The Konkan Housing and Area Development Board of MHADA has initiated a large-scale campaign to promote the sale of flats under the First-Come, First-Serve (FCFS) scheme. These flats are available for Economically Weaker Sections (EWS), Low-Income Groups (LIG), and Middle-Income Groups (MIG) under the Pradhan Mantri Awas Yojana (PMAY-Urban). The flats are located in Virar-Bolinj, Khoni-Kalyan, Shirdhon-Kalyan, Gotheghar-Thane, and Bhandarli-Thane.

As part of this campaign, 29 information stalls have been set up at key locations across the region from December 2 to December 11, 2024. The stalls will provide detailed information about the available flats, application eligibility, and the online registration process. Applicants can apply through the official MHADA website (https://lottery.mhada.gov.in). The registration process began on October 11, 2024.

Campaign Details
Mrs. Revati Gaykar, Chief Officer of the Konkan Board, highlighted that the stalls aim to assist prospective buyers by offering information on the FCFS flats, eligibility criteria, and the application process. In addition to the stalls, flyers and street plays are being organized to raise awareness about the housing schemes.

Message to Applicants
Mr. Anil Wankhade, Deputy Chief Officer of MHADA, encouraged potential applicants to take advantage of the campaign’s support services. This initiative is part of MHADA’s ongoing efforts to sell unsold flats across Maharashtra, as directed by MHADA Vice-President and CEO, Mr. Sanjeev Jaiswal.

Stall Locations
The stalls are strategically placed at various government offices and public locations. These include the head offices of municipal corporations in Vasai-Virar, Mira-Bhayandar, Ulhasnagar, Navi Mumbai, Kalyan-Dombivli, Thane, and Palghar. Additionally, stalls are available at district collector offices in Palghar and Thane, the Thane RTO, subdivision offices in Vasai, Ulhasnagar, Palghar, and Kalyan, and the tehsildar’s office in Ambernath. Other prominent locations include the Mahape MIDC administrative office, the Jivdani Devi Temple in Virar, churches in Virar and Vasai, and major railway stations in Virar, Vasai, Thane, Badlapur, Ambernath, Ulhasnagar, Vashi, Panvel, Dombivli, Karjat, and Kalyan.

Support at the Stalls
Each stall is staffed by Konkan Board representatives who provide comprehensive guidance on the housing schemes, eligibility, and the online application process. They assist with document requirements and help resolve any application-related issues immediately. For further support, a dedicated team at the MHADA office is available for coordination.

Project Features
Mr. Mahesh Jeswani, Chief Engineer at MHADA, stated that all the projects under the FCFS scheme are equipped with essential facilities, including 24-hour water supply, firefighting systems, lifts, and common areas. In addition, each housing complex will have sewage treatment plants and organic waste converters.

Available Flats Under the FCFS Scheme

• Virar Bolinj: 174 (PMAY)
• Virar Bolinj: 4,164
• Khoni-Kalyan: 2,621 (PMAY)
• Shirdhon-Kalyan: 5,774 (PMAY)
• Gotheghar-Thane: 701 (PMAY)
• Bhandarli-Thane: 613 (PMAY)

Also Read: MHADA Konkan Board Directs Developer to Cease Additional Fees for EWS Flat Winners in Dhokali

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The lottery will feature 11,187 units available under the First-Come, First-Served (FCFS) scheme. The registration process will begin on October 11, 2024, at 12:30 PM, with a Go-Live ceremony led by MHADA Vice President and CEO Sanjeev Jaiswal.

Key Dates:

• October 11, 2024: Registration opens at 12:30 PM.
• December 10, 2024: Deadline for submitting application forms by 11:59 PM.
• December 11, 2024: EMD payments accepted until 11:59 PM.
• December 18, 2024: Provisional list of eligible applicants published at 6:00 PM.
• December 20, 2024: Last day for raising objections on the provisional list by 5:00 PM.
• December 24, 2024: Final list of eligible applicants released.
• December 27, 2024: Lottery draw date.

