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اکتبر 2, 2022

maharashtra: Maharashtra govt to study, consider stamp duty reduction, says CM Shinde

The government of Maharashtra is looking to study and consider a reduction in stamp duty charges for registrations of property transactions, said Chief Minister Eknath Shinde while batting for a slum-free city with a push for affordable housing.
As a minister of Urban Development in the previous government, Shinde had already provided concessions on premium to the real estate industry that helped its revival to a large extent and is willing to extend support to the industry even now, he said.
The minister has asked real estate developers to send their detailed suggestions with respect to lower stamp duty, which will be discussed and reviewed in consultation with the finance department before taking any decision.

On Friday, the Reserve Bank of India hiked the repo rate by 50 basis points to 5.9% with immediate effect, much higher than the pre-pandemic level of 5.40%. This is the fourth successive hike in rates since May.
With the reversal in interest rate cycle, concerns over its likely impact on slow demand patterns have started to worry developers who are seeking government’s intervention.
Shinde was speaking at a property exhibition organised by realty developers’ body the National Real Estate Development Council (NAREDCO) Maharashtra. He was responding to a suggestion of NAREDCO, Maharashtra President Sandeep Runwal with respect to a reduction of stamp duty once again so that the benefits could be passed on to the homebuyers.
Rajan Bandhelkar, President of NAREDCO, India suggested that the government can reduce the stamp duty by 50% and the balance 50% could be borne by the industry.
Following the imposition of the metro cess, stamp duty on property registration in Pune and Mumbai, which are the country’s most expensive and largest real estate markets, have increased by one percentage point. In Mumbai, the stamp duty is now 6% of the asset’s value while it has risen to 7% in Pune, Nagpur, and Thane.
Mumbai, the country’s commercial capital, has been setting new benchmarks with property transactions over the last two years after the state government announced a limited-window stamp duty reduction.
With an objective of kick-starting the real estate sector and nearly 260 linked industries by encouraging housing sales, the state government had announced a reduction in stamp duty charges to 2% from 5% from September 2020 till the end of December 2020. Stamp duty was charged at 3% of the agreement value between January 2021 and March 31, 2021.
The significant but limited-period stamp duty reduction window that ended in March 2021, was a catalyst for the city’s residential market. While stamp duty rebates are not available now, the deals have continued to flow in.
The state government’s revenue collection through stamp duty charges has recorded its all-time high so far in 2022. The implementation of an additional 1% metro cess, combined with price increases and the sale of larger ticket size units, resulted in a 57% increase in revenue collection from January to September of this year, totalling Rs 6,658 crore.

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آگوست 17, 2022

BEST introduces double-decker, premium AC buses

The Brihanmumbai Electricity Supply and Transport (BEST) Undertaking will unveil two versions of the state-of-the-art air-conditioned buses today. To be introduced in the presence of Chief Minister Eknath Shinde, his deputy Devendra Fadnavis and Union minister Nitin Gadkari, the new fleet includes the city’s first AC double-decker bus as well as a single-decker premium bus.The double-decker version will likely be made operational by the second week of September after the completion of certain testing and trials. Around 250 AC double-decker, e-buses are likely to hit the city roads by the end of this year. Currently, the BEST has around 3580 buses, including 45 non-AC double-deckers. The first premium bus service will likely be introduced between south Mumbai and Navi Mumbai by mid of September.“We are expecting 10 more AC premium buses by September, which will be introduced on different routes of the city,” said BEST general manager Lokesh Chandra.By the end of 2023, around 3,000 more buses will be added to the existing fleet. A contract for 900 AC double-decker e-buses has already been approved. Of these, around 250 twin-deck buses are expected in the current year, said the BEST official, adding that apart from this 2,100 single-decker AC buses are also on the card. Of these around 25 per cent buses are also expected in the current year, rest will come in next year. In addition, BEST also decided to introduce around 200 single-decker premium buses in the city by December 2023. Of these, 10 will reach Mumbai next month.“Last year, the BEST scrapped over 1,200 buses. More than 200 buses will be scrapped this year. Hence, the introduction of more buses in the BEST fleet is essential for Mumbaikars,” the official mentioned.According to the BEST, after the induction of these buses not only will the frequency of services increase, but the comfort level of passengers will also improve. Also, several new routes will be initiated in the city as per the demand and traffic load of passengers. The BEST is also working on the gradual phasing out of all non-AC buses, aiming to have a fleet of around 10,000 buses by 2026.

