Industry body CREDAI-MCHI has welcomed the government’s initiatives, emphasizing their impact on housing and connectivity. Domnic Romell, President of CREDAI-MCHI, said, “The Maharashtra state budget lays a strong foundation for economic growth through strategic investments in infrastructure and housing. The focus on urban development, including multi-modal corridors, metro projects, and improved connectivity, will propel the MMR as the economic powerhouse of India. The allocation of ₹8,100 crore for urban housing reaffirms the government’s commitment to ‘Housing for All,’ which will provide a significant boost to real estate development.”

The budget’s emphasis on industrial growth is also expected to drive demand for commercial and residential real estate. Dhaval Ajmera, Secretary of CREDAI-MCHI, highlighted the importance of the ‘Make in Maharashtra’ policy and projected investments of ₹40 lakh crore over the next five years. “The budget’s emphasis on industrial development, transport infrastructure, and housing will unlock new opportunities for real estate and allied sectors. The government’s focus on streamlining policies, enhancing fiscal discipline, and ensuring timely project execution will bring greater stability and confidence to the sector,” he said.

Experts believe the government’s focus on capital investment and innovative financing models will lead to sustained economic stability. Nikunj Sanghvi, Treasurer of CREDAI-MCHI, noted, “A budget that prioritizes capital investment and fiscal responsibility is always a win for real estate and infrastructure. The commitment to rural and urban housing, road connectivity, and financing through models like Maha InvITs will drive long-term economic stability. With GST revenues witnessing steady growth and Maharashtra maintaining its lead in infrastructure spending, the real estate sector is poised for sustained expansion.”

With increased investments in housing and infrastructure, the Maharashtra budget is expected to strengthen the state’s real estate sector.

Also Read:budget expecations by real estate

The post Maharashtra Budget 2024: Real Estate Sector Welcomes Infrastructure and Housing Push appeared first on Square Feat India.

In a joint meeting chaired by Housing Minister Atul Save and MHADA Vice President and CEO Sanjeev Jayswal, it was agreed to lower the service charges for flat owners in the low-income and middle-income groups of the housing project. As per the new structure, flat owners in the low-income group will now pay ₹1,450 per month, while those in the middle-income group will pay ₹2,400 per month. Previously, the charges were ₹2,121 per month for low-income group residents and ₹3,493 for middle-income group residents.

Additionally, the government has announced a 50% discount on service charges for the period of the COVID-19 pandemic (from March 2020 to March 2022) for the residents of this housing complex, further easing the financial burden on them.

MHADA has also waived off the late payment fees for those with overdue service charges and granted a reprieve until March 2025 to settle the outstanding dues. Starting from April 2025, the annual late payment interest will be reduced from 18% to 12%.

For those flat owners who have already paid their service charges, the difference in the newly reduced fees will be adjusted in their next payments. MHADA’s Chief Officer, Revati Gaikar, confirmed this, stating that the revised fees and adjustments will offer financial relief to residents.

This move is expected to greatly benefit the residents of the Virar Bolinj Housing Complex, aligning with MHADA’s mission to enhance the quality of life for its residents while making housing more affordable.

Also Read: MHADA Konkan Board Announces Lottery for 12,626 Housing Units and Plots

The post MHADA Reduces Monthly Service Charges for 9,409 Flat Owners in Virar Bolinj Housing Complex appeared first on Square Feat India.

1.13 Lakh Applicants Confirm Participation by Submitting EMD

Mumbai, September 25, 2024: The Mumbai Housing and Area Development Board (MHADA) has reported an impressive response to its 2024 housing lottery, with a total of 1,34,350 applications submitted for 2,030 tenements. Notably, the Low-Income Group (LIG) category received the highest number of applications, with 61,571 submissions for just 627 units, showcasing the high demand for affordable housing in Mumbai.

Of the total applicants, 1,13,811 have confirmed their participation by paying the required Earnest Money Deposit (EMD), reflecting strong public trust in MHADA’s commitment to providing affordable housing solutions.

