Page 2 - Affordable Housing

MCD exempts house tax in residential areas across its rural jurisdiction

Delhi Mayor Shelly Oberoi on Saturday announced the exemption of house or property tax for the residential areas across the MCD's rural jurisdiction. The Municipal Corporation of Delhi (MCD) will not collect any house tax from 'lal dora' or extended 'lal dora' properties in the rural areas, Oberoi told a press conference here. "The MCD will neither send notice nor collect property tax from the residential areas whether it be under 'lal dora' or extended 'lal dora' in all its villages. This is a big relief from CM Arvind Kejriwal for the people of Delhi residing in the rural areas," she said. Oberoi added the tax levied on the commercial properties in the rural areas will, however, continue to remain the same. Around 2,168 roads in Delhi's rural areas are notified under the MCD and the commercial properties on these roads will continue to pay property tax. The decision has been taken after a panchayat of Delhi's 360 villages was held on September 3 to discuss the issue of property

Amid lower demand, new supply of affordable homes dipping in India: Anarock

On the other hand, the supply of luxury homes is rising as developers are focusing on earning higher margins and profits

Demand for luxury homes overtakes affordable ones for first time in India

The number of homes sold in India in July-September quarter this year touched a six-year-high: Knight Frank

Luxury homes see highest average price appreciation since 2018: Anarock

Hyderabad recorded the highest jump of 42 per cent in the average price of luxury homes between 2018 and the first six months of 2023

Sale of homes costing below Rs 40 lakh dip 18% in 7 cities in Jan-Jun

Sales in the affordable housing category -- priced below Rs 40 lakh -- declined 18 per cent to 46,650 units in the January-June period across seven major cities amid lower supply and a rise in mortgage rates, according to Anarock. Sales of affordable homes stood at 57,060 units in the corresponding period of the previous year. Real estate consultant Anarock's report showed that the share of affordable housing in the overall housing sales fell to 20 per cent in January-June from 31 per cent in the corresponding period of the previous year. The total housing sales increased to 2,28,860 units during January-June this year from 1,84,000 units in the year-ago period. Anarock Chairman Anuj Puri attributed the shrinking share of affordable homes in the overall sales to changes in demand dynamics induced by the COVID pandemic and several other challenges faced by developers as well as consumers. Stating that the land cost has gone up significantly, Puri said, "It is becoming increasingly

DDA flats 2023: All Dwarka units sold out in the first few hours of booking

Under the DDA scheme, 1-BHK flats are on offer in Narela, Siraspur, Rohini, and Loknayak Puram, and 2-BHK flats are in Narela and Dwarka. 3-BHK flats are located in Jasola

Sale of mid-segment homes overtakes affordable in India: Knight Frank

At the same time, since the first half of 2018, the sale of premium homes in India has gone up over 143%

Budget houses go out of budget; high interest rates and EMIs pinch buyers

Higher EMIs and mortgage rates pinch buyers; segment's share of overall housing sales likely decline in FY23, FY24

Share of affordable homes supply slips to 20% last yr from 40% in 2018

The share of affordable homes -- costing below Rs 40 lakh each -- in the total fresh housing supply across seven major cities dipped to 20 per cent last year from 40 per cent in 2018, according to Anarock data. Real estate consultant Anarock attributed the fall in the share to various factors, including costlier land, low-profit margin and lack of adequate availability of finance at a cheaper rate. According to the data, real estate developers launched 3,57,650 units in 2022, of which only 20 per cent were in the affordable homes category, costing below Rs 40 lakh per unit. During 2018, a total of 1,95,300 units were launched across seven cities and out of that 40 per cent were in the affordable homes category. The share of the supply of affordable housing in 2019 remained at 40 per cent in the total new launches of 2,36,560 units. However, the share dipped to 30 per cent in 2020 in the total housing supply of 1,27,960 units. In the 2021 calendar year, the share of new launches i

SBI raises $1 bn under 5-year syndicated social loan for ESG funding

Priced at three-month SOFR plus 130 bps; largest such ESG loan by bank in Asia-Pacific; to also use proceeds for affordable housing, SHG lending

