Clean Thane Mission

Be it making bio-fuel from nirmalya (holy waste) or making the city digi-smart by launching an app, Thane has seen a wide range of developments in all spheres and always been at the forefront of new changes. Interestingly, Thane Municipal Corporation has ensured public participation in all initiatives.
With major infrastructural projects in the pipeline and several developments already taking place in the city, there is also a need to ensure cleanliness. And so, on 20th June, Mayor Sanjay More announced a cleanliness competition for housing societies, residential complexes and even slums of Thane. “The societies which win in this competition will be rewarded with 5% rebate in property tax for one year,” said Sandeep Malvi, Public Relations Officer, TMC.

While larger housing societies will be adjudged on parameters like solid waste management, tree plantation, efficient water utilisation, rain water harvesting, maintenance of fire equipment, regular payment of TMC taxes, voting awareness among residents, etc, slums in the city will be ranked on cleanliness of surroundings, water utilisation, gutter and nullah cleaning, electricity maintenance, etc.

The contest begins on July 15 and ends on September 15. TMC will examine the participant societies and slums from September 16 to October 16. Interested housing societies and slums can fill up the forms available at SWM office at Pachpakhadi by July 15.

Deepika Padukone endorses Lodha’s weekend enclave

Fans of the Bollywood diva Deepika Padukone will soon see her endorsing Mumbai-based real estate developer Lodha’s premium weekend home development property around a riverside Greg Norman golf course. This exclusive enclave is a short drive from both Mumbai and Pune, conspicuously located on the Mumbai-Pune Express Way.

“It didn’t feel like I was working. It was more like enjoying two days of my weekend, experiencing this exclusive enclave… playing golf, relaxing at the spa, sitting by the river and watching a movie,” Deepika said in a statement.

According to the statement released by the company, This project will be a weekend home where residents can go relax, play a game of golf along with other outdoor sports activities, unwind themselves by the riverside promenade, entertain friends and family over the weekends and simply spend some quality time with family.

Puranik Builders gets Rs. 300 cr of realty investment through KKR’s NBFC

Global private equity major KKR’s non-banking financial company (NBFC) has approved an investment of Rs 300 crore in two under-construction residential projects of Pune-based Puranik Builders -Abitante and Aldea Espanola being developed in Pune’s Bawadhan and Baner locality .

This is KKR’s first exposure to Pune real estate market. The NBFC KKR India Assets Finance Pvt Ltd will remain invested in both the projects until completion over a period of six years, the financing terms read. “We are excited to partner with Puranik and help them engage in innovative, theme-based residential developments.” said Sanjay Nayar, CEO of KKR India.

The two projects are spread over a total area of 4 million sq ft where 1.5 million sq ft is Aldea Espanola and 2.5 million sq ft is taken by Abitante. Puranik developers has already completed and delivered 0.5 million sq ft of Aldea Espanola, while the construction of Abitante has commenced recently. While Aldea Espanola is a premium residential building in Baner conceptualized in the Spanish style of architecture and interiors, Abitante is an Italian-themed residential project spread over 45 acres in Bawadhan.

Shailesh Puranik, MD, Puranik Builders, said, “We will be using these funds as growth capital to take Puranik group to the next level and exponential growth predominantly in residential development. An association with global investors like KKR would certainly help us strive for best results. We aim to continue enhancing our execution capabilities and deliver as per schedule.”

Puranik Builders has developed over 5 million sq ft of real estate since its inception nearly five decades ago and presently has major on-going projects in Mumbai, Thane, Karjat and Lonavala.

Thanekars gear up for Cleanliness contest!

Thane Municipal Corporation (TMC) chose a unique way of celebrating Ambedkar Jayanti this year. Thane is one city which is taking the Swachh Bharat Abhiyaan very seriously. After running a successful movement to make the city defecation-free, the civic body has now introduced a cleanliness competition for housing societies and slums where the winners will enjoy a five per cent rebate in yearly property tax amount.

“The entry for this contest begins on April 14 and the last date to fill forms is April 30,” said Sandip Malvi, public relations officer, TMC. “The contest will start from May 1 and end on July 31. The contestants will be reviewed from August 1 to August 14,” he added.

