tag:blogger.com,1999:blog-36986974905209596042012-01-20T17:00:30.888+05:30Housing Finance Company focussed on lower income households (esp the informal sector) in urban IndiaNachikethttp://www.blogger.com/profile/15779065958531690070noreply@blogger.comBlogger711100tag:blogger.com,1999:blog-3698697490520959604.post-79043178779469940602011-12-30T10:16:00.004+05:302011-12-30T10:24:46.407+05:30

MHFC recently visited the Dreams Nivara project in Pune - some new pictures attached

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-67495631641244359272011-12-29T16:09:00.004+05:302012-01-17T22:23:59.902+05:30

Please fill and submit for all your loan/property enquiries - Click Here

Nachikethttp://www.blogger.com/profile/15779065958531690070noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-37164124861077157772011-08-27T14:27:00.003+05:302011-08-27T14:32:38.306+05:30

Allotment letters to Tata Housing's Shubh Griha project at Vashind, Mumbai have just been mailed. Customers should note that the mailings will also include the final payment schedule as well as a demand notice for the initial amount required. For allottees who need financing (esp those from the informal sector who lack documentation to prove income), this is an approved project for MHFC and

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com2tag:blogger.com,1999:blog-3698697490520959604.post-20635444238931821492011-07-08T09:33:00.003+05:302011-07-08T09:39:56.639+05:30

Madhu and MHFC in this month's issue of Civil society magazine"The very small housing loan"

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com1tag:blogger.com,1999:blog-3698697490520959604.post-43034210770463798752011-06-26T09:57:00.002+05:302011-06-26T10:04:20.268+05:30

Interesting article on the daily life of Subhash Bavkar, 45 year old Mumbai municipal drain cleaner, who starts his day at 4 am and often works 11 hours cleaning drains and gutters and checking manhole covers. He comes from a family of municipal workers - and is very proud of the work he does - "to me, its an essential public service". HT article - a day in the life of a municipal drain cleaner

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-53475110931708785952011-06-26T00:54:00.010+05:302011-06-26T01:08:27.309+05:30

Interesting series in the Hindustan Times on new areas of development outside Mumbai - see links below - for info, MHFC has approved projects in all the areas :1. Boisar / Palghar2. Ambarnath / Badlapur / Karjat3. Ulwe / Panvel4. Vasind / Asangaon

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-39991412751144110422011-06-02T17:30:00.001+05:302011-06-02T17:31:38.792+05:30

MHADA Lottery results announced, please visit www.mhfcindia.com for loan inquiries or call +91 22 22660427 / 0069

Nachikethttp://www.blogger.com/profile/15779065958531690070noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-46147566506159204822011-04-24T10:01:00.004+05:302011-04-28T11:26:12.369+05:30

4000 MHADA flats go on sale online this week (80% of which are meant for the LIG segment - most of which will be in Malad) - price starts at 5.93 lakhs. Over 5 lakh applicants expected - forms go on sale from Wed, April 27 - at designated Axis Bank branches. For more details, see link to newspaper article below:DNA article on online sale of MHADA flatsAs already discussed in earlier posts, MHADA

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com1tag:blogger.com,1999:blog-3698697490520959604.post-66072796942378272082011-04-21T21:48:00.006+05:302011-04-23T18:46:07.624+05:30

The 1 RK flats in Poddar Housing's project at Badlapur has been sold out - pretty much on the 1st day and so we are not taking any applications for that. However, the same builder has another 128 flats (1 RK - 300 sq ft - Rs 4.8 lakhs excl stamp duty / regn etc) at its Bhivpuri project which will come on the market very soon - May 1. Of this, once again, MHFC has been allocated 64 flats to its

