Tag: NAREDCO Maharashtra

Business, News

Government reports Eco-sensitive zone around Thane Creek Flamingo Sanctuary

Aug 23, 2021 by Rekha Nair 0 Comments #Mr Ashok Mohanani, #NAREDCO Maharashtra, #President

The Ministry of Environment, Forest, and Climate Change has accepted the recommendation of the Maharashtra State government to reduce the buffer zone from the eco-sensitive boundary of the Thane Creek Flamingo Sanctuary in the Mumbai Metropolitan Region (MMR) from 10 km to 3.89 km.

The reduction in the buffer zone, from 10 km erstwhile to 3.89 km, is likely to affect several construction projects that would have been affected by the no-development rule. As per the sources, construction projects in as many as 15 wards in Greater Mumbai would have been affected because of the construction restriction, which required the builders within the 10km zone to take prior construction permission from the National Board of Wildlife. The suburban wards include areas such as Chembur, Kurla, Bhandup, Mulund, Ghatkopar East, Borivali, Dahisar, Andheri East, and Bandra East. These also include island city areas such as Dadar, Parel, and Matunga.

‘’The decision by the authority to modify and rationalise the eco-sensitive zone around Thane Creek sanctuary has been in favour of the developers and their projects in the MMR region. Earlier they required permission from the National Board of Wildlife to carry out any construction within a 10-km radius from the boundaries of an eco-sensitive zone. This reduction of the buffer zone, therefore, has come as a huge relief for the developers. We anticipate that the construction activities will be on full-swing while ensuring a secure environment for flamingos.’’ said Mr. Ashok Mohanani, President, NAREDCO Maharashtra

An official notification with respect to the same is expected to be issued by the Ministry later this year.

Business, News

NAREDCO Maharashtra launches Ambarnath-Badlapur unit

Jul 6, 2021 by Rekha Nair 0 Comments #NAREDCO Maharashtra

Mumbai: NAREDCO Maharashtra, the Maharashtra chapter of NAREDCO, the apex national body of real estate industry today announced the launch of their new unit in the State, NAREDCO Ambarnath-Badlapur. This has led to the creation of an affordable housing stock of over 10000 homes from their 100+ members associated with this unit. This is expected to unlock the affordable housing properties and offer a great opportunity to the discerning homebuyers to buy RERA registered properties at affordable prices in Ambarnath and Badlapur region. Apart from this, the prime objectives of this new unit will be to propel the infrastructure development in the region, to enhance the water supply and its availability to the residential segment along with the policy-level resolution on river red line/blue line issues.

Due to its proximity to the upcoming Panvel-Badlapur highway, Metro connectivity via Thane, the area is expected to absorb the future growth in population, business and commercial activity in the region. The region is being speedily developed with modern infrastructure including basic civic amenities like schools, banks, hospitals, Municipal Council, post office, water supply and the markets nearby which has enhanced the real estate development there.

Speaking during the launch, Mr. Ashok Mohanani – President, NAREDCO Maharashtra said, “We are happy to announce the launch of NAREDCO’s new unit in Ambarnath-Badlapur. This will open up new affordable housing inventory for the prospective homebuyers who are looking to buy their dream home. Under NAREDCO’s umbrella, the homebuyers too will have a sense of trust and confidence. It will also boost the Government’s policy of creating ‘Housing for All by 2022’.”

The infrastructure development in the leading metro cities has improved connectivity to peripheral destinations, thereby, bridging the gap between the cities and the peripheries. On the other hand, projects such as the metro rail, ring roads and highways, etc., offer improved connectivity to the existing city establishments and are more suitable to the immediate needs of budget-conscious home buyers.

As much as 58% of around 149,000 homes launched in 2020-21 are located in the peripheral areas of the top seven property markets, showed data from Anarock Research. In 2019-20, the share of new launches in the peripheral locations was around 53% of about 207,000 homes launched in these cities. Out of the total units launched in 2020-21, MMR had 67% supply coming from such peripheral locations.

Commenting on the occasion, Mr. Ajay Thanekar, President, NAREDCO Ambarnath-Badlapur unit said, “The Ambarnath-Badlapur region offers reasonably priced properties to buyers as compared to other locations in Mumbai and Navi Mumbai. The location has several affordable properties on offer for buyers in the lower-income segment and is witnessing huge interest from end users and investors alike. Also, owning a residential apartment with natural beauty and serenity, far away from pollution is a dream home for every aspiring individual in the Mumbai city. At the time when real estate prices have undergone correction, this region with its upcoming infrastructure, scenic environs and affordable pricing can bring the homebuyers’ dream come true.”

The inauguration of the new unit took place in the presence of NAREDCO’s senior leaders such as Dr. Niranjan Hiranandani, National President, NAREDCO; Mr. Rajan Bandelkar, Vice Chairman, NAREDCO Maharashtra; Mr. Sandeep Runwal, President Elect, NAREDCO Maharashtra; Mr. Prashant Sharma, Secretary, NAREDCO Maharashtra; Mr. Kamlesh Thakur, Joint Secretary, NAREDCO Maharashtra; Mr. Maulik Dave, Joint Treasurer, NAREDCO Maharashtra along with the office bearers from Ambarnath-Badlapur region – Mr. Sambhaji Shinde, Secretary, NAREDCO Ambarnath-Badlapur unit; Mr. Laxman Vispute, Mr. Swami Darwin and Mr. Sanjay who are the Members of the NAREDCO Ambarnath-Badlapur unit.

