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Mumbai, the ‘City of dreams,’ is living up to its name. It continues to fulfil dreams and aspirations of people migrating to the city in search of jobs and entrepreneurial ambitions. The city with its developed infrastructure, easy connectivity and access to public amenities makes it an ideal location for migrants to settle down. Mumbai is one of the expensive real estate markets in the country, however a whole host of factors at play currently have made buying a house in this city an affordable option for many. Reputed developers that assure quality homes and timely delivery coupled with lowest-ever home loan interest rates in the past two decades, have fuelled this trend of increased sales in the city. A recent Q1 2021 report of Indian real estate by ANAROCK, India’s leading independent real estate services company clearly indicates that the sales of homes in the top seven cities in India in this period have surpassed Q1 2020 by almost 29% at 58,920 units. This is significantly higher than the pre-covid levels, which indicates an economic resurrection of sorts. Lending credence to the theory that economic recovery is not a flash in the <keyword id="61610" type="ORGANIZATION" weightage="20" keywordseo="pan">pan</keyword> is that the high sale of residences is accompanied by an increase in their launches too which clearly indicates that this is a robust trend. The seven cities in Q1 2021 saw the launch of 62,130 residential units, higher by 18% in the previous quarter and 51% on a year-on-year basis. The group of the top seven cities in India comprises <keyword id="6371638" type="ORGANIZATION" weightage="20" keywordseo="national-capital-region">National Capital Region</keyword> (NCR), Mumbai Metropolitan Region (MMR), Bengaluru, <keyword id="2094" type="COMPANY" weightage="20" keywordseo="Pune">Pune</keyword>, Hyderabad, Chennai and Kolkata. This uptick in the sales of homes in the seven cities was primarily led by MMR and Pune, who together accounted for 31, 227 units which is 53% of all the residential units sold in the quarter under consideration. The MMR region comprises nine Municipal Corporations of Greater Mumbai, Thane, Navi Mumbai, Kalyan-Dombivali, Ulhasnagar, Bhiwandi, Vasai-Virar, Mira-Bhayander and <keyword id="60623" type="CITY" weightage="20" keywordseo="Panvel">Panvel</keyword>. The MMR region also includes nine <keyword id="11620254" type="UNKNOWN" weightage="20" keywordseo="municipal-councils-of-palghar-ambarnath">Municipal Councils of Palghar, Ambarnath</keyword>, Badlapur, Karjat, Khopoli, Pen, Uran, Alibaug and Matheran. MMR alone recorded a sale of 20,350 residential units which was 35% of the total sales of 58,920 units in the set of seven cities under deliberation. This makes MMR the largest market for residential sales in the country. This sale of residential units in MMR was higher by 16% than the Q4-20 period and higher by 46% on a y-on-y basis. From a launch perspective too, MMR had the largest share with 14,820 launches in FY1 2021. This amounts to 24% of all 62,130 launches in the country during this period. While the growth in the country in terms of launches was 18% on a Q-to-Q basis and 51% on a yearly basis. The change in Mumbai was higher than the national averages. The launches in Mumbai grew by 24% on a Q-to-Q basis and 41% on a year-to-year basis. MMR had 11,910 new launches in the previous quarter and 10,490 in the quarter last year of new residential units. From an inventory perspective, i.e.available units for sale, the MMR region has the highest number at 1,97,040 of residential units in Indian cities. The top seven cities in the country have a total inventory base of 6,41,860 homes for sale of which the MMR region has 31%. These indications point out to the trend that the demand for residential properties in MMR continues to be strong and will enhance its position as one of the best cities in the country to live in. With developers offering multiple payment options, low interest rate regime and discounts which influence the buyer decision, the aspiration to own a home in Mumbai continues to be strong. The strong upward trend in sale and launch numbers in MMR denote that the residential sector in Mumbai is recovering and gently recuperating from the pandemic induced lows. <cmsannotation type="cmsannotation" annotationid="Mumbai, the ‘City of dreams,’ is living up to its name. It continues to fulfil dreams and aspirations of people migrating to the city in search of jobs and entrepreneurial ambitions. The city with its developed infrastructure, easy connectivity and access to public amenities makes it an ideal location for migrants to settle down. Mumbai is one of the expensive real estate markets in the country, however a whole host of factors at play currently have made buying a house in this city an affordable option for many. Reputed developers that assure quality homes and timely delivery coupled with lowest-ever home loan interest rates in the past two decades, have fuelled this trend of increased sales in the city. A recent Q1 2021 report of Indian real estate by ANAROCK, India’s leading independent real estate services company clearly indicates that the sales of homes in the top seven cities in India in this period have surpassed Q1 2020 by almost 29% at 58,920 units. This is significantly higher than the pre-covid levels, which indicates an economic resurrection of sorts. Lending credence to the theory that economic recovery is not a flash in the pan is that the high sale of residences is accompanied by an increase in their launches too which clearly indicates that this is a robust trend. The seven cities in Q1 2021 saw the launch of 62,130 residential units, higher by 18% in the previous quarter and 51% on a year-on-year basis. The group of the top seven cities in India comprises National Capital Region (NCR), Mumbai Metropolitan Region (MMR), Bengaluru, Pune, Hyderabad, Chennai and Kolkata. This uptick in the sales of homes in the seven cities was primarily led by MMR and Pune, who together accounted for 31, 227 units which is 53% of all the residential units sold in the quarter under consideration. The MMR region comprises nine Municipal Corporations of Greater Mumbai, Thane, Navi Mumbai, Kalyan-Dombivali, Ulhasnagar, Bhiwandi, Vasai-Virar, Mira-Bhayander and Panvel. The MMR region also includes nine Municipal Councils of Palghar, Ambarnath, Badlapur, Karjat, Khopoli, Pen, Uran, Alibaug and Matheran. MMR alone recorded a sale of 20,350 residential units which was 35% of the total sales of 58,920 units in the set of seven cities under deliberation. This makes MMR the largest market for residential sales in the country. This sale of residential units in MMR was higher by 16% than the Q4-20 period and higher by 46% on a y-on-y basis. From a launch perspective too, MMR had the largest share with 14,820 launches in FY1 2021. This amounts to 24% of all 62,130 launches in the country during this period. While the growth in the country in terms of launches was 18% on a Q-to-Q basis and 51% on a yearly basis. The change in Mumbai was higher than the national averages. The launches in Mumbai grew by 24% on a Q-to-Q basis and 41% on a year-to-year basis. MMR had 11,910 new launches in the previous quarter and 10,490 in the quarter last year of new residential units. From an inventory perspective, i.e.available units for sale, the MMR region has the highest number at 1,97,040 of residential units in Indian cities. The top seven cities in the country have a total inventory base of 6,41,860 homes for sale of which the MMR region has 31%. These indications point out to the trend that the demand for residential properties in MMR continues to be strong and will enhance its position as one of the best cities in the country to live in. With developers offering multiple payment options, low interest rate regime and discounts which influence the buyer decision, the aspiration to own a home in Mumbai continues to be strong. The strong upward trend in sale and launch numbers in MMR denote that the residential sector in Mumbai is recovering and gently recuperating from the pandemic induced lows. What lies ahead? While concerns over the third wave of the COVID-19 pandemic loom large, India has picked up the pace of vaccinations, which could provide comfort and hence the impact on the economy may not be as bad as earlier. The government seems better prepared to deal with situations arising from this pandemic, and avoid any large-scale lockdowns that hurt the economy. Buying a house is the ultimate life goal for many and this pandemic has reaffirmed the importance of owning one. It is therefore expected that the homebuyer confidence in Mumbai’s residential market will continue to be strong. Experts believe that this confidence will propel home buying and possibly lead to home prices firming up especially with the festive season being around the corner. The extension of fiscal benefits by the Government, the continuation of the soft interest rate regime by the RBI making home loans easily accessible and affordable, discounts and better amenities by the developers will keep buyer traffic in Mumbai strong. However, this situation is not expected to last long as the high input costs which the developers have been absorbing so far are eventually passed on to the home buyers. There is uncertainty about the continuance of the low-interest rates too as inflation hovers in the background of strong home demand that might lead to a rise in home prices in the MMR region. Experts believe in light of these possibilities the right time to get the dream house is now. Disclaimer: This is a sponsored article in partnership with Lodha Group" comment="subhead" text="What lies ahead?">What lies ahead?</cmsannotation> While concerns over the third wave of the COVID-19 pandemic loom large, India has picked up the pace of vaccinations, which could provide comfort and hence the impact on the economy may not be as bad as earlier. The government seems better prepared to deal with situations arising from this pandemic, and avoid any large-scale lockdowns that hurt the economy. Buying a house is the ultimate life goal for many and this pandemic has reaffirmed the importance of owning one. It is therefore expected that the homebuyer confidence in Mumbai’s residential market will continue to be strong. Experts believe that this confidence will propel home buying and possibly lead to home prices firming up especially with the festive season being around the corner. The extension of fiscal benefits by the Government, the continuation of the soft interest rate regime by the RBI making home loans easily accessible and affordable, discounts and better amenities by the developers will keep buyer traffic in Mumbai strong. However, this situation is not expected to last long as the high input costs which the developers have been absorbing so far are eventually passed on to the home buyers. There is uncertainty about the continuance of the low-interest rates too as inflation hovers in the background of strong home demand that might lead to a rise in home prices in the MMR region. Experts believe in light of these possibilities the right time to get the dream house is now. Disclaimer: This is a sponsored article in partnership with Lodha Group SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-ecommerce-website-is-down-as-the-company-is-hit-by-a-massive-outage/articleshow/84335580.cms">Amazon India product pages are down across the website as buyers begin their Monday morning shopping</a> <a href="https://www.businessinsider.in/business/auto/news/hero-electric-raises-220-crore-to-sell-over-a-million-electric-scooters-a-year/articleshow/84335696.cms">Hero Electric raises ₹220 crore to sell over a million electric scooters a year</a>

