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Wooing the middle class ahead of the general elections, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Thursday announced a scheme to help those living in rented accommodations or slums to acquire a house. Parallely, she also announced building 2 crore more houses for the rural poor in the next five years under the continuing <keyword id="3905678" type="General" weightage="20" keywordseo="PM-Awas-Yojana" source="Orion">PM Awas Yojana</keyword> (Grameen). Presenting a vote on account for 2024-25, also known as interim budget for the period till the new government comes into office after general elections, she said the Modi government in the last 10 years has endeavoured to provide each a house, water, electricity, cooking gas and bank account as part of the inclusive development. "Our government will launch a scheme to help deserving sections of the middle class 'living in rented houses, or slums, or chawls and unauthorized colonies' to buy or build their own houses," she said. The finance minister highlighted that the implementation of the PM Awas Yojana (Grameen) continued despite the disruptions caused by the COVID-19 pandemic. "Despite the challenges due to COVID, implementation of PM Awas Yojana (Grameen) continued and we are close to achieving the target of three crore houses. Two crore more houses will be taken up in the next five years to meet the requirement arising from increase in the number of families," she said. In order to achieve the target of 'Housing for All' in rural areas, the <keyword id="19910940" type="General" weightage="20" keywordseo="ministry-of-rural-development" source="keywords">Ministry of Rural Development</keyword> is implementing Pradhan Mantri Awaas Yojana- Gramin (PMAY-G) with effect from 1st April 2016 to provide assistance to eligible rural households. The overall target is to construct 2.95 crore pucca houses with basic amenities by March 2024. The central assistance under PMAY-G is released directly to the State/UT considering the State/UT as a unit. Further release of these funds to beneficiaries in various Districts/Blocks/GPs is done by the respective State Government/UT Administration. "The amount of Central Share of funds released to the States/UTs for construction of houses under PMAY-G during the last five years, which is from the financial year 2018-19 to 2022-23 was around Rs 1,60,853.38 crore," according to an official statement in December.

Govt to launch scheme to help middle class buy or build own house; 2 cr more rural houses

Introduced by the Ministry of Housing and Urban Poverty Alleviation in June 2015, <keyword id="2910604" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Awas-Yojana">Pradhan Mantri Awas Yojana</keyword> (PMAY) is a <keyword id="3269615" type="PERSON" weightage="20" keywordseo="Credit-Linked-Subsidy-Scheme">Credit Linked Subsidy Scheme</keyword> for realizing the objective of <keyword id="2481158" type="PERSON" weightage="20" keywordseo="Housing-for-All">Housing For All</keyword>. The scheme seeks to provide loans on highly subsidized interests to meet the purchase, construction, extension, and improvement of the houses by three categories of people namely Economical Weaker Section (EWS), Lower Income Group (LIG), and Middle Income Group (MIG). The main objective of the PMAY scheme is to make housing loan affordable to all. The value of the subsidy depends on the category of income that the customer belongs to and the size of the property that is being financed. The benefits given for the different income groups are as follows: EWS/LIG category LIG (Lower Income Group and EWS (Economically Weaker Section) categories can be understood as those households whose annual income falls between Rs. 3 lakhs and Rs. 12 lakhs. The beneficiaries in this group are eligible to receive a maximum interest subsidy of 6.5%. To avail of this facility, it is mandatory that the building constructed or purchased must not exceed the carpet area of 60 square meters or 645.83 square feet (approx.). The interest subsidy will be given to a maximum loan amount of Rs. 6 lakh. In the year 2017, this scheme was extended to cover the middle income groups (MIG-1 and MIG-2) as given under. MIG 1 category MIG 1 category refers to those households whose incomes is more than Rs. 6 lakhs per annum, but does not exceed Rs. 12 lakh. The beneficiaries falling under the MIG- 1 category are eligible to receive a maximum interest subsidy of 4 % under the condition that the building constructed or purchased under this scheme does not exceed the carpet area of 160 square meters or 1,722.23 square feet (approx.). This maximum amount of loan that can be given under this subsidized interest is Rs. 9 lakh with a tenure of up to 20 years. MIG 2 category MIG 2 category refers to the category of households that have an annual income above Rs. 12 lakh but below Rs. 18 lakhs. The beneficiaries under this scheme are eligible for a maximum interest subsidy of 3%. The scheme mandates that the houses purchased or constructed under this scheme must not exceed a carpet area of 200 square meters or 2,152.78 square feet (approx.). The upper limit placed on the loan under this kind of subsidized interest is Rs. 12 lakh with a tenure of up to 20 years. Pradhan Mantri Awas Yojana Eligibility It is mandatory that the beneficiary family must not own a pucca house in the name of any of the family members in any part of the country. When a married couple applies for this loan, either one of the spouse or both the people together (joint ownership) are eligible for a single subsidy. The beneficiary family must not have received any kind of assistance from the central government under any other housing scheme of any benefits given under the PMAY.

