MHADA to undertake digital mapping, survey of its land parcels across Maharashtra

The Maharashtra Housing & Area Development Authority (MHADA) has decided to undertake mapping and survey of all the land parcels under its control in housing boards of Mumbai and all other cities controlled by its divisional boards across the state through advanced computer technology.

The housing board has already started the work and is currently in advanced stages of developing the Geographical Information System (GIS) driven mapping and Robotic Process Automation (RAP) systems for the same.

With this digitisation and mapping of its land parcels across the state, MHADA will be able to get information about the development potential on the said land parcel and layout, any illegal encroachment on the plot and any ot .

MHADA plans to identify existing development rules and schemes applicable to the Mumbai board and other boards as well with this information. The authority will review how these development and redevelopment schemes, rules and acts can be revised or amended that can help it in effective planning and execution of any new development scheme on these land parcels

The authority has roped in RAH Infotech CE Info Systems and Replete Business Solutions to study and provide a consolidated report on land available with MHADA across the boards in the next six months. To keep a close tab on the GIS mapping and RPA system work, the authority has set up a high-level committee of the Mumbai board of MHADA and other board’s working officers.

In addition to this, MHADA Mumbai headquarters has informed all its divisional boards including Pune, Konkan and Nashik, and housing societies that are governed by them among others to cooperate with these agencies for the collection of data as mandated.

Last year, the government of Maharashtra’s town planning authority the City and Industrial Development Corporation (CIDCO) started geo-tagging land parcels in Navi Mumbai under its various plot sale schemes.

The move, apart from helping applicants, will also be an additional step towards efficient digitisation of land records. With this Navi Mumbai has become one of the first big cities in the country to initiate the process of the digitisation of land records by the government administration.

Digitisation of land records and such efforts towards the same assume significance in the backdrop of unclear ownership and title. Most land parcels in India are subject to legal disputes and the issue might take Indian courts a century to resolve at their current rate of progress. Lack of clarity on ownership and title makes it immensely difficult to buy land for retail and housing developments.

Rationalising charges for conversion of leasehold into freehold properties in Mumbai can unlock huge value: Report

Leasehold to freehold conversion charges as high as 60-70% of property value in Mumbai; lowering of charges can spur redevelopment of properties in Mumbai, unlock asset value.

The Maharashtra government should rationalise state charges levied for converting leasehold properties in Mumbai into freehold. This will help in unlocking value of housing, commercial and industrial assets in the city and should be a part of the development agenda that the government has undertaken, India Sotheby’s International Realty (ISIR) has said in its whitepaper titled ‘Why Leasehold Property is shackling Mumbai’s Real Estate Potential’.

The consultant, in its report, has pointed out that the conversion charges to change property rights from leasehold into freehold are as high as 60-70 per cent of the property value. The amount is typically paid by sellers. Required payment of such a high rate to convert them is often deferred by the landowners to the next generation. This stalls development and actually lowers state revenues.

“Mumbai’s real estate market is not only the most expensive in India, it is also among the top few real estate markets that command such high capital values in the world. In fact, in some localities, the per square feet rate has crossed the Rs 1 lakh figure,” said Samir Saran, managing partner, ISIR.

One of the reasons behind such an exorbitant pricing is government fees and charges associated with real estate, Saran said. “It is surprising that subsequent governments have shied away from unlocking the true potential of Mumbai’s real estate by easing the leasehold to freehold norms.”

“We believe some serious rethinking is required to create a more robust and equitable housing market in Mumbai,” he felt.

The whitepaper noted that property ownership in Mumbai is largely in the leasehold format. Residential, commercial and industrial land have all been leased on varying tenures. As the lease periods come up for renewal or are at the tail end of the lease, the current lessors, mostly government agencies, demand conversion charges for change to freehold status.

“Today, sellers are required to either take permission from the lessor authorities for changes in individual ownership or pay conversion charges of 60-70 per cent,” the paper said.