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com1tag:blogger.com,1999:blog-3698697490520959604.post-75979699504984844872011-04-10T09:34:00.012+05:302011-04-24T09:59:59.254+05:30

could be the daily story of typical MHFC clients - nice articles by the HT (in a series on their Mumbai Local page on Saturdays)HT article - a day in the life of a housemaidHT article - a day in the life of a milkmananother one today (24 April 2011) about a bakerHT article - a day in the life of a baker

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-9047569169425688682011-04-01T12:05:00.001+05:302011-04-01T12:07:53.870+05:30

After our tie up with Tata Housing at Vashind, under which flats were reserved for MHFC customers (who thus did not have to go through the public lottery), we are now partnering with Poddar Housing for its next project in Badlapur which is opening on Gudi Padwa. The township project (spread over 70 acres) is close to the railway station (about 5 mins by auto) and will have several amenities like

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-963759002995617952011-03-31T14:10:00.001+05:302011-03-31T14:19:45.004+05:30

Praveen T walked into our office last week, wife Prachi in tow and a proud grin on his face. A year earlier we had sanctioned him a mortgage loan of Rs 450000 for the family to buy a 565 sq ft apartment in Virar in the western suburbs of Mumbai. When they had come to us a year ago Praveen and Prachi lived in a 150 sq ft unauthorised chawl with their 8 year old daughter Kritika. He worked as a

menonhttp://www.blogger.com/profile/17270537912834607404noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-40240999136198804092011-02-21T17:09:00.004+05:302011-02-21T23:26:35.622+05:30

Western line stations like Virar / Naigaon / Nalasopara continue to be the most popular choice of residence for most of MHFC's customers (looking to buy flats less than Rs 10 lakhs).Thus, this is to inform of 2 projects recently approved by MHFC:1. Shree Sai Apartments (Mangal Murti Developers) - Virar (East)for more info, see link Shree Sai 1 page info sheet2. Sai Heights (Sai Plaza Developers)

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com1tag:blogger.com,1999:blog-3698697490520959604.post-53784739654403193952011-02-18T09:39:00.007+05:302011-02-22T23:01:43.721+05:30

Some announcements regarding new MHADA flats that will be available in 2011 - about 4500 flats of which 3700 under EWS / LIG categories - to be announced shortly.HT article on 4500 MHADA homes coming up in 2011HT article on HIG quota being limited to incomes not more than Rs 40,000 per monthMHADA is an automatically approved developer for MHFC. Hence, for housing loans on MHADA flats, but only to

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-39872880272970629242011-02-12T14:11:00.004+05:302011-02-12T14:17:33.730+05:30

MHFC recently touched a mini milestone - 500 loans - and Rs 20 cr in loan sanctions - link to press release below:Press Release

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-82410065552469552102011-01-12T20:40:00.008+05:302011-01-13T16:11:18.105+05:30

We have just approved a new project in Pune (in Urli Kanchan) - Dreams Nivara - for more detail (incl site map, floor plans, amenities, etc), please see the company's website http://dreamsnivara.com/ but as summary info, the pricing for Phase 1 and Phase 2 is as follows:PHASE 1:Flat Type / Flat Size (sq ft) / Approx Price (Rs. Lakhs)1 RK / 200 to 240 / 3.25 to 3.901 BHK / 280 / 4.45 to 4.552 BHK

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-196798125198383842010-12-08T10:14:00.008+05:302010-12-08T11:14:54.534+05:30

Tata Housing has just declared the allotment of the 1300 Shubh Griha flats (1 RK / 1 BHK) being sold at its new Vashind project. It is believed to have been oversubscribed several times over and thus the allotment has been made through a lottery.For a list of the successful applicants, please click onTata Shubh Griha Vashind allotteesOf course, this is an approved project for MHFC and hence, we

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-63959163536006456372010-12-07T09:18:00.007+05:302010-12-07T09:43:23.143+05:30

Since its inception, MHFC has had a NIL prepayment charge policy. This is because we encourage our customers to be debt free (esp on their homes) as soon as possible. Also, since funding for banks and HFCs is mostly on a floating basis (and can be likewise repaid without any charge), there is very little justification for a lender to charge a fee if the customer decided to prepay a loan. In any