What is the eligibility for Pradhan Mantri Awas Yojana scheme?

<ul><li>Prime Minister Narendra Modi may expand his pet project for affordable housing. </li><li>Government plans to rent out single room houses to migrant labourers in cities with income less than ₹300,000 a year.</li><li>The new proposal in consideration before the upcoming budget may be linked to an ongoing housing scheme. </li></ul>The Modi government is coming up with a new housing plan to provide rented single room tenements to families of migrant labourers, in big urban centres. This can help address the issue of burgeoning slums in urban centres. For this, the Ministry of Housing and Urban Affairs and the Ministry of Labour will work jointly, as <a href="https://economictimes.indiatimes.com/news/economy/policy/rented-houses-for-migrant-labourers-in-metros-soon/articleshow/69834563.cms?utm_source=ETMyNews&amp;utm_medium=HPMN&amp;utm_campaign=AL1&amp;utm_content=20">reported by the Economic Times (ET)</a>, weeks before the upcoming Union Budget for 2019-20. The scheme would address the problem of growing slum settlements and the aspirations of lower income groups to live in a ‘pucca’ house with basic life living facilities. Beneficiaries of the scheme would be families with income of ₹300, 000 or less. Pushing forward its ‘Housing for all’ scheme, the government has planned to link the new housing plan with the existing one that is called the <keyword id="2910604" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Awas-Yojana">Pradhan Mantri Awas Yojana</keyword> (PMAY). The scheme is designed such that urban local bodies will first register families with an annual income of ₹300,000 or less and then distribute rent vouchers to them. The tenant would then give those vouchers to the owner of the house, which in this case would be the housing board. A labour cess fund may also be used as capital to initiate the project. “The scheme would be driven by our ministry and housing boards would be roped in to construct economical houses,” the <a href="https://economictimes.indiatimes.com/news/economy/policy/rented-houses-for-migrant-labourers-in-metros-soon/articleshow/69834563.cms?utm_source=ETMyNews&amp;utm_medium=HPMN&amp;utm_campaign=AL1&amp;utm_content=20">Economic Times</a> reported citing sources. There is another model which allows private sector firms to construct these houses and use a percentage of area given to them for commercial purpose. But rental policy in housing for all would primarily be working through housing boards. In case of a private developer, the rent vouchers would be redeemable at any citizen service bureau, the ET report said. SEE ALSO: <a href="https://www.businessinsider.in/union-budget-and-triple-talaq-are-among-key-bills-as-the-first-session-of-indias-new-parliament-rolls-on/articleshow/69821460.cms">Union Budget and Triple Talaq are among key bills as the first session of India's new Parliament rolls on</a>

Indian government may offer homes on rent to migrant labourers in metro cities

During his election rallies, Prime Minister Modi had promised people that everyone would have a house to live in, under the project “Housing for All” which was targeted to be completed by 2022. Soon enough, his government moved in to fulfil the promise, but the 2.45 lakh constructed houses that are lying vacant all over India stand mocking both the PM and his promise. 
 
Out of the top 5 states that house constructed but vacant low-cost houses, we have Modi's home state Gujarat, along with BJP-ruled Maharashtra and Madhya Pradesh, as well as Delhi and Andhra Pradesh. 
 These low-cost houses were constructed under different urban housing schemes and were sanctioned under <keyword id="6412957" type="ORGANIZATION" weightage="100" keywordseo="Jawaharlal-Nehru-National-Urban-Renewal-Mission">Jawaharlal Nehru National Urban Renewal Mission</keyword> (<keyword id="6455794" type="ORGANIZATION" weightage="100" keywordseo="JNNURM">JNNURM</keyword>) and <keyword id="119473" type="PERSON" weightage="100" keywordseo="Rajiv-Awas-Yojana">Rajiv Awas Yojana</keyword> (RAY). As per the latest statistics of the ministry of housing and urban poverty alleviation, 14 lakh low-cost houses were sanctioned under these two major schemes, out of which only 8 lakh were built. Of this 8 lakh houses, 2.45 lakh houses are still to find residents. 
 Both the housing schemes were merged to launch the <keyword id="2910604" type="UNKNOWN" weightage="100" keywordseo="Pradhan-Mantri-Awas-Yojana">Pradhan Mantri Awas Yojana</keyword> under which, the government aims to build 2 crore low-cost houses, including 14 lakh for slum redevelopment dwellings. 
 