There are nine types of leases available in Mumbai today. The whitepaper is focussed on collector’s land given on lease between 1950s and 1980s for development of housing societies and for commercial and industrial development. These are mostly located in central and western suburb localities such as Bandra, Versova and Chembur.

Besides high conversion charges, the whitepaper has elaborated on other practical problems in undertaking conversion of leasehold to freehold properties. The quality of some assets of over 30-40 years has deteriorated and these buildings are in need of redevelopment.

In order to unlock value of properties in Mumbai, ISIR has suggested that the Maharashtra government should come up with a long-term policy initiative to facilitate property owners who wish to convert their assets from leasehold to freehold.

The consultant has urged that the conversion charges should be significantly lowered. And the reduced rates should be applicable for a longer period so that everyone gets decent time to complete the entire process.

The conversion rates and FAR (floor area ratio) should be attractive enough for land owners and developers to go for redevelopment. It also pitched for liberalising stringent societal norms (like castes and reservation) to facilitate redevelopment. The payment of conversion charges should be allowed in instalments as such large sums of money are difficult for pensioner allottees or even for builders.

“A system of hefty fines and even cancellation of licences can be put in place as disincentives to a few unscrupulous developers who queer the pitch for those with serious, long-term intent to stay in the redevelopment market,” the whitepaper said.

Housing sales in Jan-Jun at nine-year high in top eight cities: Report

Knight Frank India highlighted that the residential sector has recorded a 9-year high sales volume in January-June 2022. The previous high was recorded in the first half of 2013, when sales were at 1,85,577 units.

NEW DELHI: Housing sales rose 60 per cent annually in January-June this year across eight major cities at 1,58,705 units, the highest half-yearly demand in nine years, mainly driven by lower base effect as well as mortgage rates, according to Knight Frank India.

Housing sales stood at 99,416 units in the first six months of 2021, the consultant said in its 17th edition of half-yearly report ‘India Real Estate: Residential and Office Market H1 2022’, which was released on Wednesday through a webinar.

Knight Frank India highlighted that the residential sector has recorded a 9-year high sales volume in January-June 2022. The previous high was recorded in the first half of 2013, when sales were at 1,85,577 units.

The consultant has listed several factors for the increase in housing sales such as homebuyers’ need to upgrade primary lifestyle, low interest rates on home loans and comparatively low home prices to the pre-pandemic levels.

The renewed need for home ownership sparked by the COVID pandemic is also driving sales.

Housing prices increased across all markets in the range of 3-9 per cent year-on-year (YoY). This also marks H1 2022 as a period in which prices have grown in YoY terms across all markets for the first time since the second half of 2015.

Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “Home buying has witnessed a strong rebound since the advent of the pandemic and continues despite inflationary concerns in the economy.”

Giving the breakup of housing sales city-wise, Knight Frank said that housing sales in Mumbai rose 55 per cent to 44,200 units in January-June 2022, from 28,607 units in the year-ago period.

For the period under review (H1 2022 vs H1 2021), Delhi-NCR saw more than two-fold jump in sales to 29,101 units from 11,474 units, while sales of residential properties in Bengaluru grew by 80 per cent to 26,677 units from 14,812 units.

As per the report, Pune witnessed a 25 per cent rise in sales to 21,797 units, from 17,474 units, whereas housing sales in Chennai rose 21 per cent to 6,951 units from 5,751 units.

Hyderabad saw 23 per cent growth in sales to 14,693 units from 11,974 units, while Kolkata witnessed a 39 per cent rise in sales to 7,090 units from 5,115 units.

During January-June this year, housing sales in Ahmedabad rose 95 per cent to 8,197 units, from 4,208 units in the corresponding period of the previous year.

On the supply side, the new launches increased 56 per cent to 1,60,806 units, from 80,566 units during the period under review.

Strong growth in sales velocity, has led to a modest decline in unsold inventory to 4,40,117 units in H1 2022.

Moreover, the strong uptick in sales also brought the quarters-to-sell (QTS) level down to 7.8 quarters from 10.9 quarters in the first six months of 2021. This means that builders need nearly 8 quarters to sell their unsold inventories at the current sales velocity.

