Real Estate

Launched on June 25, 2015, the Pradhan Mantri Awas Yojana (Urban) Mission aims to provide housing for all in urban areas by 2022.

The new board chaired by Mr Malik will file a report on the resolution framework to sort out the housing mess of Unitech within two months.

A total of 64,034 homes were sold across nine key markets during the third quarter of the financial year 2019-20.

Mumbai had the highest quantum of unsold inventory at 1,45,301 units, followed by the National Capital Region (NCR) at 1,22,084 units.

The Haryana government has proposed higher collector rates for the Gurugram district, marking the second revision for current financial year. The state government currently reviews the collector rates - also known as circle rates - applicable to the region twice a year. Collector rate is the minimum value at which a property is registered at the time of changing hands, and is a major source of revenue for authorities. These rates are administered by state authorities from time to time, and therefore vary from city to city. While the proposed collector rates may affect demand in the district, it may boost the Noida and Greater Noida markets, say property consultants.

According to a report by Anarock Property Consultants, a total of 2.61 lakh units were sold during the year, a year-on-year growth of 5 per cent. Out of the overall sales across seven major cities in the country during the year, around 1.47 lakh flats were sold in the January-June period, and the remaining 1.14 lakh have been sold so far in the second half.

Macrotech Developers, a Trump Tower developer in Mumbai, to Godrej Properties, controlled by billionaire Adi Godrej's family, are building more low-cost homes as the credit squeeze crimps demand for posh properties. New home starts rose 21 per cent across seven of India's biggest cities led by affordable flats, highlighting pent up demand in the segment.

A bench of Justices Arun Mishra and U U Lalit said that funds need to be channelised to complete the pending projects of Amrapali Group.

The Supreme Court on Monday directed National Buildings Construction Corporation (NBCC) Ltd. to commence and complete the work of eight projects involving 11, 258 home units in Noida and Greater Noida.

One time recast would mean a one-time rollover for real estate developers for loan repayments which will not classify their loans as SMA or NPA.

The November 6-19 Reuters poll forecast average national prices would rise 3.0 per cent next year and 4.3 per cent in 2021.

Property companies, which have been increasingly relying on shadow banks for borrowing, are struggling to roll over debt as the lenders themselves are facing a cash squeeze, raising prospects of a wave of defaults.

On Wednesday, Finance Minister Nirmala Sitharaman said the government will put in Rs 10,000 crore in the Alternative Investment Fund (AIF) and the remaining amount will be provided jointly by State Bank of India (SBI) and Life Insurance Corporation (LIC).

Radius and hundreds of other developers relied on loans from what India calls non-banking financial companies (NBFCs) to fuel a five-year property boom.

Finance Minister Nirmala Sitharaman on Saturday announced a special window of Rs 10,000 crore to boost affordable and middle-income housing. The move was announced as part of a third instalment of steps within three weeks to boost the economy, which grew at its slowest pace in six years in the first quarter of the current financial year. The government will make funding available for "net worth positive" housing projects that are not in a bankruptcy process or classified as non-performing assets (NPAs), Nirmala Sitharaman said.