Wednesday, 19 April 2017

Tenders for Mum-Goa coastal highway to be floated next month

Tenders for the proposed Mumbai-Goa coastal highway will be floated next month, state Public Works Department Minister Chandrakant Patil said here today.

"The detailed project report for the Mumbai-Goa coastal highway is already prepared and tenders will be floated next month," he said.

He was addressing the media after a review meeting held here with Union Minister for Roads and Highways Nitin Gadkari with the authorities of the National Highways Authority of India (NHAI).

Gadkari had proposed to develop the coastal highway on Mumbai Goa route along the lines of the highway on the Las Vegas St Francisco Pacific Coast in the US.

During the meeting, Gadkari reiterated that the Mumbai-Goa highway would be completed by 2019, Patil said.

The construction work of the project will be divided in four packages in Goa, and in eleven packages in Maharashtra. The highway would have an investment of Rs 12,000 crore in Maharashtra and Rs 5,000 crore in Goa.

Patil said the state government would also get funds from the Centre for constructing a separate highway between the Raigad fort and Mahad, which will cost around Rs 260 crore.

Source: DNA

Why 2017 is the best year to buy affordable houses?

Over 1.66 crore applications for various credit linked subsidies for housing loans have been received through various channels by the government in the past few months. In a country where online internet penetration is a mere 37% overall and 62% urban, this data available with the Ministry of Housing and Urban Poverty Alleviation shows that digital access is not an issue. It may require some facilitation. However, that too, provides job opportunities and therefore, is a good economic activity to pursue.

The Credit Linked Subsidy Scheme (CLSS) was the Housing Ministry’s effort to dovetail finance availability into the Prime Minister’s vision of a liveable house for every Indian family by 2022. The interesting thing is that while earlier it was housing shortages that were being computed, today the extent of subsidy sanctions are being touted.

So how does every citizen avail the sanctions? The CLSS announced in a previous budget offered a 6.5% interest subsidy to be credited into the borrower’s account for the first Rs 6 lakh of loan availed for buying a house of 30 and 60 sq m carpet area, under the Pradhan Mantri Awas Yojana (PMAY). The family income of the buyer was to be within Rs 6 lakh. This amounts to a net subsidy of 21% for the applicant. For the first time the government efforts had been stretched to include the Lower Income Group (LIG) segment and not the social sector of the Economically Weaker Sections (EWS) alone.

The Prime Minister’s announcement on December 31, 2016, that two new credit subsidy schemes for the middle classes, MIG 1 & 2, was also announced ensured that the net was widened further. Now those with upto Rs 12 lakh annual income could avail of the housing subsidy of 4% and those with annual income levels of Rs 18 lakh could avail of subsidy levels of upto 3%.

This meant that if a young urbanite with a family income of Rs 18 lakh approached a bank for a loan, he or she would be eligible to seek loan for a house of upto about Rs 65 lakh. This accounts for over 55% of the stock that is actively traded and listed on property portals like On this loan the borrower is eligible for a subsidy of 3% on the first Rs 18 lakh, if the loan has been availed after January 1, 2017. This effectively brings the rate of interest down from the existing 8.5%. “This makes it the best time to buy an affordable house in urban India,” said Amrit Abhijat, Mission Director, PMAY and JS (HFA).

While nay-sayers have been predicting the digital challenge, statistics show that over 30 lakh people, without any aid, have been able to come and apply on the HUPA website. When some states were found not to be pushing for more CLSS applications, the Common Service Centres, manned by IT literates was launched. They charge a facilitation fee of Rs 25 per application but 28 lakh people have applied, paying this charge. The National Housing Bank (NHB) is now determining the eligibility of these applicants and estimates that at least 80-90 lakh loans will be disbursed.

For the first time, the Middle Income Group (MIG) housing has got incorporated into affordable categories. However, stressed Dr P Jaipal, Sr Executive Director, HUDCO, “The MIG subsidies are for one year. If we struggle on interpreting the law for a long time, then time will run away. The industry needs to be facilitated to transfer to MIG and take advantage of the scheme, or the next year when the scheme is appraised, the verdict will be that it is not a success.”

Another concern raised by Dr Jaipal was that since it is easier for the developers to make money out of the MIG sector, the higher end of the LIG segment that was being addressed by developers may be neglected. One way of ensuring developer interest is to keep a percentage of priority lending funds from banks for constructing LIG housing.

This plea was echoed by the State Bank of India representatives who asked for the definition of affordability to be dovetailed into the priority sector lending.
With or without priority sector lending, banks such as SBI and HDFC are holding major sessions on CLSS for its staff. This is part of the preparation for a large number of disbursals. NHB, on its part, is now equipped to make the disbursals into the bank accounts of the borrower in two days, thanks to a massive digitising exercise that has won them an award as well.

