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Affordable Housing CIDCO Lottery 2020 Real Estate Real Estate News Smart Residential Living

CIDCO Lottery 2020: Check eligibility, online registration, allotment, draw date, and price

Jan 3,2020 / By / No Comment
CIDCO Lottery 2020 details

Highlights of CIDCO Lottery Scheme 2020 Navi Mumbai

  • The City and Industrial Development Corporation (CIDCO) plans to offer 94,000 affordable homes in the Navi Mumbai region-Taloja, Bamandongri, Juinagar, Kharghar, Panvel, Kharkopar, and Kalamboli.
  • The expected flat size for EWS flats is 25.81 sq.m. and LIG flats are 29.82 sq.m.
  • Expected prices for EWS flats will be between ₹17 lakhs and ₹18 lakhs.
  • LIG flats will range between ₹25 lakhs and ₹ 26 lakhs under CIDCO Lottery Scheme 2020.
  • The beneficiary under the Economically Weaker Section (EWS) category will have to deposit ₹5000 and under the Lower Income Group (LIG) category will have to deposit ₹25,000 as the earnest money.

Overview of Upcoming Cidco Housing Scheme 2020

Scheme name

CIDCO Housing Lottery Scheme 2020

Launched by

Maharashtra Government

The start date for applying

1st Jan’ 2020

Last date for applying

31st Jan’ 2020

Number of flats

94000 units

Beneficiary

EWS & LIG Sections

Category

State Govt. Scheme

Official website

https://lottery.cidcoindia.com

About CIDCO Lottery 2020 Navi Mumbai

The City and Industrial Development Corporation (CIDCO) plans to offer 94,000 affordable homes in the Navi Mumbai region. Under this housing scheme, CIDCO will construct 1.10 lakh homes for the said categories in different parts of Navi Mumbai. Of all, around 94,000 houses will be up for the lottery scheme. It is expected that around 53,000 flats will be available for the Lower Income Group (LIG) category while the remaining 41,000 units will be available for the Economically Weaker Section (EWS) category.

The plan to provide affordable housing to poor people is on track. The construction of these houses will start after completion of registration under the Maharashtra Real Estate Regulatory Authority (MahaRERA). All lottery winners of CIDCO Lottery 2020 will be able to pay their booking amount as the construction progresses. On completion of construction, CIDCO Lottery 2020 will be one of the biggest bulk of houses provided under Pradhan Mantri Awas Yojana (PMAY).

The upcoming CIDCO Lottery 2020 in Navi Mumbai, Maharashtra, will have all the units within 2 km of the rail network, metro network, and bus terminals. The online application process will start at lottery.cidcoindia.com from the 1st of January 2020.

Aim of CIDCO Housing Scheme 2020:

Through this housing scheme, the aim of the current govt.is to make housing facilities easily available to the economically backward classes housing, sanitation, and development is the core concern that needs to be addressed. Although to overcome this burden many initiatives have been taken by the govt.

Flat sizes:

The expected flat size would be 25.81 sq.m for EWS category flats while for LIG flats it would be 29.82 sq.m.

CIDCO Lottery Scheme 2020 will present homes in the following areas:

  1. Taloja
  2. Kalamboli
  3. Bamandongri
  4. Kharghar
  5. Kharkopar
  6. Panvel
  7. Juinagar

Flat Price:

  • EWS Category – ₹ 17 lakh and ₹ 18 lakh (expected)
  • LIG Category – ₹ 25-26 lakh (expected)

Earnest Money:

All those people who get selected for EWS category flats will have to deposit ₹ 5,000 as earnest money while LIG category flat holder will have to deposit ₹ 25,000 as earnest money.

Eligibility Criteria:

To inform the beneficiaries of the scheme, the CIDCO has drafted a set of guidelines for the same. Not all are eligible for the scheme. The corporation has included monthly income criteria to identify suitable applicants. To apply for the EWS category, an applicant’s monthly income should be less than or equal to ₹ 25,000. To apply for the LIG category, an applicant’s monthly income should fall between ₹ 25,000 and ₹ 50,000.

