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| 23 September, 2020, 05:43 AM IST | E-Paper
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    Real Estate

    Wealth management during crisis

    UP RERA urges state to reduce stamp duty on property registration by 2%

    The move, if implemented, is expected to give a boost to the realty sector, providing relief to developers with unsold inventory over the years.

    Value of real estate under construction jumps to $243 billion from $94 billion in 2009: Report

    Property consultant Anarock and industry body FICCI pointed out that the number of developers has declined 53 per cent across India's top 14 cities between 2012-2019.

    Realty hot spot series: This Pune locality is an established residential area

    Properties from 1-4 BHK are present in this area priced between Rs 4,900 per sq ft and Rs 12,300 per sq ft. A 2-BHK (1040 sq ft) costs an average of Rs 79 lakh and a 4-BHK (2,670 sq ft) costs Rs 2.11 crore.

    Construction resumes at stuck housing project of Jaypee, homebuyers to monitor work

    Kalypso Court is among the five projects at Wish Town that are promoted, sold, and developed by JAL, not Jaypee Infratech Ltd, which is in insolvency resolution. The promoter has submitted details of project financials along with a plan for completion of the project.

    Banks cannot auction project without the approval of buyers, authority: Haryana RERA

    Banks cannot auction project without the approval of buyers, authority: Haryana RERA

    Gurgaon bench of Haryana Real Estate Regulatory Authority has threatened to take penal action against the banks if they auction the project of any b

    Affordability of mid-income homes to be its lowest-best in FY21: Report

    The residential sales-to-supply ratio has improved to 1.36 currently, as against 0.63 in 2014, as developers have started focusing on clearing the unsold stock rather than launching new products, according to a report by FICCI-ANAROCK.

    Pandemic-induced slowdown sees home prices in India decline by 1.9% year-on-year

    In the 12-month percentage change for the period Q2 2019 - Q2 2020, Turkey led the annual rankings with prices up 25.7% YoY, followed by Luxembourg at 13.9% YoY and Lithuania with 12.4% YoY. Hong Kong was the weakest-performing territory in Q2 2020, with home prices fallen to 2.8% YoY.

    Plot owner's Aadhaar, OTP must for registry in Haryana

    Now, all property details and revenue records have been digitised and each property has been given a unique identity number in the Haryana Land Records Information System (HALRIS), the portal used for registration and record of properties.

    Real estate developers ready with festive offers, hoping recovery by Diwali

    Property consultants said that post lockdown developers have drummed up a decent response whenever they have launched a value-driven sales campaign. During the Ganesh Chaturthi, a plethora of offers from buyers attracted buyers.

    Over 5,000 flats delivered by Noida developers post lockdown : NAREDCO

    Over 5,000 flats delivered by Noida developers post lockdown : NAREDCO

    According to NAREDCO, its member developers Panchsheel Group has offered possession of 1100 units, Migsun has offered 1225 units, Supertech 1976 hou

    What luxe home buyers seek in a post-Covid world: Spacious and holistic properties

    It’s not just the house within; customers also want the openness, greenery and more.

    Realty hot spot series: Well-developed social, retail infra are plus points of this NCR locality

    This week ET Wealth realty hot spot series takes a look at NCR locality near Delhi - Noida Expressway. The area is surrounded by key office hubs and provide well developed social and retail infrastructure. Here is a brief look at what makes this area prime hot spot.

    Maharashtra government raises circle rates by average 1.74%

    The new rates will come into effect from September 12, an official statement from the office of the Inspector General of Registration and Controller of Stamps said. Ready reckoner rate, also known as circle rate, is the minimum price below at which a property can be registered in case of its transfer.

    Homebuyers may get flats by Diwali as UP government expedites work on multi point meters for high rises

    According to the developers, they were unable to offer possession of the completed flats for the last two years after the power department had asked them to convert to multi point power connections. The new connections were not feasible as extra cable needed to be laid for it and most of the buildings didn’t have space.

    Developers in Gurgaon focus on plots as Covid-19 changes consumer preference

    Developers in Gurgaon focus on plots as Covid-19 changes consumer preference

    The Haryana government had announced Deen Dayal Jan Awas Yojna (DDAY) for small towns in 2016 and, last year, it extended the scheme to include Gurg

    Crisis-hit realty firms offer discounts, easy payment plans, assured rents to attract customers

    ​​ The cash discounts have helped developers to some extent in selling their inventories during this COVID-19 period and they are likely to continue with such offers in the upcoming festive season, which accounts for maximum sales in a year.

    Mumbai: No takers for their flats, owners slash rents for first time

    With more and more offices embracing the option of working remotely even after a majority of the restrictions have been lifted, landlords are struggling to find takers for their flats at rates set before the pandemic.

    NBCC informs SC about completion of 230 units in Amrapali project

    The NBCC also sought an assurance regarding future funds as it has employed almost 12000 workers at different sites. The bench directed the NBCC and receiver to give details of the funds requirement.

