Lets talk about Property

Might Push GST, Real Estate Bills in Next Parliament Session: Centre

NEW DELHI:  Government is planning to push for the passage of crucial bills like GST and Real Estate in the next session of Parliament to accelerate reforms and spur growth and employment in the country.

The government is in the process of accelerating reforms and transforming India, Urban Development Minister M Venkaiah Naidu said at a function in New Delhi.

"A number of crucial Bills including that of introduction of GST, Real Estate Regulation and Development Bill, for bringing accountability and transparency and enhancing employment generation are expected to be taken up for approval in the next session of Parliament," he said.


Despite the concerted efforts, government could not get through the GST due to the stiff resistance from Congress and other opposition parties in Parliament

These Bills are important from the perspective of spurring growth and employment which is necessary for faster poverty reduction, Mr Naidu said.
He said the government is also focusing on skill development, both in rural and urban areas in order to alleviate poverty.      

On Smart City Mission, Naidu said ever since it was announced it has really brought the urban issues firmly on the agenda of the nation and all stakeholders including political class, media and the common man.

Stating that the country is urbanising with a furious speed, he said urban issues need to be addressed sooner than later.

Raising question whether one can rise to the challenge and deliver the goals under the Smart City Mission, Mr Naidu emphatically said "answer is clear yes."

Drawing the broad contours of the proposed Smart City, he said "a necessary core infrastructure, sanitation, health and education facilities, clean and sustainable environment, good city governance and adoption of smart technologies to ensure decent living, and catalyses economic growth which is the need of the hour."

He said the success of India growth story is hugely dependent on the success once can make on the urban front.
"The centre has committed itself to support states and urban local bodies with central assistance of over Rs. 3 lakh crore over the next five years, he said and added "The future of the aspirational India lies in the future of our cities."

Image description

Realty Trends

Home prices near most-affordable levels in over 30 years: HDFC

Home prices may have been on an upward spiral for many years, but the cost of owning a house in India remains near the most affordable level in over three decades, shows data compiled by mortgage giant HDFC Ltd.

The average price of a home, purchased with a housing loan, rose to over Rs. 45 lakh in the 2012-13 fiscal year -- marking the fourth consecutive year of uptrend from about Rs. 25 lakh in the year 2008-09, HDFC has said in a presentation.

However, factors like an even greater surge in the personal income levels, tax incentives and lower interest rates, have resulted into houses becoming more affordable to purchase, it said.



Image description

India Property Investment Gyan

Major schemes for affordable housing to be modified: Girija Vyas

NEW DELHI: Major schemes meant for providing affordable housing to urban poor will soon be modified to make them more people-friendly, the government said today and invited the private sector to contribute more actively in this area. 

Speaking to reporters here, Housing and Urban Poverty Alleviation (HUPA) ministerGirija Vyas today said her ministry is modifying all the major schemes including the Rajiv Awas Yojana (RAY), Rajiv Rinn Yojana and the, Affordable Housing in Partnership scheme and added enormous budgetary support has been earmarked during the current plan period. 

Secretary HUPA Arun Kumar Misra told reporters that a fund of Rs 35,000 crore had been allocated to the ministry for the implementation of three major schemes, including RAY, which was being run in as a pilot project earlier under 12th five- year plan. 

He said the ministry would require approval from the cabinet for the implementation of these schemes and efforts would be made that through these funds 2 million affordable houses are encouraged. 

He said that in addition to the central government funds, banks and credit institutions would be providing funds for construction of affordable houses. 

Vyas said that with urbanisation, the number of urban homeless and area under slums had grown. 

Vyas said there was a need for private developers to develop economic models to foster affordable housing for economically weaker sections and lower income group households in urban areas as government efforts in this direction needed to be supplemented. 

Vyas also said a technical group, set up by her ministry, had shown that out of 18.78 million housing shortage in the country, 96 percent shortage is in EWS and LIG category and for this huge investments and private sector participation were required. 

Misra said the group set up by the ministry has suggested incentives for the affordable housing sector included concessions to development-related charges and service taxexemptions. 

It also sought direct tax rebates for affordable housing projects and inclusion of the sector in the 'infrastructure facility' he said and added the task force had felt that governments need to still provide direct capital grant support to affordable housing projects. 

Misra said that in the symposium held today where states, experts and private sector representatives were present, there was unanimity on many of the suggestions.

Image description

Green Property- Eco Homes

Reclaim your city space: Projects in Delhi, Mumbai and Kolkata aim to transform lives

Three projects in three cities aim to transform the lives of people who live close by. The one in Mumbai hopes to transform a congested area into a green precinct; the one in Delhi converted an open drain into a walkway, while Kolkata hopes to bring the crowds back...