<a href="https://cdn-images-1.medium.com/max/800/0*_yeGeCFgG79vwsBM.jpg">Image source</a>

What housing boom? 2.45 lakh houses lying vacant in India

The Indian cement industry is on track to reach 5.09 billion tonnes by 2028-29, driven by robust government investment in infrastructure. According to an IANS report originally attributed to Infomerics Ratings, this marks a compound annual growth rate (CAGR) of 4.9 per cent between 2024 and 2029. In 2022-23, the industry’s market size stood at 3.82 billion tonnes, with a total installed capacity of 622 million tonnes per annum (MTPA) in FY24 and production at 427 million tonnes. Notably, India contributes over 8 per cent to the world’s total installed cement capacity, highlighting its importance in the global market. Despite this, India’s per capita cement consumption is 260 kg—significantly below the global average of 540 kg—indicating substantial room for growth. Globally, the cement market is projected to grow at a CAGR of 4.3 per cent from 2024 to 2032. The sector’s expansion is fuelled by ambitious government initiatives, including an allocation of ₹11.11 lakh crore for infrastructure in FY25 and housing schemes like Pradhan Mantri Awas Yojana. The construction sector consumes 55 per cent of cement production, while public infrastructure projects account for the remainder. The industry also plays a critical role in employment, providing direct jobs to over one million people and creating downstream opportunities for about 20,000 individuals per million tonnes of cement produced. Private players dominate the sector, controlling 98 per cent of production capacity, while public sector units hold a mere 2 per cent. Domestic production meets almost all demand, with imports accounting for just 0.2 per cent of total production in FY23. However, exports have declined recently due to reduced global demand and rising competition. India currently has 341 cement manufacturing facilities, including 159 integrated large cement plants, 120 grinding units, and 62 mini cement plants. Cement production has seen steady growth, with a 7.1 per cent increase in September 2024 and a cumulative growth of 1.6 per cent between April and September of FY25, according to the Ministry of Commerce and Industry. This growth aligns with India’s overall industrial performance, which saw a 2 per cent rise in core industries in September, led by cement, steel, coal, and fertilisers. As India invests heavily in infrastructure and housing, the cement industry is set to play a pivotal role in supporting the nation’s economic and developmental goals. (with IANS inputs)

India's cement industry expected to grow to 5.09 billion tonnes by 2028-29 amid infrastructure push: Report

New Delhi, Construction of two crore more houses will be done under the Pradhan Mantri Awas <keyword id="19955331" type="General" weightage="20" keywordseo="yojana" source="keywords">Yojana</keyword> (<keyword id="20414289" type="General" weightage="20" keywordseo="gramin" source="keywords">Gramin</keyword>) in the next five years, <keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> said on Thursday. Presenting a vote on account or an interim budget for 2024-25, she said the implementation of the Pradhan Mantri Awas Yojana (PMAY) continued despite the COVID-19 pandemic, and the target of constructing three crore rural houses will be met soon. "Despite the challenges due to COVID-19, the implementation of the Pradhan Mantri Awas Yojana (Gramin) continued, and we are close to achieving the target of three crore houses," <keyword id="19916494" type="General" weightage="20" keywordseo="sitharaman" source="keywords">Sitharaman</keyword> said. "Two crore more houses will be taken up in the next five years to meet the requirement arising from the increase in the number of families" she said in her pre-election budget . The PMAY(G) is a social welfare programme to provide housing for the rural poor in the country. Under the scheme, an assistance of Rs 1.20 lakh is given in plain areas and Rs 1.30 lakh in hilly areas. The cost of the scheme is borne by the central government and a state government in a 60:40 ratio.

