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The <a href="http://www.businessinsider.in/Budget-2016-Impact-of-FDI-in-real-estate-sector-and-future-expectations/articleshow/50866872.cms">real estate sector</a> which is beset with muted sentiments since the past few years is expected to witness a turnaround going forward on the back of several measures and reforms initiated by the government in order to augment the sector. Budget 2015 saw the announcement of the government’s most ambitious project so far to revive the disoriented sector, “Housing for All” by 2022, a mission to provide a <a href="http://www.businessinsider.in/Heres-what-you-should-look-for-before-finalizing-your-dream-house/articleshow/48019052.cms">roof for each family</a>. It is targeted to complete 2 crore houses in urban areas and 4 crore houses in rural areas.
 

	The mission on low cost <a href="http://www.businessinsider.in/Revised-real-estate-bill-to-bring-relief-for-buyers-ensures-faster-action-against-defaulters/articleshow/50122879.cms">affordable housing</a> is proposed to be anchored by National Housing Bank (NHB) and a sum of USD667 million has been earmarked with a view to increase the flow of cheaper credit for affordable housing to the urban poor/Economically Weaker Section (EWS)/Low Income Group (LIG) segment. The government has identified 305 cities and towns across the states of Madhya Pradesh, Odisha, Rajasthan, Chhattisgarh, Gujarat, Telangana, Jammu and Kashmir, Kerala and Jharkhand, among others, for constructing homes for the urban poor under this scheme.
 As it is about to complete one whole year and all eyes are hooked to the upcoming <keyword id="2783177" type="UNKNOWN" weightage="100" keywordseo="Budget-2016">budget 2016</keyword>, it is time to review its performance. KPMG and NARDECO survey report 'Decoding Housing for All 2022' decodes the whole scenario for us. 

	Current state of housing in India Requirements to achieve the vision by 2022 
 

	• By 2022, India needs to develop about 11 crore housing units 
 

	• Investments of more than USD2 trillion or about USD250 to 260 billion annual investment until 2022 
 • Investments will need to grow at a <keyword id="107168" type="ORGANIZATION" weightage="100" keywordseo="CAGR">CAGR</keyword> of 12 to 13 per cent (unadjusted for <keyword id="22195" type="COMPANY" weightage="100" keywordseo="Inflation">inflation</keyword>) in 2022 

	• 70 per cent of the housing needs till 2022 should be concentrated in nine states 
 

	• Urban housing is to account for about 85 to 90 per cent of the total investments; the focus should be on affordable urban houses, which is 70 per cent of the total urban housing requirement 
 

	• About 1.7 to 2.0 lakh hectare of land is expected to be required to fulfil urban housing need by 2022.
 

	Some key points for the Government to focus on in this budget season
 

	1. Shortage of urban housing is prominent across the Economically Weaker Sections (EWS): 39.44 per cent and Low Income Groups (LIG): 56.18 per cent which together constitute 96 per cent of the total housing shortage, presenting an opportunity for affordable housing across India. 
 

	2. Scarcity of land: Non-availability of land within city limits along with rising land and construction costs, making affordable housing projects unviable. 
 

	3. Lack of adequate policy framework: Low focus on housing for EWS and LIG segment from the developer fraternity owing to lack of effective policy framework. 
 

	4. Development norms: Stringent development norms seem to have led to sub-optimal utilisation of land, in-turn raising the per unit value. 
 

	5. Approval processes: The lengthy and complex approval process leads to a high gestation period which eventually results in project cost escalation by 20-30 per cent. 
 

	6. Funding: The lack of funding sources at lower coupon rates for developers has resulted in an increase in housing cost. This coupled with limited access to credit by the EWS/LIG segment led to a reduction in housing affordability. 
 

	7. Cost overrun: Due to lack of advanced technology and skilled manpower, the overall project economics is not achieved. Many of the on-going affordable housing projects are still adopting conventional construction techniques. 
 

	With the growing gap between demand and supply for housing, the affordable housing segment poses a business opportunity worth USD 11.8 billion for developers across seven major cities (Delhi-NCR, Mumbai (MMR), Bengaluru, Chennai, Hyderabad, Kolkata and Pune) of India. The success of these developments would lie in the scale of operations. In order to bridge the current gap in the segment, the government should strengthen private participation in this segment. 
 

	Recommendations to help improve/ boost the supply of affordable housing in India
 

	1. Creating a conducive and less regulated environment – Streamline approvals required for projects and create a single window clearance, increase FSI and mandate zones for low-income housing, provide government owned land at subsidised rate to developers. 
 2. Financial assistance – Provide tax deductions or viability gap funding for affordable housing projects, <keyword id="37018" type="UNKNOWN" weightage="100" keywordseo="interest-rate">interest rate</keyword> subsidies to low-income customers, develop new avenues for project financing for affordable housing including that from insurance and pension funds, provide <keyword id="45697" type="COMPANY" weightage="100" keywordseo="Direct-Tax">direct tax</keyword> incentives to customers, increase availability of low cost debt to housing finance companies. 
	(Image credits: indiatimes)

Housing for All:  Budget 2016 expectations

India can house all its citizens by 2022 with the help of a comprehensive and implementable strategy according to commercial real estate services firm <keyword id="63735" type="CITY" weightage="80" keywordseo="Cushman-Wakefield">Cushman &amp; Wakefield</keyword>. 
 The company today jointly released a report with PHD Chamber of Commerce. Here it identified financial inclusion, regional planning, <keyword id="113605" type="CITY" weightage="60" keywordseo="public-private-partnership">public private partnership</keyword> (PPP) and public private community partnership (PPCP) as the key to achieving the government's aspiration of housing for all by 2022. 
 
