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Due to increased and better demand for the affordable housing, housing sales may rise by 16% in 2018 at 2.45 lakh units in seven major cities, reported property consultant, Anarock.
The year 2018 witnessed the housing supply rise in the seven major cities- Delhi-NCR, Kolkata, Bengaluru, Chennai, Mumbai, Pune and Hydrabad by 32 percent to 1.93 lakh units.
“The fallout of RERA and GST was still very visible in 2018, but the dust began to settle. With developers and brokers accepting the new market realities and beginning to fall in line, the residential sector began to regain visibility and viability,” Anarock founder and chairman Anuj Puri said.
He also added that one of the major positive changes in the real estate market this year was transparency and accountability emerging as the new defining characteristics and market reacting positively towards it.
The new launch supply across top seven cities which was 1,46,850 units in 2017 is estimated to be 1,93,600 units by the end of 2018 hence, a rise by 32 percent. The major factor behind this rise is affordable housing. It is also reported that 41 percent of the new supply came in affordable housing.
“Housing sales in 2018 are estimated to be 2,45,500 units if we consider Q4 sales to match those of the preceding quarter at 2,11,140 units in 2017, this is an annual increase of 16 per cent,” the report said.
However, at the end of September 2018, the unsold housing stock was reported to be 6.87 lakh units which is 8 percent down as compared to 7,44,000 units in Q3 2017.
The top seven cities in 2018 witnessed largely unchanging prices as there was only one percent rise form Rs 5,491 per sq ft in 2017 to Rs 5,545 per sq ft in 2018 in average property prices at the pan-India level.
“The issue of stalled projects showed few signs of resolution in 2018. However, a number of landmark court judgments strongly indicated that the Indian legal system is awake and aware of the problem,” Anarock said.
The major force behind the tickling momentum of the residential supply during 2018 is the affordable housing backed by a series of government sops, said the consultant.
“In sharp contrast to earlier years where the ‘affordable’ tag was considered down-market and avoidable, 2018 saw almost every real estate developer regardless of market footprint and previous category orientations eager to take a bite out of the affordable housing pie,” Puri said.

Source: ET Realty by the zeebiz.com
https://www.zeebiz.com/india/news-housing-sales-may-rise-16-pc-in-2018-new-supply-up-32-pc-anarock-75806

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For a significant period, the Dwarka Expressway Project has been facing obstacles in its course of completion from time to time. On 21st November 2018, the PMO stepped its way forward to clear the impediment in the way of the continuously postponed Dwarka expressway with NHAI, Delhi Development Authority and the Forest ministry demanding prompt action over the project in the next two months.

The ministry also confirmed that with a sanction of 2,15,083 more housing units, the total number of houses financed under the PMAY(Urban) across the country will reach up to 62,53,731. In the meeting held under the chairmanship of HUA Secretary Durga Shanker Mishra, a total number of 334 units were approved, costing Rs. 8,559 crore and the central assistance of Rs. 3,226 crore.

According to sources, the National Highway Authority of India (NHAI) proposes to get forest clearance for a stretch of 4 km out of the 10 km surrounding the Expressway. It will also have to seek permission for the Delhi government for the deforestation of about 10,000 identified trees which fall under the national capital. The Delhi Development Authority is expected of providing land for the fallen trees as compensation for the damage done.

The Delhi Government expected NHAI to apply for the reforestation of the fallen trees under the Forest Conservation Act as tree-falling accounted to an act of “diversion of forest land”. The Delhi Government suggested that the plantations alongside the road should have been treated as “deemed” forest but the NHAI withstood the fact that the deforestation should be granted as under the state law rather than the act.

Earlier on Wednesday the 21st November 2018, PMO’s principal secretary Nripendra Mishra called for a meeting of different Environment conservationists, roads and Highways authority, officials from DDA and the government to streamline the confusion and land on a verdict, which in turn fabricated to a firm decision.
It has come into notice that the construction work for the highway could start by the end of the year 2018 but regardless the stretch would take almost two and a half years to be fully functional for the general traffic.

An official who did not wish to be named stated, “There was a unanimity that the process of granting forest clearance by Delhi government and forest ministry will be fast-tracked and completed in two months. Since there is no outstanding issue in Haryana portion hence there was no participation of an official from the state”.

Source: ET Realty by the Economic Times
https://realty.economictimes.indiatimes.com/news/infrastructure/pmo-intervenes-to-clear-last-hurdle-in-dwarka-expressway/66746209

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One of many other debatable issues of real estate rules in Gurugram, the most talked being the registration of the fourth floor, has now been resolved to a conclusion.

As per the previous statement of the Haryana government earlier in 2018, newly constructed fourth floors were not entitled to be registered as independent residential units in Gurugram.

In a meeting in March 2018 chaired by the director general of DTCP, a report was presented stating that the construction of the fourth floor as independent residential units was restricted. Otherwise earlier HUDA stated that the maximum height of plotted houses had increased from third floor (15 m) to fourth floor (16.5m) in February 2017.

The principal secretary of DTCP issued a notification stating, “The government has allowed registration of fourth floors as independent dwelling unit on the condition that as fees for permission to register, the owner will pay one-third of external developmental charges (EDC) applicable to a particular urban area, which shall be over and above the purchasable Floor Area Ratio (FAR).”