2 crore more houses to be constructed under PMAY(G) in next 5 years: FM

As Finance Minister Nirmala Sitharaman unveiled the Union <keyword id="19955368" type="General" weightage="20" keywordseo="budget-2024" source="keywords">Budget 2024</keyword>, all eyes were on the <keyword id="20024321" type="General" weightage="20" keywordseo="housing-sector" source="keywords">housing sector</keyword>, which has been a focal point for both developers and <keyword id="19907145" type="General" weightage="20" keywordseo="homebuyers" source="keywords">homebuyers</keyword>. Expectations were high for increased deduction limits on home loan interest repayments, higher principal repayment deductions, and more robust incentives for first-time homebuyers. Last year's budget focused on increasing <keyword id="20254620" type="General" weightage="20" keywordseo="affordable-housing" source="keywords">affordable housing</keyword> through the Pradhan Mantri Awas Yojana (<keyword id="19945794" type="General" weightage="20" keywordseo="PMAY" source="keywords">PMAY</keyword>), with a significant allocation to achieve the goal of "Housing for All." The <keyword id="20152263" type="General" weightage="20" keywordseo="real-estate-sector" source="keywords">real estate sector</keyword> had previously seen incentives for developers building affordable housing, such as tax holidays under Section 80IBA and increased allocation through the SWAMIH fund to improve liquidity for stressed projects. <h2>Major announcements in Budget 2024</h2>As per FM Sitharaman's 2024 Budget announcements, PMAY is set to add an additional 3 crore affordable housing — houses priced under Rs 40 lakh — in rural and urban sections of India. This will be accomplished with Rs 10 lakh crores, which includes assistance of Rs 2.2 lakh crores over the next five years. A provision of <keyword id="21240797" type="General" weightage="20" keywordseo="interest-subsidy" source="keywords">interest subsidy</keyword> to facilitate loans at affordable rates is also envisaged, the FM noted in her speech. “This is certainly pertinent – the affordable homes category has been seeing a decline in overall sales since the pandemic, to approximately 19% in H1 2024 from over 38% in the period before the pandemic in 2019,” notes Anuj Puri, Chairman of ANAROCK Group. “Consequently, this segment’s percentage share of the total housing supply in the top 7 cities also fell to 18% in H1 2024 from nearly 40% in 2019. Any boost to this vital segment is therefore welcome.” As per December 2023 reports, 65% of houses under PMAY-Urban had been completed and delivered to beneficiaries since the scheme was introduced in 2015. This amounts to over 78 lakh pucca houses out of the 1.18 crore sanctioned. The new addition to PMAY will thus attempt to more than triple the quadruple the number. <h2>Tax reliefs and transparent rental policies</h2>This year, the sector expected further <keyword id="20345361" type="General" weightage="20" keywordseo="tax-relief" source="keywords">tax relief</keyword> measures for homebuyers and developers. Key demands are aplenty, including increasing the deduction limit for home loan interest repayment from the current Rs 2 lakhs to Rs 3-4 lakhs for self-occupied properties, reintroducing tax exemptions for first-time homebuyers, standardising the definition of "Affordable Housing", and reducing GST on construction materials like cement and steel. However, there has been only disappointments on this front based on the announcements so far. However, in terms of the tax changes, the Budget has proposed a massive reduction in rental matters for the individual. While the current tax deducted at source (TDS) for Payment of rent by individuals or HUF under Section 194-IB stands at 5%, the new budget is set to bring this down to 2%, effective from October 1, 2024. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Angel tax to be scraped" mstype="2" mssubtype="0"></div>Further, the government has promised to enable and implement policies and regulations for efficient and transparent <keyword id="20071228" type="General" weightage="20" keywordseo="rental-housing" source="keywords">rental housing</keyword> markets with enhanced availability. <h2>Additional initiatives</h2>Further, dormitory-style accommodations have also been announced for industrial workers in public-private partnership mode with Viability Gap Funding (VGF) support and commitment from anchor industries. VGF is a scheme that helps support important infrastructure projects that may not be financially viable, through grants that total up to 20% of the total project cost. The FM also announced that policies and regulations for efficient and transparent rental housing markets with enhanced availability will be put in place, to ease the rental and home-owning process. <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"></div>Markets are optimistic in the aftermath of these announcements, with many housing finance companies recording healthy gains since the speech. Puri notes that the renewed focus on rural and urban job creation, if effective, may provide some boost to affordable housing in even tier 2 and 3 cities. “The Finance Minister's allocation of ₹10 lakh crore to help 1 crore poor middle-class families buy houses will boost the demand for residential properties,” remarks Divyam Mour, Research Analyst at Samco Securities. ”This funding, along with interest subsidies, will greatly benefit real estate developers like DLF, Macrotech Developers, NBCC, and Sunteck Realty, as well as housing finance companies focused on the lower and middle classes, such as Aadhar Housing Finance, Aptus Value Housing Finance, and Aavas Financiers.”