With the Digidhan and other digital cash movements in the past, many informal sector workers now have a digital footprint that gives them a CIBIL score. This is already being used by microfinance lenders such as the SEWA bank to lend between Rs 1-3 lakh. The ministry is already in talks with the Indian Banks Association (IBA) to sort out the concerns of lending to the unorganised sector. A simplified application form and document process has been circulated by the IBA. However, appealed the ministry, finally the banks have to take a compassionate view when lending to those in the informal sector as they may not have too many documents to support their application.

If you are buying a house in resale markets from someone who has got a house using subsidy and is selling now that the lock-in period is over, you are eligible to be considered for funding under the subsidy scheme. But seller does not get more subsidy.

The PMAY was launched in 4011 statutory towns as per Census 2011. Now all states are adding more statuatory towns, which now numbers 4300, to avail PMAY advantages. NHB, has now mapped all the localities in these cities to postal codes that will facilitate lending by the banks.

As the Secretary Dr Nandita Chatterjee stressed, “The entire purpose of PMAY is that those with no shelter should get a house and not to trigger speculation. So the schemes are all to facilitate purchase of the first house.”

With the inclusion of LIG and MIG in the fold of affordable housing, the government is clearly matching aspirations to resources to create a kind of ecosystem fuelled by incentives. They are available in 2017-18. The home loan interest rates too are low. Coupled with subsidies, they are the lowest in 20 years. But unlike in the Housing and Habitat policies of 1998 and 2007, when there was a lot of consumer facilitation and access to funds, this time round, the extent of the incentives is for a far shorter period.

Come 2018, all the incentives may not exist. Therefore, it is a good time to buy now if you don’t own a house.

Article Source: ET Realty
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Monday, 10 April 2017

MMB sets 2018 date for water transport plan

Residents of Navi Mumbai and Raigad may soon get to travel by water to South Mumbai in a year's time. The three government bodies working on the east coast water transport project have set a deadline of April 2018 for its commissioning.

Atul Patne, CEO of the Maharashtra Maritime Board (MMB), which is the nodal agency for the project, said they were planning to commission passenger and row-on row-off (RoRo) services for vehicles on the route by April 2018.

This long-pending transport system is being implemented jointly by the MMB, the City and Industrial Development Corporation (CIDCO) and Mumbai Port Trust (MbPt), with terminals being constructed at Ferry Wharf, Mandwa and Nerul. "We will soon float tenders for the appointment of vessel operators," said Patne, adding that they were looking at having a minimum of six boats plying on the route. It will take just around 35 minutes for passengers to travel from Nerul to Ferry Wharf, while the time taken on the Ferry Wharf to Mandwa route will take 20 minutes.

Patne said that while the original design of CIDCO's terminal at Nerul covered only passenger transport, it was envisaged to change it to allow RoRo services for vehicles as well. This will create an alternate route for motorists travelling between Navi Mumbai and Mumbai. The CIDCO is examining the feasibility of the proposal. The MMB is constructing a terminal at Mandwa with work on the breakwaters almost 70 per cent complete.

Friday, 7 April 2017

Centre Signs MOU with GMR for Airport at MOPA

PANAJI: Ministry of civil aviation and GMR Goa International Airport Limited (GMRGIAL) signed the memorandum of understanding (MoU) in Delhi, on Friday, for necessary support from the Centre for developing the international greenfield airport at Mopa.

The MoU was signed in the presence of civil aviation minister Pusapati Ashok Gajapathi Raju and chief minister Manohar Parrikar.
Speaking to TOI, director for civil aviation S Shanbogue said that with the signing of the MoU, GMRGIAL will get all the required support from the Centre for the development of the Mopa airport.
Signing of the MoU is the part of the concession agreement signed between the state government and GMRGIAL, he added.
As per the concession agreement, the company will have the right to operate the business for 40 years, extendible by another 20 years.
Soil testing has been completed and land will be handed over to the company next month after which they will commence the work, Shanbogue said.
On September 20, 2016, GMR Airports Limited had given its acceptance to the letter of award issued by the state government to it on September 17, 2016, for construction of the greenfield airport.

Explore Expat's Projects in the area:

Source: Times of India

Monday, 3 April 2017

Kadamba Plateau as a fast emerging destination for residential real-estate in Goa.

Kadamba Plateau is fast emerging as the hottest destination for residential real-estate in Goa. While, most parts of Goa have seen haphazard development, builders are focusing primarily only on upmarket residential complexes with best of amenities like a swimming pool, gymnasium, gardens, club-houses and adequate parking facilities.

