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Nuveen invests $30 million in AVIOM HFC for low-income housing lending in India

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Team iPropUnited
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Nuveen, a global investment manager with more than $1.1 trillion in assets under management, will provide $30 million to AVIOM HFC as part of a Series D funding round through a combination of primary and secondary investments made in installments.

AVIOM HFC is a low-income housing lender that serves underserved communities. To serve a specialized market of informal housing, its business model combines lending with social impact. AVIOM HFC strives to include these families in the realm of official financial services.

“Nuveen seeks out innovative businesses with game-changing business models that address real-world issues,” said Stephen Lee, Senior Director & Head of Asia for Nuveen’s Private Equity Impact Investing team. By serving a previously underserved market, AVIOM and its leadership have revolutionized microlending in India. The company’s track record of strong growth, the quality of its assets, its profitability, and its emphasis on gender inclusion have all greatly impressed us. We are excited to work with Kajal and the AVIOM team on their upcoming growth chapter.

“We’re excited to work with Nuveen. To significantly support low-income households, the company will increase its loan book and operate in newer geographies as a result of the fundraising, according to Kajal L. Mi, MD & CEO at AVIOM India Housing Finance Pvt Ltd. By disbursing approximately INR 1200 Cr. with this, we propose to provide financial assistance to an additional 60,000+ families in the upcoming fiscal year. There are currently more than 50,000 accounts in the company’s customer base. 

She continued, “By 2026, this new equity investment will enable AVIOM HFC to grow six times as fast.” In addition to adding 50 new branches to its current network, AVIOM hopes to increase its monthly disbursement to INR 150 Cr over the next six months.

The company has stayed true to its mission of empowering women through financial independence and inclusion ever since AVIOM’s inception. They have been giving loans to female borrowers who are undocumented and come from primarily semi-urban and rural areas. Affordable mortgages enable women to build homes they could otherwise not afford and establish a credit history. In the future, the company wants to assist more low-income families in semi-urban and rural areas who require home loans for sanitization, renovations, and home improvements.

By assisting their families in obtaining decent housing and sanitation, we are proud to have positively impacted more than 150,000 lives. By the fiscal year 2026, we will increase our efforts to reach 750,000+ people, according to Kajal Ilmi. We are more inspired to carry out our mission of financial inclusion because of this support.

The mission and daily operations of AVIOM HFC are centered on the economic empowerment of women. Over 55,000 women now have quality employment opportunities due to AVIOM HFC’s innovative sourcing model, known as AVIOM Shakti, with plans to add another 5,000 each month. The AVIOM loan referral agents are Shakti officers. As a result, AVIOM ranks among the top employers of women in India’s rural areas. 

The company offers loans for home construction, additions, and renovations in the amount of Rs 1 lakh to Rs 5 lakh. Including Rajasthan, Madhya Pradesh, Uttar Pradesh, Punjab, Uttarakhand, Karnataka, Telangana, Andhra Pradesh, Tamil Nadu, Maharashtra, Gujarat, and Haryana, it has a network of 120 branches across 12 states.

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RWAs citizen groups strongly opposed construction of stilt plus four floors

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Team iPropUnited
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Representatives from various resident welfare associations (RWAs) in Gurugram, including those from sectors 9, 10A, 22B, 23, 23A, and Palam Vihar, along with several citizen groups, gathered on Sunday to protest against the construction of stilt plus four floors.

They argued that the new construction would only add to the already overburdened infrastructure of the city. The residents unanimously decided to oppose the policy and demanded a complete ban on the stilt plus four floors in the city.

The residents also raised concerns about the increased floor area ratio (FAR) and its negative impact on the environment. JP Dahiya, the RWA president of Sector 23A, stated that the policy was a breach of the residents’ trust, and low-height houses were deprived of free flow of air and sunlight because of the multi-story buildings.

Prashant Chauhan, the RWA president of Sector 9, added that most builder floors were not complying with building norms, and the government had no plan for providing basic amenities such as electricity, sewage, and water. He warned that the situation would only worsen with additional floors.

In February, the state government put fresh building plans for stilt plus four floors in residential plots in abeyance due to pending applications and awaiting approvals. In March, the government formed an expert committee to examine the issues related to the construction of stilt plus four floors and recommend future course of action in the matter. The committee has invited public objections and suggestions, which can be submitted by April 6 to the town and country planning department.

