MCHI CREDAI Property 2013 - 21st Real Estate and Finance Exhibition from April 11 - 14 at MMRDA Grounds, Bandra Kurla Complex, Mumbai

MCHI CREDAI Property 2013 - 21st Real Estate and Finance Exhibition  from April 11 - 14 at MMRDA Grounds, Bandra Kurla Complex, Mumbai 

MCHI CREDAI Property 2013 - 21st Real Estate and Finance Exhibition  from April 11 - 14 at MMRDA Grounds, Bandra Kurla Complex, Mumbai 

- Over 12000 properties spread across Mumbai and Mumbai Metropolitan Region (MMR)

- Leading housing finance institutions and banks will participate

- About 102 developers participating including Ajmera Realty, Nahar Group, RNA Corp, RNA Corp, Ekta World, Hiranandani, Hubtown, Rustomjee, Kalpataru, India Bulls, Kanakia Spaces, Rajesh Lifespaces, Shree Naman Group, etc

- Properties across MMR, Thane, Navi Mumbai, Pune, Hyderabad, Chennai, Ahmedabad, Bangalore, and several other locations will be on display at the venue

- Options ranging from 1, 2, 3, 4, 5 BHK apartments, studios, duplexes, row houses, bunglaows, second homes, holiday homes, NA Plots, shops, office premises will be on offer at the event.

- The exhibition theme is 'Mumbai makes me happy; where dreams come true

- It will showcase Mumbai's heritage and some of the current and future iconic landmarks.

More details on www.mchi.net

MCHI CREDAI Property 2013 Exhibition starting Gudi Padwa onwards from April 11 - 14 at MMRDA Grounds, Bandra Kurla Complex, Mumbai

MCHI CREDAI Property 2013 Exhibition starting Gudi Padwa onwards from April 11 - 14 at MMRDA Grounds, Bandra Kurla Complex, Mumbai 

21st Real Estate and Housing Finance Exhibition


- Over 12000 properties spread across Mumbai and Mumbai Metropolitan Region (MMR)

- Leading housing finance institutions and banks will participate

- About 102 developers participating including Ajmera Realty, Nahar Group, RNA Corp, RNA Corp, Ekta World, Hiranandani, Hubtown, Rustomjee, Kalpataru, India Bulls, Kanakia Spaces, Rajesh Lifespaces, Shree Naman Group, etc

- Properties across MMR, Thane, Navi Mumbai, Pune, Hyderabad, Chennai, Ahmedabad, Bangalore, and several other locations will be on display at the venue

- Options ranging from 1, 2, 3, 4, 5 BHK apartments, studios, duplexes, row houses, bunglaows, second homes, holiday homes, NA Plots, shops, office premises will be on offer at the event.

- The exhibition theme is 'Mumbai makes me happy; where dreams come true'.

- It will showcase Mumbai's heritage and some of the current and future iconic landmarks.

Aditya Birla Group Fund may buy 50% in Peninsula’s Pune project

Aditya Birla Group Fund may buy 50% in Peninsula’s Pune project

Aditya Birla Group's real estate fund is close to buying a 50% stake in AshokPiramal-led realty developer Peninsula Land's 30-acre township project in Pune for over Rs 115 crore.

The deal values the project's total development potential of 2-million sq ft at Rs 230 crore and may offer Aditya Birla Real Estate Fund returns of nearly 25%.

The fund has also agreed to share returns above this threshold of 25% with the Mumbai based listed developer. The process of due diligence is already over. Both parties are negotiating final terms and valuation. The transaction is likely to be concluded soon after the board of Peninsula Land clears it.

The fund has offered to share returns of above 25% for part of their stake to incentivise the developer to push the revenue and profitability of the project. Under this term, Peninsula Land will get to share returns of Aditya Birla Real Estate Fund in addition to returns from its own 50% stake. Increasingly, realty funds are using such mechanisms to get assured returns even in pure-equity transactions.



Peninsula Land had acquired total 33-acre land for Rs 150 crore in December 2011 from a joint venture company formed by Mumbai-based developer Ekta Group and Pune's Oxford Group. Of the 33 acres, the 30-acre land parcel on which the proposed development will come up is a contiguous plot. The rest 3 acre is around 300-400 metre away from the large plot. Peninsula Land had earlier planned to acquire the plots falling between these two to make it a contiguous one. However, having failed to achieve this, the developer is now looking to sell this 3-acre plot and go ahead with the development on the large parcel separately.

Currently, Peninsula Land is awaiting final approvals for the project from the civic authority and is aiming to start construction by July with a total estimated development schedule of five years. Aditya Birla Real Estate fund, part of Aditya Birla Financial Services, has a total corpus of Rs 1,100 crore and has so far deployed and committed around . 300 crore through five transactions . The proposed transaction for the Pune project of Peninsula Land will be the fund's sixth investment deal, leaving over . 700 crore for further deployment in the next one year. More details here

Ready Reckoner rates for properties in Maharashtra set to increase from first week of January 2013

Ready Reckoner rates for properties in Maharashtra set to increase from first week of January 2013

The Maharashtra government is set to increase ready reckoner (RR) rates for properties between 5% and 30%, depending on the size and location in Mumbai and the rest of Maharashtra. The rise comes at a time when the residential market, especially in Mumbai, has been sluggish for almost all of 2012 due to unaffordable property prices.

However, no major price correction happened as developers cited slower civic approvals which affected supply. Rise in input costs also hurt business. Recently, property developers had requested the state government to slash RR rates that form the basis for stamp duty to avoid further burden on home buyers.

Realty developers are also concerned that the move to increase RR rates will deter customers from booking flats. "It's not a good move. Industry is already going through a bad patch and we were seeking support from the government. Increase in costs will be passed on to consumers leading to higher property prices and sales volume is expected to take a hit," said Paras Gundecha, president of realtor's body, MCHI-CREDAI.

RR rates for a particular location is used to calculate taxes, including stamp duty and registration, for a property transaction. Maharashtra's revenue minister Balasaheb Thorat said that the revenue department has already given a proposal for an increase in rates as it is seen as a sure way of boosting the state's coffers.

In 2011-12, Maharashtra government collected over Rs 14,000 crore as stamp duty from purchase and sale of property while in 2010-11 this figure was close to Rs 13,400 crore. Typically, the increase in RR rates is implemented from January 1, but it is likely to be issued in the first week of January this year. Revenue ministry officials confirmed that the state has received requests from various organisations representing developers that the RR rate should not be increased this year as the market was mostly stagnant.

However, the state's policy is to generate at least 10% more revenues from stamp duty than what it had collected last year. The state Cabinet is expected to give its approval to the increase in rates in the first week of January.

More details here

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