Talking about office market, Knight Frank India mentioned that leasing jumped over two-fold to 25.3 million square feet in January-June this year, from 12.25 million square feet in the year-ago period, indicating the potential of the market on the back of a waning pandemic and the promise of a sustained economic recovery.

“The robust performance delivered by the office market during H1 2022 has set the tone for 2022. Physical occupancy levels are rising as more companies want their employees to return to office,” Baijal said.

At the same time, he said hiring across many sectors has picked up as India’s economic growth continues. “With the current pace of leasing, we expect the year 2022 to see leasing volumes close to the peak of 2019 and exceed in the next year,” Baijal added.

He noted that the focus amongst occupiers for this year will remain on flexibility, in leasing terms to allow real-time expansion and contractions indicating a strong year for managed office spaces.

New completions of office space also picked up significantly with 24.1 million square feet getting delivered in H1 2022, a 61 per cent growth annually.

On rental value, Bengaluru and Pune office markets recorded maximum annual increase in rents at 13 per cent and 8 per cent, respectively, mostly due to higher demand and lack of Grade A space.

Hyderabad, Mumbai and NCR also witnessed moderate increase in their rental values, whereas the rental values in Chennai, Ahmedabad and Kolkata remained stable.

Documents Required For Buying Property

Planning to buy a property? Well, get ready for a major paperwork as the process involves providing (to authorities and the bank in case you are taking a home loan) and acquiring several documents (this ensures your ownership over the property).

Here is a list of documents that are required for buying a property:

Sale Deed:

This is the most important piece of paper required for property purchase. Sale deed has to be produced in original as it establishes the ownership of title of the property. You need to register the sale deed in the Sub- Registrar’s Office of the area where the property is located.


Khata certificate or extract is known by different names in different states and is an important document for the registration of a new property. It is also required if you want to transfer the ownership of the property at a later stage. This document is a proof that the property has an entry in the local municipal records and the construction has been done according to an approved plan. Banks ask for this paper before granting you a home loan.

Mutation Register Extract:

This specific document is for Gram Panchayat properties and provides the details of previous ownership. Though not required in original, this is mandatory to produce if the property you are buying is in Gram Panchayat jurisdiction.

General Power Of Attorney:

This document is required to prove whether the sale or purchase of a particular property is being done by an authorised person on behalf of the owner of the property. This has to be produced in original for getting a home loan.

Copy Of Building Plan:

A buyer must acquire a copy of the building plan approved by the statutory body to establish that the construction of the property is legal and is done according to set rules and regulations.

No-Objection Certificates (NOC):

There are as many as 19 NOCs that have to be acquired by a developer from different authorities while building a housing project. However, the number may vary according to specific state rules. Ask your developer to provide you the copies of these NOCs, and keep it in your personal record.

Allotment Letter:

An allotment letter is one of the most important documents required for getting a home loan. It is issued by a developer or the housing authority, stating the description of the property and details of the amount paid by the buyer to the developer. Do keep in mind that an allotment letter is not the same as an agreement of sale. An allotment letter is issued on the letterhead of the authority while a sale agreement is documented on a stamp paper. Moreover, an allotment letter is issued to the first owner and other owners can ask for the copy of the original letter from the seller.

Sale Agreement:

This document lists all kind of information about the property ― the terms and conditions, the possession date, the payment plan, the specifications, the details about the common areas and facilities, etc. The agreement also holds the developer responsible for the construction of the property. This document has to be produced in original for property purchase and acquiring home loan.

Possession Letter:

This document is provided to the buyer by the developer, and sets a date on which the latter would grant the former the possession of the property. The original copy of this document has to be produced for getting a home loan.

Payment Receipts:

Collect original payment receipts from the developer if you are buying a new property. If you are buying a resale property, ask for a copy of receipts from the seller to be produced to the bank.

