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Affordable Housing

MRG World Launches ‘The Meridian’ at Gurugram

MRG World, an emerging player in affordable housing segment announced the launch of a new residential project ‘The Meridian’, which will come up at Sector 89, Gurugram, Haryana. Spread across 5.5 acres of land, the new affordable offering will consist of 755 units of 2BHK apartments of varied sizes ranging from 533 sq. ft to 633 sq. ft. With the Company targeting the lower and mid-income group for the upcoming project, it has priced the units at a very competitive rate of Rs 4,000 -4,500 per sq. ft. This implies that units are priced between Rs. 21.7 lac Rs. 25.8 lac and is likely to entail an investment of Rs 200 crore, which will be met by internal accruals and proceeds from sale.  As the project is also registered under Pradhan Mantri Awas Yojna (PMAY), homebuyers can avail a subsidy of...

Signature Global gets Occupancy Certificate for Synera

Signature Global, the pioneers of affordable housing, is proving its worth by delivering projects within the time limit. Contribute the most towards Prime Ministers vision of ‘Housing for all 2022’, it has received the occupancy certificate for Synera located in Sector 81, Gurugram. The project launched in 2014 is spread over 5 acres and has a total of 824 units. Synera has 1 and 2 BHK options with amenities such as Jogging Track, Kids’ Play Area, 2000 Sq,ft community hall, 2000 sq.ft of anganwadi cum creche. In 2018 Signature Global gave possession of their first project- Solera in sector 107, Gurugram, under the Haryana Affordable Housing Policy. The company set a milestone of delivering the project well  ahead of the stipulated time. This year, Signature Global  is set to deliver ...

Nearly 4.5 lakh affordable homes to be delivered by 2020

Real estate developers are expected to deliver over 4.5 lakh affordable housing units in the coming 15 months, shows a research report by PropTiger.com, at a time when the Centre has incentivized purchases in this category by offering higher tax benefits. With the vision of providing housing for all by 2022, the new Government has rolled out various measures to boost the sector in the last few months. Notably, during the union budget announcement, the government increased the tax deduction limit on the interest paid on home loans by Rs.1.5 lakh to Rs.3.5 lakh annually, in cases where the unit price does not exceed Rs.45 lakh. The report by PropTiger.com, which is part of Elara Technologies Pte. Ltd. that also owns Housing.com and Makaan.com, highlights how India’s real estate developers ha...

Signature Global delivers Sunrise before time

Signature Global, the pioneers of affordable housing, is proving its worth by delivering projects within the time limit. Contribute the most towards Prime Minister’s vision of ‘Housing for all 2022’, it has achieved the distinction of offering possession Sunrise in Karnal six months in advance the stipulated time. Sixty-six units are ready-to-move out of the total 348 units while 10 families have already shifted in the project. The construction of the project in Sector 35, Karnal, was started in April 2018 and the project will be delivered till June 2020. The size of the units for possession is 115 sq yards. The company received the completion certificate for the project in February this year. In 2018 Signature Global gave possession of their first project- Solera in sector 107, Guru...

Arvind SmartSpaces sets up affordable housing platform

Arvind SmartSpaces Limited (“ASL”), a part of the Lalbhai Group, headquartered in Ahmedabad, one of India’s leading Real Estate Development Company, announced that it has entered into a strategic partnership with HDFC Capital Affordable Real Estate Fund 1(H-CARE 1) – a fund managed by HDFC Capital Advisors Limited, a wholly-owned subsidiary of HDFC Ltd. The partnership will focus on the development of affordable and mid-income housing projects in India while ensuring quality and timely delivery of finished units. The proposed developments will be undertaken by a special purpose vehicle “Arvind Homes Private Limited” set up with an initial investment of Rs. 250 crores. Ms. Renu Sud Karnad, Managing Director, HDFC Ltd, said “Housing remains a crucial need in India and the demand for af...

The ‘Real’ Deal in Festive Season 2019

– by Anuj Puri, Chairman The festive season has traditionally been an active period for real estate sales as many buyers consider Navratri and Diwali an auspicious time to buy a property. Like in previous years, developers this year have sweetened property deals – some up-front discounts, or more commonly 0% GST (which is in any case not charged on ready-to-move properties), waived stamp duty and registration charges, free reserved car parking, modular kitchens, etc. However, developers are not the only entities striving to make Festive Season 2019 more… festive. To boost consumption, the government has also announced a slew of measures over the past one month which, while not necessarily benefits to homebuyers, are certainly overall industry sentiment boosters. While these measures ...

