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New Delhi, Feb 3 () Home buyers association FPCE on Monday said the Budget has not provided any major tax incentives for flat owners stuck in stalled housing projects as well as prospective customers to revive confidence in the property market.
 There was no relief for existing home buyers who are stuck in stalled projects and are paying both rent and EMI on their home loans, said Abhay Upadhyay, president of Forum for People's Collective Efforts (FPCE), earlier known as Fight For RERA.
 "Real estate sector is yet to reach anywhere near its past high despite all tax sops provided in previous year's Budget. This is partly because tax sops have failed to infuse confidence in the sector and also because many of the tax benefits provided remains on paper only," he said.
 There was expectations that the Budget would separately provide deduction for principal repayment on home loan, which currently is part of Rs 1.5 lakh allowed under Section 80C, Upadhyay said.
 "To infuse confidence in the sector, it was also expected that some tax relief would be provided to those home buyers of delayed projects who are paying both EMI and rent. Unfortunately, no such concessions were announced in the Budget 2020 which may further delay much needed recovery in the sector," he said.
 Last year, the Centre had created a Rs 25,000 crore fund for completion of stalled housing projects, comprising of about 4.5 lakh units. FPCE had been demanding creation of Rs 10,000 crore stress fund.
 Real estate developers' apex bodies CREDAI and Naredco have also expressed disappointment over the Budget as their demand of one-time restructuring of builders' loan was not met.
 However, many realty firms welcomed the government's decision to extend tax incentives provided for increasing demand and supply for affordable housing segment.
 "Notable developments in infrastructure, rural logistics, education and healthcare sectors will create opportunities in real estate space. The policy on data centers was a key highlight and will make it a sunrise sector in India. Major announcements for the housing sector were expected, and barring the extension on both the tax holidays and the time period for availing interest deductions in affordable housing, the highlights on Indian realty was relatively mute," Cushman &amp; Wakefield country head and MD- India, Anshul Jain said.
 RICS South Asia MD Nimish Gupta said the Budget should have created a formal structure around rental housing and encouraged home buying by increasing tax exemption for housing loan repayments.
 Among developers, Supertech Chairman R K Arora said the government's decision to extend additional Rs 1.5 lakh deduction for interest paid on affordable housing loan to March 2021 is good for the sector.
 Omaxe CEO Mohit Goel said: "Liquidity and availability of finance is the biggest issue confronting the real sector today. In this context, the assurance given by the FM that NBFCs (Non-Banking Financial Companies) and HFCs (Housing Finance Companies) will not face any liquidity crunch will help calm nerves for sure."
 Ashiana Housing Joint MD Ankur Gupta said the middle income and affordable housing segment will get a boost.
 Chintels MD Prashant Solomon said, "Affordable housing segment has got a boost with the FM proposing to extend the tax holiday by one more year. However, the Budget leaves much to be desired for the real estate segment."
 Sunny Kataria, VP-Real Estate, OLX India said, "There were many expectations from the union budget in 2020 for residential real estate. While the government has furthered its commitment to the affordable housing, many issues remain unresolved."
 Bhutani Infra CEO Ashish Bhutani said that the focus on infrastructure and economic growth in the budget will lead to more activity at the commercial segment as the demand for offices will grow.
 Gera Developments MD Rohit Gera said, "The move to provide more money in the hands of the tax payers and elimination of the dividend distribution tax are welcome steps but rationalisation of direct tax structures over the period has not provided the necessary stimulus needed to boost the real estate. The sector will see a slow recovery with more pain for many home buyers and developers."
 Property brokerage firm Realistic Realtors Chairman Harinder Singh was unhappy that not much has been done to increase housing demand.
 Migsun group MD Yash Miglani said the Budget has focussed on increasing overall economic growth.
 Co-working firm Skootr founder Ankit Jain said, "Setting up an investment clearance cell and a digital portal aimed at offering assistance to emerging entrepreneurs reflects the government's proactive measures in further enhancing the entrepreneurial spirit."
 AlphaCorp CFO Santosh Agarwal and Mapso Director Rahul Singla hailed extension of tax sops on affordable housing. MJH RVK

