POLICY REVAMP TO BOOST LOW-COST HOUSING

Haryana government has revamped its policy to give impetus to housing for the economically weaker sections under which every developer of a licensed colony is bound to earmark plots for the EWS, to be transferred to  Haryana Housing Board. for the construction of dwelling units.   In order to ensure that people belonging to weaker sections of society, especially those below poverty line, get shelter, various state governments have introduced policies

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IT'S RIGHT TIME TO INVEST IN RESIDENTIAL PROPERTY

As the key reforms of Real Estate Regulation & Development Act (RERA) and  GST settle in and their initial disruptive effect blows over, the revival of residential real estate facing severe slowdown for the last over 2-3 years, is gathering momentum. Housing supply has seen qoq rise in  sales in the first quarter of the year, in 7 key cities across India, with 25 percent increase in absorption. in April. The worst hit NCR has seen sales substantially  picking up this year,

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REVISED POLICY TO GIVE INFRA BOOST TO NEW SECTORS IN GURGAON

The decision of the newly formed premier development agency of Gurgaon- Gurugram Metropolitan Development Authority (GMDA), to formulate a new policy to effectively address the issues of connectivity gaps and deficient infra plaguing new sectors of Gurgaon, is likely to give a desired boost to real estate in the area. The new sectors in Gurgaon from Sector 58 to Sector 115, have of late been facing serious problems, related to external and internal development owing to lack of

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CONCILIATION PANELS UNDER RERA TO STRENGTHEN REDRESSAL OF BUYER'S GRIEVANCES

Maharashtra state which is a front-runner in the implementation of Real Estate Regulation & Development Act, 2016 (RERA), has also earned the distinction of being the first state to constitute Conciliation Panel under RERA to mediate between builders and buyers. The panel comprises of members from real estate industry associations and consumer bodies. Under Conciliation Panel/Forum, Maharashtra RERA has set up 15 benches in Mumbai region and Pune. This is an alternate dispu

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J & k STAMP DUTY WAIVER FOR WOMEN SETS A PRECEDENT TO CUT TRANSACTION COST, BOOST HOUSING

The J & K government’s recent move to abolish stamp duty for property in women’s name, may have not just far reaching economic consequences for women in the state but also set a precedent for other states to bring down property transaction costs with a view to boost housing, particularly affordable housing.  Besides waiver for women, J & K government has reduced stamp duty for men from 7 percent to 5 percent for urban areas and from 5 percent to 3 percent in

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LOW TICKET HOME LOANS TO BOOST AFFORDABLE HOUSING

In line with government’s progressive policies, providing impetus to low- cost homes for achieving the aims of its ‘Housing for All’ mission, housing finance companies (HFCs) have tailored their business, targeting low- ticket home loans.   The increasing focus of  HFCs on low- ticket home loans (5- 25 lakh) along with tapping non- salaried housing loan seekers, is paying rich dividends. Reliance Housing Finance has registered 20 percent growth in Q

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REVIVAL OF IPO MARKET TO BOOST REALT

A spate of landmark reforms undertaken by the government including RERA, GST,  Liberal FDI Norms, has given a much needed momentum to the fund flows to debt- ridden, cash- starved real estate developers. These reforms have particularly boosted the confidence of global investors and institutional investors who are now more keen to invest in real estate. This is evident from real estate gaining $257 million of FDI in 2017. The reforms have also bridged the trust deficit of property buy

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GOVERNMENT MAY EASE GREEN NORMS TO BOOST AFFORDABLE HOUSING

NEW DELHI: In its effort to make 'housing for all by 2022' a reality, the Centre has proposed to ease green norms for the building and construction sector where projects up to 50,000 sq metres will not require prior 'environmental clearance'. The environment ministry had last week issued a draft notification in this regard, increasing the threshold of built up area for getting this relief from 20,000 sq metres to 50,000 sq metres. Such projects will, however, have to f

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HOUSING PRICES DOWN BY AVGRAGE 7% IN JAN - MAR 2018

 Housing prices fell by an average 7 per cent during January-March in nine major cities over the previous quarter as developers cut property rates to boost their sluggish sales, according to real estate research and analytics firm PropEquity.   New Delhi: Housing prices fell by an average 7 per cent during January-March in nine major cities over the previous quarter as developers cut property rates to boost their sluggish sales, according to real estate research and ana

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INTEGRATED DEVELOPMENT IS KEY TO THE SUCCESS OF AFFORDABLE HOUSING

It is a sheer irony that on one hand, large number of poor people are either homeless or are forced to live in slums and on the other hand, homes built for the poor by the government, lie vacant. The available statistics suggest that in Delhi alone, around 26000 flats, out of a total of 28000 built for the poor, remain unoccupied. In Bawana area of Delhi, only around 15 percent of the total of about 1900 flats built for the poor families, have been occupied. Urban planners att

