In a decisive move hours after taking office for a historic third consecutive term on June 10, Prime Minister Narendra Modi’s new Union Cabinet announced its first major policy decision: to provide assistance for the construction of an additional three crore rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY). This ambitious project aims to further the government’s mission of ‘Housing for All.’

Here’s how the real estate industry reacted to the news

Anuj Puri, Chairman – ANAROCK Group: The Modi government launched PMAY in 2016 with the aim to provide ‘Housing for All’ and since then over 2.61 crore houses have been built in his last term. To ensure continuity to the program and its commitment towards the same sentiment, the government has now approved the proposal to provide 3 crore rural and urban houses under PMAY. This decision is a significant stride forward in advancing dignified living and enhancing the ease of life for millions by fostering affordable housing. The affordable housing sector, a flagship scheme of the government, had not fared well over the last term. Affordable housing (homes priced under INR 40 lakhs) sales in Q1 2024 recorded 26,545 units, which is just 20% of the total sales. Concurrently, supply in this critical segment had also dropped from 44% in Q1 2019 to 18% in Q1 2024. Affordable housing is driven primarily by lower ticket sizes. The downward spiral of this erstwhile posterchild of the Indian housing industry began during the pandemic, and then morphed into a broader malaise. A affordable housing revival hinges on such government incentives for buyers and developers.

Prashant Sharma, President of NAREDCO Maharashtra: We welcome the Cabinet’s decision to provide assistance for the construction of three crore additional rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY). This initiative is a significant step towards achieving the vision of ‘Housing for All’ and will undoubtedly bolster the real estate sector, particularly in the affordable housing segment. The increased focus on rural and urban housing will not only improve the living standards of millions but also create substantial employment opportunities, thereby contributing to the overall economic growth. We at NAREDCO Maharashtra are committed to supporting this endeavor and look forward to collaborating with the government to ensure the successful implementation of this ambitious project.

Pritam Chivukula, Vice President of CREDAI-MCHI and Co-Founder & Director of Tridhaatu Realty: The Union Cabinet’s first decision to provide assistance for the construction of three crore additional rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY) is a progressive step that aligns with our commitment to addressing the housing needs of our nation and bolstering infrastructure development. The emphasis on both rural and urban housing is particularly commendable, ensuring that the benefits of this initiative are widespread and inclusive. This decision will not only enhance the quality of life for countless families but also stimulate economic growth by fostering related industries. We at CREDAI-MCHI are eager to collaborate with the government to achieve these ambitious targets and contribute to the successful implementation of PMAY.

Dr. Niranjan Hiranandani, Chairman, NAREDCO National: The real estate industry applauds the maiden cabinet’s decision to sanction the construction of three crore additional rural and urban houses under the Pradhan Mantri Awaas Yojana (PMAY) scheme. Affordable housing development is a crucial step towards revitalizing the property market. As the real estate sector is the second largest employer in the country, the extension of the PMAY scheme will have a ripple effect on employment and economic growth indices. The construction of urban-rural houses in the backdrop of last-mile connectivity being established under mega infrastructure projects will allow us to explore a multitude of new untapped real estate markets. In addition, the industry emphasizes the importance of upskilling labour to bridge the prevailing skill gap index. The government and private sector should align and reinitiate the extensive skill development program to provide better job opportunities for current unemployed workers. This, in turn, will result in improved socioeconomic conditions for all citizens.

Since 2015-16, under Prime Minister Modi’s leadership, the Pradhan Mantri Awas Yojana has been instrumental in providing assistance to eligible rural and urban households for the construction of houses with basic amenities. According to the Government, over the past decade, approximately 4.21 crore houses have been completed under this scheme, demonstrating the government’s commitment to improving housing infrastructure and living standards across the country.

As the Modi 3.0 administration embarks on this renewed journey, the focus on ‘Housing for All’ underscores a continued dedication to inclusive growth and development, aiming to make a tangible difference in the lives of millions of Indians.

Also Read: Housing Under Modi – A 10-Year Retrospective

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Prashant Sharma – President, NAREDCO Maharashtra
“On behalf of NAREDCO Maharashtra, I extend my heartfelt congratulations to the new government on their election victory. The real estate sector is a cornerstone of economic growth and development, and we eagerly look forward to collaborating with the new administration to drive forward initiatives that will enhance the sector’s contribution to the state’s progress.

The real estate industry has always been a significant employment generator and a key contributor to the state’s GDP. In light of this, we have several expectations from the new government:

Policy Stability and Simplification: Consistency in policy and regulatory frameworks is crucial for long-term investment planning. We urge the new government to ensure that policies are simplified and made more transparent to facilitate ease of doing business.

Infrastructure Development: Continued investment in infrastructure, such as roads, public transportation, and smart city initiatives, will significantly boost real estate development, particularly in suburban and emerging areas.

Affordable Housing: We anticipate reinforced support for affordable housing projects through incentives and subsidies, which will not only provide housing for all but also stimulate demand in the sector.

Single Window Clearance: Implementation of a single-window clearance system for project approvals will reduce delays and costs, enhancing efficiency and encouraging faster project completions.