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-68079583748812849322010-10-23T21:57:00.005+05:302010-10-23T22:00:08.666+05:30

Re the Tata Housing project at Vashind (esp regarding our quota of 208 flats for financially excluded families), MHFC is organising an Information Session on Sunday, 24 October 2010 in Thane.The event will be an all-day information session (from 11 am to 5 pm), where anyone interested in finding out more about MHFC and the Tata Shubh Griha Vasind project can stop by and speak with the MHFC team.

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com1tag:blogger.com,1999:blog-3698697490520959604.post-348016900959303022010-10-11T14:41:00.009+05:302010-10-18T19:06:23.930+05:30

Tata Housing has just launched its latest "Shubh Griha" project - which is aimed at urban lower income families - at Vashind, which is 5 stops from Kalyan. The allotment for the homes (which are priced at 5.7 lakhs for a 1 RK 360 sq flat and 7.8 lakhs for a 1 BHK 489 sq flat) is on a public lottery basis as applications are expected to far exceed supply - for eg on the last project at Boisar in

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-75558960116351435962010-10-08T10:32:00.007+05:302010-10-12T09:34:53.806+05:30

Links to an ET Insight programme on affordable housing, which covers most of the projects we are working on - also has some comments by Madhu. Individual links to each part of the show:Part 1Part 2Part 3

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-45004102507668302432010-09-10T17:33:00.027+05:302010-09-16T11:15:01.916+05:30

Mint article today (Sep 10) on affordable housing (see link below) makes the point that actual end users are being left out by rising prices and their inability to compete with investors. Our quote that we are nervous about rising prices is not totally accurate though. Obviously since MHFC's primary objective is for homes to be priced within the budget of LIG buyers (defined by us as being

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-73328165473756810162010-08-22T10:37:00.012+05:302010-10-12T09:36:39.252+05:30

Its an exciting time for housing projects aimed at the lower income segment in Bangalore. 2 new builders have entered this space (first time projects for both builders but believed to be be looking at this as a pan Indian business). The 2 projects are located in the Anekal area - close to Electronics city and also industrial areas on the Hosur road.1. Value Budget Housing Corp (VBHC) - promoted

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-90958551864588084112010-08-22T09:58:00.006+05:302010-10-12T09:37:34.876+05:30

interesting news story on an unusual profession - the gold "dhul dhoyas" of Ahmedabad - they pay about 6,000 a month for the "privilege" of sweeping gold from the streets of the gold markets (Manek Chowk and Ratan Pol) - and earn about 15,000 a month from selling this to wholesale buyers of gold dust - they even buy the clothes of the gold labourers (some of whom are MHFC clients) who dont change

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-29123238056328000762010-07-18T20:03:00.005+05:302010-07-18T20:06:41.646+05:30

Link to write up and video of the credit camp for Saath customers of the DBS Umang project in Ahmedabad (held in June).http://dbs.avbodh.org/creditcamp.aspx

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-83417187124155896612010-07-12T09:53:00.006+05:302010-07-14T23:06:14.080+05:30

article in the latest Business Today - which follows an MHFC LO processing an application for an auto driver in Ahmedabad

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com1tag:blogger.com,1999:blog-3698697490520959604.post-48425766126503685822010-06-30T20:20:00.002+05:302010-06-30T20:25:07.771+05:30

Nachikethttp://www.blogger.com/profile/15779065958531690070noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-14492730496970219342010-06-30T20:01:00.001+05:302010-06-30T20:07:53.783+05:30

Summary of our discussion on 24 June 2010 here

Nachikethttp://www.blogger.com/profile/15779065958531690070noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-20957996134492942282010-06-23T11:13:00.003+05:302010-06-23T11:22:20.523+05:30

