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29 - 10 - 2020
CREDAI Bengal Daily News Update | 29.10.20
WEST BENGAL NEWS
Kolkata beats Hyderabad to become most affordable market for
home purchase Affordability has improved in 2020 across all seven major cities despite a fall in average
household income
olkata has emerged as the most affordable market this year for home purchase among India's seven major cities, according to property consultant JLL India.
As per JLL's annual Home Purchase Affordability Index (HPAI), the affordability has improved in 2020 across all seven major cities despite a fall in average household income. The consultant
attributed this to decline in both housing prices as well as interest rates on home loans.
HPAI -- the ratio of the average household income to the eligible household income -- of Kolkata is highest at 203, followed by Hyderabad at 195, Pune 188, Chennai 178, Bengaluru 175, Delhi-NCR 136 and Mumbai 95 during this calendar year.
"HPAI until 2019 indicates that Hyderabad had been the most affordable residential market. In
2020, Kolkata has overtaken Hyderabad to become the best market in terms of home purchase affordability," the report said.
Eligible household income is defined as the minimum income that a household should earn to qualify for a home loan on a 1,000 sq ft flat at the prevailing market price.
A value of 100 means that a household has exactly enough income to qualify for the loan. Below 100 implies that an average household does not have enough income to qualify for a home loan,
while more than 100 means that an average household has more than enough income to qualify for the home loan.
According to the report, Mumbai is moving towards the affordability threshold.
"In 2020, Mumbai continues to be the only market below the affordability threshold of 100," it said.
However, the consultant said Mumbai is the fastest moving city, showing a significant improvement in HPAI from 47 in 2011 to 95 in 2020.
Newspaper/Online Deccan Herald ( online )
Date October 28, 2020
Link https://www.deccanherald.com/business/business-news/kolkata-beats-
hyderabad-to-become-most-affordable-market-for-home-purchase-
908184.html
"Our analysis suggests that despite a fall in household income in 2020, home purchase
affordability has increased in 2020 across all the markets under consideration,” said Ramesh Nair, CEO and Country Head, JLL India.
He projected home purchase affordability to either remain at similar levels or improve during 2021. Nair noted that the broader recovery of the housing market would depend largely upon the
economic environment and the prevailing consumer sentiments. JLL said that property values in a majority of India's prime residential markets have been stagnant
over the past few years, forcing most of the developers to work on very low margins.
On the other hand, household incomes have witnessed steady growth. The growth in household income has been consistently higher than the growth in house prices since 2011.
However, the consultant said the current year has been an exception.
Few developers in certain markets are providing moderate price discounts to facilitate cash flows in the short run. They are offering various freebies such as no EMIs for a year, no stamp duty etc. to attract prospective homebuyers.
This has resulted in a marginal dip in housing prices in certain markets. While prices remained
stagnant in the southern cities of Bengaluru and Hyderabad, the other markets under review witnessed a dip of 1-3 per cent in effective prices.
"At the same time, an unprecedented rise in unemployment, coupled with salary cuts during the year led to incomes decreasing (4-7 per cent dip) by a greater proportion in all the markets," the report said.
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Newspaper/Online The Telegraph ( online )
Date October 29, 2020
OTHER NEWS
Top eight markets Q3 residential launches record 68% rise: Report
Residential launches across India's top eight property markets have witnessed a major upturn with
68 percent jump during the quarter ended September over the previous quarter that was marked
by the lockdowns owing to the outbreak of Covid19 pandemic.
The growth in housing launches was led by Hyderabad, Kolkata, Mumbai and Pune. Launches
rose 658 percent on-quarter in Hyderabad, 326 percent in Kolkata, 238 percent in Mumbai
Metropolitan Region (MMR) and 164 percent in Pune, showed data from Liases Foras Real
Estate Rating & Research.
While sales, launches and inventory levels have improved sequentially from the lockdown
quarter, the performance remains far from recovering to the year ago levels.
Launches continue to be down 70 percent when compared with a year ago period.
These eight tier I markets have recorded sales of 42,297 units in September quarter, up 60 percent
from June quarter. Sales witnessed a maximum Increase of 68 percent in Kolkata followed by 64
percent in Ahmedabad and 60 percent each in MMR and Bengaluru.
