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sbi, credai ink pact for affordable housing projects financing, home loans, real


mumbai: state bank of india and realty developers’ apex body the confederation of real estate developers association of india (credai) have entered into a pact for financing of affordable housing projects.under this agreement, which is for a period of three years, sbi is expected extend construction finance around rs 12,500 crore to developers. in addition to this, the bank estimates housing loans for homebuyers in these projects to be nearly rs 25,000 over the next 2-3 years.recently, credai launched 373 affordable housing projects through its member developers across the country with an aim to provide 2.33 lakh housing units. the investment in these projects is pegged at over rs 70,000 crores. these projects were launched by venkaiah naidu, union minister of urban development, housing ..






pmo to review affordable housing programme with private builders


new delhi: the prime minister's office has called a meeting to review the government's affordable housing programme as it targets to achieve 'housing for all' by 2022. the pmo has called realtors' body credai and naredco to understand the problems faced by the developers in launching affordable housing projects, sources said. credai is likely to make presentation on how to accelerate affordable housing projects in the country and to enable home buyers to encash the subsidy benefits under the pradhan mantri awaas yojana, they added. about two months back, minister for urban development and housing and urban poverty alleviation m venkaiah naidu had said he was "disappointed" that not a single proposal had come from the private builders for the affordable housing projects. he had said ...






when it comes to housing affordability, the only way is ethics


is there anybody in the housing industry who is more interested in doing what it says on their tin – housing people – than making money regardless of the social costs?while politicians view the twin issues of affordable housing and negative gearing as threats to both their seats and their sanity, public housing projects, which in any sane democracy would be at least part of the answer, are viewed as close to communism in these free market days.but they shouldn’t be, and i don’t mean housing commissions. what if the government provided the land, planning permission or tax breaks to developers in exchange for prices based on cost-plus rather than sky’s-the-limit potential profits?sure in this clever country of ours we can think of an ethical alternative to property, when it comes t...






pmo to review affordable housing programme with private builders


new delhi: the prime minister's office has called a meeting tomorrow to review the government's affordable housing programme as it targets to achieve 'housing for all' by 2022. the pmo has called realtors' body credai and naredco to understand the problems faced by the developers in launching affordable housing projects, sources said. credai is likely to make presentation on how to accelerate affordable housing projects in the country and to enable home buyers to encash the subsidy benefits under the pradhan mantri awaas yojana, they added. about two months back, minister for urban development and housing and urban poverty alleviation m venkaiah naidu had said he was "disappointed" that not a single proposal had come from the private builders for the affordable housing projects. he ...






realtors tweaking projects to get affordable housing benefits, real estate news,


bengaluru | mumbai: with the government announcing a host of incentives and tax benefits for affordable housing projects to support its goal of ‘housing for all by 2022’, realty developers are coming up to build more compact homes, with some even tweaking their plans and re-configuring the proposed projects into affordable homes.among the major benefits, including tax incentives, the government has also accorded infrastructure status to affordable housing, a move that will allow developers of such projects to get access to institutional funding at better terms.following these affordable housing related announcements by the government, mumbai-based realty developer paradigm realty has modified its project in borivali suburb with all 400 apartments with 1-bedroom configuration. the devel...






pmo to review affordable housing scheme with private builders today, real estate


new delhi: the prime minister's office has called a meeting today to review the government's affordable housing programme as it targets to achieve 'housing for all' by 2022.the pmo has called realtors' body credai and naredco to understand the problems faced by the developers in launching affordable housing projects, sources said.credai is likely to make presentation on how to accelerate affordable housing projects in the country and to enable home buyers to encash the subsidy benefits under the pradhan mantri awaas yojana, they added.about two months back, minister for urban development and housing and urban poverty alleviation m venkaiah naidu had said he was "disappointed" that not a single proposal had come from the private builders for the affordable housing projects.he had sai...






