Maharashtra to get nation’s first real estate regulator

In 2009, Avadhesh Agarwal, 35, paid Rs. 2.8 lakh as instalment towards a flat in a project coming up near suburban Kalyan. Three years later, the project was grounded because the developer could not get clearances.

“I got the money back, but could not invest elsewhere. By then, real estate prices there had doubled,” Mr. Agarwal, who works for a private firm, says.

In a city where real estate prices are among the highest in the world, many like him are hoping the country’s first real estate regulator will control the powerful builders’ lobby. Maharashtra will be the first State to appoint one as the Maharashtra Housing (Regulation and Development) Act, 2012, received Presidential assent this week.

The Act makes it mandatory for developers to disclose property title and layout and completion plans to buyers. The project details have to be registered with the regulatory authority and will be displayed on its website.

Refund for delay

Developers will be responsible for fixing major defects that crop up in the building during the first five years and may have to refund buyers for delayed projects. The regulator has the powers of a civil court and can impose fines of up to Rs. 1 crore and prison terms up to three years. To read more please visit - The Hindu

'Infra investment down from FY11; govt taking steps to boost it'

New Delhi: Government has taken various steps such as formation of CCI and introduction of tax-free bonds to boost investment in infrastructure projects that has declined since 2010-11, Parliament was informed Wednesday.

The investment was at Rs 5.76 lakh crore in 2012-13 (provisional) and Rs 5.60 lakh crore in 2011-12, down from Rs 6.45 lakh crore in 2010-11, Minister of State, Parliamentary Affairs and Planning, Rajeev Shukla said in a written reply to the Lok Sabha.

Shukla said a Cabinet Committee on Investment (CCI) was constituted in early 2013 to fast track key projects worth over Rs 1,000 crore. To read more please visit - zeenews.com

BMC puts onus of structural stability on builders, makes approvals more stringent

In a bid to shift the onus of structural stability of a building on developers, Municipal Commissioner Sitaram Kunte has made building proposal approvals more stringent. Builders will now have to ensure that precautionary measures are in place during designing, construction and maintenance of a proposed building.
“Building proposals will be approved if all underground structural members are designed considering the effect of chlorinated water, sulphur water, seepage water… Due care while constructing the same should be taken and a completion certificate shall be insisted on before granting further certificate of commencement (CC) beyond the plinth from the licensed structural engineers,” says a February 4, 2014, circular issued by the office of municipal commissioner.
Civic officials said the “chances of building collapses often increase as the foundation of a structure is not as per the required structural stability measures. Underground water from drains might corrode the reinforced cement concrete (RCC) beams, which is the foundation of a building”. To read more please visit - indianrealtynews.com

Palava City Dombivali, a pre launch project by Lodha Group

Palava City is yet another feather the Lodha group can add to their hat. With “The Rise” receiving rave reviewsDombivali has yet another city in the making through the Palava City. Lodha Group’s project has redefinedComfort and Luxury and it does not want to leave any stone unturned for the uprising Palava city. This project gives you the privilege to access to various parts of the city from where it is located. The Kalyan Railway station and The Dombivali Railway station lie at 2 opposite ends, covering a distance of 15 and 25 minutes. The International Airport is 55 minutes away, but with the New International Airport being just 20 minutes from the Palava City this place is certainly going to attract many buyers. Commuters travelling to and fro the Western express Highway stands at a distance, and it takes 40 minutes to reach there. The Eastern Express Highway takes 30 minutes from Palava city. The Palava City offers homes of 1BHK, 2BHK and 3BHK apartments of 729 sq.ft area to 1314 sq.ft area respectively. What’s more interesting is, The Mahape IT hub, and the Airoli Commercial Hub are both at neighbouring distance from this city. To read more please visit - International news magazine

Two Nerul plots sold for record Rs 2.81L/sqm

A new record was set in Navi Mumbai with Cidco selling two plots in Nerul through tender bids for Rs 2.81 lakh per square metre on Tuesday.
Cidco spokesperson Mohan Ninawe said: “Two plots, measuring 1,481.48 sq m and 1,502.04 sq m, were given to the highest bidder, Aniruddha Developers, for Rs 2,81,251 per sq m. A third plot, measuring 1,601.78 sq m, was sold to one B Chaudhary at Rs 2.40 lakh per sq m.”
Ninawe said the land was sold at a record price through Cidco’s tendering process in Navi Mumbai. However, local property consultants said the record sale in Navi Mumbai was set six years ago when the Bombay Merchantile Bank plot in Vashi’s Sector 17 fetched Rs 5 lakh a sq m (Rs 84 crore) from the Shah Group.To read more please visit - indianrealtynews.com

Lodha Group to Invest around 7000 Cr in Phase I Dombivali

Dombivali as a location is set to become the Sister City of Mumbai with the Lodha Group planning to Invest around INR 7000 CR in the 1st Phase of the Palava City development.
The Development poised to be ready in the Year 2020 completely will have the newest infrastructure. The Lodha Group has very thoughtfully worked on the Township to get the best from the West. The mix of Commercial, IT Parks, Malls etc will further generate abundance employment and thus enhancing the GDP of Dombivali.

Sale of 5 city plots fetch Cidco Rs 260 crore

NAVI MUMBAI: Three plots in Kharghar and two in Ulwe fetched Cidco Rs 260 crore when bids were opened on Tuesday.

Market sources said the quotes were high compared to the reserve price. They expressed surprise that builders bid astronomical rates at a time when the real estate market in Navi Mumbai is slack.

In Kharghar, Cidco had set a reserve price of Rs 30,000 per sq m but the bids were several times higher. For instance, in sector 23, an 8,800 sq m received the highest bid of Rs 1.7 lakh per sq m (Rs 151 crore) for the residential-cum-commercial plot. The winning bid was by a local construction company, Bhagwati Group.

Another plot in Kharghar’s sector 2, received the highest bid of Rs 1.05 lakh a sq m for the 1,148 m plot. It works out to Rs 12 crore for the residential plot and was won by a local builder, Keystone Developers.
To read more please visit - indianrealtynews.comhttp://www.indianrealtynews.com/category/real-estate-india/mumbai/