The Ambarnath-Badlapur region has witnessed tremendous growth over the years on account of its proximity to Mumbai. It is also well connected to Dombivli, Thane and Kalyan. The region has a cosmopolitan ambience and draws several professionals here on account of the low prices. There will always be sizable demand for real estate here since people will continue seeking affordable homes in the locality and employment prospects will be boosted hugely. Ambarnath-Badlapur and its surroundings are not only a beautiful place for home but also a major tourist destination with several resorts, dams, temples along with waterfalls & hills that are the major attractions during the monsoons. Spacious areas and pleasant environment are the main reasons people are investing in properties there to enjoy their weekends or rent their properties for secondary income. These are factors that will keep the growth momentum of the region intact over the next few years. It is expected to witness handsome appreciation in the future in terms of property rates.

Business World

Realtors plan precautionary measures at construction sites

Apr 6, 2021 by Neel Achary 0 Comments #Chief Operating Officer, #Co-founder & Director, #CREDAI MCHI, #Director, #Mr Ashok Mohanani, #Mr. Abhishek Jain, #Mr. Anuj Khetan, #Mr. Pritam Chivukula, #NAREDCO Maharashtra, #President, #Satellite Developers Pvt Ltd, #Tridhaatu Realty  Hon. Secretary, #Vijay Khetan Group
With daily surge in Covid-19 cases in Maharashtra, the State Government has imposed new guidelines with regards to the continuation of construction activity. Here are the guidelines:

a) Construction to be allowed only for sites where labourer’s are living on site. Movement to and fro from outside must be avoided, except for the purpose of material movements.

b) Every one engaged in the activity to get vaccinated at the earliest, as per criteria of GOI and till get vaccinated must carry a negative RT-PCR test result certificate, which will be valid for 15 days. This rule will come into effect from 10th April, 2021

c) Defaults will lead to a fine of 10000/- for the developer of the construction site and repeated defaults may lead to closure of the site till existence of notification of COVID 19 epidemic.

d) lf a worker is found positive he or she would be allowed medical leave and cannot be discontinued during this absence for this reason. He or she will be entitled for full wages that he or she might have earned had he or she not contacted corona.

Soon after the announcement, the real estate industry quickly rushed into the action mode and ensured that they took necessary precautionary measures to battle out the pandemic crisis. Taking the experience from the last year, some of them have already implemented these measures for the safety of the labourers much before the State Government imposed the guidelines.
Ashok Mohanani, President -NAREDCO Maharashtra
Ashok Mohanani, President -NAREDCO Maharashtra
Mr. Ashok Mohanani, President, NAREDCO Maharashtra
”We are working closely with all the NAREDCO members and following all the necessary Government guidelines. Infact, all our members have been doing this much before from the time Covid-19 crisis disrupted the real estate sector last year. Labourers are the most vital and the integral part of the real estate industry and taking utmost care of them is our paramount responsibility. We are ensuring that regular sanitization of the construction sites are done and proper accommodation is provided to the labourers at the sites. We are also conducting regular health check-ups and vaccination awareness programs for the workers. We have made the RT-PCR test mandatory for all the migrant workers who are coming back from their hometown as per the Government guidelines. We are ensuring that they complete their tests before joining the construction sites.”
 
Pritam Chivukula
Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Hon. Secretary, CREDAI-MCHI
Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty 
Hon. Secretary, CREDAI MCHI
“Unlike the last year lockdown, we are relieved that atleast construction activities can go on where labourers are already present at the site. The Government has mentioned that the labourers need to get vaccinated at the earliest and till their vaccination they need to get their RT PCR test done. This won’t affect the large and medium-sized developers as they are already taking the necessary precautions at the sites. Although this will affect the small developers and also the redevelopment projects as they do not have enough space for labour camps.
 
There is no stringent lockdown like last time as essential services and other basic requirements are easily available. We at MCHI-CREDAI are getting the health check-ups done for the labourers along with the vaccination awareness program. We will comply with the Government guidelines and get the RT PCR test done for most of the labourers till 10th April. We are in talks with local urban bodies for conducting free tests for the labourers. For project sites in the outskirts of the city, we are planning to tie-up with private organizations to conduct the Covid tests. Most of the labourers are in the age groups from 20-40 and as per the GOI directive, the vaccination below the age of 45 has not been initiated yet. Hence we are writing to the Government to grant permission to conduct the vaccination for these labourers on priority and if feasible to conduct the vaccination drive on the construction site itself.”
Mr. Abhishek Jain, COO - Satellite Developers Private Limited
Mr. Abhishek Jain, COO – Satellite Developers Private Limited
 
