Tag: housing

Piramal Housing Fin enters Pune, to add 4-5 cities in 6 months

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Piramal Finance, the financial services arm of diversified firm Piramal Enterprises, today said it has expanded its housing finance business to Pune, marking its foray into the market.

Piramal Housing Finance, the wholly-owned subsidiary of Piramal Finance, has already expanded its housing finance business in markets like the Mumbai Metropolitan Region (MMR), Noida, Gurugram, Delhi and Bengaluru, and plans to add four to five more cities under its portfolio in the next six months.

“Through the wholesale business, we already have sanctioned Rs 3,250 crore to developers in Pune. Now, through the housing finance business, we will offer home loans, loan against property and small-ticket construction finance to the developers in the Pune market,” Piramal Finance managing director Khushru Jijina told PTI here today.

He said in the next six months, the company wants to expand its offerings in cities like Chennai, Hyderabad, Nashik, Ahmedabad and Surat.

“Our strategy with the housing finance business is to reach the tier 2 and 3 markets where the demand for not just the home loans is significant, but we have also seen demand for small-size construction finances from developers who do not qualify in our wholesale business,” said Jijina.

Since the launch of its housing finance business, the company has deployed over Rs 1,400 crore, out of which, the maximum deployment has been in MMR, according to him.

“We are introducing our retail offering to complement the wholesale business that now enables offerings across the entire spectrum of financial products in real estate,” he added.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Housing prices down by average 7% in Jan-Mar 2018, says report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Housing prices fell by an average 7% during January-March in nine major cities over the previous quarter as developers cut property rates to boost their sluggish sales, according to real estate research and analytics firm PropEquity.

Unsold housing stock fell by 2% to 5,95,074 units during March quarter 2018 from 6,08,949 units in the previous quarter due to increase in sales volume.

Housing sales rose by 8% during the quarter at 40,694 units from 37,555 units in the previous quarter (October -December 2017).

The nine cities covered in the report are Gurgaon, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bengaluru, Thane and Chennai.

“…weighted average prices in the quarter fell 7% from Rs 6,762 per sq ft to Rs 6,260 per sq ft suggesting aggressive pricing by the developers to ignite home buyers’ demand,” PropEquity said in a report.

On supply, it said the new home launches jumped 48% across 9 cities in the first quarter to 25,970 units from 17,550 units in the previous quarter as most of the developers were able to acclimatize themselves with RERA regulations and migration to GST compliances.

“We expected realty market to start stabilising first quarter onwards and this is what we are witnessing now.

“With this spurt of new launches in the first quarter, we expect the trend to continue with developers focusing on mid segment and affordable housing segment to take advantage of PMAY interest subsidy benefits,” PropEquity founder and CEO Samir Jasuja said.

He expected that ready or about to be completed units would be sold more quickly than the newly launched units.

City-wise, housing sales in Bengaluru rose by 45% to 8,349 units, while Chennai saw 71% rise to 3,101 units during January-March 2018.

Sales were up in Mumbai by 12% to 4,197 units, 31% in Noida at 1,108 units, 7% in Pune at 8,509 units, 16% in Kolkata at 2,543 units.

However, Gurgaon witnessed 60% fall in sales at 1,007 units, while housing sales declined 11% in Hyderabad at 2,631 units and 6% in Thane at 9,249 units.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

CREDAI Chennai unveils Mission 2020 plan

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Confederation of Real Estate Developers Association of India, Chennai, today chalked out a Mission 2020 plan with a special focus on the affordable housing segment.

CREDAI Chennai, President, W S Habib who recently assumed office, said there was a good demand for affordable homes in the city and the neighbourhood.

“Affordable housing will help in triggering the economy in future. There will also be focus on improving labour productivity and in-house Research and Development”, he said.

CREDAI Chennai would work closely with the Government to help achieve objectives and in ensuring complete transparency, he said in a statement.

“Mission 2020 will play a pivotal role to streamline real estate industry, promote transparency and establishment of conduit between realtors and homebuyers”, he said.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Housing sales up 33% in March quarter in 9 cities, says PropTiger

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Showing signs of revival, housing sales increased by 33% in nine major cities during the March quarter this year to 80,000 units, according to News Corp-backed realty portal PropTiger.