No tax relief for home buyers stuck in stalled projects, says apex body FPCE

New Delhi, Jan 5 () Realty firm Supertech on Sunday said it has sought Rs 1,500 crore from the government's newly created stress fund to complete its 12 ongoing housing projects at Noida and Greater Noida in Uttar Pradesh.
 The company said these 12 projects comprising 20,000 flats are at an advanced stage of completion and it requires last mile funding to finish the pending works and deliver units to homebuyers. 
 In November, the central government announced a Rs 25,000-crore fund to help complete over 1,500 stalled housing projects, including even those that have been declared NPAs or admitted for insolvency proceedings. 
 The move is likely to help 4.58 lakh housing units across the country. Only RERA-registered projects with positive net worth will be provided funds.
 Real estate developers were asked to apply to seek money from this fund. 
 "We have applied for stress fund of Rs 1,500 crore for our 12 projects nearing completion in Noida, Greater Noida and Yamuna Expressway to finish 20,000 flats in 1-2 years," Supertech Ltd Chairman R K Arora told . 
 "We are eligible for stress fund and hope to get the same," he added. 
 Arora said the Uttar Pradesh government and state regulatory authority are helping builders in making applications. 
 The Finance Ministry had said that the maximum funding would be Rs 400 crore for any single project that will seek assistance from the 'special window' or the alternative investment fund (AIF).
 SBICAP Ventures has been appointed to manage the AIF. 
 The Centre would infuse Rs 10,000 crore in this fund, while the remaining would be provided by SBI and LIC. 
 Lakhs of home buyers are stuck in various stalled housing projects across the country. 
 The National Capital Region is the most affected as many builders, including Amrapali, Unitech and Jaypee Infratech, failed to give possession of flats on time. 
 Developers are banking on this fund not only to bail out the sector but also to help boost sluggish demand in residential property market. MJH ABM RVK
RVK

Supertech seeks Rs 1,500 cr from stress fund to complete 12 housing projects

<keyword id="6354977" type="ORGANIZATION" weightage="100" keywordseo="Supreme-Court">Supreme Court</keyword> rapped up real estate major <keyword id="6400590" type="PERSON" weightage="100" keywordseo="Supertech">Supertech</keyword> and sent a stern message over delay of completing housing projects. 
 
The Apex Court directed Supertech to return money to investors saying and said it was not concerned whether the real estate major "sinks or dies". 
 
"Either you (Supertech) sink or die, we are not concerned. You will have to pay back the money to home buyers. We are least bothered about the financial status," a bench of Justices Dipak Misra and Adarsh Kumar Goel. 
 
The Supreme Court directed Supertech to pay 10 per cent per month of the invested amount from January 5, 2015 to 17 home buyers, who are before the court, within four weeks. 
 
Meanwhile, Senior advocate Rajeev Dhawan, appearing for Supertech, said the apex court "cannot act like a banker" and has to follow principle of equality. 
 
"Not all home buyers are against us and some of them have even supported the firm and filed an appeal against the High Court order," he said. 
 
Dhawan said a total of 628 people had approached the company, of whom 274 have sought alternate arrangements, 74 asked for re-investment and 108 have sought refund. 
 
To this, the bench asked why Supertech was not giving back the money to all the investors. 
 
Dhawan said there was a court order saying only those who have applied on time will get the money back and it was paying back the money to them. 
 
Counsels for home buyers refuted Supertech's claim and said they were not getting the money on time.