report, real estate news, et realestate


new delhi: around 826 housing projects across the country are facing delays of up to 4 years, according to industry association assocham.as many as 3,511 housing projects were running live in construction and real estate sectors till end of december 2016, of which 2,304 were under the implementation stage. around 886 of these recorded significant delays, of which 826 were housing projects and 60 commercial projects, the report said.punjab registered the maximum delay of 48 months in construction and real estate projects, followed by telangana with a 45-month delay and west bengal, odisha and haryana with a 44-month delay each.madhya pradesh, andhra pradesh and uttar pradesh recorded a 42-month delay, while maharashtra registered a 39-month delay.karnataka witnessed the lowest delay of 31 m






report, real estate news, et realestate


new delhi: around 826 housing projects across the country are facing delays of up to 4 years, according to industry association assocham.as many as 3,511 housing projects were running live in construction and real estate sectors till end of december 2016, of which 2,304 were under the implementation stage. around 886 of these recorded significant delays, of which 826 were housing projects and 60 commercial projects, the report said.punjab registered the maximum delay of 48 months in construction and real estate projects, followed by telangana with a 45-month delay and west bengal, odisha and haryana with a 44-month delay each.madhya pradesh, andhra pradesh and uttar pradesh recorded a 42-month delay, while maharashtra registered a 39-month delay.karnataka witnessed the lowest delay of 31 m






report, real estate news, et realestate


new delhi: around 826 housing projects across the country are facing delays of up to 4 years, according to industry association assocham.as many as 3,511 housing projects were running live in construction and real estate sectors till end of december 2016, of which 2,304 were under the implementation stage. around 886 of these recorded significant delays, of which 826 were housing projects and 60 commercial projects, the report said.punjab registered the maximum delay of 48 months in construction and real estate projects, followed by telangana with a 45-month delay and west bengal, odisha and haryana with a 44-month delay each.madhya pradesh, andhra pradesh and uttar pradesh recorded a 42-month delay, while maharashtra registered a 39-month delay.karnataka witnessed the lowest delay of 31 m






housing minister forced to admit no plans to build new public housing on northbo


​housing minister yvette berry's fears about northbourne avenue turning into a zone of  "posh" apartments for the rich came back to bite her on thursday, as she was forced to defend her government's public housing policies.as a backbencher in 2014, ms berry had vowed to push the government to keep public housing along the corridor. housing minister yvette berry. photo: jamila toderasbut after 25,000 square metres of former public housing land along the northbourne avenue was this week snapped up, liberal politician mark parton reminded her of her comments and asked her whether there was plans to build more public housing along the city's main gateway."yes that's correct, i did say that. that's why i'm making sure as the minister for housing and the renewal of pub...






builders seek support from banks, hfcs for development of affordable housing, re


new delhi: realtors' body credai on tuesday said the banks and housing finance companies need to support builders in the development of affordable housing projects as margins are low in this segment.the interest in affordable housing has increased after this segment has been given the infrastructure status in the budget, credai-ncr president manoj gaur said."with increased interest in affordable housing, the sector needs more support from banks and housing finance companies to achieve the 2022 vision of 'housing for all'. due to low margins, we need special facilities from partners to fund construction," gaur said here at the credai's conclave.he said the developers would be completely compliant with the definition of affordable housing when planning projects.property consultant cbre...






public housing debate devolves into yelling match as government nears renewal ta


canberra's public housing renewal taskforce has secured nearly 70 per cent of the housing stock it needs to replace tenants displaced by the redevelopment of the northbourne avenue and red hill flats, act housing minister yvette berry has said.as the stoush around new public housing blocks in five canberra suburbs becomes increasingly political, ms berry said almost half of the 1288 public housing properties being knocked down have been vacated. act housing minister yvette berry. photo: karleen minney"so far, 388 homes have been delivered to housing act through this program. these have been located in suburbs such as chisholm, monash, coombs, moncrieff, denman prospect and amaroo, and include a mix of detached houses, townhouses and small apartment complexes," ms berry told the ...