Tax Reforms: Rationalization of GST and other taxes related to real estate transactions can provide much-needed relief to developers and homebuyers alike, fostering a more vibrant market.

Sustainability Initiatives: We look forward to government support for sustainable and green building practices, ensuring that development is environmentally responsible and resource-efficient.

We believe that with the right policies and support, the real estate sector can significantly contribute to the vision of a prosperous and developed Maharashtra. NAREDCO Maharashtra is committed to working closely with the government to address challenges and harness opportunities for the betterment of the industry and the state.

We are optimistic about the future and confident that the new government will prioritize the needs of the real estate sector, ensuring its growth and resilience.”

Pritam Chivukula, Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty
“As we welcome the new government, the real estate sector is filled with optimism and anticipation. Our industry, which is a significant contributor to the nation’s GDP and employment, looks forward to policies and initiatives that will foster growth, stability, and transparency. Firstly, we hope for continued emphasis on housing for all, ensuring that affordable housing projects receive the necessary incentives and support. The Pradhan Mantri Awas Yojana (PMAY) has been a cornerstone in achieving housing goals, and we look forward to its further expansion and efficient implementation. Infrastructure development remains a critical area. Enhancing connectivity through robust infrastructure projects not only boosts real estate development but also uplifts the overall economy. We anticipate increased investment in urban infrastructure, smart cities, and transportation networks. The real estate sector also expects streamlined regulatory frameworks that ease the process of approvals and reduce bureaucratic delays. A single-window clearance mechanism would be a game-changer, significantly improving the ease of doing business. Furthermore, we look forward to reforms in the Goods and Services Tax (GST) structure specific to real estate. A more rationalized and simplified tax regime would benefit both developers and homebuyers, promoting a healthier market environment. Sustainability and green building practices are paramount for the future. Incentives for adopting eco-friendly construction techniques and materials can propel India towards a greener future. Lastly, addressing the liquidity crunch through favorable banking policies and enhancing access to funding for developers will be crucial. Ensuring that financial institutions support real estate projects can catalyze growth and help in timely project completions. We believe that a collaborative approach between the government and the real estate sector will pave the way for a resilient, sustainable, and inclusive real estate market, contributing significantly to the nation’s growth and prosperity.”

Rohan Khatau – Director, CCI Projects
“We have great expectations for the real estate industry under the new government. With proactive policies and a supportive regulatory environment, we believe the real estate sector can significantly contribute to the nation’s economic growth. We hope the government will enhance its focus on affordable housing schemes, offering incentives for developers and easier access to finance for homebuyers to bridge the gap between demand and supply. Investment in infrastructure, such as roads, metros, and bridges, will further boost the real estate market, especially in emerging urban areas. Improved connectivity and amenities make locations more attractive for both residential and commercial developments. Rationalizing GST rates on construction materials and housing can make properties more affordable, benefitting both developers and buyers. Encouraging sustainable development practices and offering incentives for green buildings can foster a more eco-friendly and resilient real estate sector. Additionally, with a growing demand for skilled labour in construction, initiatives for training and upskilling workers are essential to ensure quality construction and timely project deliveries. With the right policies and support, we are confident that the real estate sector can thrive and play a pivotal role in shaping India’s economic landscape.”

Also Read: Mumbai’s housing market maintains momentum as property registrations soar in May 2024

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The Indian residential real estate market has greatly benefited from several reforms by the Modi-led government, helping the industry to not only to emerge stronger but also to scale new heights. A new report ‘Real Estate Unboxed: The Modi Effect’ by ANAROCK and NAREDCO showcases a housing landscape that is ripe with potential for evolving growth opportunities.

Anuj Puri, Chairman – ANAROCK Group, says, “The report tracks how India’s residential real estate sector has thrived in the past decade. The findings are convincing – housing demand and new supply in the top 7 cities have soared in the last 10 years, particularly post the pandemic, and housing sales are now aligned with new launches. The report finds that approximately 28.27 lakh units were sold in the top 7 cities between 2014 and 2023, while cumulative new launches stood at over 29.32 lakh units. Residential property prices have also registered significant demand-led growth across the top 7 cities. Over the last decade, average housing prices have appreciated in the range of 25-60% across these cities.”

Niranjan Hiranandani, Chairman – NAREDCO, says, “In light of the Indian government’s reforms over the last decade, NAREDCO and ANAROCK collaborated to assess the Indian real estate sector’s growth. Over the last decade, India’s economy has impressively leapfrogged to the 5th position on the global economic performance ladder. The Indian economy has maintained its status as the fastest-growing major economy for three consecutive years, a beacon of hope in a contractionary global economic climate. A market size of US$ 1 trillion is expected by 2030, up from US$ 200 billion in 2021. This market size is expected to contribute 13% to India’s GDP by 2025, making the sector a pivotal contributor to economic development, employment, and government finances.”