Nachikethttp://www.blogger.com/profile/15779065958531690070noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-39412190685468074942010-06-20T10:44:00.002+05:302010-06-20T10:48:41.355+05:30

For the last year and a half, we have been involved in setting up Micro Housing Finance Corporation (www.mhfcindia.com) - a company that provides micro-mortgages to the urban lower income group especially those from the informal sector. Today we have given home loans to about 250 customers (amounting to about Rs. 10cr) from diverse professions - vegetable vendors, taxi-drivers, electricians,

Nachikethttp://www.blogger.com/profile/15779065958531690070noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-3411472389473035722010-06-12T14:48:00.007+05:302010-06-12T15:28:57.927+05:30

Last week we held a credit camp for the Saath customers of the DBS "Umang" project in Ahmedabad (almost 50% or about 150 bookings have been reserved for Saath customers who are typically from the LIG informal sector). It was inspiring for us to meet and listen to their stories - in terms of how they have struggled to make a living despite very difficult conditions, and now that they feel fairly

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-17519440849421757842010-06-09T15:57:00.002+05:302010-06-09T16:11:49.454+05:30

The month of May saw major events at MHFC. Our first customer was one year old, and had successfully repaid 12 installments on time. Also for the first time ever we sanctioned 50 new customers in a month. We celebrated both events, and have set our sights on a target of 100 new customers for next month.While we could easily get addicted to the growth, it is important not to lose sight of the

menonhttp://www.blogger.com/profile/17270537912834607404noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-42195667526372786092010-05-04T17:32:00.005+05:302010-05-04T17:39:04.873+05:30

link to blog by Bala, Director, DBS Affordable Housing - it has information on the launch of the project in Ahmedabad - which saw about 2000 visitors on opening day. http://dbscommunities.blogspot.com/

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-10077065899103425612010-04-25T21:22:00.008+05:302010-04-26T13:23:40.937+05:30

We met with DBS Housing on Friday. This is a new company - formed by a team of professionals who are passionate about creating homes for lower income families. Their approach is bottom up - in that their plan for a township in Ahmedabad (near Vatva) is based on views from the community - and after a lot of research on needs of expected end users. In fact, they have a tie up with Saath (http://

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com1tag:blogger.com,1999:blog-3698697490520959604.post-1176856573928786592010-04-14T17:44:00.002+05:302010-04-14T17:56:02.348+05:30

There has been a good response for the project in that 600 bookings already made - within a month of launch. However, of this, most bookings are for the 1 BHK category (which was priced at Rs 4.5 lakhs) and less for the 1 RK (priced at Rs 3.5 lakhs). In fact, the surplus bookings for the 1 BHK category have meant that (a) it will be closed quite soon as it seems that only Phase IV flats left in

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-48919203449152308252010-03-03T22:32:00.005+05:302010-03-03T22:38:39.938+05:30

MHFC has just approved 3 new projects in and around Mumbai:1. Samruddhi Complex - by Poddar Housing - this is opp Bhivpuri railway station (one stop before Karjat on the Central line) - will be a township of about 1300 flats - launch price for the 1st phase is 3.5 lakhs for 1 RK and 4.5 lakhs for 1 BHK. Bookings have not yet opened - will open on Gudi Padva (March 16) but given the price and the

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com2tag:blogger.com,1999:blog-3698697490520959604.post-39866497329196005582010-02-18T11:20:00.005+05:302010-02-18T11:41:10.165+05:30

We visited Karjat last week - Karjat is about 2 hrs from CST on the central line, however, soon local trains would start running on the harbour line track which will reduce the commute to about an hour and fifteen minutes. As a result a lot of developers have started looking at Karjat to launch new affordable housing projects.We visited three such projects - all at an early stage; two of them are

Nachikethttp://www.blogger.com/profile/15779065958531690070noreply@blogger.com5tag:blogger.com,1999:blog-3698697490520959604.post-28569885054778968332010-02-13T19:05:00.014+05:302010-02-17T11:15:23.700+05:30

