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$1.8-billion raised by HDFC Capital for affordable housing

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Team iPropUnited
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Subsidiary of HDFC Ltd., HDFC Capital focused on affordable housing has achieved the initial close of its third fund of USD 1.88 billion (about Rs 13,500 cr.)

$1.8-billion raised by HDFC Capital for affordable housing

The company said in a statement, HDFC Capital’s target is to finance the development of one million affordable homes in India through a combination of innovative financing, partnerships and technology, whilst focusing on sustainability.

To raise additional funds to be invested in affordable housing in India, HDFC Capital is in active discussions with a few prominent global investors. Company’s Affordable Real Estate Fund-3 (H-CARE-3) is one the biggest funds raised to invest in the Indian residential real estate sector with investors promising in excess of USD 1.22 billion towards the first close. An estimated total fund corpus of USD 1.88 billion is expected by combining the above figure with potential reinvestments.

According to the wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), H-CARE 3 (primary investor), the fund will offer long-term, flexible funding throughout the lifecycle of affordable and mid-income residential projects, including initial-stage funding.

In addition, it said H-CARE 3 will also invest in technology companies (construction technology, fintech, cleantech, etc.) engaged in the affordable housing ecosystem.

HDFC Chairman Deepak Parekh said, “HDFC Capital has been one of the pioneers of investing in affordable and mid-income housing projects in India.

“With support from marquee global investors like ADIA and partnerships with leading developers, the platform is well on its way to ensuring many more Indians become homeowners,”

At HDFC Capital, the vision is to finance the development of the affordable housing ecosystem in India and provide a seamless platform for all stakeholders including global investors, developers, and vendors to access financing and technology innovations, the company’s Managing Director Vipul Roongta said.

Jaypee Wish Town Noida authority steps in, stalls plan to hike upkeep rate

By
Team iPropUnited
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On Friday, residents of Jaypee Wish Town continued with their sit-in protest against the frequent increase in maintenance charges prompting the Noida Authority to step in later in the day.

Jaypee Wish Town Noida authority steps in, stalls plan to hike upkeep rate

In a communication, Authority’s additional CEO Neha Sharma directed the facility management group (FMG) of the developer, Jaiprakash Associates Limited, to stall the latest hike in upkeep charges till a meeting on the matter is held between Noida officials, the homebuyers and the FMG.

Brijesh Singh, a resident of Jaypee Kosmos said, “There were about 100 residents at the protest site on Friday, as we were told that officials from the Noida Authority, the district magistrate, and the local MLA would come to redress our grievances. Though no one came, an order from the Authority stalled the hike.”

When contacted, ACEO Sharma told TOI, “We have directed the FMG of Jaypee Wish Town that no maintenance charge should be hiked till a mediation meeting is held between the apartment owners association (AOA) representatives and the builder under our supervision. The meeting will be called soon.”

Though the Wish Town FMG stalled the maintenance hike following the Authority directive, they shot an email to the residents demanding an advance information of the meeting.

“… we have been intimated that a meeting on this subject and related aspects will be taken up by the district administration and the Authority soon. We are also informed that the proposed interaction shall have the representatives of the residents as well as the company to discuss various aspects,” it said.

However, the residents decided to continue with their sit-in dharna. “Our only one demand is a complete rollback of the increased maintenance charges. This is the second hike in maintenance charges in a calendar year. On the contrary, there has been no improvement in the upkeep services so far,” said Pooja Singh, a resident of the complex.

Ravi Shankar Kumar, another resident, added, “We want a professional and competent FMG service for such a large society. The current management is inefficient in providing better liveable facilities and has no transparency in income and expenses.”

Residential Properties in Noida from INR 55 lac to INR 75 lac

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Team iPropUnited
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Residential Properties in Noida from INR 55 lac to INR 75 lac

If you are searching for properties in Noida within the price range of 55 lakhs to 75 lakh then this is the best place where you can get an overview about the best options available for you. Here are some of the best properties by well-known developers offering 2 BHK and 3 BHK flats under 75 lakhs in Noida.

