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CUSTOMER-DRIVEN MARKET GETTING MUCH-NEEDED RECOGNITION

When the market is healthy enough, the real estate segment contributes a considerable fraction to
the nation’s GDP. The real estate undeniably has economic and productive effects. Due to the
expanding population, there is a housing shortage close to 1.9 crore units in India. There has been a
slower pace in the growth of property as a result of disorganized norms and procedures. The
economically weaker sections and lower income groups have suffered from the housing shortage
due to the high priced housing projects.

The lack of housing for the neglected section of population brought the plan for ‘Affordable Housing’
into the picture. ‘PradhanMantri Awas Yojna’, a policy with a motive to provide affordable housing to
the urban poor and lower income groups got introduced in June 2015 by the Prime Minister
Narendra Modi. The target of this policy is to provide housing to all by the end of 2022. The plan to
execute affordable housing projects all over the nation is being supported by the concerned
segments. Various developers, financial institutions, and micro-lenders have proposed new policies
to execute this plan within the framed deadline. Also, affordable housing has become a new interest
for the developers as they know it's attracting more homebuyers. Due to the governmental
initiatives, the concept of affordable housing has become an admirable concept. The concept is still
growing; the goal to provide homes to all still prevails. The push from the government is encouraging
the private sector participation in this concept.

Recently, the reports by the credit information company confirmed that there is a vigorous growth in
the compound annual growth rate for affordable housing home loans in the last five years. The
favourable outcome is that the buyers going through disorderly home loan procedures will now have
the liberty to attain accomplishment. Also, due to the advent of new policy enactments, there are a
number of hopes in a straight row aligned for the investors.

“As our projects are already inclined towards the affordable aspect, we have launched 9600
segments in Gurugram in the past two years and have planned to come up with 1,00,000 more units
in favour of affordable housing policies. It would be an ease-up for the first time home buyers as they
would be getting ample opportunities to select the desired space for living. We wish to contribute
more to the enactment of this policy so that the motive of providing own houses to all gets
accomplished. With quick execution and policy change, the sector will give rise to new parameters
and housing styles. This will also lead the financial institutions to work on lower thresholds which will
make new inroads for the home-buyers. The increase in demand for affordable projects is seen on
the real estate portals clearly by the experts. It’s a positive sign for us as we have been focusing on
a similar concept since the beginning” says Pradeep Aggarwal, Chairman, National Council on
Affordable Housing, ASSOCHAM who is also the Co-founder & Chairman of Signature Global.

GST AND RERA HAVE BEEN A GAME CHANGER FOR REAL ESTATE

The real estate sector with the roll-out of game-changing policies such as GST and RERA has emerged  out as a  strong  market. Demonetization’s impact started to taper off slightly, while real estate investment trusts (REITs) did not take off this year as expected. Affordable housing came out of the shadows and affordably-priced units have been selling like hot cakes in most cities. India’s Tier 1 cities are expected to move up from their current 36th rank in JLL’s 2018 Global Real Estate Transparency Index (GRETI) on the back of continued improvements in structural reforms, implementation of RERA and GST aimed at making India a modern economy. The GST regime has shown up as a transforming tool for the real estate market.  The real estate sector has experienced a tough time in the past years consistently.  The GST has eliminated the complicated multiple taxation system and has brought simplified taxation process into the picture. Both the buyers and the interested buyers are taking this enactment as a good news.  Sources have suggested that  National Real Estate Development Council (NAREDCO) believes that the 12% GST on the projects undergoing construction will boost the sector.

“The GST is definitely one of the biggest reforms which have made the taxation process simpler and transparent for all. There would be one simplified tax instead of the number of taxations. The tax on tax element has been removed from the picture which is the  biggest ease up for all of us. The icing on the cake is that the GST council is keeping the affordable housing plan in mind so that there are no complications seen while executing the low-cost housing projects.  There are developers and other private body members who have time and again requested the council to reduce land prices and work upon making the residential property easily accessible for the lower margin groups. The lack of transparency in the prior taxation system was amid things that kept the interested buyers in a dubious state.  After the enactment of both GST and RERA, the buyers won’t have to ponder much while going for the desired investment  of land or property. The RERA is bringing in the transparency in the real estate sector which was much needed. Being a developer, it’s important for us to have credibility and accountability amid the investors and such law enactments help us do exactly the same” says Pradeep Aggarwal, Chairman, Signature Global.

Its clear that the GST council has kept the affordable housing policing in mind so the new taxation regime would be beneficial to all. The prior multiple taxation process was complicated for both the buyers and us. Moreover, the lack of transparency related to the tax charges used to keep most of the investors unresolved. Now, after the enactment of GST, the investors and buyers don’t have to knit their brows while purchasing any land or property. It’s indeed a positive change as both the newly introduced enactments; RERA & GST are working in the same direction by assuring transparency and credibility in the real estate sector.

