March 10, 2021 CREDAI Bengal Daily News Update | 10.03.21 Newspaper/ Online Financial Express (Online) Date March 09, 2021 Link https://www.financialexpress.com/industry/demand-for-luxury- housing-improves-in-delhi-national-capital-region/2209427/ Demand for luxury housing improves in Delhi, national capital region India Sotheby's International Realty CEO Amit Goyal said the maximum demand is in Rs 15-25 crore bracket and the top three markets are Sundar Nagar, Jorbagh and Shantiniketan in the national capital. The demand for luxury housing properties in the national capital has improved in the last six months on low prices and home loan interest rates, but there is a need to reduce stamp duty to give a further boost, according to industry experts. Addressing a webinar on luxury housing market of Delhi-NCR, India Sotheby’s International Realty CEO Amit Goyal said the circle rates in Delhi should be rationalised as market prices are 30-40 per lower than the circle rates. Rahul Bhargava, Joint General Manager, HDFC Ltd, Anubhav Jain, CEO, Silverglades Group and Ravinder Singh Ahuja, CA, Founder RS Ahuja & Co also participated in the webinar. “In the last 8-9 years, property prices have only come down. So, it’s high time that the circle rates are rationalised now. I wish there is a stamp duty cut, just like how it was done in Maharashtra and some other states. Even internationally, countries such as the UK and Malta did the same,” he said in a statement. Maharashtra and Karnataka governments have reduced the stamp duties on registration of properties. Last month, the Delhi government had reduced the circle rates of residential, commercial and industrial properties by 20 per cent for the next six months, but industry players made a case for further rationalisation. Goyal said demand is much greater than supply in the market today, due to pent-up demand, low interest rates, an all-time high equity market. “There is some amount of profit-booking happening from other asset classes, and money is flowing into real estate,” he said. Goyal said property prices have not appreciated over the last decade and rather have come down. “Location has become important post lockdown because people are putting emphasis on upgrading lifestyles. They don’t want to travel too much for work and leisure,” Jain said. Bhargava said the loan disbursements have surpassed pre-COVID numbers. “April-May disbursement was negligible, but now, we have surpassed our pre-COVID numbers, and we can see this trend will continue,” he added. Ahuja said the property prices and interest rates are at the lowest, which has created a very attractive and positive environment. Goyal said the maximum demand is in Rs 15-25 crore bracket and the top three markets are Sundar Nagar, Jorbagh and Shantiniketan in the national capital. HDFC Home Loans and India Sotheby’s International Realty are jointly organising Delhi Luxury Home Fair 2021, an online property show from March 6-21. The show will exhibit luxury properties including ready-to-move-in homes and new developments across Delhi NCR in a price range of Rs 5 crore to Rs 150 crore. _____________________________________________________________________ Newspaper/ Online ET Realty (Online) Date March 09, 2021 https://realty.economictimes.indiatimes.com/news/infrastructure/delhi- Link government-allocates-rs-1550-crore-for-development-of-unauthorised- colonies/81410605 Delhi government allocates Rs 1,550 crore for development of unauthorised colonies The deputy chief minister said in 619 slums, 10,16,531 metre of concrete pavements and 250 kilometre of drains have been constructed. The Delhi government on Tuesday allocated Rs 1,550 crore in budget for the development of unauthorised colonies in the city. Presenting the budget for the financial year 2021-22, Deputy Chief Minister Manish Sisodia, who also holds the portfolio of finance, said so far, construction work has been completed or is in progress in 1,345 out of 1,797 unauthorised colonies of Delhi. For the development of unauthorised colonies, Rs 1,550 crore has been allocated, he said. Sisodia lauded the efforts of Delhi Urban Shelter Improvement Board (DUSIB) and said all the slums of NDMC, SDMC and EDMC have been declared 'Open Defecation Free'. It has provided 674 Jan Suvidha Complexes with 21,586 western seats. The deputy chief minister said in 619 slums, 10,16,531 metre of concrete pavements and 250 kilometre of drains have been constructed. Twenty-one slum development centres have also been built. Reiterating the government's commitment to providing 'Jahan Jhuggi, Wahan Makaan', Sisodia said in Sultanpuri, the work of allotting 1,060 houses to the people living in the nearby slum settlements is in the final stage. Apart from this, the construction of 784 multistoried houses for the economically weaker section has started in Dev Nagar, Karol Bagh. Sisodia said Rs 5,328 crore has been allocated