Personal Finance

Aadhar Housing's plans for the poor

PTI | Updated on February 19, 2011

Aadhar Housing Finance, jointly promoted by Dewan Housing and International Finance Corp (IFC), aims to disburse loans worth Rs 125 crore by 2012-end to support the economically weaker section's dream to own a home. “We have just started our first office last week in Lucknow and going by the initial response, we are confident of disbursing Rs 125 crore loans by end of 2012,” Aadhar Housing Finance Chief Executive Officer, Mr Harshil Mehta, said. told PTI.

Aadhar Housing Finance will target economically weaker sections in six “backward” states of Uttar Pradesh, Madhya Pradesh, Orissa, Jharkhand, Chhattisgarh and Bihar to carry out perhaps India's first segment-focused housing finance business, he added. “Our ticket size is low. The upper limit has been fixed at Rs 6 lakh. The criteria for a loan seeker from us is that he/she has to have a monthly income of Rs 5-20,000 and a bank account,” Mr Mehta said. Aadhar Housing Finance charges 1.5 per cent of the loan amount as processing fee.

Mr said the company might increase its number of offices and reach to other States as well in the coming days, after assessing the flow and generation of business, but it is too early to give a complete detail on the expansion plans. Asked whether the company would look for one additional financial partner by its side, Mr Mehta answered in the negative. “With an authorised capital of Rs 100 crore, the company does not need any capital infusion in the immediate future. However, we may tie up with NGOs and other philanthropic institutions for spreading our thought, our business,” he said.

Central scheme for urban poor

The Centre is launching a housing scheme for urban poor under which the States can ask for any amount, if they provide land for the scheme, the Union Minister of Housing and Urban Poverty Alleviation, Ms Kumari Selja, has said. Regarding the funding for the Rajiv Awas Yojna, the Minister said money shall be no bar in this scheme.

Ansal bookings

Ansal Properties & Infrastructure says it has sold nearly 17.5 million sq ft of space worth Rs 1,880.53 crore during this fiscal across various cities in North India. According to an investor presentation, Ansal API has received bookings for 1.66 million sq ft in January with a sale value of Rs 166.74 crore. “The total sales booked in 10 months in FY11 increased to 17.47 million sq ft, aggregating to sale value of Rs 1,880.53 crore,” the company told its investors. The company received highest bookings for 9.6 million sq ft in its largest township, Sushant Golf City, in Lucknow. Another township ‘Esencia' in Gurgaon contributed 2.52 million sq ft to its total sales booked in April-January period. ‘Sushant Golf City' is a 3,530- acre hi-tech township, while ‘Esencia' is being developed in 112 acres of land.

Ansal API Assistant Vice—President (Investor Relations), Mr Dinesh C Gupta, said “We are seeing very good demand for our project. So far we have received nearly Rs 600 crore from the bookings and the rest is expected over the next 30 months.” Out of the total sales, plots contributed 8.87 million sq ft, while villas and group housing projects accounted for 4.37 million sq ft, the presentation mentioned. The company currently has a net land bank of over 8,500 acres in various locations across the country. In January, it received bookings for 1.66 million sq ft, aggregating to sales revenue of Rs 166.74 crore.

“ Ansal API is currently in the process of raising up to Rs 350 crore in 2011 from private equity players by diluting its stake at various projects to fund its ongoing constructions.

New Unitech mid-segment projects

Unitech will launch 10 million sq ft of area in next four months at an estimated construction cost of Rs 1,500-2,000 crore. “We will launch various projects across the country with a saleable area of 10 million sq ft. The majority of the projects would be mid-segment housing,” a senior company official said.In a presentation to the investors, Unitech said it has sold 7.9 million sq ft of area in the first nine months of this fiscal for Rs 3,348 crore. It is targeting to sell 10 million sq ft of area at a sale value of Rs 5,000 crore, it added.

Published on February 19, 2011

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