BETTER CONNECTIVITY TO BOOST AFFORDABLE HOUSING IN GURGAON

AFFORDABLE HOUSING IN GURGAON

Driving along Gurgaon, the construction activities can be seen in full swing. While there are thousands of units allotted, many are still under construction. The acceptability and demand for affordable housing units is getting in place as the outskirts of this city are getting well connected. Gurgaon, being the corporate hub of Delhi NCR region, has huge population which is still increasing day by day. It is due to the presence of various multinational companies (MNCs) that more and more people are getting drawn towards the city. The city has been in news for its weaker transport system with perpetual traffic. The ample amount of residential and commercial projects in Gurugram are simply because of the rapid employmenet growth and evolving transition of its development. The rapid metro is, however, playing a crucial role for the people living and working between Cyber City and Golf Course Road. The proposal for the Phase 2 Rapid metro project had been flagged off 6 months ago and there is a good news for the people residing in Gurugram as the proposal is now being prepared for the Phase 3 which would provide connectivity from the Sikandarpur metro station to the Gurugram railway station.

“Metro connectivity can augment the sales of housing projects and as the Rapid Metro currently operates in areas located between Shankar Chowk and Golf Course Extension Road, passing through Cyber City and Golf Course Road, it has already been providing an ease to the commuters of Gurugram. We have most our projects based at Gurugram so, this news has come up as a good news for us and all the other developers who have been contributing to the real estate sector of Gurugram. The metro connectivity would definitely make the real estate investment in the city excellent. It’s now high old time for the prospected buyers and all those who are planning to buy an affordable house as they would also be getting an enhanced connectivity due to the upcoming Rapid metro projects” says Pradeep Aggarwal, Chairman, National Council on Affordable Housing, ASSOCHAM who is also the Co-founder & Chairman of Signature Global.

PRIVATE DEVELOPERS TAPPING LOW-COST HOUSING

India is widely piped to become the world’s third-largest economy by 2030, as the  government is giving a strong push to the affordable housing segment it seems clear that the segment would remain as the focal point for the emerging real estate industry. Recently, the Confederation of Real Estate Developers’ Association of India or CREDAI – had announced the launch of 375 affordable housing projects across the country with an investment commitment of Rs 70,000 crore. Also, as the affordable housing segment is getting infrastructure status, developers are working overtime to tweak existing projects and convert them into affordable housing projects. The rolling out of the new Goods and Services Tax (GST) regime from July 2017, a major differentiator between markets has been done away with. An integrated national market will help the real estate sector by way of a common indirect tax structure.

Also, there is a clear-cut statement by the experts that this segment is going to be the most established wing in the coming years. The states like Haryana that have appeared as more influential when it comes to affordable housing projects. With small-scale down payment it has become possible to book a home for the buyers. Also, the advent of RERA  is regaining  trust of investors for the developers and overall real estate sector. According to RERA, the  developers can now sell homes only on carpet area basis, unlike earlier times  when homes were  sold on super area basis, with loading varying from 25-40 per cent.  The newly enacted laws are going to benefit both the retail project s in Gurugram including the affordable housing ones.

“People  can enjoy the leverage of choosing a desired home as there are plenty of options available in the sector.  Going for a low-cost property is still a better option as compared to the rental living. For these reasons, communities should work to ensure that they go for the right property so that they are able to suffice their other financial needs as well” says Pradeep Aggarwal, Co-founder & Chairman, Signature Global.

GOVERNMENT BRINGS OUT GOOD NEWS FOR AFFORDABLE HOUSING

According to the latest reports, the government has approved construction of 112,083 more affordable homes under its flagship Pradhan Mantri Awas Yojana (Urban), with an investment of Rs 8,105 crore. The central assistance for the same will be Rs 1,681 crore. The total homes sanctioned under PMAY(Urban) has now gone up to 3,052,828. The approval was given in the 28th meeting of the central sanctioning and monitoring committee in its meeting held here on Wednesday. Haryana got 24,221 houses sanctioned in 28 cities and towns, with an investment of Rs 1,721 crore, followed by Maharashtra with 11,523 homes with an investment of Rs 860 crore, Kerala with 9,836 homes with an investment of Rs 295 crore and Mizoram with 3,270 houses with an investment of Rs 65 crore. Sources suggest that a total of 44,692 new homes have been approved to be built under the beneficiary led construction (BLC) component of PMAY (Urban), while enhancement of 1,857 homes in Haryana were sanctioned under BLC.

“It would be an ease-up for the first time home buyers as they would be getting ample opportunities to select the desired space for living. The rising demands on affordable housing in INDIA and the increasing interest of developers to invest in affordable housing projects mandate a clearer understanding and appreciation of the lifestyles and cultural values of the local society. We wish to contribute more to the enactment of this policy so that the motive of providing own houses to all gets accomplished” says Pradeep Aggarwal, Co-founder & Chairman of Signature Global who is also the Chairman, National Council on Affordable Housing, ASSOCHAM

GRAND TRIUMPH – “THE MILLENNIA” OVERSUBSCRIBED BY FOUR TIMES!!

