New Commitee appointed to study amendments  Maharastra apartment onwership act

A new 10-member committee was appointed by the state government last week to study amendments to the Maharashtra Apartment Ownership Act, 1970. In October last year, a 15-member panel had submitted recommendations on the amendments. The move has raised eyebrows of activists in the housing sector. The state has 1 lakh buildings under the Apartment Act, including 15,000 in Pune district. Commissioner for Cooperation and Registrar of Cooperative Societies along with members of the property registration department, Pune collector and officials of the law department. Ownership Act, Rules and Bye Laws to State Cooperative Department so the constitution of a new committee without any experts such as Pune Federation, a parent body of apartments in Pune or The Maharashtra State Housing Federation is a matter of concern. Commissioner for Cooperation Deepak Taware said that he would submit the report in consultation with the members. The Maharashtra Apartment Ownership Act, 1970, governs the ownership, management, and transfer of apartments in the state. Maharashtra State Housing Federation chairperson Suhas Patwardhan MK Rao, a member of an apartment association, said that while the suggestions act was to make way for more redevelopment proposals, eviction of those obstructing redevelopment won’t be easy. 

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Land Prices soar in Amaravati 

Lnad prices came down anywhere between 60% and 75% after outgoing chief minister  Y S Jagan Mohan Reddy announced his plans of three capitals in 2019. Real estate prices zoomed in Amaravati witnessing anywhere between 50% and 100% increase in just three days after the election results are out. The massive victory of the TDP, Jana Sena and BJP alliance has cleared the uncertainties over the capital, renewing the buyers' interest.
on June 12 near the All India Institute of Medical Sciences (AIIMS) in the capital region. Farmers are expecting a further increase of land prices in case of a positive statement by Modi. Land prices came down anywhere between 60% and 75% after outgoing chief minister Y S Jagan Mohan Reddy announced his plans of three capitals in 2019. All euphoria created around the proposed futuristic capital city vanished. After five years, with govt change, the realty sector in Amaravati is witnessing a 'V' shaped recovery in terms of prices. Several central government institutions like Reserve Bank of India, Comptroller and Auditor General (CAG), CPWD, Public Sector Undertakings like NTPC, ONGC, Indian Bank, State Bank of India.  and others have purchased lands to set up their regional offices in Amaravati Sources said that Naidu is looking to bring all these institutions to Amaravati as soon as possible so that the economic activity will start rolling. 

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Luxury real estate demand may see moderation in near future 

The luxury real estate segment is likely to plateau in the near-future and affordable housing may take off as the new government takes charge, said Pankaj Kapoor, founder and managing director of real estate research firm Laisas Foras. Niranjan Hiranandani, the managing director and co-founder of Hiranandani Group, said the new government should take steps to ensure affordable housing is possible in cities such as Mumbai. “Today, almost 50 percent of the cost of the house is in government taxes, charges for development, floor space index and goods and services tax. As far as affordable housing is concerned in Mumbai and the suburbs, these taxes need to come down otherwise it is just not possible. Affordable housing doesn’t exist because the government charges are just too high,” Hiranandani told CNBC-TV18. On the real estate outlook of the financial capital of the country, Hiranandani said he is upbeat and believes change in political composition in both Maharashtra and the country, following the outcome of the Lok Sabha elections 2024, will not have any impact.  Apart from the state, the Central government also has prioritised infrastructure of Mumbai. He said, “… the central government’s commitment for the city includes bullet train, Delhi-Mumbai industrial corridor… if you look at Mumbai separately, in the next two years 330 km of metro will be coming up, we have a coastal road going to be delivered in the next three months and we have a cross harbour link, which is opening a new scope of development in the city.” The support will be there as far as affordable housing is concerned despite INDIA bloc getting a higher number in the state, he said.Moreover, Hiranandani believes that the new government, which will take charge after the upcoming Maharashtra elections, will prioritise slum redevelopment. With the kind of mandate the Prime Minister Narendra Modi-led government at the Centre received, Kapoor believes affordable segment is likely to get a boost. However, he also noted that investment in infrastructure is unlikely to slowdown despite the less-than-expected mandate for the saffron party.

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New Government must bring policy reforms in realty sector NAREDCO

The real estate sector is at a crucial point, with great growth potential but significant challenges. To reach a market size of USD 1 trillion by 2030 and become a net-zero carbon industry by 2047. Tuesday demanded that the new government should bring policy reforms for growth in real estate sector and provide tax incentives to home buyers as well as developers to boost housing demand. The association also sought streamlining of getting approvals to develop projects. Lok Sabha elections 2024, , "The real estate sector is at a crucial point, with great growth potential but significant challenges. To reach a market size of USD 1 trillion by 2030 and become a net-zero carbon industry by 2047, we need government support." This can be achieved by setting the first Rs 20 lakh or Rs 25 lakh of a home loan at a 5 per cent interest rate for the first five years, l (India), the infrastructure sector along with the real estate sector is key for achieving the goal of 'Vikshit Bharat'. We also expect the new government to address some of the challenges faced by these sectors and take the lead in convincing the GST Council
 

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Home Loan borrowers may have repaid higher amounts 

Mortgage disbursals are far exceeding the amount of outstanding home loans indicating faster industry-level growth and a pronounced revival in incomes that has prompted end-users to prepay liabilities or reduce debt through lump-sum part payments ahead of schedule. An analysis of data showed that higher repayments and prepayments optically limit the pace of mortgage expansions. In FY23, for instance, the combined outstanding home loan portfolio of public sector and private banks and housing finance companies, which account for a big majority of the home loan market in the country was, Rs 3.62 lakh crore. But disbursements were much higher - at Rs 8.08 lakh crore. In FY24, State Bank of India, which has 25 percent of market share, said its outstanding portfolio rose 13 percent disbursements rose 17 percent and sanctions rose 21 percent. For Bank of India, the outstanding home loans rose Rs 8,000 crore in FY24, while disbursal rose Rs 23,000 crore. With the revival of the economy and improvement in the income levels, sizable borrowers of home loans are using their surplus funds to repay and prepay their loans so that the interest burden is also less, said a senior analyst with a rating agency.  In FY23, for instance, the combined outstanding home loan portfolio of public sector and private banks and housing finance companies, which account for a big majority of the home loan amrket in the country was, Rs 3.62 lakh crore .
 

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