Shillong: The 100th Smart City

Jul 3,2018 / By Priyanka / No Comment

Earlier in January, the Ministry had come out with a list of nine smart cities making the total number of 99 Smart Cities. And recently, The Ministry of Housing and Urban Affairs has selected Shillong as the 100th city to receive funding under the Centre’s flagship Smart Cities Mission after evaluation of the proposal submitted by it.

Last year, June 23 Narendra Modi government had released the third list of 30 smart cities, taking the total number to 90 under the Smart City Mission. The third list was topped by Thiruvananthapuram. Other cities that featured the list included Naya Raipur, Srinagar, Jammu, Pimpri Chinchwad, Karimnagar and Dehradun to name a few.

The Smart City Mission is measured as one of the most determined projects of the Modi government. Launched in 2015, the project has entered into execution stage where 100 cities will be provided Central funds to develop infrastructure and become smart.

How smart cities work in India?
In 2015, the smart city scheme was launched by the Central government, where states have to nominate cities and compete with others to get funding. 99 cities have been selected to be upgraded as part of the Smart Cities Mission after they defeated other cities in the challenge.

1st Round winners – Selection of 20 Smart Cities
2nd Round winners – Selection of 13 Smart Cities
3rd round winners – Selection of 27 Smart Cities
4th round winners – Selection of 30 Smart Cities
5th round winners – Selection of 9 Smart Cities

A special purpose vehicle has been formed to lead the mission in the cities selected.

So, what would smart cities of future do? According to the ministry, they would:
• Provide a new identity for the city.
• Deliver equal housing opportunities for all.
• Encourage mixed land use in area-based developments.
• Preserving and developing open spaces.
• Encouraging a variety of transport options.
• Make governance citizen-friendly, cost-effective and technologically advanced.
• Create walkable localities and reduce jamming, air pollution, and resource depletion, apart from improving the local economy.
• Applying smart solutions to infrastructure and services in area-based development to improve them

Bottomline: The Smart City initiative is not about the Union government providing extra resources for urban development. The scheme is about citizens planning and understanding smartness. This is the first time, a Ministry of Urban Development (MoUD) program has used a competition- based method as a means of selecting cities for funding, and used an area-based development strategy.

Real Estate News Smart Residential Living

Modi govt changed rules: Now get bigger homes under PM Awas Yojana

Jul 2,2018 / By Priyanka / No Comment

Good news for all the home buyers in cities. Changes have been made in the Narendra Modi government’s affordable housing scheme Pradhan Mantri Awas Yojana-Urban (PMAY-U).

The government has approved a 33-percent increase in carpet area of houses eligible for interest subsidy under its affordable housing scheme Pradhan Mantri Awas Yojana-Urban (PMAY-U) to attract more beneficiaries, the Housing and Urban Affairs (HUA) Ministry said.

An increase in the carpet area of a house under PMAY-U has been made across all middle-income group groups. For Middle Income Group-I (MIG-I), the carpet area has been increased from 120 sq m to 160 sq m and for MIG-II, it has been increased from 150 sq m to 200 sq m.

The new rules were effective from January 1, 2017 – the date on which the scheme became effective. Under the Credit-Linked Subsidy Scheme (CLSS), each beneficiary can avail funding up to Rs 2.35 lakh on buying of a house under this scheme.

A four percent interest subsidy is available on loans up to Rs 9 lakh for homebuyers with an annual income of Rs 6-12 lakh under MIG-I plan. Three percent interest subsidy is given on loans up to Rs 12 lakh for homebuyers with income between Rs 12-18 lakh per annum.

The change in rules enables more MIG customers to qualify for funding and avail the benefits provided under Pradhan Mantri Awas Yojana-Urban (PMAY-U). Apart from growing the number of beneficiaries, the improvement in carpet area will increase the construction activity and will give a push to the housing sector.

According to Housing and Urban Affairs ministry, an amount of Rs 736 crore had been distributed to 35,204 recipients belonging to the MIG category till the second week of June. After accumulating inputs from various stakeholders, the decision to increase the carpet area for MIG section was done.