The report also suggests ways to tackle housing problems in urban areas. It proposes a regional approach where one breaks up long-term development programmes into small five year targets. It also says the government should handle large-scale initiatives to strengthen governance and suggests ways to integrate information and communications technology (ICT) to simplify government processes in all relevant departments. 
 According to the report, lesser access to loans causes problems to EWS and <keyword id="212252" type="ORGANIZATION" weightage="60" keywordseo="LIG">LIG</keyword> takers. It suggests it is essential to minimalise this gap. 
 According to Cushman &amp; Wakefield’s own research, India will face urban housing demand of around 13 million units by the end 2018. 19% of this would be from the top eight cities in India, LIG and <keyword id="113001" type="ORGANIZATION" weightage="60" keywordseo="MiG">MIG</keyword> groups would account for 80% of this demand. 
 
(Image credit: Indiatimes)

India can house all by 2022 if it tries hard. Know more

<keyword id="107284" type="ORGANIZATION" weightage="100" keywordseo="housing-board">Housing Board</keyword>, India’s apex financial institution for housing, wants home-ownership costs in India to fall. For this purpose, it is holding talks with state governments, in a bid to convince them to cut stamp duties and registration fees. "We have engaged with some state governments on how they could reduce stamp duty for affordable housing," <keyword id="2940929" type="PERSON" weightage="100" keywordseo="Sriram-Kalyanaraman">Sriram Kalyanaraman</keyword>, MD of the <keyword id="152130" type="COMPANY" weightage="100" keywordseo="National-Housing-Bank">National Housing Bank</keyword> (NHB), told <a href="http://economictimes.indiatimes.com/wealth/real-estate/if-housing-board-has-its-way-stamp-duty-registration-fees-on-house-may-fall-to-5-6/articleshow/58451019.cms">ET</a>. "If they accept it, stamp duties and registration charges should come down significantly. Such a reduction will bring down their margin money and provide relief to many Indians, for whom owning a 'home' is still an aspiration." Also read: <a href="http://www.businessinsider.in/thelife/real-estate/indians-pay-too-much-interest-on-home-loans-reveals-study/articleshow/57936834.cms">Indians pay too much interest on home loans, reveals study</a> If the NHB successfully convinces state governments, stamp duties and registration fees might come down to 5-6% of the basic cost of the property. As of now, these rates go up to 12.5% in some states. This would also help the government in achieving its "<a href="http://www.businessinsider.in/markets/budget2016/infrastructure/real-estate/Housing-for-All-Budget-2016-expectations/articleshow/50901695.cms">Housing for All</a> by 2022" objective, started two years ago. Also read: <a href="http://www.businessinsider.in/PM-Modis-Housing-For-All-to-remain-adistant-dream/articleshow/46745016.cms">PM Modi’s ‘Housing For All’ to remain a distant dream?</a> In order to achieve the pre-set target, 29.5 million additional homes need to be built by 2022. As per Kalyanaraman, states can make up for their losses from reduced rates by the increases revenues from increased housing. "Alternative sources of revenue from the housing sector need to be looked at," said Soumya Kanti Ghosh, the chief economic adviser at the <a href="http://www.businessinsider.in/small-business/finance/are-you-a-sbi-card-user-get-ready-to-pay-rs-100-on-small-payments-via-cheque/articleshow/58243746.cms">State Bank of India</a>. "To compensate the proposed reductions (stamp duty and registration charges), state governments could explore imposing <a href="http://www.businessinsider.in/markets/budget2017/your-money/Budget-2017-here-are-vat-rates-of-india-china-uk-germany-and-brazil-find-out-which-country-has-the-highest-rate/articleshow/56759073.cms">value-added tax</a> on luxury items, and on goods such as liquor. Such reductions will not only give shelters millions but also create jobs."

Housing board might talk states into slashing stamp duty & registration fees on houses

Prime Minister Narendra Modi’s pet project, Housing For All By 2022, has pumped the housing finance sector, which otherwise has been going through a lean phase for the past couple of years. And with a set deadline for the initiative, the industry is expecting the government to further support the policy reforms that were announced in the previous budget. BI India lists down the expectations of the industry from Budget 2016. 
	 
	REITs 
	 
	The Housing finance sector is expecting the government to make REITs more attractive, which in turn would help boost the sale in the realty market, thus helping the housing finance sector. Since, projects under REITs are already completed and ready for sale, an average home buyer would prefer to buy via this option. The industry player in this sector, thus hope that further clarity in REITs would help the housing finance sector in clocking in better sales. 
	 
	Simplify procedures 
	 
	The lengthy procedures and the apparent delays in approvals is one major setback for the housing sector and thus the industry expects the Modi government to simplify the approval procedures. In fact, our conversations with the industry players revealed that they have suggested single window clearances for new projects. 
	 
	Boost investments in realty sector 
	 
	The growth of housing finance (HF) sector relies completely on the growth real estate sector. Hence, investments in the realty sector will automatically boost the HF sector. “We recommend exploring PPPs as an alternative additional source of funding to infuse higher funding in urban housing. It will also facilitate introduction of private sector technology and innovation in providing better public services through improved operational efficiency,” said Harshil Mehta, CEO of DFHL. 
	 
	Refine Priority Sector Lending 
	 
	Currently, the government allows only housing loans below Rs 25 lakh as PSL, which the industry players feel needs to be redefined. “DHFL is of the view that limit of the PSL should be increased to Rs 35 lakh and the annual increase be automatically pegged to the WPI will empower customers and incentivize HFCs to lend to affordable housing projects thereby giving boost to the real estate sector,” he added. 
	 
