MHADA Nagpur division to build 20,000 affordable housing units over next 5 years

The Nagpur division of the Maharashtra Housing and Area Development Authority (MHADA) recently announced a plan to build 20,000 affordable homes for lower and middle income groups over the next 5 years. The state recently cleared decks for handing over 11 plots, that add up to little over 5.5 hectares, to MHADA. 

MHADA is an automatically approved developer for MHFC. Hence, for housing loans 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, email us at contact@mhfcindia.com or visit our website (www.mhfcindia.com) for more information. You could also fill out this form to help us serve you better. 

Pune-based Vastushodh Projects unveils 'Anandgram' project

Vastushodh Projects has recently announced the launch of India's largest affordable housing project by a private developer - AnandGram - located at Bhandgaon on the Pune - Solapur highway. The Pune-based realty company has successfully completed several affordable housing projects, and its most recent announcement should appeal to potential customers. 

The project will come up on a 22 acres picturesque plot at Bhandgaon near Yavat and will have over 2,000 affordable homes spread across 31 modern buildings. 

Some of the amenities at ‘AnandGram - Bhandgaon’ include lifts, community halls, a multipurpose playground, a school, shopping area, solar water heater, solar powered street lights, internal concrete roads and generator backup. Sizes of the homes will range from 249 square feet to 857 square feet, with multiple options that include 1 RK, 1 BHK and 2 BHK flats. More information about the project announcement can be found here. 

MHFC is one of the housing finance companies that has tied up with Vastushodh to provide home loans to customers who are planning on buying flats in this project. MHFC requires minimal documentation / income proof and will be more than willing to support informal sector customers who want to buy a house of their own. For more information regarding home loans for this project, please contact our manager in Pune - Mr. Suraj Pawar - on 8879543963. You may also email him at suraj.pawar@mhfcindia.com or email the head office at contact@mhfcindia.com. For more information about the project, you may call Vastushodh Projects on 9225192252. 

Shukhobrishti - MHFC financing of 1 BHK and 3 BHK flats

Shukhobrishti - a PPP between Shapoorji Pallonji & the state government of West Bengal - is an affordable housing project located at Rajarhat Newtown, Kolkata. 

The Shukhobrishti Phase 4 draw of lots for Spandan (1 BHK) & Spriha (3 BHK) took place on 12th May 2015 & 13th May 2015 respectively. MHFC had set up a stall during the event to provide housing finance information to customers who had been allotted a flat in the project. 

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 - Mr. Subrata Biswas (9831433440) - or email him on subrata.biswas@mhfcindia.com.  

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.

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.

Amrita Abashan / BGA Realtors - Kolkatta

Ad in today's TOI by BGA Realtors, which is an existing builder partner of MHFC in Kolkatta re flats being offered in its projects - and MHFC's offer to finance buyers from the informal sector who have income but do not have documentation to prove income - at a special rate of 9.8% (fixed for 7 years).   

This is an approved project for MHFC - and we will finance buyers from our segment (financially excluded families) subject to our terms and conditions. For more details, please call our officer in Kolkatta - Subrata Biswas 9831433440 - or email him on subrata.biswas@mhfcindia.com.  

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.

Budget 2014-15 - impact on low income housing

Firstly this is a government that has in its manifesto a "housing for all" objective - by 2022 in fact - and thus there are major expectations of several important measures, immediate and over the next few months, that will promote and support this critical sector. 

In this budget (2014-15), there were some specific measures :

1. FDI can be brought in fairly easily (usual restrictions on min amount and size of project waived) for projects which commit at least 30% for low cost affordable housing (not defined but am sure clarifications will be issued shortly). This will benefit private developers and add another source of capital - which might be useful as financing land purchase is difficult domestically; 

2. Rural Housing Fund (run by the NHB) allocation to go up by Rs 2,000 cr to Rs 8,000 cr. This is the refinance scheme which provides funds to HFCs at a lower cost - while the rates are attractive, and can be valuable in helping EWS / LIG families in rural areas own a home, the issue for most HFCs (esp for newer ones like MHFC) is that this scheme has an onlending cap (2.5% currently) which makes it operationally not viable. We believe the extra allocation to the scheme is very useful, but to make it really effective and to encourage widespread utilisation, the cap should be withdrawn or raised so that it is viable for lenders as well. 

3.  Most critically, and whats seems very positive, but where details awaited,  the FM has proposed setting up a Mission on Low Cost Affordable Housing anchored in the National Housing Bank, under which Rs 4,000 crores has been allocated for the NHB - and where the aim would be to increase the flow of cheaper credit for affordable housing to the urban poor/EWS/LIG segment.

In general, the FM also stated the openness of the Government to examine other suggestions that would spur the sector reflecting that this would be a priority. So all in all, while nothing very specific and possibly immediate, there does to be a general willingness to make positive changes in the sector and further detailed measures could possibly be announced shortly in line with the overall guidance provided in this Budget speech.  

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.

How to Prepare Yourself for a Home Loan

Link to an article in NDTV (from BankBazaar.com) on preparing for a home loan - very true and lots of good advice (except that in MHFC's case, we dont require formal documents to prove incomes - since our focus is mainly on the informal sector who are financially excluded precisely because of this).

NDTV / Bank Bazaar article - June 1, 2014

HIDCO focus on low cost flats - Rajarhat, Kolkatta

Not much detail - but per this TOI article - link below - HIDCO is working on flats for EWS families - in Rajarhat New Town, Kolkatta. 

TOI article - April 19, 2014

Of course, these will be approved projects for MHFC. 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 Kolkatta - Subrata Biswas on 9831433440 - or email us on contact@mhfcindia.com.

Of course, these will be approved projects for MHFC. 

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.

EWS projects approved in Vadodara

Two housing schemes for the economic weaker sections (EWS) of the society will come up in Vasna and Sayajipura areas of the city. Vadodara Municipal Corporation (VMC) standing committee cleared the proposals for these schemes that will come up under the chief minister's housing scheme under the public-private partnership mode. 372 apartments will be constructed under the EWS category at Vasna while 360 will come up at Sayajipura. 

TOI Article - March 8, 2014

MHFC will of course support applicants who believe they can service a loan satisfactorily but are being excluded by mainstream banks / HFCs. For more information on how to apply, and MHFC loan terms and conditions, email contact@mhfcindia.com or call on 022-22660427.

Karrm Residency

Karrm Residency (already approved project of MHFC which launched about 18 months back and is almost 70% complete) has launched its next phase (about 600 flats) - 1 RK flats starting at 9 lakhs -  for more information, please see : 

HT Mumbai (Feb 23, 2014) Front Page

Karmm Residency (Shahpur) Website
(note this is currently down - at time of posting)

Informal sector customers who do not have documentation to prove incomes and looking for financing can approach our Loan Officer Gulab Patil on 9167220732 (or email on contact@mhfcindia.com) to check MHFC (www.mhfcindia.com) loan terms and conditions.

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

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

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

Tata Housing raises prices by 26% in 5 months

see link to article below re Phase II of Tata Housing project in Ahmedabad

Tata Housing article