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Carpet area raised to make affordable housing more accessible

The increased construction activity in housing sector has a cascading effect on core sectors like cement, steel, machinery and other allied sectors. More construction activity in the urban areas would result in creation of more jobs for both skilled and unskilled workers.

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Carpet area raised

New Delhi, June 12 (IANS) In a major boost to affordable housing, the government on Tuesday said it has raised the carpet area of houses eligible for subsidy under Credit Linked Subsidy Scheme (CLSS) by 33 per cent for the Middle-Income Group (MIG) segment.

“These enhancements will now enable more MIG customers to qualify for subsidy and avail the benefits provided under the ambitious flagship mission of Pradhan Mantri Awas Yojana (Urban),” the Ministry of Housing and Urban Affairs said in a statement.

The carpet area has been raised from “up to 120 square metre” to “up to 160 square metre” for MIG I, which comprise families with household income between Rs 6 lakh and Rs 12 lakh. For MIG II families, with annual income between Rs 12 lakh and Rs 18 lakh, it has been raised from “up to 150 square metre” to “up to 200 square metre”.

For MIG I, the interest subsidy is four per cent, eligible housing loan amount is Rs 9 lakh and the upfront amount for subsidy is Rs 2,35,068. For MIG II, the interest subsidy is three per cent, eligible loan amount is Rs 12 lakh and the upfront amount for subsidy is Rs 2,30,156.

“This augurs well with the Reserve Bank of India (RBI) policy to revise the housing loan limits for Priority Sector lending (PSL) eligibility,” it said.

The RBI has decided to revise the housing loan limits for PSL eligibility from existing Rs 28 lakh to Rs 35 lakh in metropolitan centres, and from Rs 20 lakh to Rs 25 lakh in other centres, provided the overall cost of the dwelling unit in metro and at other centres does not exceed Rs 45 lakh and Rs 30 lakh, respectively.

The MIG segment is an aspirational class which is upwardly mobile and the intent of the CLSS for MIG is to support the dream of every family of owning a house, the ministry said. The decision to increase the carpet area was done after inputs from various stakeholders.

One key issue was denial of CLSS benefit to potential beneficiaries as they were buying flats or constructing houses, where the carpet area exceeded the cap of either 120 square metre or 150 square metre, thus rendering them ineligible for the interest subsidy under MIG.

“The increased construction activity in housing sector has a cascading effect on core sectors like cement, steel, machinery and other allied sectors. More construction activity in the urban areas would result in creation of more jobs for both skilled and unskilled workers,” it said.

The CLSS for MIG scheme has gained momentum in the last couple of quarters and the offtake has picked up significantly. As on June 11, 2018, an amount of Rs 736.79 crore has been disbursed to 35,204 beneficiaries belonging to the MIG category, said the ministry.

The number of CLSS beneficiaries for Economically Weaker Sections (EWS) and Low-Income Group (LIG) is 133,213 and subsidy released for this segment is Rs 2,890.50 crore.

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Flipkart, Amazon claim record online festive sales

World’s retail giant Walmart on August 18 completed acquiring 77 per cent equity stake in Flipkart for a whopping $16 billion (Rs 107,662 crore).

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Bengaluru, Oct 18 : India’s leading e-tailer Flipkart and its American rival Amazon on Thursday claimed record online sales ahead of Dusshera and Diwali festivals.

“We made a record-breaking business during the five-day sales festival on October 10-14 in diverse categories, including smartphones, electronic gadgets, home appliances, furniture and fashion,” Flipkart said in a statement on Thursday.

The Indian arm of Amazon also said it had record sales across categories during its great Indian festival celebration from October 10-15, with a 12-hour prime early access to its prime members.

“We had an overwhelming response to the fifth edition of the fest, with sales in the first 36 hours surpassing the first wave of last year and exceeded our plans,” said the city-based Amazon.

Both have, however, admitted that maximum sales were in the smart phones category, followed by televisions, laptops, home appliances and fashion in Gross Merchandise Value (GMV).

“We accounted for half of the e-tailer industry’s GMV, driven by higher sales in mobiles and fashion verticals, which grew 70 per cent and 78 per cent,” said Flipkart.