	
		Regulatory reforms 
		 
		"Modification in FSI / FAR / density norms especially from EWS / LIG housing perspective has been hanging fire for long time. Optimal FSI / FAR / density norms will help in reducing costs per unit and increase the economic viability of Affordable Housing. FSI can also serve as a cashless subsidy, the benefits of which can then be passed on to end users/customers. Rental housing should also be promoted to meet the grand vision of Housing for All by 2022," noted Mehta

Know what the housing finance sector wants from Union Budget 2016

<ul class="summary-list"><li>Homes are becoming larger and more extravagant, Census Bureau data shows.</li><li>More four-bedroom homes are being built, and nearly all are being constructed with air conditioning.</li></ul>Houses in the US have become much larger and extravagant over the last few decades.<a target="_blank" href="https://www.census.gov/construction/chars/current.html">Data on the characteristics of newly constructed homes for 2022</a>, released in June by the Census Bureau, revealed homes continued to get bigger after shrinking from 2015 to 2020.A higher share of four-bedroom houses were built, most constructed with air conditioning, and more houses are doing away with fireplaces.Home prices are expected to remain elevated even amid record-high unaffordability levels, <a target="_blank" href="https://www.businessinsider.com/house-price-outlook-homes-unaffordable-real-estate-economy-goldman-sachs-2023-10">Goldman Sachs projected</a>. According to the bank's forecast from October, average home prices are expected to rise 1.8% year-over-year in 2023, followed by another 3.5% increase in 2024."Absent any <a target="_blank" rel="" href="https://markets.businessinsider.com/news/bonds/wall-street-recession-prediction-soft-landing-economy-bond-yields-stocks-2023-10">negative shocks </a>to the broader economy that would either boost excess supply of homes on the market or fuel an uptick in unemployment, we continue to expect home prices to rise at a slow pace," the note read.The housing market has faced falling inventory levels, as well as high mortgage rates amid the Federal Reserve's interest rate hikes since March 2022. This has prompted <a target="_blank" href="https://markets.businessinsider.com/news/commodities/housing-supply-shortage-mortgage-rates-us-home-sales-prices-affordability-2023-7?_gl=1*1ky3cew*_ga*OTg1NjEwNDUyLjE2ODYwODM3NTY.*_ga_E21CV80ZCZ*MTY5OTI4NjcwNC42NjQuMS4xNjk5Mjg5MzkwLjYwLjAuMA..">just 1% of US homeowners</a> to sell their house in the first half of 2023.Redfin CEO Glenn Kelman also said in October that the housing market is <a target="_blank" href="https://www.businessinsider.com/real-estate-housing-market-prices-mortgage-rates-buyers-sellers-2023-10">currently at "rock bottom"</a> for buyers, though for sellers who are having to drop prices amid high mortgage rates, there may be more pain in the coming months.Listings site Realtor.com <a target="_blank" href="https://www.businessinsider.com/cities-where-home-prices-are-falling-the-most-2023-9#3-stockton-california-8">put out a ranking</a> in September of where home prices are falling the most nationwide, topped by the Myrtle Beach-Conway-North Myrtle Beach metropolitan area in South Carolina. Las Vegas-Henderson-Paradise, NV, and Stockton, CA rounded out the top three.Insider analyzed the Census Bureau's annual characteristics tables to determine how homes are changing even as they continue to become more unaffordable for many Americans.<h2>Larger, fancier homes are being built</h2>Since the 1980s, the percentage of homes being constructed with four bedrooms has on the whole grown, while the percentage of two-bedroom homes have fallen. In 2022, nearly half of all homes constructed had four bedrooms, compared to two-bedroom homes at 9%.This trend of larger homes is also shown through the number of bathrooms in new houses, with over a third having three or more baths, slightly more than the percentage of homes with two baths.Houses have remained relatively the same height, with a slightly higher percentage of one-story homes and slightly fewer percentage of two-story homes compared to 10 years ago.The growing percentage of houses with more bedrooms and bathrooms is seen in part by the median area in square feet of new builds. Though down overall since 2015, median area has grown since 2020. The median are now comes in at around 2,300 square feet for houses built in 2022.Over the last few years, it's become more standard for homes to have garages that can fit two cars at around 66% of new builds. Since 2015, the percentage of homes with garages capable of fitting three or more cars has declined from 24% to 19% for new homes.Nearly all new homes have air conditioning at 97%, a huge increase from 1975 when just 46% of new houses had air conditioning.The percentage of new homes with heat pumps as the dominant heating system has nearly doubled from the late 1970s to today, as 43% of new homes now use heat pumps. Forced-air furnaces are still the majority at 55%.Gas as a dominant heating fuel has fluctuated alongside electricity since the 1970s. The Census notes 51% of new homes in 2022 use gas, compared to 48% using electricity. Back in 1971, these values were 60% and 31% respectively.Still, as many households gear up for the winter, fireplaces are likely not in consideration for many homeowners, as 65% of new homes in 2022 were built without fireplaces. The 1980s were a particularly good time for fireplaces, during which time nearly 60% of new homes were built with them.The main exterior wall material of new homes has changed drastically over the last five decades. While wood used to be the primary material for a third of homes in 1973, it's now just 4% in 2022. Brick fell from 35% in 1973 to 19% in 2022, while vinyl siding and fiber cement have become more popular.Basements have also become much less popular over the last five decades— the percentage of new homes with a full or partial basement in 1974 was 45%, compared to just 21% in 2022. Slab and other types of foundations have become the sweeping majority for new homes.

The rise of the McMansion: 11 charts show just how much bigger and fancier American houses have gotten since the 1970s

<a href="http://www.businessinsider.in/Here-is-Arun-Jaitleys-dream-team-which-is-working-on-Budget-2016/articleshow/50831638.cms">Narendra Modi's Government</a> is all set to present its first <a href="http://www.businessinsider.in/Budget-2016-12-kick-ass-travel-destinations-with-unseen-natural-beauty-in-India/articleshow/50915089.cms">budget</a> in less than 20 days. <a href="http://www.businessinsider.in/Budget-2016-If-you-are-concerned-about-ever-increasing-power-bills-read-this-/articleshow/50865175.cms">Every sector</a> has its hopes pinned onto it, some for <a href="http://www.businessinsider.in/Budget-2016-Tax-breaks-will-increase-penetration-of-Digital-Literacy-says-Bhaskar-Choudhuri-of-Lenovo/articleshow/50916483.cms">further growth</a> and some for revival of its growth. Amongst all the sources of <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>, <a href="http://www.businessinsider.in/Heres-why-Budget-2016-is-crucial-for-the-real-estate-sector/articleshow/50835775.cms">Budget 2016 is especially crucial for the Real Estate</a> sector. This sector has immense untapped potential which if harnessed will contribute immensely to the <keyword id="35050" type="CITY" weightage="100" keywordseo="gdp">GDP</keyword> of the country. Unfortunately, it is one of the most neglected, unregulated and disoriented sectors in India. 

