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  • AFFORDABLE HOUSES: Growth Drivers of Indian Real Estate Industry

    AFFORDABLE HOUSES

    If we talk about affordable houses, it typically denotes the housing needs of the lower or middle income population. The Government of India has taken number of steps to make affordable house available to everyone.

    Budget 2017 has proposed infrastructure status for affordable housing, a long-standing demand of developers, and also increased the allocation for the Prime Minister Awas Yojana from Rs 15,000 crore to Rs 23,000 crore, bringing the country closer to realising the Housing for All mission by 2022. Under this one crore houses are to be built by 2019 in rural India for the homeless and those living in ‘kaccha’ houses.

  • Affordable housing to be key growth driver for home loans

    BDI Ambaram

    With focus of the government the affordable housing segment is finally emerging as the key growth driver for the housing loans market. This has pushed the builders to be moving towards the affordable apartments in favor of the middle class pockets.

    Now with the sale of the houses costing below 30 Lakh, the home loans are also available with a sharp uptick providing interest subsidy for the affordable housing segment. According to the finance providers, with the interest subsidy under Pradhan Mantri Awas Yojana this housing segment is expected to grow at 25% .The scheme will be available until December 2017, with 4% subsidy on home loans of up to Rs 9 Lakh for the income group of Rs 12 Lakh per year, and 3% subsidy on loans of up to Rs 12 Lakh for the earner up to Rs 18 Lakh per year.

  • An Upward shift to Affordable Housing

    The Grand SARE Crescent ParC Township Sector   92 Gurgaon   Copy

    NewsMantra Bureau

    The favorable policy announced by the Modi Government of owing affordable houses has got an upward shift over the past three years. The motto of announcing the policies such as “Housing for all by 2022”, Pradhan Mantri Awaas Yojna (PMAY)” is to give push to affordable houses so that people can buy their dream home at affordable pricing.

  • BDI in Line with Govt. Initiative to Boost Affordable Housing

    Green Park Affordable House Alwar

    If we talk about affordable houses, it typically denotes the housing needs of the lower or middle-income population. At present, the need for a better job opportunities and the higher living standard has resulted in increased urbanization. This has also increased demand for housing in India. People with low income are not able to fulfil the dream of owning a house.

    “To overcome this need, the state schemes along with Centre’s PMAY (Pradhan Mantri Awas Yojna) are luring developers to launch more projects in the affordable housing sector. The increased thrust given by Government of India (GoI) towards affordable housing has given wings to the home buyers’ dream of owning a house,” said Mr. Ssumit Berry, Managing Director, BDI Group.

    As per the ICRA report, the affordable housing segment is going to increase by 30% as compared to the other segment of the real estate.

    The recent budget announcement of establishing a dedicated Affordable Housing Fund (AHF) in the National Housing Bank will boost the Affordable Housing sector.

    “To bring transparency and accountability in the affordable housing segment of the real estate sector, RERA (Real Estate Regulatory Act) was introduced in the country. Its positive impact is being observed in the sector in streamlining the affordable housing segment.India entered a new era of single unified tax regime called Goods and Service Tax (GST) on July 1, 2017, which has replaced the multiple taxes, levied by the central and state governments and has subsumed of all the indirect taxes. It has eliminated the complex and ambiguous tax structure plaguing the country,” added Mr. Berry.

    In the latest report from Cushman & Wakefield, the top 8 cities witnessed residential launches of approximately 74,000 units in 2017, mainly in the affordable housing. It also registered a 35% decline.

    Prime Minister Narendra Modi’s plan of building homes for all by 2022 is set to boost the economy by $1.3 trillion, create 60 million new houses and over 2 million jobs annually.

    In nutshell, it can be said that affordable housing sector, which is also called the ‘growth engine of Indian Realty Sector’, is surely going to witness the boom in the coming months.

  • Experts suggest it is a healthy time to own a 2nd home

    Real Esate 123

    Photo Courtesy: Internet 

    Home buyers should be clear about the purpose of investing in the 2nd home

    The real estate sector which experienced a wobbly start in January is now showing signs of revival. Sale has improved both in the primary as well in the secondary market: all these shows that it is the healthy time to own a second home. People associated with the sector suggest that it is the best time to buy a second home.

    “This is an ideal time for buyers to invest in a second home as the market prices are low and will only increase in the coming time. A second home is ideal for investment purposes, as it generates rental income; it may also be set up as a holiday home for the buyer. Second homes are an excellent source of income for retirees as well," Vineet Relia, MD of SARE Homes, says

    Experts believe that if a person is buying a second home, it is an asset which should be bought with prudence and purpose should be clear whether a person is buying to rent it out or make an additional investment with a long- term horizon in mind.

    Well, many believe that the introduction of RERA has also brought in the positive impact on a sector and it is also responsible for changing landscapes of the sector.  

