By Varun Singh

Builders across the city and in Mumbai Metropolitan region offering some good discounts.

These discounts include stamp duty cut, flexi payments and even golds in certain cases.

The offers are festive offers, some are till Gudi Padwa, some up to Akshay Tritiya.

These are auspicious days and many homebuyers make their booking during this period.

Developers are trying to make the most of this festive period.

Below are some of the offers that developers across the city are offering to homebuyers.

For their project Runwal Bliss at Kanjurmarg East and Runwal Forests at Kanjurmarg West, Runwal Group is offering a stamp duty of just 3% till Gudi Padwa.

For Runwal Pinnacle in Mulund West the group is offering zero floor rise along with stamp duty of 3% till Gudi Padwa.

For their 115 acre township Runwal Gardens at Dombivli they are providing zero stamp duty, zero floor rise and assured gift on every booking.

“Auspicious dates always create a positive sentiment and people tend to start something new or make new purchases on such occasions. Gudi Padwa is one such occasion and it usually leads to home buying. We have very attractive festive offers that will make home buying even easier this Gudi Padwa. Customers can enjoy stamp duty of just 3% at our projects in Kanjurmarg and Mulund. At our township in Dombivli, they can enjoy zero stamp duty in addition to zero floor rise costs and assured gifts on bookings,” said Rajat Rastogi, Executive Director, Runwal Group.

“Gudi Padwa being an auspicious occasion for home buying sentiments, the real estate market will see an enhanced consumer confidence index as owning a home has emerged to be a centre of gravity on grounds of safety, stability and security. It also offers steady rental income and long-term appreciation in comparison to other volatile asset classes. It is the right time for muted investment in real estate to return as the external market conditions are conducive for domestic as well as NRI investors in the backdrop of favourable policies by regulatory bodies, innovative payment schemes by financial institutions, lowered home loans interest rates and liquidity infusion by the government in form of fiscal impetus improving the economic climate. Amidst the resurgence of Covid -19 pandemic leading to the new normal way of living, the home-buying with branded developers offering quality, timely delivery and ready to move in option to save GST should be a priority for all the discerning home seekers in this festivity.”

 Dr. Niranjan Hiranandani, President, NAREDCO on Gudi Padwa

The Wadhwa Group, have introduced a new campaign for Q1 2021-22 under which they are providing a Zero Stamp Duty offer and flexi-payment plan during the period of Gudi Padwa for higher floor inventories in their projects Wadhwa Pristine at Matunga West, TW Gardens at Kandivali East & Dukes Horizon at Chembur.

Commenting on the campaign, Bhasker Jain, Head – Sales, Marketing & CRM, The Wadhwa Group says, “The residential segment looks very promising in the current scenario of Covid 19, as customers have now realized the importance of a well planned, well designed and a well ventilated home during the pandemic more than ever before. We are seeing a lot of traction for our projects as they are built on philosophy of ample height, light & air. This auspicious season we are providing our customers with a zero stamp duty and a flexi-payment plan on our select projects for the higher floor inventories.”

Considered an auspicious time to invest, Gudi Padwa has, over the years, set a trend among home buyers.

Rohit Poddar, Managing Director, Poddar Housing and Development LTD. On Gudi Padwa Offers, said, “Gudi Padwa is a very auspicious occasion to purchase your dream home. This year is a special year with very low home loan rates, great prices on homes and our self belief in human resilience. Prices are going up due to inflation and increased input prices so make use of this great opportunity to buy your dream home.”

Keeping in mind the mood, Vijay Khetan Group has come up with offers for homebuyers planning to invest in their project. In their residential complex, Krishna Residences located in Andheri (E) homebuyers can avail of an EMI holiday for 12 months along with No GST on their fully furnished Ready-to-move-in apartments. There are limited inventories available where the customer can experience streamlined processes and hassle-free buying and can avail the offers from Gudi Padwa till Akshaya Tritiya.

