Page 3 - Affordable Housing

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

Trans Harbour Link a game changer for realty: Credai-MCHI President

Credai-MCHI has proposed a separate affordable housing index for metropolitan cities like Mumbai, removing the Rs 45 lakh price cap and declaring all houses up to 60 sq m as affordable

Home prices to rise steadily, affordable housing to be scarce: Poll

Economic growth in India, Asia's third-largest economy is expected to continue outpacing its major peers

Share of affordable homes, priced up to Rs 45L, shrinks to 22% in Jan-Mar

Share of affordable homes -- priced up to Rs 45 lakh each -- in total housing sales more than halved to 22 per cent during January-March across top eight cities amid strong demand for luxury flats, according to PropTiger. Share of affordable homes in total housing sales stood at 48 per cent in the January-March period of 2023 calendar year. Housing brokerage firm PropTiger.com data showed that housing sales grew by 41 per cent to 1,20,640 units during January-March 2024 across top eight cities from 85,840 units in the corresponding period of the previous year. In the total sales of 1,20,640 units during January-March, the share of homes, priced less than Rs 25 lakh each, was 5 per cent. In the same period last year, the share of this low-cost housing category in total sales was 15 per cent. The share of homes, priced Rs 25-45 lakh each, was 17 per cent during January-March 2024 as against 23 per cent share in the corresponding period of the previous year. "There has been a remark

Banks must be allowed to lend for land to developers: Parekh at BS IMLC

At the BS IML Conclave, Deepak Parekh said that some incentives must be provided to the developers to make affordable homes

One size fits all doesn't work in affordable housing: Expert at BS IMLC

At the BS IML Conclave 2024, LIC Housing Finance CEO T Adhikari said that one size fits all scheme doesn't work in affordable housing

Affordable housing co SMFG Grihashakti secures Rs 300 crore from NHB

Affordable housing finance company SMFG Grihashakti on Tuesday said it has secured Rs 300 crore funding from the National Housing Bank (NHB). This is the company's maiden long-term loan from the NHB and it opens up an additional avenue for long-term, low-cost funding, it said, adding that the money will help it expand its financing solutions to the underserved population, SMFG Grihashakti Chief Executive Deepak Patkar said. As of December 2023, it had Assets Under Management (AUM) of Rs 8,028 crore, which grew 37 per cent year-on-year. SMFG Grihashakti provides home loans, loan for home improvements, home construction and extension, loan against properties, and for purchasing of commercial properties, apart from project construction financing.

J-K govt approves increased subsidy under Centre's urban housing scheme

The Jammu and Kashmir administration has approved an increase in the subsidy for the beneficiary-led construction (BLC) under the Pradhan Mantri Awas Yojana (Urban) in the Union territory, officials said. Jammu and Kashmir's Administrative Council (AC), during a meeting chaired by Lieutenant Governor Manoj Sinha on Tuesday night, approved an enhancement of subsidy to Rs 70,326 from the current Rs 16,666 for people eligible for the BLC of PMAY(U). The meeting also included Advisor to the LG Rajeev Rai Bhatnagar and Chief Secretary Atal Dulloo. The scheme covers identified BLC beneficiaries of PMAY(U) who have not completed their dwelling units and is expected to benefit 26,419 households in the preliminary stage, an official spokesperson said. The proposal aims to provide additional financial assistance to the identified beneficiaries, enabling them to complete the construction of their houses within the deadline for the Housing for All' Mission by December 31, 2024, he said. The .

