03 - 11 - 2021

CREDAI Bengal Daily News Update | 03.11.21

WEST BENGAL NEWS

Stamp duty rebate impact: 87% YoY growth in sales registrations

in Greater Kolkata in October 2021

As many as 4,683 apartment sales registered during October 2021 in Greater Kolkata.

Aided by the 2 percent stamp duty rebate, 4,683 apartment property sales documents were

registered in Greater Kolkata or Kolkata Metropolitan Area (KMA) in October 2021, a report by

Knight Frank has said.

In October 2021, the number of residential sales deeds registered remained a little shy of

September 2021, but the YoY growth of 87 percent surpassed the growth recorded in the previous

month. In September 2021, as many as 4,846 apartment sales documents were registered in

Greater Kolkata.

In terms of micro-markets, North dominated the percentage share of apartment sales deeds

registered with a 43 percent share in monthly registrations. South emerged as the second best

performing micro-market with a 34 percent share of the pie. The peripherals’ residential growth

story continues to advance as demand for new residential products in these micro-markets

remains strong compared to others.

Unlike the past trend, when the Durga Puja festivities witnessed a lack of action in commercial

activities in Kolkata, the prospect of savings on account of stamp duty cut led homebuyers to

flock to registration offices in Oct 2021. The rebound in confidence towards homeownership is

indicative of increasing buyer demand which is vital for the growth of the real estate sector.

Given the homebuyers' response towards this sop, the West Bengal state government has extended

the stamp duty cut window by additional three months until January 31, 2022. This has been done

with a view to combat the economic slowdown situation in the state due to the COVID-19

pandemic and provide relief to homebuyers.

The stamp duty cut benefit will remain available for documents (except the documents for

amalgamation of contiguous land) presented for registration before the registering authority by

this date. The 10 percent reduction in circle rates will also continue till January 31, 2022, which

will further incentivize homebuyers to sign the deals.

Newspaper/ Online Money Control (Online)

Date November 02, 2021

Link https://www.moneycontrol.com/news/business/real-estate/stamp-duty-rebate-impact-87-yoy-growth-in-sales-registrations-witnessed-in-greater-kolkata-in-october-2021-7668811.html

“The recent buoyancy in the residential market is a direct result of the stamp duty cut introduced

in July 2021 by the West Bengal government. Encouraged by the recent extension of the stamp

duty rebate till January 31, 2022, we are confident that the ongoing festive season will see greater

momentum from home buyers. Demand stimulants such as that taken by the state government

have manifold impact, not only on the residential real estate sector but also on the economy at

large. With sustained momentum in buying we expect supply to also pick pace leading to more

employment and greater prosperity,” said Shishir Baijal, Chairman and Managing Director,

Knight Frank India.

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OTHER NEWS

Smart cities mission, PMAY, RERA to be studied by parliamentary

panel

The standing committee will examine and report during the term 2021-22 on improving the

standard and quality of living in urban cities- air quality, sewage treatment and drainage

system, traffic management etc.

Implementation of metro rail projects, the Smart Cities Mission, the Pradhan Mantri Awas Yojana

(Urban) and implementation of The Real Estate (Regulation & Development) Act, 2016 (RERA)

are some of the subjects that have been selected by the Lok Sabha's Department Related Standing

Committee of the Urban Development Ministry.

Apart from the above subjects, the Standing Committee will examine and report during the term

2021-22 on improving the standard and quality of living in urban cities- air quality, sewage

treatment and drainage system, traffic management etc., Atal Mission for Rejuvenation and Urban

Transformation (AMRUT), implementation of metro rail projects, poverty alleviation and

creation of Bharat Mission (Urban), redevelopment of General Pool Residential Accommodation

(GPRA) colonies and measures for augmentation of Government residential quarters, a

government gazette notification said.

The subjects also include reviewing of functioning of the DDA, the CPWD, NBCC, HUDCO,

Hindustan Prefab Ltd (HPL), the NCRPB, the DUAC, PM SVANidhi, redevelopment of slums

in metropolitan cities and re-settlement of slum dwellers, the need for formulating Master Plans

for every city in the country for holistic development and regularisation of illegal colonies are the

other subjects.

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Newspaper/ Online ET Realty (Online)

Date November 03, 2021

Link https://realty.economictimes.indiatimes.com/news/industry/smart-cities-mission-pmay-rera-to-be-studied-by-parliamentary-panel/87500560

Greater Noida authority offers ready flats, applications from Nov

10

Under the scheme, some 113 independent houses ranging from 120 to 200 sqm are available

along with 1,467 flats in built-up highrises of one, two and three bedrooms in different

sectors. Online applications for the open-ended scheme will begin from November 10.

The Greater Noida Authority on Monday launched a residential scheme for ready-to-move, built-

up houses and highrise apartments.

Under the scheme, some 113 independent houses ranging from 120 to 200 sqm are available along

with 1,467 flats in built-up highrises of one, two and three bedrooms in different sectors. Online

applications for the openended scheme will begin from November 10.

One-storey houses are being offered in residential sectors Xu 1, 2 and 3 — 12 120 sqm each in

Sector Xu 2 for Rs 58.99 lakh, and 86 plots of constructed single floors of 120 sqm in Sector Xu

3 for Rs 58.99 lakh.

