In­ter­na­tional prop­erty por­tal launched

HT Estates - - HTESTATES - AS Si­vara­makr­ish­nan HT Es­tates Cor­re­spon­dent HT Es­tates Cor­re­spon­dent

Re­tire­ment hous­ing, se­nior hous­ing and homes de­signed for as­sisted liv­ing are the next ma­jor real es­tate trend on the hori­zon. Sev­eral real es­tate de­vel­op­ers across the coun­try have iden­ti­fied re­tire­ment/ se­nior cit­i­zen homes as a sun­rise seg­ment and have be­gun to pro­vide res­i­den­tial prod­ucts cus­tomised to the spe­cific needs of the elderly in the coun­try. .

The lo­ca­tion is what de­ter­mines if a re­tire­ment hous­ing project is fea­si­ble for all stake­hold­ers in­volved. For it to be a suc­cess, the project needs to be de­vel­oped across a large com­plex; and for it to re­main af­ford­able for the end-user seg­ment, it needs to be lo­cated in the pe­riph­eral ar­eas of ci­ties where such large tracts of land AF­FORD­ABIL­ITY, LACK OF TRAINED MAN­POWER SEN­SI­TIVE TO HAN­DLING SE­NIOR CIT­I­ZENS ARE THE NEED OF THE HOUR are more af­ford­able than lo­ca­tions near the city cen­ter.

Se­nior hous­ing in In­dia is usu­ally avail­able in large-scale for­mats of 10 to 60 acres, mid- scale for­mats of 4 to10 acres, and 1 to4 acre small-scale projects; while fi­nan­cial models are avail­able in sale, lease­hold as well as monthly rental models. Typ­i­cally, such hous­ing units vary from 50 to 100 units in a project to a max­i­mum of 400 units within a sin­gle project; and most of th­ese are in the 1–2 BHK for­mats, with unit sizes rang­ing be­tween 500 sq ft and 1,000 sq ft at an af­ford­able pric­ing range for the re­tire­ment com­mu­nity.

The key chal­lenges for de­vel­op­ers launch­ing se­nior cit­i­zen hous­ing projects in the coun­try are mainly the af­ford­abil­ity fac­tor and the lack of trained man­power sen­si­tive to and ca­pa­ble of han­dling such spe­cialised projects. Real es­tate startup, Square Yards, has an­nounced the launch of an In­ter­na­tional prop­erty por­tal (global.square­yards.com) for en­abling global cross bor­der real es­tate in­vest­ments.

“In­ter­na­tional real es­tate is one of the fastest grow­ing and most prof­itable seg­ment of our busi­ness.

“We want to in­vest more into it and are cur­rently build­ing our lo­cal agent net­work in each of the coun­tries. We would grad­u­ally ex­pand to over 25 in­ter­na­tional mar­kets,” says Tanuj Shori, founder and CEO at Square Yards. Real es­tate de­vel­oper body Naredco has wel­comed the gov­ern­ment’s an­nounce­ment for im­ple­men­ta­tion of op­er­a­tional guide­lines for the Credit Linked Sub­sidy Scheme (MIG), say­ing that it will strengthen the ex­e­cu­tion of its larger goal of Hous­ing for All and im­prove the de­vel­op­ment and pro­mo­tion of af­ford­able hous­ing in the coun­try.

Min­is­ter of hous­ing and ur­ban poverty alle­vi­a­tion, M Venka­iah Naidu re­leased the Op­er­a­tional Guide­lines for CLSS (MIG) this week.

As per the guide­lines, mid­dle in­come groups (MIG) with an an­nual in­come of above 6 lakh and up to 18 lakh per an­num are el­i­gi­ble for in­ter­est sub­sidy on hous­ing loans un­der the new CLSS (MIG) scheme. Those who have been sanc­tioned hous­ing loans and whose ap­pli­ca­tions are un­der con­sid­er­a­tion since Jan­uary this year are also el­i­gi­ble for the in­ter­est sub­sidy.

Com­ment­ing on the an­nounce­ment, Parveen Jain, pres­i­dent, NAREDCO said, “The op­er­a­tional guide­lines for the MIG group will be ben­e­fi­cial for ur­ban ar­eas, as the group is bet­ter equipped to take ad­van­tage of the in­ter­est sub­sidy scheme. It will en­able this group of home­buy­ers to in­vest in hous­ing. Those in the wait and watch mode will now be able to in­vest.”

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