The TMC has set certain parameters on which the contenders will be evaluated. The parameters on which contestants will be scored are – clean surroundings (20 points), solid waste management (15 points), tree plantation (10), use of solar power (10), rainwater harvesting (10 points), functional fire equipment (10), voter registration (10) and no defaults in property tax payments (5 points).

“The winner in housing complexes category will get 5% rebate in annual property tax, while for the winning slums, the municipal corporation will undertake development work to the tune of Rs. 10 lakh to Rs15 lakh,” added Malvi.

The residents of Thane have welcomed this move. Some societies in the city who have a rain water harvesting system already enjoy a rebate in property tax and the new contest has excited Thanekars. This cleanliness drive however, should not be limited to the competition only; rather good practices should be maintained throughout.

Ready Reckoner Rates hiked by 7%

The state revenue minister, Eknath Khadse made an announcement in the state assembly that the Ready Reckoner (RR) rates have been increased to 7% with Effect from April 1, 2016. In rural areas the rates have been hiked by 8%, 7% in influential areas, 7% in municipal council and nagar panchayat limits and 5% in municipal corporations. On an average at the State level, the increase comes to around a moderate 7% for 2016-17.

RR is an annual statement of rates on which the stamps and registration department collects the stamp duty from property buyers. With this revision, the government hopes to mop up about Rs 15,000 crore.

Maharashtra government had amended the Bombay Stamp Act and rules last year to introduce RR revision from April 1 instead of January 1 every year. RR rates were increased by an average 15% in 2015, 22% in 2014, 27% in 2013, 18% in 2012, 17% in 2011 and 14% in 2010.

“The government took a conscious decision not to increase RR rates steeply considering the slump in the economy, especially the sluggish mood in the real estate sector,” Khadse said.

KDMC on property tax

The central suburbs of Mumbai are witnessing change as civic body commissioners are displaying positive aggression in matters of public interest. While Thane’s municipal commissioner Sanjeev Jaiswal ordered demolition of legal and illegal structures to unclog & clear the station road area, in a fresh move, KDMC’s commissioner E Ravindran took property tax defaulters to task by attaching their properties last week.

On March 8, the Kalyan Dombivli Municipal Corporation (KDMC) sealed offices of highest property tax evaders in the city which include prominent names like Roop Sangam shop, theaters at SM5 mall, JP resort and even the office of Poddar Developers. They have defaulted on payment of property tax not only for the year 2015-2016 but for past many years.

“In the past, these defaulters got away without paying their dues as the earlier municipal commissioners refrained from taking strict action. But now, we have strict orders to seal and auction the properties of tax evaders,” said a KDMC official who refused to be named adding that the current commissioner E Ravindran spares nobody and this was amply evident during the demolition drive near Kalyan station for road widening in January this year.

The outstanding amount of unpaid tax for each of the above defaulter is JP resort Rs10.16 crore, SM 5 theaters Rs. 2.58 crore, Roop Sangam shop Rs. 70 lac and Poddar Developers Rs. 89, 22,792. KDMC will auction the properties confiscated from tax evaders this week. “If they pay off their dues along with penalty, their properties will be unsealed,” added the official.

Lodha sells 2000 apts worth Rs 1,600-cr during pre-launch

Within two years of acquiring the 88-acre land parcel from Clariant Chemicals in Thane which was one of the largest land transactions in the country, Lodha Group has announced its mega plans for an expansive residential neighbourhood in Prime Central Thane.

India’s largest real estate developer, the Lodha Group announced another milestone for the company with this new development, selling over 2,000 homes prior to its mega launch. The project received exemplary response from over 3,000 homebuyers across India making applications to book flats during the pre-launch event. The value of the apartments is over INR 1,600 crore, which is the most successful real estate development in the country till date.

The mega project will be developed in multiple phases. The first phase comprises 3,500 smart sized 1 and 2 bedroom apartments in well-designed 27-30 storied stylish towers. The planned development will feature over 80% open spaces.