  1. Eldeco Live by The Greens

By Eldeco

Price Range – ₹ 68.73 – 69.82 L, ₹ 6,045/sq. ft.

Type – 2 BHK, 2 Baths

Location – Sector 150, Noida

Brief

Eldeco Live by The Greens is perfectly situated in Sector 150, Pusta Road in the city of Noida and is a well-designed project. The amazing Eldeco Live by The Greens project is accessible in the price span of Rs. 54. 5 Lac – 74. 0 Lac. Scattered over 20 Acre, this project is remarkable in its range. The project consists of a total of 1200 units, designed with robust quality. The wonderful Eldeco Live by The Green’s commencement certificate has been approved. The residence certificate of the project was not granted, so you can rest convinced. Eldeco Live by The Greens has been acquired by the renowned builder Eldeco Infrabuild Ltd. In Eldeco Live by The Greens, you may take advantage of the best facilities like Multipurpose Hall, Kids Play Pool with Water Slides, Club House, Swimming Pool, and Kids Play Area. The site’s exact address is Sector 150, Noida, Uttar Pradesh. The pin code of this masterpiece project is 201310. At Eldeco Live by The Greens, you can admire a contemporary lifestyle as all amenities are easily accessible.

  1. Samridhi Luxuriya Avenue

By Samridhi Group

Price Range – ₹ 65.24 – 69.72 L, 1,165-1,245sq. ft.

Type – 2 BHK, 2 Baths

Location – Sector 150, Noida

Brief

Samridhi Luxuriya Avenue is another masterwork from Samridhi Group delivering the upgraded experience of satisfaction encircled in the luxury closet with a remarkable background of urban chic lifestyle in one of the highly wished-for localities of Noida. Samridhi Luxuriya Avenue in Sector 150 Noida is constructed with world-class architectural creativity which will stand tall in the forthcoming time putting in smiles to the lives of people. Samridhi Luxuriya Avenue has one of the most fascinating and refreshing environments encircled by greenery, commercial and residential centers to deliver you a friendly and upgraded lifestyle.

  1. TATA Eureka Park

By TATA value homes

Price Range – ₹ 69.85 L, 1,100 sq. ft.

Type – 2 BHK, 2 Baths

Location – Sector 150, Noida

Brief

The world is shifting towards all things smart, and so should your residences! Eureka Park is a residential project offered by Land Kart Builders Private Limited (an associate of Tata Value Homes Limited and Lotus Greens Constructions Pvt. Ltd.), which is in line with the modern-day aspirations of a creative lifestyle. Everything is here, from the locale to fresh areas that let you be one with nature, conveniences for your revitalization, a modern clubhouse, and the residence automation features, are thoughtfully constructed for the smarter you. Tata Value Homes Eureka Park is dissipated over an area of 20.74 acres, 2 BHK and 3 BHK flats are accessible in the complex. 10 buildings house 1160 smart and contemporary homes. Carpet plus exclusive area accessible for 2 BHK apartments is 783 sq ft. and for 3 BHK apartments, it is in the span of 934 to 1151 sq ft.

  1. Paras Tierra

By Paras Buildtech

Price Range – ₹ 50.6 – 69 L, 1,265-1,725 sq. ft.

Type – 3 BHK, 2 Baths

Location – Sector 137, Noida

Brief

Paras Tierra situated in Sector 137; Noida is a well-designed township. It has several apartments accessible between INR 23.0 Lac & 85.0 Lac. Paras Tierraa project by Paras Buildtech delivers you endless opportunities to indicate your lifestyle. It offers luxury flats in Noida and provides you with a home after your spirit. It sets itself distant from all the residential projects in the proximity of the sheer amount of magnificence it seeks to deliver and share with you. It is constructed keeping in mind the excellent luxuries of the residents and offers extravagantly constructed residences with additional benefits. The conveniences have been exquisitely designed to deliver its residents a high quality of living. The project gives you uncomplicated life-inducing ease at every step of your path. The high-end infrastructure and amenities increase the elite values and offer superior living to the residents.

