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Indian Housing Sales Slump 22% in July-December

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Indian Housing Sales Slump 22% in July-December www.WeeklyVoice.com REALTY Friday, January 10, 2020 | B-5 B.C. Sets Lower Home First Nation Approves Housing Plan Value For Those On Vancouver Reserve Lands VANCOUVER: One of the largest Indigenous-led hous- Claiming A Tax Grant ing developments in Canada is a step closer to rising in the heart of Vancouver after members of a First Nation voted in favour of the proposal. The Squamish Nation says members have made history by voting in a referendum to approve the land designation and business terms of a 50-50 partnership with Westbank Projects Corp. The First Nation is planning to First Nations dancers at the 32nd annual Squamish Nation Youth build 11 towers on a 4.7-hectare Powwow, in West Vancouver. File: CANADIAN PRESS/Darryl Dyck parcel of its reserve lands at the It also says it looks forward to Home under construction in Vancouver. - CP/ Jonathan Hayward south end of the Burrard Bridge nership. “The Squamish Nation council is thrilled with the out- discussing how to integrate the VICTORIA _ The threshold is ily homes in Vancouver, with the near False Creek, with the tallest come of this referendum, which project with the existing commu- being lowered for homeowners average assessment standing at building being 56 storeys high. was approved by a landslide. nity and the development of sur- who qualify for a grant to help$1.57 million as of July 1, 2019. It says in a news release that This is truly a landmark moment rounding transportation and util- offset property taxes in British Residents whose homes are construction is expected to begin in our nation history,’’ Khelsilem, ity service connections. Columbia. The provincial gov- over the $1.525 million threshold in 2021 and the completed project a councillor and spokesman who “I want to congratulate the ernment says a decline in housing are still able to claim some of the will bring about 6,000 units into goes by a single name, said. Squamish Nation on this historic prices is behind the decision to grant, which is reduced by $5 for the housing market, of which 70 “The Senakw project will vote and taking another step for- lower the property value thresh- every $1,000 of assessed value to 90 per cent will be rentals. transform the Squamish Nationward towards building Senakw,’’ old to qualify for the full grant. above the threshold. The development, known as by providing immense social, says Mayor Kennedy Stewart. The threshold for 2020 is set at Those 65 and older who are the Senakw project, does not cultural and economic beneits “This project not only affords $1.525 million, down from $1.65 living in their homes in northern need the city’s approval to go to Squamish Nation members forVancouver an opportunity to million in 2019. and rural areas can claim as much ahead but the city says it looks generations to come.’’ practice meaningful reconcilia- The Finance Ministry says 92 as $1,045 off their annual tax bill forward to discussing ways it can The city says it will continue tion as we work in partnership per cent of homeowners will be under the grant program. support the project. discussions with the nation to with the Squamish Nation, it will eligible for the full $570 grant in Homeowners may also be eli- The First Nation says 87 per determine how staff may be en- also bring 6,000 new homes to 2020, the same as last year. BC gible for property tax deferment cent of voting members endorsed gaged in the project and, if de- the city _ many of them rental _ Assessment said Thursday there if they are 55 years or older or are the land designation while 81 per sired, how it could best work with helping us tackle the city’s hous- was an 11 per cent annual decline inancially supporting a depen- cent voted in favour of the busi- it as a government partner. ing crisis.’’ in the typical value of single-fam- dent child. ness terms of the Westbank part- Indian Housing Sales Slump 22% In July-December NEW DELHI: Demand in the This slump in sales comes de- put brakes on the overall hous- ies of of Bengaluru, Chennai and cent rise in new supply in 2019 Indian real estate sector plunged spite the slew of measures an- ing growth in the second half of Hyderabad and 46,920 units in over 2018. in the second half of 2019 as nounced by the government in the 2019.” He said that, the Mumbai the National Capital Region. Puri said that in terms of new housing sales fell around 22 per past few months to ease liquidity Metropolitan Region (MMR)and Sales in NCR sales increased launches too, MMR and Pune cent in July-December compared and boost demand. Pune were the “showstoppers” of by 6 per cent to 46,920 units in were on top in 2019 with annual to the total sales irst six months, However, as per the report, residential real estate in 2019 as 2019 from 44,300 units in 2018. increases of 30 per cent and 89 a report by Anarock Property with improved sales during the they recorded housing sales rise On the supply front, the report per cent, respectively. Among Consultants said on Wednesday. irst six months, overall sales roseof 22 per cent and 18 per cent- re said that a total of 2.37 lakh units the seven cities, MMR saw maxi- It said that out of the total 2.61 marginally by 5 per cent. spectively. were launched in 2019. The sec- mum new launches during the lakh units sold during the year so Anuj Puri, Chairman of An- Bengaluru witnessed a 12 per ond half saw launches of over year at 78,000 units while Pune far in seven major cities, around arock Property Consultants said cent fall in sales during the year. 97,000 units as against 1.4 lakhwas second at over 46,100 units. 1.47 lakh lats were sold in the in a statement: “The unrelent- Both MMR and Pune collec- units in the irst half, thus seeing aThe survey was carried out in January-June period, and the re- ing liquidity crisis, lower-than- tively saw residential sales of half-yearly decline of 30 per cent.NCR, MMR, Bengaluru, Pune, maining 1.14 lakh had been so far expected buyer sentiments and nearly 1.22 lakh units as against However, it noted that on an Hyderabad, Chennai and Kol- sold in the second half. faltering GDP growth eventually 78,860 units in the southern cit- annual basis, there was a 21 per kata. 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