    Madhya Pradesh reduces stamp duty to 1% on property transactions

    Chief Minister Shivraj Singh Chouhan said that move is aimed to boost the real estate sector and more such initiatives will be announced in coming days. “Economic activity had stopped due to the lockdown. Real estate sector was also severely impacted with financial capability of individuals got restricted,” Chouhan said.

    Luxury housing segment sales declined by more than 90%: Report

    Luxury housing segment sales declined by more than 90%: Report

    Sales in luxury housing segment declined by more than 90%, with all the listed players except Godrej reported decline in sales, according to an anal

    Realty hot spot series: This Ahmedabad locality is a residential and commercial hub

    This week ET Wealth takes a look at Prahlad Nagar, Ahmedabad. The area has multiple office buildings and residential apartment complexes making it a residential and commercial hub. Here is a look at locality features.

    Two years of UP RERA: Nearly 80% complaints in Uttar Pradesh are from NCR

    After the permanent formation of UP RERA, the judicial work started on September 4, 2018. In two years, 28,020 complaints have been registered with RERA. Out of these, 20,740 are of NCR. 16,136 complaints have been disposed off from the NCR region and 4,893 complaints from the non-NCR region.

    Defaulter builders: UP-Rera to issue SOPs for home buyers

    UP-Rera is also looking for a government-backed auction house to trade off property secured from defaulter builders for refunding buyers though of the 65 defaulter builders, only four builders have disclosed their assets so far.

    Don't fall for bogus DDA housing schemes, it's a trap!

    These days many lucrative schemes are being floated in the market by different societies and builders in the name of the DDA's Land Pooling Policy, demanding registration fee and initial payment booking of property and flats.

    Looking beyond UK, Indians get homes in Singapore, Bangkok, Dubai

    Looking beyond UK, Indians get homes in Singapore, Bangkok, Dubai

    Reasons for overseas purchase range from higher yields, currency depreciation, quality of life, enhanced infrastructure & prestigious schools to bet

    RERA Tribunal still has no full-time judge to hear home-buyers’ grievances

    While Gujarat govt drags its feet on appointing presiding officer for RERA Tribunal set up 3 years ago, it has given one-year extension to Food Safety tribunal president who is currently handling RERA cases. The government said it will allocate separate building for the tribunal.

    Deadline for OTS gets extension till September 30 in Uttar Pradesh

    In a communique to the housing board and various development authorities, the UP housing and urban planning department has laid down detailed amendments effected in the OTS scheme which came into being on February 7 this year.

    Issue Rs 625 crore from SWAMIH fund for six Amrapali projects: SC

    After hearing the parties, the apex court directed that the SBI Caps will issue fund to the tune of Rs 625 crore from the SWAMIH Investment Fund for 6 projects, namely Silicon City 1 & 2, Crystal Homes, Centurian Park Low Rise, O2 Valley and Tropical Garden.

    Mumbai property registration dips in August ahead of stamp duty reduction

    According to officials, the collections could have been better than July, but many property buyers may have held their registration back to conclude once the duty gets reduced and save the cost. The collections have not managed to build on the growth in July registration.

    Realty hot spot series: What makes this Gurgaon locality attractive for home buyers

    Realty hot spot series: What makes this Gurgaon locality attractive for home buyers

    The locality is well-connected with NCR through NH-48, Golf Course Ext. Road and Netaji Subhash Marg. It also has key schools & hospitals such as GD

    National consumer commission orders builder to pay Rs 48 lakh for undelivered Rs 8 lakh flat

    “The appellant (Singhal) would be entitled to get Rs 47.6 lakh. The opposite party (Sudradh Constructions Pvt Ltd) is directed to pay this amount within a period of 45 days, failing which this amount will attract an interest at the rate of 6% per annum from the date of this order till actual payment,” the commission said.

    Noida: Over Rs 250 crore sops offered to 16 builders of incomplete projects

    On an average, a developer will get a rebate of Rs 16.46 crore over their dues and should be in a position to pass on the benefits to 22,064 buyers who have been waiting for the past eight to nine years in the hope of getting possession.

    25 years on, builder ordered to refund Rs 5 lakh with Rs 14 lakh interest

    Twenty-five years after a man partly paid for a flat at Airoli, the national consumer commission ordered a builder to refund Rs 5 lakh along with an interest of Rs 14.5 lakh to him. Buyer had booked the flat around July 1995 and paid Rs 8 lakh in two transactions.

    FIR filed against directors of CHD Developers for 'cheating buyers'

    The project, CHD Vann, was launched by CHD Developers in 2014 and the possession was due in 2017. In their complaint, homebuyers alleged that the developer collected around Rs 224 crore from 250 homebuyers, but spent only Rs 80 crore for buying land and construction work.