We visited the Andhra Pradesh Housing Board ("APHB") last week in Hyderabad / Kukatpally after it announced the allotment of 1046 flats to the LIG segment - for more info on the project, see http://www.aphb.gov.in/Notification_WD.html.As discussed in earlier posts, the biggest developer for EWS /LIG segments is the state (mainly through municipal corporations and housing boards) and in general,

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-20967637604254822152010-02-02T21:00:00.008+05:302010-02-08T20:21:44.453+05:30

Re the Sanskruti apartments project (see blog post dated Dec 19, 2009), for 67 flats - this has already been sold out (in less than a month of being on offer - even without any real marketing by the builder / agent) - another sign of the demand for clear title, decent quality homes in the Rs 5-7 lakh price range in the Virar area.Also, in the latest MHADA round (for sale of 3394 EWS / LIG homes),

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-7901982983702313002010-01-10T10:31:00.005+05:302010-01-11T18:15:23.281+05:30

I think the biggest learning for us has been the lead time taken for a project - from initiating discussions with builders, waiting for final drawings, land acquisition and and plan approvals to the actual launch of the project.But pune was slightly different - particularly Sachin and Nitin of Vastushodh developers. Right from our first meeting to the final project launch (a period of less than 3

Nachikethttp://www.blogger.com/profile/15779065958531690070noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-49313517358998936762010-01-09T10:57:00.003+05:302010-01-09T11:00:15.515+05:30

On Jan 17th, the entire MHFC team will be running in the Mumbai Marathon (despite the fact that some of us shouldn't even be jogging) - all for a good cause - to raise money for Mumbai Mobile Creches - an NGO which looks after children on construction sites (for more info, please see http://www.mumbaimobilecreches.org/)No pressure at all - as we know that many of you already support other

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-86642723289730425002009-12-19T13:29:00.013+05:302010-01-04T22:19:45.129+05:30

MHFC has just approved a project in Virar (East) – Sanskruti Apartments. This is by the same builder of an earlier approved project – Vaishnavi Sai Complex – also in Virar (East) – where all 328 flats were sold out. This new project is small - 67 flats of which about 30 are in the smaller 1 RK (approx 350 to 400 sq ft size) category and thus less expensive (starting at about Rs 6.2 lakhs all

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com19tag:blogger.com,1999:blog-3698697490520959604.post-38012967971236016922009-12-06T20:29:00.013+05:302009-12-07T21:30:40.178+05:30

One of our first clients, Neetu, recently moved into her new home in Virar. She is certainly our typical customer - a housemaid, who lived in a central Mumbai slum in very poor conditions (small room, poor sanitation, common toilet, no open space, etc) with her husband (a driver), her mother, 3 brothers and a younger sister. She has been wanting to buy her own home (one with clear title and

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com2tag:blogger.com,1999:blog-3698697490520959604.post-13725190280366210512009-11-15T16:34:00.016+05:302009-11-19T10:17:33.483+05:30

I went to a discussion on Nov 7 organised under the Informal Cities Exhibition which was titled "Focus on Redevelopment in Dharavi" which had (a) presentations by Anirudh Paul (an Architect looking at an alternative way of redeveloping Dharavi) and David Satterthwaite (International Institute for Environment and Development) and then (b) a panel discussion with Gautam Chatterjee (CEO, MHADA) and

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-68799669594754698702009-10-22T13:37:00.006+05:302009-12-06T20:48:25.037+05:30

MHFC recently visited a technology conference in Hyderabad that showcased existing and emerging technology in the financial inclusion sector. The conference was attended by leading technology players such as IBM and Infrasoft technologies that have designed robust IT systems to support the Micro Finance Industry. They all seem to have leveraged their in house core banking technologies (which they

