Porperty Channel – MagicBricks Now

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Times Network is ready to launch India’s first housing and property channel known as “MagicBricks Now” and it is going on air from November 1, 2015.

On last Wednesday, officials from Times Network formally announced in New Delhi that they are ready to launch India’s first property channel “MagicBricks Now”. It is all set to go on air from November 1, 2015, and announcement was made in the presence of Union Minister of Urban Development, M Venkaiah Naidu.

According to M Venkaiah Naidu, “I am happy that now onwards there will be more focus on real estate sector and first time investors or buyers will have place to learn something in real estate sector. News and views should remain separate and it is expected that it will help to create the platform for the housing sector and it will help to tie up the government and real estate builders with an aim to create houses for all segments, to get succeed in central government’s mission “Housing for all by 2022”.

Why property channel?

In present the advertising market of real estate in India is about Rs 2,500 crore of which more than Rs 900 crore is garnered by the Times Group itself, especially in the print segment. And now by launching new channel MagicBricks Now”, the Times Group is attempting to increase the market share of real estate advertising as well as want to educate people about real estate trends and pricing factor. Faye D’Souza, the channel’s editor explained that how this new channel will focus on the end consumer with an aim to serve as a platform for the real estate development and infrastructure sector. The more he added that MagicBricks Now” will have singular focus i.e. to educate the end consumer.

How this new channel will deliver information and analysis?

This new channel will showcase rich array of programs which will range from debates to news bulletins and leadership insights to experts views and all about real estate market. These things will help the Times Group to keep the end consumer informed and on the same time to serve as a common meeting ground for experts, first time buyers, sellers, big investors, and real estate developers  who are looking for serious business in real estate sector.

MK Anand, MD and CEO of Times Network stated while explaining the positioning of the channel, “MagicBricks Now has been launched with sole ambition to guide the consumer through process and decision making process with the help of views, analysis and debate of real estate leaders and experts. In present, real estate is of paramount importance in the life of normal people and real estate market is full of jargon, confusion and complexities. “MagicBricks Now” will be first and best unbiased, trustworthy and most authoritative property channel in the Indian property market to help the consumers”.

Channel Programs:

The channel programs will include The Home Buyer’s Guide, The Vastu show, Real Estate Tycoon’s, The Property Guide, Property Hotline, The Interiors Show, of course, ‘The News’, every hour. However; the main spotlights of the channel will on the relevant issues such as; local civic amenities, national property, sustainability, and environment issues will make the channel accessible to all. The marketing campaigns for channel will be unfold post Diwali and MK Anand expects that there will be more viewership for MagicBricks Now in comparison of other English News channels. He expects the channel to reach on the break even in next 4 to 5 months.

While speaking about the association with Times Network to create new channel “MagicBricks Now” Sudhir Pai, CEO of MagicBricks.com stated that “Now onwards we will be the part of MagicBricks Now and we are delighted to be a part of this initiative. Our endeavor is to make our brand ubiquitous across media with an aim to provide real and trustworthy analysis and in-depth information to the consumers. And with this association we will leverage the visual appeal of television to communicate with end users through rich data and experts view”.

The channel will have four partners; Hiranandani, Magicbricks, Mantri and Lotus Green.

Private-Consultant

As a part of new initiative “Ease of Doing Business”, BMC is planning to reduce the building permissions from over more than 150 buildings to 70 buildings. However; according to the reports of construction industry, it is“Eyewash” stating that there is need of proper building approvals system in all civic bodies which are dominated by the rampant corruption and delayed process to knock out money from real estate builders. But engineers and officials are calling it hot shot. Now architects are summoning to the real estate building proposals office at late night to process the relevant files.

On last Friday, Ajoy Mehta, Civic Body Chief informed that there are many civic group leaders who are not approving building permissions within the 90 days. However; in other cities of the world such as; Dubai and New York it takes only 90 days to get all kinds construction approvals for residential and commercial buildings. To sort all these kinds of issues now BMC has decided to bring down the number on building approvals and permission which is expected to drop by 150 buildings to 70 buildings. However; real estate builders are skeptical if move will work to get the solution which known as rampant corruption in BMC and it is the main reason of delay and getting approval for proposals.

