Maharashtra planes to set up a separate regulatory authority

In an important move which will ease handling of housing society affairs, the state government has proposed setting up a separate regulatory authority to oversee them and resolve grievances by drafting a separate chapter specialized in housing in the Cooperatives Act.The present Act addresses regulation for credit, sugar and other cooperative societies together. The new chapter will chalk out guiding principles for dispute redressal and give judicial powers to the regulatory authority so that people don't approach court over minor matters.

A notification, issued on February 10 by the department of cooperatives, suggested separation of housing cooperative administration from other cooperatives to produce it more transparent and effective. The federal government, through the notification, put up a committee of experts and directed it to submit a report. The committee is led by Sandeep Deshmukh, joint registrar for cooperatives and slum rehabilitation, and includes existing and former members of the cooperatives department, besides experts such as for instance Ramesh Prabhu and Chhaya Aajgaonkar.

You can find over 70,000 cooperative societies in the Mumbai property  metropolitan region and the quantity keeps rising with the expansion in and round the distant suburbs such as for instance Navi Mumbai, Kalyan-Dombivli, Thane and Vasai-Virar. Around 10 years ago, the quantity was 45,000-50,000. Last year, additionally, it came to light that 40-50% of the affordable homes in Mumbai  societies were still unaudited and hadn't conducted elections.

The mandate of the committee includes exploring effective laws and efficient procedure to greatly help society members achieve the deemed conveyance (ownership) of the bit of land without any hindrance from builders.

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Prabhu said the notification proposes to completely change the existing norms for housing society elections, besides suggesting a clear-cut guideline for management, conducting repairing works and handle public grievances in daily society affairs. “Additionally it suggests getting rid of old laws which have become redundant.

The notification also suggested that the new Act should look after the requirements of not only big housing societies and townships, but in addition bungalow apartments and open plots. “Regulations should encourage quality construction of apartments in Mumbai , transparent transfer of ownership, and routine maintenance. To help make the new law more comprehensive, more NGOs, social workers, legal experts and other experts should take the committee to make the report and recommendations more inclusive.

What Makes Mumbai, Delhi and Bengaluru Preferred cities for Investment

Confused in choosing  the city that will choose to invest in the entire year 2017 and Mumbai, Delhi and Bengaluru got top preference amongst another cities of India. All three cities received over 22 per cent votes, respectively.

What makes them preferred cities for investment? To begin with, all three offer ample job opportunities. Corporate conglomerates have before made a beeline for acquiring office space in these cities.

Delhi mightn't function as the chosen destination for corporate but its NCR arm is. Gurgaon is the millennium city while Noida due to easy and cheaper accessibility to office spaces have caught the interests. Owning home in Delhi is a guaranteed approach to earning of profit in the future. Therefore, even though the high earning professionals, HNIs and NRIs look towards newer constructions in the NCR, they would not mind investing in Delhi when they a good deal.
Good transport options have certainly helped the investability quotient of the capital city.

Property rates in Delhi is definitely higher in comparison with the NCR. Owning home this is a matter of prestige. I own home in Adchini. Initially, though the area is on the main road to MG Road, it had been a village area with old construction houses and narrow alleys. My house was a 2BHK a ground floor unit with open space in the front. I took a property loan and built a four storey house. I have kept a floor for my family and have rented the rest of the floors housing one rooms to students and young professionals. Since it is near Qutub Institutional area, I haven't any dearth of tenants.
Mumbai happens to be the land of new projects in Mumbai for many sections of the society. Not only the office cadre, folks from all walks of life come to the city. As a result, chwal and one room – matchstick sized living areas are popular. Shortage of space and everyday costs has made accommodation expensive.

Nimisha Aggarwala, an executive professional in one of the start-ups lives in a rental accommodation in Andheri East. she says, “I'm quite happy surviving in a rental accommodation. I don't think I are able to afford to invest in affordable homes in Mumbai as the values are sky-high. Also, I would like to buy a house that will give me more space. I'm not originally from Mumbai and therefore spending so much money on an office doesn't seem profitable to me.”

Bengaluru is the silicon valley of India. Its IT emergence is no longer news anymore. The city is growing and is its real estate. The city holds a lot of promise and in comparison to Delhi and Mumbai, the rates of  property in Mumbai are pretty affordable. Every year, it sees new entrants which ultimately leads with a percentage of investment.

In outer Mumbai 1BHK flat prices falling

Developers with projects outside Mumbai said incentives for affordable homes announced in the budget will increase the realty market in the city. The budget has eased rules in 2010 to grant 100% tax exemption on profits from selling flat in mumbai of 300-600 sq ft carpet area as opposed to the built-up area. This may increase the size of the flats which a creator will make profits without the tax by 25-30%. In non-metro areas, limit is 600 sq ft carpet area and in metros, 300 sq ft.

Developer Manohar Shroff, former secretary of Maharashtra Chamber of Housing Industry (MCHI-Navi Mumbai), said flat purchasers with a limited budget will benefit a whole lot from the relief extended to builders.

For example, if a residence in the affordable in Mumbai was earlier coming in at, say, Rs 20 lakh, it'll now cost Rs 17-18 lakh due to the 100% tax exemption offered.
"In Mumbai, a flat with a 300 sq ft carpet area in Dahisar or Mulund used to cost in the product range of Rs 25 lakh to Rs 30 lakh. Nevertheless now the price will drop by Rs 2-3 lakh per unit as more builders will become projects in this category, and so the supplies will automatically increase, thereby reducing the expenses,' 'said secretary of Builders Association of Navi Mumbai, Haresh Chheda.

Chheda said the Budget in addition has extended the time limit to savor tax exemption for such constructions from 3 years to 5 years.

In the extended suburbs around Panvel, Kalyan, Badlapur, Ambarnath-where the carpet area limit to savor the exemption has been set at 600 sq ft-the cost of a 1BHK will further reduce as land costs are much less steep as in Greater Mumbai.
"The affordable housing sector could not need called for an improved budget. It's a series of directives that are positive, especially the infrastructure status to this sector. It's been a longstanding ask that's finally materialised", said Rajesh Krishnan, CEO of Brick Eagle. His company has affordable housing builders in Mumbai Tamil Nadu, Gujarat and Rajasthan.


He also said, "Conferring infrastructure status will make borrowing for projects easier because of longer tenures of loans and better terms. The us government has recently eased norms for registered FPIs for investment in the infra sector (subscribe to bonds issued by unlisted infra companies) that'll prove beneficial.''

Maha airports to get PPP wings

Maharashtra stands to achieve big style from the Centre's decision to public-private operate airports in smaller cities in the partnership (PPP) mode.An Airports Authority of India (AAI) official told TOI the state would get priority with this front for having the maximum number of airports in the country. The sum total number of airports and airstrips in Maharashtra--both used and unused--is a lot more than 25. Of them, AAI manages six--Mumbai, Aurangabad, Pune, Solapur, Gondia and Kolhapur. The Maharashtra Airport Development Company Limited manages a complete of eight airports, but not one of them is fully operational at the moment. Kolhapur, Solapur, Aurangabad and Amravati come under the tier-II sounding cities. Airports in these cities will probably get wings in PPP mode. TNN