Page 9 - Housing

Demand to rise as Budget proposes to help middle-class buy homes: Realtors

Realtors on Thursday hailed the Budget proposal of launching a scheme to help middle-class people buy or build their own homes, saying this will boost demand for residential properties and help in the overall growth of the real estate sector. In the interim Budget for 2024-25, Finance Minister Nirmala Sitharaman announced that the government will launch a scheme to help deserving sections of the middle class 'living in rented houses, or slums, or chawls and unauthorised colonies' to buy or build their own houses. She also said 2 crore more homes will be built for the rural poor in the next five years under the continuing PM Awas Yojana (Grameen). Commenting on the Budget proposals, CREDAI President Boman Irani said these initiatives are "encouraging and will aid in the growth of the housing market". Sustained focus on infrastructure development will further boost growth in the housing sector, he said. With tax rates remaining unchanged, Irani said the common man will not have ...

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.

Chhattisgarh CM chairs 1st cabinet meet, promises 1.8 mn houses under PMAY

Sai took the oath of office and secrecy as the chief minister of Chhattisgarh in the presence of Prime Minister Narendra Modi on Wednesday

Saya Group to infuse Rs 4,000 cr in next 3 yrs in Noida, Ghaziabad projects

Real estate company Saya Group on Sunday said it will infuse Rs 4,000 crore over the next three years in its projects in Noida, Greater Noida and Ghaziabad. The development includes 2.33 million square feet commercial area where it will invest Rs 2,500 crore besides Rs 1,500 crore in luxury high-end residential project in Ghaziabad's Indirapuram. The group said at the forefront of its works stands the ongoing project, Saya Status, adjacent to the Noida-Greater Expressway, which is set to be India's tallest mall and encompasses a vast expanse of 1.4 million square feet, according to a statement. The anticipated possession of Saya Status is slated for 2025, it added. Saya Group's Chairman and Managing Director Vikas Bhasin claimed an "impeccable track record of delivering projects ahead of their designated deadlines." "This remarkable feat is a testament to the company's robust financial foundation and unwavering commitment to timely project delivery," Bhasin said. The group's land

China housing gloom worsens as prices decline further, most in eight years

New-home prices in 70 cities, excluding state-subsidized housing, declined 0.38% last month from September, when they dropped 0.3%, National Bureau of Statistics figures showed

Bharat Housing Network raises Rs 125 crore in Series A led by Nabventures

Bharat Housing Network, backed by Homeville Consulting, operates on a hybrid capital model and off-balance sheet lending to drive its growth

Staying ahead of curve to reinforce Prime position: SBI chairman Khara

The July-September 2023 was the first quarter when HDFC-HDFC Bank did business as a combined entity, escalating competition for loans as well as deposits

Rahul Gandhi to launch rural housing scheme in Chhattisgarh on Sept 25

Ahead of Chhattisgarh assembly elections due later this year, Congress leader Rahul Gandhi will on Monday launch Mukhyamantri Gramin Awas Nyay Yojna (MGANY) in Bilaspur district. This scheme aimed at providing financial assistance to the homeless and the families having kutcha houses in rural areas. At 'Awas Nyay Sammelan', Gandhi and Chief Minister Bhupesh Baghel will disburse the first instalment of Rs 25,000 each to 1,30,000 beneficiaries for the construction of houses, officials said. The event will be held around noon in Parsada (Sakri) village under the Takhatpur development block in Bilaspur district, a public relations department official said. Of the 1.30 lakh beneficiaries, 1 lakh are those who are listed on the permanent wait list (PWL) under the Pradhan Mantri Awas Yojna (PMAY- rural), but are yet to get the benefit of the Central scheme, he said. On the occasion, Rs 5 crore will be transferred to the accounts of 500 beneficiaries under Mukhyamantri Nirman Shramik Awas

IFC, construction firm Sunteck set up JV for nearly 12K housing units

IFC's proposed investment is for up to Rs 330 crore ($40 million), with the remainder to be brought in by Sunteck Realty