Private consultants will help the real estate builders to get NOCs:

Now Civic Body is allowing real estate builders to take the help of private consultants to get the  no-objection certificates (NOCs), however; earlier real estate builders were sued to take the help of civic officials in exchange of money. In present, real estate developers have to procure no-objection certificates from different departments such as; traffic, fire brigade, hospitals and more. Cooperators said to Chief Minister, Devendra Fadnavis and Shiv Sena Chief Uddhav Thackeray will be requested to release the new building proposals booklets which were including commercial and residential buildings. These leaders were representing different political parties and to stop the corporation in civic body they try to sabotage the new rules because there are few corrupt officials which are used to create hurdles to get NOCs. The development plan (DP) and building proposals (BP) departments are directing reporting to the municipal commissioner.

Effect on Civic Body:

According to the Rais Shaikh, Group Leader of Samajwadi Party, “It is very nice initiative to bring in transparency in all civic departments. The building proposals department is one of the most corrupted units in civic corporation”. In present, it can take more than years to complete the all the procures for building permissions. Now administration wants to fix the time duration to complete all the procedure. Earlier, real estate builders were used to get the different NOCs at different stages, now they are deciding to not to hold back one NOC for others. And civic body is planning to make the procedure faster by issuing all permissions in 90 days, as per the statement of Yashodhar Phanse, Shiv Sena Corporator and Standing Committee Chairman. It is expected that this new rule will bring more transparency and provide an opportunity to do more friendly business. As per the statement of Manoj Kotak, BJP Group Leader, “Less time duration and fewer windows for clearances will mean reduce the chance of corruption”.

Construction industry have many other issues which needs to be sorted out and now BMC is planning to reduce the number of permissions as the best possible solution, but while claiming other issues it still needs to be addressed. However; the good thing that civic body has not reduced the tiers of approvals as well as of officers a real estate builder has to go to get the permissions. But for instance, the number of files and documents required just submitting a building proposal is 34.

“Ease of Doing Business” new initiative of BMC:

According to architects, the other major hurdle is the software of BMC which is not more than junk and every time civic officials are used to force it to get the desired result. According to real estate builders, we are welcoming the new initiative of BMC which is “Ease of Doing Business” because it is expected that it will not reduce corruption. Architects are called at midnight to the building proposal department by some engineers. But at some corner the industry is upset because to get freedom from corruption now civic body is decreasing the number of approvals. According to recent study, suburban developer had to pay security as well as premium fees more than 86 times at 14 different places within the BMC for a single project.

Lucrative offers- Combo of residential apartment

If you think that it’s impossible to own apartment in low cost or get job in the city like Mumbai, so this time you are wrong because now real estate builders are making an unusual promises as recently one of the Mumbai based real estate announced that his company is offering residential apartment in just 6.25 lakhs in Mumbai’s far outskirts with a helicopter joy ride and a job for one of the female member (from buyer’s family).

Karrm Infrastructure, which is famous for providing budget home in Mumbai, has promoting their latest project with lucrative offers on newspapers and on local radio. Their latest project is coming up at Shahapur, which is about 56 miles away in northwest of Mumbai. Karrm Infrastructure is offering residential units at seek 90 monthly payments of Rs. 7,000 rupees each and they are claiming that there are no hidden cost as well as project is as per the standard of “Vastu,” a local version of Chinese feng shui. It seems that company is seeking to tap the affordable market in Mumbai and that Cushman & Wakefield Inc. estimates has estimated the worth of company about $11.8 billion. According to Karrm, the low budget projects provides swimming pool, a hospital, school and a super market and apart from that the largest unit offered is about 202 square feet – all of one room, toilet and kitchenette.

In the metro cities like Mumbai, the demand for low-cost units is rising as PM Narendra Modi announced his “Housing for All by 2022″ scheme, however; builders prefer to construct high-end apartments in the cities like; Hyderabad, Mumbai, Delhi, but now they are struggling to clear the inventory pile-up of high-end apartments. According to Sanjay Dutt, Executive Managing Director of South Asia at Cushman & Wakefield, “Urban residential units has long been neglected in India because of certain reasons such as; high land prices, low margins in the segment and delays in getting approvals, but now with renewed focus from the state and central government, we are expecting that this segment will get proper momentum in near future”.