Affordable Housing Projects in Gurgaon - Signature Global

Signature Global being one of the established names in affordable housing, today believes in the motto of “Har Parivar Ek Ghar”. It is a 100% RERA compliant company that has successfully launched 9 of their affordable housing projects in Gurugram. Their main focus is affordable housing so they are currently aiming at delivering around 1 lakh units till 2022 to support the endeavour of the respected Prime Minister of “Housing for all by 2022”.
Signature Global believes in transparency and assures timely execution of the projects within 3.5 years from the date of project conceptualization.
The Millennia Sector 37 D Gurgaon near Pataudi Road is their latest project which has been designed by the notable Architect Hafeez Contractor. The same project recently underwent a draw in the presence of Haryana officials and various applicants on 27th October 2017 at Corus Banquet Gurugram.
The Millennia includes 1448 housing units consisting of 1 bhk 2 bhk and 2 bhk housing units. Around 2,500 applicants gathered to participate in the draw whose application submission commenced on 25th June and got closed on 14th August 2017. The draw lasted less than 75 days as it got an overwhelming response of more than 5000 applications.
“We would like to cordially congratulate all the successful allottees of The Millenia. The people are now having ample options, as there are many affordable housing projects available for them. Going for a value-based property is still a better option as compared to the rental living. Considering these reasons, communities should make themselves aware of the ins and outs of the project while considering the current real estate scenario as this will increase their chances of opting the right property.” says Pradeep Aggarwal, Chairman, National Council on Affordable Housing, ASSOCHAM who is also the Co-founder & Chairman of Signature Global.
Value-based homes with less hassle is what everybody strives for.
Decent, affordable housing has been important to most of the families. The basic need of getting a shelter for the living is fulfilled by the same. The low-cost projects give an opportunity of spending a decent amount in all the other relevant segments of life. Even the reports suggest that children in stable housing tend to do better in school and are less likely to experience a disruption in their academics and career. India already has a housing shortage of 2 crores and the reason behind this being the lack of affordability factor in the properties. The affordable housing projects have the high rate of absorption as there is a lot of demand for the low-cost units. The affordable housing factor is going to benefit as the land cost is going to be lower in the areas where affordable housing has to take place. The developers should bring projects according to the need of buyers and investors. It’s quite clear that there are people who are still aspiring for own houses so the developers should work in the same direction to maintain a consistency in the market. According to the reports, 1.77 million people are still homeless in India and most of them are relying on the rented properties. The statistics clearly show that there is a high demand for housing units and preferably these housing units should be easily affordable by the majority. The demand for affordable housing projects is rapid says the industry experts. The government authorities are meeting frequently in order to eliminate the roadblocks that are being faced by the developers while executing such projects. Already the policymakers and the financial institutions have made enough policies and amendments in order to facilitate the Pradhan Mantri Awas Yojana scheme.

ALL YOU NEED TO KNOW ABOUT AFFORDABLE HOUSING

Affordable Housing in Gurgaon
The much talked about segment of real estate has gained momentum speedily. As part of the initiative initiated by the Prime Minister to provide affordable housing to all, affordable housing projects have been a motive by the government to provide an own house to all the sections of the society so that nobody remains homeless. The Pradhan Mantri Awas Yojana was launched in June.  Affordable housing refers to the housing units that affordable by the section of society whose income is below the median household income. The price related to affordable housing will vary depending upon the regions. The affordable housing units for the metropolitan regions should have a capping area of 30 square meters and for non-metropolitans, the area should be 60 square meters.  Cities like Delhi, Mumbai, Kolkata, Chennai, Bangalore, Hyderabad, etc. fall under the metropolitan region and rest of the areas would lie under the later one.

The affordable housing projects have a high rate of absorption as there is a lot of demand for the low-cost units. The affordable housing factor is going to benefit as the land cost is going to be lower in the areas where affordable housing has to take place. The developers should bring projects according to the need of buyers and investors.  It’s quite clear that there are people who are still aspiring for own houses so the developers should work in the same direction to maintain a consistency in the market.  According to the reports, 1.77 million people are still homeless in India and most of them are relying on the rented properties.  The statistics clearly show that there is a high demand for housing units and preferably these housing units should be easily affordable by the majority. The demand for affordable housing projects is rapid says the industry experts. Approximately, 12,000 applications belonging to the middle and low-middle income home buyers have been processed by different banks for interest subsidy in just two months. This number may reach 50,000 by August says the Housing Ministry. The various initiatives taken by the financial institutions in the form of interest reduction on home loans are paving way for the aspirants striving to buy their first home. The enactment of GST has not only made the taxation process easier but has also introduced transparency. These enactments are altogether fostering the market and also encouraging people to invest.

AFFORDABLE HOUSING AS AN EMERGING INDUSTRY

As the reports can clearly show that the affordable housing has undeniably gained momentum.  It would be the next juncture for investment says industry experts and stakeholders. However, the responsibility of supplying affordable housing is initiated by the government, the entire industry of financial institutions and developers are coming to the forefront to make the government’s “Pradhan Mantri Awas Yojna”   accomplish. Affordable housing projects have become a new interest for the developers as they know it’s attracting more homebuyers.  Due to the governmental initiatives, the concept of affordable housing has become an admirable concept. The concept is still growing; the goal to provide homes to all still prevails. The push from the government is encouraging the private sector participation to this concept.

According to the reports of officials belonging to the financial firms, corporation’s January loan applications rose 21% over December. February witnessed 24% haul up, and March was 44% more than the previous month. It seems that the affordable housing is not just about providing affordable homes to the lower-income strata of society. Through the newly introduced policies in certain segments, we can assume that it is having a direct connection with the nation’s economy and the whole of the real estate climate. The recent push for this project is commendable but the lack of availability of land is a major concern. The developers are in need of land and the unused area can easily gratify their needs. The major concern of is to execute the “PradhanMantriAwasYojna” at a faster pace. Land availability is currently the major challenge for the developers across India.

