Shukhobrishti - by Shapoorji Pallonji - Kolkatta - flats less than 10 lakhs

Just came back from a trip to Kolkatta - visited an excellent project - probably the best one MHFC has ever approved in this segment - Shukhobrishti by Shapoorji Pallonji (in a PPP with the state govt of West Bengal) - just been launched - the builder is offering approx 1500 flats (approx 1100 1 BHK flats and 400 2 BHK flats priced at approx 5 lakhs and 10 lakhs respectively). 

See photos below for an idea of the project (G + 4 building have 1 BHK flats and G + 14 buildings have 2 BHK flats).

The flats are meant for LIG / MIG families (household incomes to be less than 15,000 per month and 25,000 per month respectively) - and there is expected to be massive demand given the pricing, high quality, reputation of builder - in fact over 30,000 application forms (priced at Rs 500 each) have already been issued and bought and there is still massive demand for the forms which have to be submitted to the company by Sep 28. 

This is an approved project for MHFC - and we will finance buyers from our segment (subject to our terms and conditions). For more details, please see MHFC website or call our officer in Kolkatta - Subrata Biswas 9831433440 - or email him on subrata.biswas@mhfcindia.com. He has some extra application forms and will also help informal sector applicants fill this in - but note this needs to be done quickly due to the very tight deadline. 

Mint Article - Affordable Housing to get boost

Interesting article this morning (July 24, 2013) on possible government measures to stimulate low income housing -  acc to the report, the govt plans to allocate Rs 35,000 over 4 years to implement 3 programes related to low income housing including

- a scheme for rehabilitation of slum dwellers ;
- a scheme for providing interest rate subsidies on housing loans; and
- a scheme for helping private sector developers in this space (which includes fast track approvals, tax concessions, service tax exemptions etc)

The proposals are expected to get cabinet clearance within a month - for more details see link below:

Mint article - July 24, 2013

Latest CARE credit rating - July 22, 2013

CARE reaffirms "BBB" rating for MHFC - for an enhanced amount of Rs 100 cr (previous rating was for Rs 50 cr) long term debt - see link below for more details:

CARE Press Release - July 22, 2013

MHADA Lottery 2013

MHADA 2013 lottery winners of 1244 flats were announced today - out of 87,647 valid applications received (an average of 70 applicants per apartment) - please see below link to MHADA website for details.

MHADA website with lottery details

As already discussed in earlier posts, MHADA is an automatically approved developer for MHFC. Hence, for housing loans (of max 10 lakhs) on MHADA flats, but only to buyers who are from the informal sector (those lacking salary slips or income tax returns to prove incomes) or financially excluded (who cannot get loans from other housing finance companies easily) - please contact us on 22660427 / 0069 or email us on contact@mhfcindia.com (website www.mhfcindia.com).

MHADA sanctions 2736 affordable homes for Mumbai

MHADA budget announced today - to build 2736 low cost homes in Mumbai - and also has received sanction to buy land in Pune, Nagpur, Aurangabad and Amravati - see below link to 2 articles for more details.

HT article - March 8, 2013 - MHADA 2736 low cost homes
HT article - March 8, 2013 - MHADA could build 40,000 houses

As already discussed in earlier posts, MHADA is an automatically approved developer for MHFC. Hence, for housing loans (of max 10 lakhs) on MHADA flats, but only to buyers who are from the informal sector (those lacking salary slips or income tax returns to prove incomes) or financially excluded (who cannot get loans from other housing finance companies easily) - please contact us on 22660427 / 0069 or email us on contact@mhfcindia.com (website www.mhfcindia.com).

Budget 2013 - proposals related to low income housing

There seems to be very little in the 2013 Budget proposals which affect low income housing (developers / financing) - in fact just three specific items: 

• Increase in allocation to the Rural Housing Fund ("RHF") from Rs 4000 crore to Rs 6000 crore;
• New Urban Housing Fund ("UHF") to be set up with Rs 2000 cr; 
both the above schemes to be administered by the NHB (as refinance schemes). 

RHF increase (and possibly the new UHF) will help MHFC - as all our loans are less than 10 lakhs and generally to weaker sections (same objective as the RHF and possibly the UHF).

and 
• Increase in the tax deduction on interest paid on housing loans (to 2.5 lakhs - from current 1 lakh) on home loans less than 25 lakhs

also see Mint article - Feb 28, 2013 for sops to the sector

Virar - new projects approved - 2013

Western line stations like Virar / Naigaon / Nalasopara continue to be the most popular choice of residence for most of MHFC's Mumbai customers (looking to buy flats less than Rs 10 lakhs).

Thus, this is to inform that MHFC has recently approved several (about 10) new projects in Virar East - generally smaller (about 60 to 70 flats) when compared to our usual larger size approved projects. Not sure how many of these flats are still available but for those interested, please call our Loan Officer Gulab Patil on 9167220732 for assistance (info on status of the projects and flats availability and also terms and conditions of MHFC financing).

Mint Article - Market Solution to Affordable Housing

Detailed 2 page article in today's Mint which features MHFC and several partners in this space - including developers like Vastushodh, Foliage and Poddar.

Mint Article - Jan 22, 2013

MHADA to send SMS alerts, emails to lottery winners

"After making online applications compulsory, the Mhada is planning a series of initiatives to make things smoother for applicants, and its IT cell is conducting trials so that they can be implemented for its next lottery, which is to be conducted this May when it puts up 4,200 houses on the block."

HT Article - Jan 21, 2013 - MHADA to send SMS alerts, emails to lottery winners

As already discussed in earlier posts, MHADA is an automatically approved developer for MHFC. Hence, for housing loans (of max 10 lakhs) on MHADA flats, but only to buyers who are from the informal sector (those lacking salary slips or income tax returns to prove incomes) or financially excluded (who cannot get loans from other housing finance companies easily) - please contact us on 22660427 / 0069 or email us on contact@mhfcindia.com (website www.mhfcindia.com)."

Tata Housing signs MOU with Gujarat govt for construction of affordable homes

Today's news article re Tata Housing MOU with Gujarat govt - the company is already a partner of MHFC and in fact had given us a reservation of flats for our customers (financially excluded, informal sector typically) on its last Ahmedabad project.

Hindu Business Line news article 

CIDCO announcement - 5,000 affordable houses to come up in Kharghar

CIDCO announcement today regarding new mass housing project for 5,000 flats that will be available in 3 years - lottery expected within 18 months.

HT article - Jan 10, 2013

CIDCO is an automatically approved developer for MHFC. Hence, for housing loans on CIDCO flats, but only to buyers who are from the informal sector (those lacking salary slips or income tax returns to prove incomes) or financially excluded (who cannot get loans from other housing finance companies easily) - please contact us on 22660427 / 0069 or email us on contact@mhfcindia.com (website www.mhfcindia.com).