20 percent discount on full payment:

According to the statement of sales representative at Karrm Infrastructure’s office site, “All units will be ready in next two to three years and job offer for female member of the buyer’s family will be at food processing factory which is coming up at same region”. As per the statement of Shyamsundar Kamat, a Chauffeur in Central Mumbai, “This offer is not good enough because it’s too far from work location, and if he will buy Karrm’s units, so it could shave his five to six hours in day. The more he added that it doesn’t make sense for me because I can use my traveling time to do extra productive or non-productive work. Shahapur region is too far for those who are working in Mumbai. This is the true reality of land starved Mumbai, where the premium paid for a home near the work place is too high. But Ketan Patel, project Head at Karrm Infrastructure was not available in his Thane office and didn’t respond to requests seeking comments.

Building residential units for those who are from lower or middle class can make sense as it can help to boost the volumes in a real estate market as Indian real estate companies are struggling with the sales of residential units. In last quarter, the sales of residential units in India’s top eight property markets has fell by 4 per cent, however; the percentage of unsold inventory rose by 18 per cent, as per the research and data of Liases Foras, which estimates that it will take at least 45 to 50 months time to find potential buyers for unsold homes in Mumbai alone. It is expected that by the end of 2031, urban population in India will reach 600 million from 377 million in 2011 as per the estimation of central government, and there will be the shortage of 18.78 million residential units in urban housing segment. Now Central government is focusing on reducing squalor in modern cities and towns and due to that central government have shortlisted 305 cities and towns in nine major states of country to start building houses for affordable segment.

Central Advisory Council

Recently, the central government of India has made a crucial amendment in the CAC (Central Advisory Council) and according to new amendment real estate agents will be the part of Central Advisory Council, which is involve in helping the government to understand the issues related to the Indian real estate sector.

This new amendment has made the property brokers or real estate agents, a key stakeholder with homebuyers and builders in the real estate industry. However; in a separate development government is pertaining the same bill in the Rajya Sabha Select Committee, with an aim to add the functions of the REAA (Real Estate Regulatory Authority), which will be formed under the new proposed Bill and it will also include the protection of interest of allottees, promoters and agents. It is proposed to form a council under the aegis of the amended in the Real Estate Bill, whereas; the Minister of Housing & Urban Poverty Alleviation will be act as the ex-official chairman of the same body. The new group will provide active advice to the central government on different facts such as; protection of consumer interest, implementation of the Act,, recommend policy and foster development as well as growth in the real estate sector.

However; officials are expecting that soon new council will come in existence and it will act as the main mover in for starting the debates on critical facts and figures of the Indian real estate industry. According to the statement of the Sanjay Bhargava, Founder of realty advisory company Bombay Homes, “After including the real estate agents, central government will get the better understanding on many of the issues which are related to the satisfaction and transactions in the real estate sector because agents are the persons who directly interact with customers in comparison of real estate builders or any other official authority”. Apart from that real estate agents are happy with new amendment because now onwards they can highlight the key issues on which government can work. However; many different broker bodies are suggesting to set-up the registration format and minimum criteria for property brokers where they need to have minimum educational qualification, if they want to raise their voice and concern for the real estate sector.

However; the Real Estate (Regulation and Development) Bill, 2013 is seeking to establish the RERAs (Real Estate Regulatory Authorities), at the state level so that every state can regulate the development of real estate sector in country. The main aim of RERAs is to make sure that there is consumer protection and standardization in the business practice of real estate sector of the country.

senior citizen of India

In country, real estate developers are focusing on the untapped segment where demand is still high and that untapped segment is senior homes however; the rest of the real estate market is showcasing the dull effect and there are less sales and more inventory available in all over Mumbai. Some premium real estate developers such as; Adani Realty, Silverglades, Paranjape Schemes, Tata Housing, and Brigade have started to design special homes for senior citizens as they are targeting  at well to do seniors, who have enough amount of money to buy property and want to live independently after retirement. Unlike traditional old age home, these senior homes are the part of some largest projects and well developed townships.

According to Arun Gupta, CEO of Age Ventures India, “In present, most of the real estate builders are realizing that it could be the differentiating factor in their major residential projects and have potential to emerge as entirely new real estate market, which are still untapped”. Age Ventures India is a non-profit organization which is working closely with real estate developers to design and manage the senior homes. In real estate market for senior homes segment, the growth opportunity is much more as in 2012, India had more than 100 million senior citizens and till now it’s expected that number is more than double. According to Manish Kumar, MD for strategic consulting at JLL India, “In present our country is contributing less than one per cent in the global segment of senior homes”. The more he added that there are huge gap between supply and demand for same segment, but it’s have growth potential.  According to reports of JLL India, currently there are 30 to 35 senior living projects in all over the country and there valuation depends on the offered facilities of those senior homes.