Property Tax Receipts:

Property owners have to pay taxes. Ensure that the previous occupier/owner had paid property taxes and there are no pending due. Property tax receipts also help in proving the legal status of the property.

Encumbrance Certificate:

An encumbrance certificate is required to prove that the property does not have any pending legal dues or mortgages. This is one of the key documents banks ask for before they grant you a loan. This certificate also has all the details related to the transactions happened over a period of time. In India, a Form 15 is issued if a property has any encumbrance registered; otherwise, a Form 16 will be given to the owner, stating there are no encumbrances.

Completion Certificate:

This document is required for getting a home loan. This paper establishes the fact that the building is constructed according to an approved plan.

Occupancy Certificate:

An occupancy certificate is issued by the local authority to the developer to establish the building is finally ready to be occupied and the construction has been done according to a sanctioned plan.

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How Does Paying An Extra EMI In A Year Help You?

 After buying a new house, Rekha Nigam has had to use a lot of her financial wisdom to prudently manage her household.

The reason: Remove the home loan EMI (equated monthly instalment) that gets debited from her bank account automatically, besides other essential monthly bills, and there’s barely anything left for Nigam to spend elsewhere. It’s a tight-rope walk every month, and she often wonders if there’s a way to part-prepay her home loan. That, she thinks, might bring down her EMI and provide her tight financials a bit of breathing space.

In her present set-up, Nigam cannot save every month and build a balance to prepay her loan, she knows. However, at the end of every financial year, some extra money – reimbursements, bonuses, etc – would get credited into her salary account. This additional money might not be huge but it would be about a month’s EMI. Could she use this money to prepay her loan? And, if she could, would it make any noteworthy difference to her financials?

Let’s do the maths.

A tiny step or a giant leap?

Even a humble start can prove a giant leap when it comes to battling the burden of EMIs. In fact, saving one EMI equivalent of money every year and making a lumpsum prepayment of three EMIs’ worth every three years can be an effective tool for bringing down the total cost of your loan. Over time, paying extra EMIs brings down your principal amount, thereby substantially reducing your interest outgo through the loan tenure.

Suppose, you have taken a home loan of Rs 30 lakh at an interest rate of nine per cent for 20 years. You have to repay in 240 EMIs of about Rs 27,000 each – a total of Rs 64,80,000 at the start of your repayment cycle. Of this, your principal amount is only Rs 30 lakh, while you are to pay an interest of Rs 34,80,000 over the full tenure.

If you save one additional EMI in each of the first three years, and pay a lumpsum amount of Rs 81,000 (Rs 27,000 multiplied by three), you will be able to reduce your EMI by about Rs 725 to Rs 26,375. By this time, you have paid 36 EMIs, so over the remaining 204 months, your savings would be Rs 1,47,900.

Alternatively, you could maintain your EMI at the original Rs 27,000 even after this part-prepayment and bring down your tenure by about 16 months. That translates into a saving of 27,000 x 16 = Rs 4,32,000, which is more than 14 per cent of your total principal amount.

Subsequent Savings

If you decide to follow a strict regimen even after your first reduction in EMI or tenure, and go on part-prepaying your home loan every three years, you will be making substantial savings on the cost of your home loan.

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Precautions To Take While Preparing Property Documents

 Document writing is a professional’s job which requires expertise and thorough diligence. Whether you are a buyer or a seller, it is important to take precautions while framing a property document.

Here Are Some Precautions To Take While Drafting Property Documents:

  • Thoroughly check the particulars of the parties

The names of the parties concerned are material part of the document. Therefore, names should be correctly recorded in the document. To ensure this, verify the names from academic records, passport, or Aadhaar card to get the correct spelling (names) of the parties. If a person’s name is recorded differently in different records, mention the different versions of the name as alias.

If a woman name is recorded as the daughter of a person in one link document and in another document it is recorded as the wife of a person, then it is better to record both aspects to avoid any confusion.

Any small mistake will put the parties in trouble as the deed will have to be made all over again. The seller may not be available or his whereabouts may not be known to the buyers. Or the seller may demand additional money or put conditions to execute rectification deed in favour of the purchaser. In a nutshell, it is the duty of the buyer to ensure that the particulars are entered correctly.

