Page 3 - Affordable Housing

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

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