First experiment in Maharashtra; MIDC to set up Lake City in 2000 acres

Source:Lokmat / Date: 14th January 2021

An area of 6000 acres has been declared as an industrial area for MIDC in Talegaon Phase four in Maval Taluka. The land acquisition process for this phase four will begin soon. After Bangalore in the country, for the first time in Maharashtra, hardware industries are being set up in Talegaon phase four. Completely non-polluting industries will be set up in 6000 acres in Talegaon Phase four. Most of it will be from hardware and electronics companies. Considering the need for this industrial area, this lake city will be set up with the objective of creating world-class living facilities in the workplace.

The lake city will be built on more than two thousand acres of land near the Andhra Dam. For this, the remaining land will be acquired from the village of Nigde, Pavlewadi, Amble, and Kalhat in Talegaon phase four. The lake city will have all kinds of high-class development from international standard universities to golf clubs, hospitals. For this, MIDC has invited international tenders. Therefore, after Sahara City, Lavasa City, another Lake City will be set up in Pune.

Considering the need for industrial area, the creation of Lake City will be done in MIDC’s Talegaon Phase four in 6000 acres in 60 and 40 scale industrial and residential areas. Due to this, Lake City will be built on 2000 acres. It will have all the international standard facilities.

The Talegaon Dabhade Lake city will be:

- MIDC’s first experiment in the state.

- 2000 acres out of 6000 acres reserved for the residential area.

- Lake City in a very scenic area near Andhra Dam.

- International university from Golf Club in Lake City, Hospitals.

- The international tender for Lake City.

- Pune- City connected to Mumbai City.

- First Development of Industrial Area then Development of Lake City – One hundred percent Non-Polluted companies in Industrial Area.

Constructions up to 31st December 2020 will be regular Decides Maharashtra Government.

Source:Zee24taas / Date: 7th January 2021

Today, the state government has given great relief to the citizens living in the Gunthewari colony in many cities of Maharashtra. An important decision has been taken in the meeting of the state cabinet to regularize the Gunthewari scheme in the state till December 31, 2020.

 

The meeting was chaired by Chief Minister Uddhav Thackeray. The Gunthewari Regularization Act was enacted by the state government in August 2001. Gunthewari schemes before January 1, 2001 were given the benefit. But lands that are under encroachment or in a specific area.

 

(Non-development areas, green areas, tourism areas, environmentally sensitive areas, areas of the Department of Defense, etc.) They could not avail the benefits of the scheme as per the law.

 

Although many Gunthewari areas in the state are regularized due to this act, regularization of some areas is still pending. So people have to face various difficulties. Taking all this into consideration, the government has decided to extend the date of implementation of this Act.

 

As per the decision of the state cabinet, those who have done gunthewari schemes till 31st December 2020, but have not been regularized, can avail the benefit of amendment in this act. No eligibility criteria or conditions have been changed.

There is good news for everyone. Millions of constructions in Gunthewari in the state will be regularized. The state cabinet meeting decided to regularize the construction in Gunthewari till December 31, 2020. Under this, constructions done without private land NA and without the approval of the plan will be regularized.

 

The Cabinet also decided to amend the Maharashtra Gunthewari Development Act to meet the shelter needs of the poor and common people.

Earlier, such constructions were regularized till 2001. Now, constructions will be regularized till December 2020.

In December Quarter Residential Property Sales increased in Pune & Mumbai

Source:Economic Times / Date: 25th December 2020

In December the residential sales registration has increased by 53% at the beginning of these 18 days compared to the whole year. Also, it has surpassed the entire November’s numbers, among the last eight years which is the highest.

During the December quarter, there was an articulated recovery in deals, especially in the two greatest urban communities of Maharashtra's and that has helped to boost the undesirable effect of the lockdowns on India's residential property market that seems to be topped from six years prior to reaching as far down as possible in the current cycle.