  • Age of the parties

With all the records available, verify the correct age of the parties. Don’t put any approximate age. It is advisable to record the true age of the parties concerned.

  • Profession and Addresses

The profession of the parties concerned, their present, and permanent addresses should also be properly documented without any errors. Any vague description of the parties will create confusion. It is important to get it cross-checked by another person to ensure that there are no mistakes.

  • Link document numbers

It is important to record correctly the link document number, date of registration, sub-registrar/registrar office name, and district name correctly.

  • Money paid

You must record the details of money paid in numbers as well as words. This is an important part of the documentation process and proper care should be taken when recording this information.

  • Cheque or Demand draft number

If the amount is paid through a cheque or a demand draft, details such as its number, date of issue, bank and branch and the amount should be properly recorded. Take expert’s advice in recording the details of these instruments.

  • Schedule of the property

It describes the details of the property by mentioning in which village or city the property is located.

  • House location

It is equally important to correctly spell the district name, the sub-registrar office name, the town survey number, the plot number, the extent of the land, and all the four boundaries of the property. If it is an apartment, it is important to list the entire piece of land on which the apartment is built. Apart from that, flat number, common areas, car parking area (if any) should also be listed.

It is vital to get full particulars of the owners of the adjoining properties rather than mentioning them vaguely such as ‘the neighbour’s property’. If there is a road along one of the boundaries, then its width should also be mentioned along with its name (if any).

  • Attesting witnesses

Attesting witnesses play a crucial role in the event of a dispute regarding the document’s validity. It is important to have reputed and respected citizens to stand as witnesses. Their version regarding the execution of the document will be very critical in case of any dispute regarding the validity of the document in the court of law. Transfer of Property Act mandates that two witnesses should be present, but if parties wish then more than two persons may be taken as attesting witnesses.

For a foolproof job, give comprehensive and factual information in the document.

Don’t leave everything on the document writers or lawyers, it’s important to actively participate in the documentation process because your stakes are higher.

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Things To Keep In Mind While Buying An Office Space In Thane

 Choosing the ideal commercial real estate is a critical stepping-stone in one’s business journey.

Meticulous attention, therefore, needs to be paid to every crucial detail to ensure that the choice aids in promoting business growth rather than posing unwarranted challenges and repercussions. This is especially true in the case of selecting a commercial property in Thane, which involves a significant deal of investment. However, the growth in infrastructure and housing, as well as connectivity between business and commercial hubs in various corridors of the city, has aided in the rise of several new commercial and business hubs, such as the Worli- Prabhadevi- Lower Parel axis.

Factors that determine the ideal office space

Some of the important points to consider while buying office space are as follows:

1. Location and Accessibility of the commercial property:

Connectivity poses the biggest challenge while looking for office spaces in Thane. It is important to take into account the proximity to both rail networks and roadways before buying office space in a particular location. Similar attention requires to be paid to the type of locality, as a posh location resonates stability while a developing one poses questions about longevity and growth potential.

2. Space for your company to grow:

The commercial real estate you opt for should have enough space to not just accommodate the current technologies and workforce but also offer sufficient room for the addition of both physical and technical components as the business grows. This is important as it projects a positive image of the company to the key stakeholders, and aids in gaining popularity and fame in the competitive market.

3. Budget:

Before deciding on a final price, take into account the facilities as well as compare it to the prices of other office spaces in the neighbourhood. Calculate the total cost of buying or leasing the space, which includes both the lumpsum cost of buying the property as well as various other costs such as construction and restoration costs, moving expenses, parking charges, electricity bills, food and beverage costs, etc.

4. Infrastructure:

The comfort of the employees of an organisation is of pivotal importance as it promotes motivation and positive drive, which in turn aids in the growth of the company. It is, therefore, important to take into consideration the age of the property as well as the essential facilities offered by the commercial real estate, such as power backup, internet, security, parking, recreation, dining options, etc., before opting for a particular office space.