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NEED FOR LAND BANKING TO BOOST AFFORDABLE HOUSING

Maharashtra government’s recent decision to unlock 3685 hectares of public and private land, tagged as ‘no development zones’ to create a million affordable housing units by 2034, is a laudable step. According to the Development Plan 2034, out of the total 3685 hectares, about 2000 hectares (including 330 hectares of salt pan) will be used for affordable hosing   This significant development, welcomed by the industry experts, has put the spotlight on the nee

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SIGNATURE SIGNUM RETAIL DEVELOPMENT SET FOR THE DELIVERY

Signature Global will start the process of delivery this year, for its retail developments, branded as Signature Signum, Three of these commercial  developments in Sector 107, Sector 81 and Sector 71, will be the ones out of nine of these projects, which will be delivered this financial year. These commercial developments are part of Signature Global’s group housing projects.These are meticulously planned modern commercial complexes, with uniquely designed shops and

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RERA Takes Up 60 Complaints, Responses Likely in 1-2 Weeks

The newly-constituted H-Rera has informed it has heard 60 complaints by homebuyers on April 10 and April 12 during the past week. The authority has given 1-2 weeks as time for respondents to file their replies. It has also declared it will conduct hearings on Tuesdays and Thursdays every week. H-Rera (Gurugram), which became functional on February 4, conducted its first hearing on March 27, when it imposed a Rs 30 lakh penalty on a developer, who advertised its real estate project in coll

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DTCP Invites Bids To Build 3 Lakh Affordable Homes in Gurgaon

GURUGRAM: The supply of affordable housing in Gurgaon, one of India’s largest real estate markets, is expected to see a significant boost, after the department of town and country planning (DTCP) invited fresh applications for licences to build over 3 lakh affordable housing units. Haryana amended its Affordable Housing Policy 2013 in October 2017, to extend an existing cap of 300 acre in Gurgaon district to 1,935 acre. Based on the earlier cap, DTCP had issued affordable housing lice

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CELEBRITY - ENDORSED REALTY PROJECTS IN POST- RERA PERIOD

  Over the past few years, the trend of celebrity-endorsed real estate projects had caught on. Riding high on the appeal of popularity and credibility of the sports and film celebrities, developers were able to convert home aspirants, especially during downturn. However, of late, due to exceptionally high rate of project delays by developers including those taking services of celebrity brand ambassadors had shaken the confidence of home buyers. In this backdrop, the home buyers h

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TECHNOLOGY BOOST TO AFFORDABLE HOUSING

Today, the real estate  sector is facing the biggest problem of project delays. The problem has assumed a crisis situation in residential real estate with lakhs of home buyers, waiting for years to seek possession of their homes. According to a recent Assocham study, as many as 826 projects are running behind schedule across 14 states with the highest average delay of 45 months in Telangana, followed by 44 months in West Bengal, Odisa and Haryana. A JLL study puts the number of unsold (i

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INFRASTRUCTURE IMPETUS TO DWARKA EWAY

The recent initiatives of clearing land and resettlement  hurdles to fast track construction of Dwarka Eway and  undertaking key infrastructure projects around it, will provide the much needed impetus to the expressway . In a major connectivity boost to Dwarka Eway, , NHAI has announced to build a 5km link road from Bijwasan railway station up to T3 International Airport. On the other hand, Haryana government has also intensified its efforts to link Dwarka Eway through a metro rail

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PM’s Housing Scheme Gets Tepid Response from the Middle Class

A little over a year after the government expanded the ambit of its Pradhan Mantri Awas Yojana (PMAY) to include the middle class (with annual income between Rs 6 lakh and Rs 18 lakh), the response has been lukewarm. According to ministry of housing and urban affairs figures, since January 2017, when PMAY was opened to the middle income category , till the first week of April, only 27,000 beneficiaries have availed interest subsidy on loans for construction/acquisition of house. At the ti

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New Gurugram-Mumbai expressway to be ready in three years: Nitin Gadkari

The government will build a new expressway connecting Gurugram with Mumbai passing through the country’s two most backward districts —Mewat in Haryana and Dahod in Gujarat —in the next three years, highways minister Nitin Gadkari said on Monday. The project would cost about Rs 60,000 crore, sources said. The expressway will reduce the existing distance of 1,450 km by road to about 1,250 km and will bring down the travel time to about 12 hours. Currently, it takes at leas

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LOWER STAMP DUTY LEG UP FOR AFFORDABLE HOUSING

National housing Bank (NHB) is carrying out a study on cause and effect of stamp duties on property transactions across different states, with a view to build a case for states to lower stamp duty on affordable housing. NHB has expressed concern over high stamp duty of 6-10 percent for affordable housing , making a case for lowering stamp duty to benefit affordable housing. Union Housing Ministry has urged states to reduce stamp duty which is a big burden on buyers of affordable homes. &n

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RERA REGISTRATION

RERA Registration no Saransh Realtors 246 of dated 04/09/2017
vide Memo No HRERA - 776/2017/929 dated 04/09/2017

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