  1. Paramount Floraville

By Paramount Group

Price Range – ₹ 62.7 – 74.4 L, 1,045-1,240 sq. ft.

Type – 2 BHK, 2 Baths

Location – Sector 137, Noida

Brief

Created by the prestigious Paramount Group, Paramount Floraville is a thoughtfully conceptualized project providing a seamless mixture of luxury conveniences and a healthier lifestyle. The abundance of lush green landscapes guarantees the apartments get to appreciate accessible views of the greenery and the beautiful surroundings. Each of the residential apartments is constructed to deliver the ultimate space and is incredibly well-circulated obtaining plenty of natural light and fresh air throughout the day. Each of the towers is not only elegantly constructed but is also constructed as an arc to authorize maximum natural light and ventilation. The super built-up area for 2BHK flats is sized at 1045 sq. ft. and 1240 sq. ft. While 3BHK units are accessible in the sizes of 1270 sq. ft. 1360, 1425, and 1685sq.ft. An assortment of fascinating conveniences and luxury facilities give an aura of elegance and beauty to Paramount Floraville.

  1. SKA Divya Towers

By SKA Group

Price Range – ₹ 46.1 Lac – ₹ 67.9 Lac

Type – 3 BHK, 2 Baths

Location – Sector 16, Noida

Brief

Sector 16 Noida Extension, Greater Noida is home to the beautiful accommodation project Divya Towers, inaugurated by well-known real estate firm SKA Group. The project will be assembled on an area of 3.25 acres and is offering relaxed and large 3 BHK apartments exclusively. The built-up area of 3 BHK apartments is from 1260 to 1775 sq ft. Round the clock safety, lifts, CCTV cameras, banquet hall, basketball court, children’s play area, clubhouse, cricket pitch, gymnasium, jogging track, skating rink, spa, sauna, steam facility, swimming pool, tennis court, and all other conveniences also which deliver the satisfaction of occupancy are ready in the housing.

  1. Eldeco EL 150

By Eldeco Group

Price Range – ₹ 46.1 Lac – ₹ 67.9 Lac

Type – 3 BHK, 2 Baths

Location – Sector 16, Noida

Brief

Come to a new life that is active with entertainment, athletics, and recreation. A life that delivers various chances to relieve tension and restore after a difficult day at work. A life that brings alive the sportsperson present in you. A life that gives several social alternatives to greet new people, make new friends, or let you be at stability with yourself. Residences at Eldeco Live Greens Sector 150, Sports City, Noida are designed for healthy occupancy. Each apartment is constructed for absolute ventilation and natural light. Large open gardens inside the complex also keep the environment healthy. Eldeco Live By The Greens apartment is constructed with comfortable room sizes. The apartment is large, aesthetically modelled to welcome what is essential for modern living. Sector 150, Noida is well placed at a primary location with developed social infrastructure in the proximity. 8 Lane DND Flyway attaches Delhi to Noida, Upcoming Noida Greater Noida Metro will pass close to the site. The estimated date of opening is June 2018, Upcoming FMG Expressway will attach all primary cities. Noida-Greater Noida Expressway is a 6 Lane highway attaching Noida & UP to Greater Noida. New Airport at Jewar located at 20 Minutes of driving.

  1. Supertech Cape town

By Supertech Ltd.

