Aadhar Housing Finance Forays into Gujarat
Mar 08, 2014
Source : The Times of India


AHMEDABAD: Aadhar Housing Finance Limited (Aadhar), a segment focused housing finance company, today announced the launch of its operations in Gujarat to provide housing finance to the lower income segments (whose monthly income is between Rs 5000 to Rs 25000). The Company currently operates across 7 States namely Madhya Pradesh, Uttar Pradesh, Chhatisgarh, Odisha, Jharkhand, Bihar and West Bengal.

Aadhar begins operations in the state of Gujarat with 9 branches at Ahmedabad, Vadodara, Rajkot, Surat, Himmatnagar, Surendranagar, Nadiad, Vapi & Bhavnagar. The Company, further reaches and services 40 locations located in the tier 2 & 3 cities through a hub-n-spoke model.

Kapil Wadhawan, chairman, Aadhar Housing Finance, said, “We established Aadhar along with International Finance Corporation (IFC), a World Bank Group company in 2011 with the objective of  enabling financial access to people who are eligible but have no access to formal sources of funding, especially in the low income segment. Our foray into Gujarat is an important milestone for Aadhar considering the huge enterprising population of the State. High aspiration of people, combining forces with our focus on ensuring financial access is a sure measure towards increased economic developemnt in the State. We are committed to this vision.“

Harshil Mehta, MD & CEO, Aadhar, said, “Gujarat is a high-potential State for low-cost housing, with the State government recently introducing the affordable housing policy by which 22 lakh new houses are proposed to be built in the next four years. Additionally, Gujarat has witnessed growth in the per capita income and people aspiring for a better life. Aadhar will provide customers easy access to home finance solutions to help them achieve their dream of a home, with a pan-Gujarat presence.“

For several years, a large portion of India could only dream of being home owners. For many households in the lower income segment, it has been impossible to get a housing loan on fair terms. Although demand for housing finance remains high from many such households, the financing options available for such families are limited. The Government estimates a shortage of more than 18 million homes (in urban India), of which 95 per cent are in the economically weaker sections and low income group segment.

Aadhar offers an array of home loan products including home loans, home improvement loans, home extension loans, plot loans, self construction loans, loans against property and balance transfer and top ups and will gradually extend products as non-residential property loan/s. Aadhar provides loans upto Rs 12 lakh. Aadhar also provides project loans essentially for development of low cost housing projects.

The Company also offers legal and technical guidance, counseling on budgeting and construction completely free of cost. Often one of the major challenges faced is lack of awareness on the documentation required for housing finance. For the salaried segment, absence of salary slip or issuance of salary in cash makes the risk evaluation process difficult. A majority of self-employed people lack awareness on the basic financial hygiene of filing income tax returns and thus make themselves vulnerable to loan rejection.

Aadhar has taken the path of mass drives to spread awareness amongst this target segment about financial, legal and technical issues, property related issues, documentation etc. Aadhar conducts high contact, high involvement activities which fosters personal interaction and problem solving. Some of the events like ‘Aadhar Awaas Mela’, ‘Aadhar Paramarsh Shivir’, ‘Aadhar Sanyog’, ‘Aadhar Mangal Muhurt Spot Sanctions’ and ‘Aadhar Parichay” help borrowers understand nitigrities of the home loan. Understanding that the legal and technical aspects of land ownership varies not only state wise but also location wise, Aadhar has highly localized legal and technical policies which cater to the specific needs of the locality.

To create awareness on the supply side and to encourage builders/developers to come up with suitable projects for EWS and LMI segment, Aadhar organises Developer-Customers interactive sessions where builders are made known the facts on demand and profitability of affordable housing projects. Aadhar also invests in suitable affordable housing projects.

Aadhar believes strongly in financial inclusion and has designed many tailor-made products to serve the needs of the segment it serves. These products include Aadhar Stambh (fixed interest home loan), Aadhar Virasat (home loan for construction on ancestral land where legal titles are not transferred), Home Loans for people who earn salary in cash, Home loan for people from informal sectors among others.

Through all these efforts, Aadhar has made a difference in the lives of around 8000 families belonging to the lower income segment of India.

About Aadhar Housing Finance Limited:

Aadhar Housing Finance Limited has been established by Dewan Housing Finance Corporation Limited (DHFL) to take forward the vision of the founder chairman of DHFL, Late Rajesh Kumar Wadhawan of enabling home ownership in the lower income segment.

IFC, a member of the World Bank group has 20 per cent equity with an investment of $4,400,000 (Rs 200 million) and DHFL Group has the remaining 80 per cent equity in Aadhar.