Budget 2024: More affordable housing, lowered rent TDS — here’s what will change for the housing sector this year

The Indian <keyword id="80584" type="General" weightage="20" keywordseo="steel-sector" source="Orion">steel sector</keyword> has enjoyed a multi-year demand surge which will continue in the current FY'24 but it is expected to moderate in the coming fiscal, global analytics company Crisil said. The sector has witnessed double digit demand growth rate of 11 to 13 per cent during three consecutive years and is likely to moderate to 3 to 5 per cent in FY'25, Miren Lodha, Director Research, Crisil Market Intelligence and Analytics said on Friday. "We are clearly in the midst of a demand supercycle," Lodha told PTI. The moderation is likely in the long <keyword id="34570" type="General" weightage="20" keywordseo="steel" source="Orion">steel</keyword> segment in FY'25 ahead of the general election. The only other instance of such a demand surge in the last two decades was between 2006 to 2008, he said. Lodha said the <keyword id="17408" type="General" weightage="20" keywordseo="infrastructure" source="Orion">infrastructure</keyword> sector, a key driver of the steel demand, is expected to maintain its momentum fuelled by ongoing government projects. The infrastructure segment has been driving a lot of momentum in the steel demand and is expected to continue in the coming years. However, government schemes like the Pradhan Mantri Awas Yojana are nearing conclusion, which could slow down the demand momentum in the steel sector, he said. Lodha said the recent surge in steel imports, which has been prompted by lower Chinese prices and strong Indian demand, has raised concern among the domestic manufacturers. "The disparity between import and <keyword id="124052" type="General" weightage="20" keywordseo="domestic-prices" source="Orion">domestic prices</keyword> has triggered significant imports," he elaborated. But it will self correct in the long run with the ongoing capacity addition. "New steelmaking capacity of 12-13 million tonnes is expected to come online in the second half of fiscal 25, aligning production with demand and reducing import dependence," Lodha said. Additionally, the potential demand improvement in China after the Lunar New Year coupled with expected production cuts, could further curb Chinese exports to India. Overall the Indian steel sector's outlook remains positive, albeit with a projected dip in demand next year. The industry's focus will be on ramping up domestic production and tackling import concerns to maintain a robust long-term growth, he added.

Indian steel demand boom to continue this fiscal : Crisil

<ul><li>Floating <keyword id="6371181" type="General" weightage="20" keywordseo="interest-rates" source="Orion">interest rates</keyword> for ₹30 lakh home loans jumped from 6.7% in mid-2021 to 9.15%.</li><li>For affordable home buyers, total interest payable over 20 years is more than the principal.</li><li>They have less opportunity to benefit if they sell, because less principal has been paid. </li></ul>It’s one thing to buy a home and another to pay the loan installments that come with it. The real estate sector has charted a spectacular recovery in the last two years — with the exception of the affordable housing market. The buyers of homes that cost under ₹45 lakh have been desisting from purchase decisions, making developers go easy on such projects. “The mounting desolation is not helped by the fact that affordable home buyers have been paying almost 20% more in their EMIs over the last two years. The floating interest rates for home loans up to ₹30 lakh have jumped up from 6.7% in mid-2021 to nearly 9.15% today,” said a report by real estate consultancy Anarock. The Indian central bank (RBI) has hiked base interest rates by 250 basis points since March 2022 as the economy recovers from the pandemic slowdown. Now, as interest rates rise, lending institutions also raise rates and thus the interest component of a home/vehicle loan also goes up. For example, if a home buyer borrows ₹30 lakh for a tenure of 20 years at 6.7% interest rate, he would pay ₹24.5 lakh as interest over two decades. But as the interest rate rises to 9.15%, this total interest repaid over the years would be at ₹35.5 lakh. “The total interest payable over a 20-year tenure is now more than the principal amount. It is not a good sign for either individual borrowers or the broader housing market if interest on home loans exceeds principal,” said Prashant Thakur, regional director and head of research at Anarock group. Homes as an asset generally lose their attractiveness in such a scenario. Home loans are structured such that the payments in the early years are mostly interest. When more of their payment is going to interest rather than principal, it will take longer for home buyers to build equity and own more of the home. “It also means that they have a reduced opportunity to benefit from appreciation if they sell the property, because less principal has been paid off,” Anarock explains. As expected, affordable home sales have been slumping in the last few years. The share of <keyword id="137700" type="General" weightage="20" keywordseo="affordable-homes" source="Orion">affordable homes</keyword> in total sales went down to around 20% in the first half of 2023, against 31% in the corresponding period in 2022 — as per data from top seven cities in India. With a vision of ‘Housing for All’, the Indian government has set up the Pradhan Mantri Awas Yojana (Urban) Mission in 2015 to address the shortage of housing among the middle and lower income groups. The segment has the most demand for housing, and has the maximum potential buyers. As per Anarock data, such homes are in shortfall too. In the current urban housing shortage of approximately 11.2 million units, affordable homes priced ₹40 lakh account for over 80% of the shortfall.

