Hi Asish and Ravi,
It is imperative to understand that Housing for all by 2022 is a bigger term than what is being understood by the common public. There is lot more to it than just providing houses to everyone. The government has planned to not only build more houses, but to redevelop slums, decrease interest for poor section, involving private sector and also aid urban poor for renovating the existing homes.

Dayananda, Mumbai

23rd June 2015

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I appreciate your thoughts Daya,
With almost 30% of our country's population falling under LIG and EWS groups, the current price trend in Indian real estate cannot be afforded by them. Thus, schemes like these are major incentives for this section of the society along with development of affordable homes.

Sandeep Mhatre, Mumbai

23rd June 2015

@Sandeep,
A support of Rs. 1 lakh to Rs. 2.30 lakh per beneficiary would be provided under different components of the National Urban Housing Mission (NUHM) in urban areas to build 2 crore houses to meet the housing shortage, over the next 7 years.

Dayananda, Mumbai

23rd June 2015

Hi guy's,
A path breaking news for the Indian housing sector as the cabinet has approved launch of "Housing for all by 2022" programme, which is primarily aimed at rehabilitation of slum dwellers and promotion of affordable housing for the Economically Weaker Sections (EWS) and Lower Income Groups (LIG), through credit linked subsidy.

Ravi Waghmare, Mumbai

23rd June 2015

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Hi Ravi,
It is really a good news as it will increasing the standards of living by giving proper homes and subsidised interest rates to EWS and LIG groups will not only aid in fulfilment of their social needs but also help everybody associated with the real estate sector. We are happy with this decision and welcome it wholeheartedly.

Ashish Sharma, Mumbai

23rd June 2015

Do you know Ashish this move has to be regarded as a milestone for the housing sector as every stakeholder of the industry is sure to get benefited. Currently, taking 10.50% as an average interest rate on housing loan, EMI on admissible loan value of Rs. 6 lakh for a15 year loan duration comes out to be Rs. 6632 for each month. Now with the cabinet approving on the credit linked subsidy to 6.50%, the monthly EMIs come down to Rs. 4050 thereby, offering a saving of Rs. 2582/month.

Ravi Waghmare, Mumbai

23rd June 2015

Yes, it will help in many ways to the people like releasing of inexpensive land parcels, land acquisition to become easy, interest rates to be dropped, raw materials to cost less and other such steps will make sure that developers are provoked to construct houses coming under affordable segment and target audience to be EWS and LIG groups primarily.

Ashish Sharma, Mumbai

23rd June 2015

Hey Suresh & Diwakar,
They are already busy in celebrating their 1st year anniversary programmes. They are just waiting for PM to give time for the final launch. After all it's a very big initiative so it would have a proper launch. The effort which was earlier planned as Sardar Patel Mission would now be named to honor 75 years of Independence.

Abhinandsavalla, Mumbai

28th May 2015

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After so many ups and downs, the govt. has successfully completed their one years.

And the new mission would include all the already existing schemes such as Rajiv Awas Yojana and Rajiv Rinn Yojana Ministry of Housing and Urban Poverty Alleviation and rural development ministry. One of the main elements of the mission would be slum redevelopment.

Suresh,

28th May 2015

Hi Guys it's time to cheer!!!!!!
The government is getting ready to launch PM Narendra Modi's most committed scheme "Housing for all by 2022". Modi is likely to launch the scheme as an umbrella mission, recounting all affordable housing schemes and slum redevelopment projects.

Suresh,

28th May 2015

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Good morning Suresh,
Really a good news. It means India is going towards the development. Have the urban development and rural development ministries finalized their respective elements for providing 6 lakh houses?

Diwakar Shetty,

28th May 2015

Yes Diwakar,
Now, the country has put their first step towards success. The urban development and rural development ministries have finalised their respective components for providing 6 lakh houses, 2 lakh in urban areas and 4 lakh in rural areas and it is likely to launch around mid of June 2015.

Suresh,

28th May 2015

@Bulbul,
What is the average increase of ready reckoner rates in the City this year? There are some areas in Mumbai where the ready reckoner rates increased up-to 30-40%.

Ramesk Polekar, Mumbai

25th May 2015

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Hi Ramesh,
The average increase in ready reckoner rates across the city is between 15 and 20% this year while the highest rise stands at about 40%. Earlier in 2014 and 2013, the state government had raised the ready reckoner rates by an average 13%.

Bulbul Verma,

25th May 2015

Hi Varun,
The state govt. has explained Economically Weaker Section houses as residences spread over up to 269 sq-ft, LIG houses spread over 270 to 538 sq-ft, and MIG houses as 539 to 753 sq ft, while any house spread over more than this area is considered as HIG.

Yes, registration charges for these houses will also be decreased to the standard 1000/ transaction against the current impose of 25000.

pradyumanapte, Mumbai

25th May 2015

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It seems to me that Government's plan to make the affordable housing easily affordable and available for the common people by reducing the stamp duty burden from home buyers.