Overall sales across tier I cities, however, declined 37 percent from a year ago. Sales in the
National Capital Region (NCR) and Bengaluru witnessed maximum decline of 47 percent and 46
percent, respectively on from a year ago followed by 37 percent in Ahmedabad and 32 percent in
Kolkata. Least decline of sales was seen in Chennai by 22 percent and Pune by 35 percent.
"Sales in the NCR and Bengaluru witnessed maximum decline of 47% and 46%, respective ly.
Least decline was seen in Chennai at 22%," Report.
Prices in the consolidated tier I cities, according to Liases Foras, remained the same on both
sequential and on-year basis.
Unsold units decreased by 3 percent on a sequential basis and the current unsold across top 8
cities stands at 932,767 units. Months’ inventory reached 66 months during the quarter from 109
months in the previous quarter which is a 39 percent drop as sales increased faster than new
launches. Although when compared to the year ago period it still remained 54 percent higher.
________________________________________________________________________
Newspaper/Online The Times of India ( online )
Date October 28, 2020
Link https://content.magicbricks.com/property-news/top-eight-markets-q3-
residential-launches-record-68-percent-rise-report/116942.html
Residential market remains subdued in September quarter
In some respite, unsold stock in tier-I cities decreased by 4% in the September quarter
compared to the same period last year, on the back of sharp decline in new launches
The residential market continued to remain subdued in the September quarter compared to last
year, according to data released by Mumbai-based research firm Liases Foras.
Home sales across top eight cities declined 37% on a year-on-year basis to 42,297 units. While
the sales in NCR and Bengaluru witnessed maximum decline of 47% and 46% y-o-y respective ly,
sales in Ahmedabad came in lower by 37%, Kolkata declined by 32% and Pune by 35%. Least
decline of sales in percentage terms was witnessed in Chennai as the sales fell by 22%.
In some respite, unsold stock in tier-I cities decreased by 4% in the September quarter compared
to the same period last year, on the back of sharp decline in new launches.
The unsold stock at the end of the quarter stood at 9,32,767 units across Ahmedabad, Bengaluru,
Chennai, Hyderabad, Kolkata, MMR, NCR and Pune. NCR showed the maximum reduction by
11% in unsold units stock followed by Kolkata and Hyderabad by 10% and 8% respectively. Only
Pune witnessed a growth of 1% in unsold units.
New launches decreased by a steep 70% on a y-o-y basis to 18,591 units. New
launches in Chennai witnessed maximum decline of 86% followed by Kolkata with 81% decline,
Bengaluru by 80%, Hyderabad by 78%, Pune by 76%, Ahmedabad by 64%, NCR by 63% and
MMR saw the least decline in launches at 58%.
Overall months inventory increased by 54% on y-o-y basis to 66 months versus 43 months in the
September quarter last year. Inventory months increased maximum in Bengaluru by 74% to 97
months, followed by MMR to 85 months and NCR to 81 months.
Newspaper/Online Financial Express ( online )
Date October 29, 2020
Link https://www.financialexpress.com/industry/residential-market-
remains-subdued-in-september-quarter/2116005/
However, weighted average price across tier-I cities remained the same as compared to a year
ago at `6,730 per square feet. Chennai exhibited maximum increase in prices by 3% to Rs 5,168
per square feet, followed by 2% in Hyderabad to Rs 5,777 per square feet. Meanwhile prices
dipped in MMR by 3% to Rs 12,057 per square feet,
Kolkata by 3% to Rs 4,192 per square feet and Pune by 1% to Rs 5,234 per square feet. The prices
remained stable in Bengaluru and NCR at Rs 5,497 and Rs 4,620 per square feet respectively.
_____________________________________________________________________
Haryana RERA penalises several realtors for malpractices
In proceedings against CHD Developers, Ireo, Landmark Apartments, Siddhartha
Buildhome, Vatika, Tashee Land Developers and Tulsiani Constructions and Developers, it
ordered attachment of the bank accounts along with the movable properties of their
directors.
Acting tough, the Haryana Real Estate Regulatory Authority has penalised several colonisers for indulging in malpractices.
The RERA bench, headed by its Chairman K.K. Khandelwal and member S.C. Kush, on Tuesday took action against the promoters of various companies in the wake of complaints by allottees .
In proceedings against CHD Developers, Ireo Private Ltd, Landmark Apartments Private Ltd, Siddhartha Buildhome Private Ltd, Vatika Ltd, Tashee Land Developers Private Ltd and
Tulsiani Constructions and Developers Private Ltd, it ordered attachment of the bank accounts to the extent of Rs 7 crore along with the movable properties of their directors .
