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1BHK flat prices may dip further in outer Mumbai suburbs

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1BHK flat prices may dip further in outer Mumbai suburbs

Developer Manohar Shroff, former secretary of Maharashtra Chamber of Housing Industry (MCHI-Navi Mumbai), said flat purchasers with a limited budget will benefit a lot from the relief extended to builders.

MUMBAI: Developers with projects outside Mumbai said incentives for affordable homes announced in the budget will boost the realty market in the city. The budget has eased rules this year to grant 100% tax exemption on profits from selling flats of 300-600 sq ft carpet area rather than the built-up area. This will increase the size of the flats on which a builder can make profits without any tax by 25-30%. In non-metro areas, limit is 600 sq ft carpet area and in metros, 300 sq ft.

Developer Manohar Shroff, former secretary of Maharashtra Chamber of Housing Industry (MCHI-Navi Mumbai), said flat purchasers with a limited budget will benefit a lot from the relief extended to builders.

For instance, if a house in the affordable segment was earlier priced at, say, Rs 20 lakh, it will now cost Rs 17-18 lakh due to the 100% tax exemption offered.

“In Mumbai, a flat with a 300 sq ft carpet area in Dahisar or Mulund used to cost in the range of Rs 25 lakh to Rs 30 lakh. But now the price will drop by Rs 2-3 lakh per unit as more builders will start projects in this category, and so the supplies will automatically go up, thereby reducing the costs,” said secretary of Builders Association of Navi Mumbai, Haresh Chheda.

Chheda said the Budget has also extended the time limit to enjoy tax exemption for such constructions from 3 years to 5 years.

In the extended suburbs up to Panvel, Kalyan, Badlapur, Ambarnath-where the carpet area limit to enjoy the exemption has been set at 600 sq ft-the cost of a 1BHK will further reduce as land prices are not as steep as in Greater Mumbai.

“The affordable housing sector could not have asked for a better budget. It has a series of directives that are positive, especially the infrastructure status to this sector. It’s been a longstanding ask that’s finally materialised”, said Rajesh Krishnan, CEO of Brick Eagle. His company has affordable housing projects in Maharashtra, Tamil Nadu, Gujarat and Rajasthan.

He also said, “Conferring infrastructure status will make borrowing for projects easier due to longer tenures of loans and better terms. The government has already eased norms for registered FPIs for investment in the infra sector (subscribe to bonds issued by unlisted infra companies) which will prove beneficial.”

Krishnan further stated, “Extending the project duration from 3 to 5 years to avail the tax break under section 80-IBA of Income Tax Act is another major move in favour of developers.”

Maha airports to get PPP wings

Maharashtra stands to gain big time from the Centre’s decision to public-private operate airports in smaller cities in the partnership (PPP) mode. An Airports Authority of India (AAI) official told TOI the state would get priority on this front for having the maximum number of airports in the country. The total number of airports and airstrips in Maharashtra–both used and unused–is more than 25. Of them, AAI manages six–Mumbai, Aurangabad, Pune, Solapur, Gondia and Kolhapur. The Maharashtra Airport Development Company Limited manages a total of eight airports, but none of them is fully operational at the moment. Kolhapur, Solapur, Aurangabad and Amravati come under the tier-II category of cities. Airports in these cities are likely to get wings in PPP mode. TNN

Property deals up in Mumbai & Pune

Demonetisation and the wait-and-watch policy adopted by buyers ahead of the Budget brought down property registrations in the state by 24% in January, but Mumbai Pune and Thane showed improvement in the first month of 2017. “In Pune division, registrations increased by 1%, while in Mumbai and Thane, they went up by 7% and 9%,“ said an official 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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