Bhawani Shankar Tripathy, the general secretary of Sadbhavna Welfare Society, a citizen group, highlighted that the density of population has increased by 60%, while infrastructure upgrades have not been at par. He urged the government to enhance the basic infrastructure of the area before allowing the construction of four floors.

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Surge in Property Registrations in Pune as Citizens Rush to Beat New RR Rates

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Team iPropUnited
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Days before the announcement of the new ready reckoner (RR) rate, citizens in Pune and across Maharashtra have been rushing to register their properties before the new rates come into effect on April 1.

The number of properties registered in the past few days has almost doubled the usual daily registrations, with property registration officials reporting a surge in last-minute registrations.

According to data shared by the department, 18,538 properties were registered across the state on Tuesday, while 20,009 registrations were done on Wednesday. Typically, daily property registration numbers range from 8,000 to 9,000.

“It is a common trend we see in the last week of March. There is usually a rush at registration offices during this time,” said an official.

The rush of high-value property registrations has helped Maharashtra exceed its revenue collection target of Rs 40,000 crore for this financial year. As of Wednesday, the state had collected Rs 41,965.2 crore in revenue. Officials expect the collection to cross the Rs 42,000-crore mark by March 31.

While only a few key offices were open on Thursday, as it was a public holiday, property registration officials expect Friday to be the busiest day for registrations.

State Credai president Sunil Furde has explained that citizens are anticipating a rise in RR rates, hence the rush to register their properties before the announcement. However, he added that the real estate body has requested the state government to keep the RR rates unchanged, but it remains uncertain if their request will be accepted.

Credai has urged the government to rein in the inflationary increment of the annual statement of rates (ASR), also known as RR rates, which have shot up by over 50% over the past eight years, despite stagnant market prices. The developer’s body says that lowering the ASR below the market rate would allow developers to sell residential units at discounted rates during a liquidity problem or group booking events, or when buyers are willing to pay more upfront.

“The flexibility of selling at discounted rates is reduced by the current ASR, where the rates are almost on par or above market rates,” stated a developer from Credai.

Soumini Mohit, who plans to invest in property, is one among many who are wary of the hike. “The state government should intervene and not increase rates,” she said.

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PeProp.Money Raises Seed Funding from India Accelerator to Expand and Improve Real Estate Platform

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Team iPropUnited
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PeProp.Money, a leading platform that integrates all real estate services for developers, consultants, and investors, has announced that it has secured undisclosed seed funding from India Accelerator. The funding will be used to further enhance the technology, attract new markets and customers while continuing to provide unparalleled service to the existing partners.

PeProp.Money aims to address the challenges faced by the real estate industry by providing a gamut of services under one roof, including e-signatures and e-stamping for legal agreements. The platform ensures transparency and rewards between brokers, builders, and customers, making real estate transactions seamless.

“With over 10,000 satisfied partners, we have listed more than 1200 crore of exclusive inventory on our platform from reputable builders,” said Divaker Bhalla, founder, PeProp.Money. “From our inception, we have been dedicated to providing exceptional value to the real-estate sector through our AI and big data-based applications.”

The platform has facilitated over 1750 deals worth INR 1375 crore, working with more than 15 developers across 30 projects in the last 15 months, claimed by the company in a statement. PeProp.Money provides a full suite of real estate services for developers, consultants, and investors. Its user-friendly application allows for easy financial transactions and only features verified properties with a proven track record to ensure top-quality offerings.

“As we continue to expand our co-working spaces, we are actively seeking ventures that can bring added value to our business. The partnership with PeProp.Money is an ideal fit, as their platform seamlessly complements our business offerings. We are excited about this association and are optimistic that our investment in PeProp.Money will yield significant business growth and value in the years to come,” said Abhay Chawla, founding partner and COO, India Accelerator.

PeProp.Money is a groundbreaking platform that combines proptech and fintech to revolutionize the real estate experience. Utilizing AI and big data, PeProp.Money connects developers, brokers, and buyers, streamlining communication and transactions. With the seed funding, PeProp.Money plans to expand its reach and continue providing exceptional value to its partners and customers.

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GNIDA Issues Recovery Certificates Against Two Real Estate Developers in Greater

By
Team iPropUnited
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In recent news, two real estate developers in Greater Noida have been issued recovery certificates worth a whopping Rs 23.39 crore by the Greater Noida Industrial Development Authority (GNIDA) on Wednesday.

According to officials, the dues have been pending for over a decade now, and strict action will be taken against anyone who fails to clear the dues, including cancellation of land allotments.