pmo to review affordable housing programme with private builders


by: pti | new delhi | updated: april 7, 2017 9:38 pm in picture, prime minister narendra modi (pti photo)the prime minister’s office has called a meeting tomorrow to review the government’s affordable housing programme as it targets to achieve ‘housing for all’ by 2022. the pmo has called realtors’ body credai and naredco to understand the problems faced by the developers in launching affordable housing projects, sources said.credai is likely to make presentation on how to accelerate affordable housing projects in the country and to enable home buyers to encash the subsidy benefits under the pradhan mantri awaas yojana, they added. about two months back, minister for urban development and housing and urban poverty alleviation m venkaiah naidu had said he was “disappointed






affordable housing: pmo directs all government departments to spot vacant lands


new delhi: the prime minister's office has asked all government departments to identify unutilised land, especially in developed government colonies, to plan affordable housing projects, a move aimed at giving a fillip to efforts to fulfil the bjp's poll promise of housing for all by 2022. the government wants to build a land bank to give a push to the affordable housing initiative, officials said. the states are facing a problem in planning housing projects because of paucity of land. with this initiative, the pmo hopes to identify land packets and then urge state governments to send proposals wherever there is availability of land. a senior government official told et, "the pmo is monitoring the progress closely. our experience is that some states are performing b...






pmo reviews progress of affordable housing scheme, real estate news, et realesta


mumbai: in a bid to meet the objectives of the government’s housing for all initiative by 2022, officials from the prime minister’s office (pmo) on saturday conducted a meeting with representatives of private developers to review the impact of the affordable housing schemes.in the meeting, which lasted for over two hours, the pmo discussed challenges faced by developers while launching and executing such housing projects.“land prices and approval processes were key issues raised at this meeting aimed at assessing progress made so far. the government is keen to see more affordable housing projects and is looking to extend support in streamlining the processes, which are possibly proving to be hindrances,” said one of the officials present at the meeting.the meeting was attended by r...






using 3d printing technology in housing projects discussed


mohammad bin rashid housing establishment officials visit dubai future foundationdubai: the mohammad bin rashid housing establishment (mbrhe) discussed with dubai future foundation the potential use of 3d printing technology for future housing projects.during a visit to the foundation, the delegation from mbrhe inspected the first 3d printed building in dubai. both parties then held discussions on ways to bolster cooperation and enhance relations that are based on the exchange of expertise.engineer abdullah ahmad al shehi, first director of the engineering projects department at mbrhe, highlighted the strategic importance of the visit, especially considering what the mbrhe is planning to achieve through the use of modern and a nced construction systems.






a future for public housing


channeling the innovative spirit of mayor fiorella laguardia, who made public housing possible, the new york city housing authority readies for private real estate development a parking lot and other underutilized space at a lower east side complex that bears his name. half the units will be affordable, half market-rate — and proceeds will fund badly needed repairs. it’s the only sane answer to steady federal defunding for public housing, with more threatened. where d.c. ignores the iceberg, new york reaches for public housing’s new lease on life.send a letter to the editorjoin the conversation:facebooktweet






off-duty nypd cop fatally shoots himself in bronx apartment


an off-duty nypd sergeant shot himself in the head in his bronx apartment — and was found dead when his girlfriend returned home thursday, police sources said.the motive for the shooting, which was reported to 911 shortly after 2 p.m., was unclear.the dead cop, who hasn’t been officially identified, joined the nypd in 2010.he was assigned to the nypd housing bureau’s public service area 7, which patrols public housing projects in the south bronx, sources said.those projects include the infamous mott haven houses, where two cops were shot and wounded by a gunman inside a stairwell while mayor bill de blasio was delivering his state of the city speech at the bronx’s lehman college last year.this story originally appeared on the new york post.