BETTER CONNECTIVITY TO BOOST AFFORDABLE HOUSING IN GURGAON

AFFORDABLE HOUSING IN GURGAON

Driving along Gurgaon, the construction activities can be seen in full swing. While there are thousands of units allotted, many are still under construction. The acceptability and demand for affordable housing units is getting in place as the outskirts of this city are getting well connected. Gurgaon, being the corporate hub of Delhi NCR region, has huge population which is still increasing day by day. It is due to the presence of various multinational companies (MNCs) that more and more people are getting drawn towards the city. The city has been in news for its weaker transport system with perpetual traffic. The ample amount of residential and commercial projects in Gurugram are simply because of the rapid employmenet growth and evolving transition of its development. The rapid metro is, however, playing a crucial role for the people living and working between Cyber City and Golf Course Road. The proposal for the Phase 2 Rapid metro project had been flagged off 6 months ago and there is a good news for the people residing in Gurugram as the proposal is now being prepared for the Phase 3 which would provide connectivity from the Sikandarpur metro station to the Gurugram railway station.

“Metro connectivity can augment the sales of housing projects and as the Rapid Metro currently operates in areas located between Shankar Chowk and Golf Course Extension Road, passing through Cyber City and Golf Course Road, it has already been providing an ease to the commuters of Gurugram. We have most our projects based at Gurugram so, this news has come up as a good news for us and all the other developers who have been contributing to the real estate sector of Gurugram. The metro connectivity would definitely make the real estate investment in the city excellent. It’s now high old time for the prospected buyers and all those who are planning to buy an affordable house as they would also be getting an enhanced connectivity due to the upcoming Rapid metro projects” says Pradeep Aggarwal, Chairman, National Council on Affordable Housing, ASSOCHAM who is also the Co-founder & Chairman of Signature Global.

PRIVATE DEVELOPERS TAPPING LOW-COST HOUSING

India is widely piped to become the world’s third-largest economy by 2030, as the  government is giving a strong push to the affordable housing segment it seems clear that the segment would remain as the focal point for the emerging real estate industry. Recently, the Confederation of Real Estate Developers’ Association of India or CREDAI – had announced the launch of 375 affordable housing projects across the country with an investment commitment of Rs 70,000 crore. Also, as the affordable housing segment is getting infrastructure status, developers are working overtime to tweak existing projects and convert them into affordable housing projects. The rolling out of the new Goods and Services Tax (GST) regime from July 2017, a major differentiator between markets has been done away with. An integrated national market will help the real estate sector by way of a common indirect tax structure.

Also, there is a clear-cut statement by the experts that this segment is going to be the most established wing in the coming years. The states like Haryana that have appeared as more influential when it comes to affordable housing projects. With small-scale down payment it has become possible to book a home for the buyers. Also, the advent of RERA  is regaining  trust of investors for the developers and overall real estate sector. According to RERA, the  developers can now sell homes only on carpet area basis, unlike earlier times  when homes were  sold on super area basis, with loading varying from 25-40 per cent.  The newly enacted laws are going to benefit both the retail project s in Gurugram including the affordable housing ones.

“People  can enjoy the leverage of choosing a desired home as there are plenty of options available in the sector.  Going for a low-cost property is still a better option as compared to the rental living. For these reasons, communities should work to ensure that they go for the right property so that they are able to suffice their other financial needs as well” says Pradeep Aggarwal, Co-founder & Chairman, Signature Global.

GOVERNMENT BRINGS OUT GOOD NEWS FOR AFFORDABLE HOUSING

According to the latest reports, the government has approved construction of 112,083 more affordable homes under its flagship Pradhan Mantri Awas Yojana (Urban), with an investment of Rs 8,105 crore. The central assistance for the same will be Rs 1,681 crore. The total homes sanctioned under PMAY(Urban) has now gone up to 3,052,828. The approval was given in the 28th meeting of the central sanctioning and monitoring committee in its meeting held here on Wednesday. Haryana got 24,221 houses sanctioned in 28 cities and towns, with an investment of Rs 1,721 crore, followed by Maharashtra with 11,523 homes with an investment of Rs 860 crore, Kerala with 9,836 homes with an investment of Rs 295 crore and Mizoram with 3,270 houses with an investment of Rs 65 crore. Sources suggest that a total of 44,692 new homes have been approved to be built under the beneficiary led construction (BLC) component of PMAY (Urban), while enhancement of 1,857 homes in Haryana were sanctioned under BLC.

“It would be an ease-up for the first time home buyers as they would be getting ample opportunities to select the desired space for living. The rising demands on affordable housing in INDIA and the increasing interest of developers to invest in affordable housing projects mandate a clearer understanding and appreciation of the lifestyles and cultural values of the local society. We wish to contribute more to the enactment of this policy so that the motive of providing own houses to all gets accomplished” says Pradeep Aggarwal, Co-founder & Chairman of Signature Global who is also the Chairman, National Council on Affordable Housing, ASSOCHAM

GRAND TRIUMPH – “THE MILLENNIA” OVERSUBSCRIBED BY FOUR TIMES!!