Affordable housing demand to remain low as home loan rates rise: Experts

Some believe the impact of the interest rate hike has been limited and would not dampen homebuyers' spirit much, as demand remains high

RBI repo rate hike to impact affordable housing demand, say experts

The impact will be short-term, and the boost in budgetary allocations towards infrastructure will keep the demand robust

Affordable hsg demand dips, mid-premium remains preferred zone for buyers

Rising input costs, global uncertainties have made it more difficult for developers to launch budget homes in a cost-sensitive market

Demand for affordable housing in Indian cities down 26% in 2022: Report

Budget should revise price bandwidths for units that qualify as affordable housing: Anarock

Budget 2023: Real estate sector wants tax sops, PPP in affordable housing

Budget 2023: Co-working space companies want the Centre to reduce the rate of tax deducted at source on their services

HDFC Capital raises $376 million for affordable housing fund H-Care 3

HDFC Capital, the real estate private equity arm of HDFC Group, on Monday achieved the initial close for second scheme of its third fund, raising USD 376 million. The latest fund raising is the third by HDFC Capital's affordable real estate fund (H-Care 3) and the primary investor in the H-Care schemes is a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), HDFC said in a statement. Since the launch in 2016, the fund, across its schemes, has created a USD 3.1 billion funding platform, making it one of the largest private finance platforms in the world focused on development of affordable housing. The fund will provide long-term, flexible funding across the life cycle of affordable and mid-income housing projects including early-stage funding. In addition, it will also invest in companies in the construction technology, fintech, sustainability-tech etc. engaged in the affordable housing ecosystem. HDFC Capital targets to finance 10 lakh affordable homes through a

PNB Housing Fin opens 'Roshni' branches for affordable housing loans

PNB Housing Finance on Friday said it has opened 'Roshni' branches in various locations, including tier II and III cities, for deepening its customer base in the affordable housing segment. Through its affordable home loan scheme Roshni, the city-based lender has also renewed its commitment towards the government's Housing for All mission, it added. Under this initiative, PNB Housing Finance will offer retail loans to individuals in the range of Rs 5 lakh to Rs 30 lakh. The company's Roshni branches inaugurated in Chennai, Coimbatore, Ghaziabad, Hyderabad, Indore/Ujjain, Lucknow, Mumbai, Nagpur, Pune, Rajkot and Varanasi will cater to customers in this segment. Borrowers can get loans for purchase of house property, self-construction, home extension/renovation, plot purchase plus construction, loan against property, among others, PNB Housing Finance said in a release. Whether loan applicants are new to credit, self-employed without formal income or salaried from a low-income group

Housing sales in Gurugram jump over 3-fold to 24,482 units during Jan-Sep

Housing sales in Gurugram jumped more than three-fold on an annual basis to 24,482 units during January-September this year on higher demand for residential properties across all price categories -- affordable, mid-income and luxury, according to Anarock. Housing sales in Gurugram stood at 7,725 units in the year-ago period. Noida saw a 52 per cent increase in sales to 5,040 units in the first nine months of this year compared to 3,315 units in the corresponding period of the previous year, as per data compiled by Mumbai-headquartered property consultant Anarock. Sales in Greater Noida rose 46 per cent to 8,651 units during January-September 2022 from 5,925 units earlier. Ghaziabad witnessed a 54 per cent rise in housing sales to 5,395 units from 3,510 units in the corresponding period of 2021. Sales in Faridabad jumped nearly three-fold to 2,890 units from 1,018 units. Overall, Anarock data showed that sales in the Delhi-NCR market more than doubled to 49,138 units during ...

We work in a few mkts, don't spread ourselves thin: Mahindra Lifespaces CEO

In a Q&A, Arvind Subramanian says his firm hopes to achieve Rs 2,500 crore residential sales a year and industrial leasing of Rs 500 crore by 2025

Rising median loan rates lead to fall in affordability of homebuyers

A cumulative increase of 0.95 per cent in median home loan rate has impacted the purchase affordability and purchase decisions of homebuyers, according to the Affordability Index by Knight Frank