Affordable homes a misnomer? Your home loan EMI has shot up 20% in the last 2 years

<ul><li>The number of <keyword id="624" type="General" weightage="50" keywordseo="women" source="Orion">women</keyword> buying properties as investments versus end use is also increasing. </li><li>Women also prefer larger homes and ready-to-move-in properties — and are influencing <keyword id="560893" type="General" weightage="80" keywordseo="real-estate-trends" source="Orion">real estate trends</keyword>. </li><li>The ₹45-90 lakh budget range is the 'sweet spot' for 36% of women home seekers.</li></ul>Gold seems to have lost its shine, especially with women who want to buy it as an investment. They prefer real estate or even stocks, says a survey by property consultant <keyword id="4695749" type="General" weightage="100" keywordseo="anarock" source="Orion">Anarock</keyword>. In the Consumer Sentiment Survey, 65% women said that they prefer to invest in real estate while only 8% said that they prefer gold. On the other hand, 20% of women prefer to invest in the stock markets, while 7% prefer fixed deposits. <cmsannotation type="cmsannotation" annotationid="Investment vs end use" comment="subhead2" text="Investment vs end use">Investment vs end use</cmsannotation> More women are now also buying property for investment. As per the survey, the ratio of women buying properties for end-use and investment has changed from the previous survey. It now stands at 77:23, where it was previously 82:18. As per the survey, 83% women are looking at homes priced above ₹45 lakh. The ₹45-90 lakh budget range is the 'sweet spot' for 36% of women home seekers, and 27% prefer premium homes priced from ₹90 lakh to ₹1.5 crore. Only 20% prefer luxury homes priced more than ₹1.5 crore, and affordable homes priced under ₹45 lakh are the least preferred. "Over the last decade, women emerged as a major residential real estate buyer segment, especially in urban centres. Their preferences are also distinctly shaping newer trends — from bigger homes, ready-to-move properties to specific budgets, they know exactly what they want. And like millennials, their preferences now influence the supply that developers put on the market," said <keyword id="17131" type="General" weightage="50" keywordseo="santhosh-kumar" source="Orion">Santhosh Kumar</keyword>, vice chairman of the Anarock group. The survey also revealed that half of women respondents favour 3BHKs, while 33% favour 2BHKs, 10% are looking for 4BHKs. <cmsannotation type="cmsannotation" annotationid="Benefits for women home buyers" comment="subhead2" text="Benefits for women home buyers">Benefits for women home buyers</cmsannotation> There are several benefits that Indian women can avail by buying and registering properties in their names. Various government policies support and promote women homeownership in India. For instance, to avail homes under the government’s flagship scheme Pradhan Mantri Awas Yojna (PMAY) introduced in 2015, homes have to be mandatorily registered either in a woman’s name or with a woman as co-owner. This was done to empower women of the lower-income segments. Lower stamp duty is another benefit women homebuyers enjoy. Stamp duty charges are lower if the property is registered in a woman's name, albeit with variations from state to state. The exemption varies from 1-2% across states, and may even vary within a particular state, based on the classification of regions as ‘urban’ and ‘rural’. Many banks such as SBI, ICICI, and HDFC offer discounted home loan rates to women. This again varies from bank to bank, with a difference of around 0.25%. To avail of certain tax benefits, a woman can also become the joint owner of a property with her husband and, if she has a separate source of income, both can claim tax deductions individually. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/deals-on-headphones-speakers-tvs-and-smart-devices-on-amazon/articleshow/98444022.cms">Holi Sale 2023: Deals on headphones, speakers, TVs, and smart devices on Amazon</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/varanasi-tirupati-and-puri-are-favoured-destinations-in-spiritual-and-wellness-travel/articleshow/98444093.cms">Gen Zs &amp; Millennials aid spiritual &amp; wellness-driven tourism recovery in India</a>

Women are shaping new real estate trends like preference for bigger homes: Anarock

