central-government-to-start-real-estate-e-commerce-platform

NAREDCO Launches Housingforall Real Estate E-Commerce Platform

As per the latest real estate news, Hardeep Singh Puri, Union Minister of Homes and Urban Affairs, said on Monday that the center is launching housingforall.com, a real estate e-commerce portal to bring the entire national real estate sector into one platform. The portal is an aggregator for the organization of a massive and region-oriented industry. Everything including inventory, prices, and size of the property, location details across all over India will be gathered and displayed at this site.

HousingforAll Launched by NAREDCO (Jan 2020 Update)

Urban Affairs Secretary Durga Shanker Mishra officially launched HousingforAll, the first e-commerce housing site in India on January 14, 2020. A 45-day all-India online homes-buying festival for ready-to-move houses is being hosted on the e-commerce home portal and will include around 1,000 projects. 

During the launch, Mishra said “for future homebuyers, it is an enormous step. I told the stakeholders during a conversation that integrity must be the major factor in this platform. If an individual is interested in buying a home, then the price should be exactly what the portal promises”. 

The industry reports show that there are currently over 1 lakh ready-to-move houses on the market, with almost 2.75 lakh new ready-to-move homes expected to be added on to the market over the next year. The Council expects to sell that whole ready-to-move inventory via the e-commerce platform of Naredco. 

How HousingforAll Portal Works?

Housingforall.com is a portal of e-commerce developed under the aegis of the Ministry of Housing and Urban Affairs, NAREDCO (National Real Estate Development Council). This property site has sponsors and partners by State Bank of India (SBI), PNB Housing, LIC Homes Finance Limited, HDFC Home Loans, Tata Capital Housing Finance. 

While the site was officially launched on 14 January, it is currently open only to builders/developers. It is important to note that the website contains only projects earning occupancy certificates. The website will be open to customers from February 14 as part of the second phase of delivery. Nevertheless, homebuyers can only check for and list favorites by February 29. Homebuyers can book their shortlisted homes from 1 to 15 March and then complete purchases and paperwork.

At the HousingforAll portal, the lowest-priced projects will be made available by the builder. Those who want to buy a house will create personalized house searches and sort properties on the basis of floor plans, room sizes, etc. Housingforall.com also has virtual tours of homes, including views from windows and balconies. 

If home purchasers want to book a unit on the website, they can do so in a Rs 25,000 deposit. In case a customer does not finally buy the reserved package, the deposit is refundable. However, if any chosen products are sold, consumers will be notified immediately. Other participants in this project are CREDAI-MCHI, CII, FICCI, ASSOCHAM, India Builders Association (BAI) and Indian Mercheurs Chambers (IMC).

This e-commerce platform is expected to provide transparency in the real estate sector and will offer only certified projects. From Feb 14, all the list of projects that are granted with the Occupancy Certificate (OC) will be displayed at the platform for home buyers and they can shortlist their favorite projects.

What is the Occupancy Certificate?

The occupancy certificate is an important legal document certifying that the design of the building complies with the approved plans. This certification shall be issued by municipal authorities and the design proposal unit once the building is completed and ready to be occupied. An occupancy certificate confirms that the design is built under the applicable building codes, regulations, and laws. Once the project is completed, the builder is responsible for obtaining an occupancy certificate. 

Why Real Estate E-Commerce Platform Needed?

While speaking at the first national RERA conclave event, Puri said that the government has completely cleaned up the real estate sector with the demonetization and introduction of RERA in 2016. He said, we are improving as a real estate market now in global rankings, which is encouraging.

He added that he had a discussion with the two main national property developer organizations are CREDAI (Confederation of Real Property Developers Associations of India) and NAREDCO (National Real Property Development Council), and will soon be developing the real estate e-commerce website. 

The purpose of the e-commerce platform is to provide transparency in the real estate sector and to offer only certified projects. From the start of January 2020, A list of projects awarded with the Occupancy Certificate (OC) will only be displayed at the platform. The transaction is considered to be conducted online and the sale is carried out via the NAREDCO process.

Durga Shanker Mishra, the secretary at the Housing and Urban Affairs Ministry, stated that this real estate e-commerce portal would be established to provide information on rulings and orders issued throughout the country by various RERA bodies. It would provide a review of all the decisions relating to properties in various states listed by the subject. This would put under one umbrella all best practices in the home buying industry. Rapid progress is taking place in launching this real estate e-commerce portal and is expected to launch on 2020 Makara Sankranthi.

Conclusion

The entire information on all completed projects that have legalized with occupancy certificates will be displayed on the HousngforAll portal and it is anticipated that this will boost the real estate sector with more transparency service to solve all problems.

Do you want to stay updated with all the trending real estate news? Browse PropertyAdviser.in to know the latest real estate happenings and all properties for sale in Hyderabad at an ease of your fingertips.

By  Govi