Previously, the Centre approved construction of 1.5 lakh houses for urban poor under the PMAY-U in May taking the total number of dwelling units to 47.52 lakh under the programme so far. The approval required an investment of Rs 7,227 crore with central assistance of Rs 2,209 crore.

Real Estate News Smart Residential Living

MS Dhoni Signed as the Brand Ambassador of Sumadhura Group

Jun 27,2018 / By Priyanka / No Comment

Sumadhura Group, one of South India’s leading realty majors, has roped in the stellar World Cup-winning Captain, Captain of Chennai Super Kings and the ‘Captain Cool’ – MS Dhoni as its first brand ambassador to represent the brand in all their national campaigns, in a multi-year engagement.

Delighted on bringing in MS Dhoni on-board as their brand ambassador, Madhusudhan G., Chairman and Managing Director, Sumadhura Group said, “We are honored to have Dhoni, an eminent cricketer of international stature, join the Sumadhura Group family. He combines his exceptional performance with his legacy and values – precisely what we, at Sumadhura Group also stand for. Dhoni’s intelligence, humbleness, ‘full of life’ attitude, passion, and reliability along with his focused leadership qualities with a trustworthy reputation are the perfect attributes that match Sumadhura’s brand image. Our association with him has come at a most opportune time.”

Sumadhura Group has made significant inroads across Bengaluru and Hyderabad over the last 20 years has completed 30 projects. Their current portfolio includes residential projects of 5 million sq. ft. under construction and 8.2 million sq. ft. under planning. The venture is also a member of CREDAI, Bengaluru, and Hyderabad. With its stronghold in these two cities, the developer seeks to strengthen its market presence across the country.

Speaking about the brand association, Dhoni said, “As a brand ambassador, I seek for brands that I relate to and can be impactful for, and this partnership makes me fulfill that very purpose. In this endeavor, I am proud to be associated with Sumadhura Group, who are known for their uncompromising values and trust earned over 20 years of excellence in business.”

Srinivas Moramchetty, Vice President, Sales, and Marketing, Sumadhura Group, who was instrumental in signing Dhoni, said, “Sumadhura’s journey has been similar to that of Dhoni’s, which shows a commendable capability of facing adversity and overcoming the odds. With him being the best example of a responsible and loving family man, and us uniting families through our projects, we couldn’t think of anyone apart from MS Dhoni. I am sure we will go a long way with his leadership, dedication, and perseverance to contribute towards the brand’s success.”

About Sumadhura Group

Sumadhura Group is the fastest growing real estate developer in South India. Their in-house capabilities and infrastructure give them the confidence to deliver projects on time with unbeatable quality. It has also been recognized as an iconic real estate brand garnering three prestigious awards in FY2017-18 which include Promising Builder of South India in 2017 by QuikrHomes, Global Real Estate Brand Awards 2017 and Best project of the year in Affordable Segment by CNBC Awaaz 2017 for Sumadhura Madhuram. The company has also been awarded the ‘Great Places to Work’ in April 2018. In all its residential apartments, the company lays a very strong emphasis on its safety standards, environmental management, rainwater harvesting and a proper waste management system.

Buying property Real Estate Smart Residential Living

Is Thane a good option to buy your dream home?

Jun 26,2018 / By Priyanka / No Comment

Mumbai has always been glamorous and attractive. When it comes to real estate, Thane is one of the most promising cities. Are you still confused whether to buy your dream home in Thane, we give you reasons why Thane proves to be a lucrative investment of all times!

Connectivity is the key factor: Thane is having exceptional connectivity to Central Mumbai, Western Suburbs, and Navi Mumbai. The city is well-connected from all the corners via road and rail. The regularity of public transport and countless inter-connected highways contribute to Thane’s popularity. Moreover, reputed educational institutions and malls in the vicinity make Thane more sought after place. Thus, buying a home in Thane really proves to be a profitable investment.

Whether its quality education or top healthcare centers, Thane has it all. Moreover, ample recreational hubs make Thane all the more happening place to live in.

City infrastructure: Over the years, Thane has developed from a small town to a well-built city. Widened highways, well-maintained flyovers, and other infrastructural developments are making Thane, one reliable city. City’s infrastructure is something that makes a deal. And in the case of Thane, it definitely proves a good deal for a lifetime.