<ul><li>A repo <keyword id="6451065" type="General" weightage="20" keywordseo="rate-hike" source="Orion">rate hike</keyword>, which was widely expected by the market, could have pushed <keyword id="6419450" type="General" weightage="20" keywordseo="home-loan-rates" source="Orion">home loan rates</keyword> even higher. </li><li>In the last three quarters, home loan rates have gone up by 40-50% from their historical lows. </li><li>RBI’s decision particularly gives relief to affordable and mid-segment homebuyers. </li></ul>The real estate sector has welcomed the Reserve Bank of India’s (RBI’s) decision to keep the <a href="https://www.businessinsider.in/finance/news/rbis-monetary-policy-committee-keeps-repo-rate-unchanged-at-6-5/articleshow/99284354.cms">key policy rate unchanged</a> on Thursday. The move will also bring cheer to home loan borrowers – both old and new – as home loan rates have been hovering around 9%, following the central bank’s six consecutive rate hikes totaling 250 basis points since May last year. “The RBI MPC (Monetary Policy Committee) decision to keep a pause on rate hike is positive for the housing market as it reduces the uncertainty and volatility associated with interest rate fluctuations. The home loan interest rates have gone up from 6.5% to around 8.75% with a series of rate hikes in the past and the move to pause will give a temporary reprieve and support the existing growth momentum in the real estate sector,” said Atul Monga, chief executive officer and co-founder, Basic Home Loan. Another rate hike, which was expected by the market, could have pushed home loan rates into double digit trajectory. Ramani Sastri, chairman and managing director of Sterling Developers, said that another increase in policy rates could have sent interest rates on home loans to an all-time high – impacting buyer sentiments and affordability. After multiple rate hikes in six months, experts had said that the room to keep home loan EMIs unchanged for existing borrowers by <a href="https://www.businessinsider.in/business/news/how-to-ensure-your-home-loan-is-paid-off-before-retirement/articleshow/99106468.cms">increased tenure had been exhausted</a> – burdening end users. “The past three quarters have seen a gradual rise in home loan interest rates, causing a significant impact on borrowers as rates have surged to over 9%, marking a 40-50% increase from their historical low,” said Pradeep Aggarwal, founder and chairman, Signature Global (India). Q1 home sales hold steady amid global turmoil In spite of the multiple rate hikes, residential home sales continued its winning streak in the first quarter of 2023, after hitting a nine-year high in 2022. As many as 1.13 lakh units sold in Q1 2023 across the top seven cities, says Anarock data — indicating a 14% yearly rise. However, going ahead, the sector had been worried about the impact of rising property prices due to input costs, and also multiple layoffs across large and small corporates affecting homebuyer sentiment. "Given the potential adverse impact of a hike in repo rate and its ripple effect on both housing demand and supply, we, at CREDAI, are extremely pleased and welcome the central bank’s decision,” said Boman Irani, president-elect, CREDAI National. Affordable loans, affordable homes Even as overall home sales hit new highs, the affordable housing segment never recovered after being hit badly by the pandemic. “The RBI’s decision to keep the repo rates unchanged comes as a welcome respite to homebuyers. This particularly gives relief to affordable and mid segment homebuyers who feared a possible rate hike today, making property buying via home loans even harder. As is, affordable housing has been under stress since the pandemic,” said Anuj Puri, chairman of Anarock group. Affordable homes, which are defined as units priced under ₹40 lakh, saw their share in overall sales dip to 26% in 2022, as compared to 38% in 2019. In Q1 of 2023, their share slipped to 20%, says Anarock. The pause in rate hike, alongwith the government hiking its outlay for the Pradhan Mantri Awas Yojana (PMAY) programme in 2023-24 Budget will bode well for demand in affordable housing, says Irani. The RBI marginally revised the GDP growth projections for FY24 from 6.4% to 6.5% – this too will bode well for the sector. “We foresee a resilient upward demand trajectory going forward. The momentum in the market is currently driven by the need to upgrade to a better living and the admiration of real estate as a weatherproof asset class, which will continue during the year,” says Nitin Bavisi, chief financial officer, Ajmera Realty and Infra India. Going ahead, the sector is also seeking more incentives to drive more demand. SEE ALSO <a href="https://www.businessinsider.in/business/news/how-to-ensure-your-home-loan-is-paid-off-before-retirement/articleshow/99106468.cms">Rising interest rates hitting you hard? Here’s how to ensure your home loan is paid off before retirement</a> <a href="https://www.businessinsider.in/finance/news/rbis-monetary-policy-committee-keeps-repo-rate-unchanged-at-6-5/articleshow/99284354.cms">RBI’s Monetary Policy Committee keeps repo rate unchanged at 6.5%, for now</a>

Monetary Policy Impact: RBI’s pause to support real estate demand - particularly affordable segment