The lottery consists of two segments. The first segment includes 1,439 units, which can be registered via the IHLMS 2.0 system, available as an app for Android and iOS or through MHADA’s official website at mhada.gov.in. Comprehensive resources, including information booklets and tutorial videos, will be provided on the site to assist applicants.

Revati Gaikar, Chief Officer of the Konkan Board, advised applicants to carefully review all materials before proceeding with registration. She highlighted the importance of transparency in the IHLMS 2.0 system, warning applicants against unauthorized agents, as MHADA does not endorse any intermediaries.

Under the FCFS scheme, 9,883 units will be available through the Pradhan Mantri Awas Yojana (PMAY) for economically weaker sections, along with 512 units under the 15% Integrated Urban Housing Scheme and 661 units under the 20% Comprehensive Housing Scheme. An additional 131 scattered dwelling units are also offered.

The second segment includes 1,439 units, with 594 units available under the 20% Comprehensive Housing Scheme, 607 scattered units, and 117 plots for sale.

For further assistance, applicants can reach the MHADA helpline at 022-69468100.

Also Read: MHADA Pune Board Announces Lottery for 6,294 Homes

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Here are a few comments from the real estate experts:
Prashant Sharma – President, NAREDCO Maharashtra
“We appreciate the state government’s decision to not raise the ready reckoner rates in the state for 2024-25. This is a positive step taken by the government which will help improve market sentiments and boost the property market. NAREDCO Maharashtra had requested the State Government to not increase the ready reckoner rates and we thank them for keeping the rates unchanged. This will be a great step to sustain the growth momentum.”

Pritam Chivukula, Co-founder & Director, Tridhaatu Realty and Vice President, CREDAI MCHI
“We welcome the state government’s decision to not increase the RR rates. Home buyers will have much to cheer about given that property prices will not go up as for now. This move will improve market sentiments boosting the growth of the housing sector. Now, we can expect more and more home buyers to come forward and buy their home before any further increase in property rates.”

Vedanshu Kedia – Director, Prescon Group
“The Maharashtra government’s decision to call off the RR rate hike will have a positive impact on the state’s real estate market. This move is expected to boost consumer confidence and improve property market sentiment, encouraging more investments and transactions.”

Rohan Khatau, Director, CCI Projects
“Our state government’s decision to maintain the current ready reckoner rates is commendable. It will undoubtedly uplift the spirits of homebuyers, especially as we approach the auspicious occasions of Gudi Padwa and Akshaya Tritiya. This proactive step by the government is poised to bolster confidence among homebuyers and foster a conducive atmosphere for the expansion of the housing sector.”

The Ready Reckoner Rates play a crucial role in determining the stamp duty and registration charges that need to be paid by the buyer while purchasing a property. They are determined based on various factors such as the location, infrastructure, amenities, and demand for the area. The rates vary from one area to another, and within an area, they may differ for different types of properties, such as residential, commercial, and industrial.

Also Read: Relief for homebuyers as Maha Govt maintains status quo on ready reckoner rates for FY24

The post Cheer for homebuyers as Maha Govt maintains status quo on ready reckoner rates for FY25  appeared first on Square Feat India.

QR codes will be issued to old registered projects in a phased manner.

Now onwards, all housing projects newly registered with MahaRERA will get a QR code along with the registration certificate. Due to this QR code, all the basic information related to the project will be available to the home buyers with one click. Recently a new registration certificate with QR code has been issued by MahaRERA to a developer in Pune. The registration certificate reiterates the matters to be taken care of by the developer as per the provisions of the RERA Act.

Regarding project related to home buyers or anyone investing in real estate sector
Different types of information are required. It includes the name of the project, name of the developer, when the project is expected to be completed, when the project was registered, whether there are any complaints against the project, various approvals of the project, status of the project after the project has started. Whether any changes have been made in the approved plan, whether the registration of the project has been renewed, All such details will be easily available with one click due to this QR code.

Apart from this, as per the provisions of RERA Act, developers have to update some basic information in various forms on their website every 3 months and 6 months. Of these
Form 5 is very important form. It is mandatory to put it on the project website every year. In this the current status and total cost of the project and other details are available. All these can be easily viewed from home thanks to this QR code.