An order has been given to issue a bailable warrant against the directors of Prime Time Infra Projects Private Ltd for not complying with the orders of the authority.
During the hearing pertaining to execution petitions, the authority observed that Clarion
Properties Ltd has committed a gross violation of Section 3 of the Act by not registering its project with the authority.
It directed to issue a show-cause notice against the developer for non-registration of project under Section 59, which states that "the promoter shall be liable to a penalty up to 10 per cent of the estimated cost of the real estate project" and if the promoter continues to violate the provisions of
Section 3, he shall be punishable with imprisonment for a term up to three years or with fine further up to 10 per cent of the estimated cost of real estate project, or with both.
Stringent action has been taken against the promoter in the complaints against Supertech Ltd,
with the authority ordering it to pay Rs 5 crore to the allottee for delay in handing over of possession by the promoter.
A hefty cost of Rs 130,000 was imposed on Supertech Ltd for not filing reply within the stipula ted time and the fine has been paid, which will be disbursed to the allottees .
Newspaper/Online ET Realty ( online )
Date October 28, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/haryana-
rera-penalises-several-realtors-for-malpractices/78914563
Khandelwal, in a statement, said that such actions against the defaulting promoters would not
only help providing an environment of growth and development of the real estate sector but would
also assist the allottees in gaining and preserving their trust in the authority for quick redressal.
________________________________________________________________
Jaipur development body will transfer land for MLA flats to RHB
after cabinet's nod
The RHB will take possession of 54 MLA bungalows and sell it off after demolition. A
meeting on November 5 is also scheduled to draft a proposal of 24,810 square metre land of
MLA quarters in Jalupura.
The state government has started the process to transfer 22,260 square metre land for the construction of multi-storeyed MLA apartments in Jyoti Nagar.
The Jaipur Development Authority (JDA) will transfer the land to Rajasthan Housing
Board (RHB) after the cabinet’s nod. An official informed, “A meeting by the chief secretary was called to discuss the issue. Urban
development and housing (UDH) minister Shanti Dhariwal will send a proposal to the cabinet for approval. Once a nod is received, the possession of land will be taken over by the general
administration department (GAD) and then transferred to the RHB,” he said.
The RHB will take possession of 54 MLA bungalows and sell it off after demolition. A meeting
on November 5 is also scheduled to draft a proposal of 24,810 square metre land of MLA quarters
in Jalupura. The revenue earned after selling the land of these bungalows at Lal Kothi and
Jalupura will be utilised to construct the apartments.
An official informed that the RHB has proposed to construct an eight-storey building in the
periphery of legislative assembly to accommodate 160 MLAs. Considering the project as a special
case, the 28-metre building height has been proposed against the 15-metre mentioned in the
building bylaws.
Although, the design has received in-principle approval, the final nod to provide relaxation in the
bylaws will be received by the urban development and housing (UDH) minister Shanti Dhariwa l,
as for the assembly’s structural dominance, in the 100-metre periphery, the height of the buildings
is restricted up to 15 metre.
________________________________________________________________
Newspaper/Online ET Realty ( online )
Date October 28, 2020
Link https://realty.economictimes.indiatimes.com/news/residential/jaipur-
development-body-will-transfer-land-for-mla-flats-to-rhb-after-
cabinets-nod/78905037
Mohali development body sells 57 residential sites in e-auction,
earns Rs 417 crore
Gmada had offered a total of 113 commercial and residential sites worth Rs 800 crore, out
of which only 57 sites worth Rs 417 crore were auctioned.
A residential site measuring 500 square yards in Aerocity fetched Rs 1.93 crore while a booth in
Sector 61 went for Rs 1.15 crore as Greater Mohali Area Development Authority (Gmada) fetched Rs 417 crore by selling its 57 sites in an e-auction concluded late in the night on Monday.
Gmada had offered a total of 113 commercial and residential sites worth Rs 800 crore, out of which only 57 sites worth Rs 417 crore were auctioned .
The residential plot of 500 square yards which fetched Rs 1.93 crore had a reserve price of Rs 1.40 crore and was auctioned for just Rs 53 lakh and a booth fetched Rs 38 lakh more than the
reserve price of Rs 77 lakh to be sold at Rs 1.15 crore.
