New TDR policy for Mumbai Metropolitan Region

In a move that will allow higher vertical development in the Mumbai Metropolitan Region (MMR) even as it reduces the burden on civic infrastructure in congested areas, the state’s urban development has now issued a final notification to amend transferable development right (TDR) rules for six cities. However, this notification will not apply to the island city and the suburbs.
TDR is granted by the civic body when a land owner or a developer submits his land to develop a public amenity or to house slum dwellers for free. In return, the developer is granted TDR certificate that gives him development credit or the right to construct elsewhere in the city.
The notification issued on Friday links utilisation of TDR to the width of the roads and plot size, allowing higher vertical development for wider roads and curbing construction of skyscrapers on narrow roads. For instance, a developer constructing on a 4,000 sqm plot abutting a 30m-wide road, can utilise maximum TDR at 1.40. For the same sized plot abutting a narrower road — between 24m and less than 30m — 1.15 TDR can be used. No TDR can be used on plots abutting roads with a width less than 9m.
This notification is applicable to six cities in the MMR, including Thane, Vasai-Virar, Mira Bhayander, Kalyan-Dombivli and Bhiwandi-Nijampur. The state is also expected to issue the final revised TDR rules for Mumbai this month.
The new rules offer greater TDR of up to three times to surrender a plot in the congested area of the city and twice for the plot surrendered in a non-congested part of the city. TDR is an important component to redevelop existing localities and buildings as it can be used to hike the base Floor Space Index (FSI) allowed in a city to facilitate more construction.
The state government had decided to revamp existing TDR rules for the state to bring compensation for those who offer their lands for public purpose on a par with the new Land Acquisition law of 2013. Last year in May, the state issued a notice to amend the TDR rules and has now finalised these norms, revising them following suggestions and objections from stakeholder and citizens.
Separate TDR notifications were issued for MMR and one for 18 other cities in the rest of the state this week.
Developers had been wary of linking of TDR to road width, pointing out that this would stall redevelopment in congested localities. However, officials have pointed out that the revised norms will reduce burden on civic infrastructure and make way for more planned development. They also pointed out that all special cases like slum redevelopment, cluster redevelopment, redevelopment of old buildings, Metro Influence Zone had been kept out of the road width ambit and hence their revamp will not be affected. “In cities like Thane, Kalyan-Dombivli, these norms will help unclutter the city. By offering good compensation by way of higher TDR to land owners, it will be easier to acquire land for public purposes even affordable housing or cluster redevelopment. The flow of TDR in the market will increase and bring prices down. Further, since it cannot be utilised on plots on narrow roads and alleys, the burden on civic infrastructure will come down,’’ said a senior official.

Smart cities list

On Thursday, Urban development minister M Venkaiah Naidu announced the first list of 20 cities to be developed as Smart Cities,

Viz..
1. Bhubaneswar
2. Pune
3. Jaipur
4. Surat
5. Kochi
6. Ahmedabad
7. Jabalpur,
8. Visakhapatnam,
9. Solapur,
10. Dhavangiri,
11. Indore,
12. the New Delhi area,
13. Coimbatore,
14. Kakinada,
15. Belgaum,
16. Udaipur,
17. Guwahati,
18. Chennai,
19. Ludhiana
20. Bhopal.

These cities were selected on the basis of feasibility and smartness of proposal among others.

The Pros-Home Loans

Buying our own home is a dear dream that we all hold close to our hearts. However, we might not possess the required amount to get the job done. Acquiring a home loan has become so much easier. Today, the rules and the policies are more open and flexible and are tailored in such a way that it appeals to everybody.

Easy to pay installment schemes has reduced the complication of  borrowing by large means. To leverage your home loan approval chances, first meet the basic eligibility criteria and the rest will eventually fall in place. 

·         Consider these two pointers for your long-term benefit:

Beware Of The Interest Rates

In your eager to claim for a home loan soon, do not make the dire mistake of agreeing to pay high EMIs whatsoever. What you are doing is digging yourself a grave. High EMIs are like a death trap. May be you get the needed money for now. BUT! Your debt to pay heavy interest month after month might choke your funds further and leave you helpless.