Supreme Court tells Supertech to return investors' money in a stern message, says least bothered even if it sinks

<ul class="summary-list"><li>Indian authorities demolished two buildings built illegally in a warning to developers, per Reuters.</li><li>News18 reported that the apartments could have brought in $150 million for the developers.</li></ul>Indian authorities blew up two skyscraper apartments built illegally in an apparent warning to rogue property developers.The unoccupied 338ft twin apartment buildings in Noida, near the capital Delhi, were the largest to be destroyed in India.It took just 10 seconds and 8,100 pounds of explosives to bring the two structures down on Sunday as crowds watched from nearby rooftops, <a href="https://www.reuters.com/world/india/families-near-indian-skyscraper-demolition-site-vacate-homes-2022-08-28/">Reuters reported</a>.The <a href="https://twitter.com/ANI/status/1563814230070947840">demolition</a> followed an order from the Supreme Court last year after a lengthy legal battle. The towers were found to have violated multiple building regulations and fire safety norms, per the news agency. Local outlets including <a href="https://www.news18.com/news/business/noida-supertech-twin-towers-demolition-to-cost-nearly-rs-20-crore-know-total-loss-of-company-5823355.html">News18</a> reported that the demolition would cost Rs 20 crore ($2.6 million), a quarter of which will be borne by builders Supertech.Reuters reported that people living in nearby homes were evacuated ahead of the blasts that would leave more than 80,000 tonnes of rubble.<div type="image" title="Progressive pictures of the demolition of the Supertech apartment blocks." height="2943" width="3924" msid="93838693" hostid="261" sizebytes="1046408"></div>According to News18, each apartment cost around Rs 1.13 crore ($141,000). With about 915 apartments in the two buildings, Supertech stood to have made Rs 1,200 crore ($150 million) if all were sold, the outlet calculated."The building plans of the project including the two towers were approved by the Noida Authority in 2009 which was strictly in accordance with the then prevailing Building bye-laws announced by the state government," Supertech said in a statement reported by <a href="https://opoyi.com/india/noida-twin-towers-demolition-realtor-supertech-releases-statement-736828/">local publication Opoyi</a>."We assure all our home buyers that the order of the Honorable Supreme Court will not affect any other ongoing project and all other projects will continue and we are committed to complete construction and deliver the flats to the allottees as per the schedule time."

Two high-rise apartment buildings that were constructed illegally have been blown up by authorities in India