The application process concluded on September 19, 2024, at 11:59 PM, coinciding with the EMD payment deadline. A provisional list of eligible applicants will be published on MHADA’s official website, housing.mhada.gov.in, at 6:00 PM on September 27, 2024. Applicants will have until 12:00 PM on September 29, 2024, to submit any claims or objections online, with the final list set to be released on October 3, 2024.

Registration for the lottery opened on August 9, 2024, using the fully online IHLMS 2.0 system for a transparent process. The 2,030 tenements include 1,327 units from newly constructed projects, 370 units from redevelopment schemes under DCR 33 (5), (7), and 58, and 333 scattered units from previous lotteries.

The application data reveals the following breakdown across income groups:

• Economically Weaker Section (EWS): 35,359 applications for 359 units, with 47,134 confirming EMD payments.
• Low-Income Group (LIG): 61,571 applications for 627 units, with 48,762 confirming participation.
• Middle-Income Group (MIG): 14,293 applications for 768 units, with 11,461 confirmed EMD submissions.
• High-Income Group (HIG): 7,493 applications for 276 units, with 6,454 confirmations.

Particular interest was noted in various housing projects. For instance, the Nehru Nagar project in Kurla, offering 14 flats, received 4,026 applications, with 3,124 confirming EMD submissions. The Oshiwara project (1 flat) attracted 765 applications, while the Siddharth Nagar project in Goregaon (2 flats) garnered 749 applications.

In the newly constructed projects category, the Shivdham Complex in Malad (45 flats) was notably popular, receiving 11,280 applications, with 9,519 confirmations.

The high volume of applications underlines the ongoing demand for affordable housing in Mumbai, emphasizing MHADA’s crucial role in meeting this pressing need.

The final lottery draw for flat allocation is scheduled for October 8, 2024, at the Yashwantrao Chavan Centre in South Mumbai.

Also Read: MHADA Earns ₹5.68 Crore Ahead of Upcoming Lottery for 2,030 Homes

The post LIG Receives Highest Applications in MHADA Mumbai Board Housing Lottery 2024 appeared first on Square Feat India.

MHADA, renowned for its commitment to providing affordable housing and having built approximately nine lakh homes in the state, has continuously evolved its operational practices to meet modern challenges. To enhance communication and transparency with citizens in the modern technological era, MHADA has created this new mascot.

The unveiling ceremony will take place at the Bharat Ratna Gulzarilal Nanda Auditorium within MHADA’s headquarters. Key attendees will include Additional Chief Secretary of Housing, Valsa Nair-Singh, and MHADA Vice President and CEO, Sanjeev Jaiswal.

Established as the Bombay Housing Board in 1949 and reformed into its current form on December 5, 1977, MHADA has been a pivotal institution in providing affordable housing to nine lakh families over its 75-year history.

MHADA has consistently adapted to changing times by incorporating modern technology into its services. The introduction of the IHLMS 2.0, a transparent digital lottery system for housing sales, exemplifies this commitment. The new mascot is designed to further assist citizens navigating MHADA’s services, reflecting the organization’s ongoing dedication to public service and accessibility.

Also Read: MHADA Lottery Unveils Priciest Homes at Rs 7.57 Crore

The post Maharashtra Housing Minister to Unveil MHADA’s New Mascot on August 28 appeared first on Square Feat India.

Extension of Amnesty Scheme

Initially launched on December 7, 2023, the Maharashtra Stamp Duty Amnesty Scheme was designed to remit or reduce stamp duty and penalties on specific documents, regardless of whether they were registered. The scheme was implemented in two phases: the first from December 1, 2023, to January 31, 2024, and the second from February 1, 2024, to March 31, 2024.

The Government has extended the first phase to February 29, 2024, and the second phase to June 30, 2024. Further extending the scheme, the new amendment now extends the second phase until August 31, 2024.

Expanded Scope of the Scheme

The extension also introduces new provisions for documents issued by registered Co-operative Housing Societies located on land governed by Maharashtra Housing and Area Development Authority (MHADA), City and Industrial Development Corporation of Maharashtra Limited (CIDCO), Maharashtra Industrial Development Corporation (MIDC), or local municipal authorities. These include First Allotment Letters, Agreements, or Share Certificates executed on unstamped paper or letterheads.

Key Amendments to the Scheme

• Extension of Deadline: The scheme’s end date has been extended from June 30, 2024, to August 31, 2024.
• Inclusion of New Documents: The amendment adds a new category of documents to the scheme. This includes First Allotment Letters or Share Certificates related to residential or non-residential units issued by specific housing and development authorities.
• Updated Conditions: The revised order stipulates that only unstamped instruments specified in the new clause (g) of the Annexure will be eligible for the scheme.

Purpose and Benefits

The Maharashtra Stamp Duty Amnesty Scheme is aimed at facilitating the smooth registration of documents and relieving citizens of the burden of backdated stamp duties and penalties. By extending the scheme and broadening its scope, the Government aims to address various issues related to the registration of property documents and support housing development.

Next Steps for Applicants

Individuals and entities eligible for the scheme should ensure they apply within the new extended deadlines and meet the specified conditions to benefit from the reduced stamp duties and penalties.

The Government of Maharashtra continues to focus on providing relief to taxpayers and streamlining administrative processes through such initiatives, ensuring greater compliance and efficiency in property transactions.

Also Read: Mumbai sees more property registrations in Feb 2024 but collects less stamp duty than previous year

The post Government Extends Maharashtra Stamp Duty Amnesty Scheme to August 31,2024 appeared first on Square Feat India.

The scheme includes 38 units designated for the economically weaker section and 175 units for the general category, located in the developed nodes of Kalamboli, Kharghar, and Ghansoli. Additionally, 689 units will be available from CIDCO’s ‘Swapnapurti’ and ‘Vastuvihar-Celebration’ projects at Kharghar.

CIDCO’s housing schemes aim to cater to various income groups, providing residents with the chance to own property in Navi Mumbai, known for its advanced infrastructure. The new complexes will benefit from connectivity via rail, road, and metro, and will be situated near key projects such as the Navi Mumbai International Airport. This scheme is expected to enhance the lifestyle options for residents in the region.

Also Read: CIDCO grants extension till Jan 6, for lottery

The post CIDCO to Launch Housing Scheme for 902 Flats on Krishna Janmashtami appeared first on Square Feat India.

Lottery Details

The advertisement for the lottery will be published in various newspapers on August 8, 2024, and details will also be available on MHADA’s official website at https://housing.mhada.gov.in. An information booklet regarding the lottery will be accessible on the website.

Application Process

The online application link will go live on August 9, 2024, at 12:00 PM. The deadline for submitting applications is September 4, 2024, at 3:00 PM. Applicants must also make the online payment of the deposit by September 4, 2024, at 11:59 PM.

The preliminary list of accepted applications will be published on September 9, 2024, by 6:00 PM. Applicants will have until September 9, 2024, at 12:00 PM to file online claims and objections. The final list of approved applications will be published on September 11, 2024, by 6:00 PM. The computerized lottery draw will take place on September 13, 2024, at 11:00 AM, with the location to be announced shortly.

Flats Available by Income Group

• Economically Weaker Section (EWS): 359 flats
• Lower Income Group (LIG): 627 flats
• Middle Income Group (MIG): 768 flats
• Higher Income Group (HIG): 276 flats

The lottery will feature 1,327 flats built by MHADA’s Mumbai Board, 370 flats from redevelopment projects under Development Control Regulations 33 (5), 33 (7), and 58, and 333 flats are scattered and from previous lotteries.

How to Apply

Applicants must use the IHLMS 2.0 system to apply online. Mobile apps for both Android and iOS, named “Mhada Housing Lottery System,” are available on Google Play Store and Apple App Store. Additionally, the MHADA website offers the application registration, form filling, and payment process. Guidance documents, videos, and help files are available on the website to assist applicants.

Important Notice

MHADA Mumbai Board has not appointed any representatives, consultants, or property agents for this lottery. Applicants are advised not to engage with any such individuals. MHADA will not be responsible for any transactions or fraud involving unauthorized parties.

Contact Information

For more details and to start the application process, please visit MHADA’s official website: https://housing.mhada.gov.in

Also Read: MHADA plot in Oshiwara Auctioned for Rs 125 Crore

The post MHADA Mumbai Board Announces Lottery for 2,030 Flats appeared first on Square Feat India.