Design of Senior Homes:

Currently, in our country there are many people in the age bracket of 54 to 72 years and these people prefer to buy senior homes because now most of the senior peoples want to live independently. Normally, senior home have one to two bedrooms with bigger bathrooms and wider doors, so that seniors can use the wheelchairs. However; the other fine details which builders are keeping in mind; while designing the senior home are keeping the switch points at low height, so that person from wheelchair can operate it. Apart from that senior homes project comes with some special facilities such as; on call doctors, nurses’ facility, physio rooms, common dining room if they don’t want to cook and many more other facilities.

Most of the senior homes project have tie up with hospitals and clinics as Columbia Asia Hospital of Ahmedabad are working closely with Adani Realty, which is one of the senior home project and in the same way Artemis Hospital of Gurgaon is associated with Silverglades project and NH Hospitals of Bengaluru is associated with Brigade project.

According to Dipesh Roy, VP of Marketing at Adani Realty, “Till now there are no regular service providers in this segment due to that now charitable trust are handling the facilities for senior citizen homes”. Om Ahuja, CEO of Brigade Group stated that my most of the friends prefer to buy assisted living homes, so that they can live their even after retirement. However; people who are in their 40s are planning to own retirement homes for their future because they know that there are major chances that their children’s will settle down abroad after study. Paranjape Schemes has developed six projects for senior homes; one in Bengaluru and five in Pune, and now they are planning to start three more projects in country, they are also reviewing three projects in San Jose (USA) for senior Indians, who are living over there.

mumbai_realestate

The percentage of ready to move yet unsold residential property is more than 3.5 per cent out of total unsold residential inventory in the MMR (Mumbai Metropolitan Region) and Navi Mumbai, as per the latest report released by CREDAI (Confederation of Real Estate Developers Association of India) and JLL India. However; the total estimated value of ready to move residential inventory is more than Rs. 2,430 crore. From last 30 months, inventory level is continuously increasing in Mumbai Metropolitan Region. Housing inventory level is increasing to record level and it’s just due to the weak sales and unaffordable property prices even than when real estate developers are offering lucrative discount and schemes such as; big discounts, foreign tours, free cars, free ACs, free parking space and more.

In Navi Mumbai, the percentage of completed flats and apartments, which are still waiting for owners or buyers are at 8.13 per cent of the total unsold residential inventory. In Thane and Mumbai, 1.33 per cent and 1.10 per cent of the total unsold residential apartments or flats are ready for possession. According to report, these inventories are overhang in Mumbai Metropolitan Region including Navi Mumbai and Thane from the duration of more than 30 months. There are total 3.35 per cent or 2,600 residential units are available as ready to move inventory out of total 77,460 residential units, which are available in Mumbai, Thane and Navi Mumbai. Currently there are total 5,311 residential units available as unsold inventory which have price more than Rs. 5 crore and about 17,000 residential units have price between Rs. 2 and Rs. 5 crore, however; more than 35,700 residential units have price between Rs. 65 lakh and Rs. 2 crore whereas; 19,500 residential units are priced below Rs. 65 lakh.

According to Ashutosh Limaye, National director of research at JLL India, “For the real estate market of Mumbai there are slow absorption rate because currently buyers are holding their purchasing decisions as they are expecting little more correction in the weak real estate market. It’s just representation that how buyers are showing interest in the completed residential projects. These days real estate market is becoming the end user driven and investors don’t have longer funds to invest in real estate market to get the high rate of return”. The reason behind slow sale of residential unit can be the more price of these 2,600 residential units as they have price more than Rs 1 crore, which is unaffordable for normal Mumbaikars as most are from middle class. However; real estate developers are thinking that they are offering affordable and reasonable ticket sizes and this price is justified as per market conditions.

Suburbs from Goregaon to Vile Parle have more than 205 completed ready for possession unsold units which have price more than Rs. 2 crore. However; the areas where residential units have price below than Rs. 65 lakh are emerging as one of the most affordable region in Navi Mumbai and these areas are; Dronagiri, Karanjade and more which are far away from suburbs off Ghodbunder Road in Thane. In present, some of the real estate developers are already accepts the demand of consumers. Now it’s time when real estate builders should realize that buyers are ready to buy residential projects, but developers should stick to their construction deadlines and they have to complete whole project at correct time.

