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Uttar Pradesh’s 51 Cities to Embrace New GIS-Based Master Plan

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Team iPropUnited
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In a significant move towards organized urban development, Uttar Pradesh is gearing up to implement a novel master plan system based on Geographic Information System (GIS) across 51 cities in the forthcoming fiscal year.

The state’s housing department has initiated inquiries into the progress of GIS-based master plans currently in preparation by relevant regulatory bodies.

Out of the total 59 cities earmarked for structured development, the government greenlit GIS master plans for eight cities last year. Presently, the plans for 28 cities are in the final stages of review, while those for 23 others are in the outlining phase.

A crucial tool for effective land management, the master plan precisely delineates land usage within regulated areas. A senior official revealed that the plans for the 28 cities are slated for final approval within two weeks, with the remaining 23 cities set to finalize theirs by March 31. Notably, Ghaziabad, Kanpur, and Prayagraj are among the key cities yet to finalize their plans.

However, Lucknow’s master plan is on hold pending the notification of the Uttar Pradesh State Capital Region (SCR), which will necessitate a revised framework with Lucknow city at its core.

Regulatory authorities have been instructed to highlight roads with widths of 24 meters or more, depict future ring road alignments, and designate greenbelts exceeding 5 hectares in the master plan.

Nitin Ramesh Gokarn, Additional Chief Secretary of the housing department, emphasized the necessity for feedback from the chief town and country planner before the plans are submitted for state approval.

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Odisha Extends PMAY-Urban 100-Day Challenge Deadline to March 31

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Team iPropUnited
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Odisha’s housing department extends the PMAY-Urban 100-Day Challenge deadline to March 31, fostering competitive spirit among urban local bodies to complete housing projects.

The housing and urban development department of Odisha has announced an extension of the deadline for the ‘100 Days Challenge’ for urban local bodies (ULBs) to complete houses under the Pradhan Mantri Awas Yojana-Urban (PMAY-U). The new deadline is set for March 31, extending from the earlier date of March 4.

Launched on November 24, 2023, the challenge aimed to incentivize and reward the best-performing ULBs for successfully grounding housing projects under PMAY-U. The objective was to instill a competitive spirit among ULBs, urging them to complete sanctioned houses within a time-bound framework before the scheme’s closure in December of the same year.

Debasis Singh, Director (housing), communicated the extension to all municipal commissioners and executive officers, citing the need to accommodate various central and state programs concurrently running during the challenge period, causing schedule overlaps. As a result, the ongoing 100 Days Challenge is prolonged until the end of the financial year to address these constraints effectively.

In adherence to the challenge, 115 ULBs in Odisha are categorized based on the number of housing units in progress. Category A comprises ULBs with over 750 housing units, category B includes those with units ranging between 250 and 750, while category C consists of ULBs with less than 250 units.

The extension allows ULBs additional time to meet the challenge’s objectives and complete housing projects under PMAY-U. It underscores the state government’s commitment to ensuring timely and efficient implementation of urban housing initiatives, ultimately benefiting citizens across Odisha.

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Indian Cricketer Yashasvi Jaiswal Acquires Rs 5.4 Crore Apartment in Mumbai’s Bandra

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Team iPropUnited
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Indian cricket prodigy Yashasvi Jaiswal, currently making waves on the cricket field, has recently made headlines for his impressive performance. Despite being just 22 years old, he has already displayed remarkable prowess, notably surpassing the experienced James Anderson in a recent match. With two consecutive double centuries in the ongoing Test series against England, Jaiswal’s meteoric rise continues to captivate fans. Alongside his on-field exploits, news has surfaced of his recent real estate investment in Mumbai.

Jaiswal has acquired a luxurious apartment in X BKC for a staggering sum of Rs 5.4 crore. According to documents obtained by Liases Foras, the 1,100-square-foot flat situated in Wing 3 of a building in Bandra (East) was officially registered on January 7, as reported by TOI. The transaction was finalized at a rate of Rs 48,499 per square foot. Speculations regarding this purchase had been circulating for some time, and Jaiswal expressed excitement about the move around the time of his Test debut.

However, Jaiswal’s journey to success has been anything but conventional. Originally hailing from a village in the Badohi district of Uttar Pradesh, he ventured to Mumbai as a young boy in pursuit of his cricketing dreams. In those early days, he resided in a tent at Azad Maidan, illustrating his unwavering determination and dedication to the sport. Notably, he also extended a helping hand to a local vendor selling pani puri during his initial struggles. These anecdotes from his humble beginnings often resurface on social media platforms, underscoring the remarkable journey of this cricketing sensation.