Sidhttp://www.blogger.com/profile/16356483442019707077noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-1792387059211351152009-10-14T16:48:00.006+05:302009-10-14T17:01:27.715+05:30

The construction industry is the single largest employer of migrant labour in India. Est at over 30 Million in number, they move to cities with their children and typically live on the construction sites itself. While they are at work, the children have to fend for themselves, and suffer from malnutrition, injury, and illness. They rarely go to school. Mumbai Mobile Creches ("MMC") is an NGO

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com1tag:blogger.com,1999:blog-3698697490520959604.post-45592670632599979212009-10-01T10:38:00.004+05:302009-10-05T10:50:31.312+05:30

As discussed, MHFC is presenting at the NAREDCO conference on "Public Private Partnerships" in affordable housing - copy of our paper (being presented by Madhu, our Chairman) below:Naredco Conference Paper

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-3377797345157023102009-09-21T21:40:00.006+05:302009-09-22T14:53:17.312+05:30

MHFC will be presenting at the 1 day NAREDCO (National Real Estate Dev Council) conference on Public Private Partnerships in Housing - in Delhi on Oct 9, 2009. This is a topic very close to us - as we believe that only by partnering with the state (housing boards, municipal corporations etc) can real impact be achieved as (a) the state is the biggest developer by far and (b) has real focus on EWS

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-36303097841382043142009-09-06T17:20:00.003+05:302009-09-06T17:31:39.074+05:30

While its been very encouraging to see private developers enter the urban low income housing space (defined by us as being flats of approx Rs 5-6 lakhs), and we certainly want to partner with these developers, there is no question that in terms of numbers, the state continues to be the largest developer. While housing boards and local development authorities have always built for the EWS / LIG

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-39631672098652953752009-09-03T20:06:00.005+05:302009-09-06T17:34:17.132+05:30

Nachiket is on "Young Turks" this week - the 30 min program (by CNBC India) which features 3 young Indian entrepreneurs, especially those with a transformation agenda - please try and catch the show on Sat 11 am and Sun 12 pm - and of course let us know your feedback - link to the program site below (but note that the show is not yet uploaded)www.youngturks.in.com

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-50224313838325027002009-08-09T16:36:00.007+05:302009-08-10T09:25:36.883+05:30

this story is quite ironical - builder allegedly makes 200 applications for MHADA homes under the scheduled tribes reserved category - and then has filed a police complaint against the 185 tribals who did not get allotted MHADA flats and encashed the refund pay order, which was sent to them - full story below. HT article

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com1tag:blogger.com,1999:blog-3698697490520959604.post-2753503997221392552009-08-08T19:41:00.010+05:302009-09-06T17:35:21.279+05:30

This morning I went to a leading private sector bank to open a DEMAT account in my wife's name - as background, we have had a joint account with the bank for over 12 years and I have a DEMAT account in my name. The branch is located close to my home and managers have visited my house several times to get papers signed in the past. As part of the documentation process, they asked for proof of ID (

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-84570791292286444932009-08-05T19:55:00.004+05:302009-08-05T19:59:53.032+05:30

...A show that was aired recently on BBC - as a part of the World Debate series.Staggering statistic / estimate - The UN estimates that 4,000 new houses must be built every hour to meet global demand. A billion people currently live in slums – with 25 million a year set to join them.The show is available at - http://www.bbcworldnews.com/Pages/ProgrammeMultiFeature.aspx?id=196

Nachikethttp://www.blogger.com/profile/15779065958531690070noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-31413829063118964052009-07-21T15:58:00.002+05:302009-07-21T16:31:27.795+05:30

it has been some time since we have updated the status of MHFC...the happy stuff first..we are now fully operational and have disbursed our first few loans..many more are in various stages of processing....MHFC's tie up with Tata Housing for the Shubhgriha project is also generating customers from all walks of life who could not have accessed mortgage finance from formal sources..every loan tells

menonhttp://www.blogger.com/profile/17270537912834607404noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-90485789743458753622009-07-07T20:11:00.004+05:302009-07-09T00:24:36.688+05:30

thoughts / quick summary on the budget impact on MHFC / affordable housing: 1. nothing in it for the private developers / financiers - no specific schemes / amendments to previous schemes 2. however, significant impact on govt schemes which directly and indirectly impact LIG / EWS housing: (a) rural housing fund (run by the NHB) allocation to go up by Rs 2,000 cr - this is the refinance scheme