nycha fears trump’s proposed budget will slash $6b from hud


a preliminary trump administration plan to whack $6 billion from federal housing programs sent shock waves through the nation’s largest public housing authority. the washington post thursday reported on a budget memo proposing drastic cuts to the u.s. department of housing & urban development (hud). nycha relies heavily on hud funds, with nearly 70% of its operating budget and almost 100% of its capital projects funded by the feds. in response to the memo, nycha chairwoman shola olatoye said, "we are concerned about these rumored cuts. the loss of federal funds of this size would deeply impact our ability to serve 600,000 new yorkers who rely on nycha."cuomo’s upstate nuclear plant bailout will cost mta, nycha big the budget memo suggested cutting public housing ...






maharashtra frames law for advance possession, real estate news, et realestate


mumbai: to avoid delay in public projects due to land allotment and transfer issues, the state cabinet on tuesday laid down a new set of rules which makes it mandatory for government agencies to give advance possession of the land required for a public project in 90 days.several projects in the state like mono rail and metro rail are stuck due to delay on the part of different government department whose land may be required for the project. under the new rule, many projects have been identified as vital public projects and this norm will be applicable only on such projects.projects of mass transit like mono rail, metro, railway line, drinking water projects, medium and large dams and midc projects will be included in the list of public projects.“currently, there are no rules for handove..






pmo asks all govt depts to spot unused lands for housing for all, real estate ne


new delhi: after reaching the half-way mark of its term, narendra modi government is trying to give fillip to bjp's poll promise of housing for all. the p ri me minister's of f ice has asked all government departments to identify unutilised land, especially in already developed government colonies, to plan affordable housing projects.the government wants to build a land bank to give a push to the a land bank to give a push to the affordable housing initiative. the states are facing a problem in planning housing projects because of paucity of land. with this initiative, pmo is hoping to identify land packets and then urge state governments to send proposal wherever there is availability of land. a senior government official told et, “pmo is monitoring the progress closely. our experienc...






after lanka & maldives, tata housing moves into east african realty market, real


mumbai: after it tested the waters in asian property markets of sri lanka and maldives, tata housing development company is venturing into the east african property market with its mixed-use projects in kenya and tanzania spread over 70 acres.“given the early success in two of our overseas projects in sri lanka and maldi overseas projects in sri lanka and maldives, we have decided to continue expanding our international footprint. for now, we are starting with kenya and tanzania in east africa, which is a promising market with robust pent-up demand and good brand visibility,“ brotin banerjee, md & ceo, tata housing, told et.the tata group company is working on a plan to set up an investment platform worth $200 million for its projects in overseas markets. currently, it is in advanced t...






yamuna expressway authority cancels 17 more housing projects, real estate news,


greater noida: yeida on tuesday said it cancelled the building plans of 17 projects in its area. the plans were cancelled after it came to light that the five builders had not cleared some objections raised by the authority regarding the building plans between 2014 and 2016. while 11 projects have been initiated by the jaypee group, six other projects include those launched by some leading developers of the region.according to yeida officials, the jaypee group was given land in lieu of the yamuna expressway project between greater noida and agra, in keeping with a concessionaire agreement, the other builders have been allotted land for group housing projects in different areas of yeida. “the jaypee group was to construct across a part of that land in sectors 22b, c, 25 and 19,” said ar...






if auctions fail, psus’ land bank may go to low-cost housing, real estate news,


new delhi: india plans to use the land bank available with its loss-making state-run enterprises for affordable housing projects if new delhi’s efforts to auction the real estate fail to draw bidders.about 2,000 acres of land belonging to five money-losing companies would be put under the bidding hammer soon by state-run real estate firm nbcc (india) limited. hindustan cables ltd, instrumentation ltd, hmt bearing ltd, hmt watches ltd, and tungabhadra steel products are the companies that have put their land holdings up for auction.a senior government official said that if the state governments and public sector companies did not bid for those land parcels, the government will examine the feasibility of low-cost housing projects before opening the auction to private firms. “the idea is ...