Documents required:

  1. Aadhar Card
  2. Income Proof Certificate
  3. PAN Card
  4. Domicile Certificate
  5. Voter’s ID
  6. Bank Details

Process of applying:

  • Visit CIDCO official website i.e. https://lottery.cidcoindia.com/App/
  • Register yourself on the portal
  • Fill the online form to apply for the housing scheme. The applicant will be asked to furnish certain details such as the current address, PAN Card, Aadhaar Card and bank account
  • Upload the soft copies of all the submitted documents
  • Click on the Submit Button
  • Now, the applicant will be asked to pay the registration fee. The user can use online banking, or credit/debit cards to make the payment.

How to check the accepted list of applicants?

  • Visit the website- lottery.cidcoindia.com/App
  • On the header of the website Click ‘Accepted Applications’. Then you will be redirected to a new page where you can select the lottery scheme.
  • Select the location which you have filled in your online application form. You can search your name on the list if your application has been accepted for Cidco Lottery 2020.

How to check the result for CIDCO Lottery Scheme 2020?

  • Log in to website lottery.cidcoindia.com or www.cidco.maharashtra.gov.in
  • Click on the link “View Lottery Result 2020″
  • Fill up your details to check the results.

Image Source: Awasyojana.in

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CIDCO Lottery 2019: Registration Deadline Extended Till 5th November

Oct 17,2019 / By / No Comment
CIDCO Lottery 2019

 

The City and Industrial Development Corporation (CIDCO) has extended the last date of application for its housing schemes, the Swapnapurthi Housing Scheme and the Mass Housing Scheme to 5th November 2019. The state-run body is planning to allocate over 9,500 homes across Navi Mumbai under the schemes. These units are largely meant for buyers from the low-income group (LIG) and economically weaker sections (EWS) categories at a starting cost of Rs 18 lakh.

CIDCO Lottery 2019 latest information

Detailed Information On CIDCO Housing Schemes 2019

Under the Swapnapurthi Housing Scheme 2019, about 814 units will be given to buyers from LIG and EWS categories in Sector 37, Kharghar. Approximately 619 homes are in the LIG category while 195 are in the EWS category. The size of the home proposed for the EWS category is 28.63 sq.mt. and the base price is Rs 24.9 lakh. Units proposed for the LIG category are nearby 34.36 sq.mt, for which the base price is Rs 39.1 lakh. The registration process has started on 30th August 2019.

Booking Amount

The applicants have to deposit Rs 5,000 as security money for units under the EWS category and Rs 25,000 under the LIG category.

Important dates

  • November 4, 2019: Registration ends.
  • November 4, 2019: NEFT/RTGS Challan generation ends
  • November 5, 2019: Online registration ends
  • November 6, 2019: Online payment and NEFT/RTGS last date
  • November 19, 2019: Publication of final list of accepted applications
  • November 26, 2019: Lottery Draw at 10.00 am

CIDCO Mass Housing Scheme 2019

The CIDCO will be allocating approximately 9,249 homes under the Mass Housing Scheme. The applicants have to deposit Rs 5,000 as security money for units under the EWS category and Rs 25,000 under the LIG category. An extra charge of Rs 250 has to be paid as a registration amount. The housing scheme offers units in Taloja, Ghansoli, Dronagiri, and Kalamboli. The flats in the EWS category are starting from Rs 18 lakh while the LIG category units are starting from Rs 25 lakh onwards. The registration for which has already commenced from 11th September 2019.

Important dates

  • 4th November 2019: Last date of registration
  • 5th November 2019: Last date of online registration
  • 6th November 2019: Last date of NEFT/RTGS payment
  • 15th November 2019: Publication of draft list of accepted applications
  • 19th November 2019: Publication of final list of accepted applications
  • 26th November 2019: Lottery Draw at 10.00 am

Eligibility Criteria

An applicant whose average monthly income of Rs 25,000 can apply under the EWS category while those with an average monthly income between Rs 25,001 and Rs 50,000 could apply under the LIG category.