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Indian residential market records annual sales growth of 60%; 158,705 housing units sold in H1 2022: Knight Frank India

Office transactions, at 25.3 million sq. ft., translated to 107% year-on-year growth. NCR witnessed 154% YoY rise in home sales during H1 2022, according to the Knight Frank report released on July 6.

Residential real estate sales grew by 60% in the first half of 2022 to 158,705 units across the top eight cities in the country from 99,416 units in the same period last year. Home sales in the National Capital Region (NCR) centred on New Delhi grew 154%, according to a Knight Frank report released on July 6.

Office transactions, at 25.3 million sq. ft., increased 107% year-on-year (YoY), indicating the potential of the market as the COVID-19 pandemic let up and the economy bounced back.

Bengaluru led office transactions with 7.7 million sq. ft., followed by NCR with 4.1 million sq. ft., during H1 of 2022, Knight Frank India said in the 17th edition of its flagship half-yearly report: India Real Estate: Residential and Office Market H1 2022.

The report presents a comprehensive analysis of the residential and office market performance across the eight major cities for the January–June period.

Home sales of 158,705 units recorded in the period were the highest since H2 of 2013 for any half-yearly period. The robust sales have prompted a significant increase in real estate prices across all markets.

Homebuyers’ need for a lifestyle upgrade, low interest rates, comparatively low prices and the renewed need for home ownership sparked by the pandemic have been the primary drivers for the sales growth, the report said.

Developers responded strategically to the demand momentum and the shift in sentiment and launched 160,806 units in H1 of 2022, which was 56% higher than in the same period last year, Knight Frank said.

Mumbai’s sales volume of 44,200 home units accounted for 28% of the total sales amongst the top eight markets. In terms of the annual percentage increase, home sales in the NCR rose 154% YoY to 29,101 units. NCR accounted for the second largest share of sales among the eight top real estate markets in the country.

Bengaluru performed strongly too with sales growth of 80% YoY in H1 2022 to 26,667 units as increased hiring and steady income growth in the Information Technology (IT) sector buoyed demand.

Housing prices increased by 3-9% YOY

According to the report, residential prices recorded strong growth across all cities during the first half of the year. Prices increased across in all markets in the range of 3% – 9% YoY with larger volume markets like Mumbai (6%), Bengaluru (9%) and NCR (7%) posting notable increases.

It was the first time since H2 of 2015 that prices increased YoY across all markets, Knight Frank said.

Share of home sales in the Rs 1 crore range increased by 20%

The share of sales in the Rs 1 crore and above segment grew significantly from 20% in H1 2021 to 25% in H1 2022, the report said.

Homebuyers’ need to upgrade to larger living spaces with better amenities and the fact that pandemic-induced income disruptions did not affect higher-income categories as much as they did the others were thought to be the factors responsible for the rise in sales.

On the contrary, the share of home in the Rs 50 lakh to Rs 1 crore category dropped to 34% in H1 of 2022 from 39% in the same period last year. The Rs 50 lakh and below category declined marginally from 42% in H1 of 2021 to 40%, it said.

The previous high of 185,577 units in residential sales was recorded in H1 of 2013. At an 8-year high for any half-year period, new home unit launches witnessed an addition of 160,806 units in H1 of 2022 marking a rise of 56% YoY from 103,238 units in the same period last year.

Strong growth in sales velocity, has led to a modest decline in unsold inventory, which dipped marginally to 440,117 units in H1 of 2022. The strong uptick in sales also brought the Quarters to Sell (QTS) level down to 7.8 quarters from 10.9 quarters in H1 of 2021.

“Home buying has witnessed a strong rebound since the advent of the pandemic and continues despite inflationary concerns in the economy. The interest rate cycle having turned during this period has impacted affordability, but the performance of the broader economy (and changed buyer perceptions) has had a greater bearing on market momentum for the remainder of the year as it dictates homebuyer income levels and demand much more directly,” said Shishir Baijal, chairman and managing director, Knight Frank India.

