Affordable housing: Need of the hour

Janaadhar Constructions is one such truly affordable housing venture. The company, Janaadhar Constructions, aims to build affordable, high-quality homes for the urban population in the low to middle-income category. (This value proposition is expected to be most suited to those households with monthly household incomes in the range of Rs 15,000 to Rs 35,000).

Janaadhar Shubha, our first project on a land area of 11.5 acres, coming up on the outskirts of Bangalore, is a well-planned, secure, self-contained township of 1,128 homes. The company plans to build 4,80 1 BHK apartments of 400 sq.ft each and 6,48 2 BHK apartments of 615 sq.ft each.

This move is part of its objective of building an inclusive society and help contribute to a better quality of life. The company also plans to set up within the township a primary school, primary healthcare centre, round-the-clock security, shopping centre for household supplies, landscaped areas and a children’s play area.

Also, the construction company has plans to provide affordable transportation service by bus/mini-bus from the township to the nearest hub - Attibele Junction.

Janaadhar Shubha is located close to the industrial belts/ areas of Bommasandra, Hosur, Jigani, Attibele and Electronics City.

With a base price of under Rs 5 lakh, and total all-inclusive price of Rs 6.73 to Rs 7.13 lakh, (including registration, power & water charges, maintenance for the first two years), this project is aimed at affordable sections of society.

The company is also offering up to 90 per cent finance through Janalakshmi Financial Services (NBFC).

This is extremely critical since many potential owners of Janaadhar Shubha fall in the segment of the population without exposure to formal banking services.

A typical buyer of a 1 BHK flat can book a flat at just Rs 45,000, after which he can pay another Rs 1,10,000 within 30 days of booking to complete the margin money.  For the remaining, Central Bank of India/ GRUH Finance / HDFC Ltd/ Janalakshmi Financial Services loan can be arranged on attractive terms, based on customer profile.

RICS launches ‘Red Book’

RICS has launched RICS Valuation Standards (the ‘Red Book’) – India edition’ that contain valuation standards of global application along with India-specific guidance. In a ‘first-of-its-kind’ initiative in India, the RICS ‘Red Book’, which is considered the ‘Gold Standard’ in valuation worldwide, has been specifically localised for the Indian market. This denotes that a single set of globally consistent and locally relevant asset valuation standards are now available to RICS members and industry valuers at large, which can be easily understood and implemented.

 The Red Book global standards align and comply with standards set by International Valuation Standards Council (IVSC).

While the IVS provide broad principle based standards, RICS Red Book goes a step forward and provides a practice framework for implementing IVS, by way of localised standards and guidance across different countries for different applications including valuations for bank lending, taxation purposes and financial reporting, among others.

 The absence of a developed valuations profession, which remains ungoverned by any specific laws, authority or regulation, has hurt the Indian market.

The lack of transparency and established standards for valuation and accounting of land and property have all contributed to the challenges pertaining to valuation of real estate companies, market value of land banks and property assets where over/under reporting of value, inflated valuations, unprecedented price escalations, inaccurate compensation to land owners etc. have been common occurrences.

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