Only 7,620 units in 23 projects had subvention schemes – a mere 11% of the total 69,000 units launched across top cities
Leading developers with sound financial backing outnumbered smaller players in taking a hit from NHB’s recent curb on subvention schemes
MMR topped the list with 17 projects, followed by Bangalore with 4 projects and 1 each in NCR & Pune
No projects in Kolkata, Hyderabad & Chennai offered any subvention schemes
5:90:5 was the most common scheme on offer to homebuyers
Mumbai, 19th August 2019: The National Housing Board’s (NHB) recent directive to housing finance companies to refrain from giving loans under subvention schemes was not as crippling as was initially assumed.
ANAROCK research reveals that out of the total 280 projects launched in the April-June quarter of 2019, only about 23 projects (or 8%) were marketed under subvention schemes. These 23 projects comprised of 7,620 units – about 11% of the total 69,000 units launched in the quarter.
As India embarks on another year of independence, the country’s real estate sector has a lot to be grateful for, a lot to hope for – and still a lot to worry about.
Amidst the dual challenges of liquidity crisis and stuck projects that hang like persistent thunderclouds over the sector, we nevertheless inch closer to the ultimate goal of Housing for All by 2022.
From the viewpoint of stuck and delayed projects, the freedom to buy homes has turned into shackles for many.
Over 1.74 lakh homes in 220 projects across the top seven cities are completely stalled. Housing worth over INR 1.77 lakh Crore is in limbo with zero construction activity.
The affected buyers exercised their freedom of choice – only to see their hard-earned money imprisoned with scarce prospects of parole until recently.
Nevertheless, this state of affairs is not unilateral and countless more Indians have indeed successfully achieved freedom from rent.
Though not nearly as fast as can be hoped for, housing sales are picking up. In sharp contrast to earlier years,
The tragic debacle around CCD’s debt-ridden founder may be indicative of a larger malaise
Rentals can eat away almost 15-20% of the overall revenue an Indian coffee shop generates
Corresponding costs in countries like the US is just around 5-6%
many indigenous coffee shops are unable to survive more than 18 months into the business
From the early morning dose to business deals closed over a cup of java, coffee keeps us charged; the millennial coworking culture is often incubated and based in cafés. As a consequence, there has been a stupendous rise in the number of coffee chains and concept bistros across the country.
It all started with Café Coffee Day – popularly known as CCD – which gave the country its first coffee shop way back in 1995, long before global giants arrived.
Today, places like Café Coffee Day are no longer just hangouts or meeting joints, and certainly not just about coffee. They offer a unique ambiance, music and free Wi-fi to youngsters and entrepreneurs alike.
Along with the resale homes market, luxury housing took the hardest hit after demonetization. The Government’s continued focus on affordable housing coupled with the surgical strike on high-value currency denominations in November 2016 took the sheen off luxury housing for two years in a row.
Real estate developers, urban planners, architects, Government bodies, and homebuyers need to work together for a better environment for future generations.
