Affordable Housing in Rajasthan

Rajasthan Chief Minister Ms Vasundhara Raje has recently launched a new scheme that aims to provide 20% cheaper homes to people from lower income group (LIG) and economically weaker sections (EWS). This is under the Rajasthan Housing for All project of the Rajasthan Housing Board that aims to build ten lakh homes by 2022 - 85% of which would be EWS and LIG. Under the scheme, 10% of land in both, government and private housing schemes would be reserved for LIG and EWS housing. In townships, developers would have to reserve 7% of the land for the same with the government offering a relaxation in the floor - area ratio conditions to private builders.

The Jaipur Development Authority (JDA) had under the scheme announced and then scrapped a scheme called the JDA New Flat Scheme 2015. The scheme that invited applications for 621 flats - 337 in EWS category, 219 in LIG category and 65 in MIG category - was scrapped in between after finding irregularities with allottee applications. However, the JDA has recently announced reinvitation of applications for EWS, LIG and MIG (medium income group) allotments under the same scheme.

The JDA has invited online applications for these flats from November 4 to 18 and will upload the list of allottees on their website on December 11, 2015 after documents of all allottees have been verified on December 9, 2015. A lottery of these houses would then be drawn on December 16, 2015.

MHFC has sanctioned over 1000 loans for allottees buying at these schemes in Jaipur and other districts in the state like Jhunjhunu, Jodhpur etc. and looks forward to helping out even more allottees needing loans to buy houses under these schemes.

Surat Municipal Corporation - EWS and LIG homes

Per this TOI article (link below), the Surat Municipal Corporation ("SMC") which is building 11,000 EWS and LIG homes across 37 locations in Surat, has threatened to withdraw Rs. 359 crore worth of fixed deposits from a host of commercial banks unless they provide housing finance to economically weaker section (“EWS”) and low income group (“LIG”) families. Unfortunately, the banks have been refusing to grant low-income people housing loans on account of a lack of proper documentation.

Times of India article

This lack of financial support from mainstream banks and HFCs is precisely why MHFC was actually set up. We have already financed hundreds of informal sector families in Surat who do not have any income proof documents and would be very willing to support successful SMC allottees who require a loan and are from our segment (financially excluded lower income families) subject to terms and conditions. 

Thus, for more details on loans available, please call our branch manager in Surat - Jignesh Patel on 9016507947 - or email us on contact@mhfcindia.com.

MHFC partners with Playtor Lifespaces for three affordable housing projects in Pune

Even though various numbers and studies for Q3 2014 show a relative dip in affordable housing nationally, the city of Pune has fared relatively better owing to its demand for affordable houses. The year 2015 however, promises to be a good year for affordable housing (read here).

Specifically, Pune based Sangam Realty who have projects in low cost housing have announced a partnership with Brick Eagle (a financial services company), to launch Playtor Childspaces - with three projects in the outskirts of Pune namely, Rajgurunagar, Ranjangaon and Paud. The projects have already opened for applications and given the pricing of Rs 10 lakhs (for a 1 BHK flat of 367 sq ft), we believe that this should be of keen interest to our segment, and hence we are excited to partner with the developer.  

For info, bookings have already started at all three projects and MHFC has already started sanctioning loans to customers on the projects. But to reiterate, buyers who are from the informal sector (those lacking salary slips or any other formal income documents) or the financially excluded (who cannot get loans from other housing finance companies easily) and who need help with financing, may contact our local Pune representative - Mr Suraj Pawar - on 8879543963 - or email him on suraj.pawar@mhfcindia.com or of course may also contact our Head Office (Mumbai) on contact@mhfcindia.com (website www.mhfcindia.com).

MP (Madhya Pradesh) Housing Board - applications open for EWS (5.45 lakhs) / LIG (12.31 lakhs) flats in Bhopal

MP Housing Board has announced / opened a lottery of 912 flats in Bhopal aimed at lower income families (432 EWS and 480 LIG) - see below link for more details.

MP Housing Board advertisement

Applications are currently open till Dec 10 (or till the MP Housing Board receives applications for all the flats) - and we believe that this represents a very good chance of getting a home in Bhopal at a price of Rs 5.45 lakhs approx (in the case of EWS) and Rs 12.31 lakhs (LIG flats). 

