PMAY-Gramin, which was launched in November 2016, aims to construct 10 million homes by March 31, 2019, with private sector and state government participation
Pune, Noida, Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad witnessed a decline in sales as well as launches, while only two cities, Mumbai and Gurugram, saw a rise in demand and supply.
Talks of a merger between HDFC Bank and parent HDFC Ltd had gained steam nearly eight years ago, when the Reserve Bank of India allowed banks to issue long-term bonds to fund infrastructure and affordable housing. At that time, key executives at both entities denied any such proposal. And today, the merger has been officially announced by the two players.
The government said on Sunday that public sector banks would shortly launch a package for home buyers. The government expects lower interest rates offered by the public sector banks to trigger similar moves by the private banks and housing financing companies, thereby spurring the demand for homes.
Sushanto Roy, CEO, Sahara Prime City, has in a pre-Budget wish list of expectations said: "Given the pent-up demand for affordable housing which was discovered during the recent slowdown there is a need to reintroduce tax holiday under section 80IB for housing projects constructed after March 31, 2008."
GST rates on under-construction houses maybe reduced from 12 pc with input tax credit to 5 pc without ITC. Similarly, the rate for under-construction affordable houses could come down to 3 per cent without input tax credit, from the current 8 per cent.
Several professors of Jawaharlal Nehru University and other institutions have accused a former JNU employee of duping them of crores of rupees promising them homes on a Delhi Development Authority (DDA) plot under a housing development scheme which was never there.
Israel needs to come terms with the new reality that they are no longer invincible or the dominant power in the West Asian region, observes Ambassador M K Bhadrakumar.
Rising interest rates and an 'overheated market' are stabilising residential property prices in some key pockets, but a steep correction is unlikely.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
There was uncertainty after the courts annulled land acquisition in a couple of these villages.
India needs about 19 million low-cost homes -- roughly defined as costing a million rupees ($16,700) and below -- to shelter an urban population expected to nearly double to 600 million by 2030 from 2011.
Police personnel committing serious offences, infringing the fundamental rights of citizens, would attract dismissal from service too, the Madras high court has said.
Mumbai, India's financial capital, is set for a mega transformation with a massive patch of land opening up for redevelopment; a new metro railway ready to start services by the year-end; and the country's oldest railway station, the Chhatrapati Shivaji Terminus, going for modernisation with private sector participation. Work on Mumbai's second airport will start from next month, while construction of the sea link connecting central Mumbai to Navi Mumbai has already moved into a fast lane despite Covid-induced lockdowns. Also, a coastal road project, connecting Nariman Point to Worli, is under way and will help decongest the city to quite an extent. Of all these mega infrastructure projects, the one that has a huge potential to change the city's skyline is the Eastern Waterfront project - to be built on the Mumbai Port Trust (MbPT) land.
Experts said the builders will now factor in their losses arising from the removal of input tax credit when they pass on the benefits to end users while the latter may want the entire GST cut to be given to them.
India's budget for the fiscal beginning April focuses on giving a boost to the ongoing economic recovery through a sharp increase in capex spending but is short on major growth-enhancing structural reform announcements, Fitch Ratings said Wednesday. The deficit targets present in the Union budget 2022-23 by Finance Minister Nirmala Sitharaman on Tuesday "are a bit higher than our forecasts when we affirmed India's 'BBB'/Negative sovereign rating in November," said Jeremy Zook, director and primary sovereign analyst for India, Fitch Ratings. While it was widely expected that the fiscal deficit will be lower than the targeted 6.8 per cent of the GDP in the current fiscal year ending March 31, 2022, Sitharaman put the number at 6.9 per cent.
Tata Housing develops residential property of four different economic categories -- ultra luxury (Rs 3-7 crore or Rs 30-70 million), premium (Rs 80 lakh-Rs 2.5 crore or Rs 8 million to Rs 25 million), affordable (Rs 15-50 lakhs or Rs 1.5 to Rs 5 million) and value homes (sub Rs 10 lakhs or Rs 1 million).
