Delhi, Bengaluru & Mumbai witness dip in prime residential prices in Q1 2021: Report – ET RealEstate

NEW DELHI: Bengaluru has slipped four positions to rank 40th globally in annual price appreciation of luxury residential properties, according to real estate consultant Knight Frank. In its ‘Prime Global Cities Index Q1 2021’ report, Knight Frank mentioned that New Delhi and Mumbai, too, slipped one spot each to rank at 32nd and 36th, respectively.

In the last report, Delhi was at 31st position, while Mumbai ranked 35th and Bengaluru 36th.

Bengaluru witnessed a fall of 2.7 per cent year-on-year (YoY) in prime residential prices during January-March 2021, leading to a fall in its ranking on the global list.

In New Delhi, the prices fell marginally by 0.2 per cent YoY to an average price of Rs 33,572 per sq ft in Q1 2021.

Mumbai’s prime residential market registered a decline of 1.5 per cent YoY in the January-March quarter with an average price of Rs 63,758 per sq ft.

Prime residential property is defined as the most desirable and most expensive property in a given location, generally defined as the top 5 per cent of each market by value.

The Prime Global Cities Index is a valuation-based index tracking the movement in prime residential prices in local currency across 45+ cities worldwide.

Shenzhen ranked 1st with 18.9 per cent annual change for the period Q1 2020 – Q1 2021.

New York was the weakest performing market and ranked 46th with a fall of 5.8 per cent in prices annually.

Knight Frank India CMD Shishir Baijal said, “The decline in prices of prime residential properties in India during the first quarter of 2021 can be attributed to multiple factors such as uncertainty around the second wave of the pandemic, high liquidity in capital markets, as well as the backlog of supply.”



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Maharashtra cabinet nod to amend co-operative societies act – ET RealEstate

MUMBAI: The Maharashtra cabinet on Wednesday passed a proposal to amend the Cooperative Societies Act 1960 to ensure that members will not lose their voting rights during the next elections to their respective societies.

As per the current provisions of the law, a member must attend at least one meeting of the cooperative society in five consecutive years, failing which he is deemed inactive and loses rights to vote.

Currently, the COVID-19 pandemic has brought the functioning of scores of cooperative societies in the state to a standstill.

Taking into consideration the possibility of many members losing their voting rights as several societies could not hold their annual meetings, the cabinet has decided to allow such members to remain active members of societies.

The state government on April 6 postponed the elections of cooperative societies till August-end.

Meanwhile, the cabinet also cleared a proposal to hand over the Annasaheb Patil Economically Backward Development Corporation to the state planning department from the skills development department.

The higher and technical education department’s proposal to convert the existing three colleges into a cluster university was also cleared by the council of ministers during its meeting.

These colleges of arts, commerce and science were part of the Rayat Shikshan Sanstha.

In another decision, the cabinet cleared a proposal of the state Medical education department to implement recommendations of the 7th pay commission to the teachers of aided private colleges of Ayurved and Unani courses.

This approval will increase the financial burden on the exchequer by Rs 116.77 crore along with arrears from January 1, 2016.

The state cabinet has decided to merge the Pimpri Chinchwad New Township Development Authority with Pune Metropolitan Regional Development Authority to bring parity in construction rights, FSI and TDR in the region.



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Mumbai: BMC allows housing societies to hold vaccination drives within their premises – ET RealEstate

MUMBAI: Soon, Covid-19 vaccination drives will come to your doorstep. The BMC is permitting housing societies to tie up with private hospitals to hold these drives within their premises, subject to availability of stocks. Hospitals will have to ensure all protocols are followed during the drive.

These vaccines will come at a cost fixed by the government for private hospitals. While some housing societies are already in talks with the BMC, a few others are trying to set up their infrastructure.

Additional municipal commissioner (health), Suresh Kakani told TOI housing societies, industrial complexes, banks and corporates can tie up with any private hospital for doorstep vaccination.

“We have notified 75 private hospitals for vaccination and we can add more as and when they apply. Hospitals will have to take care of the holding area, vaccination and observation area post vaccination and follow all protocols,” Kakani said. “Those who want free vaccination can come to the 227 new centres that the BMC will be setting up. These centres will provide free vaccination and they will be operational once we get enough stock,” he added.

In a mail to residents from across their projects, the Lodha Group stated they are working with the authorities to organise vaccination. A spokesperson said they were getting permissions from the municipal corporations. “We have tied up with local hospitals to procure vaccines,” said the spokesperson.

Mulund’s Atmosphere Housing Society has also reached out to the BMC and BJP MP Manoj Kotak seeking vaccination in their complex. “We have over 700 flats and over 1,500 residents in the society. We can help the BMC set up the vaccination centre in our society and provide manpower for the drive too. This way people won’t have to go out and everyone can get vaccinated,” said Raj Kulkarni, a resident.

Kotak said they had asked the BMC to allow NGOs to carry out vaccination drives in housing societies through tie-ups with hospitals. “This will expedite the pace of vaccination and reduce crowds at vaccination centres,” he said.

On behalf of the 11 societies in Dosti Acres, Wadala, NGO Friends of Wadala East, has requested the developers to make the community hall available for the vaccination drive. “We are also in talks with the BMC. The BMC’s vaccination centres will be overburdened and carrying out these drives at micro level is the only way forward,” said Rahul Daga, chairman of Dosti Lily CHS and secretary of the NGO. They are ready to bear the cost of setting up the infrastructure.

Rajeev Saxena from the Maharashtra Societies Welfare Association said many societies are keen on holding the vaccination drives and are awaiting government orders.



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Mumbai: Sewage plant makes way for a residential complex – ET RealEstate

MUMBAI: A sewage treatment plant (STP) in Kandivli (E) is making way for a residential complex. The plant spread over 37,000 sq ft is part of the Samata Nagar Mhada layout for low-income group, middle-income group and high-income group families.

The complex, which has around 3,000 families, went in for redevelopment in 2007, and the law requires each building to have its own STP so every redeveloped building now treats its own sewage and recycles it. In 2015-16, when the new Development Control Regulations were being drafted, the Maharashtra Housing Area Development Authority (Mhada) asked for the STP plot to be converted into a residential zone. The BMC and state urban development department, last month, approved the change in reservation of the plot.

A Mhada official said the STP had been defunct for a long time. “We shall now be able to use the plot to construct more affordable housing,” he added.

Sudhir Wakure, department head of S D Corporation that has undertaken the redevelopment of the 165 buildings in the 52 acre layout, said this was the first time that such large integrated redevelopment is being carried out. Around 1,965 flats have already been constructed and 1,750 residents rehabilitated so far, he said.

Wakure said 80% of the treated sewage will be recycled and reused by residents, while 20% will be discharged into the BMC’s sewage network. “The layout’s drainage system is being connected to the new sewage disposal network that is being laid across the suburbs.”

Environmentalist Debi Goenka, however, pointed out that since it is a large layout, the government should have insisted on a single STP, rather than one for every building. “Residents often do not maintain these plants and are averse to use recycled water. The plot could have been used for secondary and tertiary treatment of sewage water,” he said. Goenka said if all redeveloped and new buildings in Mumbai are to have their own STPs, then the BMC must do away with its plan to set up large STPs in mangroves and wetlands. “One such STP is coming up amongst the lush Malad mangroves,” he added.



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