	Over the past one year, the new government had taken positive steps with the announcement of smart cities, <a href="http://www.businessinsider.in/Budget-2016-Impact-of-FDI-in-real-estate-sector-and-future-expectations/articleshow/50866872.cms">increase in FDI </a>and “Housing for All-2022” that have boosted the sentiments of both buyers and developers. 
 

	“We are optimistic that the upcoming budget will address key administrative, financial and tax reforms that will spur growth in the future,” said Surendra Hiranandani, Chairman &amp; Managing Director, House of Hiranandani.
 

	But more needs to be done and Hiranandani tells us exactly what!
 

	1. Granting ‘industry status’ to the <keyword id="6354553" type="COMPANY" weightage="100" keywordseo="real-estate">real estate</keyword> sector
 

	Getting industry status has been a long pending demand of the real estate sector as developers can avail finances at cheaper rates from financial institutions that will spur economic growth. Currently most industry rules are applicable to the sector, but denial of industry status for funding will only worsen the slowdown in demand because of erosion of capital. 
 

	2. Provision for additional interest exemption/tax-saving on housing loans
 

	The current tax deduction limit of Rs 2 lakhs is not sufficient considering the inflation rates prevailing today. The government should look at increasing the interest deduction limit to Rs 3 lakhs for new home buyers. Similarly, tax concessions on house insurance premiums can be introduced to encourage end users to insure their homes. 
 

	3. Simplification of taxes: Promote REITs (Real Estate Investment Trusts) and remove roadblocks such as <keyword id="375780" type="ORGANIZATION" weightage="100" keywordseo="DDT">DDT</keyword> (Dividend Distribution Tax) 
 

	There hasn’t been a single REIT listing in India since its inception and we attribute this to the existence of DDT (currently 15%). Removal of DDT (tax levied on the dividend paid to investors) will result in a rush of investment in REITs and this could prove to be decisive for the sector. Additionally, REITs offer the benefits of diversification, safety and easy exit. Simplifying the tax system will provide a major lift to the industry.
 

	4. Additional allocation of funds for infrastructure development 
 

	This will lead to affordable housing. With the government’s ‘<a href="http://www.businessinsider.in/Housing-for-All-Budget-2016-expectations/articleshow/50901695.cms">Housing for All by 2022</a>’ initiative under way, it is imperative to allot new land on the outskirts of metropolitan areas in order to promote affordable housing. Incidentally, the government’s target to provide 20 million houses over the next six years can be met if the government and the developers join in the hip in creating unique urban townships. Meanwhile, the government must allocate an amount exclusively for developing infrastructure and improving connectivity in the peripheral areas of cities, especially the metros.

	 
	 
	(Image credits: indiatimes)

Budget 2016: One of India’s biggest realtor, Surendra Hiranandani says the sector needs ‘Industry’ status to survive