Priority Construction's owner Parind Nachinolkar said, “What was luxury at one point of time has become a necessity today, given the quality of complexes at Kadamba Plateau”.
Nachinolkar’s comment seems accurate, considering how suburbs like Porvorim have developed in the recent years. The Panaji-suburb has managed to catch the imagination of real-estate buyers and builders only in the last ten years. However, although recently developed, a number of constructions in Porvorim still lack adequate parking facilities.
The placement of infrastructure (neighboring societies and buildings) in Porvorim may be clearly sighted as testimony to the fact that not much planning by the state or companies has been implemented while designing the now active suburb. Fortunately, that isn’t the case with Kadamba Plateau, as developers are only focusing on large residential complexes with state-of-the-art amenities.
Moreover, the floor-area-ratio (FAR) at Kadamba Plateau is just 0.8 compared to 2 at Caranzalem, another suburb of the capital.
FAR may be defined as the ratio of building’s total floor area to the area of the land on which it is constructed. Lower ratio implies that at Kadamba Plateau, the constructed area will cover a lot less of the total plot area than in other parts of Goa. This means that builders will be able to provide a much larger green cover in the form of gardens and play-area for kids to residents.
Some issues, however, that still haunt investors from foraying into the greenfield plateau include state-owned pending projects such as the completion of a highway to Panaji and the PWD's water-pipeline at the plateau.
But, from the looks of it, it seems that the work on the four-laning of NH4-A is going to get over very soon. As far as water availability is concerned, builders provide water to residents through either bore-wells or water-tankers.
Besides, this is a larger issue in India, wherein it is a norm that real estate develops first and government creates infrastructure later.
Nachinolkar added, “Kadamba Plateau is today where Porvorim was ten years ago. At that time, lot of people used to take ferry to reach Panaji from Porvorim and wondered if Porvorim would actually get developed. But, it did develop”.
Prapanch Ravi, sales manager, NaikNavare Developers, said, “Main thing is connectivity. Roads in Porvorim can’t be widened. Besides, one has to cross a bridge to come to Panaji from Porvorim. Once, four-laning of highway is over, there will be no such issues with Kadamba Plateau”
NaikNavare Developers had launched a residential project called ‘Esmeralda’ in Kadamba Plateau in December 2012. By now, they have already sold 70% of the project. Ravi added, “At present, we are selling at Rs 50,000 per square meter. Rates in Porvorim aren’t less than Rs 70,000 per square meter. My assessment is, in four years, Kadamba Plateau rates will double because by then a number of constructions will get over and work on road and water will be finished as well”
Two points emerge from Ravi’s comments and both are inter-twined. One, despite lack of infrastructure and slowdown in market, builders have been able to sell real-estate at Kadamba Plateau. Two, real-estate in Kadamba Plateau is relatively cheaper and that’s one reason why consumers and builders are both getting attracted to it.
Priority Construction is going to start construction of its project at Kadamba Plateau this year after rains. Nachinolkar said, “This is the time to go to Kadamba Plateau. So many things are coming up there. A huge 5-star hotel is lined up, a hospital is going to come very soon, proposed IT park at Chimbel is going to be nearby, the state government has announced an education hub in Bambolim, which is also very close”.
Another respected brand in the field of real-estate, Adwalpalkar Constructions, too is planning a residential project at Kadamba Plateau. Sahil Adwalpalkar from Adwalpalkar Constructions said, “We started our project called Springfields at Kadamba Plateau a year and a half ago. It will take another year for us to finish the project, and we have already sold 60-70% of the project”.
It is clear that customers are going for two things. One, reputation of builders. Two, relative affordability of real-estate at Kadamba Plateau. It is also a myth that only outsiders are buying real-estate at Kadamba Plateau. Ravi from NaikNavare Developers said, “We have sold around 56% of flats to locals and the remaining to people from outside. So, it is a mix of people from Goa and outside”.
And, it is obvious too, as the state government is working on creating so much infrastructure, which is not just for people from outside of Goa, who are buying real-estate at Kadamba Plateau only from investment objective and not to live there. So much infrastructure is definitely being created for people who are going to stay there.
It is also reported that the new private hospital at Kadamba Plateau is an initiative of a team of 33 doctors from North Goa. This 230-bed hospital called ‘Healthway’ is going to be one of the largest multi-speciality hospitals in Goa and it can take care of medical needs of people of entire North Goa easily.
All this clearly hints in the direction that the state government and private players are looking at Kadamba Plateau as a full-fledged satellite city to Panaji, the way Gurgaon and Noida are to Delhi. Besides, builders at Kadamba Plateau offer all sorts of options to customers from studio apartments to one-bedroom-hall-kitchen (BHK), two BHK, 3 BHK and villas. In short, there is real-estate for all; for those concerned about affordability and also for those going for luxury.

Source: The Goan
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