Bank credit outstanding to real estate hits record Rs 28 trn in July: RBI

Bank credit to housing as well as commercial real estate witnessed nearly 38 per cent annual growth in July, taking the loan outstanding to the realty sector to a record Rs 28 lakh crore, as per the latest RBI data. It is evident from the Reserve Bank's loan outstanding data as well as property consultants data on housing sales and new launches across major cities that activities in the real estate sector are moving at a fast pace. The credit outstanding in housing (including priority sector housing) rose 37.4 per cent annually in July crossing Rs 24.28 lakh crore, showed the RBI's data on 'Sectoral Deployment of Bank Credit July 2023'. The credit outstanding to the commercial real estate increased by 38.1 per cent to Rs 4.07 lakh crore. Commenting on the RBI data, Anarock Chairman Anuj Puri said the impressive loan growth in the real estate sector is a function of a large-scale demand revival across the board. "The commercial office segment was reeling under the pandemic's press

REA India's revenue up 46% to Rs 430 cr amid sharp rise in housing demand

Proptech firm REA India -- owner of Housing.com and PropTiger -- said its revenue has increased 46 per cent to more than Rs 430 crore in the last fiscal year ended June on sharp rise in housing demand and increased adoption of technologies. The company had posted nearly Rs 300 crore revenue in the 2021-22 financial year (July-June). REA India, which is a subsidiary of Australia's REA Group, is a full-stack real estate technology firm and it owns three real estate portals -- Housing.com, PropTiger and Makaan.com. The bulk of the revenue came from Housing.com, one of the leading real estate classified portals in India. "REA India Ltd's strong results demonstrates our commitment to innovation and a leading role within the market," REA India CEO Dhruv Agarwala told PTI. "Our steady efforts to enhance the reach of Housing.com and Proptiger.com demonstrate a thoughtful strategy that keeps us at the cutting edge of industry trends," he added. Agarwala said the company has been focused o

Colliers India appoints Badal Yagnik as new CEO with immediate effect

Yagnik has earlier served at Cushman & Wakefield (C&W) as MD for leasing services in India. Before that, he was working with Jones Lang LaSalle

China's housing slump much worse than data shows amid tepid growth

New-home prices have slipped just 2.4 per cent from a high in August 2021, government figures show, while those for existing homes have dropped 6 per cent

Housing prices up 14% in Delhi-NCR during April-Jun, rates dip 3%: Report

Housing prices in Delhi-NCR rose by an average 14 per cent year-on-year during April-June period, but fell 3 per cent in Mumbai Metropolitan Region (MMR), according to a joint report by CREDAI, Colliers India and Liases Foras. Realtors' apex body CREDAI, real estate consultant Colliers India and data analytic firm Liases Foras released a report, stating that housing prices across the eight major cities increased by an average 7 per cent year-on-year (Year-on-Year) during the second quarter of this calendar year on strong demand. As per the data, Kolkata recorded the highest appreciation in average residential prices at 15 YoY, followed by Delhi NCR and Hyderabad with 14 per cent and 13 per cent increase, respectively. Among eight cities, MMR was the only cities that saw fall in average prices during the April-June quarter by 3 per cent to Rs 19,111 per square feet due to significant new supply and rising unsold inventory. "The housing market has maintained its prudence and discipli

AP govt approves building 47,000 houses for poor, graveyards for Dalits

The Andhra Pradesh Cabinet on Wednesday announced decisions including conferring full rights to assigned land-owners and sanction for construction of graveyards for dalits in 1,966 villages among others. The state Cabinet meet presided over by Chief Minister Y S Jagan Mohan Reddy sanctioned full rights on assigned lands (lands given to SCs) amounting to 63,192 acres for 66,111 persons. "In case of death of original beneficiaries, their legal heirs would get the full rights," the state government said in a press note shared on Wednesday. The Cabinet also approved the welfare calendar for July, including laying the foundation for 47,000 houses for the poor in 1,366 acres of land in the R5 zone of Capital Region Development Authority area (CRDA). Similarly, the Cabinet has permitted constructing burial grounds for scheduled castes in 1,966 villages. Talking to reporters, Information and Public Relations Minister Chelluboyina Srinivasa Krishna said 1,051 acres of land had been sancti