A revival in the sector is still 12-18 months away: Experts
Ask your bank to save for you. Plan your taxes. Reward yourself for your addictions... Chartered accountant Shreya Jaiswal's 10 ways to make more money this year.
There was no announcement from the government on guaranteeing a minimum basic income, which is the need of the hour. The announcements on portability of ration cards and affordable rental housing to workers are for the long and medium terms. Migrant workers need immediate relief.
Housing sales fell by about 30 per cent last year in seven major cities due to costlier flats and higher interest rate, says property consultant CBRE.
They want FSI to be in line with export benefits for the sale of residential properties to NRIs and foreigners.
After years of living with his family in a poky 110 sq. ft. 'house', textile worker Sambhaji Surve dreams of moving into a home four times the size once the Maharashtra government starts its ambitious redevelopment of the 39-acre Kamathipura shanty town in south-central Mumbai. Sharing his dream are about 8,000 other families hoping for a better life when the redevelopment project, part of the government's effort to redevelop old settlements and make life more livable for some residents, gets underway. The Shiv Sena-Nationalist Congress Party aims to redevelop BDD Chawl and Dharavi but for Surve all the matters is Kamathipura where he arrived in the 1970s from Nasik to work in a textile mill. Kamathipura was originally built 150 years ago following construction of a causeway to connect the seven islands of Mumbai. From the British Raj to post-independence, it became infamous for slums and brothels.
Undeterred by the real estate crisis after Dubai World's request to creditors for a standstill on repayment of its $60 billion debt until May, the Confederation of Real Estate Developers' Associations of India (Credai) has stuck to its original plan to hold its national convention during January 23-25 in Dubai.
If you have a creative streak yet enjoy the finer aspects of science, you might want to consider architecture as a career option.
'Their conduct is as if they have come to arrest some dacoit.' 'They behave with everyone in this manner, whether it's Manish Sisodia, Anil Deshmukh or anybody else.' 'It is as if they are ambassadors of god and we are satans.' 'This is solely due to the sections in some laws like the Prevention of Money Laundering Act, 2002.' 'This is a cruel law. In fact, the death penalty is better.'
Warburg Pincus, the private equity major, is set to enter an equal joint venture with Patu Keswani's Lemon Tree Hotels to get into affordable housing.
'A slum free Mumbai cannot happen with Dharavi at the centre of the city.'
Whether it is DLF in the National Capital Region, or Godrej Properties and Oberoi Realty in Mumbai or Sunteck Realty, Prestige Estates and Sobha Realty in Bengaluru, most top players have launched or lined up a slew of new project launches during this season.
With the Jaypee acquisition, the Suraksha group, which made lenders an offer of Rs 7,736 crore, will be able to expand its footprint in north India after making inroads in Mumbai's real estate market over the past year. Sudhir Valia, the promoter, was a co-founder and executive director of India's biggest pharmaceutical firm, Sun Pharmaceuticals, and is a close relative of Dilip Shanghvi.
Pre-Budget excercise next month should scrupulously avoid adventurism of all types and refrain from making excessively ambitious projections on revenue and expenditure numbers for 2023-24, suggests A K Bhattacharya.
Raghavendra Kamath reports on what ails India's real estate sector.
"It is only natural. After all, why should any Indian have problems in hoisting the tricolour on their houses to celebrate the occasion?" Bhatt told PTI on Friday reiterating what he had recently said in Haldwani.
'Nobody wants to run an exploitation factory.'
Some developers point out that what comes in the way of low-cost housing is the sky-high price of land
India's once soaring demand for high-end apartments and offices has slumped, leading to falling profits for large property developers and a shift in focus towards affordable housing for middle-class families.
Gaurav Mohta lists three ways to ensure a smooth financial situation for your family despite rising interest rates.
Nearly $1.2 trillion (Rs 53.1 lakh crore) is the capital expenditure needed to fund construction of infrastructure for water, sewage, transport and affordable housing among others, with 40 per cent of the estimated 1.47 trillion Indians living in urban areas by 2030.
Corporate honchos from real estate sector to manufacturing to textile say the Budget does not have enough to help their sectors
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