New Delhi, May 22 () Real estate developers on Friday welcomed cut in key interest rates but said the RBI needs to take more steps, such as one-time debt restructuring of builders loan, to provide relief to the industry which has been hit badly by the lockdown. The RBI needs to ensure that banks pass on the benefits to customers, they said. The industry hailed the extension in the moratorium on loan repayment but felt it was not enough. "The advantages extended by the RBI through reducing the repo rates are not being passed on by the banks to the customers. The series of reduction in policy rates will help all sectors including real estate which is hit by the contraction in demand and liquidity squeeze caused by the COVID 19. " However, we are hoping for quick transmission of these actions in banks' respective lending rates," CREDAI National Chairman Jaxay Shah said. "We expected more stringent measures from the RBI to revive the economy. Real Estate sector can act as a catalyst in resurrecting the economy, backed by stringent fiscal and non-fiscal measures. The move of moratorium extension is a short term piecemeal solution to a long term problem," CREDAI President Satish Magar said in a statement. Naredco President Niranjan Hiranandani said the reduction in repo rate and extension of moratorium period were steps in the right direction. "Industry though awaits one-time debt restructuring as a holistic measure to give a breather to the industries across the board and help in its quick revival," he added. Tata Realty and Infrastructure Managing Director (MD) and Chief Executive Officer (CEO) Sanjay Dutt said this will provide some financial relief to borrowers with their equated monthly instalments (EMIs) and make it cheaper to take new loans. Sobha Vice Chairman and MD J C Sharma said: "This will further lower the home loan interest rates. Such lowest ever, most lucrative reduced EMIs will augur well for the market sentiments and the larger economy. This will induce demand for homes and will give the much-needed fillip to the current state of the economy." Puravankara Ltd MD Ashish Puravankara said: "The further reduction of the repo rate will aid in ensuring adequate flow of capital in the market. We hope that all banks will incorporate the new announcements and pass down the benefits to loan seekers." Among property consultants, Anarock Chairman Anuj Puri said the repo rate cut will further help banks to lower home loan interest rates, which may get several more fence-sitters onto the market. Anshuman Magazine, chairman and CEO - India, South East Asia, Middle East &amp; Africa, CBRE, said: "The RBI's move to cut repo rate will have a positive effect on the residential property market. This is a clear step towards reducing lending rates, encouraging liquidity, preserving financial stability and supporting overall economic growth." JLL India Country Head Ramesh Nair said the faster transmission of these benefits to the end consumer in the form of lower home loan rates will aid in improving their effective affordability. "However, one-time restructuring of loans is the need of the hour more importantly for the real estate sector which is severely ailing due to the pandemic," he added. Dhruv Agarwala, Group CEO, Housing.com and Proptiger.com, said the move will boost sentiment and demand in the residential segment. "What needs to be seen is how quickly the banks reflect this change in their respective rates," he said. Knight Frank India CMD Shishir Baijal said it would have been a big respite if the long-standing real estate industry demand for a one - time restructuring of loans was allowed along with the measures announced on Friday. Savills India CEO said the lowering of the rates may help accelerate the decisions of a section of home buyers, in the next few months, if not immediately. "It will also help in reducing the EMI burden of customers during such grave times, provided the banks pass down the rates." Among other developers, Supertech Chairman R K Arora expressed disappointment that one time restructuring of loan was not allowed. Signature Global Chairman Pradeep Aggarwal said: "Now the situation for homebuyers might improve further as home loan interest rates are expected to come down further. Affordable housing will benefit the most as the buyers of this segment are very particular about the EMIs." ABA Corp Director Amit Modi, director said the banks need to quickly transmit the announced rate cuts to the end consumer, else the whole effort will be futile. Uddhav Poddar, MD, Bhumika Group said the industry was expecting one-time restructuring of loans while Prateek Mittal, Executive Director, Sushma Group, said the realty sector will benefit from the rate cut. Industry's demand for one-time restructuring of developers' loans should be met, said Ankush Kaul, President (Sales &amp; Marketing) - Ambience Group. The banks should immediately pass on the reduction in the repo to ensure the objectives of demand creation and liquidity infusion are achieved, said Kaushal Agarwal, chairman, The Guardians Real Estate Advisory. Farshid Cooper, MD, Spenta Corporation, said the announcement of a revision in repo rates and the extension of the moratorium on term loans provide much-needed relief to the economy and the realty sector. MJH SHW SHW

Realtors want banks to pass on benefit of rate cut to customers; demand one-time debt restructuring

