Tag Archives: Maharashtra

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Japan’s Sumitomo bids record Rs.2238 crore for 3-acre BKC plot

Jul 18,2019 / By / No Comment
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Japan’s Sumitomo bids record Rs.2238 crore for 3-acre BKC plot

In one of the biggest investments by an international firm in the Maharashtra realty sector, Japanese major Sumitomo Corporation has purchased a 3-acre plot in the prime locality of Bandra-Kurla Complex (BKC), Mumbai for Rs.2238 crore.

It ends up to around Rs.745 crore per acre and maybe the largest per-acre land deal in BKC, India. The last time a notable bid was placed was in 2010 when the Mumbai’s realty major Lodha Group offered Rs.653 crore per acre for a 6.2-acre (the total bid was for Rs.4050 crore for the (MMRDA plot) land parcel in Wadala, Mumbai. The reserve price for the plot was decided at Rs.3.44 lakh per sq.m.

The plot, “C-65”, relates to the Mumbai Metropolitan Region Development Authority and an offer letter for it was assigned to Goisu Realty Pvt. Ltd. for an 80 years contract. As per the MMRDA official, Sumitomo was the sole bidder for this plot. MMRDA did not find any bidder among local developers even after it had been put on the block for many months due to the liquidity crisis in the local property market.

Founded in 1919, the Tokyo-headquartered Sumitomo Corporation is span across Japan, Asia, Europe, America, Africa, East Asia, and other countries globally, dealing in infrastructure,  transportation and construction systems, realty, chemicals, minerals, energy, metal products, and media.

Maharashtra Chief Minister Devendra Fadnavis and other senior officials from the state government, MMRDA and the representatives from the buyer’s front were already on the event.

As per the property expert, Sumitomo has given an insane price as the company wants to present in a prime commercial market like Bandra Kurla Complex (BKC), Mumbai. The diversified business magnate plans to build a commercial office complex, which might house its Indian units as well.

The MMRDA official said that Sumitomo will be allowed to use a floor space index (FSI) 4 on the plot, providing it with a built-up area of close to 10 lakh sq.ft.

Maharashtra Chief Minister Devendra Fadnavis called the deal as a “win-win” for both MMRDA and Sumitomo, which has opened a new door for global investors. And many more global corporates are expected to show interest in investing in the BKC in central Mumbai with easy connectivity to the eastern and western suburbs and south Mumbai, Maharashtra.

Image Sources: Google

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Maharashtra: Property is Expected to Get Expensive as Buyers to Pay Input Tax Credit

Jun 12,2019 / By / No Comment
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Property Cost in Maharashtra is Expected to Get Costlier as Buyers Have to Pay Input Tax Credit

The Confederation of Real Estate Developers Association of India (CREDAI) in its annual general meeting which was held in Kolhapur on 8th June 2019 has decided to pass the responsibility of Input Tax Credit to buyers. This move by CREDAI is expected to increase property prices in Maharashtra by Rs.200 per sq ft.

Rajiv Parikh, President of CREDAI has informed that a discussion was made which influenced the industry body to take the decision. However, the effective date of the same is yet to be determined. The industry body will follow up with the State government regarding the same.

Shantilal Katariya, Vice-President, CREDAI, has added that builders are paying 13% tax on all construction materials to the government but they are not recovering the same from the buyers. Input Tax Credit is a part of the Goods and Services Tax (GST), which is applicable in case any goods or services are furnished to a taxable person. Builders were not passing this tax to the buyer.

He also added that CREDAI will follow up the government in this concern.

Earlier a resolution was passed in this regard, asking the government to possess equal provision for RERA as all states have different terms under RERA, which was giving difficulty for business.

As per vice-president of CREDAI, builders in Maharashtra are the most affected as the state alone has a share of almost 50% of real estate business due to rapid urbanization. If there will be an equal RERA in all states, it would ensure a smooth business environment.

In another initiative, CREDAI complimented the government’s decision to amend the Land Title Act. However, to avoid litigation in future, search report for land will be prepared by the state government and not a private lawyer. As a result, it will bring down the number of litigation.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. CommonFloor does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

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Fire Audit Ignored by 99% Housing Societies in Maharashtra

May 29,2019 / By / No Comment
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Nearly 99% of Housing Societies in Maharashtra ignoring safety measures

As per the officials, more or less 99% of the housing societies in Maharashtra have not completed their fire audits which are mandatory. It seems that housing societies in Maharashtra were taking the necessary safety requirements very lightly.
Last week, we have seen that many students have to lose their life in Gujarat due to lack of safety measures. Around 22 students of a coaching center were meet up with a devastating fire at a 4-story building in Surat. Earlier in this month in Surat, three sanitation workers have lost their life due to suffocation while cleaning of a septic tank in a complex.

Seeing the death of workers and students, Maharashtra State Co-Operative Housing Federation Chairman Sitaram Rane claimed that these housing societies were taking the fire safety norms very lightly. However, Thane Municipal Corporation has given order to all the housing society to follow the necessary fire safety norms or authority will take strict action against those found guilty.

He further said that a three-day housing expo would be held in Thane from Friday to Sunday to raise awareness about various issues and some professional services which the residential society can avail.

After Surat incident, many states have come forward to conduct a safety audit as per the authority order. Authorities have also ordered the closure of coaching centers in Rajkot and Vadodara till proper audit of fire safety systems in commercial buildings are conducted. For the time being, Ahmedabad police orders shutting down of coaching classes, dance classes, and summer camps as a protective part.

 

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