“According to me, the quick execution and policy change, the sector will give rise to new parameters and housing styles.  This will also lead the financial institutions to work on lower thresholds which will make new inroads for the home-buyers.  The increase in demand of affordable projects is seen on the real estate portals clearly by the experts. It’s a positive sign for us as we have been focusing on a similar concept since the beginning” says  Pradeep Aggarwal, Chairman, National Council on Affordable Housing, ASSOCHAM who is also the Co-founder & Chairman of Signature Global.

Affordable Housing Changing the Real Estate Sector

In a country like India where homes vary from single rooms to multi-storeyed mansions, affordable housing projects can make a great difference. This segment of the real estate sector is predicted to grow and drive the Indian economy in the future. Some experts believe the growth rate to be well over 30%.

Eight cities in the country have come forward to experiment with affordable housing and have shown results. Housing projects priced below INR 50 lakhs formed the majority of the total launches alluding to the fact that the country is making the most from it. Not only is affordable housing considered a respectable segment today, it may well be the missing link for the real estate industry.

In 2007, when the first of the affordable housing projects started, the real estate sector was under severe pressure. Apart from the heavy costs that came with construction, there was also unavailability of land and little incentives. The tax environment was discouraging as well. But, it started changing with the announcement of the “Housing for All by 2022” by the new government. The scheme aimed at building 2 crore homes in all urban locations within five years. The program acted as a catalyst for the real estate sector with incentives and schemes to promote growth.

The government began by granting an infrastructure status to the upcoming affordable housing projects, allowing developers to have access to funding including the external commercial borrowings (ECBs). In addition, the project promoters were granted a total of five years to complete their projects. The government also revised the qualifying criteria for a housing to be considered affordable for both metro cities and non-metro cities. This has given a tremendous increase in the affordable housing market. Apart from all the advancements, the government has also allowed developers to pay their taxes such as the notional rental income tax in a year’s time while the Credit Linked Subsidy Scheme (CLSS) was also announced.

This push for policy and the financial assistance by the incumbent government has brought more real estate developers to take up the new housing segments. Although the demand for affordable housing already existed, the regulations, infrastructural support by the government and urbanization has augmented its popularity.

If you are looking for affordable housing projects in Gurugram or NCR, you are likely to find what you want. The government has passed RERA that has given buyers fresh confidence in the sector. The first-time buyers can also find homes within their budgets and easily-available finance has made the demands even higher. More financial institutions have come up that offer small home loans to people in small towns and cities. With a huge population falling within the low-income and middle-income groups, the demand for affordable housing can reach as high as 25 million homes. 

There are however, some challenges such as finding land in the urban centres of the country. To create 2 crore homes within the next few years will become difficult without land availability. Large government bodies which currently hold non-essential lands have to be unlocked for this purpose but without it, the dream housing for all will be distant reality.

The housing shortage seen within India has already crossed one crore units. Even though the government has recognized this gap in housing, it will take years before any real changes can be seen. However, with the government also consolidating the policies, infrastructure, and financial availability, it is likely that affordable housing can close the ever-widening gap. Urbanization and increasing demands for affordability has placed affordable housing projects as a viable commercial opportunity that can alter the course of the real estate sector. 

Signature Global is a reputed name in the real estate sector in India dealing in affordable housing projects. Signature Global’s residential flats in Gurgaon include their massive projects of Solera (Sector 107), Synera (Sector 81, NH8) Andour Heights (Sector 71), Orchard Avenue (Sector 93), Grand Iva (Sector 103), Roselia (Sector 95A), and Serenas (Sector 36). At present, Signature Global’s Signum project offers retail shops in Gurugram in sector 36, 95A, 93, 103, 71, 81, and 107. For bookings, check http://www.signatureglobal.in/retail

AFFORDABLE HOUSING: A DREAM COMES TRUE

Affordable housing in Gurugram has been a motive by the government to provide an own house to all the sections of the society so that nobody remains homeless. The Pradhan mantra Awas Yojana was launched in June 2015 and the execution of the same has been speaking volumes since then. There have been amendments and enactments regarding the policies related to the real estate sector so as to offer the appropriate climate to the affordable housing segment.  There are many private and financial firms that have been taking productive steps in this direction. The reduction of home loan interests by certain banks has given a major ease up to the people still struggling to purchase their first own house.  The developers and builders of the nation have been working hard to make affordable housing units ready before time but due to certain challenges, some states lagged behind. In order to deal with such challenges and situations, the government further made amendments in real estate related terms so that the execution could get a boost. The PMAY policy is entirely dedicated to suffice the needs of a common and middle-class section that cannot afford high-priced housing. There has also been noted an increased rates in the sales of affordable housing units.

“There have been a majority of people striving to buy own homes thus,  affordable housing units are a source of relief for the people who couldn’t purchase an own house. Indeed it’s a beneficial step as we being a developer would be sufficing the basic needs of the people and market goes smoothly when we understand the need of our consumers and come with projects accordingly. Affordable housing is not just a benefiter for buyers but also for developers like us who pay special attention to the needs of the majority  and contribute to the easily affordable units” says Pradeep Aggarwal, Co-founder & Chairman, Signature Global.

Source:- www.signatureglobal.com

In the present social scenario, owning a house is considered to be an important status symbol. But, it is not just a financial milestone, owning a house can be a great investment and offer structural sustainability, when needed. Perhaps, this is why more people incline toward buying than renting. Renting has its advantages but there is nothing like the feel of your own home. How do you know when you are ready? Real estate experts give five questions to consider before making the transition.

