Lets talk about Property

Single window time-bound clearance system for layout approvals and building permissions: M Venkaiah Naidu

The ministry of housing and urban development is likely to put in place a single window time-bound clearance system for layout approvals and building permissions by the beginning of next year, union minister M Venkaiah Naidu has said.

“It is a long pending demand of the industry, on national level I am working with six ministers and I have a group of ministers’ meeting, I have held four rounds of meetings with secretaries and ministers of environment, defence, civil supplies, civil aviation and others,” Naidu said while inaugurating a national summit on Housing for All-Catalyst for development and inclusive growth, organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

“The last meeting is on October 14 after that we will submit the report to cabinet and then we will go ahead because we are getting permissions from these departments and by the beginning of the next year, I am sure you will have this in place,” said the union minister.

On Gujarat topping the World Bank’s ranking of states on the ease of doing business in India, Naidu said, “It shows that Gujarat model is working.” “Some people in the recent past started saying Gujarat model is a failure, people of Gujarat are not innocent to have three times continuously elected the same chief minister, Gujarat is on top now even the World Bank has also recognised it,” he added.

He said that other states should also improve their performance and prepare for the next round of assessment. “We want every state to be progressive, Uttar Pradesh and Bihar should also participate in this race as and there is no point in criticising the Prime Minister Modi and Gujarat,” he said.

“I am requesting all states to please understand the present position and streamline things and see to it that ease of doing business is made simple so that we get more and more investments in our states,” he added.

He also said that real estate sector needs to focus on green building technologies and adopt appropriate, cost-effective building materials, reduce dependence on conventional energy intensive construction practices. Conceding that employment generation is a major challenge, the union minister said, “If you can push the real estate sector, if you really give credit to the infrastructure sector and also to the (IT) information technology sector then Indian youth will get better employment opportunities.”

He also said that India will surpass China in economic growth. “Going by the global economic crisis, seeing what is happening in China and going by India’s large young population and our commitment to reforms, India is growing to grow faster than China and there is no competition as of now with others also.”

In her address, Nandita Chatterjee, secretary, ministry of housing and urban poverty alleviation (HUPA), said that real estate players should develop an app or a system whereby people can locate the houses available. “Is it possible when we do our dissemination to try it up with some kind of an app or a system where the people also get to know where is the supply located,” said Chatterjee.

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...