As already discussed in earlier posts, Housing Board schemes (including this scheme) is an automatically approved developer for MHFC. Hence, for housing loans (of max 10 lakhs) on MP Housing Board 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 our local representative - Deepak Sarathe - on 9755333018 - or email him on deepak.sarathe@mhfcindia.com. You may also contact our Head Office (Mumbai) on contact@mhfcindia.com (website www.mhfcindia.com).

DDA allotments declared

Draw  for the Delhi Development Authority's (DDA's) mega housing scheme was held on Nov 25, and the results are now available on DDA website. Per the HT article (link below), DDA vice-chairman Balvinder Kumar said flats will be handed over to the lucky winners only after they are completely constructed with all amenities.

"All payments ... will have to be made online...almost all flats will be ready for hand over by end of December 2014."

HT article on the DDA allotment process

and link to the actual results on the DDA website

DDA allotment results - Nov 2014

Note that like most developers linked to state bodies and authorities, the DDA will be an automatically approved developer for MHFC. Hence, for housing loans on DDA 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) when a loan is required.

DDA Housing Scheme Draw Postponed

The Delhi Development Authority (DDA) has postponed the computerised draw of lots for its Housing Scheme 2014, a top official said. The DDA housing draw was scheduled to be held on November 17.

Speaking to NDTV, vice chairman Balvinder Kumar cited technical reasons for the delay and said the draw could be held in four to five days - full details per link to article below:

NDTV Profit article

Note that like most developers linked to state bodies and authorities, the DDA will be an automatically approved developer for MHFC. Hence, for housing loans on DDA 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) after allotment and when a loan is required.

Pune affordable housing

Several new affordable housing projects (price range approx Rs 10 to 15 lakhs) coming up in the outskirts of Pune - this article has some details on the projects. 

Business Standard article - Nov 12, 2014

MHFC is associated with all the builders named in this segment and hence for assistance on financing for homes on these projects, esp for financially excluded informal sector customers who lack documentation to prove incomes, please email MHFC on contact@mhfcindia.com OR call our Manager in Pune - Suraj Pawar - on 8879543963.

MP Housing Board - launch of EWS / LIG housing flats

The MP Housing Board ("MPHB") has just launched approx 900 flats (432 EWS / 480 LIG) - see link below to the pdf of the brochure - which indicates that price of EWS flat is at 5.45 lakhs and price of LIG flat is at 12.31 lakhs. The scheme was launched on Nov 10, 2014 and is expected to be open for a month.

MP Housing Board scheme - pdf

Of course, these will be approved projects for MHFC, which is already working closely with and supporting allottees in Bhopal Development Authority ("BDA") schemes for EWS / LIG families - and thus, we will finance successful MPHB allottees as well who require a loan and are from our segment (financially excluded lower income families) subject to terms and conditions.

For more details on loans available, please call Mr Deepak Sarathe our representative in Bhopal on 97553-33018 or email us on contact@mhfcindia.com.

DDA Housing Scheme 2014 opens - 25,034 flats on sale

Some announcements regarding new MHADA flats that will be available in 2014 - about 25,000 flats of which about 90% expected to be under EWS (pricing expected at between 7 and 11 lakhs).

Times of India
Economic Times
Business Today

"We are offering 25,034 flats in the 2014 scheme out of which 22,627 would be one-bed room apartments." said Balvinder Kumar, Vice-chairman, DDA. 

"The 'DDA Housing Scheme 2014' would be open to applicants from September 1 and the last date to receive the application is October 9. The draw of lots would preferably be taken out within 20 days of the close of the scheme," a senior DDA official said, adding, applicants can also apply online. 

DDA for the first time has also introduced a five-year lock-in period for ownership of the flats, to cut out the middleman and reduce the scope of speculative buying. Interestingly, a senior official said that from now on, DDA will adopt a practice of announcing a housing scheme only when the flats are in "ready to move-in" condition. "Learning from past experience when flats could not be handed over to allottees even months after draws were held, and we faced a lot of criticism, this time we will announce dates only after ensuring that the flats are ready to move in," said a senior official.

Note that like most developers linked to state bodies and authorities, the DDA will be an automatically approved developer for MHFC. Hence, for housing loans on DDA 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) after allotment and when a loan is required.

Gujarat Chief Minister Anandi Patel cancels Gujarat Housing Board draw for affordable houses

Just a follow up story that the Gujarat Housing Board draw for 8,000 flats (in Ahmedabad, Surat, Rajkot and Vadodara) were cancelled yesterday - see link to article in the DNA below:

DNA article - June 20, 2014

Draw today for 2,584 Gujarat Housing Board houses

Per this TOI article - see link below - today is the draw for GHB houses across 4 cities - Ahmedabad, Surat, Vadodara and Rajkot.  