The report finds that housing inventory overhang has seen a significant drop over the last 10 years. The pan-India housing inventory overhang stood at 15 months at the end of 2023 – displaying a positive decline from 41 months in 2017, when available inventory was at its peak. Given that 2020 was the Covid-19 year, it is more of an outlier. This is significant, considering the massive new supply added during this period.

Source: ANAROCK Research

The report further highlights that completion of units in the top 7 cities has seen significant growth over the years, particularly post pandemic. Data indicates that at least 44% more units were completed in 2022 as compared to 2021. This is interesting because during the pandemic all construction activities were completely halted for a period. As of 2023, we saw completion of nearly 4.35 lakh units in the top 7 cities while in 2024 it is estimated that more than 5.31 lakh units are expected to be completed.

Source: ANAROCK Research

A Decade of Change

The report tracks a decade of significant change in the Indian real estate sector, led by various game-changing reforms and policies like RERA and the SWAMIH alternate investment fund, which reignited confidence and hope in the sector. Implemented across many states since 2017, RERA finally brought regulation to the real estate sector, safeguarding the interests of homebuyers by ensuring transparency, timely project completion, and accountability among developers.

According to the latest government data, approximately 1.23 lakh real estate projects have been registered across states since RERA’s inception till date, and more than 1.21 lakh consumer grievances have been addressed across the country.

Since its inception in 2019 till December 2023, the SWAMIH Fund has completed approximately 26,000 homes in the country, and 80,000 more are projected to be completed over the next three years.

The government backed SWAMIH (Special Window for Affordable and Mid-Income Housing) Fund aims to provide financial support to stalled affordable and mid-income housing projects that were struggling due to capital shortfalls. It has played a crucial role in addressing the sector’s liquidity issues, especially amid challenging economic conditions. It has also boosted the growth of many ancillary industries in the real estate and infrastructure sectors, having successfully unlocked liquidity of more than INR 35,000 crore.

The report also highlights the positive impact of various other government-backed initiatives such as PMAY (Urban & Gramin), GST, demonetization, and the growing adoption of technology in real estate over the last decade.

PropTech (Property Technology) has ushered in innovative solutions such as blockchain for secure and transparent transactions, AI-driven analytics for property valuation, and enhanced smart home technologies. These advancements streamline processes, improve efficiency, and reduce the time required for transactions. Currently, PropTech Startups account for 6% of India’s total recognized startup universe.

By 2030, the Indian residential real estate sector’s market size is estimated to reach USD 1 trillion, with an expected contribution of 13% to the nation’s GDP by 2025.

In the years to come, the real estate industry will proactively restructure its strategies to align with economic conditions. This strategic shift towards balance will highlight the industry’s ability to withstand challenges and adapt flexibly. The sector’s growth prospects will be strengthened by factors such as a stable government, consistent interest rates, job creation, and increased private sector investment.

Also Read: Nirav Modi’s watch sold at a price, for which one can buy a HOUSE in Mumbai

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By Varun Singh

Manoj H Modi, a close aide of Reliance Industries Chairman Mukesh Ambani, has sold two apartments in Mumbai for a total value of Rs 41.5 crore.

According to Registration documents made available to SquareFeatIndia by ‘Indextap.com‘ the deal was registered on July 7, this year.

Both the flats sold by Modi are in the building Vivaria, located at Jacob Circle, a stones throw distance from Mahalaxmi station.

The first flat sold by Modi is on the 28th floor of the apartment, measuring 2,597 sq ft, for which the buyer paid Rs 20.5 crore, along with the apartment, the new buyer also has an access to two car parks in the building.

For the registration of the flat on 28th floor the a stamp duty of Rs 1.23 crore was paid.

the second flat that Modi sold is on the 29th floor of the building and it also measures, 2,597 sq ft for which the buyer paid Rs 21 crore. along with the apartment the buyer has also got an access to two car parks in the building.

A stamp duty of Rs 1.26 crore was paid by the buyer for the registration of the apartment.

Vivaria holds a special value when it comes to the real estate market of South Mumbai, most top notch from the business world had or have a house here.

This building offers a view of the Mahalaxmi race course and a little ahead of it is the sea view.

Also Read: Nirav Modi’s watch sold at a price, for which one can buy a HOUSE in Mumbai

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If all goes as planned then Vastu Cnetral, the building located in the silent bylanes of Dadar west, may soon become one of the busiest buildings in the neighbourhood. 

The building located hardly 500 meters from Shiv Sena Bhawan on the G North Office road, may become the Headquarters of the Shiv Sena led by Eknath Shinde. According to a senior party functionary from Shinde camp, two floors in the building is what the Shinde camp is eyeing and for the same negotiations are in final stages.

When contacted Sada Sarvankar, Shiv Sena MLA from Mahim, now a member of Shinde camp he confirmed that they have finalised a party office within the vicinity of Dadar-Prabhadevi area, and it would be close to 15,000 sq ft. However, Sarvankar refused to divulge the name of the building citing that negotiations were in the final stage and will be registered before Pitrapaksha. Pitrapaksh will begin on September 1

A senior leader from the Shiv Sena led by Shinde said that they were in talks for three different locations of which one has been finalised and it is Vastu Central. “The two floors measuring around 15,000 sq ft are finalised and negotiations are in the last stage.” 

