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Aditya Thackeray appealed to NAREDCO for document of real estate monsoon challenges



Maharashtra has tested over 75838 samples out of which only 6% of people are tested positive while 94% were negative.

Keeping in mind the challenges various industries are facing, NAREDCO hosts Shri. Aaditya Thackeray, Cabinet Minister, Tourism and Environment, Government of Maharashtra, to address the reeling issues of real estate while providing a roadmap for the future of Maharashtra. Reductions of stamp duty, Financial Stimulus were widely discussed but key focus was to rejuvenate every industry in Maharashtra post COVID-19 pandemic.

During the webinar Shri Aaditya Thackeray appreciated the real estate fraternity stating that “COVID 19 is the biggest crisis in the history of mankind and Real estate’s contribution to fight COVID19 is immense” he further added, “Only when we save lives, we can save the world from pandemic. Maharashtra has tested over 75838 samples out of which only 6% of people are tested positive while 94% were negative. Economic pain is immense however first priority today is to save lives. When we break the chain of this virus, we will be able to lift the lock down and focus on bringing back normalcy. We are working towards putting it all together and have a single clearance which will be brought in post COVID world.”

Shri Aaditya Thackeray also showcased a roadmap for the tourism in Maharashtra by bifurcating the tourism in 3 simple verticals as Eco Tourism, Heritage Tourism, Spiritual Tourism which would follow a PPP model. Connectivity to the tourist hotspots was also addressed along with the safety of the international women travelers across Maharashtra. He said, “Tourism is the most unexploited industry of Maharashtra”

To address the real estate’s monsoon challenges, he appealed to NAREDCO to send out a document with the list of requirements which would be addressed before monsoon. He said, “The government has taken step bit by bit and not jumped in the situation to keep a check on money at hand. We are also ensuring that all the pending work is completed before monsoon.” Currently the government is working toward flattening the curve of COVID 19 in the state. Post lockdown the government will work on a reformed way for SRA in 2020.

Webinar had prominent developers such as Dr. Niranjan Hiranandani, Mr. Ashok Mohanani, Mr. Vikas Oberoi, Mr. Rajan Bandelkar in Mumbai along with Mr. Bharat Agarwal from Pune and Mr. Rajanendra Wani and Mr. Sunil Gawade from Nashik. More than 2000 people were attending the webinar.

While commenting on the concerns of industry, Dr. Niranjan Hiranandani, National President, NAREDCO said, “While the entire real estate industry is holding hands of the government to together fight this pandemic, there are some challenges our fraternity is facing. We are taking care of food, shelter and sanitization of the workers at the construction sites, we request the government to give us the permission to begin the work at the sites as keeping a social distancing is possible on site.. Another suggestion we would like to make is of reducing the stamp duty in order to create demand of housing in Maharashtra and increasing the buying power of the consumer.” 

Adding to it Mr. Rajan Bandelkar, President, NAREDCO Maharashtra Said, “We urge the government to reduce the stamp duty prices by 50% in order to increase the buying power of the consumer and increase the demand of housing in Maharashtra. This is the only way our industry can make a comeback. He further added that we are following the guidelines of standard operating procedures during these challenging times. To ensure that we break the chain, developers have ensured that the labour work force is quarantined at the construction site with adequate supply for necessary resources while following social distancing.”

The entire industry along with citizens of Maharashtra is with the Chief Minister and together we will overcome this crisis and win.