New Delhi, Mar 25 () The nationwide lockdown for next 21 days amid spread of coronavirus will severely impact residential real estate as housing sales have almost come to a standstill, which could affect builders' cash flow and lead to default in repayment of bank loans, according to property developers and consultants. Market experts also fear that existing customers might delay payments of their instalments to developers, who in turn could default in repayment of principal and interest on bank loans. Developers may hold on to apartment rates, but prices in the secondary or resale market could fall, they said. To mitigate the impact, developers and brokers are adopting digital marketing tools to reach out to prospective home buyers. When contacted, realtors' apex body CREDAI President Satish Magar said the lockdown will greatly impact the sales transactions and new launches will be deferred. "There are chances of many customers defaulting on their instalments because of tough economic conditions. These will have a cascading effect on developers-who will be battling with servicing their debts as cash inflows will be strained," he added. NAREDCO President Niranjan Hiranandani said overall sales numbers have dropped. The lockdown has opened up opportunities for digital platforms for sales and marketing activities, as also payments, he said. Bengaluru-based Puravankara MD Ashish R. Puravankara said: "At this point, no property registrations are taking place and all new project launches are postponed". As all construction sites are under lockdown, there will be a delay in completion leading to an increase in the interest cost, he added. "Additionally the lockdown could hamper the cash flow cycle of the developers' balance sheets and could result in bank defaults", said Ashish. Anarock Chairman Anuj Puri said the lockdown will have a negative impact on housing sales and new launches during the auspicious festivals of Gudi Padwa, Akshaya Tritiya, Navratri and Ugadi. "This is a time when AV technology to enable virtual site visits and walk-throughs will gain increased relevance and use," he said. Anshuman Magazine, Chairman &amp; CEO (India, South East Asia, Middle East &amp; Africa), CBRE said: "It is too early to comment on the impact of Covid 19 given that the situation is still evolving ... We are confident that once the situation normalises, sales will resume". Dhruv Agarwala, Group CEO, Housing.com and PropTiger.com, said the lockdown will have an adverse impact on real estate. "We too have begun to see a dip in traffic on all our platforms," he said, adding that the company has come out with innovative schemes for builders and brokers to advertise on its websites. Siva Krishnan, MD (Residential Services and Developer Solutions), JLL India said the lockdown will definitely have an impact on housing sales, but briefly. Shalin Raina, MD- Residential Services, Cushman and Wakefield, said the complete lockdown means lesser sales since most of the transaction closures happen only after site visits. Housing prices have corrected by 15-20 per cent in the last few years and further decline is unlikely, Raina said. Savills India CEO Anurag Mathur said: "Housing sales may see a sharp dip for at least the next one quarter... Even if the situation settles down quickly, it may take time for homebuyers to come back to the market." "Price elasticity is not a concern under the circumstances since the transaction activity is at a standstill anyway. Depending upon the duration and depth of the current crisis, prices may or may not see a downward movement," he said. Omaxe CEO Mohit Goel said the recovery in the housing segment has been halted. "As for real estate prices, there will be no change as transactions are not taking place. The prices will resume at the level it has halted," he said. Gaurs' MD Manoj Gaur said, "The sales are impacted, but it is temporary." Supertech Chairman R K Arora said, "housing sales have completely gone". There are no buyers in the market. Pune-based Gera Developments MD Rohit Gera said, "Real estate sales are at a standstill. So far there has not been any reduction or crash in prices of homes." "In the absence of some relief from the government, more real estate developers with debt obligations will default on account of the stop in cash flows thereby impacting the economy and jobs," he added. M3M Director Pankaj Bansal said housing sales would get impacted during this period of crisis, but it would also create a pent up demand once things get back to normal. Experion Developers Senior ED Ananta Singh Raghuvanshi said, "Sales closures are temporarily getting pushed ahead. Prices won't change." Raheja Developers ED Nayan Raheja said the sales and construction are badly impacted and at standstill. ABA Corp Director Amit Modi said the sales velocity has definitely been slow. Gulshan Homz Director Deepak Kapoor said, "People are deferring property buying decisions." PropEquity MD Samir Jasuja said: "For the real estate sector, this is a tough situation as it was just finding green shoots of recovery. We believe for the next few weeks, we will not see any new transactions for housing sales". Ambience President (Sales &amp; Marketing) Ankush Kaul said: "Housing sales will be impacted for the next few weeks." Ekta World Chairman Ashok Mohanani said the lockdown has affected the business cycle deeply. Wadhwa group, Head - Sales, Marketing Bhasker Jain said the lockdown has impacted sales and the company is offering cashback on online bookings. Brokerage firm 360 Realtors Ankit Kansal said the activities have come to a standstill after lockdown. Sales were down by 30-40 per cent during the first three weeks of March. Investors Clinic Founder Honeyy Katiyal said sales would be impacted but not the price. Wealth Clinic CMD Amit Raheja said, "It will hamper sales to a large extent, but we expect a good turnaround once the situation returns to normalcy." MJH MRMR

You Searched For "supertech home buyers" and got 6 results

No tax relief for home buyers stuck in stalled projects, says apex body FPCE

PTI

Supertech seeks Rs 1,500 cr from stress fund to complete 12 housing projects

PTI

Supreme Court tells Supertech to return investors' money in a stern message, says least bothered even if it sinks

BI India Bureau

Two high-rise apartment buildings that were constructed illegally have been blown up by authorities in India

Ryan Hogg

Realtors want banks to pass on benefit of rate cut to customers; demand one-time debt restructuring

PTI

Nationwide lockdown to impact housing sales, say realtors

PTI

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