<ul class="summary-list"><li>Nancy Pelosi announced Thursday she will not be seeking re-election as House Democratic leader.</li><li>Pelosi said "the hour has come for a new generation" to take on House leadership.</li></ul>House Speaker Nancy Pelosi's Democratic colleagues and other leading political figures on Thursday hailed a historic career as the first female Speaker of the House announced her decision to step down from her leadership role.Pelosi has spent 19 years leading the party, becoming only the second person in history to lose the speaker's gavel before reclaiming it during the anti-Trump wave of 2018.Reactions from Democrats and Republicans alike were largely positive, expressing their gratitude towards Pelosi's career in the House for the last 35 years. Pelosi said she will remain a member of Congress. Since Democrats lost the House majority, she would have been relegated to House Minority Leader.<a href="https://twitter.com/POTUS/status/1593305957215313920?s=20&amp;t=iRFXvswuKWiXrsQWsHgrsA">President Joe Biden tweeted</a> that when he thinks of the Speaker, he "thinks of dignity.""History will note her as the <a href="https://www.businessinsider.com/biden-pelosi-the-most-consequential-house-speaker-in-us-history-2022-11">most consequential Speaker of the House of Representatives</a> in history – she is first, last, and always for the people. America owes her a debt of gratitude for her service, patriotism, and dignity," Biden's tweet continued.<div type="image" title="Joe Biden and Nancy Pelosi" height="1119" width="2238" msid="95589345" hostid="261"></div>Republican and former Speaker of the House Paul Ryan tweeted his congratulations to Pelosi on her "historic" time in the House.""I tip my cap as I welcome @speakerpelosi to the former speaker's club and congratulate her on a historic career in the House," <a href="https://twitter.com/SpeakerRyan/status/1593296461172817920?s=20&amp;t=g1_FCnrQ4k7M6Jr0Lhdavw">Ryan tweeted</a>.<div type="image" title="Nancy Pelosi when she was House Minority Leader and former Speaker of the House Paul Ryan (R-WI) participate in a ceremony to mark the 50th anniversary of the assassination of Dr. Martin Luther King Jr. in Statuary Hall at the U.S. Capitol April 12, 2018 in Washington, DC." height="1500" width="3000" msid="95589346" hostid="261"></div>Another Republican and former Speaker of the House, John Boehner, celebrated Pelosi's tenure on Twitter."Congratulations <a href="https://twitter.com/SpeakerPelosi">@SpeakerPelosi</a> on a remarkable, historic run of service in the People's House. We were able to disagree without being disagreeable. You've been unfailingly gracious to me and my family," <a href="https://twitter.com/SpeakerBoehner/status/1593352550828412930?s=20&amp;t=h2DtcXBnUKh4GeoBRRtgpA">Boehner tweeted</a>. Senate Majority Leader Chuck Schumer, who got choked up and a little teary eyed as he walked past Pelosi's office in the US Capitol, told reporters she was an incredible ally."One of her famous expressions, which I have tried to carry out in the Senate and learn from her, is, 'In unity there is strength,'" Schumer said as he left the House chamber.<div type="image" title="U.S. Speaker of the House Nancy Pelosi and Senate Majority Leader Chuck Schumer arrive to an event celebrating the passage of the Inflation Reduction Act on the South Lawn of the White House." height="2466" width="4933" msid="95589347" hostid="261"></div>The key things Schumer said he learned from the 18-term California Democrat were about rallying people to the cause. "Create a team. Pay attention to every member. And have everyone understand that we're only as good as the team," he said.Schumer said of the tools he took away from their long-running relationship. He added, "I'm going to continue to seek her guidance."Democratic Rep. Adam Schiff of California said Pelosi was one in a million."There will never be another like her,'' he told reporters waiting outside the Speaker's Lobby. "And we all feel just so fortunate to have served with the greatest speaker in American history."Rep. Hakeem Jeffries, a New York Democrat who is expected to be the next Speaker of the House, <a href="https://jeffries.house.gov/2022/11/17/chairman-jeffries-statement-on-speaker-pelosi/">released a statement</a> about how the country "is unquestionably better off for her extraordinary leadership.""Nancy Pelosi's historic ascension to become the first woman Speaker of the House will forever inspire our nation on the power of possibility," he said. "It has been a tremendous honor to twice place her name in nomination for Speaker of the House on behalf of the Democratic Caucus."Rep. Debbie Dingell commented on Pelosi's reputation as a fierce fighter, even on occasion with fellow Democrats. Dingell's late husband, John, the longest-serving House member in history, had infamous clashes with his California colleague. But the two sides were also able to work together, especially on health care and automobile issues."Look I've been on both sides of Nancy Pelosi, it's much more pleasant when you're on the good side of her. But she's tough, she listens, and she delivers," Dingell told reporters. "The thing about Nancy is she took time to understand everybody's perspective and knew when to lower the hammer. And I didn't have the hammer lowered on my head often."Congressional Progressive Caucus chair Pramila Jayapal, one of the change-seeking House Democrats who's butted heads with Pelosi over the years, thanked her for breaking barriers along the way."As an immigrant woman of color, I know that my presence here — and the presence of so many other women and people of color in the Capitol — would not be possible without Speaker Pelosi's example. She paved the way for all of us, and for a generation of girls to see themselves in the highest levels of leadership in this country," Jayapal wrote in an official statement.Democratic Rep. Abigail Spanberger of Virginia, who <a href="https://www.businessinsider.com/abigail-spanberger-democratic-party-new-leaders-stock-trade-ban-pelosi-2022-9" target="_blank" rel="noopener noreferrer">called for new leadership earlier</a> this year amid frustration that her congressional stock trading proposal remained backburnered, said Pelosi's speech was "beautiful.""I think it was incredibly touching," Spanbeger told Insider, adding that the sweeping address "spoke to a woman whose entire life has been impacted by this place."Here are other reactions from prominent political figures on Twitter.

Politicians react to Nancy Pelosi's announcing she will not run for Democratic leader: 'There will never be another like her'