The building is hardly 500 meters and three minutes walking distance from Shiv Sena bhawan and is just behind the Kohinoor Square building. This is ground plus five storey building and the ground and first floor are completely vacant, and connected by an internal staircase, the second floor is occupied by small offices and a clinic, the third floor has a cooperative bank, whereas the fourth and fifth floor has offices, but hard to make out whether they were operational. 

The office that the Shinde Sena is planning to occupy will be on rent and not an outright purchase. According to a real estate broker from the Shivaji Park area, the ongoing rent in the area is between Rs 140-145 sq ft, whereas buildings like that of Kohinoor and The Ruby Mill demand a premium and have a higher rental. 

When asked Sarvankar if the building where the office will come up be called Sena Bhawan, Sarvankar refuted the claim and said it will be a regular party office which they want for administration purposes. 

This reporter visited the office of the developer at the same building but couldn’t find anyone, the security informed that the developers visits the building.

Also Read: All about Patra Chawl, Sanjay Raut & ED

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By Varun Singh

India is in its 75th year of Independence. The government has launched an initiative Azadi Ka Amrit Mahotsav to celebrate and commemorate 75 years of Independence and the country’s glorious history, culture and achievements. The real estate sector is one of the important sectors who have contributed heavily to employment generation and GDP of the country in these past years.

Post Covid, the housing market has seen a revival in demand due to the low interest rate regime. Recently, the increased input costs have already compelled many developers to hike property prices in the first half of 2022. The RBI’s three consecutive repo rate hikes have also added to homebuyers’ woes and together these factors can dent demand over the short-term. Repo rate hikes are a major concern for the real estate industry and therefore to mitigate this impact, realty developers are coming up with various offers to release the burden of the homebuyers.

Here are a few offers from developers which can be availed by the homebuyers this Independence Day:

Runwal Group
Runwal Group presents the Mega Freedom Offer! This festive season, you can buy a Runwal home with never-before easy payment plans offering a one-year payment holiday. Here’s a great opportunity to enjoy freedom from EMI’s and your home loan interest worries. These offers are valid across the Runwal Group’s finest lifestyle addresses in Kanjurmarg, Mulund & Dombivli. Offer valid for a limited period only on select inventory till 15th August 2022.

Rajat Rastogi – Executive Director, Runwal Group
“Independence Day is a milestone, for the country and also for us as citizens. The natural extension of this is to allow freedom and independence to touch every aspect of our lives. We believe owning your home gives the individual and the family true freedom from rents, uncertainty and allows a person to live on his own terms. As part of our annual independence day celebrations, we’ve launched attractive promotions across all our projects and are already seeing an excellent response. As a company, we’ve witnessed the best month ever in July and are very positive that August will be even better. The Runwal group has a laser sharp focus on customer requirements and these offers are but a reflection of that philosophy.”

Parikshit Pawar, Chief Marketing Officer, Shapoorji Pallonji Real Estate
“In India, the festive season is regarded as an auspicious time to purchase a home. It’s a time to embark on new journeys. Real estate developers incentivize homebuyers by sweetening the deals and bringing them to fruition. This festive season, Joyville too, gives its customers more reasons to celebrate with offers ranging from gold to home appliances and furnishings starting at Rs. 1.5 lakhs. The overall market sentiment has been very positive. We expect to see a significant surge in demand as we move closer to the festive season.”

Tridhaatu Realty
This Festive Season, Tridhaatu Realty brings an exclusive offer for their customers, where one can avail Premium 2 BHK Air Conditioned Homes furnished by IKEA in their project Tridhaatu Morya located at Chembur along with 20:70:10 payment plans, Zero Stamp Duty, Zero GST and spot booking benefits. The project is Nearing Completion. Offers are valid for a limited period and for limited inventory. So, hurry and grab the exciting offers!

Govind Krishnan Muthukumar, Co-founder & Director, Tridhaatu Realty
“As the country is about to mark its 75 glorious years of Independence, we at Tridhaatu Realty are celebrating the occasion by providing offers that will meet the modern needs of the homebuyers. We are providing our customers an attractive value proposition, amidst the rising property prices, where we should see their confidence in the sector increase, and boost consumption. We are optimistic that this season will give the much-needed positivity and hope the real estate sector needs.”

CR Realty
This Independence Day CR Realty launches an exclusive offer for the upcoming festive season at their project Primo located in Bhandup for potential homebuyers. Advantage can be taken of Flexi-payment plans, which include 50% payment at the time of booking and the rest at Possession.

Cherag Ramakrishnan, Managing Director, CR Realty
“We at CR Realty believe in supporting our customers and giving them the flexibility to tailor make their dream home purchase. This is why we have specially curated this offer for our potential homebuyers. The Flexi payment plan shall not only guarantee our customers a pocket-friendly deal but also give them a sense of freedom from investing a heavy amount at one go. This offer clearly reflects our confidence in the final delivery of their respective homes.”