·         Consider The Likes Of Your Future:

Do not claim loans on probable assumptions. Hike expectations in the future, extra perks etc., should not be the basis while applying for a home loan. Your present financial status is what matters and that should be the ground when you consider to go for a home loan. It is good to be positive but this is not the right time to put your optimism to play. Realize that you are running a high risk when you are moving on chances and considering the future prospects to acquire a loan now can fire back and put you in grave danger.

HOTSPOT PRIOPERTIES AND RESIDENTIAL AREAS IN MUMABAI.

There is no getting around it Mumbai's property market is legendary. .Three factors drive the property investment pattern in Mumbai are demand, price points and growth prospects.

WADALA

Wadala became the center for attraction because it signifies some of the better lifestyle elements which makes life in this city more of comfortable and suitable.Having renowed institutions in its locality which includes the infrastructures of colleges , hospitals and malls also Wadala gained prominence as a residential destination because of its proximity to Bandra-Kurla Complex (BKC). However, with several infrastructure initiatives monorail and the Eastern Freeway , Wadala saw a rapid increase in residential demand, resulting in the doubling of property values over the last three years which has turned Wadala into a well concentrated area for property buyers.

BANDRA

Bandra especially Bandra west has caught an eye of every property buyer for holding high profile value and a high standard lifestyle. Having most commercial exposure and being one of the prominent ares of the west zone in Mumbai bandra has developed its heritage towards the margin of signifying moral value of lifestyle, living and western culture. Since it is next to the country's most prominent CBD, Bandra's real estate potential remains very high. It is a matter of prestige for every reputed developer to have a signature product in this micro-market.

CHEMBUR

Chembur, the central suburb of Mumbai, is one of the prime residential destinations in the Maximum City. Its close proximity makes commuting easy to business districts of Mumbai. Known for prominent landmarks Chembur is also one of the greenest localities of the city. With rapid infrastructural development, Chembur has witnessed large-scale residential development. With prices ranging between Rs 16,80017,500 per sq ft and an annualised appreciation to the tune of 15-18 per cent, Chembur remains an important investment hotspot.

Borrowing the loan process in a smarter way

While making a agreement of borrowing a loan from bank it should be seen that every element of the agreement is described in a prescribed way so that the buyer – YOU are not been cheated. Hence for this reason it is essential that the buyer or the borrower is known to the factors ,disturbing and making the internal changes in the Loan agreement. For this purpose ,The Buyer should act smart enough so is benefited in the process or is not cheated or thug by anyone in the market. This can be done with the help of understanding the following concepts .

1­ What is that ‘extra’ fees?

One of the additional costs one would incur while opting for a housing loan taken would be the processing fee that needs to be paid while taking the loan. This fee is collected by the bank for the multitude of expenses that the bank incurs and the fee is collected at the beginning of the loan tenure itself.

2­ Processing fee cuts:

Banks attract customers by reducing the processing fees. There are two ways in which this can be tackled. One is by abolishing the processing charges and the other way is to reduce the processing fee, thus benefiting the borrower. Both of them benefit the borrower, thus the banks have to be extra cautious before they come to a decision.

3­ Bigger Benefits:

Bigger Benefits are most considered by the large borrowers who borrow large amounts of the loan and accepting the lesser processing fees which allow them to make equal profits in the relative investments . Hence to a relative small amount the processing fees is considered to not be that lesser as compared to large borrowing. Hence small buyers are advised to take a close look at the fluctuating market demands and factors to Borrow Smartly.

BMC can't cite shortage of staff for inaction against illegal buildings: HC

Lack of personnel is no reason for the BMC to contend that it cannot deal with complaints of unauthorized construction, said Bombay high court on Friday .

Todetecttheincreasingnumbersofillegalstructures,themunicipalcommissionerisdirectedbythecourttosetupacommitteeofofficerswithintwoweeks.The committee was directed to determine within six weeks thereafter the number of posts it will require.

A bench of Justice Abhay Oka and Justice A P Bhangale passed the direction after BMC's senior advocate Anil Singh said the civic body receives several complaints daily and it is not possible with existing manpower to identify them. The judges said toputactionsintoimplementationtheylackmanpowerhence the civic body can always create additional posts for the job.