<ul><li>FM rightly focussed on boosting <keyword id="47276" type="General" weightage="20" keywordseo="economic-growth" source="Orion">economic growth</keyword>, <keyword id="602999" type="General" weightage="20" keywordseo="employment-generation" source="Orion">employment generation</keyword>, encouraging savings and investments, and fiscal consolidation. </li><li>Building infrastructure also creates a massive number of jobs and has a multiplier effect on the economy. </li><li>India is rightly betting on <keyword id="1680281" type="General" weightage="20" keywordseo="infrastructural-growth" source="Orion">infrastructural growth</keyword>. </li><li>EODB measures, development, jobs, and a stable tax regime will help achieve investor confidence and sustained economic growth. </li></ul>Undisputedly, the Union Budget is one of the most anticipated annual events in India. I personally believe that the Union Budget 2023-24 should not be seen as an isolated event but as one of the many steps over a series of successful and pathbreaking reforms. For the past eight years, India has embarked on a number of reforms that are bringing about structural changes in the economy. In my opinion, the Finance Minister Nirmala Sitharaman rightly focussed on the following factors that align with the larger vision of the government. The focus areas are: (i) boosting economic growth, (ii) employment generation, (iii) encouraging savings and investments, and (iv) fiscal consolidation. The government needs to be commended for keeping the fiscal deficit under control. India’s fiscal deficit was in line with the Budget Estimates of 6.4% of the gross domestic product (GDP). Buoyant direct and GST (goods and services tax) collections were one of the reasons for successfully keeping the fiscal deficit under check. Gross tax collections in FY23 have outperformed the Budget Estimates target by more than 10%. According to the latest Economic Survey, the fiscal glide path envisioned by the government is a result of careful fiscal management supported by buoyant revenue collection over the past two years. By assuring that the fiscal deficit will be reduced to 5.9% in FY24 and further reduced to 4.5% in FY26, the FM has shown that fiscal consolidation remains a focus area. As expected, the markets have taken the fiscal consolidation of the government in a favourable manner. The 10-year G-Sec improved from 7.34% prior to the Budget to 7.28% post the Budget speech. The government’s measures to steadily increase the tax base, bringing in greater transparency and enhancing investor confidence are paying dividends. The government needs to be lauded for their ease-of-doing-business initiatives. According to the FM, over 39,000 compliances have been reduced and more than 3,400 legal provisions decriminalised. The focus on the salaried class needs to be applauded. The government rationalised income taxes by extending the benefits of standard deduction and also by reducing the surcharge rate for high income earners from 37% to 25%. This measure will reduce the maximum tax rate from 42.7% to 39%. These, along with other measures, are aimed at boosting the Indian economy as rising disposable incomes will promote savings and aid in consumption. This will leave more money in the hands of the people. which will in turn increase consumption and thereby, help in faster capacity utilisation, which over time, increase private investments as well. Without doubt, the Indian middle class are key drivers of consumption. Notably, India is a domestic consumption-based economy. Pradhan Mantri Awas Yojana (PMAY), which includes affordable housing, got a boost with an allocation of ₹79,000 crore. A rapidly growing country like India, with a large young population, needs more homes at affordable price points that would enable more households to become homeowners. A source of pride for any middle-class Indian is to buy and stay in her own home. Another notable feature was the establishment of the Urban Infrastructure Development Fund that will be managed by the National Housing Bank. The aim is to create urban infrastructure in smaller cities. This is a laudable move as construction of housing and the development of surrounding infrastructure should go hand in hand. By significantly increasing the capital expenditure for the third year in a row and by increasing it by 33% to ₹10 lakh crore (or 3.3% of the GDP) over the previous year, the Budget has sent strong signals that India is equipped to absorb large amounts of investments. Besides, investments in new projects will create jobs, which will then generate income, increase consumption and result in greater demand for goods and services. Job creation will increase aggregate demand and eventually lead to higher economic growth. As the Economic Survey rightly noted, there has been an unprecedented expansion and modernisation of infrastructure including ports and airports over the past eight years. According to me, one way to ensure sustained recovery without spiralling inflation is to build infrastructure. Building infrastructure also creates a massive number of jobs and has a multiplier effect on the economy. India is rightly betting on infrastructural growth. The Budget fittingly focused on supporting start-ups, providing credit guarantee to MSMEs and other incentive measures. Manufacturing and infrastructure are critical sectors as these are primarily responsible for the creation of employment opportunities. Manufacturing forms 17% of India’s GDP and there is a recognition that this needs to increase to at least 25%, which is the ratio for other global comparable economies. Overall, this was an excellent Budget which is growth-oriented and aims to set India on the right course. Continual reforms have been a priority for the current government and bringing in measures in ease of doing business, development, jobs, and a stable tax regime will help India achieve investor confidence and sustained economic growth. The government’s consistent and visionary steps make it very apparent that India continues to be on course to be a $5 trillion economy by 2025. (The author is the VC &amp; CEO of HDFC Ltd.)

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