Mahindra Lifespace Buys Land in Maharashtra to Develop Housing Project

Realty firm Mahindra Lifespace Developers Ltd today said it has bought a land parcel in Maharashtra to develop a housing project. 

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In a filing to the BSE, the company informed that it has "acquired a land parcel in district Palghar, Maharashtra, admeasuring 85,000 square meters for Residential Development". 

The company recently reported 36 per cent decline in consolidated net profit at Rs 15.11 crore for the quarter ended September. 

Its net profit stood at Rs 23.47 crore in the year-ago period.

Income from operations also fell by 9 per cent to Rs 164.55 crore during the second quarter of this fiscal from Rs 181.61 crore in the corresponding period of the previous year. 

Source - NDTV

Maharashtra to use no development defence zones for affordable housing in Mumbai

MUMBAI: The government of Maharashtra is considering opening up land parcels under the no-development zones as well as plots belonging to Indian defence personnel in an effort to build affordable houses in Mumbai, said Prakash Mehta, minister of housing, labour & mines. 

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"The blueprint for affordable housing in Mumbai will be ready soon, and if needed, we will even look at the salt pan land, defence land, airports authority and BPT (Bombay Port Trust) for these projects," the minister said, while stressing on the need for affordable housing in the country's commercial capital. 

A land spread of over around 350 acres, mainly on the eastern coast, under Bombay Port Trust's control, can also be used for mass housing projects, he explained. According to Mehta, Maharashtra government has entered into an agreement with the Ministry of Defence that will allow land under its control in Mumbai to be used for mass housing. 

"For this purpose, we will be using the defense land that has been encroached upon by slum dwellers. In exchange of this, we will allot them land in other parts of Maharashtra," he said after inaugurating MCHI's property exhibition in Mumbai. He nudged realty developers, who drew his attention to high taxes and development levies, to develop more affordable housing projects in the city. 

"We need 11 lakh affordable houses in Mumbai, and we would like to get your (builders') support on this. We need these houses within Mumbai and not in Mumbai Metropolitan Region. We will take care of MMR (for affordable housing), you focus on Mumbai," Mehta said. He was referring to developers' suggestion that they will be able to build affordable houses in Mumbai Metropolitan Region that includes areas such as extended suburbs of Vasai, Virar, Badlapur, Ambarnath. Mehta said he hoped to get a commitment within a month from developers to build affordable houses in Mumbai.

 The minister, along with a core team of MCHI, will be meeting Union Minister Prakash Javdekar within a month regarding delays in environmental clearances for real estate projects

Source - ET

Housing regulatory body soon for Maharashtra buyers

Mumbai - The Maharashtra government will soon appoint a regulatory body to safeguard interests of home buyers after the Centre gave a go ahead to the state to frame rules to implement the Housing Regulatory Bill passed by the legislature and approved by the President. 

"The process of framing of rules is in progress and the delay was because the Centre had framed a similar law "Real Estate" (Regulation and Development Bill) and wanted the state to adopt it. However, the Central government's bill is pending in the Rajya Sabha. 

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We explained to the Centre that Mumbai's housing needs are different from the rest of the country. There was urgent need for a housing regulator and that our provisions were better than the proposed central law. Our submission has been accepted and we will have our own housing regulator," Shrikant Singh, Principal Secretary Housing department, said. 

The Maharashtra Housing (Regulation and development) 2012 was passed two years ago and the Presidential assent came in 2014. The regulatory authority will be a quasi-judicial body and resolve the disputes related to the housing sector. 

"We have got official nod from the Centre to set up our own regulatory authority for the state. We are in the process of forming rules and regulations after which the authority will come into existence," Singh said. 

The previous Congress-NCP government had proposed the law to ensure home buyers interests are safeguarded. However, the Centre also brought a similar legislation in Parliament and asked Maharashtra to hold back implementation of its own law. 

But the Centre's draft bill has gone to the parliamentary committee of the Rajya Sabha. Hence the state has got a go ahead with its own regulatory authority law.  Singh said consultations are on with law and judiciary and finance departments for framing rules regarding setting up of the regulator. He, however, declined to give a time frame for completing the process. 

Source: Economic Times, Mumbai