<ul class="summary-list"><li>In 2020, Elon Musk announced that he would no longer own a home.</li><li>As recently as April 2022, he claimed to be couch surfing.</li></ul>Elon Musk has been posing as essentially homeless since 2020, when he publicly pledged that he would henceforth "<a target="_blank" href="https://www.businessinsider.com/elon-musk-selling-belongings-house-tesla-stock-2020-5">own no house</a>" and began offloading his various properties. As recently as April 2022, the billionaire Tesla cofounder claimed in an interview that he was <a target="_blank" href="https://www.businessinsider.com/elon-musk-doesnt-own-home-sleeps-in-spare-bedrooms-2022-4">couch surfing</a> and didn't "even own a place right now."But a Business Insider review of court records in his custody dispute with his former girlfriend Grimes shows that by that time, Musk had made a quiet U-turn in his nomadic sojourn and purchased a home in Austin.In redacted court filings from December, Musk said he purchased the home in February 2022 and that he still lived there."In February 2022 I bought the home on [redacted] where [redacted] and I still live," Musk said in the complaint, adding that Grimes and their children lived with him in the house from April to August 2023. The filing says Musk purchased the home after the address of a house he'd been renting became public knowledge and "was no longer private and secure for my family."Musk understandably withheld the address of the new property he bought, so all we know about the house from his public filings is that he purchased it in February 2022 and lived there as of December. But Grimes' attorneys were less discreet in their filings, disclosing an Austin location described as Musk's "self-reported residential address."The house at that address was purchased by an LLC in February 2022 — the same month that Musk says he purchased the house — according to the deed for the property. The LLC was created shortly before the house was purchased and is overseen by a wealth-management company, according to records on file with the Texas Secretary of State. Musk and the manager of the LLC didn't respond to a request for comment.BI is withholding the address for privacy reasons."It's incredibly common for people who are in the public eye to attempt to disguise their ownership with an LLC. For obvious reasons, they don't want people to know where they live. It's easy enough to set up and can help maintain that privacy," Stefan Cassella, a former deputy chief of asset forfeiture and money laundering with the Department of Justice, said. "For an extremely high-net-worth individual, I'd be surprised if they didn't hold their property under an LLC of some kind."The house in Austin was first bought by a couple in 2018 after it was listed online for $4.5 million, according to property records. It was later resold in 2022 but was never listed publicly, records show.While Musk hasn't publicly linked himself to the address, there are some signs the billionaire may be living in the Texas home. A neighbor told BI earlier this year that the home had around-the-clock security and that Teslas could frequently be seen around the property.The neighbor said he'd heard Musk lived at the property but had yet to lay eyes on the billionaire. The person said they'd seen Grimes there before she moved to California."I think he's been there one time or so," the neighbor said in a phone call, adding that in late 2023 or early 2024, they saw "a Cybertruck pulled out, and like three other Model Ys — like a little escort."When a BI reporter buzzed an intercom outside the house's tall wooden gate last year and asked to speak to Musk, the man who answered paused. After about 10 seconds of silence, he said: "Sorry, sir. I'm unable to help you. Have a good day."The house isn't nearly as luxurious as Musk's former properties — at one point, the billionaire owned a <a target="_blank" href="https://www.businessinsider.com/elon-musk-los-angeles-homes-real-estate-portfolio-photos">real-estate portfolio</a> worth an estimated $100 million. In 2023, the Austin property was appraised at nearly $7 million, county tax records show.The nearly 7,000-square-foot house was built in 2017, according to Zillow. BI is withholding some details to avoid identifying it.<h2 id="55cec79a-9163-4f5f-9347-e91636814eed">'Selling almost all physical possessions'</h2>Musk has yet to publicly acknowledge that he reversed course and purchased a home. In June 2021, he said he rented a <a target="_blank" href="https://www.businessinsider.com/elon-musk-rents-home-twitter-real-estate-2021-7">$50,000 prefabricated home</a>. Less than a year later, in April 2022, Musk said again that he didn't own a home and rotated between friends' spare rooms. The billionaire has also been known to sleep at X or Tesla's offices.BI previously reported that a <a target="_blank" href="https://www.businessinsider.com/tesla-tiny-house">Boxabl prefabricated house</a> named a Casita had been delivered to SpaceX. At the time, Musk denied living in the modular house and said he lived in a different small house in Texas. But in July 2022, he said on a podcast that he used a Boxabl as his guest house.The billionaire initially said in 2020 that he was selling his possessions and abandoning homeownership in order to focus more of his finances on his long-term goal for SpaceX — colonizing Mars."I am selling almost all physical possessions," <a target="_blank" href="https://twitter.com/elonmusk/status/1256239554148724737?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1256256494447636480%7Ctwgr%5E2a9f288ecb77798aa93ef387d6933741ade85fcd%7Ctwcon%5Es2_&amp;ref_url=https%3A%2F%2Fwww.businessinsider.com%2Felon-musk-selling-belongings-house-tesla-stock-2020-5%27">Musk tweeted</a> at the time. "My gf @Grimezsz is mad at me."About a year after he posted that, <a target="_blank" href="https://www.businessinsider.com/elon-musk-sold-last-remaining-home-san-francisco-california-2021-12">Musk sold his last remaining home</a>, a $30 million mansion in San Francisco.Over the years, reports have circulated regarding the billionaire's living situation. In 2021, <a target="_blank" href="https://www.wsj.com/articles/elon-musk-says-he-lives-in-a-50-000-house-he-doesnt-talk-about-the-austin-mansion-11640188548">The Wall Street Journal</a> reported that Musk was living with his fellow PayPal Mafia member Ken Howery at his 8,000-square-foot house near the Colorado River in Austin. At the time, Musk denied the report in an emailed statement to BI."I don't live there and am not looking to buy a house anywhere," he said in the email. Eight weeks later, the LLC that purchased the Austin house was formed.Last year, The Wall Street Journal reported that Musk was <a target="_blank" href="https://www.businessinsider.com/elon-musk-planning-build-snailbrook-town-for-texas-staff-report-2023-3">building a company town</a> in Texas' Bastrop County, complete with a private compound for Musk and a Montessori school. In his biography about Musk, Walter Isaacson said Musk had bought a horse farm near Tesla's Austin Gigafactory and had considered <a target="_blank" href="https://www.businessinsider.com/elon-musk-wanted-build-house-space-tunnels-tesla-boring-company-2023-9">building a glass house</a> on the land.Do you have a tip? Reach out to the reporter via a non-work email and device at gkay@businessinsider.com or using the secure messaging app Signal at 248-894-6012.

Elon Musk is a homeowner again, despite his claims of couch surfing 

<ul class="summary-list"><li>The first "<keyword id="6433339" type="UNKNOWN" weightage="60" keywordseo="Game-of-Thrones">Game of Thrones</keyword>" spinoff to get a full-season order is officially in production.</li><li>A Twitter account for <a href="https://www.insider.com/category/house-of-the-dragon">"House of the Dragon"</a> posted photos of what looks like a table read.</li><li>Season one of the prequel show is <a href="https://www.insider.com/house-of-the-dragon-game-of-thrones-prequel-everything-to-know">set to premiere in 2022.</a></li></ul><keyword id="71946" type="COMPANY" weightage="60" keywordseo="HBO">HBO</keyword>'s first "Game of Thrones" prequel show is in production, and now an official Twitter account for the "<keyword id="8274763" type="UNKNOWN" weightage="60" keywordseo="house-of-the-dragon">House of the Dragon</keyword>" series is releasing photos of the cast at work.On Monday morning, the newly unveiled "House of the Dragon" Twitter page shared photos of stars Matt Smith, Olivia Cooke, Emma D'Arcy, Steve Toussaint, and more at what appeared to be a socially distanced table read.In all of the photos, you can see the cast members' names on the backs of tablet devices, all of which presumably are displaying the season one scripts."House of the Dragon" will <a href="https://www.insider.com/house-of-the-dragon-game-of-thrones-prequel-everything-to-know">take place about 200 years before the events of "Game of Thrones,"</a> and based on the cast of characters, be centered around the bloody Targaryen civil war known as the Dance of the Dragons.HBO has already announced that the new show will premiere sometime in 2022. Familiar faces are attached to the project, like coshowrunner Miguel Sapochnik (who directed memorable "Game of Thrones" episodes like "Battle of the Bastards") and <a href="https://www.insider.com/game-of-thrones-ramin-djawadi-score-prequel-house-of-the-dragon-2021-2">composer Ramin Djawadi.</a>To learn more about the "House of the Dragon" prequel series, <a href="https://www.insider.com/house-of-the-dragon-game-of-thrones-prequel-everything-to-know">read our deep dive into all the confirmed details of the show here.</a>

HBO confirms 'Game of Thrones' prequel has finally started production and shares the first photo of the cast at a table read

