Page 2 - Affordable Housing

Unsold affordable units drop 19% in top 7 cities in Q1CY25, bucking slump

Luxury segment sees 24% surge in unsold units over robust supply, inventory pile-up

Affordable housing sector starting to show early signs of distress

With public banks dominating the segment, RBI's revised PSL cap may push banks towards higher-ticket loans, as underwriting costs stay the same regardless of loan size or risk

Sales of homes priced up to ₹50 lakh down 9% in Jan-Mar: Knight Frank

Sales of affordable homes, costing less than Rs 50 lakh each, declined 9 per cent in January-March this year to 21,010 units across eight major cities due to high prices, elevated mortgage rates, and low supply, according to Knight Frank. Real estate consultant Knight Frank India data of primary residential market showed that sales in Rs 50 lakh to Rs 1 crore segment, too, fell 6 per cent to 26,832 units during the first quarter of this calendar year. "While sales in the higher ticket sizes have been driving market growth, those in the Rs 5-10 million (Rs 50-100 lakh) and less than Rs 5 million (Rs 50 lakh) categories have dropped by 6 per cent and 9 per cent year-on-year, respectively as homebuyers focus remained on the premium category during the quarter," the report said. "As high prices and elevated interest rates kept homebuyers away from the market in this price-sensitive segment, the lack of supply also played a significant role in curtailing sales volumes," the consultant ..

NBCC, MAHAPREIT sign ₹25,000 cr MoU for housing, urban projects

State-owned NBCC has signed an MoU with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd to jointly undertake housing and urban development projects worth Rs 25,000 crore in Maharashtra. In a statement on Wednesday, NBCC said it has signed a strategic Memorandum of Understanding (MoU) with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd (MAHAPREIT). This collaboration aims to jointly undertake a wide range of consultancy, fee-based, EPC and redevelopment projects from concept to commissioning, it added. NBCC said it will be entering into redevelopment for the first time in Maharashtra after having great success in transforming the landscape of Delhi through this unique redevelopment model. Under this partnership, NBCC and MAHAPREIT will collaborate on key infrastructure projects in Maharashtra, including cluster development projects in Thane Municipal Corporation, data centres, renewable energy initiatives, slum rehabilitation projects in the Mumbai

One month left to deadline, DDA manages to sell only 26.5% housing units

Under Sabka Ghar Awaas Yojana, homes were offered at a 25 per cent discount to specific groups, including women, war widows, autorickshaw drivers, and street vendors

SWAMIH touches 50,000 mark as FM Sitharaman hands over keys to homebuyers

The primary objective for establishing 'Special Window' fund is to provide priority debt financing for completion of stalled housing projects that are in Affordable and Middle Income Housing sector

SWAMIH boosts affordable housing, fund of Rs 15,000 cr to be established

Under the SWAMIH Fund, 50,000 dwelling units in stressed housing projects have been completed, and keys handed over to homebuyers

Supply of homes priced up to Rs 1 crore falls 30% in 2024: PropEquity

Fresh supply of affordable and mid-income homes costing up to Rs 1 crore fell 30 per cent last year to nearly 1.99 lakh units across nine major cities, according to PropEquity. Real estate data analytics firm PropEquity on Tuesday pointed out that India's top nine cities, where a majority of Indians migrate for jobs, are "staring at a housing crisis". PropEquity attributed this fall in new supply of affordable and mid-income homes to a shift in developers' focus towards luxury housing. The supply of homes in the affordable and mid-income category (priced Rs 1 crore and below) across nine cities has dipped to 1,98,926 units in 2024 from 2,83,323 units in the preceding year. The supply was 3,10,216 units in 2022. "Today, 8 per cent of India's population live in tier-1 cities and this number is expected to grow exponentially in the next five years as more people move to these cities for employment opportunities," Samir Jasuja, Founder and CEO of PropEquity, said. The lack of supply i

Aadhar Housing share zooms 6% as Citi initiates with 'Buy'; 42% upside eyed

The northward move in Aadhar Housing share came after foreign brokerage Citi Research initiated coverage with 'Buy' for a target price of Rs 565 per share

Housing sales in top 8 cities down 26% in Dec qtr, up 6% in 2024: PropTiger

Housing sales declined 26 per cent to 1,06,038 units across eight major cities during the December quarter on lower demand mainly due to high prices, according to PropTiger. Sales stood at 1,43,482 units in the year-ago period. Real estate consultant PropTiger, however, said that sales of residential properties in 2024 rose 6 per cent to 4,36,992 units from 410,791 in the year-ago period across eight major cities --Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), Mumbai Metropolitan Region (Mumbai, Navi Mumbai & Thane) and Pune. Commenting on the report, Dhruv Agarwala, Group CEO, Housing.com & Proptiger.com said, "While the October-December festive period, saw a Q-o-Q increase in sales as expected, there was a Y-o-Y decline in both sales and new launches across most regions. Factors such as global economic uncertainties, major state elections, and property price increase across the country led to a ...

