Affordable housing News

Union Budget 2025: The real estate players are expecting a slew of changes in the current provisions not only to boost sales but also to help homebuyers gain big.

The Union Cabinet has recently approved a 'Special Window' fund to provide priority debt financing for the completion of stalled housing projects that come under the Affordable and Middle-Income Housing sector. For the purposes of the fund, the government will act as the sponsor and the total commitment to be infused by the government would be up to Rs 10,000 crore, according to an official statement.

Under the approved houses, Uttar Pradesh has got 54,277 houses, West Bengal 26,585, Gujarat 26,183, Maharashtra 8,499, Assam 9,328, Chhattisgarh 6,507, Rajasthan 4,947 and Haryana got 3,808 houses

In a big relief to home buyers, the GST Council Sunday slashed tax rates on under-construction housing properties to 5 per cent without the input tax credit, from the existing 12 per cent, Finance Minister Arun Jaitley said. 

IRSDC, which is responsible for redevelopment of the railway station, will now construct affordable housing.

Till now, the bank has invested USD 1.6 billion in seven projects in the country and has not taken any direct exposure in the affordable housing segment.

Chennai's residential real estate market was the worst-affected in 2017, with an annual decline in new launches of around 72 percent from 15,700 units in 2016 to 4,400 units in 2017.

Real estate developers and consultants expect housing sales to improve, although gradually, as prices have become stable after much-needed correction in last few years and interest rates on home loans have softened.

To tap the investment sentiments associated with the festive season and counter the subdued markets, developers have started offering innovative marketing schemes aimed at increasing the sales of unsold properties.

Housing sales stood at 22,699 units during third quarter of 2017 in eight major cities as against 34,809 units in the previous quarter.

Under CLSS, MIG beneficiaries with annual income of above Rs 6 lakh and up to Rs 12 lakh would get an interest subsidy of four per cent on a 20-year loan component of Rs 9 lakh.

Centre announced a new PPP policy to boost private investment in affordable housing.

Noting that high cost of land is a key constraint in rapid expansion of affordable housing, the Niti Aayog has pitched for steps to bring down land prices to give a push to the Centre's housing scheme.

With the demand for affordable housing increasing, the segment witnessed a significant growth in fiscal 2017 and it contributed over 50 percent to the total sales during the October-December 2016 quarter, a recent survey revealed.

After State Bank of India (SBI) and LIC Housing Finance, ICICI Bank on Monday decided to cut home loan rate by up to 0.3 percent for loans up to Rs 30 lakh to promote affordable housing.    

Realty major Lodha Developers will invest about Rs 4,300 crore this fiscal on construction to boost deliveries of housing units and also plans to launch 8-9 new projects in Mumbai, Pune and London.

Ways to involve private real estate developers in the government's ambitious 'Housing-for- all by 2022' programme was on Saturday discussed at a meeting in the Prime Minister's Office with focus on removing the "bottlenecks".

Here we are listing some of the key changes in rules that will be effective from the new financial year 2017-18.  

There is significant demand for affordable housing amongst the younger age (25-44 years) in smaller towns than in metros and mini-metros.