Also, as suggested by the state government, the permissible height of the fourth floor (16.5 m) shall be allowed only while there is a valid fire NOC and certificate of conformity to rules and structural safety, and also the EDC recovered for registration of the fourth floor is subject to be transferred to the respective agency like Huda, GMDA, HSIIDC or MCG — to carry out EDC work.
The policy is subjected to come into immediate action and that DTCP shall carry out the necessary amendments in the regulations of the zones of the respective development plans in Haryana Building Code 2017, related to the maximum permissible limit of residential buildings in Gurgaon to 16.5 m.

During the year 2017, there was a remarkable rise in the sales of property in Gurugram as there was a hype about the newly constructed fourth floor in HUDA sectors and licensed colonies across a wide spread of land.On May 28th, 2018 Chief Minister of Haryana, Mr Manohar Lal Khattar stated “The government had allowed construction of a fourth floor but disallowed its registration. Property owners have been demanding this be allowed. So I’ve directed concerned officials to look into it”, preceding which many floors in Gurugram were being built but illegally registered with the help of local Tehsil officials.

According to estimates, roughly 500-600 plot owners had built fourth floors on their properties.

Source: ET Realty by the Economic Times
https://realty.economictimes.indiatimes.com/news/regulatory/gurugram-fourth-floor-can-be-registered-as-independent-dwelling-unit/66759471

On Tuesday under the Pradhan Mantri Awas Yojna (Urban) the Housing and Urban Affairs Ministry has approved the construction of 2.15 lakh affordable houses for the poor in six states.

The ministry also confirmed that with a sanction of 2,15,083 more housing units, the total number of houses financed under the PMAY(Urban) across the country will reach up to 62,53,731. In the meeting held under the chairmanship of HUA Secretary Durga Shanker Mishra, a total number of 334 units were approved, costing Rs. 8,559 crore and the central assistance of Rs. 3,226 crore.

After this the official said that West Bengal was sanctioned 1,00,704 housing units whereas 50,271 houses were authorised for Uttar Pradesh, followed by 41,707 for Andhra Pradesh, 20,499 for Maharashtra, 1,425 for Nagaland and last 477 for Dadra and Nagar Haveli.

The PMAY (Urban) was launched by Prime Minister Narendra Modi in June 2015 with an aim to ensure ‘Housing for all by 2022’. Here, the target has been set by the government that one crore houses will be constructed in the Urban areas of country over a period of seven years from 2015 – 2022.

Source: ET Realty by the Economic Times
https://realty.economictimes.indiatimes.com/news/regulatory/centre-approves-construction-of-2-15-lakh-houses-under-pmay-urban/66439594

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The Haryana government has planned to develop five new cities of 5,000 hectares each alongside two major expressways which are Kundli – Manesar- Palwal (KMP) and (KGP) Kundli – Ghaziabad – Palwal to boost the industrial, commercial and housing activities in areas bordering the national capital. On Friday, chief minister Manohar Lal Khattar addressed a real estate conference(organised by realtors body NAREDCO) and said that the state government will also reopen the licensing process for group housing projects under the affordable segment. The chief minister also said that “we have prepared a draft plan to develop five big cities alongside KMP and KGP expressways which covers 185Km. It’s in pipeline and will be considered.”

Khattar said that each city will spread over a minimum area of 5,000 hectares and will be developed as an industrial, economic and commercial corridor, adding that there will be a provision of housing, providing business opportunities for realty firms as well. The Chief Minister also added that the government completed its four years on Friday and he will try to implement this plan before the end of his tenure.

The Chief Minister said that the state government has taken numerous initiatives during the last four years in order to boost the real estate sector and it has also announced affordable housing policy to achieve the target of ‘Housing for All’ by 2022. Khattar has also promised the developers that the government could make changes in the policies for the benefit of all stakeholders in this sector, including home buyers.

The chief minister said the government will soon ‘open the window’ to get licenses for group housing project under the affordable category for a duration of 60 days.

The state will also extend the deadlineby three months for Transit Oriented Development Policy. The TOD is mixed-use residential and commercial area to maximize the public transport and incorporate features in order to encourage transit ridership. Under this policy, the developers get extra FAR (Floor Area Ratio). CM said the Haryana has two authorities under the new real estate law RERA of which one regulator is specifically for IT city Gurugram and this is to streamline the real estate sector.

Khattar said the government has sanctioned 50 new vehicles for police for patrolling and maintain law and order.On the occasion, President of NAREDCO Haryana, Mr Praveen Jain said he appreciated the policies of the government for better future of the state.

Praveen Jain also said that we got such policies for the first time that are beneficial to buyers as well as builders. Till now, housing was the privilege of rich people.

We welcome the Haryana Government’s decision of introducing the project clearance window of group housing project for two months from next week, the fastened approval process would encourage the developers to complete the project on time, said by Lalit Aggarwal, co-founder and Joint managing director, Signature Global.

Source: ET Realty by the Economic Times
https://realty.economictimes.indiatimes.com/news/industry/haryana-plans-five-cities-of-5000-hectares-each-alongside-kmp-kgp-expressways-cm/66388403

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