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آگوست 1, 2022

Patra Chawl redevelopment case: After searching his home for 9 hours, ED arrests Shiv Sena’s Sanjay Raut

The ED conducted a search for over nine hours at Raut’s Bhandup residence on Sunday, and then detained him for questioning in connection with a case of alleged money laundering linked to the redevelopment of a chawl project in a northern suburb of Mumbai.
The ED had questioned the parliamentarian for over 10 hours on July 1, and had summoned him again on July 20. Raut, who is a member of Rajya Sabha, had not answered the summons citing the ongoing session of Parliament.
ED investigators landed up at Raut’s home early on Sunday, and after questioning the members of his household for over nine hours, took the MP to the agency’s office at Ballard Pier at 4.45 pm. A sizable number of Shiv Sena workers had gathered outside Raut’s residence in support of the leader.

The ED is investigating alleged violations of the Prevention of Money Laundering Act (PMLA), 2002 in a case pertaining to irregularities in the redevelopment of Patra Chawl by Guru Ashish Construction Pvt Ltd, a subsidiary of Housing Development and Infrastructure Ltd (HDIL). The agency had earlier arrested Pravin Raut, a close associate of Sanjay Raut, and attached properties belonging to the Shiv Sena leader’s wife, Varsha Raut.
Guru Ashish Construction had signed a tripartite agreement with the Maharashtra Housing and Area Development Authority (MHADA), undertaking to provide flats to 672 tenants of Patra Chawl, develop flats for MHADA, and sell the remaining area to private developers.

However, the ED claims, Pravin Raut and the other directors of Guru Ashish Constructions misled MHADA and sold the floor space index (FSI) to nine private developers, collecting Rs 901.79 crore, without constructing either the rehab portion for the 672 displaced tenants or the MHADA’s portion.
The agency has claimed that Pravin Raut received Rs 100 crore from HDIL and “diverted” it to various accounts of “his close associates, family member, his business entities” including the family of Sanjay Raut.

Raut has said that he is not linked to any of the companies being investigated by the ED, and that he would cooperate with the investigation. He has also denied all allegations, and alleged that the ED’s action against him is part of a political witch hunt.
“This is a fake investigation. Fake evidence has been gathered against me by threatening and assaulting people. This is part of a conspiracy to weaken Maharashtra and the Shiv Sena. This state and the Sena will never be weakened. Sanjay Raut will never bend and nor will he quit the Shiv Sena,” Raut told reporters while he was being taken away by the ED officials.

ExplainedClosing in on Sanjay RautThe case is not new, and has seen movement on and off over the past several years. However, it has been building up towards Sanjay Raut ever since his close aide Pravin Raut was arrested in February, and properties belonging to the Shiv Sena leader’s wife, Varsha Raut, were attached.

“A fake case that has been foisted on me. This is part of an attempt to stifle my voice. They are going to arrest me, and I will be arrested,” he said.
Shiv Sena MLA Sunil Raut, who is the brother of Sanjay Raut and stays in the same house, said the ED officers had a search warrant, and had collected documents that the family had already submitted to the agency.
“They had a search warrant for Maitri bungalow, and checked all three floors. They took documents that we had earlier submitted to the ED, and also collected documents that were earlier submitted to the Income Tax Department, as well as those filed with Sanjay Raut’s election affidavit. They could not get a single document related to Patra Chawl. This is a fake investigation aimed at isolating Shiv Sena chief Uddhav Thackeray,” Sunil Raut said.

Late in the evening, sources in the ED claimed that unaccounted-for cash to the tune of Rs 11.5 lakh had been recovered from Raut’s residence. Separately, Mumbai Police on Sunday registered an FIR against the MP for allegedly intimidating one Swapna Patkar, an ED witness in the Patra Chawl case. The FIR is based on an audio recording of a purported conversation between Raut and Patkar.
A Mumbai Police officer said the FIR was registered under sections 504, 504 and 509 of the Indian Penal Code at the Vakola police station. Patkar has accused Raut of trying to intimidate her.
Earlier on Sunday, Sena president Thackeray said that the ED’s action was part of a “conspiracy” to destroy the party. Thackeray was addressing party leaders and workers from Thane district at his residence Matoshree.

“ED guests are at Sanjay Raut’s house. He may get arrested. What conspiracy is this? Shiv Sena gives strength to Hindus and Marathi people, and hence there is a conspiracy to finish off the party,” he said. Thackeray said people whom the Sena had helped to grow politically, had switched loyalty.
Leader of Opposition in the Maharashtra Legislative Assembly Ajit Pawar wondered why the ED repeatedly wanted to investigate Sanjay Raut. “Many people got notices from the Income Tax, ED, and the CBI. Only Raut will be able to say why the agency (ED) wants to investigate him repeatedly,” Pawar, who is touring flood-affected areas in the state, told reporters.
Congress spokesman Sachin Sawant said the ED search at Raut’s residence presented a “sorry picture” of democracy, and accused the BJP of wanting to “silence” all opposition parties. Nationalist Congress Party (NCP) MP Supriya Sule said the issue would be raised in Parliament.
Chief Minister Eknath Shinde said the ED was doing the work it was mandated to do, and was not acting under political pressure.
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“The investigation is underway. If he (Sanjay Raut) hasn’t done anything wrong, why is he scared,” Shinde said, adding, “ED has conducted investigations earlier too. If it is working under the instructions of the central government, then the Supreme Court should take action… The ED is doing its job.”
Shiv Sena rebel MLAs who had earlier criticised Raut and blamed him for pushing Uddhav Thackeray into the hands of the Congress-NCP, said the MP should face the consequences of his actions.
MLA Sanjay Shirsat said, “He (Raut) is not a mass leader. He is just a spokesperson. There is no possibility that Shiv Sainiks will rise up in large numbers in his support because of this (ED’s) action. This country is run by the rule of law. If he has not committed any mistake he will be let off.”
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ژوئن 24, 2022