The GNIDA CEO, Ritu Maheshwari, has asserted that any allottee of land will not be spared if they fail to complete their projects or clear their dues towards the authority. She further stated that the action will range from issuing of recovery certificates to cancellation of land allotments, and there will be no compromise on the same.

The Additional CEO, Aditi Singh, confirmed that the recovery certificates worth Rs 23.39 crore have been issued against developers Assotech Realty and AVJ Homes. She elaborated that Assotech Realty was allotted a plot of about 29,623 square meters in Sector Zeta One in 2005 (No. GH-10). While the builder has completed the project, they have not yet deposited the dues of GNIDA in full. The builder has not made payments since 2012 and owes around Rs 13.39 crore as premium and additional compensation.

On the other hand, the second RC has been issued against AVJ Developers, who were allotted a plot of about 4,473 square meters in Sector Beta II in 2009 (No. 90). The developer has outstanding dues worth Rs 10 crore towards the premium on this plot, and the builder has not made any payments since 2013.

Despite several notices being issued by the GNIDA, the dues have remained unpaid for a decade, which forced the authority to take strict action against these developers. Both the RCs have now been sent to the Collector for recovery of dues, as per officials. It remains to be seen how the developers respond to these recovery certificates and whether they will make the payments or face further action from the authorities.

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Allahabad HC urge investigation into UP-RERA’s decision to tweak 2018 order to builder

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Team iPropUnited
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NOIDA: The Allahabad High Court has ordered an investigation into UP-Rera’s decision to modify its earlier order requiring a developer to pay a buyer interest for postponing the delivery of a flat in Sector 168.

The order from the two-judge bench of justices Sunita Agarwal and Nand Prabha Shukla on February 9 stated, “UP-Rera is required to reflect on its working, the manner in which the orders are being passed.”

The court ordered the UP-Rera chairperson to conduct the investigation and deliver a report to the department of housing and urban planning’s principal secretary.

The dispute began in 2018 when Raman Iyer filed a complaint with Rera against Sun World developers and asked for a reimbursement for the delay in the delivery of his apartment.

“I had booked a flat under the subvention scheme and taken a loan of Rs 95 lakh. As per the agreement, the developer was required to pay the interest until the construction was completed. The developer paid the monthly EMI of Rs 85,000 for two years. Then he stopped,” Iyer said.

A subvention scheme is a three-party contract between the buyer or allottee, builder, and bank. The allottee is required to make a down payment of 5%–10% of the total price when purchasing a property. When the construction is finished, the builder is required to pay the EMI, so the remaining money is transferred right into his or her account. After receiving the flat, the buyer resumes making EMI payments.

When the developer failed to complete the project and stopped making EMI payments, Iyer contacted Rera in 2018. “The Rera ordered the developer to repay the bank loan with a 24% interest rate. It also demanded that the builder pay an additional 24% on the EMIs that I eventually paid on its behalf. “I had to pay off the EMIs because it was affecting my CIBIL score,” he explained.

Iyer also stated that the developer was ordered to pay him Rs 1 lakh in retaliation for the harassment. 

The developer cited UP-Rera Act Section 39, which gives the regulatory authority two years after passing an order to amend it.

Rera amended its 2018 ruling in 2021, stating that the developer was exempt from paying the 24% interest on the Rs 95 lakh bank loan.

Iyer approached the Supreme Court last year. The court stated on February 9 that, given its original 2018 order, Rera “could not have reduced by modification of the recovery certificate in the garb of rectification of the same.”

The developer or its representative had not responded to a request for comment as of late Tuesday evening.

However, a Rera official stated that the court order would be reviewed and followed.

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UP Government to revive the affordable rental housing plan in 100 cities

By
Team iPropUnited
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Lucknow: The state government plans to revive its program for providing affordable rental housing for those from economically disadvantaged groups.

The urban development department identified 27 towns in Uttar Pradesh where housing units will be provided to skilled and unskilled workers who are forced to live in slums or roadside shanties.

Individuals earning less than Rs 25,000 per month will be eligible for rental housing, with the local administration and urban body having the option of redefining the income criteria based on local dynamics.

Local government bodies have been tasked with conducting surveys to determine whether affordable housing is needed to improve the living conditions of the urban poor.

The properties will be offered to the interested party for a 25-year concession period. “Nationally, the average monthly rent for a single room unit is Rs 3,000,” said an officer. The state government launched a survey to establish affordable rental housing complexes in 100 cities across Uttar Pradesh as part of the PM Awas Yojana.

