Times Real Estate Conclave Awards 2021 brings good news galore, best performers

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    The Times Real Estate ConclaveAwards 2021 had a flurry of good news for developers and other constituents of the industry.

    The chief guest of the event Dr Jitendra Satish Awhad, housing minister of Maharashtra, announced that the state government is likely to have an amnesty scheme wherein concessions along with a guarantee that there will be no Section 13(2) for five years will be extended to the defaulting developer companies. Section 13(2) is the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

    One of the conditions that the developers will have to follow will be the rehabilitation of the residents of the existing colonies before the redevelopment procedure starts. “MHADA will lease open plots to the developers and they can go and get money on that. There will always be a tripartite agreement signed by MHADA. No builder will own an inch of land in MHADA. Builders can only redevelop the property but not own the property,” Awhad said.

    Times Real Estate ConclaveAwards 2021 was held with all the usual pomp and glory at The Taj Palace, Colaba on December 20, 2021, and was attended by the best-known names in the real estate industry. The state minister’s announcement was whole-heartedly welcomed by the audience.

    The annual event which the real estate industry eagerly awaits every year conferred 36 felicitations to the best performers in all categories of real estate development from townships to commercial space, retail malls to luxury brands, lifetime achievers to thematic projects.

    Maharashtra government is waiting for the President’s assent to a state government’s amendment of the law, explained Dr Awhad, which will allow the Maharashtra Housing and Area Development Authority (MHADA) to redevelop or repair dilapidated and cessed buildings.

    The amendment of the law can revolutionize the real estate business in Mumbai. “It is not enough to just give government policy concessions and tax benefits to the industry. The state government is trying to build confidence so that all the stakeholders, viz: the consumer, the developers, and the state government benefit from the growth in the sector.”The two panel discussions during the conclave were on the “government support through circle rate cuts and stamp duty reductions” and “commercial and residential real estate demand bouncing back.” In the first discussion the panelists were Boman Rustom Irani, President-Elect, CREDAI (Confederation of Real Estate Developers Association of India) and Chairman and Managing Director, Rustomjee; Rajan Bandelkar, President, NAREDCO and Founder and Managing Director, Raunak Group and Manish Bathija, Owner of Paradise Group. In the second discussion, the panelists were Manan Shah, Managing Director, MICL Group Khilen Shah, SVP – Corporate, Hubtown Limited and Paarth K Mehta, Managing Director, Paradigm Realty India.

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