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Maharashtra Government Unveils New Sand Mining Policy, Introduces Online Sand an System

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Team iPropUnited
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In a bid to modernize sand procurement practices and combat illegal extraction, the Maharashtra state cabinet has announced a significant revision to its sand mining policy, now facilitating the online sale of sand by the government. This initiative marks a departure from the previous policy, which granted exclusive rights to the government for sand excavation and sales through designated depots.

Under the revamped policy, sales rates will be set on a no-profit-no-loss basis, ensuring equitable pricing for consumers. A consolidated tender will be solicited for the excavation, transportation, and establishment of depots, streamlining the entire sand procurement process.

For the Mumbai metropolitan region, the royalty fees are fixed at Rs 1200 per brass (equivalent to Rs 267 per metric ton), while regions outside Mumbai will incur a rate of Rs 600 per brass (or Rs 133 per metric ton). Buyers will be responsible for covering transportation costs from the designated depots.

The primary objective of the sand mining policy revision is to clamp down on illegal sand extraction, particularly from riverbed areas, and prevent its clandestine sale in the black market. Additionally, the policy aims to curb private entities’ unauthorized sand extraction activities and the detrimental impact of heavy trucks transporting sand on rural roads.

By actively participating in sand sales, the government anticipates a reduction in prices, thereby lowering overall construction costs for stakeholders in the industry.

To facilitate the implementation of the revised policy, depots will be established in all districts for sand storage and sale. A technical committee at the tehsil level will oversee riverbed excavation activities, while a committee chaired by the district collector will manage the tendering process and sales operations. Officials assure adherence to the directives of the National Green Tribunal to ensure environmental sustainability in sand mining activities.

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Delhi High Court Considers CBI Probe into Illegal Construction Near Monuments

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Team iPropUnited
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The Delhi High Court, led by a bench featuring Acting Chief Justice Manmohan and Justice Manmeet PS Arora, expressed deep concern over the rampant unauthorized construction plaguing the city.

The court hinted at the possibility of initiating a CBI investigation to probe the lapses of various authorities in preventing unauthorized construction near centrally-protected landmarks such as Nizamuddin ki Baoli and Barakhamba Tomb.

During the proceedings, the bench lamented the collective failure of multiple agencies tasked with curbing unauthorized construction, warning that such negligence could result in “complete lawlessness” within the city, ultimately leading to systemic collapse.

The court emphasized its inclination towards transferring the investigation to the Central Bureau of Investigation (CBI) to scrutinize the roles of authorities, including the Delhi Police, in addressing the issue. It urged for accountability to be established, considering the shocking failure of multiple agencies on the ground level.

The litigation stemmed from a public interest plea filed by the NGO Jamia Arabia Nizamia Welfare Education Society, highlighting illegal construction activities near the Baoli gate of Hazrat Nizamuddin Dargah, adjacent to a police booth.

The High Court observed the lack of action from entities like the Municipal Corporation of Delhi (MCD) and the Delhi Development Authority (DDA) against the unauthorized construction, particularly concerning the erection of three additional floors atop a previously sealed guesthouse situated on DDA land near the monuments.

Earlier, the court likened encroachments on public land to acts of dacoity (robbery) and urged the MCD to leverage technology such as drones and satellite imagery for enhanced vigilance.

Expressing dissatisfaction with the situation, the court criticized the officials for their “serious dereliction of duty,” emphasizing the need for proactive measures in response to alerts from the police and the Archaeological Survey of India (ASI).

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DDA Approves Land Use Changes and Housing Schemes to Enhance Infrastructure in Delhi

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Team iPropUnited
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NEW DELHI: The Delhi Development Authority (DDA) has endorsed modifications in land use in Ghazipur, Auchandi village, and Jangpura to bolster public infrastructure, alongside sanctioning housing schemes to fortify the housing sector and foster the development of the Narela sub-city, as per an official statement released on Tuesday.

The decisions were ratified during a meeting of the Delhi Development Authority (DDA) chaired by Lieutenant Governor V K Saxena, who also serves as the chairman of the department.

The statement elaborated, “Several decisions were sanctioned for housing schemes to invigorate the sector and for the development of the Narela sub-city. The authority greenlit proposals on land use alterations in the public interest – in Ghazipur for establishing RFID, in Auchandi village for the construction of an electrical sub-station, and in Jangpura for RRTS installations.”

Extensions in timelines were provided for 23 non-conforming industrial clusters for the submission of redevelopment plans. Additionally, the authority endorsed the predetermined rates for 2023-24 of Rohini phases IV and V, Tikri Kalan, and Narela.

Regarding the Diwali Special Housing Scheme 2023, the statement noted that the e-auction mode, launched on November 30, 2023, and closed on December 29, 2023, received enthusiastic responses, with 744 flats booked out of 2,093 on offer.