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-58528236814069406862009-05-24T10:16:00.004+05:302009-07-11T18:07:30.874+05:30

Tie up with TATA Housing

Nachikethttp://www.blogger.com/profile/15779065958531690070noreply@blogger.com1tag:blogger.com,1999:blog-3698697490520959604.post-22092823216184331662009-05-24T10:04:00.005+05:302009-07-11T18:07:04.891+05:30

There has been a lot of activity in the low-cost housing space recently - and this has also been reflected in the press coverage this sector has been getting. Here are a couple of interesting recent articlesA house for 3 lakh nowJerry Rao's Fourth Act

Nachikethttp://www.blogger.com/profile/15779065958531690070noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-60986878945426803812009-04-26T16:50:00.006+05:302009-04-26T17:15:48.150+05:30

When we started MHFC a year ago, it was very difficult to find any projects catering to our segment (approx price point Rs 5 lakhs and size of flat about 350 sq ft). But it seems that the slowdown in the economy (and the lack of demand in luxury / higher price homes) has been positive for us. The response for the TMC project (initial allotment of 2000 flats received about 66,000 applications) and

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-43106056942902439232009-04-14T19:41:00.007+05:302009-04-14T20:08:51.911+05:30

... is ready. Application form Currently only accepting applications for two approved projects:- Vaishnavi Constructions (Virar East)- TM City (Karjat) - http://www.tmcity.in/More projects are in the pipeline and will be posted soon on the websiteAlso ready - Survey form

Nachikethttp://www.blogger.com/profile/15779065958531690070noreply@blogger.com2tag:blogger.com,1999:blog-3698697490520959604.post-91672863265409609242009-04-02T00:01:00.006+05:302009-09-06T17:33:47.668+05:30

A new magazine - Pluralist - focusing on social initiatives did a story on MHFC recentlyhttp://www.mhfcindia.com/MHFC_article.pdf

Nachikethttp://www.blogger.com/profile/15779065958531690070noreply@blogger.com2tag:blogger.com,1999:blog-3698697490520959604.post-74317547088455944932009-04-01T23:04:00.015+05:302010-01-04T18:19:33.228+05:30

Before I talk about the Virar project - just yesterday I was at a microfinance conference in Delhi and the chief guest was none other than the father of microfinance - Prof Muhammad Yunus. It was great to see him and hear him speak live. Simplicity and Humility personified.Back to our project...Key features of the project- Four buildings almost 70-80% complete, other four at foundation stage-

Nachikethttp://www.blogger.com/profile/15779065958531690070noreply@blogger.com1tag:blogger.com,1999:blog-3698697490520959604.post-19928768520030196922009-03-24T10:02:00.009+05:302010-01-04T18:17:42.177+05:30

Last week (Friday), Ramesh (our property expert) and Nachiket went to check a property at Virar East - about 5 to 10 mins auto ride from the station - which is almost ready (about 3 of the 8 buildings are pretty much done with the rest to follow during the year). It seems that there could be about 100 flats available (of about 340 sq ft) which could cost about Rs 5.5 lakhs. This is slightly above

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com2tag:blogger.com,1999:blog-3698697490520959604.post-27471707081728268492009-03-04T18:16:00.009+05:302010-01-04T18:18:27.338+05:30

Above: Near completion projects in Virar East(we did not approve these, there is hardly any space between two buildings and there are new buildings coming up right in front)Below are a few pictures from TMCity -(A complete (mock) building and an overview of the current construction status)

Nachikethttp://www.blogger.com/profile/15779065958531690070noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-10006908434506077892009-03-04T17:22:00.005+05:302009-03-04T18:12:32.465+05:30

I think now be a good time to give everyone an update on where things stand today as MHFC gets ready to launch.For starters, since we are project led, the most important update is on the builder/project front.TM City:Our team visited TMCity two weeks back and was really impressed by their progress. The last time I went there they barely had one mock building up (This was only 4-5 months back).