Institutional Investments to touch USD 50 bn mark in 2019, says JLL Study

Path-breaking policies, relaxation in investment norms relating to foreign direct investments (FDIs) and institutionalization of investments in completed properties in the form of Real Estate Investment Trust (REIT) has opened doors for investors, both domestic and foreign over the last decade, said JLL, the largest professional services firm specialising in real estate, in a statement released today. As a result, the sector will see a cumulative institutional investment of USD 50 billion in 2019, which includes both foreign and domestic investments, the study added. “India real estate has gradually transformed into a global investment destination over the past decade. Since the time the government opened the FDI in March 2005, the country has been able to provide a conducive environment f...

Repo Rate Cut of 25 bps – A Notional Nudge

– by Anuj Puri, Chairman In the April-June 2019 quarter, India’s GDP grew only by 5% – the slowest pace in over six years. Consumers are spending less on everything from FMCG to automobiles – and, of course, real estate. Naturally, the sector eyes RBI’s monetary policy for cuts in the key lending rates to support the various measures taken by the government to boost consumption sentiment. The repo rate cut of 25 bps to 5.15% announced today is in line with expectations. Considering that the Aug 2019 CPI came in at 3.21% – well below the medium-term target of 4% – RBI had room for such a rate cut. It can probably go some way in improving consumer sentiments ahead of the festive season, which is a crucial quarter for real estate sales. However, much depends on how eff...

Housing Absorption Dips 20% – ANAROCK

– by Anuj Puri Housing sales in Q3 2019 saw a quarterly decline of 20% across the top 7 cities – from 68,600 units in Q2 2019 to 55,080 units in Q3 2019. New launches fell by 34% over the same period – from 69,020 units in Q2 2019 to 45,230 units in Q3 2019. On a y-o-y basis, housing sales fell by 18% while new launches fell by 13% in Q3 2019 over the corresponding quarter in 2018. The ongoing ‘shraadh’ period – seen as inauspicious in many parts of the country – coupled with the ban on the subvention schemes compounded the quarterly dip. Also, above normal and heavy rainfall impacted the number of site visits resulting in longer decision-making cycles. In terms of sales, Hyderabad saw the maximum decline of 26% during the quarter with housing absorption falling from 4,43...

Now You Can Own Your Home In Your Twenties!

– by Arti Choudhary Owning a house of your dream is the best feeling in the world. But is there an age fixed for buying it? No, not for sure, especially when it comes to generation Z or Gen Z (people born in 1995 or later). This generation is known for changing the mind-sets of people who say that there is an age of doing everything. With the oldest members entering the age bracket for first-time home buying, Gen Z shows far greater interest in homeownership than the general population. If you are in your twenties and planning to buy a home then there is nothing wrong with it. But there must be some questions running through your mind when you decide to take a step ahead in buying your own house and the most prominent one is how you can buy a home in your twenties? So, here the tips ...

Govt. Lifeline May Rescue Over 2.5 Lakh Stuck Housing Units in Top 7 Cities

–  by Anuj Puri Taking the first step in addressing the key issue of delayed housing projects across the country, the FM recently announced the setting-up of a special window of INR 10,000 crore for last-mile funding of distressed affordable and mid-segment homes. Approximately the same amount of funds will be added by outside investors such as LIC, etc. However, this comes with a caveat – the projects should not be non-performing assets or pending under NCLT and must be at least 60% complete. According to the latest research by ANAROCK, after considering these caveats, nearly 2.5 lakh units across the top 7 cities can avail relief from the government’s aid in the top 7 cities alone. However, since data for projects under NPAs is not available, there could be a further dip in t...

Will Govt. Light Indian Housing Sector’s Festive Lamp?

– by Anuj Puri The Indian festive season, ushered in by Ganesh Chaturthi, has begun and investment decisions are being made. For homebuyers, this period is both auspicious and opportune to buy homes because real estate developers inevitably roll out attractive incentives – either in the form of price reductions, money-saving opportunities like waived stamp duty and registration charges, or ‘white goods’ like furnishing and household electronics – to attract genuine buyers. This year, the government has already done a lot of the heavy lifting when it comes to sweetening the deal for homebuyers. The slew of measures announced over the past two weeks, primarily to boost consumption, have both direct and indirect benefits for homebuyers and have already set the st...

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