In the future, this facility will be implemented in a phased manner to all the currently registered projects.

Also Read: MahaRERA’s Real Estate Agents exam to begin from April End

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It has come to MahaRERA ‘s notice that some advertisements of projects are being published in newspapers without registration number of MahaRERA. MahaRERA has taken serious notice of these irregularities and action is being taken against them by sending notices to these projects.

MahaRERA has appealed, basically it is illegal to publish advertisements without MahaRERA registration number and since it is dangerous for home buyers to invest in projects without MahaRERA registration number, homebuyers should refrain from investing in such projects.

No developer can advertise a project, or sell houses in a project without registering and obtaining the registration number from the authority. However, some developers are flouting this rule and advertising without MahaRERA registration number or simply mention ‘Maharera Registered’.

According to the RERA Act, any project (including flats) of more than 500 square meters or 8 flats is required to be registered with MahaRERA. Home buyers should take note of this to secure their investment.

In order to ensure that the home buyers and the investment in the real estate sector as a whole are safe, the government has implemented the Real Estate Act and established the MahaRERA for proper regulation of this sector. MahaRERA takes care of many fundamentals on behalf of home buyers and other investors in the sector.

Thus it should be noted by Homebuyers that by visiting the MahaRERA website they should first check, that whether the project is registered with MahaRERA. Whether the completion date mentioned by the builder is same to the date mentioned in the MahaRERA website. Also whether the agreement being executed by the developer with the homebuyer is in accordance to the one, prescribed by the model agreement by MahaRERA. Homebuyer should also be particular about the fact that once the developer has been paid 10 per cent of the home price, the registration and execution of the agreement of sale be carried out.

Even when dealing with a real estate agent, homebuyers should check on MahaRERA website, whether the builder has mentioned the name of the agent in the list that it provides to MahaRERA.

If the project is registered with MahaRERA, developers have to fulfill several conditions under the RERA Act for the benefit of the customer.

An account should be opened in the bank according to the RERA registration number so that the amount received from the developer for house purchase and house registration is spent on the same project without being spent elsewhere. 70 percent of the money received from the investors for that project has to be kept in this account for the work of this project. The developer can never withdraw this money. Developer can withdraw the amount only after getting the percentage and quality of work certificate from the project engineer, architect and chartered accountant. Moreover, the developer is required to update the project status on MahaRERA’s website every three months. Home buyers can see what work is going on in the project, how the work is going on, how far the work has come on the website of MahaRERA.

Apart from this, the important thing is that from January 1, made it mandatory to record the DIN Number (DIN) of all directors along with the developer along with other project details while registering the new project. Home buyers can invest safely by studying all this information, testing the capabilities of the developer.

In all these processes, the home purchase agreement with the developer is a very important document. In this regard, MahaRERA has also announced an ideal buyer contract. Among them, divine calamity, carpet area defect liability period and project transfer agreement are required as per MahaRERA Act and no change can be made by the developer. Apart from this, the developer can make any changes to the model purchase agreement with the consent of the buyer. But it is mandatory to underline the change so that the buyer can understand it clearly.

Also Read: 313 major projects on MahaRERA’s radar for anomalies

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Mumbai in the 30 days of August till evening saw a sale of more than 8,463 homes generating a revenue of Rs 630 crore. This is the best for the month of August in a decade.

According to data accessed by SquareFeatIndia, from the office of Inspector General of Registration (IGR) since August 2013 to August 2022, it was in the 30 days of August 2022, where the highest number of homes were registered.

So now lets see what was the number of homes registered in the month of August since the year 2013.

In August 2013 the number of homes registered in Mumbai stood at 4,779, the number went up to 5,031 in August 2014. In August 2015 the number of homes registered in the city of Mumbai was 5,573, where as the number came down to 5,444 in August 2016.

In August 2017, Mumbai saw a total of 4,886 homes being registered, the number jumped to 6,862 registrations in August 2018. The number dwindled in August 2019 to 5,873 registrations. It was the lowest in August 2020 because of COVID 19 pandemic led lockdown where the number of registrations stood at a mere 2,642.

