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NEW DELHI: The government will give a benefit of `. 2.4 lakh to first-time home buyers with taxable income below Rs 18 lakh a year, which would be a game changer for the sector, Housing and Urban Poverty Alleviation Secretary Nandita Chatterjee said.
The amount is equivalent to the total interest subsidy over a 20-year loan and will be given upfront to the housing financing company, through nodal agencies such as National Housing Bank and Hudco to reduce the outstanding loan.For a 15-year loan, the value of the benefit would be Rs 2.2 lakh.
The secretary said the scheme is expected to be notified shortly and will be effective from January 1, 2017. “This is the first time we are talking about the middle-income group. We were hoping that this scheme would be a game changer,“ Chatterjee told a gathering of real estate developers and housing finance executives at the ET Roundtable on Housing for All.
Industry executives agreed. PNB Housing Managing Director Sanjaya Gupta said this would make projects affordable as EMI fall.Amit Bhagat, CEO of ASK Property Investment Advisors said: “The move will increase the affordability and eligibility of more than 90% home buyers as taxable income of . 18 lakh is significantly on the hig` her side.“
The Pradhan Mantri Awas Yojana announced by Prime Minister Narendra Modi on December 31 gives homebuyers subsidy at different rates depending on their income.
For annual income below Rs 6 lakh, the subsidy is 6.5 percentage points on a principal component of Rs 6 lakh, regardless of their total loan. For income up to Rs 12 lakh, the subsidy is 4 percentage points on a principal component of Rs 9 lakh, and the highest income category, up to Rs 18 lakh, its 3 percentage points on a principal component of Rs 12 lakh. “For the last two years, the government has been trying to make an environment where affordable housing can be pushed ahead. Affordable housing has become an important sector,“ Chatterjee said.
Industry leaders said infrastructure status for affordable housing would ensure easy access to capital for such projects. “The infrastructure status makes life easier for us. The interest rate subvention will kickstart the demand,“ said Manoj Gaur, MD of Gaursons.
Getambar Anand, chairman, ATS Infrastructure, said there was a lot of ambiguity in defining affordable housing and said a uni form definition was needed.
HDFC's Sanjay Joshi said home loans should also cover stamp duties which are10% of the cost. “It will make it very easy for homebuyers to acquire property since there will have easy access to funds,“ he said.
SD Gupta of International Finance Corporation said housing finance firms needed more long-term funds from banks to meet the huge requirement of affordable housing.
Developers such as Stellar Group's Akshay Sethi said the government must define `carpet area' that qualifies for affordable housing in various metros. Eldeco MD Pankaj Bajaj echoed the view and added: “Developers should not be forced to use 90% of the Floor Area Ratio (FAR) if he is willing to give it up.“
Emaar Group's CEO Sanjay Malhotra sought harmonising of centre's and states' regulations. “There exists a lot of dichotomy between the Centre's directions and the way states act. Developmental restrictions like size of the housing project in a lot of states create anomaly in the market,“ he said.
Shrikant Paranjape, chairman, Paranjape Schemes (Construction), said the government should help reduce construction costs and suggested SEZ-like structures for affordable housing. “When it comes to real estate developers, cost of land is insignificant for affordable housing. We want to reduce the cost of construction,“ he said.
Mahendra Singhi, group CEO, cement, Dalmia Bharat Cement, and Sanjay Kumar Gupta, chief marketing officer, Ambuja Cements, proposed the Mexican model of setting up an SPV with private players, states, developers and other stakeholders for affordable housing.
Gourav Bhutani of Shapoorjii Pallonjii said the approvals process are lengthy and costly, which would obstruct the goal of housing for all by 2022.
Bavdhan, one of the suburbs of Pune, located off the Mumbai-Bangalore Highway, has been steadily developing into one of the better places to live in this city. It is located on the National Defense Academy Road; between the well developed suburbs of Aundh and Kothrud. Bavdhan is easily accessible from Pune city as well as from Mumbai. The Hinjewadi IT Park is just 20 minutes away from Bavdhan. Pebbles II is a 2 & 3BHK Eco Friendly Luxurious Residential Project located next to DSK Toyota Showroom. The project has got 12+ green amenities alongwith all lifestyle amenities.
If there is one reason why Bavdhan has developed so rapidly, it is because of its proximity to the Information Technology (IT) companies which are located in the IT Park as well as other companies nearby. This resulted in an increased demand for housing which is close to the work spots. A majority of the home buyers, therefore, is in the age group between 25 and 35 years. The top choice among these young professionals is the 2 bedrooms, hall, and kitchen (BHK) configuration. Most purchases are funded by home loans with both partners working in IT companies
Pebbles Urbania is an upcoming residential project in Bavdhan that offers 1,1.5, 2, 2.5BHK configurations to consumers as per there requirement and home buying budget
Investors from Mumbai and other places such as Ahmedabad and Surat have shown interest in investing in the western corridor due to the higher probability of good capital gains, attractive rental yields, and easy access to and from Mumbai-Pune Expressway for personal weekend trips. These factors have led to a higher residential uptake in West Pune.
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Vatvriksha a project by Rainbow Housing, Pune provides quality of life for seniors—and safety is a primary concern. Many seniors face physical challenges like limited mobility, balance, sight and hearing. Keep these tips in mind when decorating a new home:
Finesse the Furniture. Place major pieces so they can be used for balance while moving through the room, and keep pathways clear—particularly if walkers or wheelchairs are necessary.
Improve Access. Place frequently used items in waist-high cabinets and drawers. Keep phones near beds and sitting areas. Situate lamps for unrestricted access, and ensure switches are easy to operate. Switch dresser knobs to drawer pulls for easier grip.
Prevent Falls. Avoid unsecured scatter rugs. All rugs should be non-slip and contrast in color with the flooring beneath. Tuck electrical cords behind furniture or use cable management products, which are available in most office supply stores.
Increase Visibility. Create strong contrasts in color between major pieces of furniture, walls, drapes and floors. During the day, allow as much natural light as possible in living areas. At night, illuminate the path between bed and bathroom with motion-sensor nightlights.
Create a Fall-Proof Bathroom. Place seating in front of the sink and in the shower for easy, comfortable grooming. Install non-slip strips on the shower floor and grab bars near the shower, tub and toilet.
For project details contact us on: +91 9767 470 000
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