Affordable Housing Projects in Gurgaon - Signature Global

Signature Global being one of the established names in affordable housing, today believes in the motto of “Har Parivar Ek Ghar”. It is a 100% RERA compliant company that has successfully launched 9 of their affordable housing projects in Gurugram. Their main focus is affordable housing so they are currently aiming at delivering around 1 lakh units till 2022 to support the endeavour of the respected Prime Minister of “Housing for all by 2022”.
Signature Global believes in transparency and assures timely execution of the projects within 3.5 years from the date of project conceptualization.
The Millennia Sector 37 D Gurgaon near Pataudi Road is their latest project which has been designed by the notable Architect Hafeez Contractor. The same project recently underwent a draw in the presence of Haryana officials and various applicants on 27th October 2017 at Corus Banquet Gurugram.
The Millennia includes 1448 housing units consisting of 1 bhk 2 bhk and 2 bhk housing units. Around 2,500 applicants gathered to participate in the draw whose application submission commenced on 25th June and got closed on 14th August 2017. The draw lasted less than 75 days as it got an overwhelming response of more than 5000 applications.
“We would like to cordially congratulate all the successful allottees of The Millenia. The people are now having ample options, as there are many affordable housing projects available for them. Going for a value-based property is still a better option as compared to the rental living. Considering these reasons, communities should make themselves aware of the ins and outs of the project while considering the current real estate scenario as this will increase their chances of opting the right property.” says Pradeep Aggarwal, Chairman, National Council on Affordable Housing, ASSOCHAM who is also the Co-founder & Chairman of Signature Global.
Value-based homes with less hassle is what everybody strives for.
Decent, affordable housing has been important to most of the families. The basic need of getting a shelter for the living is fulfilled by the same. The low-cost projects give an opportunity of spending a decent amount in all the other relevant segments of life. Even the reports suggest that children in stable housing tend to do better in school and are less likely to experience a disruption in their academics and career. India already has a housing shortage of 2 crores and the reason behind this being the lack of affordability factor in the properties. The affordable housing projects have the high rate of absorption as there is a lot of demand for the low-cost units. The affordable housing factor is going to benefit as the land cost is going to be lower in the areas where affordable housing has to take place. The developers should bring projects according to the need of buyers and investors. It’s quite clear that there are people who are still aspiring for own houses so the developers should work in the same direction to maintain a consistency in the market. According to the reports, 1.77 million people are still homeless in India and most of them are relying on the rented properties. The statistics clearly show that there is a high demand for housing units and preferably these housing units should be easily affordable by the majority. The demand for affordable housing projects is rapid says the industry experts. The government authorities are meeting frequently in order to eliminate the roadblocks that are being faced by the developers while executing such projects. Already the policymakers and the financial institutions have made enough policies and amendments in order to facilitate the Pradhan Mantri Awas Yojana scheme.

ALL YOU NEED TO KNOW ABOUT AFFORDABLE HOUSING

Affordable Housing in Gurgaon
The much talked about segment of real estate has gained momentum speedily. As part of the initiative initiated by the Prime Minister to provide affordable housing to all, affordable housing projects have been a motive by the government to provide an own house to all the sections of the society so that nobody remains homeless. The Pradhan Mantri Awas Yojana was launched in June.  Affordable housing refers to the housing units that affordable by the section of society whose income is below the median household income. The price related to affordable housing will vary depending upon the regions. The affordable housing units for the metropolitan regions should have a capping area of 30 square meters and for non-metropolitans, the area should be 60 square meters.  Cities like Delhi, Mumbai, Kolkata, Chennai, Bangalore, Hyderabad, etc. fall under the metropolitan region and rest of the areas would lie under the later one.

The affordable housing projects have a high rate of absorption as there is a lot of demand for the low-cost units. The affordable housing factor is going to benefit as the land cost is going to be lower in the areas where affordable housing has to take place. The developers should bring projects according to the need of buyers and investors.  It’s quite clear that there are people who are still aspiring for own houses so the developers should work in the same direction to maintain a consistency in the market.  According to the reports, 1.77 million people are still homeless in India and most of them are relying on the rented properties.  The statistics clearly show that there is a high demand for housing units and preferably these housing units should be easily affordable by the majority. The demand for affordable housing projects is rapid says the industry experts. Approximately, 12,000 applications belonging to the middle and low-middle income home buyers have been processed by different banks for interest subsidy in just two months. This number may reach 50,000 by August says the Housing Ministry. The various initiatives taken by the financial institutions in the form of interest reduction on home loans are paving way for the aspirants striving to buy their first home. The enactment of GST has not only made the taxation process easier but has also introduced transparency. These enactments are altogether fostering the market and also encouraging people to invest.