1.      Do you want to control your surrounding?

As much as we try to find a rented property best-suited to our needs, it is likely that there is something more that we want. It could be that we want a swimming pool for your kids or perhaps we want to remodel the kitchen. In fact, some homeowners ask their tenants not to bring guests over, not add or remove any fixtures, and complain for just about any noise. If you are among the many frustrated with this meddling, experts say that it is a definite sign to change. Upcoming affordable housing projects across Delhi/NCR allow you to design your space as you want. In addition, many of these projects offer facilities and services that you would not find in rented spaces.

2.      Are you interested in a specific part of the city/country?

This is an important question to consider. Most rented houses, although they are affordable, are located in corners lacking essential facilities. This is a fine solution for single individuals but if you have a family, this could mean continuous difficulties. In some cases, you may like a particular neighbourhood, but there are no renting options available. Affordable housing projects are your answer. These projects are spread across the city and available at prices that you can afford. In addition, investing in an affordable house gives you the necessary footing within the neighbourhood of your choice.

3.      Are you coming across good deals?

In the current scenario, it is likely that you are coming across good deals on home projects in Gurgaon and neighbouring areas. The new government policies are working wonders for the real estate sector and you can continue to expect good deals for a while. But what happens now? Are you going to stop about the what-ifs and take the first step? Experts advise that if you are finding a good offer, you should at least consider the property. Check it out, compare the prices in the market, research a little and then decide what you would want to do. The affordable housing projects are very popular in the market especially because more financing institutions have come up to support them. This might be your chance.

4.      Do you have enough savings for a down payment?

Most of us work hard to increase our savings. But after a while, the savings sits in our bank accounts without getting us benefits. If you like a property and find that you have enough savings for a down payment, decide to act. Experts claim that people work a lot to save the down payment amount but when it is time, they hesitate. They aim to find something bigger, better for the same value. It is unwise to let that capital lose its value when you can exchange it for a worthwhile investment. Remember, a property is of consolidated value.

5.      Are you considering having a family?

This is a clear sign for a transition. More people in the family means more space, more bedrooms, and more storage. On the contrary, you may find that your rented house is too spacious and you don’t need that space anymore. Buying a new space, according to your family’s current or projected size could be worthwhile. Affordable homes are giving an opportunity for small and large families to have their perfect space.

Signature Global is a reputed name in the real estate sector in India dealing in affordable housing projects. Signature Global’s residential flats in Gurgaon include their massive projects of Solera (Sector 107), Synera (Sector 81, NH8) Andour Heights (Sector 71), Orchard Avenue (Sector 93), Grand Iva (Sector 103), Roselia (Sector 95A), and Serenas (Sector 36). At present, Signature Global’s Signum project offers retail shops in Gurugram in sector 36, 95A, 93, 103, 71, 81, and 107. For bookings, check http://www.signatureglobal.in/retail

Millennials are the New Affordable Home Buyers

If you are a homeowner looking to sell your residential flat in Gurgaon or any part of the NCT, the chances are you will be selling it to a millennial. It is seen that the millennials are the newest entry into the real estate sector. It is possible that today they are form the largest group purchasing homes for the first time. This seems to be a new trend, where earlier, this generation was known to rent housing in cities. So, what is it that you as a homeowner need to be aware of to cater to this population? Here are some quick areas.

One of the most important reasons for this generation to deviate from their original behaviour is the low rate of interest available in the market. The launch of the affordable housing scheme in Gurgaon, NCR, and other areas in the country have prompted millennials to think of investments in a sustainable manner. What could be a better investment than a real estate property? The confidence is high, and many of them believe that they would like to purchase a property. In addition, the availability of more financing options adds to their developing interest.  Nonetheless there are some hurdles paving their way.

If we look at the real estate scenario a little closely, we see that there is a shortage of affordable housing projects in the country. Even in Delhi NCR, which remain the top property destinations lack more options. The affordable housing project launched by the government intends to work well for low income groups and economically weaker sections. The millennials wanting to buy homes do not fall in this category, which calls for an extension of the criteria employed for the scheme.

In addition, most affordable projects are present in the city’s periphery, where transportation and basic amenities are yet to reach. In this scenario, working millennials find themselves unfairly tackling infrastructural limitations against their interests. With inter-city migration, especially for better economic opportunities, millennials prefer living closer to their work places and where there are amenities present round the year.

As a homeowner, it would a wise decision to invest in meeting some of these expectations. Enlisting yourself with a loan officer or working closely with a real estate agent will allow for matching your property with the right client. In addition, even though your property may not have luxurious countertops and club memberships, real estate agents can help millennials look for the right deals, such as a school district and a safe neighbourhood. Ensure that you are making the business as simple and easy as possible for the buyer. This could include easing the paperwork process, discussions about the down payments, and any credit issues that may need to be handled. The unfamiliarity may be an overwhelming experience for them and you can ensure that they have a good experience.

The market conditions are in favour of affordable homes than premium housing projects. Nonetheless, you may come across buyer expectations which may not suit your present situation. Research well about any additional investments into the project and see whether you will be rewarded by the market in the days to come. Millennials will continue to remain a strong contender in the real estate market as homebuyers especially because their economic projections are favourable. As a large population in the country is reaching their retirement, more millennials have stepped forward to fill their gaps. It is beneficial to see these new customers for the kind of influence they will have and leave on the real estate sector. After all, they are the future.

