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PROPERTY MARKET BUZZ

Hows the industry coping with Covid 19 from a year and half ?....read
The demon is out and the cat is among the pigeons ! Builders and developers have been having a field day till the Campa Cola revolution. Apartment buyers have now woken up to the fact that ignorance is not always bliss and that the past can catch up much earlier than you expect. Builders sell flats and floors based on anticipated OCs. You can understand their business interest. But what about those supposedly educated / literate upper middle class who have been caught red faced when the....read
As per Times of India report on 7 Feb 2013, 75 percent of homes in Thane - which includes the Kalwa,Diva corridor and the Wagle,Lokmanya area are illegal. Though they have been paying property tax for many years, how did the administration wake up all of a sudden ? What will be the outcome now ? Will this effect in ongoing court cases involving illegal settlements ? The Muncipality, home seceratary or revenue department or the CM ? Who is responsible ? Real estate scenario getting a....read
Yes, as per Arjun R Pillai, CEO at Profoundis Labs in his Quora.com blog http://www.quora.com/Kerala-India/Is-Kerala-indeed-Gods-own-country?__pmsg__=+RERoWUFCcC1GajdDYTE0OHpCeHU6YS5hcHAudmlldy5wbXNnLmFsbC5Mb2dnZWRJbkZyb21MaW5rOltbNzcyMjY3Nl0sIHt9XQ**#ans1986468 Excerpts; Yes, 1. According to Hindu mythology, Kerala was created by Lord Parasurama, an incarnation of Lord Vishnu by throwing his axe across the sea to create new land for his devotees to live peacefully. So, Kerala is God....read
Land has always been the bone of contention between men from time immemorial.

And today all the more so with development not restricted cities. Even remote areas in every part of the world including India has become the builders and developers’ play ground. Even Metro cities like Mumbai,Delhi,Bangalore,Kolkata having got competition from second tier cities like Cochin, Hyderabad,Pune,Ahmedadad etc, are now making way for their satellite areas like Thane,Gurgaon etc in the land ....read

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Thane - The Emerging Metro

Thane was the terminus for the first ever passenger train in Asia. On 16 April 1853, the passenger train service was inaugurated between Colaba and Thane. Covering a distance of 34 km (21 mi), it was hauled by three locomotives: Sahib, Sindh and Sultan.

Thane is connected with neighbouring suburbs through Central and Trans-Harbour Line Suburban railway network. Thane is a railway junction for the Thane-Vashi Harbour Line and Central Line. It has become the busiest suburban station in Mumbai which handles 6.54 lakh passengers daily.

As of 2013, there are plans of extending the Ghatkopar-Mulund Metro line up to Thane.

On 26 August 2015, MMRDA sanctions Rs. 35,400 crores for 118 km Mumbai metro network. This includes a 40-km Wadala-Ghatkopar-Thane-Kasarvadavali Metro-4 corridor via Wadala GPO and R.A.Kidwai Marg costing ₹ 12,000 crore.

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(courtsey www.mchithane.org)

Maharashtra IGR proposes 3 stamp duty on property gift deed

MumbaiRevenue Minister Balasaheb Thorat will review a proposal from the state Inspector General of Registration and Controller of Stamps to levy a 3 percent stamp duty on a gift deed for an ancestral residential or agricultural property. I will have to study the entire proposal and take a review before making a decision he told TOI on August 28. At present the stamp duty is a mere Rs 200 for a gift deed of such a property when transferred to a blood relative. According to the Inspector General of Revenue and Controller of Stamps IGR Omprakash Deshmukh the amendment proposal has been sent to the state government for its assessment The IGRs proposal was prompted by the many squabbles within families over a gift deed which needs the donor to make the deed and the blood relative donees consent to accept it. No permission is required from the other kin. According to Article 34 of the Maharashtra Stamp Act which was revised in 2017 stamp duty on gift deeds is 3 percent of the property value. But if the property is residential or agricultural and is gifted without any payment to a blood relative then the stamp duty is Rs 200. The registration departments proposal has requested the state government to amend the act and make the stamp duty for a gift deed to blood relatives also at 3 percent. A gift deed is the preferred option instead of the partition clause under Article 46 of the act where the stamp duty remains the same at Rs 200 but permission of all the family members is required. If the current proposal is accepted people would probably shift to the partition clause to assign their properties and seek approval from the family members. It will reduce litigation a earning official said. In 2017 the BJP-Sena government had revoked a decision to hike stamp duty on gift deeds two days after the state cabinet had passed it. The state cabinet had amended the Maharashtra Stamp Duty Act to hike the stamp duty on gift deeds from Rs 500 to 3 of the property value. Officials from the registration department told TOI that the current proposal would have to go through a long process of getting sanctions from the legal department and several other departments. The increase may pose other problems as the amount run into lakhs of rupees and sometimes be unviable for old properties.