Income tax rate on affordable housing projects be lower at 15%: CREDAI

Realtors' apex body CREDAI has suggested that the government in the upcoming Budget should fix income tax on affordable housing projects at only 15 per cent, saying this would help enhance supply of low-cost homes that have maximum demand. The Confederation of Real Estate Developers' Associations of India (CREDAI), which represents more than 13,000 developers, has made many suggestions for the upcoming Union Budget to address critical challenges faced by the sector. The recommendations include revision of definition of affordable housing, tax sops to real estate companies to build affordable homes and enhancing deduction limit of principal and interest paid by individuals on home loans. CREDAI has expressed serious concern over falling share of affordable housing segment in total fresh supply in the past few years. With reduction in supply, the share of affordable homes in the overall sales have also come down. It has stressed on the need to arrest this declining trend on a priorit

Special camps in Delhi for beneficiaries to avail DDA's 'Sasta Ghar' scheme

Special camps are being set up for beneficiaries to avail 'Sasta Ghar' scheme of the DDA which was approved by the Lieutenant Governor VK Saxena last week, an official statement said on Saturday. The LG secretariat has written to the Chief Secretary to get special camps organised by concerned departments to make it convenient for beneficiaries to avail the recently announced Housing Scheme of the DDA, wherein certain sections will be able to avail buy houses at a discount of 25 per cent, the statement said. The identified categories include construction and other workers, auto/tax drivers, women, Vir Nari, ex-servicemen, divyangjans, gallantry and Arjun awardees and people belonging to scheduled caste/scheduled tribes category, it said. Accordingly, special camps will be launched by Delhi Building and other Construction Welfare Boards of construction sites of DMRC, NCRTC, CPWD, NHAI and other locations in a decentralised manner to avail this scheme and also for rolling out other ...

Q3 housing sales fall 21% in top 9 cities, demand up 25% in NCR: PropEquity

Housing sales are estimated to fall 21 per cent annually across nine major cities during October-December period to 1.08 lakh units on high base effect, according to PropEquity. Real estate data analytics firm PropEquity on Saturday released the sale numbers for India's top nine housing markets -- Delhi-NCR , Mumbai, Navi Mumbai, Kolkata, Bengaluru, Pune, Hyderabad, Chennai, Thane. It has estimated sales to rise only in Delhi-NCR. As per the data, the total sales of residential properties across the nine cities are likely to decline to 1,08,261 units in the current quarter as against 1,37,225 units in the same period last year. However, sales are likely to rise 5 per cent from 1,03,213 units in the preceding September quarter. Samir Jasuja, CEO & Founder of PropEquity, said the sales have declined on annual basis because of high base effect. He said the sales are likely to rise quarter-on-quarter on the back of festive demand. "A closer look at the numbers reveals that despite th

More jobs, tech, affordable living: Bengaluru challenges Mumbai and Delhi

Bengaluru's rapid growth in jobs, tech innovation, and affordable housing is positioning it as a strong challenger to Mumbai and Delhi

BFSI Summit: 'Supply pressure for affordable housing despite strong demand'

The Reserve Bank of India (RBI's) had said that housing finance companies find the pre-payment penalty imposed as a challenge for the lenders. However, there is better clarity on regulations

Crisis brewing? BS BFSI experts raise alarm on affordable housing supply

At the BFSI Insight Summit, industry leaders discuss challenges facing affordable housing, citing high demand but developers' reluctance due to costs, approvals, and low profits

Affordable housing supply in India's top 6 cities slows to a trickle

Costs for such projects unviable, says real estate companies that see better gains in luxury properties

Godrej Properties to launch Rs 21,000 cr worth housing projects by March

Godrej Properties aims to launch Rs 21,000 crore worth of residential projects by March across major cities to encash strong consumer demand and achieve 20 per cent growth in sales bookings this fiscal. In an interview with PTI, the company's executive chairperson Pirojsha Godrej expressed confidence that the company would achieve the targeted sales bookings of Rs 27,000 crore for the current fiscal. In the last fiscal, the company's sales bookings jumped 84 per cent to a record Rs 22,527 crore, the highest among listed realty firms in 2023-24. Asked about the launch pipeline, Pirojsha said, "We are targeting to launch projects worth Rs 30,000 crore this fiscal year. We have already launched around Rs 9,000 crore worth of projects in the first quarter of this fiscal." The launch pipeline for the remaining three quarters is strong, he said. Godrej Properties mainly focuses on Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Pune and Hyderabad for group housing projects. It s

Ahmedabad continues to be most affordable housing market in India: Report

Pune and Kolkata rank next in Knight Frank India's index, which says Mumbai is 'unaffordable'

Apple backs $50 million fund to support Bay Area affordable housing

The Bay Area Housing Innovation Fund is part of Apple's 2019 pledge to contribute $2.5 billion towards affordable housing across California, the iPhone maker said on Wednesday