“With the EMI holiday for 12 months on Ready to move in apartments, we have relaxed the burden of Home Loan EMI’s for a year making customers rationalize during these hard times and just focus on the well-being of their families. Buying a home at auspicious times like Gudi Padwa is believed to bring prosperity and opulence for life. Therefore, homebuyers planning to invest wait for this time of the year and also look forward to lucrative deals and schemes in the market,” said Anuj Khetan, Director, Vijay Khetan Group.

Group Satellite is providing homes with No Stamp Duty, No GST, No Floor Rise and No Hidden Charges. A customer can pay 10% now (on or before Gudi Padwa) and no further payment till December 2021. This is a limited edition offer till Gudi Padwa.

For their project Satellite Elegance at Goregaon, the developer is providing Modular Kitchen, Air-conditioned homes, Payment Holiday and We Delay-We Pay for the customers.

Himanshu Jain, VP – Sales, Marketing & CRM – Satellite Developers Pvt. Ltd (SDPL) said, “We have extended the stamp duty benefit for our homebuyers and are offering no stamp duty, no GST, no floor rise and no hidden charges on our project Aarambh at Malad East. We are also offering a payment holiday where the buyer needs to pay 10% now and no further payment till December 2021. For our Goregaon project we are offering modular kitchen, air-conditioned homes, payment holiday and assured delivery before RERA deadline. This is the best buying opportunity for the buyers to buy their dream home and experience the best-in-class lifestyle within the city limits.”

Tridhaatu is offering a Zero Stamp Duty across all their projects if a person buys a property on or before Gudi Padwa. The developer is also offering a subvention scheme in their projects in Chembur and Matunga.

“With a slew of customer friendly measures like stamp duty reduction, all time low home loan rates, etc, many homebuyers got a chance to realize this dream. This Gudi Padwa, Tridhaatu would like to keep the goodness flowing. We are happy to offer zero stamp duty on all our projects for the festive occasion. Parallely to help in easing out the financial burden on the home buyers, we are also offering subvention schemes in our projects in Chembur and Matunga”, said Dhananjay Sandu, Co-Founder & Managing Director, Tridhaatu Realty.

Also Read: Here Are The Festive Offers From Builders

The post Why Are Builders Offering Gold & Stamp Duty Discounts? appeared first on Square Feat India.

By Varun Singh

The Builders’ Association Of India (BAI), has written to the Chief Minister of Maharashtra Uddhav Thackeray ‘Saheb’ to issue fresh guidelines for the construction industry.

On Sunday night the government of Maharashtra came up with fresh restrictions to tackle the growing numbers of Corona patients in the city and the state.

The SOP’s for the construction industry by the state government mentioned, the following points.

Construction Activity –
a) To be allowed only for sites where labourers are living on site. Movement to and fro from outside must be avoided, except for the purposed of material movements.
b) Every one engaged in the activity to get vaccinated at the earliest, as per criteria of GOI and till get vaccinated must carry a negative RTPCR test result certificate, which will be valid for 15 days. This rule will come into effect from 10th April, 2021
c) Defaults will lead to a fine of 10000/- for the developer of the construction site and repeated defaults may lead to closure of the site till existence of notification of COVID 19 epidemic.
d) lf a worker is found positive he or she would be allowed medical leave and cannot be discontinued during this absence for this reason. He or she will be entitled for full wages that he or she might have earned had he or she not contracted corona.

Builders’ Association says that Government of Maharashtra’s recent order outlining new SOP’s threatens to undo all the positive developments of the last few months.

ALLOW ANITGEN TEST

The letter by Builders’ Association Of India reads, “Saheb, RTCPR test is lengthy and time consuming process and the results are available only after three or four days. On the contrary, the ANTIGEN TEST is the newest coronavirus screening method, which detects proteins that are parts of the coronavirus. This is done in almost the same method as the RTPCR – that is by using nasal fluid in a swab. ANTIGEN TEST is able to give the results quicker than RTPCR and is not as expensive. Hence, we request that ANTIGEN TEST be also allowed.”

ON VACCINATION FOR ALL

Regarding vaccination, the Associations says, as the majority of the construction industry workers are below 45 years of age, the criteria for the vaccination decided by the Government of India i.e. above 45 years, may create hurdles in the implementation of the decision of Maharashtra Government to vaccinate all the persons engaged in the construction industry.