In efforts to incentivize housing acquisition, discounts of 15 percent to the general public and 25 percent to government employees are being offered for more than 440 flats at Sector A1-A4, Narela, under the ongoing first-come-first-serve (FCFS) scheme.

The DDA further announced the allowance for non-governmental legal entities to purchase built-up properties in bulk. Private entities within Delhi-NCR can now procure DDA residential flats in bulk for purposes such as residential staff quarters and hostels.

Furthermore, land use changes have been approved to facilitate a five-lane toll plaza at Ghazipur, a 765/400 KV Electric substation in Auchandi village, and RRTS installations in Jangpura to enhance public transportation and green energy initiatives.

The approved proposals will be forwarded to the Ministry of Housing and Urban Affairs for issuance of notifications, emphasizing the DDA’s commitment to infrastructure development and environmental sustainability in Delhi.

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Urban Land Prices Soar as Developers Embrace Joint Development Deals

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Team iPropUnited
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BENGALURU, February 6, 2024 – With urban land prices on the ascent, real estate developers in Bengaluru are increasingly turning to Joint Development Agreements (JDAs) with landowners, marking a strategic shift that benefits both parties amidst soaring land costs.

JDAs offer developers access to prime locations without hefty upfront expenditures, while landowners can monetize their property without relinquishing ownership rights, as outlined in a report by Bengaluru-based real estate research firm Meraqi.

The report, titled ‘Our Landowner’s Guide’, reveals that approximately 70% of real estate assets in Bengaluru’s residential and commercial sectors have been developed through JDAs, underscoring the prevalence and significance of this approach.

Land prices in Bengaluru, along with other top real estate markets such as Mumbai, the National Capital Region (NCR), Pune, Chennai, Ahmedabad, Kolkata, and Hyderabad, have surged significantly over the past three years. Bengaluru, for instance, has witnessed a 40-60% increase in land prices during this period, according to the report.

Gorakh Jhunjhunwala, Managing Director of Meraqi, emphasized the pivotal role of JDAs in India’s real estate sector, particularly in Bengaluru, which remains a hub for real estate developments.

The trend is largely fueled by the presence of IT companies, startups, and rapid infrastructure development, creating robust growth prospects for real estate firms.

Dhara Shah, Head of Land Services & Research at Meraqi, highlighted the shift from outright sale transactions to JDAs for land monetization, with JDA transactions potentially yielding higher returns, estimated at two to 2.5 times compared to outright transactions.

Sunil Pareek, Executive Director of Assetz Group, noted the mutual benefits of JDAs, where landowners can capitalize on enhanced returns tied to sales price growth, while developers can optimize capital costs by sharing upsides with landowners.

While the real estate sector underwent significant policy changes between 2015 and 2020, including the establishment of the Real Estate Regulatory Authority and the introduction of the goods and services tax regime, some landowners faced challenges in JDA partnerships due to regulatory uncertainties and limited understanding of tax and legal aspects.

Pavitra Shankar, MD of Brigade Group, attributed the surge in land prices to stable interest rates and infrastructure improvements such as metro connectivity, new highways, and roads.

Residential real estate has experienced substantial growth in the past two years, with builders expanding their portfolios amid a rapid reduction in inventory overhang. Bengaluru, for instance, witnessed a decline in the overhang period to nine months in 2023, compared to 20-25 months in 2015-2020.

In conclusion, the report highlights a nearly 30% increase in residential real estate prices in Bengaluru since the end of 2020, resulting in an average annual appreciation of 10%.

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LIC Housing Finance Aims to Boost Affordable Housing Portfolio by 25% in Two Years

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Team iPropUnited
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LIC Housing Finance is charting a path to significantly expand its share of affordable housing loans within its loan portfolio, aiming to reach 20-25% within the next two years.

Mumbai, February 6, 2024 – LIC Housing Finance, the home finance arm of the insurance giant, is charting a path to significantly expand its share of affordable housing loans within its loan portfolio, aiming to reach 20-25% within the next two years, revealed its Chief Executive and Managing Director, T Adhikari, in a press briefing today.

Adhikari disclosed that the company experienced a modest 5% loan growth in the December quarter due to internal restructuring and management transitions. Since assuming office in August, he highlighted the company’s historical focus on the salaried and high credit score segments, which has somewhat limited its engagement in affordable housing finance.

Presently, affordable housing comprises 8-10% of the portfolio, and the company is resolutely targeting a surge to 20-25% of the loan book within the stipulated two years, as stated by Adhikari. He emphasized the substantial growth potential and wider margins associated with this segment.

Acknowledging the significant role of government initiatives like the PM Awas Yojana in fueling demand for affordable housing, Adhikari expressed optimism about the company’s prospects in this sector.