<ul class="summary-list"><li>Insider's End of Year awards celebrates the best in music, movies, and TV.</li><li>This year, Beyoncé's "Renaissance" earned album of the year for being technically perfect and fun.</li></ul>It's the end of another year and 2022 brought binge-worthy television, blockbuster films, and albums we loved to stream.Our favorite streamers, singers, and screenwriters birthed the shows we loved to follow, the albums we loved to sing, and the movies we loved to watch. Still, there were a few titles that stood above the rest.Insider's entertainment team — which consists of 15 journalists spanning two continents — got together and voted on their favorite titles of the year.While Beyoncé's seventh album,<a href="https://www.insider.com/beyonce-renaissance-best-album-of-the-year-2022-12"> "Renaissance," was an easy win for album of the year</a> for being relentlessly fun and technically perfect, as senior music reporter Callie Ahlgrim writes, the team was split on who'd take home the prize for best television show of the year.The honor eventually came down to a tie between <a href="https://www.insider.com/abbott-elementary-best-tv-show-of-the-year-2022-12">ABC's "Abbott Elementary,"</a> Quinta Brunson's elementary school comedy, and <a href="https://www.insider.com/house-of-the-dragon-best-tv-show-of-the-year-2022-12">"Game of Thrones" prequel, HBO's "House of the Dragon."</a> As for the best film of 2022, <a href="https://www.insider.com/everything-everywhere-all-at-once-best-movie-of-the-year-2022-12" rel="">"</a><a href="https://www.insider.com/everything-everywhere-all-at-once-best-movie-of-the-year-2022-12" rel="">Everything Everywhere All at Once"</a> won for pulling off a heartwarming story wrapped in sci-fi absurdist humor, as correspondent Kirsten Acuna writes in her review.Check out why these titles are Insider's picks for its End of Year Awards 2022.<h2>Here's who took home the honor in 2022.</h2><a href="https://www.insider.com/beyonce-renaissance-best-album-of-the-year-2022-12">Beyonce's 'Renaissance' is the best album of 2022</a><div type="image" title="Insider End of Year Awards 2022 Best album: Cover art for the album Renaissance by Beyoncé" height="900" width="1201" msid="96603041" hostid="261"></div><a href="https://www.insider.com/everything-everywhere-all-at-once-best-movie-of-the-year-2022-12">'Everything Everywhere All at Once' is the best movie of 2022</a><div type="image" title="Insider End of Year Awards 2022 Best movie: Michelle Yeoh in Everything Everywhere All at Once" height="900" width="1201" msid="96603043" hostid="261"></div><a href="https://www.insider.com/abbott-elementary-best-tv-show-of-the-year-2022-12">'Abbott Elementary' is the best show of 2022</a><div type="image" title="Insider End of Year Awards 2022 Best tv shows: Abbott Elementary creator and showrunner Quinta Brunson" height="900" width="1201" msid="96603045" hostid="261"></div><a href="https://www.insider.com/house-of-the-dragon-best-tv-show-of-the-year-2022-12">'House of the Dragon' is the best show of 2022</a><div type="image" title="Insider End of Year Awards 2022 Best tv shows: Emma D’Arcy on House of the Dragon" height="900" width="1201" msid="96603047" hostid="261"></div><h2>In 2021 winners, we loved prestige TV and blockbusters</h2><a href="https://www.insider.com/succession-hbo-best-tv-show-of-the-year-2021-12">Succession' is so good it had us rooting for a group of morally bankrupt billionaires. This is why it's Insider's TV show of the year.</a><a href="https://www.insider.com/dune-denis-villeneuve-best-movie-of-the-year-2021-12">Denis Villeneuve's 'Dune' is a visually stunning epic with a surprising amount of heart. This is why it's Insider's movie of the year.</a><a href="https://www.insider.com/olivia-rodrigo-sour-best-album-of-the-year-2021-12">Olivia Rodrigo's 'Sour' finds all the right words to paint a universal portrait of heartbreak. This is why it's Insider's album of the year.</a>

Insider's End of Year Awards celebrates the best in music, TV, and movies

Housing sales hit an all-time high this year to nearly 3.65 lakh units across seven major cities, beating the previous high of 2014, on strong demand for residential properties despite a hike in mortgage rates, according to <keyword id="4695749" type="General" weightage="100" keywordseo="anarock" source="Orion">Anarock</keyword>. The prices of residential properties have risen in the range of 4-7 per cent primarily due to an increase in the input costs and demand comeback post-COVID, it said. Releasing the demand-supply data of India's top residential primary (fresh sale) markets, property consultant Anarock said that the housing sales rose 54 per cent this year to 3,64,900 units as against 2,36,500 units in 2021 across the seven cities -- Delhi-NCR, Mumbai Metropolitan Region (<keyword id="6381620" type="General" weightage="80" keywordseo="mmr" source="Orion">MMR</keyword>), Chennai, <keyword id="6354925" type="General" weightage="80" keywordseo="kolkata" source="Orion">Kolkata</keyword>, Bengaluru, Hyderabad and <keyword id="2094" type="General" weightage="80" keywordseo="pune" source="Orion">Pune</keyword>. The last peak was seen in 2014 when 3.43 lakh units were sold across the top 7 cities. The MMR market clocked the highest sales of 1,09,700 units in 2022, followed by <keyword id="53426" type="General" weightage="50" keywordseo="ncr" source="Orion">NCR</keyword> at 63,700 units. According to the data, the housing sales in Delhi-NCR rose 59 per cent to 63,712 units in 2022, from 40,053 units in the previous year. In Maharashtra, the MMR market saw a 44 per cent increase in sales to 1,09,733 units this year, from 76,396 units in the 2021 calendar year, while Pune witnessed a 59 per cent rise to 57,146 units from 35,975 units. Housing sales in Bengaluru went up 50 per cent to 49,478 units this year from 33,084 units in 2021. In Hyderabad, the sales of residential properties were up 87 per cent to 47,487 units in 2022, from 25,406 units last year. The sales of residential properties in Chennai rose 29 per cent to 16,097 units from 12,525 units. The Kolkata market reported a 62 per cent increase in sales to 21,220 units this year, from 13,077 units last year. On fresh supply, Anarock said that new launches across the top seven cities saw a 51 per cent annual rise to 3,57,600 units in 2022, from 2,36,700 units in 2021. MMR and Hyderabad witnessed the maximum new launches in 2022, together comprising nearly 54 per cent share of the total new launches in the year. Anarock Group Chairman said, "2022 has been a phenomenal year for residential real estate despite all headwinds including rising property prices, interest rate hikes and geopolitical tensions etc." "While it was widely anticipated that the rise in property costs and interest rates towards the second half of 2022 would have a cascading impact on the residential sales, Q4, 2022 (October-December) remained quite robust with as many as 92,160 units sold in the period," Puri added. Unsold inventory declined 1 per cent in the December quarter across the top 7 cities to 6,30,953 units. Gurugram-based Signature Global Chairman Pradeep Aggarwal said, "During 2022, the real estate witnessed a sharp recovery amid a surge in demand from end users. While all the segments of the sector reaped benefits of the surge in demand, it is the affordable and mid-segment which stood out." Harsh Trehan, Managing Director of Trehan Group, said the real estate sector went through a torrid time since 2013-14, but the year 2022 turned out to be a watershed year for the real estate sector. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/uber-rides-indians-spent-11-billion-minutes-traveling-and-covered-4-5-billion-kilometers-in-2022/articleshow/96535396.cms">Indians spent 11 billion minutes traveling and covered 4.5 billion kilometers in 2022 in this taxi service</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/i-made-2-25-crore-within-8-minutes-of-zomato-ipo-opening-ashneer-grover/articleshow/96539464.cms">I made ₹2.25 crore within 8 minutes of Zomato IPO opening: Ashneer Grover</a>