ALLOW ARCHITECTS & CONSULTANTS TO FUNCTION

The letter further stated, “Saheb, Government of Maharashtra has allowed construction activity. But, construction activity is dependent on lot of vendors and service providers. Construction activity also requires lot of back office support – drawings, plans, designs, schedules, finances, etc. If they are not there, construction sites cannot operate.”

They further want that just like offices of advocates have been allowed to remain open, offices of Architects, Licensed Surveyors, Engineers, Structural Engineers, Licensed Plumbers and other consultants should be allowed to operate their offices with atleast 50% strength. It will be ensured that the personnel either get vaccinated or go for ANTIGEN TEST.

FESTIVAL SALES WILL BE IMPACTED

With festivals on their way, the letter by Builders’ Association of India has stated, “Saheb, ‘Gudi Padwa 2021’ is coming on Tuesday 13th April, 2021 and will be followed by many important Hindu festivals – Akshaya Tritiya on Friday, May 14, 2021 is one to mention, and many people book flats during these period.”

They say if the back office (sales office) of the builders are closed, prospective buyers will face lot of problem, builders will loose out on business and Government will loose out on Stamp Duty. Hence, these offices need to be allowed to be open by observing proper SOP’s.

ISSUE FRESH GUIDELINES

Finally the Association submitted, “We request you to please consider issuing fresh guidelines, specifically for the construction industry.”

The letter is signed by Mohinder Rijhwani, Chairman, Mumbai Centre Builders’ Association of India.

Also Read: Construction Activity To Be Allowed Where Labourers Are Living On Site

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By Varun Singh

From Monday serious restrictions have been imposed by the Maharashtra governmennt to tackle the growing COVID 19 positive numbers.

With Weekend Lockdown in place and even during day not more than 5 people together being allowed. There are some do’s and don’t’s for the construction industry too.

Construction activity to be allowed only for sites where labourers are living on site.

Movement to and for from outside must be avoided except for the puprose of material movements.

Everyone engaged in the activity to get vaccinated at the earliest as per criteria of Government of India.

Till they get vaccinated, must carry a negative RTPCR test result certificate which will bbe valid for 15 days, (This rule will come into effect from April 10, 2021).

Defaults will lead to a fine of Rs 10,000 for the developer of the construction site and rpeated defaults may lead to closure of the site till existence of notificationn of COVID 19 epidemic.

If a construction worker is found psotiive he or she would be allowed medical leave and cannot be discontinued during this absence for this reason.

The construction worker shall be entitled for full wages that he or she might have earned had he or she not contacted Corona.

This means at sites where the developer has made arranngement for the construction workers only those project shall be functional.

According to many developer most construction workers are still in Mumbai.

Ashok Mohanani, President, NAREDCO Maharashtra when asked, whether workers are movinng out? He said, “No migrant workers are very much at work.”

His feelings were echoed by Rajesh Prajapati of CREDAI MCHI. Prajapati when asked whether migrant workers are again going back, he said, “No, not yet, some workers had gone for Holi, this an annual phenomenon and nothing to do with Corona. We expect few to fo in April and May for season of marriages.”

However, Anand Gupta, Spokesperson for Builder Association of India had a bit different view to the question of whether construction workers were returning back.

Gupta said, “Partially yes, actually they are under fear, that again there can be lockdown and they will be without work and pay. They can again get trapped. They are also under their family pressure.”

Also Read: During Day More Than 5 People Together Not Allowed

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By Varun Singh

Even during day more than 5 people aren’t allowed to gather. The state government on Sunday came out with specific restrictions to Break The Chain.

Starting Monday specific regulations will be placed in the city to tackle the growing numbers of Corona patients.

Section 144 shall be in force in the entire state from Monnday. Morning 7 to 8 pm there will be restrictions. Even during day more than 5 people together aren’t allowed.

There will be complete lockdown from Friday night till Monday morning, read a statement released from the office of Chief Minister Uddhav Thackeray.

From 8 pm in the night to 7 am next mornning, no one will be allowed to step out without any genuine reasons.