Price Range – ₹ 51.0 Lac onwards

Type – 2 BHK, 2 Baths

Location – Sector 74, Noida

Brief

Supertech Capetown developed by Supertech Sales is in Sector 74, Noida. This project is where your experience of wonderful living appears to be true. Stretching across acres of lush grasslands and wide-open areas, the project enables its residents a balanced mixture of beauty, luxury, and space. The meticulous planning and outstanding infrastructure at this project are set to redefine residential precepts at their nicest. The architects have guaranteed that you never have to negotiate on health and hence each apartment obtains sufficient fresh air, cross ventilation, and natural light to dwell a healthy lifestyle

  1. Express Zenith

Price Range – ₹ 59.4 – 78.6 L,

Type – 2 BHK, 2 Baths

Location – Sector 77, Noida

Brief

Packed with all world-class conveniences and strategically found, Express Zenith is an address which only people admire, who are fated for greatness in life. The inhabitants of these Residential Apartments in Noida celebrate a lifestyle that is strived by various and experienced by limited. Express Zenith in Sector-77 delivers you an elite lifestyle that you have invariably adored. The floor plan of Express Zenith allows the best utilization of the area such that every room, kitchen, bathroom, or balconies seem to be larger and big. Express Zenith provides 2 BHK and 3 BHK elegant Apartments in Noida. The master plan of Express Zenith assures that these Apartments in Sector-77 are Vastu compliant to demonstrate its inhabitants with a cheerful mood and wonderful life throughout all seasons. The location of Express Zenith is excellent for the ones who strive to invest in property in Noida with several schools, universities, hospitals, supermarkets, recreational areas, parks, and various other facilities close to Sector-77.

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Significance of Bank Statement During Home Loan

By
Team iPropUnited
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Significance of Bank Statement During

Assuming that you are wanting to apply for a home loan, the bank statement should be in your checklist of the documents needed for a home loan. Why bank statement is needed for a home loan? How critical is your Bank Statement and what information lender intend to extract out of it? Following are the facts that lenders look for while inspecting your bank statement:

Cheque Dishonoring: With the Bank charges charged to you account on account of cheque dishonoring enables the lender to access your financial discipline. In case of higher instances of cheque dishonor, the same projects your incapacity to pay off your liability and affects your credibility. An person who issues checks without keeping a sufficient equilibrium in his record hence bringing about more number of cheque without maintaining an adequate balance in his account thus resulting in more number of cheque dishonors has slim chances of getting a loan. Hence, a bank statement is required for a home loan.

Information Regarding Other Loan-if any: With the existence of any other loan, your extent of getting higher amount of next loan gets lessened. In case the consistent amount is debited from your account every month that shows your liability towards another loan (s) and the lender assessed your capacity of repaying the current loan by accessing your total liability minus the amount you are liable to pay for the previous loan.

Balance of your Account: With the pattern of payments by means of credit cards and online transactions, the lender can compute your consumption vs. income as all such transactions get reflected in your bank statement. The one will high amount of debits on account of such expenses compared to their income, have fairly low chances of securing a home loan as this reflects your habits of overspending and your incapacity to repay loans in near future.

The Nature of Activity: Lastly, a bank statement is needed for a home loan because it plays a critical part in verifying the level of exercises of a business in the case of self-employed and the salary quoted against the amount mentioned in the loan application. Assuming there is a gigantic inflow of funds around the time when the loan is applied for, it arises a suspicion that the same activity is being with a view to obtaining eligibility of loan.

On account of a veritable salaried representative, a steady amount gets credited as income each month and gets reflected in the bank statement. But in case if the amount has significant variations, then the same get scrutinized by the lender before lending a loan. Similarly, in the case of self-employed, receipts reflected in the bank statement are compared with the amount declared in income tax returns to access the credibility of the borrower.

So, by now you must be aware of why a bank statement is required for a home loan. Whenever you apply for a home loan, make sure your bank statement is liberated from the flaws as mentioned above else chances of rejection of your home loan will get substantially high.

