Conveyance deed drive in Maharashtra now till January 31 – ET RealEstate

PUNE: The state cooperation department issued a fresh circular on Friday extending the deemed conveyance drive till January 31.

The drive entails the cooperation department to conduct surveys of societies that do not have the conveyance deed.

Earlier, the deadline of the state government’s initiative of allowing the cooperative housing societies to apply for deemed conveyance was January 15.

There are more than one lakh housing societies in Maharashtra without conveyance deeds.

In 2012, the state government brought in the concept of deemed conveyance, wherein a society can bypass the builder failing to execute the conveyance deed and get it from the registrar.

Conveyance deed allows the society to mortgage its land for obtaining loans to carry out repair works.

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Dharma Productions’ CEO buys Rs 24.60 crore apartment in Mumbai – ET RealEstate

MUMBAI: Apoorva Mehta, Chief Executive Officer of Karan Johar’s Dharma Productions has bought a 2,691 sq ft sea-view luxury apartment in a marquee tower in Khar locality of Mumbai for Rs 24.60 crore.

The deal valued at over Rs 94,400 per sq ft is one of the priciest transactions in the Bandra to Juhu belt that is known to be home of CXOs, film and media personalities.

Mehta has bought the apartment in the same tower The Residency, where Karan Johar also owns a penthouse.

The agreement for the transaction was registered on December 24, a week prior to the first deadline of December 31 set by the state government for homebuyers to avail the benefit of paying stamp duty at reduced 2%.

Mehta has purchased the apartment from the project’s developer Sameer Bhojwani and has paid stamp duty and registration charges worth Rs 49.50 lakh, showed the data accessed by Zapkey.com.

As part of the deal, he will get access to two stilt car parking slots in the tower.

ET’s email query to Apoorva Mehta remained unanswered, while calls and text messages to developer Bhojwani did not elicit any response until the time of going to press.

Mehta’s transaction was registered on the same day when in one of the most expensive residential transactions concluded in 2020, Bharat Serum & Vaccines’ Gautam Daftary bought an entire floor with two large sea-view apartments in a nearly completed project on South Mumbai Carmichael Road for Rs 101 crore.

With an objective of kick-starting the real estate sector and nearly 260 linked industries by encouraging housing sales, the government of Maharashtra had announced a reduction in stamp duty charges to 2% from 5% from September to December-end.

Stamp duty will be charged at 3% of the agreement value from January to March end.

Several high-value transactions have been finalised and registered in the luxury segment of the country’s most expensive property market of Mumbai owing to easing prices and this lower stamp duty benefit.

These deals are helping drive volume in the luxury segment that had remained sluggish for nearly half a decade.

In October, Bollywood actor Hrithik Roshan bought two sea-facing luxury apartments on Mumbai’s Juhu Versova Link Road totalling Rs 97.50 crore, while actress Alia Bhat purchased a house in Bandra’s Pali Hill for Rs 32 crore.

In December, actress Janhvi Kapoor too bought a triplex in Juhu for Rs 39 crore.

Not only movie stars, CXOs, corporate bosses, cricketers and industrialists are among those setting Mumbai’s luxury real estate abuzz again. Apart from helping convert pent-up demand in the mid-income and affordable segments, the stamp duty reduction has also prompted the conclusion of several large-ticket transactions in the city.



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Mumbai: Property registrations at all-time high in December – ET RealEstate

Property registrations in Mumbai, the country’s biggest real estate market, have broken all records as the unprecedented rush among the homebuyers continued in the backdrop of all-time low home loan rates, attractive price discounts and reduction in stamp duty charges.

Registration of residential sales in the country’s financial capital rose 192% from a year ago in December so far to 18,794 deals.

This performance is 217% higher than the pre-Covid month of February and up 102% from November, showed the data from the office of the Inspector General of Registration Maharashtra.

ET had reported on December 18 that the performance in December had already broken all the monthly records in just the first half of the month and was expected to close with the highest numbers ever. November month’s performance itself was an 8-year high record number.

“We are witnessing record growth in registration of deals and given the rush all of our 26 sub-registrar offices are working beyond working hours and even on holidays to facilitate smooth operations and allow homebuyers to get the benefit of government’s reduced stamp duty,” Shridhar Dube-Patil, deputy inspector general of registration, Mumbai division, told ET.

According to him, any homebuyer who pays the complete stamp duty on the executed documents by the end of December 31 office hours will be able to register the document within the next four months without any additional charges to get the benefit of the government’s decision.

The property registration across Maharashtra has touched 2.42 lakh deals in December so far with stamp duty revenue collection of Rs 2,099 crore. In December 2019, the state had witnessed 1.09 lakh deal registrations with revenue of Rs 1,786 crore.

Given the latest average of around 1,000 registration per day in Mumbai and one more day to go, the number for the entire December is expected to top 20,000 easily.

Interestingly, the stamp duty revenue collection has also risen nearly 20% from a year ago to Rs 646 crore despite the reduction in stamp duty rates. Stamp duty revenue has witnessed a 124% jump from November when the collection stood at Rs 288 crore.

In August, the government of Maharashtra had announced reduction in stamp duty on property registrations to 2% for transactions between September 1 and December 31 from 5% earlier.

The stamp duty will be 3% for agreements to be registered between January 1 and March end.

Following this announcement, real estate transactions in Mumbai, Pune and other urban pockets of the state have been witnessing a sharp jump. The registrar had to keep all 26 Mumbai offices open on all Saturdays to accommodate the higher number of deals.

The government has also started to operate registration offices in two shifts as against one shift operation that had started during Covid19 period.

In Mumbai, all registration offices now commence operations at 7 AM and close at 9 PM as against the timing of 10AM to 5:30PMsince the outbreak of Covid19.

Apart from helping converting pent up demand in the mid-income and affordable segment, the stamp duty reduction has been driving several large-ticket transactions in the city and the trend is expected to pick up further.



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Maharashtra: Special drive for housing societies to get deemed conveyance – ET RealEstate

MUMBAI: The cooperatives commissioner is initiating a 15-day drive to enable housing societies obtain deemed conveyance. The letter issued to all deputy registrars across the state admits that since the scheme was launched, very few societies have obtained deemed conveyance.

The drive will be held from January 1 to 15. Housing societies that wish to obtain conveyance can do so during this special drive, said the circular.

Advocate Vinod Sampat, president of Cooperative Societies Residents and Users Association, said while the intention is good, it is still difficult to obtain deemed conveyance unless ‘speed money’ is paid. Sampat said once a cooperative society is formed, the builder has to hand over title of the land and building to the society within six months. However, for several decades builders have failed to do so.

The government, in 2012, introduced deemed conveyance where housing societies, when the builder fails to execute the conveyance deed, could approach the deputy registrar for one. It also amended the law that allowed societies going in for redevelopment to gain from additional floor space index (FSI) and transfer of development rights (TDR). In 2018, that government used a government resolution (GR) to list the documents required for deemed conveyance.

However, bureaucratic hurdles continue. Sampat said that when there are multiple buildings, developers insist on transferring the conveyance to a federation of housing societies rather than to individual buildings. If the project is not complete, builders create hurdles so they can avail additional FSI and TDR.

Sampat said that even if the deemed conveyance is granted, it is required to be registered and often housing societies fail to do so as several residents have not paid stamp duty and registered their flats.



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