By Varun Singh

MHADA’s Mumbai Board floated a tender last week for carrying out various work at Patra Chawl Redevlopmemt.

The works include, Survey, planning, designing, building construction, structural restoration, obtaining all relevant permissions, amendments and required completion/occupancy certificate from concerned local authority on lumpsum turnkey basis for construction of balance work of rehab portion at sector R-9 of Siddharth Nagar Patra chawl redevelopment project located in Goregaon West Mumbai.

The e-tender dates are from November 2 to December 17 the pre-bid date is November 17 at 11 AM in the office of the chief engineer at MHADA headquarters.

The e-tender will be opened on December 21, 2021.

The tender has been floated by Mumbai Board of MHADA.

The housing minister of state, Jitendra Awhad tweeted, “The redevelopment project of Patra Chawl at Goregaon, which has been stalled for the last several years, is being launched. The ad has come out. Actual work will begin in the next few days and those displaced in Patra Chawl will get their own homes.”

Patra Chawl for a long time has been stuck for various reasons.

In the year 2007, the project of redevelopment of Patra Chawl was given to a private developer by MHADA.

The area of the project is close to 47 acre comprising of 675 tenants.

Earlier this year, chief minister of the state Uddhav Thackeray asked MHADA to formulate a strategy and work on a plan to redevelop Patra Chawl and rehabilitate the tenants.

Post which finally MHADA has come out with a ₹142 crore e-tender for the redevelopment and rehabilitation of the project.

Also Read: Shiv Sena MLA Applies For MHADA Home, Finds Mumbai House Rent Unaffordable

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By Varun Singh

The top six cities of India noted about 10.3 million sq ft of office gross absorption in Q3 2021, the highest volume recorded since Q1 2020. After a devastating pandemic second wave in the second quarter, the overall absorption numbers rose by 89% QoQ as occupiers planned for a gradual re-entry and closed deals that were on-hold, leveraging tenant favourable market dynamics.  IT sector driven cities Hyderabad, Bengaluru and Pune accounted for 62% of gross absorption in Q3 2021. With the increased number of fully vaccinated employees returning to their workplaces coupled with fewer restrictions on mobility, the office market is showing strong signs of revival.

“The quarter has brought in much-needed cheer for the market. Large deals made a comeback, led by demand from flexible workspace operators. Decision-making by occupiers has become quicker than in 2020. We can expect the optimism to strengthen over the upcoming quarters, provided there is no third wave. Occupiers who were exploring renewal options have begun looking for fresh space,” said Ramesh Nair, Chief Executive Officer | India & Managing Director, Market Development | Asia, Colliers.

Hyderabad emerged as market leader in terms of office sector demand in Q3

After an average performance in Q2 2021, Hyderabad emerged as one of the resilient cities in terms of demand supply dynamics. For the first time, Hyderabad had the maximum share in leasing volume at 2.5 million sq ft surpassing Bengaluru, as occupiers focussed on large block deals and even leasing entire buildings. BFSI and Flexible workplace sectors had the maximum share in leasing volume accounting for 66% of the total demand in Hyderabad. Rai Durg saw the maximum leasing traction accounting for 53% of the demand, while Hitec City contributed 40%. On a YTD basis, Bengaluru continues to be the market leader. 

Robust leasing activity observed in the flexible workspace sector

Leasing share by flexible workspace operators also rose in Q3 2021 owing to high demand from occupiers looking for managed spaces and short-term leases to tide over uncertain times. Share of flexible workspaces in leasing increased to 26% in Q3 2021. Leading flexible workspace operators focussed on signing large block deals exceeding 100,000 sq ft in almost all major cities seeing increased interest from corporates for managed spaces. Pune accounted for the highest share in flexible workspace, followed by Hyderabad.

Highest supply since Q2 2020

The quarter saw the highest supply since Q2 2020 at 10.8 million sq feet in Q3 2021 with Hyderabad and Pune contributing the maximum share at 29% and 25% respectively. The second wave did not have a major impact on the construction activity. Developers continued to focus on leasing existing stock and received OCs for buildings with pre-commitments.

Also Read: BSE Realty Index – A Historic Growth Story

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By Varun Singh

Dear flat buyers, before you make an investment in the real estate sector, please read this article carefully.

There is an important update from Maharashtra Real Estate Regulatory Authority (MahaRERA) for flat buyers.

This update will have to be followed by developers and will let the flat buyers know the intricate and important details of the project, in which they wish to invest.

On Monday, MahaRERA came out with circular asking developers to declare an important aspect related to their project.

The circular quotes section 4(2)(c) & (d) of RERA Act and Rules & Regulations. It states that this section provides for enclosing a valid and authenticated copy of approvals and commencement certificate, sanctioned Plan and layout, etc. approved from the competent authority.

The circular signed by Dr. Vasant Prabhu, Secretary, MahaRERA states, “It is observed that Layout Approvals although obtained for the entire project. many a time other approvals are obtained in stages including the Commencement Certificate up to a Plinth /Zero FSI / or commencement certificate up to a particular floor level.

The flat buyers are unaware of these stage-wise approvals, therefore, MahaRERA decided to prescribe a declaration by the Promoter (developer) to certify the exact stage of the Commencement certificate, so that buyers will be aware of the same.

This Declaration format will be called “Format -D” of the circular and the Promoter will be required to upload it while registering the project, alongside the Commencement Certificate (CC).

The promoter will be required to update it as soon as further Commencement Certificate / Approvals are obtained by him, at every later stage.

Experts have hailed this move of MahaRERA as homebuyer friendly and also as a move towards transparency.

Adv Sunil Kewalramani says, “This will bring further clarity and transparency for homebuyers. Now the buyers can check the details about the available CC and other approvals online before they buy the property.”

This means if a builder is promising something to the home buyer, the buyer can check whether the builder has approvals for constructing and fulfilling those promises or not.

Also Read: Tenancy Act: Read This Before You Rent A Home

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