Tag: affordable housing

Latest StoriesResidential

Indore to Seek Tenders for 8,100 PMAY 2.0 Flats

INDORE: The Indore Municipal Corporation (IMC) is set to build 8,100 new flats as part of the Pradhan Mantri Awas Yojana (PMAY) to help those impacted by road widening projects and provide affordable housing options. “The Mayor-in-Council (MIC) has approved the tender invitation for constructing 8,100 new high-rise residential flats under PMAY 2.0,” stated additional commissioner Arth Jain to TOI. He emphasized that the initiative aims to support families displaced by various infrastructure projects while contributing to the local affordable housing market. The estimated financial outlay for this extensive housing project is about Rs 1,200 crore. This preliminary cost includes…

IndustryLatest Stories

India must boost affordable housing and rental reforms for $5.8T market by 2047: Report

NEW DELHI: A joint report by KPMG in India and NAREDCO indicates that India needs to refocus on affordable housing, rental reforms, and enhanced homebuyer protections for the real estate sector to reach an estimated value of $5.8 trillion by 2047. The report was unveiled by Union Housing and Urban Affairs Minister Manohar Lal Khattar during the NAREDCO Real Estate Conclave 2026. The study outlines four key policy areas for the sector: affordable housing, rental housing, robust homebuyer protection through the RERA-Insolvency and Bankruptcy Code framework, and improved implementation of the Real Estate Regulatory Authority. According to the report, urbanization…

IndustryLatest Stories

India’s Real Estate Needs ₹50 Lakh Crore by 2036: Report

NEW DELHI: According to a report from Anarock Capital, India’s real estate sector will need nearly ₹50 lakh crore in capital over the next decade to sustain its growth. The report points to a shift in the sector’s financing landscape, evolving from a fragmented, NBFC-led model to a more organized, institutional framework supported by banks, alternative investment funds, real estate investment trusts, private credit, and government initiatives. However, it highlights that capital is primarily concentrated among established developers and in major metropolitan areas, which results in disparities in affordable housing, smaller developers, and tier II and III cities. Despite a…

Housing FinanceLatest Stories

Shivalik Small Bank Nears Deal with ManiBhavnam Home Finance

KOLKATA: Shivalik Small Finance Bank, supported by Japan’s largest lender, Sumitomo Mitsui Banking Corporation (SMBC), is nearing completion of its acquisition of Delhi-based ManiBhavnam Home Finance for ₹109 crore. The Reserve Bank of India (RBI) has approved this acquisition, with Shivalik currently seeking clearance from the Registrar of Companies. The deal will involve both share swaps and a cash component, according to sources familiar with the situation. “The acquisition aims to enhance Shivalik’s footprint in the affordable housing sector, further financial inclusion efforts, broaden secured lending, and extend geographical reach in North India,” a bank spokesperson stated. Over the past…

Latest StoriesResidential

SBI Calls for Review of Affordable Housing Definition Amid Loan Surge

MUMBAI: The State Bank of India (SBI), the nation’s largest lender, has requested a review of the definition of affordable housing, pointing to a significant rise in the average size of home loans recently. Chairman C.S. Setty stated that SBI, which commands the largest share in the competitive affordable housing segment, has observed that the average loan size has increased to ₹51 lakh, up from ₹35-40 lakh just two years ago. Setty emphasized, “The definition of affordable homes needs to be revised. This is what we have consistently communicated to the Government of India,” during a post-earnings interaction with reporters.…

Latest StoriesResidential

Haryana Updates Allotment Rates for Affordable Housing Projects

CHANDIGARH: The Haryana Cabinet has approved an amendment to the Affordable Housing Policy-2013, increasing the allotment rates for apartment units in affordable group housing projects by 10-12%. During a meeting led by Chief Minister Nayab Singh Saini, the Cabinet authorized this amendment under section 9A of the Haryana Development and Regulation of Urban Areas Act, 1975, according to an official statement. The allotment rates for apartment units are specified in Clause 5(i) of the Affordable Housing Policy-2013. These rates were first established in 2013, with revisions in 2021 and 2023. The decision comes following requests from industry representatives, including the…

Latest StoriesResidential

Ludhiana Trust Lacks New Affordable Housing Plans for 20 Years

LUDHIANA: The Ludhiana Improvement Trust (LIT) is experiencing a significant slowdown in urban development, having not introduced an affordable housing scheme for residents in nearly two decades. Once the leading force behind Ludhiana’s residential projects, the trust has now shifted its attention to small-scale developments under municipal jurisdiction. With the Atal Apartment project, delayed for years, expected to wrap up by December 2026, officials caution that LIT may soon be left with no active projects. This lack of government-supported options is pushing residents toward expensive private developers or illegal colonies. Two Decades of Inaction The glory days of LIT’s planning…

Latest StoriesResidential

PMAY-U 2.0 Extended to Sept 2026; Aims for 1 Crore Urban Homes

Representative AI image NEW DELHI: The Central Government has extended the deadline for the Pradhan Mantri Awas Yojana–Urban (PMAY-U) until September 30, 2026, to support the completion of ongoing housing projects and the release of necessary funds, as stated by Minister of State for Housing and Urban Affairs, Tokhan Sahu, in a written response to the Lok Sabha. Initiated on June 25, 2015, PMAY-U aims to ensure eligible urban households across India have access to durable housing with essential civic amenities. Learning from the previous implementation of the scheme, the government has launched PMAY-U 2.0, effective September 1, 2024. This…

Latest StoriesRegulatory

High-Priced Homes Out of Reach for Middle Class: Punjab HC

CHANDIGARH: The Punjab and Haryana High Court has raised grave concerns regarding the skyrocketing costs of residential plots and flats auctioned by government development agencies in the Tricity—Chandigarh, Panchkula, and Mohali—asserting these prices have made home ownership unattainable for middle-class and salaried professionals. The court has instructed the governments of Haryana, Punjab, and UT Chandigarh to develop a proposal aimed at addressing affordable housing, suggesting alternatives like lottery systems for all societal segments, including the salaried and middle class. “It seems that state authorities have begun prioritizing profit, abandoning the common citizen. The auction prices for residential properties are exorbitant,”…

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Haryana Assembly Approves Housing Board Merger with HSVP

CHANDIGARH: The Housing Board Haryana, a government housing entity active for 55 years, was officially dissolved on Friday after the Haryana Assembly sanctioned its merger into the Haryana Shehri Vikas Pradhikaran (HSVP). This occurred amidst symbolic resistance from opposition Congress leaders. This decision was made during the assembly’s first Budget session, where Chief Minister Nayab Singh Saini, who was also the minister in charge, introduced the merger resolution. Saini explained that the roles of the Housing Board and HSVP were largely similar and assured that the interests of the Housing Board employees would be protected. The government has been working…