How to check the list of accepted applications?

Here is a step-by-step guide to check the list of accepted applications:

  1. Visit lottery.cidcoindia.com/app
  2. Click ‘Accepted Applications’. The page will be moved to a new page where you can choose the lottery scheme.
  3. Select the area which you have chosen in your online application form. You can see your name on the list if your application has been allowed by CIDCO.

How to verify the results for CIDCO 2019 lottery?

The results can be seen on www.Cidco.maharashtra.gov.in and lottery.Cidcoindia.com after 6 PM.
Here is a step-by-step guide to check the results for CIDCO 2019 lottery

  1. Log on to lottery.Cidcoindia.com
  2. Click on the ‘View Lottery Result’ link
  3. Fill up the required application sections to check the CIDCO lottery result 2018

Important contact numbers

Applicants can communicate on 1800222756 for more information regarding the lottery details.

90,000 Homes Coming Soon

Earlier, the urban body, City and Industrial Development Corporation (CIDCO) declared that it is planning to offer 90,000 affordable homes in Navi Mumbai areas such as Kalamboli, Taloja, Juinagar, Bamandongri, Panvel, and Kharghar in its upcoming housing scheme. The scheme is expected to come soon. Lottery winners will be fit to pay as construction progresses. According to CIDCO officials, out of these 90,000 homes, 53,000 units will be under the EWS category while 37,000 units will be in the LIG category.

It was in October 2018 when the CIDCO had put over 14,800 homes on sale for which 2 lakh applications were obtained. As per the media reports, over 51,000 people have applied in the 2019 housing scheme, in the open category under Prime Minister Awas Yojana (PMAY). The list of winners is available on www.lottery.cidcoindia.com. As many as 58,700 applications were received by the CIDCO.

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Properties to Get Costlier as Stamp Duty in Mumbai Hiked to 6%/commonfloor

Mar 5,2019 / By / No Comment
Stamp Duty CF

Stamp duty and registration charges in Mumbai continue one of the largest sources of revenue for the state government of Maharashtra. As a matter of fact, the government has been pitching on Mumbai’s real estate boom to encourage growth and development.

The Maharashtra government’s decision to raise a 1% surcharge on stamp duty for properties in Mumbai, could negatively affect the realty market and home buyers, nowadays when property deals are already charged with high tax rates.

It would be raised on the sale, lease, mortgage, and gift of real estate transaction, within the area of the Brihanmumbai Municipal Corporation (BMC). The existing stamp duty on houses in Mumbai is 5%, which will now increase to 6%, making properties more costly.

Stamp Duty CF

How the Stamp Duty Hike Will Impact the Homebuyers?

This move is particularly discouraging for the mid-segment homebuyers who are thinking of buying property due to easy availability of options and reduce interest rates currently.

Hence, if the ready reckoner rate for a property is Rs 2.75 lakhs and the agreement value is Rs 5,50,000,00 lakhs, then, the stamp duty will be calculated on the agreement value of Rs 5,50,000,00 lakhs.

A Comparative Study of Property Charges Before the Hike

Assume you buy a 200 sqm flat near Andheri where the Ready Reckoner rate for residential property is Rs 264200 per sq.mt. Considering the property’s agreement value is the same as the Ready Reckoner Rate in the locality, your property price calculation will be as follows:

Total Cost of the property before the hike

A. Area of the flat

200 sqm

B. Ready Reckoner Rate

Rs 2,75,000/sqm

C. Price of flat (AxB)

Rs 5,50,00,000

D. Stamp Duty (5% of C)

Rs 27,50,000

E. Registration fee

(1% of C or 30,000, whichever is less)

