Sorento had a delivery date of October 2017 but received its OC in April 2017. As the project has received the OC, customers buying a ready-to-move-in property from them will not have to pay service tax and VAT (or GST, as and when applicable) which amounts to a saving of a minimum of 5.5% on the base cost.
Manoj has over 25 years of management experience, both at national and international levels, with large clients and multinationals. He has previously headed Facilities and Procurement divisions for various multinationals including GE Capital International, Dell & Lucent Technologies. In his last role he was Vice President, Corporate Services at Deutsche Bank AG.
Affordable housing and Mumbai often sound to be quite contradictory. The peninsular city with limited land parcels and load on the infrastructure often makes an urban planner fumble for offering any sustainable solution. Critics hence dismiss the very idea of affordable housing in the city. In Mumbai the development and growth of affordable housing has also been facing significant challenges owing to a gamut of fiscal, regulatory and urban issues.
This 126 km long Virar – Alibaug Multi Modal Corridor will connect NH-8, Bhiwandi bypass, NH-3, NH-4 and NH-4B, Mumbai-Pune Expressway, NH-17, etc. Out of this 126 km corridor, 79 km long Virar (Navghar) to Chirner (JNPT) corridor has been declared financially feasible and has been approved by the Mumbai Metropolitan Regional Development Authority (MMRDA) in March, 2012.
A closer look at some of the leading property markets of the country, like Mumbai, Pune, Chennai, Hyderabad and Bangalore, clearly suggest that the market is poised for an upswing in the next few years. More importantly, it is not just the analysts but also the home-buyers who are today; ready to bet high on the long term growth story of the property market in these leading cities.
The anticipation of the international airport has been behind the property purchase in the region. The investors in this part of the world are hence forced to tavel to one or two hours to Mumbai for their domestic and international flights. The ordeal is unlikely to be over in the next three to four years till the Navi Mumbai International Airport actually takes off.
There is currently a shortage of 20 million homes. By 2030, 590 million Indians will live in cities, necessitating a further $2.1 trillion of capital investment in infrastructure. The challenge to house the future population is urban in scope and unprecedented in scale.
ASSOCHAM has urged the Government, National Company Law Tribunal (NCLT) and the Insolvency and Bankruptcy Board of India to treat homebuyers in real estate projects at par, if not above banks in the pecking order, by providing a separate carve-out for those stuck in the incomplete construction, and any legal hurdle should be immediately removed, by a Presidential Ordinance, if need be.
Many of the homebuyers in their desperate instinct are thinking of immediately stopping EMIs (Equated Monthly Installments) to banks. However, many of them are conscious of the fact that stopping EMI is not a solution. If buyers stop servicing their home loans (as they are not sure if they will get a house), it may impact their credit rating.
There are very few case studies where the developers have flocked out to cities on sheer promise without registering their presence in the four metro cities. However, such migration to magnet territory is today quite visible in Gujarat where the developers from other states are increasingly flocking, most notably in the city of Ahmedabad.