How the CREDAI – MCHI is trying to help home buyers during the Covid-19 pandemic

The CREDAI – MCHI is conducting a series of webinars to assist the real estate sector in Mumbai and the Mumbai Metropolitan Region(MMR). The real estate body had conducted a webinar titled Key to Lockdown on the 6th of April 2020. It showcased the requests that they have put forth to the various departments of the government.

Speakers

The key speakers at the webinar were:

• Mr. Nayan Shah – is the President of the CREDAI – MCHI and the Chairman and Managing Director of Mayfair Housing. He has been a member of MCHI since its inception. He has an extensive experience of 40 years in the real estate sector. Further, he is a qualified MBA professional specializing in finance and project management.

• Mr. Deepak Goradia – is Vice Chairman & Managing Director of Dosti Realty Ltd. since 1984. He is also the Vice President of the MCHI and promotes the future of real estate. He is the brain behind the architectural grandeur and beautiful landscapes of Dosti Realty Ltd.’s projects. Mr. Garodia’s unique ideas and strategies have earned him the stature of the visionary of the group.

• Mr. Boman Irani – is the Vice President of CREDAI National and CREDAI – MCHI. He is also the Chairman and Managing Director of Rustomjee Group. He is a first generation real estate entrepreneur and has over 23 years of experience in the industry. Mr. Irani has a degree from the Harvard Business School. Under his leadership, the group has developed more than 12.5 million square feet of residential projects and townships in the MMR.

Key highlights from the webinar for home buyers

Due to the pandemic effect of the contagion, the CREDAI – MCHI has requested for the following:

Disclaimer: Let the reader note that the following are requests, and haven’t really been accepted or implemented yet by any of the regulatory bodies.

Requests to the various offices of the government including the Prime Minister, the Chief Minister of Maharashtra, the Municipal Commissioner and the Reserve Bank of India:

• All EMIs due and payable by home buyers to be deferred for a period of 12 months. Additionally they would not have to pay any interest on the deferred amount
• Mr. Nayan Shah has stated that the prices of real estate would remain stable after the lockdown is lifted. He has also said not to offer any unfair commission to channel partners.
• 5% interest subsidy for all home loans for apartments booked in the next six months irrespective of the value of the loan or tenement size
• MahaRERA has pushed forward the completion date of all the projects for a period of 3 months such that there are no defaults in the completion of residential projects under construction
• The CREDAI – MCHI has requested the government to reduce the stamp duty to 2% for three to four months after the lockdown is over. This will act as incentive to home buyers to buy houses.

Requests to the Urban Development Department (UDD) Minister/ Principal Secretary UDD/ Municipal Commissioner UDD:

• All payments due as instalments after 1 January 2020 to be deferred by nine months and no interest to be charged from 1 March 2020 to 30 September 2020.
• The Annual Schedule of Rates (ASR) of developed land for the purpose of calculating premiums under Developmental Control and Promotion Regulations (DCPR) to be linked to ASR for land with residential buildings for Mumbai to be reduced to 33% of the value of the land and buildings by the developers. ASR helps to determine the minimum value of a property at different locations based on various market factors.

You can watch the entire event here –

The HomeCapital team would like to thank the veterans of the CREDAI – MCHI for the informative webinar on Key to the Lockdown and updating home buyers on the real estate sector.

About CREDAI – MCHI

The Maharashtra Chamber of Housing Industry (MCHI) is a consortium of real estate developers in Mumbai and MMR. Formed in 1982, the MCHI is also a member of the Confederation of Real Estate Developers’ Associations of India (CREDAI). CREDAI – MCHI has a strength of over 1400+ leading developers from Mumbai and the MMR.