MCHI-CREDAI Property Expo – 2016

Opportunity to see and select your dream home has knocked on your door once again! Coming January, MCHI and CREDAI’s Thane unit provide you an avenue where you can explore properties galore. After witnessing a footfall of nearly 1, 00,000 realty enthusiasts during the fourteenth property expo last year, the next show promises to be much bigger.

Following Maharashtra government’s sanctioning of funds for huge infrastructural development projects around and connecting Thane,   this area has become a much sought-after destination for both investors and end buyers. House-hunters from Thane, Mumbai, Navi Mumbai and the adjoining Kalyan-Dombivili regions are anticipated to flock to the fair. The fifteenth edition of the property expo organized by MCHI is poised to offer investors, builders, governmental bodies and real estate service providers a platform to connect with various stakeholders.

MCHI-CREDAI property exhibition version 15 guarantees to showcase a range of affordable luxury housing projects by more than 100 realty brands and introduce housing finance Corps to enable you fulfill that enviable dream!

Begins on – January 15, 2016

Ends on – January 18, 2016

From – 10:00 am to – 7:00 pm (on all days)

At – Highland Gardens, Kolshet, Dhokali, Thane (W) Mumbai-400607

To book your stall, call – 9322682010

Image credits : DNA India

The Maharashtra government is planning to regulate the real estate market of the state and for this soon they will appoint a regulatory body to save the interest of the home buyers as Central Government has gave the nod to state government to frame rules and regulation to implement the Housing Regulatory Bill approved by the President and passed by the legislature. However; we are know that in 2012 The Maharashtra Housing (Regulation and development) was passed, but after that the Presidential assent came in effect in 2014.

The process of framing the rules and regulation is in the progress and there I little delay in that because Central Government had framed s similar law know as the “Real Estate” Regulation and Development Bill) for each and every state with a motive that each and every state will adopt it. But the Central government’s bill is still pending in Rajya Sabha. State Government stated that we have explained to the Centre that Mumbai’s real estate market needs are different from the rest of the country and due to that there is need for housing regulator and the provisions which we have is better than the proposals of the central law. According to Shrikant Singh, who is Principal Secretary Housing department, “Our Submission has been accepted and we are planning to implement our own housing regulator. The more he added that we have god the final approval from central to set up our new regulatory authority for Maharashtra. Currently we are in the process of rules and regulation formation after which our authority will come into existence.

The real estate regulatory authority of Maharashtra will be a quasi-judicial body which will be able to resolve the disputes that are related to the housing sector. Apart from that the previous Congress-NCP government has proposed the real estate law to ensure home buyers interests are in the safe hands. Apart from that Centre has brought a similar legislation in Parliament and they have asked the Government of Maharashtra to hold back implementation of their own law in the real estate sector. But, the draft bill of centre has gone into the Rajya Sabha’s parliamentary committee and hence the state is planning to go ahead with its own regulatory authority bill. According to Singh our consultations are on the way and our law, judiciary and finance departments are framing the rules to setup the regulator. However; he declined any comment that when they are completing the framing the process.

Maharashtra Government is planning to launch rental housing scheme

State Government of Maharashtra is planning to re-launch its one of the most ambitious rental housing scheme for MMR region with a hope to succeed with more liberal norms as they were failed to draw better impact previous from private real estate developers.
It is expected that FSI (Floor Space Index) for the projects which is under public-private partnership will be between 3 or 4 as earlier it was 3, as per the statement of official of Mumbai Metropolitan Regional Development Authority. Above this for additional FSI, real estate developers will have to pay apprx.60 per cent or reckoner rate as premium. However; FSI refer to the size of the piece of land on which it is built and the ratio of a building’s total floor area. Mumbai Metropolitan Region (MMR) includes Thane, Mumbai and Navi Mumbai.

According to the Maharashtra State Housing Policy of 2007, the rentals housing scheme was first time introduced by the state government in 2009, which was allowing the participation of developers from private sector with an aim to reduce the slum clusters, however; on that time some developers received the sanctions for such projects and later this scheme extended to suburbs such as Karjat, Virar and Thane. Because of few changes in norms the scheme failed to take off., but this time it including an increase in the size of the housing units from 280 sq ft to 160 sq ft. However;in 2013, the state government lowered the highest permissible FSI (Floor Space Index) under the scheme to 3 from as earlier it was 4.
Later in November 2013, the original rental housing scheme was modified into an affordable housing scheme. And under the modified scheme the private developers will offer the additional FSI as incentive in return for self contained tenements. These houses or flats will be allotted by the state agencies to only those households who are from low income groups. In Maharashtra, the three main state agencies are; Slum Rehabilitation Authority, MMRDA and Maharashtra Housing and Development Authority and they will get the responsibility to implement the scheme properly. The modified scheme is emphasizing on connectivity, civic and social amenities and opportunities to earn livelihood.

Increasing the speed of redevelopment

As the speed of rebuilding of ceased structures by MBRRB was not adequate enough to cover the entire ceased structures in the Island City of Mumbai, Government decided upon involving tenants, landlords and private developers for increasing the speed of redevelopment.

As per Development Control Rules FSI or Floor Space Index is the area of construction permitted on a particular land. Permitted FSI in Mumbai depends on various factors such as land’s location, kind of current residence and the project to be developed.

Because of the conflicts between while Navi Mumbai Municipal Corporation (NMMC) and City and Industrial Development Corporation (Cidco) board over the FSI rates, Government of Maharashtra is indecisive over finalizing the FSI for redevelopment of dilapidated buildings in Navi Mumbai area. NMMC has offered 2.5 FSI previously, whereas Cidco board agreed upon 3 FSI. Government has to select either of the two choices or find an agreeable solution.

Each of these proposals has their pros and cons. Though Cidco’s offer may look more convincing and transparent to the residents and they also state that their proposal will generate housing stock for economically weaker section but it also comes with the condition that members of the society will not have the right to choose their developers.

As per NMMC, 3 FSI proposed by Cidco will produce infrastructure problem for the city. On the other hand, Cidco says that NMMC’s proposal will be more helpful to developers rather than occupants. This way the developers will load the property buyers with added cost as they have to pay premium for Free of Floor Space Index Area.