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Case Study on affordable housing_02_06_2015

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Affordable housing segment holds enormous potential for Indian real estate sector. Economic growth, expanding middle class, growth in nuclear families and rapid urbanisation rate is contributing to housing demand which is most profound in the Tier 1 cities. There is a huge demand-supply gap in the low and mid-income segments. This gap is expected to widen further

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Case Study on affordable housing_02_06_2015

  1. 1. THE BRIGHTEST SPOT OF INDIAN REAL ESTATE?
  2. 2. Why Do We Talk So Much About It? Affordable housing segment holds enormous potential for Indian real estate sector Economic growth, expanding middle class, growth in nuclear families and rapid urbanisation rate is contributing to housing demand which is most profound in the Tier 1 cities There is a huge demand-supply gap in the low and mid- income segments This gap is expected to widen further
  3. 3. Birth of The Concept Prior to the economic slowdown in 2009, the construction activity was largely dependent on advance bookings by customers. This operating model worked during times of economic boom During the outbreak of the economic slowdown highlighted the weaknesses of this model leading to the liquidity crunch for the sector As a result, construction activities suffered, projects were postponed, and developers had to offer deep discounts Also the market in upper-mid and luxury segments became very competitive due to the entry of new players in the last decade These crisis gave birth to the concept of affordable housing in India boosting collections from advance bookings and further improving the finances
  4. 4. Compelling Potential 1 crore annual urban population growth expected by 2050 11 crore houses will likely be required 2022 70 per cent of the urban housing need is in the affordable segment About 1.7 to 2.0 lakh hectare of land is expected to be required to fulfil urban housing need by 2022. Housing for All by 2022 is the vision of the new government and initiative of PPP model
  5. 5. What is Affordable About It The meaning of ‘Affordability’ changes with the context being considered There is no fixed definition of affordable housing that can be applied uniformly The definition and scope of affordable housing is greatly contingent on a region's level of economic development and income levels Whilst most of the definitions for affordable housing consider area, price and affordability of the buyer, the key ideas of making affordable housing work through adequate amenities and appropriate location remain unanswered
  6. 6. Truly Affordable Minimum volume of habitation: as pressure on urban land increases, architecture of all forms, be it commercial or residential, are going vertical Provision of basic amenities: while factors like minimum area and cost, provision of basic amenities such as sanitation, adequate water, power supply, community spaces, parks, schools and healthcare facilities is crucial and desirable either within the project or in the neighbourhood Cost of the house: the cost of the house should consider not only the purchase cost but the maintenance cost of the unit Location of the house: if the project is very far from major workplaces, affordability is greatly affected. It should be located within reasonable distances from workplaces and should be well connected through public transport
  7. 7. Recent Buzz Around On 29th May 2015, Indian Express reported - "PM Narendra Modi takes stock of progress of infra projects" Chairing a high-level meeting on infrastructure sectors, the Prime Minister asked for specific data to be collected and presented on priority areas such as toilets, affordable housing and smart cities. On 29th May 2015, Business Standard reported - "Fullerton India to enter affordable housing finance" Fullerton India Credit Company (FICC) is planning to enter the affordable housing finance segment and has applied for a licence to the National Housing Bank (NHB). The home loan arm will be called Fullerton Home Finance Company. On 28th May 2015, Economic Times reported "PM Narendra Modi's 'Housing for all by 2022' scheme to be launched by mid-June“ The government is getting ready to launch themost ambitious scheme: Housing for all by 2022. Modi is likely to launch the scheme as an umbrella mission, dovetailing all affordable housing schemes and slum redevelopment projects.
  8. 8. Recent Buzz Around On 28th May 2015, UNI reported - "Tata Value Homes launches New Haven, affordable project, in Boisar" The company announced the launch of its second affordable housing project in Boisar, near Mumbai. Launched under the brand New Haven, the project aims to fulfil the lifestyle aspirations of a common man at an affordable cost. On 27th May 2015, Economic Times reported – "Affordable housing in Delhi could get major boost" Delhi could get a major boost with the centre notifying norms for the land pooling policy, a decision welcomed by the industry. On 21st May 2015, BBC reported -"Why are more than 10 million homes vacant in India?" If you travel through the suburbs of the Indian capital, Delhi, you will see miles and miles of built homes with nobody living in them. And despite this, there is a huge shortage of housing in urban India. The latest official Economic Survey says there is a shortage of nearly 20 million homes in India.
  9. 9. Recent Buzz Around On 16th May 2015, Times of India reported - "Housing for all to get a boost, govt plans higher interest subsidy for economically weaker section“ The housing ministry is likely to increase interest subsidy for flats under economically weaker section (EWS) and low income group (LIG). On 14th May 2015, DNA reported - "Mhada to build 50,000 affordable homes in next five years“ The state housing ministry has decided to construct as many as 50,000 affordable houses, which will be bigger and better with more amenities. On 13th May 2015, Business Insider reported - "IFC enters agreement with Tata on affordable housing projects" The IFC has signed an agreement with Tata Value Homes to invest $25 million or Rs 160 crore to provide affordable houses to people across India. On 6th May 2015, Times of India reported - "Nod to four new urban townships“ The second phase of the Yamuna Expressway Industrial Development Authority's Master Plan-2031 was approved by a joint board of the three development Authorities Noida, Greater Noida and YEIDA on Monday, paving the way for four new urban townships adjacent to the cities of Aligarh, Agra, Hathras and Mathura.
  10. 10. Affordable housing looks very promising at one hand but to address India’s urban infrastructure problems, there is a lot ground work needs to be done to provide real affordable housing for all. We will watch this space and continue to update you in times to come. Warning: this document is presented by RealtyMyths on the basis of the overview of the information available in the public domain and is meant for information only. This document should not be referred to as a source of reference to any professional advice or business decision. RealtyMyths shall not be liable for any direct or indirect damages that may arise due to any act or omission.

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