Mr. Abhishek Jain, Chief Operating Officer, Satellite Developers Pvt Ltd
“Proper health and hygiene for all our workers have always remained a top priority and all necessary initiatives are taken from our end. We have provided shelter to the workers in labour camps and have also provided resources for their daily food along with masks and sanitizers. Also, as per the government guidelines, we are getting their RT PCR test done before the said timeline.”
Anuj Khetan - Director, Vijay Khetan Group
Anuj Khetan – Director, Vijay Khetan Group
Mr. Anuj Khetan, Director, Vijay Khetan Group

”We at Vijay Khetan Group have always prioritized the health and safety of our workers at all our different construction sites. We have arranged for hygienic boarding and lodging on site for our workers along with distribution of face masks and sanitizers. The Covid 19 pandemic, while draws the world’s attention on the importance of vaccines, we have ensured to give paid leave to all the eligible workers for vaccination. Also, for the workers, we are getting RT PCR tests done as per the government guidelines. We are maintaining thorough sanitization at all our sites for the safety of our workers and stakeholders.”

News

Yearly Round-up and Outlook for 2021 for the real estate sector

Dec 22, 2020 by Rekha Nair 0 Comments #Mr Ashok Mohanani, #NAREDCO Maharashtra, #President

By Mr. Ashok Mohanani, President, NAREDCO Maharashtra

With the World Health Organisation (WHO) declaring it a global health emergency and pandemic on March 11, 2020, due to COVID-19, the sentiments of businesses worldwide were severely impacted and were mostly negative in their outlooks. The outbreak created a great deal of uncertainty regarding trade and imports across the globe.

The real estate sector, too, touched the lowest of lows during the almost three-month-long nationwide lockdown. While construction activities came to a sudden halt, reverse migration of labourers made the resumption of work difficult. Developers faced severe liquidity constraints and homebuyers lost a significant appetite to buy a property. Home sales and new property launches suffered a great deal as the nation struggled to battle the pandemic.

Government and apex bodies came up with plenty of fiscal measures to deal with the major challenge of liquidity funding. The various measures introduced by the RBI and Union finance minister injected liquidity into the market so that the economy can recuperate quickly. The Central Government and the various State governments would do well to stop further proliferation of the virus and handhold the Indian real estate sector in the times of crisis.

Six months into the situation, real estate demand has piqued with genuine homebuyers willing to take advantage of value propositions coupled with payment plans given by a vast set of developers. Development work across construction sites, too, has begun, although at a slower pace.

As there is a major shift towards digitization due to the pandemic; people who favour offline property search now prefer online real estate portals to search their dream homes. Online home sales have begun to gain traction and leading developers with a good track record will be the main beneficiaries of this change. There has also been a huge demand for virtual tours wherein home-buyers are opting the same either to shortlist or to finalise their homes. In a significant trend seen during Covid-19, unlike before many respondents seeking property from investment perspective prefer ready-to-move-in (RTMI) homes. The consumer preference has predominantly shifted towards affordable and mid-segment properties.

There are several initiatives taken up to support the real estate sector by the Maharashtra Government which has already spurred demand and revived confidence in the industry. Also, the unanimous decision by NAREDCO Maharashtra to waive stamp duty completely on the sales of residential properties has added to the home buying euphoria and supported the Government’s efforts to push housing demand in the state. It has not only pushed stagnant housing sales northwards but also made home buying cheaper and supported the State exchequer mop up a whooping stamp duty in revenues in just two months. Such initiatives should be emulated by other state governments as it will be a good booster for realty at Pan India level.

Knight Frank India, leading international property consultancy estimates that home sales volume in Mumbai recorded at 9,301 units in November 2020 registering a whopping 67% year-on-year (YoY) rise over the same month last year boosted by stamp duty cut and festive period of Diwali. This strong growth of 17% month-on-month (MoM) in November 2020 comes after a robust 42% MoM growth during October 2020 and massive 112% MoM growth during September 2020, when sales of residential property started to show an upward trend after months of COVID-19 induced slowdown.

Mumbai has witnessed a cumulative residential sale of 22,827 units after the stamp duty cut during September-November 2020. The monthly run rate in this period after the stamp duty cut is approximately 135% or 1.35 times the monthly average of 2019.

With steady decline in the number of COVID-19 infections across the country and the vaccine around the corner, we expect better days for the economy going forward along with the GDP growth to turn positive in Q4 this financial year The Repo rate cuts, lower home loan interest rates and newly announced affordable rental housing policy open new avenues for the segment.

The industry players anticipate the upcoming Budget for Financial Year (FY) 2020-21 to relax income tax norms, offer single-window clearance and GST reforms. The helpful measures like easing out of the liquidity issues that are being faced by the sector can aid the buyers to make investments, thus lending a positive push to the vision of ‘Housing-For-All’.

Our Real Estate fraternity is hopeful that with the full support from the Government, we will be able to implement much needed measures to boost the real estate sector in 2021 and further. Every calamity is an opportunity to scale new heights. Indian real estate and allied manufacturing industries must find positivity in the current recovering scenario of the economy and should try to benefit by increasing local production and indigenous innovation.