ALSO READ: Why Real Estate During Lockdown, it ticks 3S’s – Safe, Stable & Secure Investment

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  1. Rashmi

    May 12, 2020 at 1:47 pm

    The govt should consider a huge correction in the prices charged by the builders. the govt shoudl “Define” per sqft prices for localities and enforce the price for sale of flats. a petty 2 % will not make any difference. The govt should check the balance sheets of builders for last 10-15 years and ask the builders to slash their prices to bring it down to realistic prices. The govt should make builders to stick to RRR as per sqft price and eliminate unrealistic charges of 2 years tripled up maintenance charges, hand over charges, transfer charges, non accountable legal charges ect ect. these extra charges add up to over 30 % over and above the cost of the flat !! that 30 % should get wiped out completely. think from the point of view of age group 30-50 working class professionals who are your potential buyers. if a 1 bhk sells for 50-60 lacs they will buy. but they would rather prefer to live on rent of 25000 per month in the same space with more freedom to move out with just 1 months notice than buy a flat paying 70000 – 90000 EMI plus overheads of maintenance and parking fees and being stuck for 20 years !! the measures should come from the builders not the govt with tax payers money !!! the builders should go back and check how much they overcharge on cost of flats. its just become too easy for people to mess up their companies, not run it right , show losses and beg for govt stimulus with tax payers money !!! Not a penny should be given to Real Estate industry as stimulus. A drastic correction in prices is what is needed. if a real estate company has to get wiped out in the process – so be it. theyare getting wiped out becs of their mismanagement not Covid !!

  2. Rashmi

    May 12, 2020 at 1:51 pm

    here is no sense of Ready reckoner rates as its not referred to at all. exactly what is the point in having RRR ? even 20 year old buildings are holding on to prices close to new construction prices. Realty is the most uncontrolled sector. there has to be a strict price control for new ready to move flats, and old flats which are more than 15 yrs old. old flats should not be charged any stamp duty as it has already collected property tax on it for so long. secondly resale flats should have a fixed per sqft price with respect to the area it is in. e.g borivli east to goregaon east 8000 per sq ft, andheri east 10000 per sq ft. new resale flats maybe at a slight premium of 2000 per sq ft above these prices. today there is no logic behind the prices of flats and buying even 1 flat in Mumbai suburbs is not affordable. 1 bhk flat in Andheri east old bldg without any amenities is 1 cr !! new bldgs anywhere between 1.2 to 1.4 crores !! for just around 440 sqft carpet area!! if 1 bhk’s sell for under 60 lacs i can guarantee there will be good sales. the working class age group of 30-50 will buy. becs then they can afford the EMI of 40-50 K per month !! 2 bhk’s under 85 lacs- people will buy. more pressure should be given on builders to reduce their exorbitant profits and have a reasonable price tag. even if govt scrapes stamp duty its only going to make a difference of 5 % which is just 5 lacs on 1 cr !! the builder will lap that up showing some other kind of expense anyways. the buyer will never get the benefit.

  3. Rashmi

    May 12, 2020 at 2:09 pm

    Mr Rajan Bandelkar, turn your head to the builders not the banks or the govt. petty 1-2 % reduction in home loans and stampduty will not make any difference. check the balance sheets of builders and tighten the noose around their neck. its the builders lobby who have shot the realty prices thru the roof. tell them to get rid of their exorbitant charges. tell them to follow the RRR as per sqft price. 1-2 % reduction in home loans will make a difference of only a few 1000 in EMI. an average 1 bhk takes in an EMI of atleast 60-70000 per month plus maintenance charges plus property tax and the buyer is stuck for 20 years with that EMI during which the real estate prices does not grow. smarter people prefer to stay on rent for 20-25000 per month with no headaches of maintenace or property tax and have the choice to move out in 11 months !! even furniture is available on rent. why would I buy a house where I pay 100 % to use 50 % of the space as in the difference between super builtup to carpet area, sacrifice every other happiness just to afford the EMI and outgoings for 20 years when I can be free with no strings attached in a rental flat !! unless the box price of flats go down by good 50-70 % or atleast realistically affordable buyers will not be attracted. Also do consider the job insecurities. people who worked for Jet airways and were paying EMI are suddenly jobless. same is the case with a lot of companies. who would commit to 20 years of EMI when you dont know if you even have a job the next day ?!! and people dont go to work only to pay EMI, they have families expenses too.

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