Developers could not find the model of affordable housing viable as they used same resources for premium projects and due to rise in cement and steel prices.
Smaller real estate entities have been active in the past six to eight months in launching big-ticket residential projects. Factors like the high debt of realty companies listed on the exchanges and small builders not having the capacity to hold on to a licence for too long have influenced launches.
Second Tata firm to join hands with e-commerce portal.
As part of the partnership, about 1,000 homes across projects in cities like Mumbai, Pune, Ahmedabad, Bengaluru and Chennai will be put up for sale on Snapdeal.
Brotin Banerjee, managing director and CEO of Tata Housing, shares the company's plans and strategy with Raghavendra Kamath.
These homes offer services that help lead a smooth retired life.
These projects are targeted at financially well-off and upwardly mobile Indians.
Questions raised on discrepancies in land rates in West Bengal.
Tata Value Homes, a 100 per cent subsidiary of Tata Housing, on Monday launched its exclusive e-commerce platform to sell flats and is eyeing up to Rs 1,000 crore (Rs 10 billion) revenue by FY2015-16.
Big names in the real estate industry are trying to keep pace with the rising demand for ultra-luxurious holiday homes. DLF is the latest entrant in the segment, after Tata Housing and the Lodha Group had recently ventured.
Battered and bruised by the slowdown, real estate developers have done a mid-course strategy correction and begun to offer low-cost and affordable houses.
New Haven's' flagship project will be launched at Boisar in Mumbai and will offer 1,300 apartments, including 2 BHK and 3 BHK homes starting at Rs 12.73 lakh with a minimum size of 670 square feet, a statement said.
Tata Housing's efforts at helping less privileged sections of society are commendable, but after a point it won't be able to do much for the simple reason that there aren't going to be enough lenders to give loans to these prospective home buyers.
The company is offering three types of flats. A one-room flat with a small kitchen in an area of 283 square feet, a one-room flat with a large kitchen in an area of 360 square feet and a one-bed room flat with a hall and kitchen in an area of 465 square feet.
Speculators often leveraged volume discounts on property purchases to re-sell them at prices lower than those available to individual buyers. This created problems for realtors when demand slowed, since it put pressure on them to take a hit on margins and lower prices still further. The lock-ins are expected to be introduced mostly for mid-income projects that offer prices 20 to 30 per cent below the market and, therefore, attract more undercutting from bulk discount buyers.
The project will mark Tata Housing's foray into West Bengal. It will be the first new project from the Tata group after the pullout of the Nano project from Singur. In two weeks, the first phase of an integrated township spread over 50 acres at Rajarhat, close to Kolkata, would be launched. It will be a combination of residential, commercial and retail, the first phase being the residential one. The apartments would be priced lower than Rs 60 lakh.
India's housing shortage is fuelled by the immigration of millions of villagers to the cities.
TRIL is planning to raise a Rs 4,770 crore international infrastructure fund by the end of the year to invest in infrastructure projects like building special economic zones, roads, ports and other core sector projects in the next three years. Tata Realty has already raised a Rs 3,500 crore offshore fund for investing in its real estate projects, 20 per cent of which is deployed. The other 80 per cent will be used in the next three years.
After Rs 1-lakh people's car Nano, the Tatas on Wednesday unveiled a low-cost realty project which offers a house for less than Rs 4 lakh.Tata Housing, the real estate development arm of the Tatas, will build one-room-kitchen flats for just Rs 3.91 lakh in a township being developed at Boisar, 100 km from Mumbai.
Unitech is pinning its hopes on the sub-Rs 5 lakh category of flats to counter the slowdown in the property sector. So are a host of others. Apart from Unitech, others such as Omaxe, Raheja, Tata Housing and Ansal API are planning new projects in the suburbs of satellite towns or smaller cities to target the bottom segment, to generate more cash.
The year so far has witnessed several luxury project launches by major real estate companies such as DLF, Unitech, Supertech, Tata Housing and Godrej Properties.
The company launched the smartphone as part of its great online shopping festival, that will take place from December 10-12.
Tata Housing, Bharti Realty have announced projects near Delhi.
Farmers too will get better deals
Shapoorji, Kalpataru, Godrej pursuing Rs 60,000 crore opportunity in the region
Realty players want single window clearance for all affordable projects, reports Karan Choudhury.
Take the Rediff Biz Quiz and find out how much you know about India and its giant business conglomerate, the Tata Group.
Both these online offers are, however, available for a limited period.
It is expected to bring transparency and reinstate consumer faith in the industry, says Brotin Banerjee.
Builders bet on affordable homes as luxury sales dip, however, signs of revival after note ban and Rera are slowly visible
Around 25 per cent of the international real estate market in London also belongs to Indians with investments around 1 billion pounds.
Brotin Banerjee, managing director and chief executive officer, talks to Business Standard on how the e-commerce space has broken down the barriers between a buyer and a seller.
Builders were questioned on unfair trade practices.
Through the newly created business vertical Happinest, MLDL will launch two such housing projects in Boisar near Mumbai and Avadi in Chennai.
For those in the EWS and LIG category who wish to take a loan up to Rs 600,000, there is an interest subsidy of 6.5 per cent for a tenure of 15 years.
The 10,000-square feet top-floor apartment is being sold by Raheja Developers.
In an email interview with Ranju Sarkar, International Finance Corporation's South Asia director Mengistu Alemayehu explains why the firm is bullish on building affordable homes in India.
Consumer durables and electronics companies are putting the final touches to their festive period plans.