Rs 30,000

F. Total cost (C+D+E)

Rs 5,77,80000

A Comparative Study of Property Charges After the Stamp Duty Hike

Total Cost of the property after the hike

A. Area of the flat

200 sqm

B. Ready Reckoner Rate

Rs 2,75,000/sqm

C. Price of flat (AxB)

Rs 5,50,00,000

D. Stamp Duty (6% of C)

Rs 33,00,000

E. Registration fee

(1% of C or 30,000, whichever is less)

Rs 30,000

F. Total cost (C+D+E)

Rs 5,8330000

The above table is showing that before rate hike one has to Pay Rs.5,77,80000 for a 200 sqm flat in Maharashtra but after a rise of 1% as a surcharge, for the same property, people have to pay Rs.58330000 which goes Rs.550000 more.

But wait, this isn’t the actual cost of the apartment. There are many other un-advertised costs which are hidden and are calculated over and above the advertised price. And yes, do n’t make the mistake of underestimating these costs as they normally make up to 20% of the advertised cost.

Here are what all the costs a builder/developer will charge you when you actually buy the apartment/property and sign the buyer’s agreement in Maharashtra:

What Are the Hidden Charges a Homebuyer Have to Pay to Buy a Flat in Mumbai?

Nature

Amount in Rs.

Calculation Basis

BSP

3000000

1200 Sq. feet * 2,500

PLC

 120000

4% of BSP. PLC location depends on buyers

EEC & FFEC

  60000

1200 Sq. ft * Rs. 50 per Sq. ft.

EDC & IDC

120000

1200 Sq.ft. * Rs.100/ Sq.ft.

Open Car parking space

125000

Fixed amount (differ from project to project)

Covered parking space

200000

Fixed amount (differ from project to project)

Club membership

 45000

Fixed amount (differ from project to project)

Power back-up

 30000

Fixed amount (differ from project to project)

Electric Connection charges

   3000

Fixed amount (Approximate value)

Water, Drainage, and Sewerage

   3000

Fixed amount (Approximate value)

Stamp Duty

180000

6% of BSP. Need to be paid to the government

Registration Fees

30000

1% for every state

GST Tax

360000

12% of BSP. Need to be paid to the government

Total Advertise Cost

3000000

Total (Extra and hidden costs)

1276000

Grand Total

4276000

Please note that all the charges are calculated on the basis of Super Built-up Area and not Built-up Area. As per industry standards, the difference between the super area and built-up area is approximately 18-20%. i.e. while you pay the price for 1200 sq.ft. (super area), the actual built-up area in your apartment would be somewhat 960 sq.ft. (1200 – 20% of 1200) = 960 sq.ft.

Government’s Decision to Deduce the GST Rates

This is not the end. Recently, the GST Council has made a decision to reduce the Goods & Service Tax (GST) rates for under construction projects to 5% from the effective rate of 12%. Keeping in mind the objectives of  “Housing for All by 2022”, the government has reduced the GST to marginal 1% for affordable housing. Apart from that, completed projects which have received Occupancy Certificate (OC) will not attract GST.

Rationalization of GST Rate:

Residential Segment Type

Existing Effective GST Rate

New Effective GST Rate

ITC Availability

Residential properties outside affordable segment

12%

5%

Without ITC

Affordable housing properties

8%

1%

Without ITC

Once the decision will come into force, the property rate will decrease and will benefit the homebuyers across the nation. The above property calculation table where the GST rate is taken as 12% on the BSP, the buyer has to pay Rs.3,60,000 as GST charges on their home. The purchase will be reduced by Rs.2,10,000 (Rs.360000 – Rs.1,50,000). We can say that homebuyers will save up to Rs.2,10,000 on their purchase.

How the Stamp Duty Hike Will Impact the Mumbai Property Market?

Property in Mumbai is remarkably overpriced and most of the demand is moving towards Navi Mumbai and Thane. Now, those who are moving from the suburbs to the Island City will be the ones who would be most affected. If the surcharge is imposed, homebuyers will move to Thane and Navi Mumbai for their housing needs more actively.

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