Best real estate destinations in India

Today, we look into five cities that are emerging as few of India’s best real estate destination.

1) Hyderabad

The creation of Telangana as the latest state in the country has led to the emergence of Hyderabad as a top real estate market in the country. With its increasing developments in the residential and commercial projects, complimented further by the moderate prices, the city of Hyderabad is soon going to be the prime investment location for real estate.

Hyderabad Commercial Area

2)  Bangalore

Bangalore has become an important player in the real estate arena of the country. With leading technological companies finding a place in the city, Bangalore is witnessing a large number of people from all across the globe relocating to the Garden City in search of better opportunities. The city offers an eclectic mix of affordable and high-end housing as well as rented accommodation which are cheaper in comparison to cities such as Mumbai and Delhi. Also, with its emergence as a start up hub in the country, office space is also available at competitive rates. So if one plans to initiate a business in the country or is keen on investing in real estate, there is no better place than Bangalore.

Bangalore Commercial City

3) Bhiwadi

In the outskirts of Delhi, a not so widely known place named Bhiwadi is fast becoming the favoured destination for real estate investment as prices skyrocket in Delhi.

With a spate of real estate construction projects under progress alongwith the construction of schools, roads and hospitals, the place is looking to accommodate the increasing number of prospective residents. With prices highly affordable in comparison to Delhi, it looks the perfect time to invest in a property in this location bordering the capital.

Bhiwandi Commercial

4) Thane

Thane might not be Mumbai for a large number of the city dwellers but the city is really becoming a promising investment destination. With residential and commercial properties available for a lower rate in comparison to Mumbai, the city is seeing an increase in number of constructions and investment in real estate. Further, the city also has fair share of basic amenities for anyone looking to invest in real estate.

Thane Commercial area

5) Bhopal

Bhopal has come a far way from being defined as the city of the gas tragedy to being one of the most wanted cities in the real estate sector. With residential flats, villas and luxury apartments on offer at much lower prices in comparison to other cities on the list, Bhopal is emerging as an underdog in the race to be the most sough real estate destinations in the country.

Bhopal commercial area

That’s all folks, if you still have some good amount of spare money left, real estate properties in these five cities look good value for money.

Lottery results for 4,275 MHADA homes in MMR

MHADA, the apex public body constituted under the MHADA Act, was established in 1977 under the Housing Department Government of Maharashtra with a comprehensive approach to housing problem in the state. Every year, MHADA conducts a lottery under Konkan Housing and Area Development Board.

The result for the most recent lottery will be declared at Rang Sharda Auditorium in Bandra and will release 183 flats in Thane, 310 in Mira Road and 3,755 in Virar. 27 flats in Vengurla are also on MHADA’s list.

These flats range from Rs 4.37 lakh and go upto Rs 40.93 lakh. The apartments measure between 368 sq feet and 670 sq feet.

MHADA had received a great response from home buyers for this lottery when it was announced. Around 1, 34,124 people have applied for 4,275 homes in the three destinations in the Mumbai Metropolitan Region. This highlights the demand for and requirement of affordable homes in Mumbai.

Check the results on www.mhada.maharashtra.gov.in

Thane Municipal Corporation

While presenting the annual budget of the civic body to the Standing Committee, The Municipal commissioner of Thane Sanjeev Jaiswal has proposed a hike of 10% in property taxes, both residential and commercial.

The Rs 2549.82 crore budget for 2016-17 already includes Rs 230.10 crore surplus carried forward from the previous year.  Jaiswal said there has not been any increase in the property tax since long, adding that “If this hike is approved, it will help the Thane Municipal Corporation (TMC) to earn additional Rs 31 crore. The hike in the property tax is proposed from current 26 to 36 per cent for residential purpose to 48.50 per cent for non-residential purpose from the present 38.50 per cent.

In The meeting chaired by TMC standing committee chairman Naresh Mhaske, it was communicated that the civic body is expected to garner Rs 700 crore from Local Body Tax, Rs 456 crore from property tax, fees, and government taxes, Rs 515 crore from development fees, Rs 150 crore from water cess, Rs 180 crore from grants from Maharashtra and Union governments.