Street Phoenix and Palladium Mall.

Ramesh Nair, COO – business and international director, JLL India says, “A decade ago, property prices at Wadala were as low as Rs 2,800 per sq. ft. and it rose to Rs 14,000 a few years ago.”  As the infrastructure plans are on their way, so are the renowned developers like Ajmera, Dosti Group and Lodha Group among others.

Wadala at present offers one of the highest returns on real estate investments in the region. All the above-mentioned developers have their luxury projects in the area.

Ajmera I-Land introduces Aeon, Zeon and Treon towers with 2, 3 and 4 BHK plush homes. Conceptualized by renowned Singapore based Architects Space Matrix, these spaces with top-of-the-line lifestyle amenities exude exemplary class and finesse. The first residential floor begins at 110 feet from the ground level and offers several modern lifestyle amenities like kid’s pool, swimming pool, gymnasium, club house, open space and landscaped gardens, yoga room, kid’s play area and senior citizen corner.

Dosti Ambrosia is a 36-storey tower nestled in the 18 Acre Township of Dosti Acres. The architecture of the project was undertaken by renowned Hafeez Contractor in the 2 and 3 BHK apartments. It offers an exclusive rooftop swimming pool with 40,000 sq. ft. of landscaped gardens. You will find all modern conveniences like Gymnasium, Tennis Court, Indoor Badminton Court, Yoga and Meditation Room, Elderly Corner, Banquet Hall, Indoor Games, Indoor Badminton Court, Guest Rooms, Restaurant, Grand Entrance Lobby, Kids Play Area, 2 Club Houses and an Amphitheatre.

New Cuffe Parade by Lodha Group offers its residents all the comforts of a world-class lifestyle. The 2 and 3 BHK homes are spread in over 23 acres of land with 15 acres of stunning landscape and 75,000 sq. ft. of the club house. It includes 11 swimming pools, an organic farm, cricket pitch and multiple themed gardens. The buildings are designed by the world renowned WOHA in Singapore and the landscape was planned by Sitetectonix in Singapore.

Also Read: Mumbai to get Building Taller than Burj Khalifa, Road Bigger than Marine Drive

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Rajasthan Government May Hike The Affordable Housing Prices

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Rajasthan Government May Hike The Affordable Housing Prices

The prices of homes under the ambitious Mukhyamantri Jan Awas Yojana are expected to be increased by the state government.

According to the sources in the empowered committee meeting to be held on Monday, a proposal to increase the cost of a low-income group (LIG) and economic weaker section (EWS) houses will be proposed. Urban development and housing (UDH) minister Srichand Kriplani will chair the meeting. The LIG and EWS houses, presently are being constructed on government lands by private builders. These homes are sold at a fixed rate of Rs 1,250 per sq feet; out of which 1000 rupees per sq ft is given by Urban Improvement Trust (UIT), development authorities and local bodies to the builders.

According to provision 4(A) and 4(B), the developers are supposed to build EWS and LIG houses on government land. Seventy-five percent of such government land can be used in building EWS and LIG houses, while the remaining 25% can be sold by the developers. However, since the rates provided by the government are less the developers are not showing interest to construct houses under these categories. Sources said, “In Jaipur, not a single developer has shown interest in constructing houses under this model. The JDA has invited expression of interest (EOI) several times.”

The UDH is leaving no stone unturned to attract the builders in order to achieve the target of constructing 10 lakh houses by 2019. The sources mentioned, “As per the new proposal, the department has proposed to provide Rs 1,600 per sq feet rate to the developers. The land rates have increased subsequently over the period of time; this is why increasing rates has become a need of the hour.”

Sources further added, “The developers are constructing G+3 buildings at present. However, it is not cost-effective. It has been proposed to construct G+2 buildings for LIG and EWS category.”

Also Read: The Impact Of Regulations On The Real Estate Market

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