Group Satellite
This Independence Day, Group Satellite is offering an assured bumper prize on every booking along with a 50% discount on Stamp Duty Charges for their residential project Aarambh at Malad. The buyers will get a chance to avail of bumper prizes such as 43 inches TV, 5 Gram Gold Coin, an Electric Bike & Fossil watch. The offers are only for a limited period of time, starting from 12th August 2022 to 12th September 2022. So, hurry and grab the perfect deal for your new home this festive season.

Himanshu Jain, VP – Sales, Marketing, and CRM, Satellite Developers Private Limited (SDPL)
“Our country is achieving the milestone of completing 75 years of independence and therefore we at Group Satellite extend happiness with some exclusive offers to let our customers feel the essence of freedom they get when they purchase their own home. All the offers are thoughtfully designed and put together. We as a company believe in providing the maximum benefits and quality life to our customers and shall continue doing it for the many more years to come.”

JP Infra Mumbai Private Limited
JP Infra launches an exclusive offer this festive season by providing a complimentary modular kitchen at their select projects of JP North located in Mira Road for potential homebuyers. The bumper offer is only for a limited period of time, starting from 13th August 2022 to 16th August 2022 for 1, 2 and 3 BHK spacious homes.

Also Read: In July 57% homes sold in the price band of Rs 1 Cr and over

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By Annuj Goel

Housing being the basic need of the citizens, Governments across the world have been focussing on the providing low-cost housing schemes . In the wake of Coronavirus and its resultant challenges, both the need for affordable houses and the inclination of the governments are at an all-time high. However, it remains a point of discussion that ‘Are affordable houses really affordable?’. A multitude of myths and misconceptions have shrouded the affordable housing sector.

Let us dismantle a few of them.

Myth 1: Affordable housing is not affordable anymore

With the Indian Government’s flagship mission of ‘Housing for All’, the affordable housing sector has remained the focus for many years now. The Government provides a ‘Credit Linked Subsidy’ on loan availed to take home under popular ‘Pradhan Mantri Awas Yojana’ (PMAY). This mass housing programme has sanctioned over 114 lakh houses, with a stupendous outlay of 7.52 lakh crore investment.

An investment of this scale and substantial financial help under many categories has indeed made housing affordable for the weaker sections of society.

Myth 2: Affordable houses are of substandard quality

The Indian Government is focussing on the affordable housing idea in a long term and sustainable manner. With lakhs of crores already sanctioned, the Government is focussing on good quality projects designed by well-known architects, big contractors, engineering firms along with panels of town planners. A tender is usually issued and after various rounds and scrutiny, the contact is given to design and build the projects if the project is under a housing board. Or else real-estate developers have to build and hand over a certain part of their plot to the housing and development boards (for example – MHADA in Maharashtra). In addition to this, the Government is bringing in the latest housing technologies to make housing units attractive and at par with a normal house. The myths of a substandard output are unfounded.

Myth 3: Affordable housing drives the property prices down

 The sites for affordable housing projects are chosen after careful analysis and survey. The needs, demography, connectivity, physical infrastructure, and social amenities are ensured before shortlisting a site. In fact, affordable housing projects have been found to expedite the development of the concerned area. When a large number of housing units are planned in an area, economic activities and demand for services automatically increase in the region. It increases the property prices and Return on Investment (ROI) potential of the properties manifold.

Myth 4: Affordable Housing is only for ultra-poor

The affordable housing schemes rolled out by the Indian Government serve are not limited to only the Economically Weaker Sections of the Society (EWS). The primary aim of the affordable housing schemes is to make the dwellings available at a reasonable price. For the same reason, the Government not only categorises the schemes under the EWS category but also offer houses to Middle Income Groups (MIG) and Higher Income Group (HIG). These are classified on the basis of the income potential of the applicants.

Myth 5: A difficult and tiresome process is involved

The rollout of the affordable housing schemes is primarily aimed at the poor and homeless sections of society. However, in many instances, it has been observed that the fraud and undeserving applicants try to grab the low-cost units in fraudulent ways. These instances have led to a verification process where the actual and needy applicants get a fair chance to get affordable houses. Now the process in most stated have been completely been digitalised, right from the application, registration and allotment through an online lottery system. Case example: MHADA and CIDCO’s lottery process  is projected live through youtube and facebook.  It results in a fast and fair manner of units’ allocation to the applicants.

Myth 6: Affordable houses are not available in metro cities

The Indian Government is focussing on the providing housing options across Indian cities. Be it a metro city like Delhi, Bangalore, Mumbai, or Chennai or Tier 2 or Tier 3 cities such as Surat, Jodhpur, Agra, Lucknow, Raipur or Palakkad, the affordable housing schemes are everywhere. A holistic approach driven by the idea of providing homes to the needy is behind the conceptualisation and rollout of such schemes. In fact, the Government is focussing more on Tier 2 and Tier 3 cities so that they can turn into the engines of economic growth.

Conclusively, affordable housing is still a reality, and the deserving applicants are seamlessly getting affordable housing units under the Government schemes.