Sales were at 59,936 units in the first quarter of last year.

In its latest report ‘Realty Decoded’, PropTiger said that barring Hyderabad, housing sales have risen in all nine cities during January-March 2018.

Sales rose maximum in Noida by 69% during January-March 2018 to 7,933 units compared with the year-ago period, followed by Gurgaon where sales were up by 62% at 1,964 units.

“The sales numbers for the past quarter are very encouraging. While it might still be too early to celebrate, these are early indications that things are beginning to look up for the residential real estate sector,” Dhruv Agarwala, the CEO of PropTiger, Housing and Makaan, told.

Real estate sector, particularly housing, is going through a multi-year slowdown mainly due to high property prices and huge delays in delivery of projects in key Delhi-NCR market.

Housing demand and supply got further impacted due to demonetisation and implementation of new real estate regulatory law RERA and the GST during last year.

However, PropTiger said sales have improved after a continuous drop in sales for the last four years and therefore raises hopes of a revival in the market.

According to the data, Pune witnessed 56% rise in sales to 15,885 units, while in Bengaluru they went up by 46% to 11,706 units.

Sales grew by 40% in Mumbai at 25,281 units, 25% in Chennai at 5,075 units and 16% in Kolkata at 3,873 units.

In Ahmedabad, housing sales were marginally up at 3,205 units. However, Hyderabad saw 29% decline in sales at 5,077 units during the period under review.

“After a stressful 2017, the first quarter of 2018 calendar year has come as a breath of fresh air for the residential real estate industry, rekindling hopes of a revival for the sector during this year,” said Ankur Dhawan, Chief Investment Officer, PropTiger.com.

The real estate developers were willing to reduce prices to sell their unsold units and improve their cash flows, he said, while hoping that the market to start showing a steady improvement in sales going forward.

In this report, the number of Noida includes sales from Greater Noida and Yamuna Expressway. Mumbai includes Navi Mumbai and Thane, while Gurgaon includes Bhiwadi, Dharuhera and Sohna.

Singapore-based Elara Technologies is the owner of Housing.com, PropTiger.com and Makaan.com. The company provides digital real estate marketing and transactions services.

Elara Technologies formed PropTiger.com in 2011 and later acquired Makaan.com in May 2015 and Housing.com in January 2017 aiming to create India’s largest full service online-to-offline real estate platform.

While Makaan largely deals in buy-sell of re-sale properties, group company PropTiger helps developers in selling flats available in primary market. Housing.com is a classified platform for both developers and brokers.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India’s urban development plan most comprehensive, says Puri

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Union Housing and Urban Affairs Minister Hardeep Singh Puri said that India has undertaken the “most comprehensive” planned urbanisation programme in the world.

In his address at the session on “Building a better India through Urban Development” here, the minister said that till 2030, 700-900 million sqare metre of urban space would have to be developed every year to accommodate 40% of the total Indian population, according to a statement by CII.

He added that the kind of planned urbanisation which is sought will not solely be decided by the Central government but the urban local bodies also need to be included in planning and development.

By 2030, cities would contribute around 66% of the country’s Gross Domestic Product and close to 90% of tax collection, Puri noted.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Arvind SmartSpaces looks to cross Rs 1,000 crore mark in four years

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Textile stocks like Arvind are in focus after Reserve Bank of India discontinued issuance of Letters of Undertaking and Letters of Comfort for trade credit. Arvind SmartSpaces, the realty arm of the fashion and apparel firm, is looking to cross the Rs 1,000-crore revenue mark in the next four years.

In an interview with CNBC-TV18, Kulin Lalbhai, Executive Director of Arvind said that over the last four years, the company has become a completely independent entity, developing  new parcels of land.

Over the next three years, the company plans to have another 8 million square feet developed primarily in Bangalore and Ahmedabad. “We are focused on the mid-income residential segments in these two cities and we have recently made a foray into Pune”, said Lalbhai.

He believes that the government’s focus on home ownership will create a lot of primary demand. “We will definitely be in the affordable and the mid-income residential space”, he added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow