Housing board plans houses on hire purchase
Dec 09, 2013
Source : The Times of India


HYDERABAD: After nearly two decades, the Andhra Pradesh Housing Board (APHB) has decided to take up special housing scheme for the benefit of low income groups. The new housing schemes are being taken up at Kukatpally, Chandanagar, Nizampet, Bandlaguda and Red Hills in the city apart from other locations in the state.

Under the new hire purchase scheme, prospective buyers need to pay only 40% of the cost to the board and balance 60% could be paid in 10 years through equated monthly installments (EMIs). However, the flats would be handed over to the buyers immediately after the first 40% payment.

Sources said 1,930 single bedroom flats with a plinth area of 450 square feet would be constructed in the city. Of them, 880 flats would come up in Kukatpally, 210 units in Chandanagar, 240 units in Nizampet, 400 flats in Bandlaguda and 200 units in Red Hills.

APHB has taken up many housing schemes in places like Raviryal, Laxminagar and other areas for high income groups and middle income groups. At some places, the housing schemes were taken up under joint venture projects and land auctions were also conducted to bail out the board from financial crisis.

“All the housing projects that were taken up in the early 1990s were self-finance schemes, where the buyers had to make loan arrangements from banks and other financial institutions. Under the hire purchase system, the buyers need not approach banks for loans. The loan component (balance amount of the unit cost) can be paid to the board through EMIs,” P Sheshadri, executive engineer of western divison of APHB, told TOI.

For the proposed housing scheme, APHB has recently issued demand survey notification. The applicants have to pay 10% of the cost along with application form and the balance 30% could be paid during the construction period (one year).

Of the total flats, 30% would be reserved for women, 16% for SCs, 6% for STs, 9% for BCs and 1% for physically handicapped and 3% for defence personnel. Priority would be given to class IV employees of state and central government, including retired, public sector undertakings of state and central governments, ministerial staff up to the cadre of superintendents, employees working on outsourcing basis for three years or more in government and other related organizations and later the general public.

“If any applicant wants to withdraw from the scheme after allotment, it will be entertained within 45 days. Later, if the allottee fails to pay the amount, he/she will have to forfeit his EMD amount,” the executive engineer said.

Latest Realty News

Neighbours' pride, Greater Hyderabad Municipal Corporation's joy
Dec 09, 2013
HYDERABAD: In a bid to curb unauthorized constructions, the Greater Hyderabad Municipal Corporation (GHMC) has decided to provide copies of sanctioned building plans to neighbours of building applicants.
Uppal land losers to get developed plots soon
Dec 09, 2013
HYDERABAD: Nearly six years after their land was acquired, affected property owners of Uppal Bhagat will get developed plots soon. The Hyderabad Metropolitan Development Authority (HMDA) has decided to allot plots on lottery basis in a couple of weeks
28 property owners get notices
Dec 09, 2013
HYDERABAD: The cantonment authorities have served notices on 28 property owners in Langar Hauz after revenue officials discovered that their properties stand on defence land.
PE investments in realty up 26% this year
Dec 06, 2013
HYDERABAD: The value of private equity (PE) transactions in the country’s real estate sector during the first nine months of 2013 was up 26 per cent at Rs 4,716 crore, indicating that funds continue to see India as a an investment destination despite a slowdown in the local market.
Villas on Hyderabad ORR attract home buyers
Dec 03, 2013
HYDERABAD: The 159 Kms long stretch of the Outer Ring Road (ORR) is a road-cumarea development project. The ORR connects Patancheru-Shamshabad-Hayathnagar-Medchal Patancheru, and also provides the connectivity to various State Highways and National Highways.
Are you paying more for your flat maintenance?
Dec 03, 2013
HYDERABAD: The rising prices and shrinking options are now quietly getting accepted by people, as they seem to give up now. The hole in the pocket is growing bigger and bigger everyday. No matter how much you earn, the impact is felt by everyone.
Elevate brings marquee brands under one roof
Dec 03, 2013
HYDERABAD: That luxury comes at a price is amply demonstrated at Elevate, a one-stop designer hub for furniture and kitchens.
Credai to hold conclave in Delhi from Dec 13
Dec 02, 2013
Against the backdrop of its continuous efforts to influence the government to take up several reform measures and policy changes, real estate body, the Confederation of Real Estate Developers’ Association of India (Credai), is holding a two-day national conference with a theme ‘Housing the game changer – Leading to double-digit GDP growth’ in New Delhi from December 13, 2013.
Those magnificent roads of Hyderabad: ORR
Dec 02, 2013
HYDERABAD: The ORR is not just a piece of infrastructure. It was a planned growth corridor, inspired by many similar development ideas in the West. The regulations around ORR were to be such that it brought in the right kind of players to unlock the land value. This was to encourage transit-oriented development.
Luxury comes for a price; Elevate brings together marquee brands under one roof
Dec 02, 2013
HYDERABAD: That luxury comes at a price is amply demonstrated at Elevate, a one-stop designer hub for furniture and kitchens.

Latest Realty News Of State

Realty Talk's