Annuj Goel is MD at Goel Ganga Developments

Note: Views expressed in this article solely belong to the author and not that of SquareFeatIndia.

Also Read: Affordable Homes may become Unaffordable

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By Varun Singh

CIDCO last month announced a lottery of 5,730 homes in Navi Mumbai’s Taloja area.

Since then a lot of questions regarding the prices, location and other aspects kept popping.

However, I was surprised when I saw a comment on one of my YouTube videos on CIDCO lottery.

The comment was by T Shaikh, who had asked me, Bhai, Kya Muslim ko CIDCO me room milta hai?

A literal translation of this line would be, does a Muslim get a house in CIDCO?

I decided to answer the comment, and here it is.

Firstly let me tell you there are certain conditions that one had to fulfil to apply for a CIDCO lottery.

These conditions are that the applicant be minimum 18 years of age.

The applicant should be a domicile of Maharashtra, which means the applicant should have resided in Maharashtra for 15 years.

The CIDCO lottery is also in two separate income groups.

One of them is Economically Weaker Section, whereas the other one is for general public.

Under EWS, the yearly income of the applicant shouldn’t exceed ₹3 lakh. If married and the spouse is an earning member then their combined salary shouldn’t exceed ₹3 lakh.

Under the EWS scheme there also is a subsidy of PMAY, here the applicant cannot have a pucca home on his name anywhere in India.

For the general public category, the applicant should have a yearly salary exceeding ₹3 lakh. If married then the spouse if earning then their combined salary should exceed ₹3 lakh only then will the applicant fall in the general public.

CIDCO lottery at no place mentions that a person from any religion cannot apply. A Muslim, a Hindu, a Sikh, a Christian, a Parsi, a Jain and any other religion one follows is allowed to apply if they fulfill the above mentioned criteria.

So one part of the question is answered, a Muslim can apply for the CIDCO lottery provided they fulfil the basic criteria.

To answer the remaining question, whether a Muslim gets a home in CIDCO.

Let me tell you, the lottery is a computerised lottery, there is no way, that a human can interfere in the system.

Before this in MHADA lottery many Muslims have got homes and even in CIDCO lottery.

The computerised lottery is carried out without any human interference or biases. This every person has the same chance to get the house immaterial of their religion.

So if you fulfil the criteria mentioned by CIDCO for application of the home, never have a doubt that because of your religion someone will take away the home that you have a chance to win in the lottery.

Also Read: CIDCO Lottery receives so far 10K applications

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By Varun Singh

The Union Budget for the coming financial year will be presented by the finance minister N Sitharaman today.

There are lots of expectation from the budget by the real estate industry.

Here are some of the expectations from the developers.

Sandeep Runwal – President, NAREDCO Maharashtra and Managing Director, Runwal Group
Real estate being the second-highest employment generator and contributing more than 8 percent to the economy, the expectations from the 2022-23 budget are high and the industry is awaiting big announcements that will alter the future of the real estate sector.

The Central and State governments rolled out several reforms and incentives during the past year to revive the economy from the ill effects of the pandemic.

The Government will continue to put in its sincere efforts in pushing affordable housing. The cap of Rs. 2 lakh per annum against interest rate deduction under section 24(b) of the Act needs to be hiked to at least Rs. 5 lakh along with removing the 45 lakh cap from affordable housing, which will boost the affordable and mid-segment housing in a big way.

We also expect the government to continue promoting the affordable rental housing schemes by announcing tax reliefs for rental housing projects, which will fast track the pace of investments in these schemes. The Government’s commitment to boost both affordable and rental housing will help achieve their overall goal of Housing for All. We expect the Government to introduce tax sops for first-time homebuyers and look forward to re-introducing GST with an input tax credit on under-construction properties that will generate demand among homebuyers. There is a specific need for tax relief to spur significant real estate growth, along with single window clearance and lowering of home loan interest rates that will definitely go a long way in improving the market sentiments. We also urge the Government to reintroduce subvention schemes, helping the homebuyers to align their payments and encourage them to take a decision on home buying.

The quantum of the SWAMIH stress fund needs to be enhanced along with strengthening the financing institutions to generate adequate liquidity and help the completion of stuck realty projects.

In addition, the ‘industry status’ for real estate has been the long-standing demand by the sector; we anticipate that the Government can address this concern too.

Overall, the industry expects the Government to take substantial measures to strengthen the real estate sector as well as the entire economy, by addressing critical issues, ensuring job creation, and sustaining growth.

Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Hon. Secretary, CREDAI MCHI
The sector is seeing a strong recovery from the pandemic crisis. Residential sales in the top 8 cities have bounced back to near pre-COVID levels. While the real estate sector is looking at a robust housing demand revival in 2022. The developers expect the Union Budget 2022 to play a supportive and enabling role.

The upcoming budget shall bring a lot of hope to the real estate sector. The budget shall offer the much-needed push to the infrastructural development of the country. Falling housing inventory levels and a much healthier banking system are the perfect platforms for the budget to anchor a strategic roadmap for the next decade.