Real estate Market: You can witness an uplifting face of real estate right in Thane as reputed real estate developers are coming up with premium living projects and are developing single-layered properties into huge townships.

Today, real estate business relies on the quality of living and is promoting affordable housing and the green living concept. Luxury projects in this city definitely prompt to invest in Thane making it a potential location for profitable investment.

A peaceful lifestyle is another promising factor in Thane as it is well-surrounded with lush greens and wide sprawling landscapes. Areas like Ghodbunder Road, Majiwada and Kolshet Road provide complete tranquility and are abundant in natural beauty.

A booming commercial hub: The city offers dependability as it is a hub to a large number of reputed companies as well as MNCs. Syntel, Clariant Chemicals, Wool Research Center, Navnit Motors and many more companies ensure Thane as a noticeable commercial hub.

Investing in real estate market is always a wise decision. However, investing in Thane’s residential properties makes a fair square deal!

Affordable Housing Buying property Real Estate Real Estate News Smart Residential Living

Top 6 cities where you can buy affordable homes

Jun 20,2018 / By Priyanka / No Comment

The government has made a number of efforts to create an eco-system and environment to promote affordable housing. It has approved infrastructure status to Affordable Housing and also eases buyers to afford houses by giving tax concession, dropping the borrowing rates and increase flow of private and foreign capital in the real estate sector.

Thinking about where to buy affordable housing. Here are top 6 cities where you can buy affordable houses!

Bengaluru: You really need to do a market survey before you go ahead with your decision of buying in the affordable locations in this city. However, localities such as Kengeri, Ramamurthy Nagar, Electronic City Phase-2, Chandapura offer properties in the price range of Rs 3,000-4,000 per sq ft. A 2BHK costs between Rs 25-40 lakh while a 3BHK flat is estimated to command a price range of Rs 40-80 lakh.

Mumbai: We all know that Mumbai is a city offering expensive properties, yet there are affordable locations where you can buy property within the price range of Rs 5,000-7,000 per sq ft. Localities offering affordable properties are Vasai West, Vasai, Virar, Kalyan, Mira Road, and Nalasopara. In these locations, you can expect the price of 2 and 3BHK units between Rs 40-80 lakh.

Pune: It is an emerging destination for IT and manufacturing industries. Localities such as Chakan, Talegaon Dabhade, and Pirangut offers mid-segment properties. For instance, Chakan, has many options for all types of properties. You can expect a 2BHK unit to cost Rs 20-40 lakh, whereas a 3BHK flat may cost Rs 40-70 lakh.

Delhi-NCR: When it comes to Delhi-NCR, home buyers have a number of options for affordable homes. Affordable housing is available in localities such as Raj Nagar Extension and Yamuna Expressway, Greater Noida, Greater Noida West. The price range in these areas is Rs 3,000-4,000 per sq ft. You can expect lower or higher prices depending on the amenities and projects you choose. A 2BHK will cost you Rs 20-30 lakh whereas a 3BHK is expected in the range of Rs 40-60 lakh in these locations.

Kolkata: It is an extremely price sensible city where 60% of localities fall in the price bracket of Rs 3,000-4,000 per sq ft. Properties in the peripheral areas such as Rajarhat, Airport area, Garia, Joka, and Howrah are some of the locations where prices are affordable. Property buyers can get 2 and 3BHK units within Rs 20-60 lakh here.

Hyderabad: Just like Kolkata, Hyderabad is also a price-conscious city where 70% consumer preference is for Rs 3,000-4,000 per sq ft. price bracket. This two budget segment decides the overall movement in the market.

Areas like Kukatpally, Miyapur, Chandanagar, Manikonda, Ameerpet, and Sainikpuri are some of the locations where the rates are not only affordable but there is also a good supply of properties. You can get 2 and 3BHK units within Rs 30-60 lakh but the price may vary depending on the project and location.

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Author Archives: Priyanka

Shillong: The 100th Smart City

Modi govt changed rules: Now get bigger homes under PM Awas Yojana

MS Dhoni Signed as the Brand Ambassador of Sumadhura Group

Is Thane a good option to buy your dream home?

Top 6 cities where you can buy affordable homes