Karnataka plans PPP model for affordable housing
Oct 18, 2013
Source : The Hindu

MANGALORE: The Karnataka Government is planning a public-private partnership (PPP) project to provide affordable housing to economically weaker sections.

Addressing presspersons in Mangalore on Thursday, M.H. Ambareesh, Karnataka Housing Minister, said the State Cabinet had approved a policy on affordable housing policy. The intention is to provide affordable housing to people from economically weaker sections (EWS) of society and to those in the low-income group (LIG).

Stating that the scheme is in the planning stage, he said it would be the first-of-its kind after implementation.

When asked about the highlights of the proposed plan, Ambareesh said the proposed scheme would be taken up under PPP model.

Under this, the developer will develop the housing project and provide 40 per cent of the houses to people in EWS and LIG categories at affordable rates. The developer can market the remaining 60 per cent of the houses at the market rates.

Plans are there to provide incentives to the developer in the form of TDR (transfer of development rights), he said, adding: “This project should be a win-win situation for all concerned.”

In an informal chat with presspersons after the press meet, J. Ravi Shankar, Commissioner of Karnataka Housing Board (KHB), said the macro-level plan for the project has been approved by the Cabinet. Other micro details will have to be worked out.

There will be separate models for different land holdings. Some developers may develop project on their own land under the government’s affordable housing plan, a few developers may develop the project on other people’s land, and some other developers may develop the project on the government land. The PPP model would be different in each of these cases, he said.

Concrete details on this scheme would be worked out in a few months, he added.

Latest Realty News

Bangalore East: Some emerging residential hotspots
Oct 18, 2013
BANGALORE: Bangalore east, as a result of the high concentration of IT and ITeS companies, has witnessed an increased residential spread over the last 8-10 years, with its localities emerging as self-sufficient micro-markets.
Karnataka Govt to issue ordinance to regularise illegal buildings
Oct 17, 2013
BANGALORE: The Karnataka government on October 11 decided to promulgate an ordinance to regularise bylaw deviations in residential and commercial buildings in urban areas of the state by collecting penalty, from the date of its assent by the Governor.
Embassy to Raise Rs 800 crore in debt
Oct 16, 2013
BANGALORE: Bangalore-based real estate developer Embassy Property Developments is in talks to raise Rs 800 crore in debt to fund its planned acquisition of an IT park in the city, a person with direct knowledge of the development said. "The builder is in talks with banks and financial services companies including HDFC LtdBSE -2.37 % and Indiabulls to raise the debt," this person said. "Earlier, Embassy and Blackstone were jointly expected to buy the 2.1-million sq ft Vrindavan Tech Park, but now
Get set for property ownership card in Bangalore
Oct 15, 2013
BANGALORE: This could well be the best thing to happen for lakhs of property owners in Bangalore — an all-in-one property card. To curb duplication of khatas, the government has finally embarked on the Urban Property Ownership Record (UPOR) project.
80% of Bangalore’s buildings have violations
Oct 15, 2013
BANGALORE: The cabinet’s green light to Akrama-Sakrama will bring cheer to thousands of property owners in Bangalore and other cities and towns. The major beneficiaries will be large apartment complexes and big commercial buildings that have violated rules over the years.
Xander to buy Shriram arm’s IT SEZ for Rs 690 crore
Oct 15, 2013
BANGALORE: Global fund house Xander, the largest foreign investor in Indian realty assets, is close to acquiring an IT special economic zone in Chennai from the developer arm of Shriram Group for Rs 690 crore ($112 million), said people directly aware of the matter.
Will you have to pay VAT on your flat? SC ruling to push up property prices
Oct 14, 2013
BANGALORE: According to a recent verdict by the Supreme Court, the sale of a property that is under construction would be liable to value-added tax (VAT).
Government to issue ordinance to regularise illegal buildings
Oct 12, 2013
BANGALORE: The Karnataka government today decided to promulgate an ordinance to regularise byelaw deviations in residential and commercial buildings in urban areas of the state by collecting penalty, from the date of its assent by the Governor.
IT upswing to pay dividends for Bangalore realtors
Oct 11, 2013
BANGALORE: Bangalore-based real estate developers Sobha DevelopersBSE 0.39 % and Prestige Estate have gained investor interest after reporting strong sales for the September quarter, beating the gloom in the realty sector.
PE funds sign deals with big builders like Lotus Greens, Mahindra Lifespace for stable returns
Oct 10, 2013
BANGALORE|MUMBAI: Private equity firms with big appetites are increasingly tying up with reputed developers to build large asset portfolios and earn stable returns.

Latest Realty News Of State

Realty Talk's