Signature Global is a reputed name in the real estate sector in India dealing in affordable housing projects. Signature Global’s residential flats in Gurgaon include their massive projects of Solera (Sector 107), Synera (Sector 81, NH8) Andour Heights (Sector 71), Orchard Avenue (Sector 93), Grand Iva (Sector 103), Roselia (Sector 95A), and Serenas (Sector 36). At present, Signature Global’s Signum project offers retail shops in Gurugram in sector 36, 95A, 93, 103, 71, 81, and 107. For bookings, check http://www.signatureglobal.in/retail

Affordable housing and Real Estate in Gurugram

The execution of the affordable housing projects is already speaking volumes and on the top of it, the demand for affordable housing projects is also being considered high.  Blooming demand for the residential affordable projects will undeniably give a huge boost to the real estate sector.  Even the industry experts and researchers have concluded that this sector is going to turn the corner within the next five years. According to the experts, affordable housing wing may see a rise of 37 percent by the financial year 2021-22 compared to the present scenario where it’s 26 percent.  The rankings of experts suggest that the demand for affordable homes has risen four times the existing stock to 250 lakh homes at this period.  The faster uplift in the market is due to the support of government bodies and alterations in the policies of the private firms. Be it the marked down interest in home loans or enactment of acts like RERA, the overall real estate segment has entered a transformation league which is enabling more buyers to invest. 

With the rapid development, the retail projects in Gurugram there is a noticeable spur in the commercial and residential affordable projects in Gurugram as well.   It all started with the Prime Minister’s initiative to provide housing to all, this initiative is being carried out under the scheme, “Pradhan Mantri Awas Yojana”. According to the government’s Credit-Linked Subsidy Scheme (CLSS), households with income of less than Rs 18 lakh are suitable to go for affordable LIG and MIG housing units under its interest subsidy scheme. As most of the people belonging to the low-income background are still struggling to purchase their own house, there is a huge demand for the affordable housing units. Being the low-cost units, such properties are a new hope for people aspiring to buy the first house. The frequently held meetings by the government authorities try to eliminate the challenges that are being faced by the developers and builders while executing such projects.  Also, there is a clear-cut statement by the experts that this segment is going to be the most established wing in the coming years. The policy makers and the financial institutions have made ample amount of amendments in order to assist the same PMAY scheme.

 “The higher demand will naturally give a boost to the execution of such projects making a positive impact on the urbanization as the affordability of homes would be high. The government’s push and cooperation from the private firms have helped the sector to its fullest. Not just the PMAY but the recent amendments assuring laws and transparency have perked up the sector.  Not just the affordable housing projects but also the commercial projects in Gurugram would get a benefit as the whole of this market is getting evolved. Being a developer, we expect this progress to enhance further and grow at a faster pace. The assured transparency would create a huge difference in the market as it would revive the lost trust of the investors says Pradeep Aggarwal, Chairman, Signature Global.

Affordable Housing In Gurgaon

Signature Global Real Estate Updates - Affordable Housing in Gurgaon: Affordable housing in Gurugram

Signature Global Real Estate Updates - Affordable Housing in Gurgaon: Affordable housing in Gurugram: Since the policy assuring housing for all has been initiated by the Prime Minister, there has been a major drift in the functioning and po...

Affordable housing in Gurugram

Since the policy assuring housing for all has been initiated by the Prime Minister, there has been a major drift in the functioning and policy making of the real estate sector. The Pradhan Mantri Awas Yojana has persuaded many of the developers and builders to look up to the needs of a common man.  The real estate sector was much more inclined towards the luxury aspect and focusing at the high –cost housing projects. In the middle of the smart city and high-priced projects what made the real estate segment lag behind was the fulfillment of the needs of a common man who could only afford low-cost housing units. Realizing the need of a common man, the government launched the PMAY policy dedicated to the affordable housing.  The aim of the policy is to provide an own house to all the families who have been aspiring for the same for a long time. The initiatives for the affordable housing units are being taken by various states as they have already introduced low-cost projects in their regions.  

 

Not only was the common man’s demand but credibility and transparency had also been at par with the real estate sector that led to the visible crash in the market. Enactment of RERA has been introduced as one way to bring back the credibility and transparency into the sector. The lack of transparency had left many people dubious and reluctant about making investments in the real estate sector. The array of laws and policies supporting the needs of a common man has given developers the opportunity to reach out to more and more buyers and suffice their needs while giving a boost to the market.  Regarding the affordable housing segment, various financial institutions have now introduced low-interest rates on the home loans and other similar benefits for the people going for their first house.  The GST implementation is one such enactment that will enable buyers to know where exactly how their taxes get calculated. The simplified taxation process will let people see the whole of real estate sector as a profitable and dependable segment.  States like Haryana have not just initiated with the affordable housing units but the developers like Signature Global have recently introduced RERA certified projects to make it to the pace of the current market.

The developers keen to launch affordable units have also requested the government to provide some ease in the form of reduced land prices and shared their challenges related to land availability. The authorities of all states have been working vigorously to help out the developers with their challenges.  Most of the developers have realized that they will have to work in accordance with the governmental schemes and public demand so they are promptly coming up with low-cost projects to gear up the market. 

“We have prioritized affordable or low-cost projects realizing the need of majority so we are happy with the fact that authorities from all the states are paving way for such projects. This will enable us to reach out to the other regions with our affordable projects.  As far as Gurugram is concerned, we have been executing easily affordable housing projects in Gurugram are still busy promoting them” says Pradeep Aggarwal, Chairman, Signature Global.

Government pushes state government to adapt RERA

Since the RERA has approached, the experts are seen busy knowing the ins and outs of this regulatory act. It’s mandatory for all the states to inculcate this act as per the government orders. Most of the states have initiated and are busy showcasing their RERA certified projects. However, there are states that are yet to come up with any statement regarding this amendment. Thus, the government has now directly asked all the states to establish RERA in their guidelines. The central government is persuading the state authorities to implement the Real Estate Regulatory Act which is said to turn the corner for the whole of the real estate climate. Without a regulatory act like RERA, the real estate segment is null and void which makes the investors hesitate while coming forward for new investments. The RERA will not allow the unregistered projects to woo the buyers by coming up with convincing advertisements.

