New Delhi: Only 23 housing projects comprising 7,620 units were launched during April-June quarter under the subvention scheme, which has been banned recently by the National Housing Bank (NHB), according to property consultant Anarock.
Worried over frauds by builders, last month, the NHB asked housing finance companies (HFCs) to “desist” from offering loans under subvention scheme wherein real estate developers pay interest on behalf of home buyers for a certain period of time.
As per the research report, out of the total 280 projects launched in the April-June quarter of 2019, only about 23 projects (or 8 per cent) were marketed under subvention schemes.
These 23 projects comprised of 7,620 units – about 11 per cent of the total 69,000 units launched in the quarter.
“Our data also reveals that among the affected projects, those by larger players, strongly backed by financial lenders while offering such schemes, outnumbered projects by smaller develop.
n city-wise analysis, Mumbai Metropolitan Region (MMR) has the maximum number of projects affected by the subvention scheme ban, with as many as 17 projects comprising 5,310 new units being launched under this plan.
Bengaluru came a distant second with just four new housing projects being marketed with subvention schemes.
Interestingly, both NCR and Pune had only one project each being sold under such schemes.
Kolkata, Chennai and Hyderabad had no new project launches ..
With subvention schemes off the table, developers will have to get creative with differentiated unique selling points to market their projects and boost sales. There seems to be no relief from the protracted pain the market has been experiencing in recent years,” Anarock said.