“Smart-phones had their biggest season, with Xiaomi selling over 1 million devices in a day followed by OnePlus with sales of Rs 400 crore in a day and premium phones sales exceeding a month of all India online sales,” said Amazon India head Amit Agarwal.

On the second day of sales, Flipkart began its offers on mobiles and sold one million in the first hour, ending the day with 3 million units.

“Three-in-four mobiles bought during the fest was on Flipkart,” said the Walmart-owned company.

World’s retail giant Walmart on August 18 completed acquiring 77 per cent equity stake in Flipkart for a whopping $16 billion (Rs 107,662 crore).

“We recorded 70 per cent share of the e-tail market in the country to match the scale of marquee retail events and demonstrated our position as market leader,” said Flipkart Chief Executive Kalyan Krishnamurthy.

Flipkart also claimed 85 per cent share of online market in fashion and 75 per cent in large appliances.

Amazon customers from 99 per cent pin codes placed an order in 4 days, with 80 per cent new customers from small towns.

“Large appliances sales in a single day for Amazon exceeded that of first wave for last festive sale; with 50 per cent sales from tier-2 and below towns,” said Agarwal.

One out of 2 Flipkart shoppers used payment options like EMIs and bank offers, driving 60 per cent of its overall sales and enabling customers to upgrade products in categories like mobiles, TVs and laptops.

“Fashion has brought in 40 per cent new customers and enabled us to maintained leadership with 85 per cent share,” added Krishnamurthy.

For Amazon too, fashion was the biggest category in units sold and new customers acquired, with 63 per cent orders from tier-2 and 3 cities.

“Two out of three of our customers benefited from exchange, EMIs and bank offers. New sellers who took part in the fest for the first time saw 300 per cent jump in sales, with 7,000 of them crossing the millionaire mark,” noted Agarwal.

IANS

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Reliance Jio posts Rs 681 crore profit in Q2

The subscriber base of Jio as on September 30, 2018 was 252.3 million, with an average revenue per user (ARPU) during the quarter at Rs 131.7 per month.

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Jio puts Mukesh Ambani on top of Forbes' Global Game Changers

Mumbai, Oct 17 : Reliance Jio, a subsidiary of Reliance Industries Limited, on Wednesday said it posted a standalone net profit of Rs 681 crore in the quarter through September on the back of (as yet) highest quarterly subscriber addition of 37 million.

It had posted a net loss of Rs 271 crore in the same quarter a year ago.

The company had recorded a net profit of Rs 612 crore in the first quarter of this fiscal year.

The standalone revenue from operations in the second quarter of this fiscal year ending March 2019 stood at Rs 9,240 crore, a massive on-year jump of 50.3 per cent, Reliance Jio Infocomm Ltd said in a statement.

The subscriber base of Jio as on September 30, 2018 was 252.3 million, with an average revenue per user (ARPU) during the quarter at Rs 131.7 per month.

The total wireless data traffic during the quarter was at a record 771 crore GB with per user average data consumption of 11 GB per month. The total voice traffic was 53,379 crore minutes in the quarter.

“Jio was conceived with a mission to connect everyone and everything, everywhere – always at the highest quality and the most affordable price… We have enabled our customers to adopt the digital life, with record consumption of data and use of digital services,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.

“We are making rapid progress on the growth of our digital platforms, across new commerce, media and entertainment, agriculture, education, healthcare and financial services, which will further enhance the quality of life and productivity of the people of India,” he added.

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Honda Activa breaches 2 cr sales mark in India

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Honda Activa

New Delhi, Oct 17 : Hondas Activa scooter has breached the 2-crore sales mark in India, Honda Motorcycle and Scooter India said on Wednesday.

According to the company, while it took 15 years to achieve the first one crore sales, the recent addition has come in just three years.

“Over 18 years and 5 generations, Honda 2Wheelers India continuously added value to exceed customers’ expectations and making Activa the most preferred choice of Indian 2 wheeler buyers,” said Minoru Kato, President and CEO, Honda Motorcycle and Scooter India.

“We are delighted that Activa partnered over 2 crore Indian families on the move in realising their dreams.”

Honda Activa was launched in 2001.

IANS

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