Nachikethttp://www.blogger.com/profile/15779065958531690070noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-901740546094642362009-02-19T00:08:00.006+05:302009-11-11T00:18:34.704+05:30

The Loan Officer, a borrowed concept from microfinance to help us keep close contact with the customer, is going to be probably the most important cog in MHFC's wheel. He or she is going to be not just the initial screening point / advisor in filling out the loan application form but also is envisaged to be the ongoing Relationship Manager for all borrowers in a development. The LO will be the

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-62583660694776798362009-01-25T16:43:00.006+05:302009-04-08T16:23:44.112+05:30

Link to a story in the latest TimeOut Mumbai (cover story on Dharavi and its enterprising residents)- this is the one on Devendra Tank, who is a J P Morgan employee living in Dharavi. http://www.timeoutmumbai.net/client_coverstory/client_coverstory_details.asp?code=628Forget about housing loans, he wasn't granted an educational loan by a major bank because of his residential address ! His story

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-78821916023669525272009-01-20T19:37:00.013+05:302009-04-08T16:25:46.627+05:30

another post not directly related to MHFC - but the inauguration was inspirationalthe BBC has done interesting interviews with a variety of people on the inauguration - below is the link to the one with Maya Angelou - she thinks Obama is a person with intelligence and compassion - and how difficult it is to find those 2 qualities in the same person. the other issue she raised was "I think that

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-55348153780707364782008-12-20T13:17:00.012+05:302009-01-04T02:42:35.337+05:30

Ahmedabad has an interesting city dynamic – rural in the outskirts and quite urban in the heart of the city. A lot of land available at affordable prices in the outskirts, coupled with higher FSI translates into decent margins for builders even in the low-cost to affordable housing segments. In spite of that, there are hardly any projects coming up in this segment. Like Mumbai, Ahmedabad also

Nachikethttp://www.blogger.com/profile/15779065958531690070noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-46503857533026262402008-12-18T18:16:00.005+05:302009-07-12T01:23:30.678+05:30

A couple of months back I had been invited for the loan mela organized by TM City (http://www.tmcity.in/) They had invited everyone who had been allotted a flat (through the lottery process) and a few housing finance companies (hfc) so that the customers could explore available financing options under one roof. Though we were not ready to start operations, I wanted to talk to prospective

Nachikethttp://www.blogger.com/profile/15779065958531690070noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-88051497056368699342008-12-13T19:37:00.006+05:302009-01-13T00:27:29.988+05:30

A little bit about why MHFC was set up. Close to a year ago, the promoters attended a presentation made by the Social Change Division of The Monitor Group ("TMG"), a US consultancy with operations in India. This division - for more info, see http://www.mim.monitor.com/index.html - is looking at market based solutions for social problems, and the first issue they decided to focus on was / is urban

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0tag:blogger.com,1999:blog-3698697490520959604.post-29911551325016998342008-12-04T12:28:00.014+05:302009-01-13T00:25:46.709+05:30

This was supposed to be a post on the background of MHFC and why the promoters decided to start the company. But events have overtaken us and now the only issue on all our minds is the mindless Mumbai terror strikes. It would be very worrying under any circumstance, but this time it was very close to home. That night, I was at a wedding party at a restaurant a few hundred metres from the Taj. The

Rajnishhttp://www.blogger.com/profile/08881311305825321955noreply@blogger.com0