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April 12, 2021
Real Estate Developers Urges Maharashtra State Government On Seeking Review To Ease Lockdown Regulations

Real estate developers based in Maharashtra have urged the state government to reconsider the regulations for the partial lockdown imposed, prohibiting the real estate sector to carry out infrastructural development effectively.

As per the recent notification issued in public interests last week on April 4 meant for the imposition of lockdown, the state government announced that construction developments would only be granted for the property projects where the building workers/labourers are provided with pre-built-in accommodation for living on-site with the restraint of no migration.

Notice issued also directed that everyone involved in the construction works of the property site should mandatorily be inoculated at the earliest or otherwise, must carry an RT-PCR test report with negative test result status on it as a certificate to continue to work. These tests results will be considered valid for a 15-day time duration. The testing will be in effect from April 10.

As per the state government, any default on the directions ordered will attract a fine imposition of INR 10,000 to be marked in the name of the developer and also if found repeated then, defaults will lead to the sealing of the under-developing construction site for the time being till further inspection is scheduled.

To seek relief measures, the BAI chief has approached Maharashtra CM Uddhav Thackeray here, on April 5th with the cause for relaxing the age criterion to get inoculated i.e; to lower the age from 45 years. He mentioned that “the demand is put forward in light that majority of construction workers involved here in different development works are below the minimum age of 45 years which debars them to apply for the vaccination registration process and that if this exclusivity conditioning is not amended sooner then this might certainly have consequences on the revenue generation, which may affect both the government and the common man”, said Mr Mohinder Rijhwani, Chairman of the Mumbai Centre of the Builders Association of India.

In its letter addressing Maharashtra CM, the builders association of India has also urged the government that the developers should be granted to operate its sales or the back offices to ensure to counter any impact on property sales as there is a certainty to witness sales momentum due to coming festive season of Gudi Padwa and Akshaya Tritiya next week.

CREDAI Maha Requests for Realty Registration Extension & Fine Waiver

In a bid to acquire an extension for realty registration and fine waiver from the state government the apex of the Realty Developers’ body, CREDAI Maharashtra, has recently sought four months documents executed in December, 2020. The realty developers’ has addressed the IG of the Registration and Stamps department regarding the aforesaid. Also, the CREDAI has requested the state government to be lenient towards realty buyers/ developers and provide relaxation from the levy of fine given the

Housing Loan Interest Rate Contracts- SBI

State Bank of India (SBI), the largest public sector lender in a row on rate cuts on Saturday announced that it has contracted its housing loan rate of interest further. Housing loan will now be disbursed at a rate of interests starting from 6.7% onwards, effective from 1st of May, this FY 2021. Earlier this April also, the lender in a bid to infuse liquidity in the realty sector, SBI had levied cuts on housing loan interest rates i.e. 6.95% onwards based on slabs, effective 1st of April.

Sigh of Relief for COVID-19 Patients as M3M Group & IAF Ventures to Develop a Zero-cost COVID-19 Special Facility

In a bid to provide a free of cost and uninterrupted support of food and medical aid, including oxygen, for COVID-19 patients in Gurugram, Haryana M3M Foundation, a welfare wing of M3M Group, ventured with Indian Air Force to act upon this humanitarian cause in this need of the hour. Also, a mobile medical unit is set up for commuting any patient from the COVID-care centre to the COVID-19 special medical facility. Attending an online media event, Dr Payal Kanodia, Trustee, M3M Foundation here