Page 2 - Affordable Housing

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

Nomura says Aadhar Housing Finance stock is 'affordable', gives 'Buy' call

Nomura initiates coverage on Aadhar Housing: Nomura has given a target price of Rs 550 for Aadhar Housing Finance stock. It implies a 20.3 per cent upside

Affordable flats launches drop 21% annually in April-Jun in top 7 cities

New supply of affordable apartments -- costing below Rs 50 lakh -- declined 21 per cent in the April-June period across seven major cities as builders are launching more premium flats, according to JLL India. Real estate consultant JLL India on Friday released data for housing market of major seven cities, showing a 5 per cent increase in fresh supply of apartments to 1,59,455 units during April-June 2024 from 151,207 units in the year-ago period. The data includes only apartments. Rowhouses, villas, and plotted developments have been excluded from the analysis. Of the total new supply in the June quarter, the launches of affaordable flats stood at 13,277 units, a fall of 21 per cent from 16,728 units in the same period last year. The launches of flats, each costing Rs 50 lakh to Rs 1 crore, declined 14 per cent to 47,930 units from 55,701 units. In the Rs 1-3 crore price bracket, the new supply grew 3 per cent to 69,312 units from 67,119 units. The launches of apartments, each p

Housing sales up 11% in FY24 in top 30 Tier-II cities: PropEquity

Rise in housing demand is not restricted to major cities as sales of residential properties rose 11 per cent last fiscal across 30 Tier II towns to nearly 2.08 lakh units, according to PropEquity. Real estate data analytic firm PropEquity on Friday released a report on Tier II cities' housing market. The data showed that housing sales increased 11 per cent to 2,07,896 units in 2023-24 as against 1,86,951 units in the preceding financial year. Top 10 Tier II cities -- Ahmedabad, Vadodara, Surat, Nashik, Gandhi Nagar, Jaipur, Nagpur, Bhubaneshwar, Visakhapatnam and Mohali-- contributed 80 per cent to the total sales in 30 small towns. These 10 cities together clocked sales of 1,68,998 residential units in 2023-24, up 11 per cent from 1,51,706 homes in 2022-23. The other 20 Tier II cities are Bhopal, Lucknow, Goa, Coimbatore, Raipur, Vijayawada, Indore, Kochi, Trivandrum, Mangalore, Guntur, Bhiwadi, Dehradun, Ludhiana, Chandigarh, Agra, Mysore, Sonepat, Panipat and Amritsar. Samir .

Budget 2024: Real estate sector bats for revival of affordable housing

Industry executives say the definition of 'affordable homes' should be changed in terms of price

Sales of affordable homes dip 4% in top 8 cities in Jan-Mar: PropEquity

Sales of affordable homes -- priced up to Rs 60 lakh each -- declined 4 per cent in eight major cities to 61,121 units during January-March this year on lower supply and higher demand for luxury apartments, according to PropEquity. The top eight cities are -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, Chennai, Kolkata, Pune and Ahmedabad. Real estate data analytic firm PropEquity data showed that sales of homes, costing up to Rs 60 lakh each stood at 6,3787 units in the January-March period of the last calendar year. A lower supply of affordable homes is one of the key factors for this marginal fall in sales. As per the PropEquity data, the fresh supply of homes, up to Rs 60 lakh each, declined to 33,420 units during January-March 2024 across these top eight cities from 53,818 units in the year-ago period. Builders are focusing more on launching luxury apartments to encash a surge in demand for premium residential properties. Profit margins are also high in

Will extension of PMAY revive affordable housing in India? Experts weigh in

This comes when the affordable housing sector has been struggling due to higher demand for bigger, costlier homes in India

Union Cabinet approves govt aid for constructing 30 mn houses under PMAY

The Union Cabinet in its first meeting under the chairmanship of Prime Minister Narendra Modi on Monday approved government assistance for the construction of three crore houses under the Pradhan Mantri Awas Yojana (PMAY). This was the first meeting of the Union Cabinet of Modi 3.0 government held at the Prime Minister's 7, Lok Kalyan Marg residence. The meeting was attended by ministers of all allies of the NDA. "It has been decided in the Cabinet meeting today to provide assistance to three crore additional rural and urban households for the construction of houses to meet the housing requirements arising out of the increase in the number of eligible families," officials said. The government of India is implementing the PMAY since 2015-16 to provide assistance to eligible rural and urban households for the construction of houses with basic amenities. Under PMAY, a total of 4.21 crore houses have been completed for the eligible poor families under the housing schemes in the last 10

Connectivity to infra push turning smaller cities into real estate hotspots

In cities like Meerut, where multiple infrastructure projects are underway, developers have already acquired land for future projects two to three years in advance