A CLASS APART
A CLASS APART
KANCHAN.GOGATE
(COURTESY: ANAROCK PROPERTY CONSULTANTS)
(COURTESY: ANAROCK PROPERTY CONSULTANTS)
The union cabinet recently decided to increase the carpet area of houses eligible for interest subsidy under the creditlinked subsidy scheme (CLSS) for the Middle Income Group (MIG) under the Pradhan Mantri Awas Yojana (PMAY). The existing carpet area is 90 square metre for MIG I while it’s 110 for MIG II. The revised area stands at 120 square metre and 150 square metre respectively. The new policy is applicable to the schemes from January 1, 2017 onwards.
While affordable housing has been the core agenda for the present government, the ambitious PMAY has been envisaged to provide houses for MIG and EWS. And the recent move is expected to help them realise their home-buying dream.
EXPERTS SPEAK:
“ Home-buyers stand to gain from this move. The fence-sitters, especially, who were delaying their home purchase will now be given a further push. Builders can also accelerate the sale of housing units, which were earlier missing out on a sizeable portion of MIG. The government remains committed to its headline mission of ‘Housing for All by 2022’, and has given a further impetus for homebuyers, home suppliers and home financiers by easing the ecosystem.
GAGAN BANGA,
VC & MD, INDIABULLS HOUSING FINANCE
“‘Housing for All by 2022’ has taken a huge leap forward with the increase in unit size of MIG houses under Credit Linked Subsidy Scheme (CLSS). The average middle-class in smaller towns and cities would now be able to afford bigger and better quality homes than before. On the supply side, private developers have improved incentives to increase scale and contribute to the emergence of new India.
JAXAY SHAH,
PRESIDENT, CREDAI NATIONAL
“ The move is favourable for buyers under MIG I and II. I am one of the home-buyers who is looking forward towards making the most of this policy. While I am trying my best to understand my eligibility to avail it, I think more and more efforts are required to create awareness among masses about such schemes. I think not many prospective beneficiaries are unaware of such policies.
AJAY MAKHIJA,
HOME-BUYER WHO WANTS TO AVAIL THE CLSS
“ Changes are only in the size of housing units. As loan threshold and interest subsidy amount remain unchanged, the revision would not have any significant impact from the buyers’ point of view. However, from the supply side, many more projects will now become eligible to benefit from this scheme.
SAMANTAK DAS,
CHIEF ECONOMIST & NATIONAL DIRECTOR – RESEARCH, KNIGHT FRANK INDIA
AFFORDABLE HOUSING: A GAME-CHANGER
An analysis by ANAROCK Property Consultants shows that affordable housing, with average ticket sizes below Rs 40 lakh, clearly leads the pack in new launches in the Q 3 of 2017. It constitutes more than half (52 per cent) of the overall new supply. As per their estimates, real estate investments in Tier-II & III cities have risen by around 17 per cent in 2017 (till August) over last year – a certain sign of buyers’ and investors’ movement toward such cities. Jaipur, Chandigarh, Amritsar, Sohna, Lucknow, Nagpur, Surat, Vadodara and Visakhapatnam are some of key cities, which are witnessing more real estate action of late. On realtors foraying into new affordable schemes, Shashank Paranjape, a realtor says, “Budget homes can be delivered without compromising on quality of construction. Smaller units fit the perfect bill here.”
WHAT ARE PMAY AND CLSS?
PMAY is a scheme under the Union Ministry of Housing and Urban Affairs, under Housing for All vision. The mission is being implemented during 2015-2022 and provides central assistance to Urban Local Bodies (ULBs) and other implementing agencies through States/UTs. CLSS can be availed under PMAY. The subsidy is available for acquisition of house and construction of house (including re-purchase). The subsidy will be taken if the beneficiary takes a loan from banks, housing finance companies and other notified institutions.
AFFORDABLE HOUSING LAUNCHES:
GURUGRAM
Areas: South Gurugram
PUNE
Areas: Hinjewadi and surrounding areas
MUMBAI
Areas: Thane region and Airoli, Ulwe and Nerul in Navi Mumbai
BENGALURU
Areas: Hennur Road, Sarjapur Road, Thanisandra Road, Yelahanka and Tumkur Road
CHENNAI
Areas: Sholinganallur and Siruseri
Hyderabad
Areas: Kokapet and Manikonda
The centre has given its nod to raise the carpet area for MIG under CLSS. The move will not only rejuvenate the realty sector, but also encourage developers to foray into the affordable housing market
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