The pivotal decision was made during a meeting presided over by Atul Save, the State Housing Minister, held at Mantralaya today. Taking the lead, Mangal Prabhat Lodha, Minister for skill development , innovation and entrepreneurship, stressed the need for the redevelopment of the 68 old and dilapidated cessed buildings owned by LIC situated in South Mumbai. He highlighted the critical state of these structures due to their age and dilapidation, emphasizing the urgency of their redevelopment to avert potential risks to life and property.

In a milestone moment, the decision to proceed with the redevelopment was given by Save. He directed MHADA officers to initiate the redevelopment of the 68 old and dilapidated LIC buildings through the novel provision 79 (A) of the Maharashtra Housing and Area Development Act. In line with this legislative provision, MHADA (Maharashtra Housing and Area Development Authority) will issue notices for redevelopment proposals of these buildings to LIC. Within a stipulated time frame of 6 months, LIC will be required to submit their redevelopment proposal. Failing to do so within the designated period, the occupants of these buildings will be given the opportunity to submit the redevelopment proposal within a period of 6 months. Should these efforts falter, MHADA will undertake the redevelopment by acquiring the land, as sanctioned by the new amendment in the MHAD Act. Save further clarified that until the redevelopment is executed, no coercive action will be taken against the residents/tenants by LIC.

Also Read: MHADA Lottery get 1 lakh Applications for 4082 flats

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By Varun Singh

Women are more serious home buyers than men. A recently released survey shows that,

Indian residential real estate is increasingly driven by end-users – and women homebuyers are emerging as major contributors towards this trend. The latest ANAROCK-LIC Housing Finance Consumer Sentiment Surveyindicates that as many as 77% women home seekers are looking to buy property for end-use; merely 23% will buy homes as investments. In contrast, approx. 62% men are looking to buy property for end-use and 38% for investment purpose.

Notably, for 87% women end-user homebuyers, these will be their first homes.

Anuj Puri, Chairman – ANAROCK Property Consultants says, “The growing dominance of women homebuyers has been an ongoing phenomenon over the last few years, especially in urban centres. Now, their preferences are also distinctly shaping newer trends. While ‘proximity to workplace’ was the top priority for both male and female survey participants looking to buy homes, 35% of the polled women consider suitable amenities within a housing project the second-most important factor. For men, the second-most important factor was the largest size they can afford.”

Trends also reveal that more and more young women buyers are now coming forward to buy a property. 47% women property seekers polled in the survey were in the age bracket of 25-35 years, followed by 41% in the 35-45 years age. Interestingly, 5% women property seekers were also aged within 25 years. In contrast, 47% male home seekers were in the 35-45 years age bracket, while 34% were aged between 25-35 years.

Women homebuyers’ preferences – the latest trends

• MMR the most-preferred city: On being asked about the city they would like to invest in other than where they are currently residing, at least 26% of the polled women voted for MMRas the top choice among all cities, followed by 22% preferring NCR and 20% stating Bangalore as their primary choice. Pune was next with 12% votes in its favour, followed by Kolkata, Chennai and Hyderabad with 8%, 5% and 3% votes respectively. 5% women prefer to invest in tier 2 & 3 cities. 
• Investment diversification and women-specific incentives are major motivators: Women across urban India are buying property either to diversify their investment portfolios and/or to avail multiple benefits. These range from tax benefits to reduced home loan interest rates by some banks, and also reduced stamp duty and registration charges across different states.
• Mid-segment housing is in highest demand: At least 40% women home seekers prefer a property in the mid-segment price bracket with ticket sizes between INR 45-90 lakh, followed by 35% preferring the affordable segment priced within INR 45 lakh. Only 3% will consider buying luxury properties priced over INR 1.5 Crore – as against 12% men who prefer to buy within this category.
• Spacious 2 BHKs the top choice: A whopping 50% women prefer to buy large 2 BHKs sized between 800-1,200 sq. ft. area, against just 13% voting for small 2BHKs within 600 sq. ft. With MMR the top city, the preference for larger sizes is remarkable and stands testimony to increased purchasing power.
• More brand conscious than men: 60% women prefer buying homes from branded developers; male participants’ preference is equally divided between branded and non-branded developers – i.e. 50% each.
• Ready properties or those nearing completion within 6 months top choice: At least 56% will only consider buying such homes, followed by 26% open to buying properties that will be completed within a year. Merely 18% preferred newly-launched projects.

Also Read: Yes, ‘She’ is a Proud Real Estate Broker.

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