TOI article - June 15, 2014

Of course, these will be approved projects for MHFC and we will finance successful allottees who require a loan and are from our segment (financially excluded lower income families) subject to terms and conditions. 

For more details, please email us on contact@mhfcindia.com.

Bhubhaneshwar Development Authority - 7,000 housing units coming up this year

Per this Indian Express article - link below - the Bhubhaneshwar Development Authority ("BDA") plans to build 7,000 homes this year of which 5,000 units will be built for EWS / LIG / MIG families - and after the first year, the BDA is planning to add about 5,000 low cost housing units every year. A BDA official said the purpose of the proposal, like all other affordable housing projects, is to make low cost housing available for the urban poor.  

Express article - June 13, 2014

It seems that the housing units will comprise G+4 multi-storey buildings and the BDA would like to cap the price of the lowest housing unit at Rs 5 lakh.

Of course, these will be approved projects for MHFC and we will finance successful allottees who require a loan and are from our segment (financially excluded lower income families) subject to terms and conditions.

For more details on loans available, please call our Head Office in Mumbai on 022-22660427 or email us on contact@mhfcindia.com.

Surat Municipal Corporation - 11,000 EWS and LIG homes

Per this TOI article - link below - Surat Municipal Corporation ("SMC") has plans to build 11,000 EWS and LIG homes across 37 locations in Surat. 

It seems that the EWS units will cost 3 lakhs and will be 1BHK flats with carpet area of 25 square metres, while the LIG units cost 7.5 lakhs and will be 1BHK flats with carpet area of 36 sq km. 

TOI article - April 16, 2014

Of course, these will be approved projects for MHFC and we will finance successful allottees who require a loan and are from our segment (financially excluded lower income families) subject to terms and conditions. 

For more details on loans available, please call our branch manager in Surat - Jignesh Patel on 9016507947 - or email us on contact@mhfcindia.com.

Anandgram Ketkawale - low cost housing project near Pune

The next Anandgram project by Vastushodh Builders at Ketkawale has just been launched - and is expected to receive a number of bookings over the next 3 day holiday period. In this phase, the builder has on offer 502 flats (80 1 RK, 297 1 BHK and 125 2 BHK) with the price range from 7 to 20 lakhs. 

For more information on the project incl the location, facilities, specifications, and layout, please see the company's website.

Business Standard article March 29, 2014 re launch of the project

For financing on this project, esp for informal sector customers who lack documentation to prove incomes, please email MHFC on contact@mhfcindia.com OR call our Loan Officer for the project - Suraj Pawar - on 8879543963.

Rajkot Municipal Corporation to build 6,284 houses for the urban poor within two years

Per this Express article - link below - Rajkot mayor Raksha Boliya and municipal commissioner Ajay Bhadu announced that the civic body will construct 2,270 houses EWS families whose annual income is up to Rs1 lakh. It will also construct 4,514 residential apartments for the Low Income Group (LIG) of the society whose annual income is between Rs 1- 2.5 lakh. While EWS units will be one-bedroom-hall-kitchen (1BHK) flats with carpet area of 28 square metres, the LIG units will be 2BHK flats with total carpet area of 25 sq km. An EWS flat will come at Rs 3 lakh while an LIG apartment will cost Rs 8.5 lakh.

Indian Express article - Jan 23, 2014

Of course, these will be approved projects for MHFC and we will finance successful allottees who require a loan and are from our segment (financially excluded lower income families) subject to terms and conditions. 

For more details, please email us on contact@mhfcindia.com.

Ahmedabad Municipal Corporation's LIG housing schemes soon

Per this TOI article - see link below - a package of 1,888 houses is expected to come up in the Vatva area of Ahmedabad. Overall,  4,937 LIG houses in the coming year in various areas of the city - 29 locations - including Vejalpur, Nikol, Chandkheda, Chandlodia, Thaltej, Kali, Vadaj, Vastral, Kankaria, Shahibag areas. 

TOI article - Jan 21, 2014

Of course, these will be approved projects for MHFC and we will finance successful allottees who require a loan and are from our segment (financially excluded lower income families) subject to terms and conditions. 

For more details, please email us on contact@mhfcindia.com.