Housing For All
Launched by Durga Shanker Mishra, Secretary, Ministry of Housing & Urban Affairs, Government of India, along with the NAREDCO’s leadership, the e-commerce housing portal will host a 45-day All-India Online Home-Buying Festival for ready-to-move-in homes, with over 1,000 projects expected to be listed.
The initiative was proposed and announced by Hardeep Singh Puri Ji, Hon’ble Minister of State (I/C) for Housing and Urban Affairs during the First National RERA Conclave on November 4, 2019, in Lucknow to come up with a housing e-commerce platform.
Under the guidance of the Ministry, NAREDCO is happy to announce and launch this e-commerce platform which is a joint industry effort supported by various Industry Bodies, Members of National Real Estate Development Council (NAREDCO), CREDAI-MCHI, CII, FICCI, Associated Chambers of Commerce and Industry of India (ASSOCHAM), Builders Association of India (BAI), and Indian Merchant Chambers (IMC).
Here is all you need to know about HousingForAll.com
1) Through this portal, the lowest priced inventory will be made available by builders for homebuyers to take full advantage of the best pricing.
2) You will be able to see the builder’s complete inventory, then book your home directly on HousingForAll.com.
3) Initially, for a month, the portal will be open only for real estate developers to register their projects (January 14 to February 13).
4) The portal will be opened for homebuyers from February 14.
5) After being opened for the homebuyers, for the initial 15 days, buyers will be able to view offers and shortlist their homes.
6) 1 March to 15 March: Buyers can book flats using the “Book Now” feature similar to e-commerce websites. Houses will be available on a ‘first come, first serve’ basis.
7) 16 March to 31 March: Finalise transactions and complete documentation
Around 1,000 projects of affordable housing are estimated to be listed on the website. According to reports, over 1 lakh ready-to-move-in homes are currently available in the market and nearly 2.75 lakh new ready-to-move-in homes are expected to be added in over the next year.
CREDAI-MCHI, CII, FICCI, ASSOCHAM, Builders Association of India (BAI), and Indian Merchant Chambers (IMC) are also partners in this initiative.
Reserving what you like
Buyers will be able to directly reserve a unit from the portal on making a refundable deposit of Rs 25,000. The buyer will also get a money-back guarantee where their initial deposit made on the portal is completely secured and fully refundable if the buyer selects not to purchase the unit.
Customers will also be notified if any units they have shortlisted are already sold.
The portal will be open for one month only for the real estate developers to register their projects (January 14, 2020, to February 13, 2020). The portal will be opened for home buyers with a 45-day SALE Period starting from February 14th, 2020. For the initial 15 days, buyers will be able to view offers and shortlist their homes and will be able to start making the purchase of homes from March 1, 2020, till March 31, 2020.
The portal will help buyers in accessing best-priced inventory by builders for a limited time to take full advantage of best pricing. Buyers can also shop in the comfort of home and book directly online. Buyers will be able to view complete listing info including floor plans, room dimensions, video tours of units and external views looking out from windows/balconies. They will also be allowed to create and save custom micro searches and properties to list of favorites.
Durga Shanker Mishra, Secretary, Ministry of Housing & Urban Affairs, Government of India, said “India has been rapidly improving on the Ease of Doing Business index. Technology adoption and prowess have made it possible across sectors. Real estate is not isolated. The sector has evolved and has become regularised and professional. As we continue to move ahead with developments, there was a huge requirement for an authentic source of information on the existing projects and the inventory. The portal will not just bring authentic information to all but will also offer a credible and real-time property-related data from around the country. The site that is dedicated to homebuyers will allow them to make an informed decision. I congratulate the entire sector stakeholders on the launch and also express my gratitude to the NAREDCO team, which has been instrumental in bringing the portal to consumers.”
Citing the achievements of the ‘Housing for all’ scheme, he added, “This also compliments the target of the government’s mega scheme, ‘Housing for all’. The target of housing for all seems to be closer and achievable. 1.03 crore housing units have been sanctioned. Of this, construction of over 60 lakh units has already begun under the Scheme. 32 lakh units have been delivered for possession.”
Dr. Niranjan Hiranandani, national president, NAREDCO, said, “The sector has gone through turbulent times so far. With improving sales and a recovery that we have witnessed in the past year, it is time that the industry joins hands and helps the consumer quickly make a purchase decision. The portal is designed for all industry stakeholders with a powerful backend platform that manages and displays the most accurate inventory data in the market, and allows buyers to book their flats directly online.”
Buyers will have the ability to see floor plans, aerial videos, amenities, unit specifications, even video walkthroughs for each project.
According to government data, out of 1.12 crore demand of urban affordable houses, 1.03 crore houses have been sanctioned, 60 lakh houses have been grounded and 32 lakh houses have been completed. “The launch of the e-commerce portal indicates the growth and evolution of the organized space, and how the discerning homebuyer of today is looking for a complete disclosure of the project details,” added Dr. Hiranandani.
Rajeev Talwar, Chairman, NAREDCO, said, “The rising levels of transparency and professionalism in India’s real estate market has made it attractive for domestic as well as global investors. Reforms like the implementation of RERA and GST and the introduction of REIT have increased the returns potential of this market. Reforms have not only revived the consumer sentiment but have also helped in raising capital. HousingForAll.Com is yet another effort in garnering the support of today’s smart consumer, who wishes to buy in quality projects. This way, developers have a platform, where homebuyers will have an option to buy from some of the finest projects of reputed developers”.
Commenting on other benefits that builders can achieve, Parveen Jain, VC, NAREDCO, said, “Through the listings, builders have been given a platform, which can create a ‘Call-to-Action’ from buyers. Builders will have the ability to create ‘special promotional sales’ and have a communication channel with all buyers, whose requirements match the project. This way, they can achieve huge savings on the marketing cost. Channel partners can automatically register Buyers directly with the builder for protection of compensation and elimination of future disputes.”
Rajan Bandelkar, president, NAREDCO Maharashtra, said, “The aim of this event and the platform would be to not just generate sales but also inspire confidence in the minds of the consumers, developers, banks and HFIs and other stakeholders and allied industries. Such an exercise, in the long run, would have a far-reaching effect and positive impact on the economy of all the States and Union Territories, hence the nation at large.”