The number went up again in August 2021, to 6,784, but Mumbai city saw its highest registration in the month of August 2022 where it stood at 8,463 till Tuesday evening.

While August 2022, may be good when compared to the previous 10 August months, but in this financial year, it is the lowers number of registration since April 2022 till now.

In April the number of registration that took place in the city stood at 11,743, it was 9,839 in May, in June the numbers were 9,919, and July the number of registrations shot up to 11,340. The numbers of August looks bad when compared to the other months of the financial year.

Shishir Baijal, Chairman & Managing Director, Knight Frank India said “August has historically been a slower month, recording a month-on-month decline in eight out of the last ten years. The rise in REPO rate of 140 bps, leading to a rise in home loan rates, and the increase in stamp duty has had its impact on buyer sentiments. Despite that, Mumbai’s home sales momentum has remained comparatively buoyant and recorded a 20% growth over same period last year. It may hence be too early to assess if the impacts of these rate changes on housing sales are long term. Further, homebuyer sentiments are expected to sustain in the upcoming festive season.”

According to Knight Frank, 95% of all property sales registrations in August 2022 were for properties transacted in the same month. About 3% of properties registered in August 2022 were filed in July 2022 and around 2% of these deals were filed in March and June 2022.

Western Suburbs’ share in total registrations in August 2022 has risen from 56% in July 2022 to 57% in August 2022. Central Suburbs has recorded a rise in share of contribution as compared to July 2022 and has gone from 28% in July 2022 to 35% in August 2022. Central and South Mumbai saw a decline MoM, with a drop in property registrations from 8% to 3% in the case of Central Mumbai and 8% to 4% in the case of South Mumbai.

With the festive season starting, it is expected that the numbers will go up again.

Also Read: In July 57% homes sold in the price band of Rs 1 Cr and over

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In the 30 days of July 2022, Mumbai saw a total of 11,340 units being sold. This number is the highest ever sold in any of the July months since 2012 till now.

A detailed analysis of the sales figures from the department of Inspector General of Registration (IGR), by SquareFeatIndia shows that July 2022 has performed exceptionally well and of all the months in this financial year has also earned the highest revenue for the state government too.

The revenue is via the stamp duty paid by those who register their sale deeds with the department of stamp duty and registration.

Here’s the detailed report, as per the registration figures, Mumbai in the 30 days of July witnessed total sales of 11,340 units generating a revenue of Rs 828.63 crore for the state.

Since April 2022 till now, this is the highest revenue generated by the state government via stamp duty. In the month of April 2022, total units sold stood at 11,743 from which the government generated Rs 738 crore. The sales figure stood at 9,838 in the month of May generating Rs 726 crore.

In June a total of 9,919 sales were registered with the IGR and via this a revenue of Rs 733 crore was generated for the treasury of state government.

The analysis further showed that, since 2012-22 of all the July months, July 2022 not only witnessed the highest number of sales, but also earned the highest revenue for the state government via stamp duty.

In July 2021, Mumbai saw a total registration of 9,822 sale deeds generating Rs 566.79 crore. The number of registration stood at 2,622 in July 2020, generating Rs 214.28 crore, here one should also pay attention to the fact that there was a pandemic in the year 2020 and lockdown like situation still persisted.

In July 2019, a total of 5,748 sale deeds were registered, generating a revenue of Rs 452.06 crore. In July 2018 the figure of sales stood at 6,437, whereas the revenue generated was Rs 443.88 crore. The sales figure stood at 6,095 in July 2017 and revenue was Rs 366 crore.

In July 2016, the sales were 5,725 units, whereas the revenue generated was Rs 341 crore. In July 2015, the sales was 5,832 units whereas the amount collected via stamp duty and registration was Rs 404 crore.

In July 2014, a total of 5,253 units were sold generating a revenue of Rs 315.66 crore. In 2013 the sales figure stood at 5,139 units generating Rs 287 crore. In July 2012 the sales in Mumbai city was 367 units generating a mere Rs 28.56 crore.

Currently in the city of Mumbai the stamp duty payable while registering the sales is six per cent, whereas there’s a 1% discount when a woman is involved in the deal.

