Affordable Housing

Bengaluru's rapid growth in jobs, tech innovation, and affordable housing is positioning it as a strong challenger to Mumbai and Delhi

The Reserve Bank of India (RBI's) had said that housing finance companies find the pre-payment penalty imposed as a challenge for the lenders. However, there is better clarity on regulations

At the BFSI Insight Summit, industry leaders discuss challenges facing affordable housing, citing high demand but developers' reluctance due to costs, approvals, and low profits

Costs for such projects unviable, says real estate companies that see better gains in luxury properties

Godrej Properties aims to launch Rs 21,000 crore worth of residential projects by March across major cities to encash strong consumer demand and achieve 20 per cent growth in sales bookings this fiscal. In an interview with PTI, the company's executive chairperson Pirojsha Godrej expressed confidence that the company would achieve the targeted sales bookings of Rs 27,000 crore for the current fiscal. In the last fiscal, the company's sales bookings jumped 84 per cent to a record Rs 22,527 crore, the highest among listed realty firms in 2023-24. Asked about the launch pipeline, Pirojsha said, "We are targeting to launch projects worth Rs 30,000 crore this fiscal year. We have already launched around Rs 9,000 crore worth of projects in the first quarter of this fiscal." The launch pipeline for the remaining three quarters is strong, he said. Godrej Properties mainly focuses on Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Pune and Hyderabad for group housing projects. It s

Pune and Kolkata rank next in Knight Frank India's index, which says Mumbai is 'unaffordable'

The Bay Area Housing Innovation Fund is part of Apple's 2019 pledge to contribute $2.5 billion towards affordable housing across California, the iPhone maker said on Wednesday

Nomura initiates coverage on Aadhar Housing: Nomura has given a target price of Rs 550 for Aadhar Housing Finance stock. It implies a 20.3 per cent upside

New supply of affordable apartments -- costing below Rs 50 lakh -- declined 21 per cent in the April-June period across seven major cities as builders are launching more premium flats, according to JLL India. Real estate consultant JLL India on Friday released data for housing market of major seven cities, showing a 5 per cent increase in fresh supply of apartments to 1,59,455 units during April-June 2024 from 151,207 units in the year-ago period. The data includes only apartments. Rowhouses, villas, and plotted developments have been excluded from the analysis. Of the total new supply in the June quarter, the launches of affaordable flats stood at 13,277 units, a fall of 21 per cent from 16,728 units in the same period last year. The launches of flats, each costing Rs 50 lakh to Rs 1 crore, declined 14 per cent to 47,930 units from 55,701 units. In the Rs 1-3 crore price bracket, the new supply grew 3 per cent to 69,312 units from 67,119 units. The launches of apartments, each p

Rise in housing demand is not restricted to major cities as sales of residential properties rose 11 per cent last fiscal across 30 Tier II towns to nearly 2.08 lakh units, according to PropEquity. Real estate data analytic firm PropEquity on Friday released a report on Tier II cities' housing market. The data showed that housing sales increased 11 per cent to 2,07,896 units in 2023-24 as against 1,86,951 units in the preceding financial year. Top 10 Tier II cities -- Ahmedabad, Vadodara, Surat, Nashik, Gandhi Nagar, Jaipur, Nagpur, Bhubaneshwar, Visakhapatnam and Mohali-- contributed 80 per cent to the total sales in 30 small towns. These 10 cities together clocked sales of 1,68,998 residential units in 2023-24, up 11 per cent from 1,51,706 homes in 2022-23. The other 20 Tier II cities are Bhopal, Lucknow, Goa, Coimbatore, Raipur, Vijayawada, Indore, Kochi, Trivandrum, Mangalore, Guntur, Bhiwadi, Dehradun, Ludhiana, Chandigarh, Agra, Mysore, Sonepat, Panipat and Amritsar. Samir .

Industry executives say the definition of 'affordable homes' should be changed in terms of price

Sales of affordable homes -- priced up to Rs 60 lakh each -- declined 4 per cent in eight major cities to 61,121 units during January-March this year on lower supply and higher demand for luxury apartments, according to PropEquity. The top eight cities are -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, Chennai, Kolkata, Pune and Ahmedabad. Real estate data analytic firm PropEquity data showed that sales of homes, costing up to Rs 60 lakh each stood at 6,3787 units in the January-March period of the last calendar year. A lower supply of affordable homes is one of the key factors for this marginal fall in sales. As per the PropEquity data, the fresh supply of homes, up to Rs 60 lakh each, declined to 33,420 units during January-March 2024 across these top eight cities from 53,818 units in the year-ago period. Builders are focusing more on launching luxury apartments to encash a surge in demand for premium residential properties. Profit margins are also high in

This comes when the affordable housing sector has been struggling due to higher demand for bigger, costlier homes in India

The Union Cabinet in its first meeting under the chairmanship of Prime Minister Narendra Modi on Monday approved government assistance for the construction of three crore houses under the Pradhan Mantri Awas Yojana (PMAY). This was the first meeting of the Union Cabinet of Modi 3.0 government held at the Prime Minister's 7, Lok Kalyan Marg residence. The meeting was attended by ministers of all allies of the NDA. "It has been decided in the Cabinet meeting today to provide assistance to three crore additional rural and urban households for the construction of houses to meet the housing requirements arising out of the increase in the number of eligible families," officials said. The government of India is implementing the PMAY since 2015-16 to provide assistance to eligible rural and urban households for the construction of houses with basic amenities. Under PMAY, a total of 4.21 crore houses have been completed for the eligible poor families under the housing schemes in the last 10

In cities like Meerut, where multiple infrastructure projects are underway, developers have already acquired land for future projects two to three years in advance

Credai-MCHI has proposed a separate affordable housing index for metropolitan cities like Mumbai, removing the Rs 45 lakh price cap and declaring all houses up to 60 sq m as affordable

Economic growth in India, Asia's third-largest economy is expected to continue outpacing its major peers

Share of affordable homes -- priced up to Rs 45 lakh each -- in total housing sales more than halved to 22 per cent during January-March across top eight cities amid strong demand for luxury flats, according to PropTiger. Share of affordable homes in total housing sales stood at 48 per cent in the January-March period of 2023 calendar year. Housing brokerage firm PropTiger.com data showed that housing sales grew by 41 per cent to 1,20,640 units during January-March 2024 across top eight cities from 85,840 units in the corresponding period of the previous year. In the total sales of 1,20,640 units during January-March, the share of homes, priced less than Rs 25 lakh each, was 5 per cent. In the same period last year, the share of this low-cost housing category in total sales was 15 per cent. The share of homes, priced Rs 25-45 lakh each, was 17 per cent during January-March 2024 as against 23 per cent share in the corresponding period of the previous year. "There has been a remark

At the BS IML Conclave, Deepak Parekh said that some incentives must be provided to the developers to make affordable homes

At the BS IML Conclave 2024, LIC Housing Finance CEO T Adhikari said that one size fits all scheme doesn't work in affordable housing