Across the country in 2020, the top seven property markets have declined at home sales of 1.38 lakh and by 47% this year. Nonetheless, on the rear of good buy offers and kind loan fees, these best 7 urban communities saw hearty deals of around 50,900 units in the final quarter. Which took back the market over to 80%, a similar period of action was found in 2019, Anarock Property Consultant indicated.

With the discounts and offers, with the most minimal interest rates for home loans and the cut down of stamp duty for a limited period in the state of Maharashtra, the demand was additionally quickened.

More than 53% of the total residential sales drove from these two major cities Mumbai Metropolitan Region (MMR) and PUNE.

Mumbai which is known as the biggest real estate market in the country has continued its record-setting ride during December as the Homebuyer rushed for a new purchase.

The first half of December has broken all month to month records, with the deals closing at records.

Many home buyers have started taking decisions for those who were waiting on the sidelines. With various steps taken by the Central & State government on the low home loan rates have upturned the sentiments of the Buyers. In December the residential sales registration has increased by 53% at the beginning of these 18 days compared to the whole year. Also, it has surpassed the entire November’s numbers, among the last eight years which is the highest.

By the February month of Pre Pandemic, 66% higher is the numbers.

This pandemic has made many homebuyers realize the importance of Bigger Homes, which increased the sales of residential homes in the market. The preference for ready to move was more but now the demand for under construction is more.

After the unlock, there was an increase in the new launches around the city, which has declined unsold residential homes by 2% on basis of a year and during 4 quarters 6.38 lakh units.

Significantly saw a 19% decline, when 7.91 lakh stood unsold stocks in the top market. According to the peak levels of 2016.

The preceding year saw a big declined of 46% in New Housing Supply from 1.28 lakh units.

Even though top cities saw a 2% rise during the fourth quarter at 52,820 units.

190 Properties sealed by Pune Civic Body for Tax Non-Payment

Source:Economic Times / Date: 24th December 2020

If you own the property then paying property tax is compulsory before the deadline and failing in paying the property tax leads to ceasing of property.

Due to non-payment of Property tax, the Pune Municipal Corporation has sealed down 190 properties, even after the notice was issued to the owner for clearing the dues via an amnesty scheme.

Incase if further, the owner failed to clear the dues, a process of the auction will be initiated. Around Rs.4500 crore is still to be recovered from defaulters property tax, according to records of PMC.

Rs.2500 crore as a penalty and Rs.2000 crore as principal amount is included.
Via amnesty scheme around Rs.350 crore has been recovered.

"Post sealing of properties, the owner paid their taxes." Vilas Kanade, PMCPTDH said

How will be the situation of Real Estate until & after December 2020?

Source:Inhouse / Date: 24th November 2020

It’s no new news that COVID-19 has hampered all types of Industry worldwide. But the real estate industry has managed to sustain itself because of pre-booked properties and sellers continued efforts to serve their customers. During the lockdown, the property which was remained unsold, after lockdown the bookings of properties got faster because builders had already reduced their price, and 3% relaxation on stamp duty by the Maharashtra Government made it more compelling for buyers to go after buying and investing in properties.

In the year 2020, December is going to be a period where builders and developers are going to get returns for their investments and patience. The buyers now are aware of current situations and are actively searching for properties in Maharashtra even abroad investors are showing interest in properties of Maharashtra.

This is a golden period for buyers and as well as for builders & developers, where buyers can buy flats and can take the benefits of 3% relaxation on Stamp Duty and on the same page builders have the chance to start their marketing aggressively and reach to the maximum potential buyers.

Eventually, after December 2020 when the relaxation on stamp duty by Maharashtra Government on properties will get over, and then buyers will be least interested in buying new homes or to make new big investments in properties. So the numbers of interested buyers currently in the market compared to the numbers of interested buyers after December will decrease majorly and you might not be able to get the actual crowd of buyers you are looking for. 

On 31st December 2020, the relaxation of stamp duty is going to end and in the coming year, 2021 probability of a reduction in stamp duty is very less as the government of Maharashtra has already reduced it due to lockdown. Next year you will observe the least number of people taking interest in buying homes so this is the one-time offer where buyers and developers can take advantage and be in a win-win situation.


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