We should look at a multi-dimensional approach focused on the availability of improved & low-cost credit, forward-looking FDI inflow which allows foreign investment in completed housing, and inclusive participation in the start-up ecosystem through a dedicated fund focused on real estate innovations and digitization could go a long way in making the sector excel in 2022.

The outlook is a positive upsurge because of the strategic decisions and changes that the Government brought into action to tackle the Covid crisis that gave an overall boost to the home buying sentiment especially in these difficult times with the onset of the third wave.

Additionally, developers are hoping for provisions that will benefit the growth that includes the deduction of loss under house property, reduction in the income tax burden on rental housing and long-term capital gains on capital assets, relaxations in provisions for REITs for faster recovery in commercial real estate.

We have also written to the government to urge for a reduction in tax for investments on Real Estate Investment Trusts (REITs) and, also demanded tax-neutral consolidation of businesses through the mergers, in order to help the homebuyers who got trapped in delayed housing projects.

Shraddha Kedia-Agarwal, Director, Transcon Developers
Amid the pandemic, the Government has recalibrated its approach towards remobilizing the economy and introduced various reforms to ensure adequate liquidity in the system such as keeping the interest rates low, additional liquidity support to NBFC and HFCs. RBI’s accommodative stance for such a long duration too helped mitigate the effects of Covid-19 on businesses and was a key to the recovery of real estate and the overall economy. These reforms have eventually proven to be positive for the economy in the long run. The outlook on India’s economic growth in the coming years looks very positive with the way the Government has tackled the Covid crisis.

The upcoming budget needs to be more attractive to foreign investors as it will be an ultimate platform to announce further incentives which will attract more foreign investments into the sector. Considering the rupee’s recent muted performance, this budget is an ideal time for reforms targeted at foreign inflows into India. We expect the government to reduce the tax on interest income which will help accelerate capital inflows to India. Liberalizing foreign investment norms in real estate is another widely expected move.

The residential real estate market in India has become more lucrative for NRIs as a result of the increased transparency due to RERA and ease in investment norms. Given their efforts towards nation building, the NRIs expect the forthcoming Budget to reward them with sops such as ease of compliance under the Income-tax Act and reduction in withholding tax rates, among other relaxations.

Real estate acts as a major growth driver for the Indian economy. The government must announce encouraging moves that can further attract foreign investments into the sector and help in huge employment generation.

Himanshu Jain, VP – Sales, Marketing and CRM, Satellite Developers Private Limited (SDPL)
The real estate sector was already in focus for the government in 2021, we expect a similar and a more refined response this year.

The government has already played an immense role in driving the momentum of the industry with various announcements which benefited the developers and homebuyers last year. We have already addressed the positive outcome of the decisions, with a huge hike in sales all across the country.

The budget 2022 will bring further relaxation to the sector if the government plans on further extending the already introduced relaxations.

Additional benefits like GST waiver for under-construction homes hike in Rs 2 lakh tax rebate and incentives for private sector investments in the affordable housing segment; among others can be some of the measures Finance Minister Nirmala Sitharaman should consider in the upcoming Union Budget.

Bhushan Nemlekar, Director, Sumit Woods Limited
The government and the Reserve Bank of India (RBI) have done enough to bail out the real estate sector from depression, as it remains one of the most precise bellwethers of the state of India’s economy. The budget for 2022 will surely bring a positive outlook for the sector and we look forward to further emphasis on tax incentives, GST waivers, and Affordable housing this financial year. A series of key decisions taken by the government recently to revive the realty sector has improved consumer confidence and the impetus given to the residential sector is expected to yield positive results in the near future.

Meanwhile, the Economic Survey was announced on Monday.

Ramesh Nair, CEO, India and Managing Director, Market Development, Asia, Colliers had this to say on the survey report.
The 2022 Economic Survey infuses optimism for what lies ahead. The projection of 8-8.5% GDP growth for fiscal 2022-23 will be led by supply-side reforms and easing of regulations. The survey also indicates that consumption is growing and inching closer to the pre-pandemic levels. Total consumption is estimated to have grown by 7.0 per cent in 2021-22 with a significant boost from government spending. The Survey spells out that rising capital expenditure by the government on infrastructure and an uptick in the housing cycle has been responsible for reviving the construction sector. This has resulted in the consumption and production of steel and cement consumption to reach pre-Covid levels. We expect Budget 2022-2023 to announce reforms and incentives that will continue to boost consumer spending and thus aid in the overall revival of the real estate sector.

Also Read: Bhushan Kumar Of T-Series Paid Rs 167 Crore For Juhu Bungalow

The post Budget 2022: Will these expectations of Realty Industry come true today? appeared first on Square Feat India.

By Santosh Kumar

The foundation-laying ceremony of the Jewar International Airport by the Prime Minister heralds significant future economic activity in and around the airport. With an estimated cost of INR 34,000 Cr, the airport, once completed, will ease traffic at the IGI Airport, create a massive number of jobs for the local population, and give a major impetus to the property market in Noida, Greater Noida, and Yamuna Expressway.