“We have recently announced our plan to construct RERA certified projects and hoping to see a positive response from more and more investors and home buyers. We believe that the other developers should also initiate and take a step in line with the RERA as it will benefit them in long run. RERA is being known and promoted as the most credible regulator so it’s a mandate that no developer and state government should ignore. We need to understand it’s more important to bring back the accountability sand trust for this sector and regulations like such would help in achieving the same motive” says Pradeep Aggarwal, Chairman, Signature Global.

Affordable Housing Projects in Gurgaon - Signature Global

Urbanization of Delhi NCR and Affordable Houses

As per 2011 census, the urban population in India is increasing at a rate of 2.8% per year. The increasing concentration of people in urban areas has led to the problems of land shortage, housing shortfall, congested transit and has also severely stressed the existing basic amenities such as water, power and open spaces of the towns and cities. Haphazard urbanization has forced people in Middle Income Group to live in slums for years. Housing companies were mostly involved in luxurious housing for better premiums and profits and government was providing affordable housing for only economically weaker sections of the society till now.

But recently, the scenario is changing. With the advent of innovative ideas and newer technology, developers are changing the definition of affordable housing in Gurgaon. “Affordable” is a relative concept with several implications in different income groups. Whereas, previously it was associated with economically weaker sections in want of roof and security. Today, it’s a whole new segment in the real estate industry catering to needs of several income groups. With the government providing subsidies for Middle-Income Groups, the dream of a home for the fence-sitters is becoming a reality.

Also, in a step to fulfill the Prime Minister’s vision to provide “Housing for All” by 2022 the private players are now becoming active to provide residential houses in Gurgaon for office goers in Delhi NCR. The people who were paying heavy rents in Delhi NCR can opt for a house which is affordable according to their pocket with a convenient EMI.

Affordable Housing – a key growth driver in realty sector of Delhi NCR can be broadly defined on four parameters:

The minimum volume of the habitation: As architecture is moving vertically due to increasing in population density and shortage of land. Instead of area standard, affordable housing takes in purview volume standard and how to minimize it with expertise in architecture.

Provision of basic amenities: Provision of basic amenities such as sanitation, adequate water supply, and power to the dwelling unit is crucial while defining affordable housing. Maybe, the housing society doesn’t have a swimming pool or a gym but it is mandatory for the society to be accessible from a different part of the city especially if we talk about flats in Gurgaon. Delhi NCR being a cosmopolitan area calls for easy access and prime addresses. Also, provision of community spaces and amenities such as parks, schools, and healthcare facilities, either within the project or in the neighborhood, are desirable depending on the size and location of the housing project.

The cost of the house: While accessing the cost of a house it is always important to consider the buying cost as well as the maintenance cost. Affordable housing in India has become more desirable after the advent of Real Estate Act as it makes first five years of possession maintenance free. A thought should also be given to the kind of vehicle which is necessary for the accessibility. If the society is too remote higher transportation cost will lead to migration again.

Location of the House: Entailing from the points already made above residential projects in Delhi NCR should be well connected to the workplaces, marketplaces and fun centers. The lower land cost may provide cheaper housing possibilities but if housing and transportation costs burn a hole in the pocket of the resident, the possibility to regulate slums and residential colonies to decongest the national capital won’t be possible.

Affordable houses in Gurgaon can change the way people looked at townships and residential projects towards a cumulative growth of Delhi NCR. This is a systematic approach which will not only ease the tight realty markets but will also curb the problem of congestion by decentralizing things. The Middle-Income Groups who were forced to compete with each other for renting scarce homes in the national capital can have an affordable nest of their own.

Tips to Navigate the Real Estate Sector Post-Demonetization

What seemed like a hibernation of at least five years, the real estate sector gradually seems to be finding attention among home buyers again. In a recent survey conducted online, it was found that more than 60% of the respondents are likely to buy a property in the next one year period. In the wake of the rate cuts by the RBI, 16% of the respondent said that they will buy a real estate. This optimism is more pronounced in Hyderabad, Pune, and Mumbai whereas cities like Bengaluru and Delhi NCR were lagging behind. In these cities, high inventories & prices have not yet uplifted the dampened spirits. It is likely that the real estate prices are likely to increase, and the returns from investments may lack consistency. In such a scenario, caution displayed would be the ideal move.

Although real estate has continued to be a substantial investment in India, buyers have been aware of the financial crunch especially after demonetization, which has led to mounting inventories and unfinished projects. In some cases, delays have ranged anywhere between 5-6 years. This trend has caused buyers to choose ready-to-move-in properties rather than the under-construction projects and pre-launch offers. Even with the Real Estate Regulation Act 2016, buyers do not feel confident that the act guarantees the buyers’ interests. So what does one do in a market like this? Experts have the following suggestions:

Experts believe that it is best to research well regarding real estate properties, a basic rent vs. buy analysis should help one decide what step to take. For instance, it is not within everyone’s capacity to spend extravagant EMIs such as INR 80,000 for a premium luxury project but the same can be afforded for a cheaper rent. Likewise, even in cities where buying a property would cost more, there are renting options such as those available under affordable housing in Gurgaon and NCR.

One should also consider the cost of settling down with a property, which significantly reduces the chances of upgrading to other cities, and lucrative job opportunities. Especially true for young people who are still building their careers, it is advisable to not become tied down because of mortgage. That said, experts do point that in cities like Hyderabad and Pune, it is still possible to buy properties, where the EMIs are roughly equivalent to the rent being paid – not a bad choice to create assets for the loan borrower.