Adv Vinod Sampat and expert on realty matters with a focus on stamp duty says, “Post COVID most homebuyers are looking for larger homes, an extra room especially as Work From Home has become the norm.”

He further claimed that rise in raw material prices and other aspects are also playing a role in the move why more homes are being sold. Another industry expert added, “The reason also could be that there is a fear in future prices may go up as the rates of raw materials are increasing and this will make homes costly.”

Year Sales Revenue
July 2022 11,340 units Rs 828.63 Cr
July 2021 9,822 units Rs 566.79 Cr
July 2020 2,622 units Rs 214.28 Cr
July 2019 5,748 units Rs 452.06 Cr
July 2018 6,437 units Rs 443.88 Cr
July 2017 6,095 units Rs 366.52 Cr
July 2016 5,725 units Rs 341 Cr
July 2015 5,832 units Rs 404 Cr
July 2014 5,253 units Rs 315.66 Cr
July 2013 5,139 units Rs 287.24 Cr
July 2012 367 units Rs 28.56 Cr

Also Read: 18% GST on residential rental to impact rental real estate

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By Varun Singh

Mumbai property market witnessed the registration of 9919 units in June 2022 while monthly state revenue collections reached Rs 733 crore through stamp duty, data from the Inspector General of Registration, Maharashtra revealed. Both the units registered and stamp duty collection was the highest ever for the month of June setting a new benchmark. The number of units registered in June 2022 was also the best in a decade for the month of June.

In June 2021, the number of registration stood at 7856 units whereas the revenue collected via stamp duty was Rs 420 crore

As many as 52 percent registrations were in the price band of Rs 1 crore and over, while in terms of apartment size homes ranging between 500-1000 sq ft was the most preferred category of property registered in June 2022, said an analysis by Knight Frank India.

As many as 70 percent of registered properties in June were those bought in the same month. As many as 27 percent of properties registered in June 2022 were filed in March 2022 and around 3 percent of these deals were filed in April and May 2022.

Here are a few reactions from real estate experts:

Ram Naik, Director, The Guardians Real Estate Advisory
“There is a genuine demand for homes in Mumbai as we can see that the increase in property prices has not affected the real estate market. Also, the successive hikes in the repo rate by the RBI has prompted home-buyers to advance their purchase decision before any further changes occur. This has led to robust demand and a positive home-buying sentiment, in the current term, which should continue to propel the growth of the sector.”

Pritam Chivukula – Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI
“June 2022 has yet again witnessed higher property registrations in Mumbai with the demand continuing to be robust. We are already witnessing an upward revision in the prices due to the rise in interest rates and higher stamp duty prices. The strong sales is apparent as the homebuyers have rushed in to buy properties with a fear of further increase in interest rates and eventually the property prices.”

Jitesh Lalwani – President, Homesync Real Estate Advisory
“Despite an increase in home loan interest rate and rise in property prices, Mumbai witnessed a robust demand and an impressive ascent in property deals in the month of June 2022. With the strong consumer sentiments towards home ownership, sales momentum to continue for the coming quarters and reputed developers with a good track record will continue to dominate the market.”

Also Read: How can NRIs positively impact the growth rate of the Indian real estate market?

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By Varun Singh

As of 24th January 2022, Maharashtra reported 92,055 property registrations in the first month of 2022. Though this is 33% lower compared to the previous month, a few working days are still left for the month to end.

Anuj Puri, Chairman – ANAROCK Group said, “The revenue from property registrations has also declined by 46% to IN 1,274 Cr during the same period. While property registrations were 40% lower compared to the same period last year, the revenue from property registrations increased by 8%.”

“The average revenue per registration has increased by 78% in January 2022 compared to the same period last year. This clearly indicates that larger ticket sizes are witnessing traction in January 2022.

Mumbai is the most active real estate market of Maharashtra. Mumbai alone contributed 6% to the property registrations across the state and 26% to the overall revenue. Around 5,918 properties were registered till 24th January 2022; 39% less compared to the previous month.