Neha Sharma, director of urban local bodies, stated that the state urban development authority will assist local governments in identifying sites and existing housing projects that can be retrofitted to house the urban poor.

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Runwal Greens’ promoter directed to pay for delayed possession by MREAT

By
Team iPropUnited
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Mumbai’s Maharashtra Real Estate Appellate Tribunal (MREAT) has overturned a MahaRERA order from 2020 and ordered the promoter to pay two year’s interest on the money paid by home buyers from 2016 to 2018, as well as pay a fine of Rs 20,000 for delayed possession.

The MREAT has stated that an allottee is neither required nor expected to record that he accepted revised dates of possession without impairing his ability to claim interest. Even after receiving information about the revised date of possession without protest, the home buyer’s right cannot be overruled. Gautam Chatterjee, the then-chairman of MahaRERA, ruled in 2020 that the promoter is not required to pay interest to the complainant due to the delay in handing over the flat.

Ashley Serrao, a Nahur resident, and his father purchased a flat in Mulund’s Runwal Greens for Rs 1.38 crore in January 2012. They made a partial payment of approximately Rs 28 lakh. The promoter had promised to complete the project by December 2015. However, in January 2016 and again in February 2017, the promoter stated that he would be unable to meet his obligations due to force majeure and other factors beyond his control.

The promoter asked Serrao to take possession of the flat in July 2018. In July 2018, the promoter sent another letter, claiming that the carpet area of the flat had increased by 127 feet and demanding additional payment. Following that, the homebuyer filed a complaint with MahaRERA. The promoter claimed that the complainant was offered possession of the flat and that the complaint was filed after that. They stated that Serrao did not file a protest and that they informed them of the revised dates of possession and offered a refund if the revised dates were not acceptable to them.

The allottee has not given up on his claim for interest for delayed possession just because he made no objections to the revised date of possession. The learned authority misapplied Section 18 of the RERA Act’s provisions and came to the incorrect conclusion that it only applies if the project is unfinished or the promoter is unable to transfer possession, and that once the project is finished and transferred to the homebuyer, the provisions no longer apply. As a result, the learned authority’s decision to deny interest relief is unjustified. The complainant was represented by advocate Anil Dsouza.

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Homebuyers alleged being cheated by the developer and protested

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Team iPropUnited
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Construction of the remaining 13 towers of Supertech Basera has been at rest for 3 years, which delayed the possession of flats. Homebuyers protested against the developer at the project site and filed a complaint at CM window.

A group of homebuyers gathered and protested against the Supertech Basera at the project site on Sunday for the delay in delivery of their flats.

The housing project was launched in 2015, promising the possession of flats by 2020. But the developer has offered only two towers partly, while the remaining 13 towers are constructed only 50%.

Homebuyers said that the project has 15 towers having 1,976 flats. “The project is delayed by three years and most of us have fully paid the developer and are now feeling cheated. We all are losing hope of getting our flats as the developer does not want to complete this project,” said Ashis Soni, one of the homebuyers.

Another homebuyer Ravinder Singh said that he had booked a flat in 2015 supposed to get possession by 2020, but now he doesn’t know when he will be able to move into his flat. They filed the complaint at the CM window and contacted authorities seeking their intervention in expediting the project but to no avail. Now they don’t have any other option instead of protesting.

Mohit Arora, MD of Supertech said that possessions at Basera are going on a regular basis and flats are being handed over every week. The buyers are regularly updated on the construction progress. The construction work is now back on track after hurdles of the NGT construction ban and all the flats will be delivered in the next 12 months.

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Property Market Trends in Dubai

By
Team iPropUnited
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With new housing incentives and innovative visa rules, designed to grab investors’ attention, the Dubai property market is blooming with new emerging real estate trends with an escalating population of more than 3.3 million.

Let’s take a look at some of the emerging key trends in the Dubai property market

New sale Vs Resale Market

The real estate sector is divided into 2 categories, primary and secondary market.

The first sale of any particular unit is the primary or new sale by the property developer to the investor or buyer when purchase costs are very competitive, and strong capital growth can be achieved. On the other hand, the resale market surrounds properties that have been brought into the market either to be rented or occupied by future owners. This secondary market constitutes in general the bulk volume of property sales.

The real estate market in Dubai is not an exception. According to an analysis done by Arabian Business, there were 6,007 new selling transactions during the second quarter of 2021, generating AED 9.16 billion, compared to 9,590 resale transactions, totaling AED 27, 66 billion.      