These regions were previously speculator havens and needed significant impetus to attract end-user demand. For an area to become end-user-centric and liveable, an infrastructure project like the Jewar Airport can help kick-start more real estate developments, including housing, commercial, retail, and hospitality projects.

Interestingly, after the pandemic, the relatively affordable markets of Noida and Greater Noida had begun to see some demand uptick. Focus on Noida and Greater Noida increased manifold in the residential and commercial real estate segments. The airport will help push this demand even further.

Plotted Developments To Gain Momentum

The height restrictions for developments near airports and the newly-evolved homebuyer preferences post COVID-19 may combine to push up the viability of plotted developments around the Jewar Airport. In recent times, plots and independent homes have gained a lot of popularity in Delhi-NCR.

To illustrate – residential plots around the airport selling at INR 22,000 per sq. yard a year have seen prices increase to INR 30,000-32,000 per sq. yard by now, depending on the exact juxtaposition of the plot vis-à-vis the upcoming airport.

A Major Boost for the Region

If the construction progresses as per the schedule and Phase 1 completes by the second half of 2024, there will be significant ‘real’ benefits. Already, over the last year, commercial activity – particularly warehousing – saw increased momentum in and around the airport – also factoring in other mega projects in the vicinity, including the Film City.

Already, there is an uptick in office leasing in Noida. Various private institutions are now scouting for land in and around the airport. The Greater Noida Authority has boosted investments into the region by attracting big companies with various incentives.

While the future for real estate around Jewar Airport certainly looks bright, investors, end-users, and developers must continue to tread with caution. The arrival of a second international airport in NCR will have a positive impact on the real estate market in and around the region and the state of UP. However, investment gains expectations must be more realistic than speculative.

Over the short-to-mid-term, the area in and around the airport will undoubtedly witness significant development activity by players who hold suitable land banks there. Many players have been hoping to cash in on this mega project since it was announced several years ago and bought up large land parcels in the vicinity.

For these far-sighted developers, the time to come forward and weigh the best options is finally at hand. However, they will need to consider that the nearby areas, including Noida, Greater Noida, and Yamuna Expressway already have a lot of residential projects available.

As per ANAROCK data, the total available housing stock in Noida, Greater Noida, and Yamuna Expressway collectively stands at nearly 54,450 units (as on Q3 2021). This is 33% of the total stock in the entire NCR. Interestingly, back in 2019, the total available stock in the three areas was approx. 67,830 units. With demand rising in these cities after the pandemic, housing inventory declined by nearly 20% in this period.

Notable Future Trends

Once operational, the Jewar Airport will be a major game-changer for Noida and Greater Noida, and also the hitherto obscure property markets in the nearby hinterlands. Some of the most significant trends to watch for in the long-term include:

End-user Demand: Despite being more affordable than markets like Gurgaon and Delhi, Greater Noida and areas along Yamuna Expressway had been unable to position themselves as solid end-user markets due to lacklustre infrastructure facilities. The new airport will induce a massive infrastructure boost and make these areas more liveable and active. This will attract increasing interest from end-users in this region.

Greater Noida & Yamuna Expressway – New Affordable Options for First-time Homebuyers: With increased connectivity and several infrastructure upgrades on the anvil, these two regions will see significant real estate development in the times to come. These regions are more affordable than Gurgaon or Delhi, where prices are largely unaffordable for many. First-time budget-conscious homebuyers will have viable alternatives in these areas.

Commercial RE Uptick: The new airport will increase demand for housing, as well as commercial real estate like office and retail spaces. More and more office spaces will come up in this region as rentals there will be relatively lower than in Gurugram.

Moreover, COVID-19 came as a boon for the Noida office market, as demand for Grade A office space in the city was much higher than in Gurugram. To rein in costs during the pandemic, several corporates, start-ups, and other businesses saw Noida as a better alternative in 2020. Now, the upcoming Jewar international airport gives Noida an additional advantage.

As per ANAROCK research, the avg. monthly rentals for Grade A office spaces in Noida are anywhere between INR 50 – 80 per sq. ft. In Gurugram’s prime areas, they range between INR 85 –125 per sq. ft.  

Steady Future Capital Appreciation: Both Greater Noida and Yamuna Expressway historically aw high investor activity. While the areas always looked promising for end-users, their liveability quotient was a challenge. Many housing projects along the Expressway thus remained unoccupied and were tagged as ‘ghost towns.’ With the new airport drawing more end-users, the region will finally see steady capital appreciation based on actual demand, not speculation.

Tourism Boost in Mathura and Agra: The new airport will significantly boost tourism in Mathura and Agra. These cities are already well-connected with the national capital via the Yamuna Expressway, and the airport will massively increase tourist footfalls. This, in turn, will help these cities’ overall real estate markets in the times to come. The airport will also act as a catalyst for Western UP’s real estate market.

With the Jewar Airport finally set to take off, we can reasonably expect significant activity to commence over the next 2-4 years.

Santhosh Kumar, is the Vice Chairman – ANAROCK Group, opinions expressed in the above article are that of the author.

Also Read: Listed Developers Are Selling more Homes

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