Those associated with the essential services and medical will be allowed to step out duirng this time.

Gardens, Chowpatty, Beaches and other public places shall remain shut between 8 pm to 7 am.

Kirana stores, medical stores, vegetable vendors and other essential service providers shall be allowed to operate.

All shops, malls, markets shall remain remain shut till April 30.

All private and public transport services shall remain operational. In rickshaw two commuters shall be allowed. Taxis shall run with 50% capacity, no standees allowed in buses.

All private offices shall follow Work From Home module, except for financial sectors like banks, stock market, insurance, pharma companies, mediclaim, telecommunication services.

Apart from this, basic service providing agencies like electricity offices, water supply department shall remain functional.

Government offices which arenn’t connected with any services to be provided for Corona related diseases, shall function with 50% capacity.

No visitors shall be allowed at government offices.

Places of entertainment shall be closed, this includes cinema halls, multiplexes, theatre, video parlours, clubs, swimming pools, sports complexes, halls, and water parks.

Religious places will be completely shut, only officials of such religious places will be allowed to perform the daily rituals.

Restaurants and Bars will be shut too, these restaruants shall be allowed to carry out take away and parcel system between 7 am to 8 pm.

E-commerce services shall be opertaional between 7 am to 8 pm. The delivery agent should be vaccinated or else he shall be fined Rs 1,000 and the shop or the organisation to which he belongs to will be fined Rs 10,000.

All hair cutting saloons, beauty parlours, spac shall remain closed.

Schools and Colleges shall remain shut, except for exams of class 10 and 12, even private coaching centres shall remain shut.

Manufacturing sector shall remain operational, but all protocols has to be followed.

Construction workers will have to reside at the construction site. No worker shall be removed from work only because he’s suffering fro COVID.

In any housing society where more than 5 patients are found shall be declared as mini conatinment zone and a board announcing the same shall be placed at the gate. Outsiders shall not be allowed in such socities.

Also Read: Hard To Believe So Many Faced A Difficulty To Pay Rent During Lockdown

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By Varun Singh

Budget for the financial year 2021-22 was presented by finance minister Nirmala Sitharaman on Monday morning.

The first budget after the pandemic had many hopes for the real estate industry.

FM N Sitharaman in her budget mentioned extensively about affordable and rental housing schemes.

The biggest announcement for affordable housing projects was the tax holiday extended for one more year.

With the tax exemption on the affordale housing projects, the homebuyers are set to gain as prices are expected to remain stable.

The other major announcment, this one for homebuyers is Rs 1.5 Lakh additional deduction on interest on loan for affordable homes extended for one more year.

This will keep the spending capacity of the homebuyer intact.

“The government’s decision to extend tax holiday for affordable housing projects by another year is a step in the right direction.”

Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory

In her budget speech, the FM even announced tax exemption to notified rental housing projects.

Rental housing projects are meant to take care of the migrant workfroce.

During the Coronavirus led pandemic, many of the labourers abandoned the cities and moved to their native, one of the prime reason was non-affordable renting homes.

Rental housing is expected to find solution to the issue of reverse migration. .

Also Read: January Sold These Many Less Homes Than Dec

The post Budget 2021-22, What It Has For Housing Sector? appeared first on Square Feat India.

By Varun Singh

The Coronavirus led pandemic which made the government impose lockdown, brought difficult times to many people.

The real estate industry was also not spared by the lockdown, the market had almost collapsed.

Reverse migration reached its peak during the lockdown, with many people leaving the city of dreams.

A recent survey by Praja Foundation says that, 18% of the respondents they surveyed migrated out of Mumbai as they couldn’t afford rent during lockdown.

Not only this, 69% of the all people surveyed, said that they faced a difficulty in paying the rent during the lockdown.

Job losses and pay cuts had become the norm during the lockdown. Because of which a lot of tenants wanted their landlords to ease the rent contract.

Praja report says that, 60% of the tenants said that their rent contract was not eased during the lockdown period.

While 40% said that their rent contract was eased during the lockdown period.