PNB Housing reaches loan book size of Rs 1,000 crore for affordable homes

Girish Kousgi, MD and CEO at PNB Housing Finance said that at the current pace, the company may add another Rs 1,000 crore to its loan book in the next six months

MCD exempts house tax in residential areas across its rural jurisdiction

Delhi Mayor Shelly Oberoi on Saturday announced the exemption of house or property tax for the residential areas across the MCD's rural jurisdiction. The Municipal Corporation of Delhi (MCD) will not collect any house tax from 'lal dora' or extended 'lal dora' properties in the rural areas, Oberoi told a press conference here. "The MCD will neither send notice nor collect property tax from the residential areas whether it be under 'lal dora' or extended 'lal dora' in all its villages. This is a big relief from CM Arvind Kejriwal for the people of Delhi residing in the rural areas," she said. Oberoi added the tax levied on the commercial properties in the rural areas will, however, continue to remain the same. Around 2,168 roads in Delhi's rural areas are notified under the MCD and the commercial properties on these roads will continue to pay property tax. The decision has been taken after a panchayat of Delhi's 360 villages was held on September 3 to discuss the issue of property

Amid lower demand, new supply of affordable homes dipping in India: Anarock

On the other hand, the supply of luxury homes is rising as developers are focusing on earning higher margins and profits

Demand for luxury homes overtakes affordable ones for first time in India

The number of homes sold in India in July-September quarter this year touched a six-year-high: Knight Frank

Luxury homes see highest average price appreciation since 2018: Anarock

Hyderabad recorded the highest jump of 42 per cent in the average price of luxury homes between 2018 and the first six months of 2023

Sale of homes costing below Rs 40 lakh dip 18% in 7 cities in Jan-Jun

Sales in the affordable housing category -- priced below Rs 40 lakh -- declined 18 per cent to 46,650 units in the January-June period across seven major cities amid lower supply and a rise in mortgage rates, according to Anarock. Sales of affordable homes stood at 57,060 units in the corresponding period of the previous year. Real estate consultant Anarock's report showed that the share of affordable housing in the overall housing sales fell to 20 per cent in January-June from 31 per cent in the corresponding period of the previous year. The total housing sales increased to 2,28,860 units during January-June this year from 1,84,000 units in the year-ago period. Anarock Chairman Anuj Puri attributed the shrinking share of affordable homes in the overall sales to changes in demand dynamics induced by the COVID pandemic and several other challenges faced by developers as well as consumers. Stating that the land cost has gone up significantly, Puri said, "It is becoming increasingly

DDA flats 2023: All Dwarka units sold out in the first few hours of booking

Under the DDA scheme, 1-BHK flats are on offer in Narela, Siraspur, Rohini, and Loknayak Puram, and 2-BHK flats are in Narela and Dwarka. 3-BHK flats are located in Jasola

Sale of mid-segment homes overtakes affordable in India: Knight Frank

At the same time, since the first half of 2018, the sale of premium homes in India has gone up over 143%

Budget houses go out of budget; high interest rates and EMIs pinch buyers

Higher EMIs and mortgage rates pinch buyers; segment's share of overall housing sales likely decline in FY23, FY24

Share of affordable homes supply slips to 20% last yr from 40% in 2018

The share of affordable homes -- costing below Rs 40 lakh each -- in the total fresh housing supply across seven major cities dipped to 20 per cent last year from 40 per cent in 2018, according to Anarock data. Real estate consultant Anarock attributed the fall in the share to various factors, including costlier land, low-profit margin and lack of adequate availability of finance at a cheaper rate. According to the data, real estate developers launched 3,57,650 units in 2022, of which only 20 per cent were in the affordable homes category, costing below Rs 40 lakh per unit. During 2018, a total of 1,95,300 units were launched across seven cities and out of that 40 per cent were in the affordable homes category. The share of the supply of affordable housing in 2019 remained at 40 per cent in the total new launches of 2,36,560 units. However, the share dipped to 30 per cent in 2020 in the total housing supply of 1,27,960 units. In the 2021 calendar year, the share of new launches i

SBI raises $1 bn under 5-year syndicated social loan for ESG funding

Priced at three-month SOFR plus 130 bps; largest such ESG loan by bank in Asia-Pacific; to also use proceeds for affordable housing, SHG lending

Affordable housing demand to remain low as home loan rates rise: Experts

Some believe the impact of the interest rate hike has been limited and would not dampen homebuyers' spirit much, as demand remains high