While affirming a positive outlook for the overall real estate market, Adhikari noted intense competition among financiers regarding lending rates for realty projects, with rates plunging as low as 8.75% per annum.

Addressing concerns about non-performing assets (NPAs), Adhikari revealed a cautious approach, highlighting a gross NPA ratio of 34% on project loan exposure. He attributed the slower loan growth partly to internal restructuring, which included transitioning to a new lending platform capable of digital onboarding and decentralizing credit appraisal to 44 recently established cluster offices.

Despite acknowledging the impact of management changes on growth, Adhikari remained optimistic about achieving normal levels of loan book expansion moving forward. The company aims for over 15% growth in the loan book for FY25 and plans to discuss strategies in an upcoming board meeting scheduled for March.

Regarding the HDFC twins’ merger, Adhikari mentioned no significant alterations for home financiers, though LICHFL has experienced some favorable outcomes on the liabilities front.

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Pending Home Sales in the U.S. Show Remarkable Increase in December 2023

By
Team iPropUnited
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According to the National Association of Realtors (NAR), the Pending Home Sales index soared by 8.3% to reach 77.3, rebounding from November’s downwardly revised record-low of 71.4. Economists, polled by Reuters, had anticipated a more modest 1.5% increase.

NEW YORK: In a report unveiled on Friday, pending U.S. home sales for December surged, marking the most substantial increase since June 2020. This uptick suggests that stabilizing mortgage rates might be luring prospective buyers into action, potentially igniting a much-anticipated recovery in the residential real estate sector this year.

According to the National Association of Realtors (NAR), the Pending Home Sales index soared by 8.3% to reach 77.3, rebounding from November’s downwardly revised record-low of 71.4. Economists, polled by Reuters, had anticipated a more modest 1.5% increase. Year-over-year data reveals a 1.3% rise in pending home sales.

Lawrence Yun, the NAR’s chief economist, commented, “The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices. Job additions and income growth will further help with housing affordability, but increased supply will be essential to satisfying all potential demand.”

Last year, the index plummeted to record lows as higher mortgage rates dissuaded homeowners from selling, thereby limiting inventory and buyer traffic.

Mortgage rates nearly hit 8% in October, reaching a two-decade high, but have since eased following the Federal Reserve’s decision to maintain its policy benchmark rate unchanged since July. As of the week ending January 25, mortgage rates edged up to 6.69% but remained stable in the mid-six percent range, according to Freddie Mac

Pending sales experienced the most significant gains in the West and South regions, increasing by 14% and 11.9%, respectively. However, the Northeast witnessed a decline, with pending home sales dropping by 3% on a monthly basis.

Looking ahead, the NAR anticipates existing home sales to rise by 13% from 2023, reaching 4.62 million units in 2024, driven by easing interest rates and reduced volatility in the bond market. Median home prices are expected to rise by 1.4% to $395,100 in 2024.

The NAR also forecasts that the Fed will cut its policy benchmark rate four times, with the average 30-year fixed-rate mortgage hovering between 6% and 7%.

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Magicbricks Propindex Report: Property Rates Surge 19% in Top 13 Cities During Q3

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Team iPropUnited
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The affordable housing segment witnessed robust growth in Ahmedabad (62%) and Kolkata (48%), whereas luxury properties garnered significant interest in the Mumbai Metropolitan Region (90%), New Delhi (58%), and Gurugram (48%).

MUMBAI: According to the latest Magicbricks Propindex Report for the quarter ending December, property prices in India’s 13 major cities experienced a substantial 18.8% year-on-year surge and a 3.97% sequential increase. Gurugram (32.1%), Greater Noida (31%), Noida (26.1%), and Hyderabad (15.8%) recorded the highest year-on-year appreciation during this period.

While the demand registered a 2% increase compared to the previous year, it declined by 16.9% sequentially, primarily attributed to the escalating property prices, as outlined in the report.

Despite a 16.9% reduction in residential supply (listings) from the previous year, Mumbai (4.2%) and Hyderabad (0.4%) observed an increase in supply.

The affordable housing segment witnessed robust growth in Ahmedabad (62%) and Kolkata (48%), whereas luxury properties garnered significant interest in the Mumbai Metropolitan Region (90%), New Delhi (58%), and Gurugram (48%).

The insights presented in the report are based on the “behavior and preferences” of users on the property platform, offering valuable market trends.

The report highlighted that constrained residential supply and rising home loan rates had an inflationary impact on residential prices, resulting in reduced demand. However, it projected a “positive trajectory” for residential demand in the medium to long term, anticipating a rebound in supply and a moderation in residential prices.

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