The DDA is coming up with the housing scheme under which about 12,000 flats will be available in 2017. The cost of the cheapest flat will be Rs.7.5 lakhs and the most expensive flat will be 1.45 crore rupees. The maximum number of flats are available under the LIG category which is around 11 thousand Flats. These flats are the same single room, which the people surrendered in the housing scheme 2014.
According to DDA sources, the number of flats fixed for the housing scheme so far has been 11,899. The highest number of these flats are 11 thousand LIGs Flats, 444 public flats, 375 MIs Flats and 80 HIG Flats. All these flats have been linked to the Prime Minister’s Housing Scheme. Thus, if anyone wants to take advantage of the Prime Minister Housing Scheme, then he will have to apply under Prime Minister Housing Scheme. It is reported that the single rooms are LIG flats. The cost of most of the LIG flats vary from Rs 14.50 lakh to 16 lakh rupees. However, some of the LIG Flats are priced at up to Rs 30 lakhs. The price of public flats will start from Rs 7.50 lakh to Rs 12.50 lakh. Similarly, the prices of MIG flats will be between Rs 31 lakh and Rs 50 lakh. Whereas, the HIG flats will be cost around 53 lakh to 80 lakh rupees. Whereas, some of the HIG flats will be worth Rs 93 lakhs to 14.5 million. The area of these flats will be vary from 18.80 square meters to 156.61 square meters.
Most of the flats will be in the area of Rohini. Though the other area include Narela, Dwarka, Rohini and Nasirpur where these flats will be available. Some of the flats will also be available in Southern Delhi.
The registry office has decided that the registry of flats will be done on the carpet area only and not on the super area of the flat. Now the flats can be sell only on the carpet area by any builder or agent.The Registry Department will send a letter to make this rule to the government. After getting approval from the government, the registry of the flat will be according to the carpet area rather than the super area. Thus, in such cases, investors will have to spend less in the form of stamp duty.
However, the investors who have made payment of super area of their flat, for them the registry department is going to do their registry on carpet area. The flat buyers who are around five lakhs in numbers can get great relief in registry fees.
The differences between carpet area and super area of the flat describe in detail in the following lines. The builder sales any flat according to the super area. The super area includes the balcony area and open areawhich is attached to the stairs outside the door. Whereas, the carpet area includes wall to wall area inside the flat. In any flat, there is a difference between 250 square feet to 500 square feet in the carpet area and super area. Further, now the investors will have to pay on carpet area at the time of flat purchase and not on the super area. At the same time, when purchase will be on carpet area then there will be a registry of the flat will also be as per carpet area. Thus, the flat owner will get the discount in stamp duty as per the carpet area. This will help the aspire investors of the flat as the valueof the flat will decrease.
Builders has got the idea to build affordable housing from this budget 2017 which is offering attractive tax and interest discounts for Affordable Housing. Also, half of the amount of money that has been credited to banks has come through housing loans.Other than this, Central Government has also launched the Prime Minister’s Housing Scheme. In this, developers who make Affordable Houses will be exempt from paying tax for 5 years instead of 3 years. This limit came into effect from 2016. It will apply to 300 square feet in metro cities and 600 square feet in non-metro area.
In line with the above declaration, buyers are attracted towards the affordable houses which increases the sales of homes priced below Rs 30 lakhs. As a result the demand for Home Loans has increased rapidly.
According to the Chairman of HDFC, Deepak Parekh, the home loan applications saw an increase of 21% compared from December to January. In February, the home loan application has increased to 24 per cent which further increased to 44 per cent in March. He said, “This is not for high-priced property, but for the Affordable Homes. So far, the average home loan size is 25.6 lakh but for the first time in many quarters it has happened when HDFC average home loan size has reached to 26 lakhs.
Further, Housing Financing Buyers hope that the subsidy given under the Prime Minister’s Housing Scheme will get an increase of 25 per cent in the Affordable Home Loan Segment. The scheme will be effective till December 2017 and it will earn 12 lakh rupees annually for those who earn Rs. 9 lakh loan, 4% and 18 lakh rupees for those who earn 12 lakh rupees for 3%.
The Delhi based reality, RG Group, has raised funds for completing its housing projects in Noida and to pay their levies to the Noida Development Authority. The group has taken Rs 170 crore from a private equity firm.
The RG Group is a famous builder of NCR and it has developed 14 commercial projects in the national capital, Delhi. According to RG Group MD Rajesh Goyal, the fund of Rs 170 crore from private equity firm will be utilized in the existing housing project at Noida by the name, RG Residences.Whereas, the company has one more housing projects in Greater Noida, where the construction is going on.
According to MD of the company, the project in Noida is already delivered and the possession is offered to the customers. As soon as, the company will pay off their dues to the Noida Authority, the customers will be able to register their property.
Further, he said, that the funds raised will be equally used to complete the remaining work in the housing project of Noida and to clear the dues of the Noida Authority so that the customers can go to register their properties.
RG Group is going to clear 25 per cent of its dues first and then rest of the amount would be paid by regular instalments until 2020-21 as per the Noida Development Authority process which has just announced the re-scheduling process to pay the pending dues and under this process
RG group is also developing one residential project in Greater Noida (West) by the name ‘RG Luxury’ where the construction is in full swing. The society has total 2,145 flats which are under construction. It is one of the First Landscaped Podium Residential Complex in Greater Noida.The project is spread over an area of 18.4 acres and it offers 2 & 3 bedroom apartments. The project is having all modern facilities and the flats are fully furnished and having Modular Kitchen, Cupboards in all Bedrooms, Wooden flooring in Master Bedroom.