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Affordable housing gets big boost
Posted on Oct 20, 2016
PUNE: Builders and developers largely building the value and premium segment have started to move towards affordable homes -a sub-segment where there is a massive unfulfilled demand.This move by builders has begun to translate into smaller-sized units on the outskirts of the city."There is a definite shift to this segment. Some of our members are focusing on the affordable housing segment and this trend is driven by demand and the government's push to address the shortage here," said Shantilal Kataria , president, Confederation of Real Estate Developers' Associations of India (Credai), Pune.Credai recently handed over a draft of an affordable housing policy to Maharashtra chief minister Devendra Fadnavis. The state government will soon come up with it's own policy.To meet the Prime Minister's `housing for all' vision by 2022, the centre has announced a credit linked subsidy scheme where the first Rs 6 lakh of loan amount will be priced at 6.5% (normal prevailing rate is over 9.20%), provided the borrower meets certain criteria.The demand has always been there in this segment.It is estimated that there is a shortage of 18-20 million units for the low and middle income groups across the country.

Housing units measuring not more than 323 sq ft and 646 sq ft (in carpet area) are considered 'affordable' in metro and non-metro areas, respectively.A shortage of over 2 lakh affordable housing units has been estimated in Pune and only a fraction of that demand is being met. "The demand is 5-6 times of what is being built," said Kataria. Established developers now agree that it was a mistake to not touch the affordable segment for so long.Lower demand in the value , luxury and premium segments have also driven the growing interest in the affordable housing segment."It is a reasonably profitable segment if you stay invested in it for a long time.Somehow we were unable to match the price and the product," said Hemant Naiknavare, director, Naiknavare Developers.The company has launched an 8,000 unit project in Chakan - 1,500 of which will be completed in the next two years."Smaller units in far off areas with appropriate number of rooms is the new trend that is here to stay," said Naiknavare.

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Cheap, affordable houses for the poor in UP soon
Posted on Oct 20, 2016
LucknowThe Uttar Pradesh Cabinet on October 17, decided to provide cheap and affordable houses to the poor in the state, an official said.The Cabinet meeting, presided over by Chief Minister Akhilesh Yadav, also took several other decisions, including increasing the salary of Madrassa Board teachers from Rs 8,000 to Rs 15,000 per month, he said.A d ...
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Under-construction homes are still favoured by buyers
Posted on Oct 20, 2016
AhmedabadUnder-construction properties are favoured by many due to their flexibility of payment; but while making a decision as big as property buying, beware! Here we get you its pros and cons.The first and foremost thought that crosses a prospective buyer's mind after planning how to invest is when to invest and what to invest. Liquidity crunch, ...
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Mumbai offices may see acceleration in rentals
Posted on Oct 20, 2016
MumabiThe citys office space occupiers will face upward revisions in rents in the coming years, said a JLL Global Real Estate Outlook report. "Compared to Q2 2015 when Mumbais rental values had bottomed out, the city will now start to see acceleration in its rental value growth from Q2 2016," it said.The research tracks rents (in local currency) ...
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Demand for prime office space reaches sky high
Posted on Oct 20, 2016
MUMBAI: Demand for prime office space reached a ten quarter high of approximately 11 million sq. ft. for the July - September period, said CBRE's latest Indian Office MarketView Report-Q3 2016.The quarter recorded a growth of 9% on a q-o-q basis and 14% on a year-on-year basis. As on September 30, 2016, overall prime office space absorption across ...
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Sumadhura Group plans projects in Pune, Chennai
Posted on Oct 18, 2016
Bengaluru-based real estate developer Sumadhura Group today said it has plans to launch residential projects in Pune and Chennai in the next 2-3 years and is in the process of exploring land parcels in the two cities."We plan to launch residential projects in Pune and Chennai over the next two to three years. We are exploring land parcels," Sumadhu ...
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Real estate rentals on the rise
Posted on Oct 18, 2016
CHENNAI: Shortage in supply of office space has resulted in reduced absorption and higher real estate rentals in Chennai. For the period from January to September this year, deals for nearly 3.3 million square feet have been signed, down from 3.7 million a year ago. Rentals have, however, shot up by nearly 10% year-on-year.Chennai's real estate mar ...
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Growth in infrastructure development will bring prices down: Experts
Posted on Oct 18, 2016
Mumbai :  Concerned over the rising land cost, realty experts believe that growth in infrastructure development will result in bringing the prices down."Infrastructure plays a key role in real estate development. Land prices will come down if infrastructure is in properly developed. Ahmedabad, Hyderabad are two good examples where property pri ...