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Design your own flower plots with these 5 Creative plot ideas

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Team iPropUnited
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Design your own flower plots with these 5 Creative plot ideas

Flowers and flower-pots are an important aspect of every home as they bring beauty and positive energy. The artistic and different flowerpots will vastly bring out the beautiful elegance of your flower plants. Whether it’s that morning tea in the fresh breeze or a cosy get together for drinks on a windy evening, your garden continues to be a very special part of your home. The leafage, the freshness and the beauty are all that you want outside your home. And since it refreshes your soul and is always at your service, you also have a certain responsibility towards it! Everything needs care and nurturing to grow, and so does a garden.

So for those DIY lovers, they choose to make their inspired DIY garden pots that could stand out in any space inside or outside of a home. These easy and exceptionally creative flowerpot ideas are simple to follow but are sure to perk up your garden making it even more lovable! Here we go –

Bicycle Plants

As odd as it may sound, it looks exotically wonderful! If you have that old bicycle lying getting rusted, then please go back in time and remember how you were taught to recycle things! Yes, you have to recycle your bicycle into flowerpots! Just attach some beautiful and old-fashioned baskets (whatever size you feel is appropriate) to the handlebars in the front and carrier at the back. Choose climbing plants for this as they will cover parts of the bicycle too, making it look just out of this world!

Add More Life To Your Pots:

The easy red clay pot or the white or any solid colour ceramic pot that you carry at your home can be spiced a bit completely to add more drama to your indoor terrace. Take a marker pen and draw your eyes on these plant pots. You can also use paint to draw anything creative on these pots. It is a simple, effortless, yet innovative DIY suggestion for your garden. You can even jot down nice quotes on these pots. So, unleash your creativeness and add drama to your lawn.

Drooping Plastic Bottle Planter:

Those who don’t possess the luxury of a large outdoor lawn have to negotiate for the balcony garden only. But you can do a lot with a small space too in your garden. Use coke or sprite bottles for this purpose. Cut them using a pointed knife about 1 inch above the bottom, and then give a good wash. Now cover the bare verges of the bottle with masking tape and make 4 holes at proportional intervals so that you can tie the rope. Now, you must chop a short length of aluminium foil and roll that into a tube form to line the bottle with it. Your plastic bottle planter is ready.

Huge And Old Books Which You Never

Those ancestral books are large but too tedious to read. But now they can be utilized as something, which you never assumed of! Cut and make a hole in the interior of that scarily large book and use it as a pot! It can be consumed for plants that do not develop too much in height and are small. You keep it on the furniture on your lawn and you can flaunt your diligent side with a Book Flowerpot! Remember to use only those books which have a hardcover.

Flowerpots In A Cage!

The word ‘cage’ makes it sound like some sort of a trap but it’s quite opposite to that! Buy an old cage from a second-hand store and start planting inside it. You can use creepers or colourful flowery plants or anything of your choice and hang the cage at a place that enhances its beauty the most. These cage flowerpots add a lot of rustic and vintage charm to the garden!

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Retail space of Rs 88 crore purchased by Avenue Supermarts

By
Team iPropUnited
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According to the real estate data and analytics platform Propstack, Avenue Supermarts, which owns DMart stores, has purchased a total of 67,000 square feet in Hobli, Varthur, which covers three floors and includes 135 parking spaces.

Retail space of Rs 88 crore purchased by Avenue Supermarts

A retail space in Bengaluru valued at over Rs 88 crore was purchased by billionaire investor Radhakishan Damani’s company Avenue Supermarts. The news was obtained by the two people with direct knowledge of the development.

According to the real estate data and analytics platform Propstack, Avenue Supermarts, which owns DMart stores, has purchased a total of 67,000 square feet in Hobli, Varthur, which covers three floors and includes 135 parking spaces.

“The deal was registered in October and the entire retail space is expected to be delivered over the next few months,” said another person aware of the deal in an interview with Economic Times. ET’s query to DMart did not elicit any response until press time.

Avenue Supermarts has bought around six properties, including land parcels and retail space, worth over ₹1,100 crores over the last few months. These include an eight-acre land parcel in Thane from Mondelez India, formerly Cadbury India.