Even after completion, real estate developers are taking at-least six month of time to sell their entire inventories. As per recent data there are 18 per cent buyers are investing money in starting of project however; 27 per cent buyers are investing money in real estate market near the completion period.

Top three cities to invest

In past three years it has been noticed that property prices increased sharply in most of the major cities in country and Bengaluru, Chennai and Ahmedabad are among top three cities from where one can draw the maximum ROI. While analyzing the property price figures for the duration of Jan to Mar 2015 quarter it is clear that the areas such as; Nungambakkam in Chennai, Silk Board in Bengaluru and Ghatlodiain Ahmedabad witnessed the highest price appreciation, which is the main reason of joy for those who have invested in above mentioned areas. However the analysis is following;

1. Area: Nungambakkam

City: Chennai

Due to latest infrastructure development work and other large projects in favor of Nungambakkam, its only re-development of old projects which led the property price to rise by the value of 8.18 per cent in Nugambakkam in last three months. Retail outlets, Government quarters, hotels and restaurants, are the main attraction of the area however the Nungambakkam is oldest habituated locality in Chennai. Most of the real estate builders have launched their new projects in the region however for some real estate projects construction work is underway, as per the statement of Velmurugan V, a real estate agent from a broker firm.

As Nungambakkam is close to city centre so it is easily connected with rest of the city however; Nungambakkam is mostly housed by the elites of the Chennai, NRIs and HNIs. Here property values in the range of Rs 14, 000 to 18, 600 per sq ft and it makes the Nungambakkam one of the premium areas of city.

2. Area: Silk Board

City : Bengaluru

In past three months the property prices for Silk Board have increased by 10.45 per cent. The main question is that what is working in the favor of this locality? So perfect answer is it’s all about strategic location and connectivity with Outer Ring Road as well as IT areas like; Electronic City, ITPL, and Marathahalli.

Due to being the premium and most busy region in the city Silk Board is famous for arguably being worst traffic spot, but in near future the place is going to witness the several infrastructure up gradation. Everyday millions of people pass through the CBS (Central Silk Board) junction including both public and private transport which is the main reason for long traffic jams.

However the construction work for Elevated Expressway is underway and it is expected that this Expressway will reduce the travel time between Electronic City and Silk Board Junction and it will also help the nearby areas. Current property rates in the area are around Rs 2, 600 to 3, 500 per sq ft.

3. Area: Ghatlodia 

City: Ahmedabad

Ahmedabad is not the metro city, but still the localities of Ahmedabad are able to provide good return on property investment as here few localities are giving strong competition to the premium areas of metro cities and for that the best example is Ghatlodia, as this locality has witnessed more than 8.11 per cent price appreciation in last three months duration.

Here most of the potential customers are the professionals, which are moving in city due to its relaxed lifestyle and affordability, as per the statement of Pragnesh Korat, who is real estate expert in Aakar Estate. The main advantage of Ghatlodia area is that this area is situated near by SG Highway, which directly connects the SP Ring Road through Science City Road. Ghatlodia area shares neighborhoods with some of the most develop areas as well as expensive localities such as; Naranpura and Memnagar. Current property rates in Ghatlodia area are approx. Rs 3, 300 to 4, 100 per sq ft.

Extra FSI can hit the Redevelopment work

Recently, the proposal of Maharashtra government to put extra charge on builders more for the extra 0.33 floor space index (FSI) given for housing projects is likely to hit redevelopment work in Mumbai‘s suburbs. The Maharashtra government has increased the ready reckoner rates by an average 15% every year since 2008 and now government is now considering linking the premium to be paid by real estate developers for the 0.33 extra FSI to ready reckoner rates of 2015 as against current base of 2008 rates.

Effect of an extra FSI:

If this proposal will be accepted, so according to real estate experts, so real estate developers may not find smaller redevelopment projects in Maharashtra viable because of the financial outgo, as the base rate for calculation of premium will increase by almost 100 per cent. This move will push up the costs for home buyers in Mumbai’s suburbs. If central government is serious about project “Housing for All” or to make homes affordable than they need to take the extra measures as most of the announced aim to boost the government’s revenue, but these, including the latest one, will impact home buyers in terms of prices and lower areas offered to existing owners in redevelopment projects.”