Chennai, Kolkata, Pune and 4 other major cities register record housing sales in 2022 at nearly 3.65 lakh units: Anarock

<ul class="summary-list"><li>Elon Musk reportedly discussed buying a tiny home from a Tesla board director, per Reuters.</li><li>The Tesla CEO vowed to "own no house" in 2020, but BI found he bought an Austin house in 2022.</li></ul>Elon Musk, who famously vowed to <a target="_blank" href="https://x.com/elonmusk/status/1256239554148724737">"own no house"</a> in 2020 and claimed in 2022 that he was <a target="_blank" href="https://www.businessinsider.com/elon-musk-doesnt-own-home-sleeps-in-spare-bedrooms-2022-4">effectively homeless and couch surfing</a> at his friend's properties, reportedly discussed buying a tiny house from one of Tesla's board directors, per <a target="_blank" href="https://www.reuters.com/business/tesla-director-gebbia-says-he-discussed-selling-house-musk-2024-06-03/">Reuters.</a>Joe Gebbia, who cofounded Airbnb and <a target="_blank" href="https://www.businessinsider.com/see-inside-two-bedroom-modular-tiny-home-by-samara-2024-3">prefabricated housing startup Samara</a>, told Reuters that he stepped down from a special committee set up by Tesla's board to examine the company's possible <a target="_blank" href="https://www.businessinsider.com/tesla-shareholder-vote-delaware-texas-move-2024-4">move out of Delaware</a> because of a "potential business transaction" involving Musk and Samara.Samara sells prefabricated homes that cost from $269,000 to over $414,000.Gebbia said the transaction was "currently on hold" but had decided to step down from the committee even after company lawyers concluded there was no conflict of interest out of an "abundance of caution.""I did not want Elon's status as a potential customer of Samara to be used against the committee, so I disclosed that I had put that potential business transaction on hold," Gebbia said in a statement shared with Reuters.Business Insider was unable to reach Gebbia for comment.<div type="image" title="a backyard tiny home" height="1725" width="2300" msid="110732217" hostid="261"></div>Musk has spoken often about his semi-nomadic lifestyle since 2020, when he <a target="_blank" href="https://x.com/elonmusk/status/1256239554148724737">tweeted</a> that he was "selling almost all physical possessions" and would "own no house."The Tesla CEO listed <a target="_blank" href="https://www.businessinsider.com/elon-musk-los-angeles-homes-real-estate-portfolio-photos">five of his luxurious properties on Zillow</a> weeks later. In <a target="_blank" href="https://www.businessinsider.com/elon-musk-doesnt-own-home-sleeps-in-spare-bedrooms-2022-4">an April 2022 interview,</a> he said he didn't own a home and was couch-surfing at friends' houses.However, Business Insider reviewed court documents from December of the billionaire's custody dispute with his former girlfriend, Grimes, and found that <a target="_blank" href="https://www.businessinsider.com/elon-musks-secret-austin-house-2024-4">Musk had purchased a house in Austin in February 2022 </a>and still lived there.Musk has also lived in a prefabricated property in the past. In 2021, he tweeted that he lived in a <a target="_blank" href="https://x.com/elonmusk/status/1402718368633745410">$50,000 house that he rented from SpaceX</a>. He later said he used another <a target="_blank" href="https://www.businessinsider.com/tesla-tiny-house">prefab house, made by startup Boxabl,</a> as a guest house.<a target="_blank" href="https://www.businessinsider.com/see-inside-two-bedroom-modular-tiny-home-by-samara-2024-3">Samara</a>, which started out as a design studio at Airbnb before becoming an independent company in 2022, offers a range of different models, from a $269,000 studio option to a $414,000 two-bedroom, two-bathroom "Backyard XL" option.After a foundation is laid and permits secured, the houses are driven to the property by a truck and then <a target="_blank" href="https://www.samara.com/backyard/how-it-works">craned into place</a>, which takes just a few hours.Samara recently acquired a 150,000-square-foot factory in Mexico, which the company said would enable it to produce 1,000 properties yearly.Elon Musk, Tesla, and Samara did not immediately respond to a request for comment made outside normal working hours.

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