Office transactions: Marginal slowdown in early part of the year overcome

On the office market performance, Knight Frank India said all the top eight cities experienced substantial growth during H1 of 2022, recording transactions of 25.3 million sq. ft. in January–June. Office completions were recorded at 24.1 million sq. ft. in the same period.

The office market recorded robust activity during H1 of 2022 as the pandemic waned and the economy recovered despite geopolitical concerns triggered by the Russian invasion of Ukraine. Office transactions grew 107% from 12.3 million sq. ft. in H1 of 2021. In the first half of the year, Q2 registered 14.6 million sq. ft, of gross leasing transactions compared to 10.7 million sq ft in the year-ago period.

A marginal slowdown in leasing reansactions in the early part of the year due to socio-economic and geopolitical standoff was quickly overcome, the report said.

Bengaluru made up 31% of the total area transacted with the highest rental increase of 13% YoY in H1 of 2022. With an increasing need for flexibility and a hybrid working environment, the co-working/managed office sector’s share of transactions increased to 17% in H1 of 2022 from 10% in H1 of 2021, Knight Frank said.

The volume of new completions, which were the highest since the start of the pandemic, reached 24.1 million sq. ft., higher by 61% over H1 of 2021, the report said.

Bengaluru, with 5.8 million sq. ft. and Hyderabad, with 5.3 million sq. ft., cumulatively made up 46% of the total space delivered during the period, the report said.

In terms of office rents, Bengaluru and Pune recorded the maximum increase in rental values at 13% and 8% YoY respectively, mostly due to higher demand and lack of Grade A space. Hyderabad, Mumbai and NCR also posted moderate increases in rental values. Rental values in Chennai, Ahmedabad and Kolkata remained stable, the report said.

In terms of sector-wise transaction, Information Technology remained the single largest occupier of office space with 27% of the total during H1 of 2022.

The share of the co-working sector in total transactions increased to 17% in H1 of 2022 from 10% in H1 of 2021, recording the maximum increase across sectors. Occupiers’ preference for flexibility and the overall service offering of co-working/managed office premises has taken root during the pandemic and is expected to stabilize. Other sectors including healthcare, logistics, media, legal services and consulting made up 32% of all leasing transactions.

“The robust performance delivered by the office market during H1 2022 has set the tone for 2022. Physical occupancy levels are rising as more companies want their employees to return to office. At the same time, hiring across many sectors has picked up as India’s economic growth continues. With the current pace of leasing, we expect the year of 2022 to see leasing volumes close to the peak of 2019 and exceed in the next year, said Baijal of Knight Frank India.

Indian real estate market transparency among most improved globally: Report

Owing to the series of policy decisions including the implementation of the Real Estate (Regulation & Development) Act, 2016 and digitization of land registries and market data has helped Indian real estate market’s transparency level move upwards.

The transparency level in the county’s real estate sector is now amongst the top ten most improved markets globally and is part of the semi-transparent category at 36th spot out of 94 countries, showed JLL’s 2022 Global Real Estate Transparency Index (GRETI).

India’s improvement in transparency score between 2020 and 2022–from 2.82 to 2.73–is higher than some of the highly transparent markets, due to digitization and data availability for transaction processes in addition to overall market fundamentals.

The improvement in transparency is reinforced by increased institutional investment and the growing numbers of real estate investment trusts (REITs) helping to broaden market data and bring more professionalization to the sector to complement regulatory initiatives like the Model Tenancy Act.

“The move towards greater transparency in India will intensify investor interest and bolster occupier confidence. As a result, we will see more capital deployment into the country as it demonstrates consistent efforts to make accurate data available, enforce legal protections for property ownership, and enhance the regulatory environment to facilitate the transactions,” said Radha Dhir, CEO and Country Head, India, JLL.

Regulatory changes in the Indian real estate sectors like RERA and digitization in all transaction processes have led to a more sanitized and transparent data availability, helping the country make robust progress in the transparency in a sector that was known for its opaque ways of functioning.

