Page 10 - Housing Sector

CIDCO launches 7,849 flats in Navi Mumbai under mass housing scheme

The City and Industrial Development Corporation (CIDCO) on Monday launched 7,849 affordable flats under its mass housing scheme in Navi Mumbai. In a video message for the launch, Maharashtra Chief Minister Eknath Shinde said CIDCO is the leading corporation in the country in providing affordable housing to the people from different economic strata. Under the Mass Housing Scheme, 7,849 affordable apartments have been made available to citizens from the economically weaker section (EWS) at Bamandongari, Kharkopar (east) 2A, Kharkopar (east) 2B and Kharkopar (east) P3 in Ulwe node of Navi Mumbai. The online registration of applications for this scheme will start on Tuesday. With ambitious projects like Navi Mumbai International Airport, the Ulwe node will gain massive importance in the future. The opportunity to own a house in the well-connected Ulwe node has come through this mass housing scheme on the auspicious occasion of Diwali, CIDCO vice-chairman and managing director Dr Sanjay

Realty firm Puravankara's Apr-Sept sales bookings up 43% to 1,306 crore

Bengaluru-based realty firm Puravankara Ltd's sales bookings have risen 43 per cent to a record Rs 1,306 crore during April-September period of this fiscal year on better housing demand. Its sales bookings stood at Rs 910 crore in the year-ago period. According to an operational update, the company's sales bookings in volume terms rose 32 per cent to 1.76 million square feet during the first six months of this fiscal, from 1.33 million square feet in the year-ago period. Sales realisation improved to Rs 7,421 per square feet in the April-September from Rs 6,845 per square feet in the corresponding period of the previous year. The company achieved its highest sale value of Rs 1,306 crore for the first half of any financial year since inception. Puravankara is on track for its launch pipeline of over 15 million square feet and doing necessary investments for the same. "The demand for real estate is seeing new peaks with each passing day specially with festive starting, we expect th

Despite recessionary trends… we're talking about 7% growth: Hiranandani

The real estate sector will sustain its growth momentum in this festival season, said Niranjan Hiranandani

Metaverse in India: The challenge of buying land and painting houses

VR headsets are gradually becoming somewhat accessible, with an Oculus Go priced at Rs 22,000. Several start-up founders say they are also developing software for laptops and mobile devices.

67% housing demand in Mumbai from affordable segment: Knight Frank-Naredco

Supply of such housing insufficient to meet demand, says study

Residential sales might see a slowdown as RBI hikes repo rate: Experts

The repo rate hike does not augur well for the real estate sector, especially the residential segment as it will result in increased mortgage rates.

China rolls out property policies to boost demand, fix real estate crisis

A flurry of Chinese cities are rolling out measures to boost housing demand, signaling the government's intention to arrest a property crisis.

Mahindra Lifespace aims 2.5-fold jump in housing sales bookings in 3 yrs

Realty firm Mahindra Lifespace Developers Ltd is targeting a 2.5-fold jump in its annual sales bookings to Rs 2,500 crore in the next three years on better housing demand, its MD and CEO Arvind Subramanian has said. Mumbai-based Mahindra Lifespace had achieved sales bookings of Rs 1,028 crore in the last financial year. In an interview with PTI, the company's Managing Director (MD) and Chief Executive Officer (CEO) Arvind Subramanian said: "We have started the first quarter with an extremely strong performance on all fronts". The company clocked Rs 600 crore of residential sales during the April-June quarter of the 2022-23 fiscal year against Rs 1,000 crore in the full previous year, he highlighted. The collections from customers were also healthy at about Rs 270 crore, while industrial leasing was worth Rs 118 crore in the June quarter. "The first quarter has set us up very well for the year. We are expecting very strong continued growth in quarter two and the rest of the year as

Chinese govt seeks to stabilise property market with loans, lower rates

Chinese banks lowered their benchmark lending rates while authorities stepped up support for the property market with additional loans, a govt-guided attempt at alleviating a worsening housing crisis

Rising rates pose near-term challenges: DLF chairman Rajiv Singh

He noted that the residential segment has witnessed structural recovery on strong demand and the credible players are gaining market share

Property registrations rise 15% in Mumbai municipal area in July

Registration of properties in Mumbai's municipal area grew 15 per cent to 11,339 units in July on better demand, according to Knight Frank India. It is also the highest level for the month of July in a decade. Out of the total registration of properties in Mumbai city (BMC area), Knight Frank India said that 86 per cent were contributed by residential segment and 10 per cent commercial. For July, the data has been collated till 3 pm of July 30. The registration contributed over Rs 829 crore to the state revenues. "The number of units registered in July 2022 was the best in a decade for the month of July," property consultant Knight Frank said in a statement. In July 2021, 9,822 units were registered. "With the looming inflation pressures, RBI opted for a cumulative repo rate hike of 90 basis points that has stretched home buyer affordability. However property registrations remain buoyant," Knight Frank India said. On month-on-month basis as well, the registration of properties

Air India offers to compensate staff facing eviction from housing colonies

Unions move Bombay HC to challenge the proposed ejection from colonies in Mumbai

Renting apartments gets costlier for companies with new GST rates in effect

The rent of apartments for top executives will attract an 18 per cent Goods and Services Tax (GST)

Domestic housing sector set to grow in next 5 years: PNB Housing Finance

The domestic housing sector is set to grow for the next five years after a lull of several years and the housing finance companies are well poised to tap this opportunity aided with sectoral reforms

Housing sales fall 15% in Apr-Jun in top 7 cities from previous quarter

As per the data, housing sales in Mumbai Metropolitan Region (MMR) fell 11 per cent to 25,785 units in April-June 2022 from 29,130 units in the previous quarter

Life may get tougher for mid, small size HFCs amid rising rates: Analysts

Analysts warn that housing finance companies (HFCs), which cater largely to affordable housing segment, may see some margin erosion

Rising mortgage rates won't hit housing sales in India, say experts

Higher mortgage rates will have a lower impact on the Indian housing market than in the US market, said Kotak Institutional Equities (KIE)

Housing, roads among biggest capex gainers in FY22, PMAY urban lags

FM Sitharaman had allocated Rs 48,000 cr to PMAY (urban and rural) for FY23. The govt then extended the deadline for the rural by two more years, and may have to do the same for urban

IIFL Finance up 8% after ADIA picks 20% in housing fin arm for Rs 2,200 cr

This is the second investment by ADIA in entities working in housing finance space in FY23. Last month, it concluded a deal to pick up 10% in HDFC Capital Advisors for Rs 184 cr

Builders expect slowdown in housing demand in short-term on RBI's rate hike

The RBI on Wednesday hiked the key benchmark rate by 50 basis points