Revenue has also decreased by 56% to INR 334 Cr in the same period. The sudden drop in registrations and revenue can be attributed to: The 3rd wave of COVID-19 Anticipation of favourable announcements in Union Budget 2022, and Anticipation of the auspicious Gudi Padwa festival, which starts in the next couple of months.

However, property registrations and revenue are higher by 10% and 25% respectively compared to May 2021 (post the 2nd wave).

Compared to last year, property registrations decreased significantly by 43% in January 2022. This is attributed to the temporary reduction in stamp duty in January 2021.

On the other hand, revenue from property registrations increased by 10% owing to larger ticket size transactions.

The average revenue per registration increased by 93% from INR 2.9 Lakh in January 2021 to INR 5.7 lakh in January 2022.

Property registrations are likely to increase in the future on the back of upcoming festive season and Union Budget 2022. The real estate market in the state is expected to rebound quick as the Omicron variant is less severe and complete lockdown is not imposed across the state.

Also Read: CIDCO lottery for 5,730 homes announced

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By Varun Singh

Hard earned money, yes that is what a builder is paid by homebuyers when they purchase their dream home. Homebuyers in this particular project got tired of no work at the site for a long time got the builder removed and have now taken the project in their own hand.

It is a landmark move that will be remembered the Indian real estate history for a long time. where homebuyers decided to complete the project on their own.

Dreams Corporation Pvt. Ltd. was the Promoter/Developer of “Dreams Aryan A B wings” a project located in Pune.

The Dreams Aryan FIat Owner/Holder’s Association (‘AOP”) filed an application dated August 4, 2021, with MahaRERA for seeking name change of the Promoter of the project and during the hearing mentioned they have also sought an extension for completion of the project.

The project is a joint venture between the Promoter Company and M/s. Aryan Constructions and Aryan Sopal. M/s. Aryan Constructions and Aryan Sopal are the original land owners on which land the project is situated.

The homebuyers had submitted an application under Section 15 of the RERA Act, for transferring/assigning the rights and liabilities in the project to the extent undertaken by the Promoter herein to the AOP. The reasons for transfer were that the Promoter has not been able to complete the construction work and handover the possession of the units/apartments within the stipulated time.

The homebuyers also informed MahaRERA that the Promoter had not carried any construction activity for the last couple of years and the project is at a standstill stage. Thus, the Allottees have therefore come forward by formation of an AOP to take over the project and complete the balance construction activity.

The project in toto has 50 units/apartments in both A & B wing and ail the 50 units/apartments are sold i.e. 32 units of apartments are sold to amongst 28 Allottees and 18 units/apartments are allotted to the said land owners.

Further, all the Allottees consented for completing the balance construction and accordingly the AOP has entered into a deed/agreement between themselves including said land owners.

The AOP also submitted necessary declaration that the details furnished are true and correct, that any changes would be immediately informed, that there are no pending cases before any court/NCLT/any authorized body regarding transfer of the Promoter’s rights and liabilities in the project that there is no bar to transfer the rights and liabilities to a third party i.e. the AOP from any financial institution or financiers who have a charge on the said Project; and that there is no prohibitory order passed by any court of law against transfer of the Project in favour of a third party i.e. the AOP.

Further Annexure ‘C’ was also submitted wherein it was stated that the Promoter is absconding, the project is at standstill and that new designated RERA account shall be opened in the name of the AOP as the new Promoter for the project.

MahaRERA in its order noted, “In the present case, 100% consent has been sought by AOP and thus, this Authority is of the view that the transfer of the said Project from the Promoter to the AOP i.e. the new Promoter can be permitted and thereby allow the change of Promoter to be carried out in the project. However, it is observed that the new Promoter i.e. the AOP shall be required to independently comply with all the pending obligations under the provisions of the said Act or the rules and regulations made thereunder, and the pending obligations as per the agreement for sale entered into by the Promoter -with the Allottees in the project.”

Finally the homebuyers were permitted as the new Promoter for the Project. The AOP was also granted an extension of the Project from January 1, 2022 to June 30, 2023 (18 months) to complete the balance construction work and handover possession to all the Allottees of the project.

Also Read: MahaRERA stops this builder from selling flats, for this reason

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