“Sustainability continues to be the key focus for the world going ahead. We have seen India take great strides in sustainability in the past years, however, there is a need for a more concerted and congruent thought process and action plan to bring sustainability into the mainstream,” Dhir added.

To be able to move to the coveted transparent list, from the present semi-transparent list, the country needs to improve sustainability tracking. Sustainability has not been one of the major areas for change over the last couple of years for India, but investors and occupiers are driving this change.

Several initiatives are underway at either the national or local level including the National Guidelines on Responsible Business Conduct from 2021, with reporting for the largest 1,000 companies by market cap to be compulsory from 2022-23, and local plans such as Mumbai’s Climate Action Plan, released in 2022, which is expected to establish a system to conduct regular energy performance benchmarking of buildings by 2025, and mandate a building energy management system in all new buildings.

Making green certifications/ratings and adherence to the Energy Conservation Building Code (ECBC) a mandate would give a greater push to sustainability. The regulatory impetus for mandatory tracking and reporting is still lacking but should get a major push following India’s call for Net Zero by 2070.

India’s score improvement was the highest on the parameter of improvement in transaction process. Given the regulatory initiatives, and better and deeper data availability, access to asset information has improved in a significant way. With reforms also creating the push for better professional standards for property agents and an environment for weeding out illicit finance through stringent anti-money laundering regulations, the transaction process in India has become more transparent and meaningful.

India’s improvement in this parameter was just behind Vietnam and Malaysia among other APAC countries.

“India’s investment performance parameter has held steady with a conducive investment environment in place and healthy opportunities for investors. The last two years have also been marked by upheaval and a reset in investor strategies. Some countries have found increased favour from investors and have moved up the rankings. India has kept its ranking steady, though it has improved its composite score in this parameter,” said Samantak Das, Chief Economist and Head of Research, REIS, India JLL.

Diversification remains a core theme for many investors in the Asia Pacific. Institutional capital, such as that controlled by asset managers, pension funds, and sovereign wealth funds, is active in alternative real estate sectors in nearly two-thirds of the markets tracked. That means expectations for transparency across niche property types like lab space, data centers, or student housing have grown.

India has made rapid strides in the availability of high-frequency data across its big cities and core asset classes through the intervention of tech platforms and regulatory reforms. It needs to replicate for other cities and alternative sectors with the work already underway through a mix of both private sector participation and government push towards digitization of land and property records.

As market transparency improves through access to data, better corporate governance practices, and more publicly listed REITs creating more publicly available datasets, the sustainability agenda needs a greater push for India to rapidly ascend to the transparent tier.

The road from regulations to putting them into practice–across financial regulations, land-use planning, taxation, anti-money laundering and eminent domain–will be necessary to increase transparency levels and match heightened expectations.

MahaRERA lists 2,809 projects with bookings in lapsed category

PUNE: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has listed in the “lapsed”category 2,809 projects with bookings for nearly 1.28 lakh apartments worth Rs78,000 crore across the state as part of a separate checklist on its portal.

Most of the “lapsed” projects with bookings were in Pune (834), followed by Mumbai (582) and (354), MahaRERA data revealed.

These projects, with completion deadlines from 2017 to March 2022, were listed as “lapsed” because the promoters neither sought an extension nor completed them despite the bookings. Builders of the lapsed projects cannot advertise or sell the projects without an extension from MahaRERA

A MahaRERA official said the authorities were hopeful about the state government forming a committee to help complete the “lapsed” projects and ensure that the citizens did not suffer. The official said the committee was likely to have representatives from government bodies such as Mhada and Cidco.

MahaRERA mainly puts out the list of projects whose promoters did not apply for an extension and also did not upload Form 4 from the architects on its website. Section 8 of the Real Estate Regulation Act states that once a project lapses, the regulatory authority shall take control and devise a plan for its completion.

“Collaboration of joint ventures will always help, especially with state government bodies,” state Credai president Sunil Furde said.

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