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Hyderabad realty poised for 30% growth this year
Posted on Oct 18, 2016
Hyderabad: The real estate sector in Hyderabad, which went through hard times in the past few years due to global recession and bifurcation blues, seems to be back on a robust growth track now, with the industry insiders expecting a whopping 30 per cent growth in sales during the current financial year.“Finally, the real estate sector is back on a ...
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Finally, govt. frames rules for regulating real estate
Posted on Oct 18, 2016
40 by-rules covering promoters, real estate agents, administration, authorities, tribunals and penalties cleared; focus on redevelopment schemes In what will come as a relief to home buyers, the State government has finally framed rules to set up a real estate regulatory authority to safeguard their interests. Formulated under section 84 of The Rea ...
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House of Hiranandani’s ‘Anchorage’ takes you to new heights in Chennai!
Posted on Oct 18, 2016
House of Hiranandani, a leading real estate conglomerate, is set to change the skyline of Chennai with the launch of their iconic luxury project “Anchorage”. It will be the tallest residential tower in the city and all apartments will have panoramic views of the sea. The avant garde concept designed by renowned architects and consultants, is poised ...
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Green buildings to rise
Posted on Oct 18, 2016
In the last decade, there has been a lot of focus and interest towards green commercial buildings from global and Indian corporates. This increasing interest has led to an accelerated availability of green building products, services and also enthusiasm from builders catering to this segment.There has also been a significant increase in ‘green gro ...
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DHFL Cuts Home Loan Rates to 9.35%
Posted on Oct 18, 2016
Enabling home ownership to the LMI customer with an extensive distribution network in the tier 2 & 3 cities and townsDHFL, Indias leading housing finance company in the low and middle income segment, announced reduction in its interest rates by 20 bps to 9.35% for its new customers with effect from October 11, 2016. The Company will offer the ...
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PNB joins SBI to woo Central government staff with cheaper loans
Posted on Oct 13, 2016
Taking a cue from its bigger peer State Bank of India, public sector lender Punjab National Bank (PNB) has come out with special home and auto loan offers to attract Central government employees who are flush with cash after the bonanza handed out to them with the implementation of the recommendations of the 7th Central Pay Commission (CPC).The sch ...
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Godrej Properties announces a 100-acre golf-themed township in Greater Noida
Posted on Oct 13, 2016
The Greater Noida property market is very lucrative and has seen immense growth over the last few years, compared to the rest of the locations in the National Capital Region (NCR). Greater Noida offers excellent connectivity with the National Capital Region with new infrastructure and top-class amenities. The area has seen high growth in the last f ...
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Sellers may find buyers, but prices will remain low
Posted on Oct 13, 2016
About $5-7 billion, probably more, sunk in real estate ventures, are looking for exit. The investors are property and private equity funds which raised money from wealthy savers across the world to invest in Indias booming realty market between 2005 and 2008. These funds have run their course and their managers are now looking for ways to return t ...
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Right on the money
Posted on Oct 13, 2016
PuneAre planning to make prepayment of your home loan? Here are some tips.Here are some simple ways to generate funds for a part prepayment on your home loan that will help you bring down the overall cost of the finance. You can either reduce the EMI or tenure of your loan. A part prepayment on a home loan helps in reducing the interest burden and ...
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Cybercity launches project in Hyderabad
Posted on Oct 06, 2016
Hyderabad: Cybercity Builders and Developers Private Limited, a city-based real estate developer, on Friday launched Marine Skies, a Rs 1,000-crore premium high-rise residential project, near Hi-Tec City MMTS in Hyderabad. The project will comprise two residential towers of G+31 configurations spanning 8.5 acres with 80 per cent of it being open sp ...
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SBI Offers 'Hope Loans' At Reduced Interest Rates
Posted on Oct 06, 2016
New Delhi: SBI on Friday announced the launch of a special financing scheme 'Hope Loans', under which customers can avail credit facility at lower rates."Hope Loans comes with the added benefit of reduced interest rates that SBI has just announced due to the reduction in the marginal cost of lending rate (MCLR). On an Rs. 50 lakh home loan, for exa ...
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Property prices, new airport make Navi Mumbai ideal as next big IT hub
Posted on Oct 06, 2016
With real estate costs that are nearly as competitive as those in Gurgaon, Pune or even some pockets of Bengaluru, Navi Mumbai is staking a claim to become the next big IT hub. At R50-55 per sq ft per month one can now rent Grade A office space in Vashi or on the Thane-Belapur Road. That compares favourably with the asking rate in some pockets of P ...
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