Increase in Foreign Buyers’ Trust in Short Period

Gaining the trust of new foreign buyers to encourage investment is one of the main objectives of the UAE, which is successfully achieved so far with brilliant results within the Dubai real estate market.

UAE has a keen objective of gaining the trust of foreign buyers to uplift investment and achieved this with awesome results.

The first step towards this aim was to encourage expatriates and investors regarding the pandemic as Dubai was among the first countries to speed up vaccination among its residents.

Currently, the UAE tops global rankings of vaccination rates with 91% of residents have received their first vaccine dose and 8o% their second dose.

On another level, Expo Dubai started on October 1, 2021, has surely put Dubai back on the list of the world’s favorite destinations, with more than 2.3 million visitors in the first month.

Also, the government has introduced a line of innovative initiatives to encourage expatriates to invest in the Dubai real estate market and to live here as well. Such initiative measures include granting a five-year retirement visa for people over 50 years old, a one-year remote working visa, and a 10-year golden residency visa for select professions. Dubai has also allowed anyone fully vaccinated with COVID-approved vaccines to apply for a visa. Tourism accounts for about 11.5 percent of Dubai’s GDP, according to the World Travel and Tourism Council.

All these incentives have paid off as the Dubai Land Department (DLD) has recorded 579,43M real estate transactions by the last week of November, with total sales of 75.43%, and this number is expected to rise.

17,979 new investors were registered in July, representing 69% of the number of real estate investors registered since the beginning of 2021, according to the DLD.

But the legal protection of foreign investments is the most interesting asset for investors in the Dubai property sector guaranteeing the rights of all parties. Another asset is digitalized operations since any investor or resident can manage their real estate property remotely, thanks to modern technologies. Also, property tax is paid once and for all while buying a residential property.

high return on investment is one of the biggest perks for many expatriates who prefer to invest in the Dubai real estate sector in the Gulf region and the Middle East

Demand for Luxury Properties is on the Rise:

According to the property market forecast, buyers are precisely fascinated by larger living spaces in less populous locations in Dubai. This is one of the factors that is raising the demand for ready-to-move-in properties to increase relative to off-plan properties.

The fact that off-plan house prices are increasing has also contributed to buyers’ attention shifting to the ready property market. In contrast to ready properties, they are increasing rapidly. Therefore, many people have begun hunting for ready-to-move-in properties with little funds. Despite this, the industry favors off-plan properties because of the benefits they present.

It is estimated that 4,000 high-net-worth people will move to the UAE in 2022, and regulations that are attracting expatriates play an important role in this. Additionally, the updated law governing firm ownership is attracting a lot of entrepreneurs.

Increased high-rise building construction

In recent years the construction of high-rise buildings has increased in Dubai. The growing population and demand for more housing along with changes in law drove the increase in high-rise construction.

The Uae government loosened the restrictions on building heights in 2014, allowing developers to build bigger structures. This led to a boom in high-rise construction, with several new structures popping up throughout the city.

The move toward high-rise construction is set to sustain in the future as Dubai’s population continues to increase and the demand for housing remains high. Developers are pushing to cater to the demand for housing by constructing more tall structures. So, taller buildings will become progressively more common in the city as developers may expand land use.

Freehold areas continue to develop

Developing freehold areas in Dubai has contributed to the city’s economy and growth as a worldwide destination. With new projects and initiatives, the trend is set to continue in the future, promoting the emirate’s property market.

Dubai Land Department’s e-Dirham system is one of the most significant recent developments launched recently, allowing for the electronic registration of property transactions. This will ease buyers and sellers to complete transactions and is expected to encourage more activity in the market.

Expectations in 2023

According to Standard & Poor (S&P) Global, It is expected that UAE’s economy will grow at a rate of 2.5% this year and 2% in 2023. The population of the UAE is predicted to increase by an average of 2% YoY. Dubai real estate market was floating with prices increasing by more than 60 percent In the past year. In Abu Dhabi, average prices rose by 6%.

Despite the uncertain rising of interest rates in UAE, analysts still expect that Real estate in Dubai 2023 will continue to expand strongly. In addition, the unavailability of inexpensive housing will continue to push up rents, leading to an increased overall cost of living.

A recent study uncover that the global property market frenzy has slowed down and housing prices are expected to decrease. The rise in interest rates is predicted to temper the colossal price increases in the last few years. However, a relaxation in housing prices will do little to make housing accessible for the average middle-class people. Rising costs of consumer goods, loans, and fuel will force the middle class to sell their property in the end.

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