In recent months, Damani and his retail chain have been snapping up real estate assets in cities such as Bengaluru, Hyderabad, Pune, and Mumbai. Despite the Covid-19 pandemic, the retail chain of Damani is flourishing.

With a cumulative retail business space of 9.44 million sq. ft. as of September 30, 2021, the company governed 246 stores across Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh, and Punjab.

Tips For Single Woman For Investing In Real Estate

By
Team iPropUnited
-

Tips For Single Woman For Investing In Real Estate

With a pool of offers and list of properties, perplex scenario is apparent and hence, here are a few tips for single women who are interested in investing in real estate. With women becoming more and more independent in monetary terms, it will become a mandate for them to select an appropriate channel of investment, like real estate, to attain a monetary balance for lifetime.  If you’re unmarried woman, following are the “extra” cautions which you must to undertake to make your “symbol of independence” a hassle-free in long term:

Knowing your Budget

 The first and principal step in making plans for funding in assets is to diligently recognize your affordability that consists of expenditure on insurance, taxes and standard protection of your home except its EMIs. Don’t neglect to save some liquidity for any type of unexpected occasions to keep away from last minute pesters.

Consulting Experts

 Buying a property involves immense financial investment and to lend it in safe hands, it’s extremely counseled to hunt some professional recommendation on that. Nowadays, you’ll realize professional consultants, for every phase and once it involves taking important call like investment in realty, market has no dearth of specialists for it. In depth analysis shall be carried out before selecting a project for investment.

Security with Location

Before finalizing a property, you wish to confirm that it should be safe and secure with the intensive analysis on its neighborhood. As a single women, its mandate that the amenities like hospital, restaurants, markets, Bank and ATMs, looking complexes and other recreational facilities shall be within the neighborhood. The property should be equipped with security measures that offer you a way of safety.

Insurance

  To safeguard your investment from any unforeseen emergencies, don’t forget to shield it with insurance. Various companies in market offer different insurance plans depending on your budget.

Size of your Property

 After making up your mind about the kind of project you should invest in, the next crucial decision is to choose the size of property to invest in. Although it always gets limited by the budget factor, there are several other aspects that will help you to make a favorable decision. 1 BHK sounds best for a single woman as it is not just cost-effective but easier to maintain in long run as well. In case you intend to get married or seeking out a flat-mate to percentage your maintenance expenses in future, 2 BHK will be a favored choice.  Depending upon your budgets and requirements, you can additionally prioritize the projects based on the amenities like gymnasium, club house, jogging track and many more offered by them.

With those measures, you’ll honestly make investments your hard earned cash in a win-win deal so that it will make you happy with your funding choice.

Madhya Pradesh announces scheme to provide free residential plots to families

By
Team iPropUnited
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The official from the public relations department said the state government will provide plots to families that don’t have land to build their own homes, under the Mukhyamantri Awasiya Bhuadhikar Yojna.

Madhya Pradesh announces scheme to provide free residential plots to families

On Friday, an official said that a scheme to provide free plots of land to families was confirmed by the Madhya Pradesh government. The land will be delivered to the families who don’t acquire one so that they can lead an exalted life.

The official from the public relations department said the state government will provide plots to families that don’t have land to construct their own homes, under the Mukhyamantri Awasiya Bhuadhikar Yojna.

On Thursday, in a meeting, while announcing the scheme, Chief Minister Shivraj Singh Chouhan said under the Pradhan Mantri Awas Yojna, this move will also clear the way for the construction of houses.

He said the state government has issued guidelines for allotment of plots in rural areas, Under the Mukhyamantri Awasiya Bhu-adhikar Yojna. To ensure that every family has the right to a dignified life with necessities, the scheme has been implemented.

Residential plots will help people get loans from government schemes and banks, Chouhan said. On abadi land in each Gram Panchayat to eligible families, the scheme has been started to provide residential plots.