In some of the localities and zones, ready reckoner rates have been revised upward by more than 30 per cent to 40 per cent on yearly basis. For the year 2015, revision in rates is popular in suburbs such as Malad, Chembur, Goregaon, Borivali, Ghatkopar and Vikhroli have been increased by 30 per cent to 40 percent. It is the same for plush residential localities such as Worli and areas near Bandra-Kurla Complex. In a sluggish real estate market where prices are weakening, a rise in cost for real estate developers is bound to hit their margins. This is expected to see low number of real estate developers coming forward for smaller redevelopment affordable residential as well as commercial projects in the suburbs.

As per the Nayan Bheda, CMD of Neptune Group, “All the equations in real estate market will change as costing itself will double with this proposal. Redevelopment projects in suburbs like Borivali, Kandivali, Mulund, Bhandup, Kanjurmarg and Dahisar will be hit severely as the cost will move up without much room for recovering it through any price hike”.  Once the proposal is notified, real estate developers are likely to renegotiate on the old redevelopment project agreements as construction is yet to start for them, because most of the real estate builders will be interested in reducing the compensatory benefits, including extra space for tenants.

In 2001, the state government of Maharashtra had decided to grant 0.33 additional FSI to real estate projects in the suburbs and extended suburbs of Greater Mumbai and central Mumbai by sanctioning an amendment to the Development Control Regulations for Greater Mumbai, 1991. As per the Vvikas Aroraa, Director, Marketing & sales, Runwal Group, “The costing is growing up and it will have two possible ramifications. Either home-buyer will have to pay more, which looks unlikely given the current market scenario, or developers’ margins will suffer whereas; other industries in real estate market is assessed on its net realization and profitability , and based on that redevelopment projects in suburbs may not see many takers”.

It is expected that this will make an impact as additional space to be shared with existing tenants. it is expected that this move will help to low the price of housing on the back of augmented supply in the suburbs. The premium accrued to the state government and the Municipal Corporation of Greater Mumbai from this additional 0.33 FSI was to be used on upgrade the city’s infrastructure. The additional FSI could be availed of on payment of premium.

CREDAI showcased 500 projects in Real estate Exhibition at Nashik

In December, 2014, the real estate expo- Shelter 2014 was organized by the Confederation of Real Estate Developers Association of India (CREDAI) at Nashik. It has showcased around 500 residential projects with close to around 5,000 apartments. Municipal commissioner, Praveen Gedam and City Mayor, Ashok Murtadak have inaugurated the four-day exhibition at Dongre Hostel Ground along the Gangapur Road area.

Naresh Karda, the secretary of CREDAI, Nashik, stated that, “The response in the real estate exhibition was excellent and more than 100 real estate builders or developers from across the city have participated in the exhibition. The exhibition has showcased more than 500 residential projects where each projects were having the flats ranging from five to 100 flats or more. The more he added that, “Our main aim was to bring the different projects of city at one platform to facilitate and help buyers. This exhibition has saved the time and it has provided various options for properties at every location. It has helped the buyers or end users or investors to know property prices in all over the city and country.

It was the seventh edition of Shelter 2014, and one of the largest real estate exhibition in north Maharashtra as it have a total of 328 stalls. Different properties such as; flats, row houses, twin bungalows, farm houses and other properties were showcased at the expo. Apart from real estate builders, financial institutions and banks have also participated at the expo to help the consumers in home loaning process.

Recently, the legal metrology department (LMD) has directed to all real estate developers and builder to use the certified equipment across to ensure the quality in all buildings residential and commercial as well.

Sanjay Pande, the controller and special inspector general of LMD met the representatives of the MCHI (Maharashtra Chamber of Housing Industry) on January 3, 2015 to told and inform them to get equipment checked and certified in next three months. Sanjay Pande also added that now it is mandatory to get the certified equipments from authorized department, under the Legal Metrology Act, 2009.

Before two months Pande has taken the charge of LMD and just after one month he started to enforce this little-known provision. In recent incidents on January 3, 2015 department has sealed three more apartments in Krupa Cooperative Housing Society, located in the Mulund (east) because one of the owner complained that the builder had given them less area than mentioned area in the agreement.

Pande suggested to all the real estate builders to appoint representative to check the measurements while handing over to apartments and we want to assure the real estate industry that the department does not want to create obstacles. Other side MCHI (Maharashtra Chamber of Housing Industry) representative and developer Boman Irani, stated that the demand is acceptable.