Respondents have also claimed that the biggest hurdle for them when buying a property is the high interest rate on home loans and reduced tax benefits. It seems that along with this reason, there are other factors that potential buyers are considering, one being their estimation of their income increase. Some other reasons include rate cuts on home loans ranging between 2% – 12.8%, decline in property prices between 10% - 57.2%, and more payment options afforded by the builders.

Respondents also believe that they would prefer to go for loan options where they can seek the maximum loan which is available to them, which ranges anywhere between 70% - 80% of the property value. This suggests that although there are buyer sentiments which incline toward buying properties, the environment plays an important role in the decision-making.

Experts suggest that for such buyers, consolidating the available finances would help them understand how much they can afford to pay off as the down payment. After all, the bigger the down payment amount, the lower the EMI that would greatly stabilize the monthly budget.  However, they caution that buyers not to look into savings which are meant for education, retirement, or marriage. More importantly, experts advise that maintaining a good credit score will help lenders and banks to consider the best option available for the home loan. This includes keeping expenses low and not revolving credit card dues. 

Even though the real estate sector is lifting itself up out of the slump, the trick to survive and own a dream house is to be careful and research well. The wait will pay itself off.

Signature Global is a reputed name in the real estate sector in India dealing in affordable housing projects. Signature Global’s residential flats in Gurgaon include their massive projects of Solera (Sector 107), Synera (Sector 81, NH8) Andour Heights (Sector 71), Orchard Avenue (Sector 93), Grand Iva (Sector 103), Roselia (Sector 95A), and Serenas (Sector 36). At present, Signature Global’s Signum project offers retail shops in Gurugram in sector 36, 95A, 93, 103, 71, 81, and 107. The upcoming projects include The Millennia (sector 37D) and Solera Phase 2, (sector 107).

How To Buy Affordable Housing in India

In the last few years, growing urban population and shortage of housing has shot up the demand for affordable housing in Gurgaon India. This demand led to the launch of “Housing for All by 2022” Mission for urban housing. The Budget 2017 has accelerated this ambitious mission by bringing affordable housing under the infrastructure category, allowing developers to access cheap financing, and by offering incentives to homebuyers.

If you’ve always dreamed of buying a house for yourself, this is the best time to plan for it. Signature Global – a leading player in the real estate sector is all geared up to support the government’s plans toward affordable housing. The company has launched several affordable housing projects in the millennium city of Gurugram.

To apply for Signature Global’s housing projects –

1.       Go on to www.signatureglobal.in and click on “Apply Online” at the top of the home page.

2.       You will find two upcoming housing projects – “The Serenas” (Sector 36, South of Gurugram) and “The Roselia”(Sector 95A, Gurugram). Wrapped in lush greenery yet in proximity of high-rise residential and commercial projects, both Serenas and Roselia are well-connected to major locations in the city.

3.       Choose the housing project for which you wish to apply and click on “Fill Application Form”. You will be navigated to a new page and will be required to fill out basic applicant information and select the type of housing unit you want based on the carpet area. Once you select the type of housing unit, the total booking amount (5% of the house cost plus Rs. 1000/- for application form) will be displayed on the screen. Signature Global accepts payments in cheque/demand draft/ banker’s cheque/ NEFT/RTGS. At this stage, you also have the option of Earnest Money Deposit (EMD) Finance whereby you can get the Booking Application financed by EMD finance companies. For this purpose, you can choose Signature Global Capital – one of Signature Global’s EMD finance partners.

4.       As per Haryana Affordable Housing policy, Signature Global will allot flats to applicants based on a draw. The draw will be carried out within the completion of three months from the date of closing of applications.

5.       As soon as the date for the draw gets decided, advertisements shall be published in newspapers by Signature Global concerning the particulars about date, time and venue of the draw.

6.       If you receive a successful allotment, you would be required to deposit the next installment of 20% of the total cost of the house within a period of 15 days from the date of allotment. Additionally, if you had paid for the booking amount through EMD financing, then you shall immediately repay the loan amount within 15 days of the draw.

At this stage, you could also get a home loan from your bank, and if you’re eligible for the PradhanMantriAwasYojna (PMAY) scheme, you can avail subsidy on home loan interest rate –

Home loans up to 6 lakhs – 6.5 % subsidy on rate of interest
Home loans up to 9 lakhs – 4% subsidy on rate of interest
Home loans up to 12 lakhs – 3% subsidy on rate of interest

7.       In case of non-allotment, Signature Global will return the booking amount to you through cheque delivered to your correspondence address.

8.       The remaining 75% of the apartment cost will be paid in regular installments before the completion of the house.

9.       The completed house will be delivered within four years from the date of the draw.

Signature Global’s latest projects under the Haryana Affordable Housing in Gurgaon include over 2,000 housing units in (Apply Online) in Serenas  Sector 36 and in (Apply Online) in Roseli Sector 95A. 

Why Choose Signature Global?

Signature Global is a 21^st century real estate and infrastructure development company with offices in Delhi, Gurugram and Mumbai. Established in 2013, Signature Global focuses on affordable housing to meet the needs of low and mid income groups.

In Delhi-NCR, Signature Global has created a niche for itself in the field of affordable housing, and after closely following the affordable housing policy in Haryana, it became the first company to launch seven projects in Gurugram under the policy. These projects include Solera (Sector 107), Synera (Sector 81), Andour Heights (Sector 71), Orchard Avenue (Sector 93) and Grand Iva (Sector 103). The recently launched projects in the region are Roselia (Sector 95A) and Serenas (Sector 36). These residential projects also include retail complexes under a common brand name “Signum”.