Pankaj M, a tenant who use to stay in Khar during lockdown said that his landlord started deducting the rent from his deposit, during lockdown. It was after a lot of negotiations, that his rent was finally reduced.

Adv Prakkash Rohira, says that, one also has to see the landlord side. “For many landlords rent from their properties is the only earning and that is how they survive. If they waive off that, how are they suppose to live. So both sides the tenants as well as the landlords have to be heard.”

Also Read: Will Mumbai See 10K Sales In January?

The post Hard To Believe So Many Faced A Difficulty To Pay Rent During Lockdown appeared first on Square Feat India.

By Varun Singh

We have seen this actor performing negative roles mostly in the Bollywood movies. However, during the pandemic he came across as the saviour and a real hero to many.

This actor ran a campaign ‘ghar bhejo’ and it is said to have helped lakhs of migrant labours across the country reach their homes safely.

A visit to the twitter page of the actor reveals that on a daily basis he is now helping provide medical assistance to those in need across the country.

All of this comes at a price and the actor has been smilingly paying it all. But recently we learnt that the actor mortgaged his properties in Juhu to raise a Rs 10 crore loan and continue with his work of helping the needy.

We are talking about actor Sonu Sood, who became a synonym for the word saviour for many during the pandemic.

Documents accessed by this portal shows that Sonu Sood mortgaged two shops and six flats in a building name Shiv Sagar CHS at Juhu.

The properties mortgaged include two shops on the ground floor and one flat each on the first to sixth floor of the building.

The properties mortgaged are on the names of Sonu Sood and his wife Sonali. Documents reveal that the paper work was carried out in September and they were registered on November 24, 2020.

The property has been mortgaged to a private bank located in Fort area of Mumbai.

We contacted the actor for a comment, he said, “I am not comfortable talking about it, but the most important thing is that the good work is on.”

“Lives are being saved daily, surgeries are taking place, the good work is on, that is more important.”

Actor Sonu Sood on being asked about he mortgaging his property to help those in need.

The bio of Sood’s twitter profile reads, “Our Service Are Free.” There also is a mobile number posted there for people who need help to contact him.

The help that Sonu provides includes helping migrants reach safely to their hometowns during pandemic, surgeries, and even financial assistance for education purposes.

Also Read: Aditya Puri’s Wife & Daughter Buy Flat For Rs 50 Cr

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By Varun Singh

Real Estate industry that has been struggling for a quite long time is slowly limping back to its feet. According to developers the remaining of migrant labourers are returning back to the city.

“Yes, migrants have started coming back slowly. All UDAI precautions like wearing of mask , use of sanitizers regularly , one entry point etc and other issues are going on,” said Anand Gupta, Spokesperson, Builders Association of India.

Developers claim they have a huge SOP which the migrants once back will need to adhere to.

According to Deepak Goradia, President, CREDAI MCHI: “Conscious of the perilous circumstances amid the pandemic, CREDAI MCHI and its developer members have mandated a number of safety measures at their construction sites to ensure the adherence of all Government protocols. It includes special quarantine facilities, staggered meal timings, doctor visit at sites and others.”

“We have taken full care of having them tested for COVID 19. Then all precautions regarding sanitisation of all equipments, their labour camps etc are being taken.”

Ashok Mohanani, President, NAREDCO Maharashtra

Manju Yagnik, Vice Chairperson, Nahar Group and Sr. Vice President, NAREDCO West says, “Ensuring that the work continues uninterrupted site workers have to follow basic dos & don’ts.”

According to Yagnik, all the site workers before entering the construction site have to pass through sanitisation cabin at the entry gate along with thermal screening and oxygen level check.

Builders are also awaiting guidelines from state government for migrant labourers who are returning.

Rajesh Prajapati, Spokesperson, CREDAI-MCHI says, “Yes, all measures and precautions regarding safety are being taken. We are awaiting guidelines from Government of Maharashtra regarding those returning from outside state by bus/train.”

Goradia says, “We are also fully prepared to implement any new safety guidelines introduced by the Govt of Maharashtra for migrant workers, including any testing or quarantine measures.”