    “For those planning to buy a second home as an income-generating asset or for capital gains, the market is attractive when considered from a long-term perspective. For this, buyers should sort out their investment plans and put their finances in order. In the contemporary era, an affordable house is the best option a homebuyer can think of buying currently," Ssumit Berry, MD of BDI Group, said.

    "Overall, the time is favourable for buying a second home as realty has picked up pace after demonetization, RERA, and GST. There is a surge in demand for ready-to-move-in homes, which promise immediate rental yields. Even for those who are scouting for a second home for the extended family, it's a vantage position," Harinder Dhillon, VP (sales) of DLF, says.

    To clear out the unsold stock developers are also giving discounts and freebies to which buyers are taking the advantages of it and buying a second home. This ultimately is increasing the overall sale.

    With the improved real estate market coupled up with Government reforms are attracting home buyers to a buy second home.

  • GMDA formulation to facilitate Gurgaon with planned structure

    GMDA Formulation

    The formation of Gurugram Metropolitan Development Authority (GMDA) is endorsing as a governing factor for the economic development and planning of Delhi National Capital Region (NCR). The organization will propagate the alliance between different governing agencies diminishing their directional disparities. GMDA will be impelling the strategic expansion for the infrastructure and the real estate development. The stakeholders in the real estate industry will be benefited by this anticipated growth. Earlier they were endured on account of lack in planned principle development. With the implementation of GMDA, India’s Millennium City may witness a balanced and sustained development in the coming time.

  • Impact of GST on Real estate Sector

    Elan Miracle Sector 84 Gurgaon   Copy

    NewsMantra Bureau

    Goods and Services tax is going to be implemented from the 1st of July. GST is being considered as one of India’s most revolutionary tax-related reforms. GST will eliminate conflicting and cascading taxation structures like VAT and service charges in real estate. GST law will increase the margin in the hands of developer by eliminating the above-mentioned taxes.

  • Modi Government proposes PPP model to boost affordable housing

    PPP Model

    The union government has proposed a Public- Private Partnership Policy under which affordable housing will be provided land in order to boost housing development. The Ministry of Housing and Urban Poverty Alleviation (HUPA) has formed the model of Public-Private Partnership Policy for affordable housing to induce the developer to explore extra developable area. The policy has been launched to boost Prime Minister Awas Yojana (PMAY), a leader ship  initiative of the union government. So far, only eight PPP projects have been launched on the government land. “Housing for all by 2022” has been one of the chief agendas of the union government, taking under various state governments and financial institutes to focus in this area. The government has also proposed infrastructure status to affordable housing in Budget 2017, providing financial availability at combative terms.

  • Premium 1 BHKs in the contemporary time

    BDI Ambaram

    Photo Courtesy: Internet 

    A recent observation of NCR’s residential market highlighted that the cost of 1 BHKs remain costlier in the area. As per the recent report of Anarock Property Consultants, NCR has the highest unsold inventory of 1BHKs.The area has an abundant supply of 1 BHKs, both in primary as well as for the secondary market. These are a part of new launches; some of them are built years ago and are available in resale.

    It is seen that majority of these 1 BHKs lies in the secondary market are standalone apartments, with super built-up areas of 300-800 sqft. These units range from Rs 8 lakh to 92 lakh.

    Here we look into the trend and present some suggestions by experts.

    Some prime areas have seen corrections in prices. Gaurav Mittal, Chairman of CHD Groups, says: “Prices across segment saw a drop on account of the oversupply in the market. More-over, buyers have turned cautions. Sales are likely to improve and rates will increase and later firm up.”CHD is developing Restorico, a 1BHK serviced apartment project, in sector 34 in Gurgaon.”

    Developers however pointed out that area with good growth potential have better demand for this unit provided with amenities. For instance, serviced apartments in an industrial town like Bhiwadi have a high demand for such apartments. BDI Group’s residential project, Ambaram offers 1BHK units along with 2BHK units in Bhiwadi.

    Ssumit Berry, managing Director of BDI Group, says “Bhiwadi has good demand for one-bedroom units among the business operators and people coming to work in the big companies.”

    Some realtors are with the view that the premium on 1-and 2BHKs is just a result of the high demand for such properties. Some of the developers suggested that the buyer should look for some other options like to go for a 2BHKs which has more demand in the market.

    “Two-bedroom units are being sold easily and remain in demand.”said Mittal.

    Some suggested that if a buyer is opting a 1BHK, then he should buy in premium place. Berry of BDI Group points out other fundamental checklist: “Other factors like developers track record of delivery, developer’s maintenance record within the project, sales in the project, and whether the project is RERA compliant also require close security.”

  • RERA Registration: Haryana builders seek 3 months extension for registration

    RERA Registration

    After the completion of the deadline on July 31 for RERA registration ongoing projects, several projects are still to be registered yet. The Haryana based realtors are expecting an extension in the deadline for the registration of the remaining projects under H-RERA. They have come across, approaching 3 months of extension in the deadline to the government.