Real Estates Now

Union minister  Hardeep Singh Puri  today said the government would complete its target of building 11 million homes under the Pradhan Mantri Awas Yojna much before 2022.  Refuting some media reports that the pace of the scheme was slowing down, the housing and urban affairs minister said that he has informed Parliament regarding the progress of the government's flagship scheme, under which 4.5 million houses would be sanctioned by the end of March.  Puri was speaking at a national workshop on Urban Livelihood Mission ceremony organised by his ministry here.  "I see the scheme progressing at a fantastic rate. I often come across narratives which are ill-informed, without any basis. On the issue of Pradhan Mantri Awas Yojna, our assessment is that we need to build 11 million homes by 2022.  "The scheme was started in June 2015. By end of March we would sanction 4.5 million homes. Five years are still left (to fulfill) the scheme's target. We will be able ...

Here's a double bonanza waiting for homebuyers, especially those who make the cut under the credit-linked subsidy scheme (CLSS). Not only will they be entitled to interest subsidy under the scheme but also the concessional rate of 8 percent that the GST Council decided to extend to the affordable housing sector last week. The Council, in its meeting held on January 18, had decided to extend the concessional rate of GST on houses constructed/acquired under the Credit Linked Subsidy Scheme for Economically Weaker Section (EWS) / Lower Income Group (LIG) / Middle Income Group-1 (MlG-1) / Middle Income Group-2 (MlG-2) under the Housing for All (Urban) Mission/Pradhan Mantri Awas Yojana (Urban) and low-cost houses up to a carpet area of 60 square metre per house in a housing project which has been given infrastructure status, as proposed by Ministry of Housing & Urban Affairs, under the same concessional rate. The benefit of Credit Linked Subsidy Scheme can be availed by ec...

Indian real estate sector is projected to reach a market size of $180 billion by 2020, a sharp rise from $126 billion in 2015. The housing sector’s contribution to the Indian GDP is expected to almost double to more than 11% by 2020 up from estimated 5%-6%, showed a joint report by realty developers’ body CREDAI and JLL India. Regulatory reforms, steady demand generated through rapid urbanization, rising household income and the emergence of affordable housing and nuclear housing are expected to be key drivers of growth for the sector, the  Confederation of Real Estate Developers ’ Association of India (CREDAI) and JLL India said. “Game changing developments like RERA and GST have created a strong base for the sector to grow, which coupled with India’s strong economic advancement have provided a perfect spring board,” said Ramesh Nair, CEO and Country Head, JLL India Real Estate (Regulation & Development) Act, 2016 RERA is expected to consolidate the Indian Real estate...

Land pooling in Delhi, which is expected to meet the residential needs of about 95 lakh people besides stimulating economic growth, will be in place by end of April this year, Delhi Development Authority (DDA) vice chairman Udai Pratap Singh has said. In addition to the Policy there will be FAR of 400 as earlier 150 for Delhi. Now a DE can also apply with Valid Legal Joint Consortium with Farmers. For more updates stay logged in..........

A  parliamentary panel  has blamed “lack of coordination” among different agencies responsible for planning and execution of  Delhi Master Plan  2021 for the  sealing drive  in the national capital. It has also blamed piecemeal planning and  ad hoc decision making by successive governments for the present chaos. Coming down heavily on how framing of the master plan has been reduced to a “mere exercise on paper” without paying heed to its implementability on ground, the parliamentary standing committee on housing and urban affairs ministry has recommended that the next Master Plan should be a realistic and comprehensive document accommodating the views of people, creating adequate infrastructural facilities.  With regard to the ongoing  sealing drive in Delhi , the panel has observed that despite having three Master Plans for 1981, 2001 and 2021, a comprehensive vision is still lacking. “They are of the opinion that the ongoing sealing dri...

The Haryana government has prepared the draft Land Pooling Policy-2017, with a view to make land-owners partners in the development process. Under this policy, the landowners will get a part of the developed land in the form of residential and commercial plots in lieu of their land contribution, a spokesman of the Haryana Urban Development Authority (HUDA) said here today. He said the draft policy was a standalone policy applicable in the controlled areas of Haryana, notified by the competent authority. "This policy is aimed at procuring or assembling land required for meeting the development plan objectives in an inclusive manner, where the land-owners willingly part with their land, rather than compulsory acquisition, making them partners in the development process," the spokesman said. Any landowner whose land falls in the area declared for the purpose of land pooling by the chief administrator, HUDA, will be eligible to participate in the land pooling process...

The Real Estate (Regulation and Development) Act, 2016 (RERA) will finally give India’s real estate sector its first regulator from Monday, May 1, 2016. The act was passed by parliament last year and the Union Ministry of Housing and Urban Poverty Alleviation had given time till May 1, 2017, to formulate and notify rules for the functioning of the regulator. RERA seeks to bring clarity and fair practices that would protect the interests of buyers and also impose penalties on errant builders. Key provisions of RERA The promoter of a real estate development firm has to maintain a separate escrow account for each of their projects. A minimum 70 per cent of the money from investors and buyers will have to be deposited. This money can only be used for the construction of the project and the cost borne towards the land. To provide clarity to buyers, developers will have to keep them informed of their other ongoing projects. RERA requires builders to submit the original approved ...