Some of the precautions that developers are taking includes

• Touch free sanitizer dispensers at important junctions
• Social distancing
• Medical kit containing OTC medicines for common cold and cough, head and body ache
• Information on emergency contacts, nearby hospitals, medical stores
• Thermal screening
• Sanitisation cabin
• Weekly visit of a Doctor on site for regular medical check-ups of workers
• Regular fumigation of staircases, lifts, helmets to maximize safety
• Staggered meal times to avoid unnecessary crowding
• Special quarantine facility for any worker who has tested Covid positive or is showing symptoms

Also Read: Zee Entertainment Sells Prime Worli Property

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By Varun Singh

Prices at which MHADA sells its shops and apartments are considered to be cheaper than the market rate.

However, Corona has even made MHADA rates unaffordable for a few who had won shops in the past.

Three winners of shop e-auctions have written to MHADA citing Corona as reason for their financial crisis. They have expressed their desire to not continue with the allotment.

In mid 2019, MHADA after a long hiatus had carried out an e-acution of shops.

These shops were spread over areas like Mulund, Malad, Sion, Kandivali and others.

However, recently MHADA received three applications, where the winners of the auction have expressed their desire for cancellation of their allotment.

“We received applications, where the winners have stated their inability to go ahead with the shops they had won via e-acuction,” confirmed Jivan Galande, Joint Chief Officer, Mumbai Board, MHADA.

“The winners have cited Corona as the reason for their financial crisis. Due to which they do not wish to go ahead with the shops”

Jivan Galande, Joint Chief Officer, Mumbai Board, MHADA.

In the year 2020, many business came to a halt, due to the lockdown. The lockdown was imposed ignorer to curb the menace of the Corona virus pandemic.

Corona has impacted everyone and real estate is one of the worst hit sector.

The COVID 19 virus has put a serious pressure on the economy. Many jobs were lost, and salary cuts became the norm.

Amidst this, MHADA which is seen as the only housing authority in the state that provides cheap homes and shops also has become the victim of the virus.

With unlock in the country and Mission Begin Again in the state, the economy is slowly getting back into action.

However, it will still take a lot of time for the economy to stand back on its feet. Real estate is also limping back with sales slowly picking up in realty projects.

Also Read: 250 Notices Issued To Developers, 214 On Its Way

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By Varun Singh

A developer who is willing to refund the amount paid by homebuyer stated that he couldn’t because of pandemic.

The developer said that due to the pandemic he’s unable to get funds from investors. He sought four to six months to refund the amount.

The case is of a project named Anandgram Paud Phase II in Pune, of developer Vastusodh Realty LLP.

Homebuyer Dilip Karnataki, complained against the builder to MahaRERA seeking refund of the amount he paid.

The homebuyer claimed that after he booked the flat, builder didn’t execute the agreement nor handed over possession till date.

The project according to the homebuyer is stopped and the builder hasn’t refund him the full amount.

The builder told MahaRERA that since he couldn’t get the environment clearance the project didn’t start.

The builder even informed that the has already paid the homebuyer 60% of the amount received.

The developer stated that he was willing to refund the remaining amount too. But due to pandemic he was unable to get funds from investors.

Dr Vijay Satbir Singh, Member I of MahaRERA, noted that the developer failed to complete the project and hand over the possession.

However, since the parties have never entered into an agreement for sale, hence the homebuyer was not entitled to claim interest under section 18 of RERA.

Singh in his order stated, “The developer has also refunded 60% of the amount paid by the complainant and has also shown its willingness to refund the balance amount to the complainant. The respondent has also submitted an undertaking to that effect on record of MahaRERA.”

Disposing the case, Singh following the principle of natural justice, directed the developer to refund the remaining amount to the homebuyer.

The builder was also allowed to use the moratorium period as per the MahaRERA circulars.

The Coronavirus pandemic has impacted all the sectors, but real estate is one of the worst hit. In many cases projects have come to standstill as construction workers left for their native and many haven’t yet returned.

Many developers are also facing liquidity crisis because of low sales too, all this clubbed together the real estate sector today is finding itself in a very bad shape.

Also Read: HDIL Homebuyers Get No Relief From MahaRERA

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