Housing market in 2021: Mumbai tops all-India residential sales in the first quarter

US President-elect <a href="http://www.businessinsider.in/searchresult.cms?query=Donald+Trump&amp;sortorder=effectivedate">Donald Trump</a>’s new administration will continue to engage with India for the development of smart cities, a US government official told ET. 
 
During the term of President <a href="http://www.businessinsider.in/searchresult.cms?query=Barack+Obama&amp;sortorder=effectivedate">Barack Obama</a>, India and the United States signed memorandums of understanding to develop three smart cities in Allahabad, Ajmer and <keyword id="60510" type="COMPANY" weightage="20" keywordseo="Visakhapatnam">Visakhapatnam</keyword>. The US agreed to assist the cities in project planning, infrastructure development, feasibility studies and capacity building. 
 "We had initial discussions with the transition team (under new Presidency). It is still early stages but we have shared our plans and they have been included,” <keyword id="2457932" type="UNKNOWN" weightage="20" keywordseo="Vinay-Vijay-Singh">Vinay Vijay Singh</keyword>, deputy assistant secretary in the <keyword id="126668" type="ORGANIZATION" weightage="20" keywordseo="US-Department-of-Commerce">US Department of Commerce</keyword>, told ET. 
 
However, according to Singh, there can be certain issues that can be addressed. 
 
"<a href="http://www.businessinsider.in/searchresult.cms?query=Indian+cities+&amp;sortorder=effectivedate">Indian cities </a>should be enabled to have more autonomy. The mechanics between the Centre and states in India need to be worked out,” Singh said. 
 
"I know they are working hard at it. We had this (smart cities) competition and the money has gone to the states, then we go to the states and some states say we don't have the money because these things haven't been done,” he added. 
 
The companies that were already involved in India's smart cities project also showed resonance to these concerns. Ashley O'Connor, vice president, Region Business Line leader, AECOM, said that some clarity would be welcome. 
 
"In Vizag (Visakhapatnam), in particular, there were talks of a new airport. It would need significant investment, so clarity around these, what is in works and how are they working forward would be helpful for the business side,” she told ET. 
 
Singh said that US participation in development of smart cities in India is not a political initiative and the agenda is driven by the US private sector, which sees this as a growth area. 
 "We will continue to engage with all stakeholders. We will also work with multilateral institutions to help eliminate the initial risk involved in such projects,” Singh said, citing the example of US government's <keyword id="258736" type="ORGANIZATION" weightage="20" keywordseo="Department-of-Treasury">Department of Treasury</keyword>'s initiative with <keyword id="6354650" type="COMPANY" weightage="20" keywordseo="Pune-Municipal-Corporation">Pune Municipal Corporation</keyword> to help the city raise funds via issuance of bonds. 
 Devin Hampton, chief of staff for <keyword id="711797" type="ORGANIZATION" weightage="20" keywordseo="US-Trade-Development-Agency">US Trade &amp; Development Agency</keyword>, said the focus areas for smart cities are in energy, telecom and transportation sector. 
 