    Housing ministry advises states to reduce stamp duty on property transactions

    Housing ministry advises states to reduce stamp duty on property transactions

    Addressing a webinar organised by industry body PHDCCI, he assured the industry that the ministry would examine its various demands.

    Ready apartments likely to see more traction in Maharashtra post stamp duty cut

    On Wednesday, the state government reduced the stamp duty on property registrations to 2% for transactions between September 1 and December 31 from current 5%. The stamp duty will be 3% for agreements to be registered between January 1 and March end.

    Developers request other states to follow Maharashtra in reducing stamp duty

    “As NCR is a very important market from real estate perspective, it is imperative that Government of Delhi, Uttar Pradesh and Haryana follow suit. This will certainly revitalise demand and help in employment generation as well,” said Achal Raina, COO, Raheja Developers, which is executing residential project in Gurgaon and Delhi.

    In bid to boost realty, Maharashtra cuts stamp duty for 7 months

    The state cabinet also approved a Rs 700 crore road tax waiver plan for commercial vehicles to compensate for losses the transport industry suffered in the lockdown. The reduction in stamp duty, though temporary, could be substantial for a prospective home buyer.

    Maharashtra cuts stamp duty for deals until March end; Move likely to push realty demand

    The move, apart from supporting the state exchequer, is expected to support the revival of sluggish real estate market in the state including Mumbai, the country’s most expensive property market.

    Govt working actively to bring new norms to push affordable rental housing: Housing Secretary

    Govt working actively to bring new norms to push affordable rental housing: Housing Secretary

    In June Mishra had said the Ministry of Housing and Urban Affairs (MoHUA) is planning to soon approach the Cabinet for its nod to the Model Tenancy

    Developers request RERA to extend real estate project registration by a year

    “There is no sign of end to the pandemic as the number of positive cases are increasing day by day. Further, there were unexpected exodus of migrant labourers in large numbers from real estate projects to their native states. Also the supply chain of materials and equipment from different parts of the country, has been badly impacted due to the lock down restrictions,” said RK Arora, president of NAREDCO-UP.

    Bright spots amid gloom: Housing segment recovers after brutal April–May 2020

    Demand plunged 68% QoQ in Q2CY20; however, the sharp recovery witnessed in May (up 52% MoM) and June (up 71% MoM) is a harbinger of hope. Supply plummeted 82% On q-o-q basis during the quarter; however, it improved sharply in June, a recent report by Edelweiss Research mentioned.

    Supreme Court asks SBI Capital to fund 6 Amrapali Group housing projects

    A bench of Justices Arun Mishra and U.U. Lalit directed SBI CAP to begin funding for six projects, after the financial institution, which manages the stressed asset fund for stuck realty projects, informed the top court that it cannot fund all the projects.

    DLF to develop 10 million sq ft of middle-income housing

    The 10 million sq ft mid-income housing will be a combination of plotted colony, independent floors and mid-rise houses, all in the New Gurgaon sectors.

    Pay 6% interest on flat’s cost for delay: SC to builders

    Pay 6% interest on flat’s cost for delay: SC to builders

    The Supreme Court on Monday said builders must pay homebuyers annual interest on the cost of the flat for the period of delay in delivery, in additi

    NBCC starts construction work on 16,000 Amrapali flats

    The projects where construction was started include Smart City-Golf Homes, Kingswood, Leisure Park (Ph-1, Ph-2 and River view), Centurion Park- Terrace Homes and Tropical Garden, Leisure Valley- Adarsh Awas Yojna and Dream Valley- Enchante. In addition of this, the tenders for projects Leisure valley- Varona Height and Dream valley Ph-2 are in process.

    Realty hot spot series: This prime location in the heart of Mumbai offers premium homes

    Worli-Lower Parel in Mumbai is a prime location with sea-facing skyscrapers, premium office spaces, upscale infrastructure and excellent connectivity. Properties here are priced in the range of Rs 24,500-54,000 per sq. ft.

    Realtors see housing demand pick up with festive offers, stamp duty cut

    For instance, Hiranandani Group has launched an assured rental scheme for 1 bedroom apartments at its project Regent Hill in Hiranandani Gardens Powai. The company will offer rental of Rs 50,000 on this purchased apartment with 5% assured capital appreciation for the next five years.

    Hyderabad emerges most resilient; returns to normalcy faster than other cities: JLL report

    Hyderabad led India’s office supply with a 30% share in H1 2020, significantly driving the country’s office absorption with an 18% share during the same period. The city reported an absorption of 2.1 million sq. ft in H1 2020,which dropped its vacancy rate to 9.2 %.

    Coronavirus impact: Demand for houses in tier II and III cities accelerates

    Coronavirus impact: Demand for houses in tier II and III cities accelerates

    Leading developers like DLF, Emami Realty, ATS, Omaxe and Alpha Corp have shifted focus towards smaller cities to monetise the land banks they had h

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