This will help the home buyers in 2 ways as the stamp duty rate is being reduced and the base will also be lower for these imposes.

Bulbul Verma,

25th May 2015

Bhai paperwork se kya hota hai, humne kai aise plan bante or phir file me bnd pade dekhe hai...... we want that govt. impose it effectively.

In most of the high-value pockets of Mumbai and other cities, ready reckoner rates have already moved above the market value and therefore stamp duty on market rate will be effectively lower

pradyumanapte, Mumbai

25th May 2015

True Pradyuman,
Ready reckoner rates are changed every year based on weighted average of transactions determined in the year gone by. Earlier this year, the state government had increased these rates by over 30% in most pockets of Mumbai.

Bulbul Verma,

25th May 2015

Gud morning Friends,
As per the current news, home byers in Maharashtra are set to receive a major relief as the state government is planning to decrease the stamp duty on residential properties spread over less than 750 sq.f.t for the economically weaker, lower income and middle income groups.

Supratim,

25th May 2015

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Gud morning Supratim,
It really sound good but if it will apply then it matters. Have they set any rationalize rate for stamp duty? What is the rate of stamp of stamp duty people have to pay currently in Maharashtra?

Varun,

25th May 2015

Yes, the rate of stamp duty will be rationalized with 1% apply for houses for economically weaker section, 2% for low income group houses, and 3% of the agreement value for middle income group houses. Buyers of higher income group apartments will continue to pay stamp duty at current rates.

At present, home buyers have to pay 5% stamp duty on ready reckoner rates/government specified rates or market rate, whichever is higher.

Supratim,

25th May 2015

Great yaar,
Really a huge relief for the home buyers of Maharashtra. Have they set any measure for the HIG flats? Did they rate cut in registration charges as well? If ye, then what will be the new rate of registration charges?

Varun,

25th May 2015

Hi Rakshit,

At the same time Housing Minister Prakash Mehta recommended a decrease in FSI-TDR rates to make land available to developers in return for a specific percentage of free homes to the government, which could be sold at low prices to the poor classes.

Through this, the govt could eliminate its Rs.350000 crore financial debt pressure got from the past program.

Arup rajan, Mumbai

23rd April 2015

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hi all,

The Maharashtra government will change rules and regulations to help in delivery of affordable housing projects for the millions of the state's poor. Making sure that the offered new housing policy would be "pro-people", Maharashtra CM Fadnavis told the developers to work together with the government in its mission to provide affordable housing for the lower-middle class and the poor people.

Shantanu Kumar, Mumbai

23rd April 2015

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Hi Shantanu,
As per the Finance Minister Sudhir Mungantiwar, state government would also emphasis on developing infrastructure and the 3000 km long state highways would be developed as national highways. FM asked the developers community to join hands with the government in building a new Maharashtra.

Rakshit, Mumbai

23rd April 2015

@Rakshit,
This news was came while the Maharashtra CM was speaking at a conference on "Vision Maharashtra - Housing For All by 2022" organized by National Real Estate Development Council.

As per the Maharashtra CM, they have taken this issue very seriously and are fully commited to apply it. Govt. will make the laws versatile and he am ready to face criticism.

Shantanu Kumar, Mumbai

23rd April 2015

@Shantanu,
He also said that challenging laws and taxation must go to help the developers, but finally that should also result in affordable housing stocks.

But as per him, the new offered Development Control Rules for Mumbai would make sure that the optional powers of officials are decrease to the minimum for increased visibility.

Rakshit, Mumbai

23rd April 2015

Even the Defence ministry also has land, so does the Railways and the Airport Authority of India the PIL said adding these areas could be utilized as could about 200 hectares of unused salt pan land.

Varun,

23rd January 2015

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The Port Trust which has 20000 acres of land, almost a 3rd of the area that central Mumbai covers can part with its surplus land, the PIL defended. The Town and Country Planning Organization said that up to 120882 hectares of additional land will be required for low-cost housing.

Bulbul Verma,

23rd January 2015

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Because of that the Public interest Litigation said that the state and the Centre should not be allowed to dispose of salt pan lands for any purpose other than affordable housing in the interim while the PIL is pending.

Varun,

23rd January 2015

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Do you know Varun that the homeless in Mumbai bas risen every decade and the 2001 census fixed their figure at a staggering 7.78 lakh.

Bulbul Verma,

23rd January 2015

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The PIL said that excess land available with the Central government, the Ministries of Commerce and Industry, Railways and Defence, Bombay Port Trust, Airports Authority of India, Salt Commissioner and Railway Land Development Authority should made available for housing schemes in the city where flats sell at a premium which makes a dream home, just that, a dream.

Varun,

23rd January 2015

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The Bombay High Court on Wednesday seek a reply from the Maharashtra government and the Centre within 2 weeks to a appeal that pointed out to a lack of affordable housing schemes in Mumbai. An NGO Consumer Online Foundation filed a public interest litigation to demand a extensive program for affordable housing in Mumbai.

Bulbul Verma,

23rd January 2015

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