CIDCO launches affordable housing bonanza for buyers in Navi Mumbai
In recent years, affordable housing has been given a significant impetus by the Central Government.
2 bhk flat on sale in kharghar, the government has strongly emphasised affordable housing as a major pillar of its Housing for All mission by 2022. This has spurred interest from developers and buyers alike in the market. Not only the lower rates, but also the PMAY (Pradhan Mantri Awas Yojana) incentives, including interest subsidies, attract homebuyers in this section.
Furthermore, this housing segment is expected to benefit from the rise of the zero taxation threshold to Rs . 5 lakh of personal income. Interest rates are also on the lower side at the moment since in the recent past, the RBI (Reserve Bank of India) has cut repo rates yet again. GST rates on under-built property have also been reduced to 1 percent from 8 percent on affordable housing, which has further increased demand for residential property in this segment of housing.
In Navi Mumba, CIDCO has an affordable housing bonanza.
An ambitious affordable housing system for homebuyers has now been developed by CIDCO (City and Industrial Development Corporation). In the Mumbai residential market, the most expensive in the country, this has created a major flutter
Here are a few key points regarding the scheme suggested by CIDCO:
In terms of affordable housing, CIDCO also released a windfall, aiming to build 90,000 homes in Navi Mumbai under a mega housing scheme.
This latest scheme will be part of Housing for Everyone by the Prime Minister by 20222.
These inexpensive CIDCO homes will be sold by a lottery to consumers by the end of July or August of this year.
These budget homes in Navi Mumbai have been confirmed by CIDCO experts, saying that they would cater to people in the category of EWS (economically poorer sections) along with those in the division of the LIG (low income group).
These homes will be developed under the Pradhan Mantri Awas Yojana and CIDCO has officially secured all permits.
Sanjay Chotalia, CIDCO’s chief engineer (special projects), has officially confirmed these changes while announcing that the tender will be opened for the construction of 90,000 homes by the end of June 2019.
According to Chotalia, the homes will be available for sale by lottery by July or August 2019.
Naturally, house prices would be lower by a whopping 20-30 percent relative to the prices of comparable properties listed by other private developers in the conventional housing industry.
CIDCO will also be giving homebuyers flexible payment plans.
Based on the progress of home building, lottery winners will pay in instalments.
Like its previous framework, which had 14,000 homes on sale, the scheme is projected to be a major hit for CIDCO.
The EWS group would have 53,000 housing units and the LIG group would have 37,000 units.
Houses in areas such as Bamandongri, Taloja, Kharghar, Juinagar, Kharkopar, Panvel and Kalamboli will be developed around Navi Mumbai
What it means for the Mumbai property industry
Mumbai is the country’s most expensive real estate market, and this recent CIDCO launch has inevitably ignited a surge of new demand from home buyers and also galvanised private developers against Navi Mumbai as the cat among the pigeons. Experts continue to state that despite the higher availability of real estate in the Navi Mumbai housing market, real estate prices may not be dramatically changed and the situation may be the same in the city.
Experts have also suggested that as opposed to the total demand for affordable housing, which is around 2 lakh homes, availability levels are nominal. The unfavourable positions and quality of homes constructed by CIDCO that are not at par with the homes offered by other private real estate players is another consideration highlighted by some experts. These developers typically go to places that are near to major cities, train stations and educational facilities, and people are also near to them.
Experts also feel, however, that this CIDCO project would contribute to better growth of infrastructure in and around Navi Mumbai. Some still assume that prices in the entire zone will balance out at more rational levels. Sky-high house prices serve as a big deterrent for homebuyers in Mumbai in many instances, although demand rates continue to be on the higher side. Naturally, CIDCO’s affordable housing initiative would benefit these consumers who can not afford to own houses.
The sheer scarcity is what, according to sources, brings in a vast number of housing lottery applications carried out by MHADA and CIDCO. In a housing market that is widely deemed overpriced, the project may ultimately bring about some price corrections. In a CIDCO project, purchasing homes often necessarily means better protection without the chance of delays, theft or cheating.
When purchasing homes built by the government, consumers are often more safe and optimistic. Government prices (ready reckoner rate) vary from Rs. 4,500-5,000 per sq. in this region. Ft. But, depending on the particular region in question, they can differ. CIDCO has sold homes at Rs. 6,000 per sq. in several projects. Ft. inferior to Rs. 9,000 per sq. Ft. cited by many private developers, on average.
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