Saya Group to invest Rs 100 cr to build 336 apartments in Noida Extension

Realty firm Saya Group on Wednesday said it will invest Rs 100 crore to develop 336 studio apartments in Greater Noida. The company will sell these 336 fully furnished studio apartments at around Rs 55 lakh. The size of each studio apartments will be around 700 square feet. "We are developing 336 studio apartments in Noida Extension (Greater Noida West). This is part of our 3-acre high street retail project Saya South X," Saya Group MD Vikas Bhasin told reporters. Saya Group is developing nearly 9 lakh square feet built-up area in this project, with a total saleable area of 6.8 lakh square feet. Out of the total saleable area, high street retail will be around 4.5 lakh square feet and studio apartments 2.3 lakh square feet. "The total investment on the entire project is Rs 450 crore," Bhasin said. He said the high street retail will be ready for fit-out by October this year and the retail area would be operational by January-February next year. Bhasin said the studio apartments

Housing prices rise 11% annually in Pune in last 12 months: Report

Average housing price in Pune has risen 11 per cent to Rs 5,208 per square feet in the last year on better demand, according to a report by realty firm Gera Developments. Pune-based realty firm Gera Developments has come out with its bi-annual 'The Gera Pune Residential Realty Report', which is based on primary and proprietary research and covers all existing projects in a 30 km radius of the city centre. "The Pune real estate market is showing dual signs of both boom and consolidation at the same time. The prices have gone up 11.03 per cent from Rs 5,208 per sq ft in June 2022 to Rs 5,782 per sq ft in June 2023. "There has been an across-the-board increase in the rates of new projects, existing phases of old projects as well as new phases of old projects," Rohit Gera, Managing Director of Gera Developments, said. This indicates a strong demand as home buyers have purchased homes at higher prices than ever before, he added. As per the data, the prices in the newly launched project

Puravankara Q1 sales bookings jump over 2-fold to record Rs 1,126 cr

Realty firm Puravankara Ltd on Thursday said its sales bookings jumped over two-fold to Rs 1,126 crore in the first quarter of this fiscal on better housing demand and higher price realisation. In a regulatory filing, the company shared its operational performance for the April-June quarter of 2023-24. The company's sales bookings in volume terms rose 97 per cent to 1.36 million square feet in the first quarter of this fiscal from 0.69 million square feet in the year-ago period. In value terms, the sales bookings jumped to Rs 1,126 crore from Rs 513 crore. The average price realisation went up 11 per cent to Rs 8,277 per square feet from Rs 7,436 per square feet during the period under review. "Achieved highest ever sale value of Rs 1,126 crore in any quarter and the first quarter of any financial year since inception," Bengaluru-based Puravankara said. It attributed the growth in sales to factors like need for larger houses, rising incomes, job creation, and stable home loan rate

Banks asked to push stuck home projects worth more than Rs 3 trillion

In 2019, the Centre had set up the SWAMIH fund to facilitate the completion of stalled housing projects

Hero Realty sells 77 plots in Gurugram project for Rs 180 cr in single day

Hero Realty has sold all 77 plots for about Rs 180 crore in its newly launched project in Gurugram. All the plots were sold on June 29, the first day of the launch itself. The selling price starts from Rs 1.99 crore and onwards. Hero Realty has launched a plotted development project 'The Ark' in Sector 85, Gurugram, spread over 5 acres, a company statement said. Dharmesh Shah, CEO of Hero Realty Pvt Ltd, said, "We are delighted with foraying into the plotted development in the Delhi-NCR market and are committed to meeting the evolving needs of our customers. With the help of technology and our brand value, the NCR will experience best practices even in the plotted segment." In February, Hero Realty purchased a 5-acre land in Gurugram for Rs 90 crore to develop a plotted residential project. The total cost to develop this project is estimated at Rs 115 crore. The project will be developed by the end of next year. The company has formed a separate vertical 'Hero Earth' for undertak