BMC earns Rs 800 cr revenue through real estate premium payments in three months

Mumbai: BMC earns Rs 800 cr revenue through real estate premium payments in three months | File Photo
The Brihanmumbai municipal corporation (BMC) is seeing a continual response from builders for carrying out various development projects. This can be proved following the revenue that it is making through premium payments from city builders. According to the municipal corporation, in the last three months — April, May and June – till 24th, it has already made Rs 808 crore through premium charges. The BMC charges premiums for giving building permission of commencement certificate, IOD -Intimation of Disapproval (IOD) an approval of the civil plans including enhanced Floor Space Index (FSI), transfer of development rights, second staircases, and open space deficiencies among others. P. Velrasu (IAS) Additional Municipal Commissioner (Projects) confirmed the revenue the corporation earned so far and asserted that they are receiving satisfactory response despite the 50 per cent concession on premium payments that have been stopped from this fiscal year.Earlier, considering the Pandemic and its adverse impact on the real estate sector, it had granted a 50 percent discount on premium payments to those builders who will pay the entire stamp duty and not charge any stamp duty from homebuyers. Following the discount, the BMC made ample revenue till January 2022. The income increased from the projected Rs 2,000 crore to a revised estimate of Rs 14,750 crore, as per the BMC. However, when asked, Velrasu that the concession will be given again, as the real estate stakeholders demanded that it should be extended, he replied that so far no such decision has been taken. “Due to pandemic, the concession was granted. It was a one-time window offer,” he asserted.Whereas the developers asserted that the approval cost in Mumbai probably be the highest in the world as we developers end up paying 50-60% inputs cost in premiums. “We do understand that the government limitation that they have to meet the revenue deficit through such high premiums but such a move is not only disastrous for the overall development of the sector but also makes the property prices highly unreasonable for the end-users in Mumbai. However, we are confident that the government will take a positive note of it and a conducive premium regime will come soon,” said Ajay Ashar, President-Elect Maharashtra Chamber of Housing Industry Confederation of Real Estate Developers’ Associations of India( MCHI-CREDAI) Mumbai.

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ژوئن 7, 2022

7,429 active Covid cases in Mumbai: Mask up, health minister tells residents

As the active Covid-19 count in Maharashtra stood at 7,429 on Monday, state health minister advised the citizens to wear masks to avoid any possible contraction of infection. A day after recording 1,494 cases on Sunday, the daily caseload dropped to 1,036 on Monday. This has been attributed to the plunge in testing in the weekend from 25,994 to 15,988 in the last 48 hours.
Following a cabinet meeting, Tope said that testing will be increased, which currently stands at 25,000. He also clarified that as the rate of hospitalisation is below 1 per cent, the state has no plans to impose restrictions.
“We have discussed masking implementations but it will not be made mandatory so people will not be penalised like before. But it is advised to wear masks in crowded places and while travelling for their own safety and their loved ones,” he said.
When asked about the five-fold surge in Covid-19 cases in Maharashtra, Tope claimed that the BA.4 and BA.5–the new variants of Omicron, which are considered more transmissible as the reason behind the surge.Best of Express PremiumPremiumPremiumPremiumPremium
He also emphasised on getting the precautionary dosage also as called third dose. “Many of the beneficiaries have taken the vaccines nine months prior so, it is advisable to get the third dose. As it is choice-based, people can’t be forced but it will be for their own precaution,” he added.
The Indian Express had reported on June 3 that out of the 36 districts in the state, 11 haven’t administered a single dose in the age group between 18-59 years in Maharashtra.
To address the issue, Soumitra Ghosh from School of Health Systems Studies, TISS voiced to make the precautionary dosages free for patients with severe comorbidities, which would encourage them in getting vaccinated. “If we are heading towards a possible fourth wave, then it is essential that on priority the state administers the third dose to the vulnerable communities. For this, the state should make the dose free of cost for this group,” Ghosh said.

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