"We will help identify opportunities and it is important that there should be more cities to cities contact for greater synergy on best practices,” Hampton told ET.

Under Trump’s presidency, US will continue to develop smart cities for India

(Photo Source: Wikimedia.org) <ul><li>The government of the state of <keyword id="13126" type="COMPANY" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword> in India will allow its residents to directly inspect records of all district level offices and local government bodies for two hours every Monday, according to reports. </li><li>State residents reportedly won’t need to pay any fee or file a Right to Information (<keyword id="6356198" type="UNKNOWN" weightage="20" keywordseo="RTI">RTI</keyword>) application to get access to public records. They can directly visit the office and look at the records. </li><li>The government’s resolution is however not applicable to the state secretariat because of lack of space.</li></ul>Residents of Maharashtra, India, can now check records of all government department and local bodies by visiting government offices during a two-hour window every week. The move is part of a recent <a href="https://www.maharashtra.gov.in/1145/Government-Resolutions">resolution </a>passed by the <keyword id="6356172" type="UNKNOWN" weightage="20" keywordseo="Maharashtra-government">Maharashtra government</keyword> under India’s Right to Information (RTI) laws, the Indian Express <a href="https://indianexpress.com/article/india/maharashtra-allows-citizens-to-inspect-goverment-records-under-rti-5475515/">reported</a>. The resolution is aimed at bringing transparency to government operations and cut the load of RTI applications filed with authorities, said the report citing a senior government official. State residents will not have to pay any fee or file an RTI application. They can reportedly directly visit the office and look at the records. All district-level offices and local bodies such as municipal corporations and councils have been instructed to stay open for inspection between 3 pm to 5 pm every Monday. A formal order was issued on 26 November, according to the Indian Express report. In case of a public holiday, citizens will be permitted to inspect records on the next working day. However, the state secretariat of Maharashtra will not participate in the move because of space constraints. In 2009, the Pune Municipal Corporation also opened its offices for public inspection, with the Pune Civic body allowing residents to also get a stamped copy of the records, according to the report. India passed the “Right to information” laws in 2005, granting its citizens the means to access information that is under the control of any public authority.

‘No need for RTI application’: Residents in this Indian state can now visit any government office and check official records once a week

New Delhi, Feb 18 () As many as 13 members, including representatives of the Union housing and urban affairs ministry and a municipal corporation, will be part of Sebi's committee on 'muni bonds' to suggest the markets regulator on policy matters pertaining to development of such debt securities. The regulator, on Friday, said it constituted a municipal bonds development committee headed by its Executive Director Sujit Prasad. The panel will suggest Sebi on policy matters pertaining to the development of municipal debt securities and facilitate municipalities for issuance of such bonds. The committee comprises representatives from Sebi, municipal corporations, lawyers, professionals and market practitioners. D Thara, joint secretary at the Ministry of Housing and Urban Affairs; Shekhar Gaikwad, municipal commissioner of Pune Municipal Corporation; and G Mathi Vathanan prinicipal secretary at housing and urban development department in the Odisha government will be part of the committee. Other members of the panel include NSE Chief Business Officer Ravi Varanasi, SBI Capital Markets Head (Capital Markets) Rakesh Joshi, Crisil Ratings President Gurpreet Chhatwal and BSE Chief Trading Operations and Listing Cell Girish Joshi. The committee has been tasked to suggest the regulator on matters required to be taken up for changes in legal framework to introduce simplification and transparency in systems and procedures in the primary and secondary market. Also, the panel would recommend on matters related to regulation of intermediaries for ensuring investor protection in the primary and secondary markets as well as on measures to facilitate issuers, municipalities, for issuance of municipal debt securities. In September, Sebi had relaxed norms for the 'muni bonds' issuance to help smart cities as well as entities working in areas of city planning and urban development work, including municipalities, raise funds through debt securities. Nearly five years ago, the regulator had come out with the Issue and Listing of Debt Securities by Municipalities Regulations and since then, seven municipalities have raised nearly Rs 1,400 crore by issuing their debt securities, which are commonly known as 'muni bonds'. SP HRS

Representative of municipal corp part of Sebi's muni bonds development panel

The standing committee of the <keyword id="6354650" type="COMPANY" weightage="100" keywordseo="Pune-Municipal-Corporation">Pune Municipal Corporation</keyword> (PMC) approved the <keyword id="2011742" type="UNKNOWN" weightage="100" keywordseo="light-rail">light rail</keyword> project even though the administration voiced its concern on the feasibility of the plan. 
 The train route has been planned from Shivajinagar to Hinjewadi and there will be 21 stations in-between, covering 21.60 km, of which 6.35 km will be in the city areas of <keyword id="2094" type="COMPANY" weightage="100" keywordseo="Pune">Pune</keyword>. A Japan-based company has provided financial support to design the plan and the company will also prepare a detailed feasibility report. The train will connect central city areas with those areas which have a high concentration of IT companies. 
 