state senate begins approving budget bills days after deadline


albany — the financially-beleaguered new york city housing authority is in line to receive $200 million as part of the new state budget. the nycha funds are for roof repairs, new boilers, and other projects the agency deems necessary, said assembly spokesman michael whyland. the money is part of $2.5 billion in affordable housing funds approved in 2015 but never released. another $100 million of those funds will go to affordable housing projects in areas like brooklyn and $1 billion for new supportive housing units statewide.n.y. may face government shutdown if budget deal not reached soon the budget also includes a $1.5 billion appropriation toward the state's $8.3 billion commitment to the five-year mta capital plan. but it cuts $65 million from the mta operat...






estates to be demolished and sold in developer deals to rebuild public housing


eight dilapidated public housing estates around melbourne will be demolished and developers handed the sites to rebuild with a mix of social housing, private apartments and some commercial development.developers were this week invited to bid to be part of the controversial $185 million renewal project led by housing minister martin foley. he released a briefing paper to developers, who were asked to register their interest in the plan. housing commission flats in noone st, clifton hill, will be demolished. davo and the other residents will be relocated. photo: penny stephenstenants in public housing estates to be demolished, due from mid-2018, would be relocated, the briefing paper says.the estates to be be demolished range in size from a small group of 26 houses to larger complexe...






bjp-ruled states dilute norms to keep ongoing projects out of rera, real estate


new delhi: the housing ministry may claim that the implementation of real estate regulation law (rera) will start a new era, but details of the draft and final rules notified by state governments, particularly bjp-ruled ones, indicate how provisions notified by centre have been diluted to keep most of the ongoing projects out of rera’s ambit.on the contrary, non-bjp states such as odisha and bihar have notified rules that are completely in sync with the one notified by the union housing and poverty alleviation ministry.the plight of home buyers due to long delay in completion of real estate projects had triggered massive protest across the country and the parliament had to pass the law. “with many states intentionally keeping most of the ongoing projects out of rera’s coverage, there...






housing projects see fall in pe funding for 2 consecutive qtrs, real estate news


bengaluru|mumbai: privateequity investments in india’s residential real estate market have now fallen for two consecutive quarters reflecting the segment’s diminishing investor appeal amidst a a major drive to end surplus in housing stock in major cities.data from property consultant cushman & wakefield show that residential housing got rs.3,326 crore of investment in the first quarter of 2017 compared with rs. 5,725 crore in the preceding october-december quarter. "due to fewer new launches and slow sales, funds are cautious about investing in residential projects," said siddhart goel, senior director - research services, at cushman & wakefield.“builders are also wary about seeking funds now as they want to focus on completing existing projects." lower security cover for privatee...






yamuna expressway authority cancels five housing projects of jaypee infratech, r


new delhi: in a major blow to jaypee infratech, the yamuna expressway industrial development authority (yeida) has cancelled five housing projects of the developer in sports city east on allegedly selling the projects without getting building plans approved, according to a hindustan times report.the cancellation of the proposed projects in sector 22b spread over a 70-acre land, is set to affect around 300 home buyers."selling flats without getting maps approved amounts to cheating so we cancelled the projects,” said arun vir singh, chief executive officer of yeida was quoted as saying in the report.a cheating case has also recently been registered in dankaur police station against the firm's managing director, manoj gaur, joint managing director sameer gaur, senior chief manager rajiv ...






big pes, nbfcs eye low-cost housing with government incentives, real estate news


bengaluru| mumbai: large private equity firms and non-banking finance companies are now getting interested in affordable housing, thanks to the government’s recent incentives for this segment, including infrastructure status and speedy approvals.so far, this segment was financed by funds with smaller ticket size which specialized only in affordable housing.the government has been pushing affordable housing in its bid to achieve ‘housing for all by 2022’ and the efforts are showing with money flowing into this segment.kotak realty fund, that focused more on mid-income housing projects, is now evaluating the affordable home segment. “it is a large market to address. it is a business of low margins and fast turnaround. hence the approvals need to come fast to convert land quickly into...






