By Varun Singh

Very rarely a developer leaves a realty project that he began.

However, a total of 132 projects have seen builders changing.

There are two types under which in MahaRERA, a realty projects can witness a developer or a builder change.

The first is where the homebuyers or allottees give their consent and the second is where via court orders the builders have been changed in a certain realty projects.

Projects that have seen a change in promoter via two third consent of homebuyers or allottees stands at 74.

These 74 realty projects are from 2017 till 2021 and includes big names too.

There are 58 projects which have seen a change in promoters due to other reasons, these includes Proprietorship change by succession to legal heirs, and As per the statutory orders / operation of law.

You can see the entire list here

Since MahaRERA, came into existence in 2017, the real estate industry which earlier use to be not so transparent suddenly had to open up.

There was a time when anyone could become a builder and many did become and started realty projects.

This caused a lot of strain on the homebuyers who would not be able to get their homes on time, as there was no body fo check whether the builder was fulfilling all his duties and was in a condition to construct a milti crore building or not.

Since, RERA act, the builder had to create an escrow account where the details have to be provided to MahaRERA.

The transparency has led many builders who had jumped into the realty sector with expertise abandon projects.

In Maharashtra there are a total of 132 realty projects which has see a promoter change.

Also Read: No Stamp Duty Discount Yet Oct Realty Sales Breaking Records

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By Varun Singh

October heat is what October is known for however, October 2021 is also going to be known for breaking reality records.

Till Monday evening Mumbai city had witnessed more than 6400 sales, which is way higher than the sales recorded in the month of October 2019.

in the year 2020 October month had registered 7928 sales but the main reason behind it was the stamp duty discount.

Last year the government of Maharashtra scheme of the stamp duty discount be home buyers registering their home purchase between September 1 till December 31, 2020 when given at 3% discount whereas home is being registered between January 1 to March 31, 2021 received a 2% discount on stamp duty.

Last October it was this stamp duty discount that made a bumper sale registration in the city of Mumbai.

In October 2019 the total sales registered in Mumbai city stood at 5811. However, this month till Monday evening the sales had already crossed the 6400 mark.

So what is it that is aiding the realty sales in the month of October in Mumbai, obviously it is not the stamp duty discount because there exist none.

The main reason is the pent-up demand which came out due to festive discounts.

The second wave of COVID-19 had put people on a back foot who wanted to invest in real estate because the primary focus was on health and the medical expenses.

However, with with the number of patients going town and government relaxing the restrictions people have started coming out.

Attract these fence sitters, the real estate community came up with lots of discounts during this festival season.

Normally, home buyers also expect a lot of discounts during festival seasons and many people invest in real estate in this period only.

Apart from discounts the interest rates are at the lowest at present in the country banks are also offering various offers to homebuyers.

The pent-up demand when amalgamates with the festive offer as well as the low interest rates home buyers who have been wanting to invest in real estate have come out and started buying homes which reflects in the registration figures of Mumbai city.

while there is still one week for the registrations for the month of October in Mumbai already October sales have crossed the October 2019 mark and seems like it may be close to or probably more than what October 2020 had registered in the city of Mumbai.

Good number of sales means good news for the real estate industry because the real estate industry was one of the worst affected industry during the Covid 19 led pandemic.

Many developers are giving various discounts which also is attracting homebuyers.

Developers if want to continue with this festive bonanza sales they will have to stick to the prices because no rise in home prices is one of the main reason why homebuyers are investing in real estate.

Also Read: No Stamp Duty to Vouchers worth Lacs Builders offer festive discounts to lure homebuyers

The post No Stamp Duty Discount Yet Oct Realty Sales Breaking Records appeared first on Square Feat India.

By Varun Singh

This many come as a surprise, but it is 100% true.

Yes you read it right, there are at least 27 homebuyers aspiring to buy this 1 home.

You may wonder what makes this home special, and why so many homebuyers are behind this 1 home?

So let us tell you, there are not only 27 homebuyers wanting to buy this home, but there are a total 2.46 lakh aspiring homebuyers slugging it out to get homes.

The total number of home available is 8,984 homes.

Not keeping much of a surprise here’s what the truth is.

MHADA’s Konkan Board announced a lottery for 8,984 homes in August 2021.

Since then till now more than 2.46lakh homebuyers have already applied for the lottery.

The last day for registration was September 29 (11.59 pm) while for application it was September 30 (11.59 pm).

Payment of deposit (EMD) through RTGS / NEFT online as well as in the bank was accepted till 11.59 pm on October 01, 2021.

Since the start of registration, a total of 2,53,944 users came on MHADA site, of which 1,82,523 registered with MHADA.

From the total registration MHADA has received application from 2,78,226 from homebuyers wanting to buy a home.

A total of 2,46,065 applicants have paid their Earnest Money Deposit.

Now how did we reach to the number of 27 aspiring homebuyers for 1 home. So if you divide 2,46,065 with 8,984 the number comes to 27.38. Thus 27 applicants for one home.

The program of computer lottery shall be held on the earlier decided date of October 14, 2021 at 10 am, at Dr. Kashinath Ghanekar Natyagriha, near Hiranandani Meadows, Manpada, Thane (West).

The response is a mirror to the private developers who keep complaining that homebuyers are staying away from the market.

Flats in MHADA lottery are available at affordable rates and the response goes on to show that homebuyers are willing to buy homes if they aren’t available at affordable rates.

When asked homebuyer why was he so eager to get a MHADA house he said, “The prices are affordable and getting a home loan will be easier with the government tag associated with MHADA homes.”

MHADA is a government run authority and has delivered a lot of homes in the past too. Even private developers say that the trust homebuyers have for government name is huge and private enterprises lack that kind of trust.

Also Read: 2.05 Lac Applications for 8,984 MHADA Homes

The post At least 27 Homebuyers are Aspiring to Own This 1 Home appeared first on Square Feat India.