Under the scheme, the maximum area of the plot for allotment will be 60 sq. mt. and district collectors have been empowered concerning the availability of abadi land.

Applications have to be submitted online through the SAARA portal for getting a residential plot, he said.  The chief minister said, under the scheme, to be eligible a family must consist of a couple and their unmarried children, and families who are inhabitants of a particular village.

It was stated that to invite complaints and suggestions from concerned villagers, a village-wise lists of eligible families under the scheme will be published, and the period will not be less than 10 days.

The applications obtained and accepted cases will be organized by the commissioner of revenue, the official said. Eligible applicants will be given land ownership privileges in joint names of husband and wife based on availability, and no premium will be payable for allotment of plot.

Delhi NCR Property To See Rises in Price and Demand in Second Half of This Fiscal Year

By
Team iPropUnited
-

Sidhartha NCR Greens Gurgaon

Prices of residential units are expected to rise in the by the end of this year. Earlier the same was expected in 2016 when real estate market was at peak but the announcement of demonetization held the property price in the same range. However, it is expected that second half of year 2019 will give a boost to the realty market of India and is likely to turn out to be a perfect investment hub. At least due to RERA launch, the risk has reduced to almost negligible in comparison to the profits long term.

This is indeed a favourable outcome for Delhi-NCR (National Capital Region) that saw major downtime in terms of demand as well as property prices. The last quarter of 2018-19 brought growth of 3.5% to the Delhi-NCR property market to over 13,270 units while realty market of Pune witnessed 1.3% growth to 11,200 units and Mumbai realty market witnessed 0.1% growth to 18,000 units in sales.

RBI has brought down the key lending rates two times in 2019 bringing the repo rate to 6% seeing the increase in sales of volume in the real estate. This is in fact, a positive move taken by the Reserve Bank of India supporting the realty sector. This will allow homebuyers to purchase home not just for living but of their choice.

This year the builders will have both their hands full of profits as the market will witness more demand with rise value of the property and some upshot from policies overhauls. However, in the first half of this year, it is expected that the sector may have to face liquidity crunch and launches of new residential projects are expected to stay at silent. By the mid of 2020, the market is expected to change vertically upward with rising demands and property value.

Indian Real Estate Market Holding 5.6Lakh Undelivered Units Since 2013

By
Team iPropUnited
-

affordable housing

Indian realty market is holding around 5.6lakh of delayed housing units in today’s date. Total value of the delayed units is estimated to be around Rs. 451,750Crore as per the ANAROCK Property Consultants data. All the projects that are facing delay in possession or even completion of the units were launched in 2013 or before. Not to mention, many of the real estate properties of Delhi-NCR are amongst the same.

Around 5.6lakh homebuyers across India are still awaiting the delivery of their homes for which they have been paid or still paying EMIs but builders continue to claim their bankruptcy status to the banks and government. The situation is now that builder will be able to complete the construction work only upon getting funds from buyers while buyers have already given the funds and now waiting for the completion.

The incomplete projects are getting piled up for over year and year and so, causing the main reason of cost overruns compounding the funding crisis even further. Another big reason for the incompletion lies in that fact that many builders, without taking mandatory approvals from the authority, launched green field projects whose works were stopped at the mid-stage.

RERA launch in year 2017 brought some relief to the homebuyers. Government has safeguarded the homebuyers along with the banks and other creditors with amendments in Insolvency and Bankruptcy Code. With this, the state authorities get complete right to intervene with the projects towards completion in order to protect the investment of homebuyers when builders claim their bankruptcy status.

Along with monitoring the proper funds management by the builders, the government can also bring in third party – government or non-government to lead the project to the completion if the construction work of the project is found halt for any reason. In other words, it will be government’s responsibility to ensure the completion of projects by the builders or any third party. Nevertheless, the cases of insolvency are still pending for the projects launched in 2012-13 at present and homebuyers are still waiting for the possession of their homes.

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