Maharashtra IGR confirms that the documents executed on or before 31st December 2020, can be registered within 4 months at discounted stamp duty rates., issues revised office timings.
Real Estate – Registration, Stamp dept Open
Reduction in Stamp Duty in Maharashtra-Announced
Dear Members,
We are pleased to inform you that we have received information from Mantralaya that *decision for reduction in Stamp Duty as follows, will soon be announced:*
1) *Reduction by 3% till December 2020*
2) *Reduction by 2% till March 2021*
We hope that this will be big booster for Reviving Real Estate Demand
We shall keep you posted with further updates.
Regards
Secretariat
CREDAI MCHI
Real Estate Business during Covid-19.
Investing in real estate during Covid-19 and impact on the affordable housing sector
By reading this news we can understand that Real Estate is shifting towards digital platform. Gradually all the developers & Real tors, they are moving, most of them have brought Real Estate totally on Digital Platform. Request all the readers to read this news.
July 3, 2020, 6:10 PM IST Hakim Lakdawala in Voices|Business, Companies, India| TOI
The Covid-19 outbreak has led to a complete lockdown of the economy. The stock market volatility is rising and people are looking at more secure options for investment. The crisis has highlighted the need for shelter and protection in tough times. The pandemic has opened a new era of selling real estate that was under-utilized till now. Priorities for most people have changed and they are realizing the importance of owning a home which will increase the demand for real estate in the post Covid-19 world.
Real estate may not yield immediate results but by being less unstable than the market-driven investments, it is definitely a safer bet in the current situation. The demand for residential real estate is likely to increase as millennials are key demand drivers, their preferences are now dictated by the prevailing uncertainties. Some of the factors leading to increase in investment are as below:
- Adoption of Technology: There is a major shift towards the adoption of online portals; with people who favoured offline property search are now preferring online real estate portals to search their dream homes. There has also been a demand for virtual tours or visits wherein home-buyers are opting for virtual tours either to shortlist or to finalise their homes.
- Government Policies: The general home-buying sentiment is being driven by cheaper home loan interest rates announced by the Central Bank. The revision of the reserve repo rate from 4% to 3.75% will promote the banks to infuse liquidity parked with them into the market thereby easing the liquidity. Allowing NBFCs, who have given loans to real estate companies to get similar benefits as given by the scheduled commercial banks, at a challenging time like this is an encouraging sign. Commercial real asset class loans will also observe a momentum as deferment of payment up to 1 year which will allow developers more time to construct and deliver projects on time thereby spurring demand in the market.
- NRI Investment: The size of NRI investor market is huge in the affordable and mid-segment housing category. The falling rate of the rupee increases the interest among the NRIs to buy residential property. The time to invest in the most tangible and rewarding asset in a post-pandemic world has never been better.
Pre-Covid, the focus of investment was in commercial property as co-working offices witnessed an exponential rise. With the current situation, there is a change in the consumer behaviour and millennials are looking to buy residential properties in the mid and affordable segment. The affordable housing segment has grown at a rapid pace with the backing of the Central Government through its flagship initiative of Pradhan Mantri Awas Yojana (PMAY). Deducting of reverse repo rate, extension of RERA deadline and the recapitalization of NBFCs alongside earmarking INR 10,000 crores for the National Housing Bank (NHB) will ensure a smoother flow of capital to HFCs thereby expanding credit support to developers. All these steps will influence buyer sentiment and increase the changes of higher purchasing power. This segment has always had a great demand and post Covid-19 it will increase manifold as fence-sitters will buy them.
The government further reinforced the affordable housing segment by extending the Credit Linked Subsidy Scheme (CLSS) for the middle-income group up to March 2021. Additionally, it opened a new investment class in the form of an affordable rental accommodation scheme for migrant workers and urban poor. Another trend which shall help in increasing demand for affordable homes is that of reverse migration. It shall spur housing demand in Tier-2 and Tier-3 cities giving developers the option to expand their projects to these markets as well.
The future will depend greatly on policy support and economic stabilisation and hopefully in for the festive period of 2020, the markets will be stable. Developers are optimistic for upcoming quarters which will see a positive outlook in demand.
Real Estate Property Prices in COVID Period – Mumbai
Realty hot spot series: Why Malad-Kandivali is a popular residential locality in Mumbai
ET CONTRIBUTORS|
Last Updated: Jul 06, 2020, 06.30 AM IST
Ten Days lockdown in Kalyan-Dombivli from today
The mystery over a complete lockdown in Kalyan-Dombivli is finally over, with the civic body issuing an official notification stating that the entire city will go under lockdown from Thursday to July 12. A notification issued by the Kalyan-Dombivli Municipal Corporation (KDMC) on Tuesday evening stated that all commercial establishments, except health-related establishments such as hospitals, medical stores, and dispensaries, will be shut.
Those selling essential supplies like milk, vegetables, fruits, groceries will be able to home-deliver products only between 9am and 5pm.”
Buses, autorickshaws, and taxis, as well as private buses operating from KDMC areas, will not be allowed to ply during this period. The only exceptions will be for vehicles providing medical emergency services, or those providing essentials.
All private offices, warehouses, godowns, factories, and commercial establishments will remain closed. Flours mills, dairy manufacturing units, petrol pumps, CNG, and LPG gas agencies will continue to function. However, only essential vehicles will be able to refill fuel at petrol and diesel pumps.
Wine shops will be shut, but home delivery of liquor will continue. There will be strict restrictions on gatherings of more than five people in public places.
People engaged in essential services, online deliveries, press, media, pharmacy companies, and hospitals will be allowed to leave and enter the city but will have to take an e-pass from the Thane police.
Updated on : Thursday, July 2, 2020, 7:00 AM IST
10-day lockdown in Kalyan-Dombivli from today
Extension of Registration and Completion Date of Real Estate Projects in COVID time
Treat Covid-19 as ‘Force Majeure’ under RERA: Finance Ministry
The state and union territories can issue fresh “project Registration Certificates” automatically with revised timelines and extend timelines for various statuary complianes under RERA concurrently.
Ankit SharmaETRealtyUpdated: May 13, 2020, 18:02 IST
NEW DELHI: Nirmala Sitharaman, Minister of Finance of Corporate Affairs on Wednesday announced that Ministry of Housing and Urban Affairs will issue an dvisory to states and urban territories and their regulatory authorities to extend the registration and completion date suo-moto by six months for all registered projects expiring on or after March 25, 2020 without individual applications.
Adverse impact due to Covid-19 and projects stand the risk of defaulting on RERA timelines. Time lines need to be extended.
The housing ministry will also advise states/union territories and their regulatory authorities to the following effect:
Treat Covid-19 as an event of “Force Majeure” under RERA.
Regulatory authorities may extend this for another period of upto three months, if needed
Issue fresh “project Registration Certificates” automatically with revised timelines
Extend timelines for various statuary complianes under RERA concurrently
These measures will de-stress real estate developers and ensure completion of projects so tha the home buyers are able to get delivery of their booked houses with new timelines, Sitharaman said.