The court heard a PIL by SayyadRizvi regarding civic inaction on complaints of illegal structures in P North ward (Malad west). His petition said there were 3,000 unauthorized structures, including bungalows on Madh-Marve Road and nearby areas. His advocate, DiwakarDwivedi, argued that despite several complaints the civic body has not taken action. In its order, the bench also noted that no attempt has been made by the BMC to identify even the structures that are “adequately described“ byRizvi. It granted the designated officer two months to visit the sites of such alleged unauthorized structures. If the officer finds some structures are illegal, then he shall initiate action for demolition forthwith. After this exercise, the officer shall identify other illegal structures mentioned in Rizvi's complaints. The court has directed a compliance report (also regarding creation of posts) to be filed before the next hearing on June 29.

AFFORDABLE HOUSING PROJECTS DREW THE CROWDS AT THE MCHI-CREDAI NMR THIRD MEGA PROPERTY EXPO

The expo that was on till April 13, 2015, drew large crowds as affordable housing was on the mind of potential homebuyers.The third mega annual property exhibition of the Navi Mumbai and Raigad (NMR) units of Maharashtra Chamber of Housing Industry (MCHICREDAI), was inaugurated on Friday , April 10, 2015, at the CIDCO Exhibition Centre in Vashi. The dignitaries present on the occasion included MLA Manda Mhatre, ex-housing minister, Raj Purohit and ex-MLA and guardian minister and Ganesh Naik. “Affordable housing is the need of the hour and land owners, developers and government bodies must work together towards this cause,“ said Mhatre, on the occasion.   Prasing Navi Mumbai & Raigad's potentiality to grow ,Purohit at the exhibition said adding, "The Modi government is still in the initial stages of governance but will grow fast and developers and homebuyers can look forward to bright opportunities in the future.“ The property showcased some of the fine properties growing around the areas of Mumbai and Raigad. The exhibition witnessed 100 stalls around the venue covering the vast area of around 17500sq.fts.Various properties around the MMR area which suited best affordable to the home buyers saw a positive response and considering the myriad infrastructure projects like the Navi Mumbai Airport Influence Notified Area (NAINA), Navi Mumbai Metro, Ghansoli-Ghatkopar Link Road and the Mumbai Trans-Harbour Link (MTHL), these individuals present at the venue shared a talk with the builders to make Navi Mumbai their new home. Speaking about the success Madhu Patil convener, Exhibition Committee ,said that last year's success encouraged the exhibitors to place this year's exhibition at the newly developed CIDCO exhibition center at vashi. Apart from word-of-mouth publicity , better use of digital media along with the traditional forms of advertising were seen as the additions to the channel of communication with the buyers. This edition of the Navi Mumbai-Raigad Property Expo also sees the launch of a unique CSR initiative, which promises to increase goodwill for the industry . The Navi Mumbai-Raigad Property Expo 2015 helped gather immediate response for properties, not just from residential, commercial and corporate sections, but also from various integrated sectors. One also got a chance to effectively network with all industry stakeholders, government bodies, HFCs, brokers, NBFCs, IPCs, redevelopment societies and many others. MCHICREDAI a body of 1000 leading developers in Mumbai, understands the potential that the NMR region presents. The last two mega property exhibitions were highly appreciated and applauded by consumers, builders and the banking fraternity. The expo was held from April 10-13, 2015, and brought together numerous developers from the NMR region and prospective customers. This, in turn, facilitated great value and benefits for the fraternity , as a whole. Arvind Goel, Navi Mumbai Unit President, shared that “Difficult times call for unity . The GR for 2.5 FSI will pave the way ahead for the redevelopment of dilapidated CIDCO buildings. This was a long-pending issue. This announcement has boosted the morale of both, builders and residents. Another good news is that the central government has agreed to include NAINA in the list of 100 'Smart Cities' it plans to develop, as declared in its manifesto.“
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 REAL ESTATE IS ONE OF THE LARGEST CONTRIBUTORS TO INDIA'S GDP. IT CONTRIBUTES NO LESS THAN 5 PER CENT TO THE NATION'S GDP. IT IS ALSO THE THIRD MOST POWERFUL SECTOR THAT IMPACTS 250 OTHER INDUSTRIES AND SECTORS.