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Model

Loknayakpuram , was launched in 1990s for EWS, majority of the flats still are vacant due to the location.

Why current Affordable Housing is failing ?

Current affordable housing can be categorised in two Categories depending upon the provider –

  1. Government Schemes- The government has some excellent affordable housing projects . But they take off slowly because of high land prices within the city they are mostly located on outskirts of the city, example Loknayakpuram, Bakkarwala in Delhi.
  2. Private Developers- These are mostly individual developers, who acquire small plots of land within city limits and build units which are non compliant with local municipal laws . Majority of these small projects are done on General Power of Attorney to save Government Stamp duties. Both these factors lead to unavailabilty of Home Loan facilities for affordable housing to EWS and Low Income Group.

The REalestiq solution

  Realestiq approaches the problem at broadly four levels that allows our EWS greater access to quality affordable housing.

1.Loaction– Realestiq acquires small plots of lands within city limits,  mostly in vicinity of intended buyers, where they are already living on rent.This ensures quick salebility of the units.

2. Legal compliance with Local Municipal Laws  – All the projects by Realestiq are in strict adherence to the Local Municipal building laws. For example, in Delhi , Stilt parking  plus four residential  floors are allowed within 18 meters of height. This is of utmost importance for access to Structured Home loan approvals and no future conversion charges or penalties by Municipal Corporations.

3. Clear Title and Registered Conveyance deeds– All the completed units by Realestiq are handed over through registered sale deeds to the buyers. Even if the plot acquired by Realestiq is through General Power of Attorney. Before starting construction, Title is cleared through governemt Scheme like PM UDAY. Only when the Conveyance deed is issued in the name of Realestiq, construction is started . Clear Title and registered sale deed is central in access to home loan to EWS. Also it is of utmost importance to get Subsidy through PMAY (U) 2.0 for eligible buyers. The revenue collection through Stamp Duty on tranfer through registered sale deed helps government push for better infrastructure in unauthorised colonies in Delhi for example.

4.Use of Big Data trained AI for demand aggregation– Big data acquired through surveys, loan applications, PM UDay portal applications is used to train predictive AI to aggregate demand for units. This along with small size of individual projects mitigates risk to Realestiq business model. The cycle of land aqcuisition, construction and handover has to continue seamlessly to serve more and more EWS population.

The Realestiq Impact