The e-auction was held after a gap of eight months from October 10 to 26 after Gmada slashed
the reserve price by 10%. However, Gmada had further offered a rebate of 10% if the successful
bidders deposit the full amount within 60 days of the e-auction end date. The last auction for
properties was held in February this year when Gmada managed to sell 32 out of the 67 sites after
offering a rebate of 20% in reserve prices.
Gmada offered a total of 22 residential sites out of which it managed to sell 14 sites and out of a
total of 32 commercial sites, it sold 28 booths. A hospital site measuring 16320 square yards in
Aerocity went for Rs 49 crore against a reserve price of Rs 24 crore, said a senior officer .
A group housing society in Sector 77 went for Rs 97 crore against the reserve price of Rs 45
crore. A commercial site in Aerocity measuring 4 acres went for Rs 116 crore against the reserve
price of Rs 83 crore. Gmada even sold seven IT sites, for which the calculations are yet to be
done. There were no takers for a school site in Eco City and four hotel sites in various parts of
Mohali.
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Newspaper/Online ET Realty ( online )
Date October 28, 2020
Link https://realty.economictimes.indiatimes.com/news/residential/mohali-
development-body-sells-57-residential-sites-in-e-auction-earns-rs-417-
crore/78905003
Pune civic body collects Rs 85 crore from property tax defaulters
PMC has waived off Rs 41 crore penalties owed by around 37,000 property owners. The
civic body had to recover Rs 4,500 crore from defaulters — dues of Rs 2,100 crore and
Rs2,400 crore in penalties.
The civic body has raked in Rs85 crore from property tax defaulters, who took advantage of the 80% penalty waiver offered under the amnesty scheme.
PMC has waived off Rs41 crore penalties owed by around 37,000 property owners. The civic body had to recover Rs4,500 crore from defaulters — dues of Rs2,100 crore and Rs2,400 crore
in penalties.
The defaulters must pay a 2% levy on pending tax. Those who have defaulted the tax include owners of small homes as well as large commercial properties, well-known developers, industr ia l units and hotels, PMC officials said.
PMC had introduced the amnesty scheme to provide relief in the backdrop of the coronavirus
pandemic.
“The deadline to pay tax is November 30. We are likely to introduce a penalty on defaults later,
so the overall benefit of the amnesty will be reduced. So people should ideally pay the tax before
October 31 to avoid last-minute hassles,” Vilas Kanade, head of PMC property tax department,
said.
As per PMC data, 10.5 lakh properties are registered, of which around four lakh have yet to pay
taxes. Taxpayers have the option of paying the taxes both offline and online .
“The civic body aims to recover the maximum tax from defaulters. The amnesty scheme is a step
to appeal to the defaulters and make them pay their dues,” Hemant Rasane, chairman of the civic
standing committee, told TOI.
________________________________________________________________
Newspaper/Online ET Realty ( online )
Date October 28, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/pune-
civic-body-collects-rs-85-crore-from-property-tax-defaulters/78904946
Coimbatore civic body releases list of top 100 property tax
defaulters
The civic body had compiled a list of top 20 defaulters in each zone and some of them had
not paid the property tax from as early as 1998.
The city corporation on Tuesday released a list of top 100 defaulters who had failed to pay a sum
of Rs 21 crore in total as property tax and had warned them to pay the due amount immediate ly.
The civic body had compiled a list of top 20 defaulters in each zone and some of them had not paid the property tax from as early as 1998. The defaulters list includes educational institutions, hotels, companies, supermarkets and a shopping complex.
The pending property tax that needs to be paid by the top 20 defaulters is Rs 5.66 crore in east
zone, Rs 1 crore in west zone, Rs 2.14 crore in south zone, Rs 4.58 crores in north zone and Rs 7.59 crore in central zone, according to the list.
Corporation commissioner P Kumaravel Pandian in a statement directed all the defaulters to pay
their pending amount immediately if not drinking water connection would be disconnected as per
the Section 204 (1) of Coimbatore City Municipal Corporation Act, 1981.
If they failed to pay the amount even after disconnecting the water supply connection, movable
properties would be seized by the corporation, he added.
A civic body source said most of the defaulters had not paid the tax amount since 2017 and in
some cases years before that. “The defaulters have already crossed the deadline to pay their due
amount and now only grace time – a week or so – is given to them. If they fail to pay, we will
take action.”
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Newspaper/Online ET Realty ( online )
Date October 28, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/coimbato
re-civic-body-releases-list-of-top-100-property-tax-defaulters/78904976
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