Mumbai’s Real Estate Launches Dip By 24% In January To March: Survey

Mumbai: The real estate project launches in Mumbai dropped by 24 per cent in the first quarter of 2017, a recent survey said.

Launches dropped by 24 per cent at 4,900 units against 6,500 a year ago, a study conducted by the property consultancy firm Colliers International found.

The trend may continue for a short term as developers are adjusting to the new Real Estate Regulation and Development Act (RERA) rules, it said.

Mumbai's Real Estate Launches Dip By 24% In January To March: Survey

“The developers have been selling projects and units based on the marketing plan and layouts, and super built-up areas often represent a loading on the nature of amenities a project offers. Since the FSI norms and rules have been differed from sale plan and chargeable areas of projects, it is posing a challenge for developers,” Colliers International Executive Director, Office Services and Investment Sales, Ravi Ahuja said.

Developers now have to upload on website all sanctioned and approved plans and the buyer can do diligence and be privy to artificial mark-ups in such super built-up areas that sometimes go as much as 40-60 per cent higher than carpet area.

“There is hesitation of under-construction projects sold prior to RERA to follow RERA rules,” Ahuja added.

The rules stipulate that all new under-construction projects must register with the authority by July 31, 2017.

After that date, developers without registration won’t be allowed to advertise or sell projects in the market.

“With the RERA becoming a reality now, it is important for developers to prepare for the changes promptly. The change in the real estate cycle may act as an entry barrier for small players and speculators. We believe improved project planning will help developers avoid delays and manage project funds efficiently,” Colliers International Senior Associate Director, Research, Surabhi Arora said.


CBSE board exams may start from Feb 15 and end in March from next year

Class 10 and 12 board examinations conducted by the CBSE may start from mid-February rather than March to provide more time for the evaluation of answer scripts, sources said.

According to a senior CBSE official, a committee being set up to suggest systemic changes in the evaluation process followed by CBSE for board exams will explore this aspect.

“At present, the exams start on March 1 and usually go on for a month. This also coincides with the start of summer vacations and hence, a number of teachers go on leave during that time. Due to this, we get ad-hoc and contractual staff for the evaluation that affects quality,” said a source.

There are more than 18,000 schools affiliated to the Central Board of Secondary Education (CBSE).


Sources further said by advancing the exams to February 15, the board will be able to get quality faculty to be part of evaluation to make the system better.

Officials said the move will not cause inconvenience to the students as most of them take preparatory leave from January. On Monday, the CBSE clarified that it received requests for verification of marks from only 2.47% of the students amid allegations of “faulty evaluation process” adopted for Class 12 exams.

The board said despite best efforts made by teachers, “there may be possibility of human error in transferring marks to the title page of the answer scripts, summation of marks and manually posting marks in the computer system”.

“We want to make the system more robust and foolproof and having quality evaluators will help immensely. The committee has also been asked to suggest technological changes that are required,” said a senior official.

Nearly 11 lakh candidates — 6,38,865 boys and 4,60,026 girls — registered for the CBSE Class 12 exam this year against 10.67 lakh last year, registering an increase of 2.82%.

The number of centres and schools registered for the Class 12 exam were 3,502 and 10,678 respectively.