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

Mumbai The reduction in stamp duty charges in Maharashtra for a limited period until March end is expected to push sale of ready-to-move-in flats in key markets of the state as that would also offer the benefit of exemption from the Goods amp Services Tax GST. On August 26 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. The combination of GST exemption reduced stamp duty and the lowest home loan interest rates in almost two decades is a strong argument now favoring ready-to-move-in homes. If we additionally factor in the ongoing incentives being offered by developers purchaseers in the state focused on zero wait homes are at a distinct advantage said Prashant Thakur Director amp Head - Research ANAROCK Property Consultants. Mumbai Metropolitan Region MMR and Pune two key property markets in the country have a total of around 33500 such ready flats data from ANAROCK showed. Experts believe it is reasonable to assume that the government will be able to cover up for earning lost in lower stamp duty and registration charges by ways of increased sales in the affordable and mid-income segments during the festive season. With the total ready inventory in Mumbai and Pune region the government can potentially earn earning worth around Rs 656 crore including Rs 471 crore in MMR and Rs 185 crore in Pune at the stamp duty rate of 2. Homepurchaseers interest in ready and nearing completion projects has been on the rise even prior to this. However it has started to pick up further post the announcement of reduction. Over the last two days the flow of enquiries for ready flats in Mumbai Pune and peripheral areas has increased post the stamp duty reduction. A major part of this is coming from the NRI Non-Resident Indians segment. This will also help in reducing ready inventory which has been a fast moving category said Kanika Gupta Shori COO tech-led property brokerage platform Square Yards. Of the total 33500 ready homes in MMR and Pune presently nearly 44 are in the affordable category priced below Rs 40 lakh. In the under-construction category properties scheduled to be completed in the next 6-7 months are also expected to be preferred by homepurchaseers. While these are not exempt from GST they are invariably priced 5-10 lower than their ready-to-move-in counterparts. Additional 55750 units are expected to be completed in MMR and Pune by March 2021 the time when reduced stamp duty rates will revert to normal. Of this total supply MMR has 32850 under-construction units while Pune has 22900 units.

Property to cost less after Maharashtra cuts stamp duty

Mumbai In an unprecedented move to boost the stagnant real estate market Maharashtra cabinet has decided to cut the stamp duty on flats for seven months. The stamp duty in Maharashtra will come down from 5 to just 2 from September 1. To trigger immediate transactions the government has also introduced a sunset clause that this 2 stamp duty will be applicable on real estate transactions till December 31. The stamp duty in the state will be 3 from January 1 to March 31 2021. So people who are purchaseing till December will get a significant benefit due to the reduced stamp duty charges. First time homepurchaseers especially fence-sitters are now expected to take their purchaseing decisions after this landmark decision by the Maharashtra state government. In July this year the State Revenue Minister Balasaheb Thorat hinted at the state governments plan to reduce stamp duty on property registrations to boost transactions. Dr Niranjan Hiranandani National President National Real Estate Development Council NAREDCO says We have been representing the issue to the state governments and other states will also like to emulate the step taken by the Maharashtra government. The government and bureaucracy have understood the issue. The reduction in stamp duty will not only lead to more earning for the state government but also help in employment generation and tax collections. It will have a multiplier effect as builders will purchase materials and GST collection will also go up. Developers bodies like NAREDCO and CREDAI have been demanding stamp duty reduction since the lockdown to push property sales. The step is likely to push fence-sitting purchaseers to make their purchase decision now. The real estate industry felt that the government has taken initiatives to boost the supply but reduction in stamp duty will boost demand and augur well with all the decisions taken in the past few months to benefit homepurchaseers. Nayan Shah President Credai MCHI explains The State Chief Minister Uddhav Thackeray had appointed a cabinet committee to revive the economy under Vijay Kelkar and banker Deepak Parekh who was given real estate. The suggestion was given by him to kickstart the demand. It is the fence-sitters who will now take their purchaseing decisions due to the sunset clause the government has introduced while reducing the stamp duty. A new purchaseer is at the top of the real estate pyramid and this decision will encourage them to purchase now. Will this decision impact the state governments earning In the past it has been seen that any decision to reduce taxes has given a rise to demand and therefore more transactions lead to an increased demand in a stagnant market. Revenue through stamp duty was low due to the lockdown but now it will increase and benefit the government. The sunset clause is wonderful. People will have to be quick to get this benefit. There will be an urgency to close the transaction. We have already seen comebacks in terms of enquiries. Conversions are good now and serious purchaseers are out in the market. Conversions will be much better post this decision adds Virendra Joshi VP-Research ANAROCK.

Maharashtra cuts stamp duty to 2 till December 31

In a major decision to revive the stagnant property market the state cabinet on August 26 decided to reduce stamp duty on flats for seven months starting September. The duty will be lowered from the existing 5 to 2 starting September 1 till December 31 and will be pegged at 3 from January 1 till March 31 2021. Early this month State Revenue Minister Balasaheb Thorat had told TOI about the governments plan to reduce stamp duty on property registrations to boost transactions. The state cabinet on August 26 also approved a Rs 700 crore road tax waiver plan for commercial vehicles to compensate for losses the transport industry has suffered in the lockdown. TOI had on August 25 reported that this decision was all set to be taken.
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