However, the civic administration officials have expressed reservations, saying some issues need to be addressed before implementing the plan. Questions have also been raised about the financial and technical aspects of the project. Even after the detailed feasibility report (DPR) is submitted, it is not mandatory for the civic body to accept it. 
 
Questions have been raised regarding the financial viability and the use of different technologies for metro and light rail, in view of the metro rail project being planned for the city. 
 
“The project has been approved. The members have suggested that efforts should be taken to carry out the project in a manner that does not affect the metro alignment,” said the officials of PMC. 
 The committee did not take any decision last week as the members asked for further details regarding the Pune-Hinjewadi Urban Rail. The PMC, the <keyword id="53529" type="ORGANIZATION" weightage="80" keywordseo="Pimpri-Chinchwad">Pimpri Chinchwad</keyword> Municipal Corporation (PCMC) and the <keyword id="63486" type="COMPANY" weightage="80" keywordseo="Maharashtra-Industrial-Development-Corporation">Maharashtra Industrial Development Corporation</keyword> (MIDC) will implement the project.

Civic Panel Approves Pune Light Rail Project Despite Protest

Mumbaikars can now easily know about pollution level and weather forecast of the city, using <keyword id="289484" type="COMPANY" weightage="80" keywordseo="SAFAR">SAFAR</keyword> (System of Air Quality &amp; weather Forecasting and Research). This new air quality and weather forecasting system was recently launched in Mumbai by Minister for Science &amp; Technology and <keyword id="2916127" type="POSITION" weightage="80" keywordseo="Earth-Science-Minister">Earth Science Minister</keyword> <keyword id="196226" type="PERSON" weightage="80" keywordseo="Harsh-Vardhan">Harsh Vardhan</keyword>. 

	SAFAR is a monitoring and forecast system conceived to provide three days weather information with health advisories, levels of Ultra-Violet radiation and pollution among others, reported PTI. 
 The system was developed by Indian Institute of Tropical Meteorology, Pune, in association with Regional Meteorological Center Mumbai-India Metrological Department, and the <keyword id="48285" type="COMPANY" weightage="80" keywordseo="Municipal-Corporation">Municipal Corporation</keyword> of Greater Mumbai (MCGM). 

	Speaking on the occasion, Vardhan praised the Met department whose weather forecasts for farmers and fishermen, he said, have contributed towards the economic development of the country to the tune of Rs 32,000 crore. 
 

	He said the Met department is technically qualified and equipped to make weather forecasts. “There is a lot of misunderstanding in the public about this. The department is doing a very good job," Vardhan told PTI. 
 <keyword id="26806" type="POSITION" weightage="80" keywordseo="Maharashtra-Chief-Minister">Maharashtra Chief Minister</keyword> <keyword id="6355042" type="PERSON" weightage="80" keywordseo="Devendra-Fadnavis">Devendra Fadnavis</keyword>, who was also present on the occasion, said SAFAR was a responsibility given to the state and the state will take care of it. SAFAR-Mumbai will deliver services like color-coded index based current and 3-days forecast with health advisories, severity of <keyword id="451104" type="UNKNOWN" weightage="80" keywordseo="UV-Radiation">UV radiation</keyword> with associated skin advisories, current and 3-days advance forecast, tidal levels and severe weather alert for extreme pollution and weather events, and accounting location-wise sources of air pollution. 
	(Image: Indiatimes)

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Housing market in 2021: Mumbai tops all-India residential sales in the first quarter

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Under Trump’s presidency, US will continue to develop smart cities for India

BI India Bureau

‘No need for RTI application’: Residents in this Indian state can now visit any government office and check official records once a week

BI India Bureau

Representative of municipal corp part of Sebi's muni bonds development panel

PTI

Civic Panel Approves Pune Light Rail Project Despite Protest

BI India Bureau

Know weather forecast and air quality via SAFAR

BI India Bureau

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