PM Modi’s Three Scheme Mission for Urban India

On 25 June 2015, Prime Minister Narendra Modi unveiled three schemes-

  1. AMRUT (Atal Scheme for Rejuvenation and Urban Transformation)

  2. Smart Cities Scheme

  3. The Pradhan Mantri Awas Yojana that aims to build 2 crore affordable homes.

Modi’s ‘Housing for All’ mission is an ambitious step towards meeting the housing needs of all income groups. He said that no Indian should sleep on the road and that is what his government aims. This is his roadmap towards ‘Urban India’.PM Modi’s Three Scheme Mission for Urban India

These three mega schemes including the 100 smart cities project will also look for Foreign Direct Investment (FDI) and private sector’ help to rejuvenate cities and towns across the country. The PM said that rapid urbanization should be seen as an opportunity and urban centers should be seen as growth engines. This was held at the Vigyan Bhawan where number of development models were presented by different states. This marked a people centric approach to create world class urban spaces.

AMRUT scheme will help in redeveloping townships and will carry out a total makeover of the cities. The central assistance will be sued only for infrastructure projects which will cater to a larger public. All these projects will be eco-friendly and a major part of its energy needs will be met through renewable sources. Most of the building construction is to be green out of which 35% green field projects will be for Economically Weaker Section (EWS). The names of these ‘Smart Cities’ will be decided through a competition to be held at state and central level. [Read more…]

Financial Implication: Under Construction vs Ready to Move in

One of the main questions that confuses a first-time home-buyer is whether he should buy a home in a ready-to-move-in project or make a booking in an under-construction project. Both the options have their own pros and cons.
Financial Implication: Under Construction vs Ready to Move inAs the name suggests, an under-construction property is one that is still in the development process and is not fit for immediate move in. The main issue related to the under construction property is the delay in completion of the project. The project may be delayed due to any reason, the most prevalent are those related to financial consequences and litigation issues. In case of ready to move in properties, you do not have to suffer the risk of delay. You get immediate value for money. [Read more…]

RBI Survey suggests Decline in Housing Price Inflation

Economic Times reported a survey conducted by the Reserve Bank of India regarding the Housing Price Inflation in the country. The report brought forward some surprising results. The Housing Price Inflation in the country was reported at four year low. This time it was below 4 percent.
RBI Survey suggests Decline in Housing Price InflationAccording to previous reports, housing prices experienced an increase of 61 per centover a period of four and a half years. Jaipur recorded the highest increase of whopping 78 percent and Chandigarh reported the lowest inflation level of 40 per cent.

The survey was conducted the RBI across 13 cities. It was based on the home loan disbursed by 35 lending organisations including housing finance companies and scheduled banks across these cities. The housing price inflation is calculated based on the rise in Residential Property Price Index (RPPI). The RPPI rose to 172 in 2014-15 from 170 in 2010-11. The same index experienced the highest increase in 2013 and now it has come to a decline.

[Read more…]