for housing and urban development projects in 2021. ________________________________________________________________ Newspaper/ Online ET Realty (Online) Date March 10, 2021 https://realty.economictimes.indiatimes.com/news/industry/rules- Link eased-to-fast-track-redevelopment-of-cessed-buildings-in- mumbai/81423716 Rules eased to fast-track redevelopment of cessed buildings in Mumbai It has scrapped a 2019 GR that, many developers said, had impractical conditions. Now, developers will not be required to deposit massive sums in escrow accounts to get a redevelopment NOC. With hundreds of Mhada NOCs stuck for over a year, the state housing department has relaxed conditions for redevelopment of old and dilapidated cessed buildings in the city. It has scrapped a 2019 GR that, many developers said, had impractical conditions. Now, developers will not be required to deposit massive sums in escrow accounts to get a redevelopment NOC. They will only have to deposit 10% of the ready reckoner rate of the total proposed construction area in the form of a bank guarantee or fixed deposit in a nationalised bank. GR that had stalled redevpt of cessed bldgs scrapped The state housing department scrapped a controversial government resolution (GR), passed in September 2019, which had stalled redevelopment of such structures, and issued new rules for redevelopment of cessed buildings that are regulated by Mhada on Monday. Several developers had pointed out that redevelopment of Mhada buildings had come to a standstill since the old GR laid down several impractical conditions for builders seeking to redevelop them. One of these was that any builder who wants to redevelop a cessed building should have had a turnover of Rs 10-50 crore in three years. Another condition made it mandatory for the builder to have constructed 500 houses to be eligible to redevelop a cessed building. “If the landlord himself is developing the property or the housing society then they won’t have to show any previous building experience. If the owner is a developer then there will be some norms of previous construction experience. This will also apply if the owners or landlords sign an agreement with a builder for redevelopment,” an official said. The 2019 GR had stalled redevelopment of dilapidated cessed buildings. The new rules are a welcome move. While conditions of redevelopment have been relaxed, there must be a timebound plan forredevelopment. Mhada must ensure timely redressal of grievances of residents and take penal action against developers for delays after issuing of NOCs. At the same time, Mhada must regulate and monitor the quality of construction strictly.TimesView Samajwadi Party MLA and corporator Rais Shaikh took up the issue of the NOCs last year with housing minister Jitendra Awhad. “In many cases, such as that of Byculla’s Abdullah Mansion, the builder had submitted a proposal and was waiting for an NOC. But no NOCs were being issued because of the 2019 GR. The conditions were so stringent and impractical that no small or medium-sized builder could fulfil them. Scrapping of the old GR is a welcome move. All NOCs that were put on hold must be fasttracked now,” Shaikh said. Amin Patel, Congress MLA from Mumbadevi, said scrapping the GR and issuing new guidelines was a good decision. “Given the Covid-19 pandemic, norms for redevelopment must be relaxed and builders must be given concessions so that redevelopment can move forward,” Patel said. Mhada officials said there are about 14,000 cessed buildings in the city, many of which are in urgent need of redevelopment. A cessed building is one which pays a cess or tax, which is actually a repair fund. These buildings are owned by private landlords and regulated by the Bombay Rent Control Act. Most are in south and central Mumbai, where structures date back to the pre- Independence era. ________________________________________________________________ Newspaper/ Online ET Realty (Online) Date March 10, 2021 https://realty.economictimes.indiatimes.com/news/residential/dda- Link housing-scheme-2021-draw-of-lots-for-allotment-of-flats- today/81423792 DDA housing scheme 2021: Draw of lots for allotment of flats today These flats are on offer under the scheme for various categories at locations such as Dwarka, Jasola, Manglapuri, Vasant Kunj and Rohini. The draw of lots for allotment of flats on offer under the online DDA Housing Scheme 2021 will be held on Wednesday, the urban body said. These flats are on offer under the scheme for various categories at locations such as Dwarka, Jasola, Manglapuri, Vasant Kunj and Rohini. "The Delhi Development Authority is going to conduct the draw for allotment of flats under the DDA Housing Scheme 2021 on March 10, from 11 am onwards. The draw will be based on a random number-generation system and will be held in the presence of judges and senior officers of the DDA," it said in a statement on Tuesday.