“These are all ready-to-move buildings and flats which are free from all encumbrances and the

allottees will be able to take immediate possession as soon as the allotment process is completed,”

said Narendra Bhooshan, CEO of GNIDA.

Apart from these, the Authority is also offering 1, 2 and 3 BHK ready-to-move flats in highrise

buildings across various sectors such as Omicron 1 and 1A, MU 2, Xu 3, Eta 2 and Sector 12. In

Sector Omicron 1A, there are 521 2BHK flats of 70 sqm each priced at Rs 30.02 lakh, while 104

sqm 2 BHK flats in the same sector are being offered for Rs 45.32 lakh.

Applications can be made on www.greaternoidaauthority.in. Allotment will be done on a first-

come, first-serve basis and preferences will be given to allottees opting to make lump sum

payment. There will also be an option to pay in instalments.

An applicant will have to apply by paying 10% of the total cost of the building/flat through an

online application facility.

Newspaper/ Online ET Realty (Online)

Date November 03, 2021

Link https://realty.economictimes.indiatimes.com/news/residential/greater-noida-authority-offers-ready-flats-applications-from-nov-10/87478811

Successful applicants will have to deposit 20% of the amount within 60 days from the date of

allotment.

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Now, 'tatkal' system for same-day registration of property in Goa

"We are launching the tatkal scheme for such instances where, after paying a special higher

fee, a person can register the document on the same day itself,” Cabral said.

Law minister Nilesh Cabral on Monday launched a ‘tatkal’ appointment service for instant

property registration in the state. Property owners will be able to take out-of-turn appointments

at the subregistrar’s office and proceed with the property transaction on the same day.

“Sometimes people are in a hurry because they may have forgotten or it is a last minute decision,

but they don’t get time. We are launching the tatkal scheme for such instances where, after paying

a special higher fee, a person can register the document on the same day itself,” Cabral said.

He said that ever since the online system for property registration and registration of marriages

started, the complaints from people have almost stopped.

“Some things have been streamlined, but a lot more has to be streamlined,” the law minister said.

“World over and in our own family, the registration department is known as the most corrupt

department. I don’t have to say it and somehow we want to come out of it, at least in the state of

Goa,” Cabral said while addressing the officers of the department at an event to mark Registration

Day.

The minister said that he has stayed away from corruption and has tried his best to keep the

department’s officers away from corrupt practices by introducing online services.

“I am not saying that we have succeeded 100%. It is not achievable. Sincerely we should take an

oath ourselves. Temptations are at the door. We feel that money has to come through fast means

and who the money comes from is immaterial. We have been striving to see how we can make

the system open,” Cabral said.

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Newspaper/ Online ET Realty (Online)

Date November 02, 2021

Link https://realty.economictimes.indiatimes.com/news/industry/now-tatkal-system-for-same-day-registration-of-property-in-goa/87478977

Court receiver hands over possession letters to 28 Amrapali

homebuyers on Dhanteras

NBCC has completed 110 flats in the Centurian Park - Low Rise project utilizing the

amount it received from SBICap Ventures

As many as 28 Amrapali homebuyers received their possession letters on Dhanteras day from the

Supreme Court-appointed court receiver in Greater Noida.

The Supreme Court was informed on October 25 that as many as 150 flats completed by the

government’s construction arm NBCC are expected to be handed over to Amrapali homebuyers

on Dhanetras.

NBCC sources told Moneycontrol that 28 homebuyers of the Centurian Park –Low Rise located

in Greater Noida, who had made full payment for their apartments, were handed over the

possession letter on November 2. Others would receive delivery of their units soon, they said.

NBCC has completed 110 flats in the project utilizing the amount it received from SBICap

Ventures, the manager for the government's Rs 25,000-crore stressed-asset fund. SBICap had

transferred the first tranche of disbursement worth around Rs 100 crore for the six stuck projects

by

NBCC is expected to complete the remaining 490 units of the said project by Holi next year,

sources said.

“It is a momentous day when after almost seven years’ struggle the homebuyers received their

homes due to the intervention of the Hon'ble Supreme Court. We are hopeful that even for other

projects, the paucity of funds will be taken care of and NBCC will complete them as per the

construction schedule given by it,” said Kumar Mihir, advocate who is representing homebuyers

in the Amrapali case.

The SC on October 13, 2020, had permitted the court receiver to incorporate a special purpose

vehicle (SPV) to enable flow of funds from SBICap for completion of unfinished projects.

SBICap has agreed to fund Rs 650 crore for around 7,000 stuck units. The projects receiving the

funds include Silicon City-1, Silicon City-2, Crystal Homes, Centurian Park- Low Rise, O2

Newspaper/ Online Money Control (Online)

Date November 02, 2021

Link https://www.moneycontrol.com/news/business/real-estate/court-receiver-hands-over-possession-letters-to-28-amrapali-homebuyers-on-dhanteras-7669981.html

Valley and Tropical Garden where 6,947 units are stalled of which 6,132 units are sold but

homebuyers are awaiting delivery.

NBCC is tasked with executing construction of more than 20 housing projects with an estimated

investment of over Rs 8,000 crore under the supervision of a court-appointed committee.

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