With an aim to become a key player in the government’s vision of “Housing for all by 2022”, Signature Global has several affordable housing projects in the pipeline to be replicated in other parts of India.

Signature Global works with a team of experienced architects, master planners and designers who are among the best in the industry. It has partnerships with several leading financial institutions and also provides Earnest Money Deposit (EMD) facility to homebuyers. In addition to its robust booking through MBDAs and BDAs, the company also takes great pride in growing its reach of customers by taking in direct online applications.

The company emphasizes on use of new and innovative techniques to aid mass construction activity. One such technology it uses is “Mivan shuttering” – a fast-paced construction technique which offers strength and durability to a building by use of aluminium formworks.

Signature Global promises timely and transparent processes with completion of the projects within 3.5 years from project conceptualization.

Bookings are currently open for Signature Global’s Roselia in Sector 95A Gurugram and Serenas in Sector 36, South of Gurugram. 
Apply online on www.signatureglobal.in

All You Wanted To Know About Pradhan Mantri Awas Yojana (PMAY)

What is PMAY?

The Pradhan Mantri Awas Yojana (PMAY) was launched in June 2015 with an aim to provide affordable housing with facilities of water, sanitation and electricity at all times.

Originally, the PMAY scheme was meant to provide housing help to only the Economically Weaker Section (EWS – with an annual income up to Rs 3 lakh) and the Low Income Group (LIG – with an annual income up to Rs 6 lakh).However, Budget 2017 revised the scheme by bringing in Middle Income Group (MIG – with an annual income up to Rs 12 lakh) under its cover as well.

The PMAY comprises four major aspects:

1. Collaborating with private real estate developers to transform slum areas by building homes for slum dwellers.
2. Providing credit-linked subsidy to weaker, low and mid income groups on home loans.
3. Government provided financial assistance for affordable housing projects created in partnership with the State/Union Territories for the EWS.
4. Offering direct financial assistance of Rs 1.5 lakh to the EWS.

Why is it important?

Indian real estate has often catered to the needs of affluent home buyers in big cities. There is an estimated need of 20 million housing units for the urban and rural poor within a budget of Rs 5 lakh to Rs 15 lakh. However, several unsold residences in metropolitan cities range from Rs 50 lakh onwards. The PMAY is addressing this gap between the need of low-income home buyers and the millions of unsold housing units.

Eligibility

1. A person applying under this scheme must not have a pucca house in any part of India under his/her name or under the name of a family member.
2. A person applying under this scheme must belong to the EWS, LIG or MIG groups.

Subsidised Interest

If you fall in the EWS and LIG category, you can avail a loan up to Rs 6 lakh with an interest subsidy of 6.5 per cent. For loans between Rs 6 lakh to Rs 12 lakh, MIGs will get an interest subsidy of 3 per cent to 6 per cent.

All loan tenures for all income slabs have been raised to 20 years as opposed to the earlier 15 years.

Signature Global is a reputed name in the real estate sector in India. Its recent projects on affordable housing in Gurugram are Roselia (Sector 95A) and Serenas (Sector 36). 

Apply online on:-  www.signatureglobal.in  with PMAY.

How Gurgaon’s Real Estate Can Gain From Budget 2017

The Budget 2017 has boosted the slowed real estate sector in India especially by announcing infrastructure status to affordable housing, which has served as the backbone to the sector for long. Its impact on real estate developer in Gurgaon will be worth noting. Gurgaon – a big player in India’s real estate sector – has been grappling with difficult times especially since 2015, and in 2016 the sales volumes for propertiesin Gurgaon further went down and new unit launches were limited in the city.

Further, demonetization during the end of 2016 further affected real estate developers in Gurgaon like in the rest of the country. There was stability noticed in quoted prices and discounts were still available, but people stayed away from buying residential flats in Gurgaon. Gurgaon saw a fall in investment in the residential properties as residential buyers, much of whom were primary end users were on the lookout for ready-to-move-in flats and were wary of promises of future infrastructure or property. Overall, Gurgaon’s real estate market saw a great dip recently.

With the new budget placing affordable housing under the category of infrastructure, the government plans to get closer to its goal of providing affordable housing for all by 2022. This newly-granted infrastructure status also makes available cheaper funding options from real estate builders who can now access funds at a borrowing rate less than 10% for developing affordable housing, leading to a subsequent and definite reduction in purchase costs for homebuyers.

About 95% of the demand in the real estate sector has been of affordable housing. With reduced borrowing rates, the real estate developers can now focus on constructing housing projects where a major demand lies, and look forward to a healthy growth in this segment.

The budget has benefitted the end users the most. With enormous tax benefits offered to people in the lowest income bracket as a significant tool to push affordable housing, the dream of many to own a house now seems to get closer to realization. Also, with demonetization, banks have been further flooded with funds, and there are speculations that banks will low interests rates further and come out with affordable and attractive home loans. Future home-buyers have been watching the market carefully.

As a real estate market, Gurgaon has great chances of recovering from the downtime in the recent past. One of its driving strengths has been its ability to churn out high quality office spaces, and now while building on this strength, if the real estate developers in Gurgaon prioritize constructing and launching ready-to-move-in affordable housing projects that end-consumers place high value on and subsequently reward, then Gurgaon will soon rise up as a strong real estate provider meeting the housing needs of its residents.

Signature Global is a reputed name in the real estate sector in India. In Gurgaon, Signature Global is already constructing five housing projects under Haryana government’s affordable housing policy, is all set to invest Rs 500 crore in two more projects of affordablehousing in Gurgaon.