the slow death of new york’s public housing


new york city’s public housing is slowly sinking into decrepitude as its oldest developments creakily approach 80 years in age. it’s long past time to set ideology aside to fund vital repairs — and to think about a future without public housing.nearly half the new york city housing authority’s properties won “troubled” or “low-performing” ratings in the most recent federal inspections.according to the city independent budget office, 10 percent of nycha developments received inspection scores below 60 to fall in the “troubled” category. and only 9 percent rated “high-performing,” with scores of 90 or above.the ibo found that just 20,000 of nycha’s 400,000 residents live in “high-performing” projects. three times as many live in “troubled” ones.indeed, the budget office noted that the lower-






anger grows at woden public housing meeting


angry mawson residents have challenged the act government over its plans to move public housing to their neighbourhood, saying it didn't consult them for the proposal.in a meeting on wednesday night at woden that grew heated and at times bitter, a group of 180 people showed their exasperation with the plan, and questioned where profits from the sale of public housing along northbourne avenue would be invested. woden valley community council (wvcc) meeting. photo: jamila toderasresidents rejected the location of some sites selected for public housing in the suburb, saying they wouldn't be suitable for people with disabilities and would lack parking.one shackleton circuit resident asked why residents weren't consulted about the controversial plans."how come we were not inform...






haryana dilutes draft rules, excludes most ongoing projects, real estate news, e


new delhi: the haryana government has let off most ongoing housing projects which have been delayed and remain a worry for many home buyers in its draft rules for the real estate (regulation and development) act, 2016.the draft rera rules, issued by the town and country planning department of haryana on friday, seek to exclude projects which have applied for occupancy certificate or part completion certificate, provided the same is granted by the competent authority within three months of the application.it also excludes projects which have received completion or part completion certificate in case of plotted colony and occupancy certificate for the building blocks of integrated complexes like group housing, commercial, cyber park or cyber city.the haryana government has invited objections






haryana dilutes draft rules, excludes most ongoing projects, real estate news, e


new delhi: the haryana government has let off most ongoing housing projects which have been delayed and remain a worry for many home buyers in its draft rules for the real estate (regulation and development) act, 2016.the draft rera rules, issued by the town and country planning department of haryana on friday, seek to exclude projects which have applied for occupancy certificate or part completion certificate, provided the same is granted by the competent authority within three months of the application.it also excludes projects which have received completion or part completion certificate in case of plotted colony and occupancy certificate for the building blocks of integrated complexes like group housing, commercial, cyber park or cyber city.the haryana government has invited objections






noida to hire private agency to monitor housing projects, real estate news, et r


noida: the noida authority will appoint a private agency to monitor housing projects with thousands of homebuyers still waiting for flats due years ago to be delivered.the authority on friday invited an expression of interest (eoi) to appoint a private agency to monitor the progress of ongoing and delayed projects. the aim is to ensure delivery of flats as per the new schedules that defaulting realtors have committed to.according to officials, the agency will work as a consultant for noida authority. “the idea is to facilitate homebuyers in noida with respect to mitigating challenges in taking possession of their properties and in us recovering our dues,” said shishir singh, additional ceo. “we have been holding tripartite meetings with builders and buyers for some time now. most of ...






realty act prescribes 10% interest for delay in delivery of homes | india news


new delhi: buyers of delayed housing projects will get interest on the invested amount for the delay period at the real estate regulatory authority's (rera) prescribed rate as against 5 per sq feet to 10 per sq feet contracted in the sales agreement, said chairman of madhya pradesh rera anthony de sa. rera's prescribed rate comes out to be 10% at present. developers have not been barred from advertising and marketing existing projects, said regulators and officials of mp, punjab, haryana and delhi. dispelling builders' doubts, officials said they need to apply for registration for ongoing projects+ only by july 31. additional chief secretary of housing urban development, punjab, vini mahajan, who has also been appointed as the interim regulatory authority under ...






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