The flagship branch of Aadhar was launched in Lucknow in February 2011 and in the last three years of operations the company has strengthened its network to a total of 41 branches that reach out to over 165 locations across the seven identified states of Uttar Pradesh, Madhya Pradesh, Jharkhand, Chhattisgarh, Bihar, Orissa and West Bengal and are now delighted to now provide service in the Gujarat market.

Latest Realty News

Low demand pushes down cement prices in Gujarat
Mar 08, 2014
AHMEDABAD: Despite the ‘development’ plank in BJP’s Prime Minister candiate and Gujarat chief minister Narendra Modi’s electoral campaign, cement prices, a major commodity that gets used in the infrastructure sector, have not seen much upturn in Gujarat this year. For that matter, last quarter, prices in the Ahmedabad market were rather down by 10-13 per cent owing to slowdown in demand from end user industries like real estate and infrastructure.
Real estate players wake up to digital media to boost sales
Mar 08, 2014
AHMEDABAD: From setting up branded YouTube channel that showcase walkthroughs of upcoming projects, to hiring social media marketing firms, real estate players such as Godrej Properties, Tata Housing and Adani are joining the digital media marketing bandwagon in a bid to strengthen sales.
Two areas cut from agriculture zone in Ahmedabad
Mar 07, 2014
AHMEDABAD: The state urban development department has agreed in principle to exclude Ghuma and Shela from the ‘agricultural zone’ category in the latest development plan for the Ahmedabad. This decision was taken late on March 4 night, claim sources in the department. Besides this a new industrial zone is being proposed in Santej and Rakanpur on the outskirts of Ahmedabad, which were earlier included in the agricultural zone.
Gujarat shows the way in PPP model
Mar 06, 2014
AHMEDABAD: Public Private Partnerships, better known as PPP, in infrastructure development are vital components for the rise and growth of any city in general and its property market in particular. Since, the government in most of the cases either lacks the funds or the expertise to develop the big ticket project, this model has been envisaged for fast track development. However, since its inception as a viable model of developing infra projects, it has been in the news for all the wrong reasons
No need to pay full stamp duty on jantri rates in Ahmedabad
Mar 04, 2014
AHMEDABAD: In an important judgment, Gujarat high court on March 3 held that registration of property cannot be made mandatory on payment of stamp duty according to the jantri rates only. Thus, paying 5% stamp duty of the market rates as prejudged by the ready reckoner, will not be the deterrent in registration of property deals.
Gujarat: Moderate appreciation makes entry point attractive
Mar 04, 2014
AHMEDABAD: Statistics show that Gujarat witnessed 6 per cent growth in property prices in last one year and the property price index in the state remained volatile. However, what the statistics does not reveal is the fact that during the same period, many of the cities that National Housing Bank’s Residex tracked down, did witness either no change or downward change. Out of the 26 cities that it covered across the country, only 12 cities witnessed marginal appreciation, and two cities of Gujarat
MEGA board approves fresh DPR for A'bad metro rail project
Mar 01, 2014
AHMEDABAD: After the announcement of the new route for Ahmedabad Metro, the Board of Metro-Link Express between Gandhinagar and Ahmedabad (MEGA) has approved its fresh detailed project report (DPR). The DPR has been prepared by Delhi Metro Rail Corporation (DMRC) and has now been forwarded to the Centre for further approvals.
Ashram Road: On the next wave of realty development in Ahmedabad
Mar 01, 2014
AHMEDABAD: Ashram road is well developed and a prime commercial area in the city. A major portion of this arterial road of the city runs parallel to the Sabarmati river. The road is a major financial hub of the city with the offices of the Reserve Bank of India and the Income Tax department located on the road. The presence of offices of big organisations is playing a key role in elevating the development on Ashram road and providing a boost to the commercial realty segment. A large number of co
'India needs an Intellectual Property Rights friendly culture'
Feb 28, 2014
AHMEDABAD: Microsoft (India) has established the Intellectual Property Rights (IPR) chair at Gujarat National Law University (GNLU) about which the software giant had made an announcement recently. In an effort to raise awareness about IPR laws in India, Microsoft and GNLU will collaborate on research in the field and organize seminars on IPR for the next five years.
Gujarat's Swaminarayan temple replaces Queen’s property
Feb 28, 2014
AHMEDABAD: The Maninagar-based Shree Swaminarayan Gadi Sansthan is all set to redevelop McNicholas House, a heritage property, into a modern temple in the Kingsbury borough of London by August this year.

Latest Realty News Of State

Realty Talk's