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Commentary: HDB buyback scheme shows the premium Singapore places on racial harmony

Commentary: HDB buyback scheme shows the premium Singapore places on racial harmony

The figure is consistent with recent data from the Ministry of National Development, and Mr Lee used this to illustrate why the EIP is necessary to prevent the formation of racial enclaves.

But homeowners might experience a different aspect of the policy: After the EIP quota is reached, homeowners can only sell their flat to another member of the same race, which tends to create difficulties for minority sellers.

Specifically, housing resale prices in Chinese-constrained areas, such as Bishan, are usually more expensive. Minority sellers in these neighbourhoods tend to take a longer time, at least a year longer for some sellers, to find another minority buyer willing to meet the higher evaluation price. This commonly results in a significantly lower resale price, sometimes more than S$50,000, and is a source of frustration for non-Chinese sellers, to say the least. 

Sellers in such circumstances had previously been supported by giving them more time to sell their flat or waiving the EIP limits in exceptional circumstances.

This new buyback scheme is a significant move to smoothen some of the EIP’s rough edges, but it remains to be seen how implementation will be. The Government will offer a “fair price” after sellers demonstrate a concerted effort over a period to sell the flat at a “reasonable asking price”. For a start, the buyback sum and the assessment of the seller’s resale attempts may be contested, as it may not necessarily be based on the valuation price or reach complete parity with other home resale transactions.

Importantly, the scheme will not eliminate the innate propensity for racial or class segregation. Even with the buyback scheme in place, neighbourhoods that draw homebuyers from specific racial or income groups will continue to attract these buyers for the same reasons, such as the desire to live near to one’s relatives or to live within proximal range of certain primary schools for enrolment advantage.  .

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Tata Housing plans Rs 1,200 crore investment for premium housing

Tata Housing plans Rs 1,200 crore investment for premium housing

Tata group’s real estate arm Tata Housing plans to invest around Rs 1,200 crore over the next two years to acquire land outright and through joint ventures across major cities to develop group housing projects as well as for plotted development, which has gained traction amid the COVID pandemic.

In an interview with PTI, Tata Realty and Infrastructure CEO & MD Sanjay Dutt noted that the demand for plots has increased significantly during the pandemic and highlighted that the company has sold all 157 plots in Bengaluru for Rs 130 crore.

Tata Housing Development Company Ltd and Tata Realty and Infrastructure Ltd are 100 per cent subsidiaries of Tata Sons.

Tata Housing has recently launched a project ‘Swaram’ at Devanahalli in Bengaluru, Dutt said, adding that the plots were sold out within 36 hours of its launch. “We sold all 157 plots for Rs 130 crore,” he said.

The project is a part of Tata Housing’s 140 acre township ‘Carnatica’ developed by One Bangalore Luxury Projects LLP, a joint venture between Tata Housing Development Company Ltd and M S Ramaiah Realty LLP.

This is the second plotted development project of the company after Crescent Enclave in Chennai.

Buoyed by the success of its plotted development projects, Dutta said: “We are now looking to launch plots across all major cities like Delhi-NCR, Mumbai, Bengaluru, Pune and Kolkata.””We are planning to invest Rs 1,200 crore over the next 12-24 months to acquire lands for premium residential spaces along with plotted development,” he said.

The company is open to go for outright acquisition of land parcels as well as forming joint development agreements (JDAs) with land owners. It is exploring land banks ranging from 12 acres to 200 acres.

Tata Realty is aggressively focusing on large-scale developments in both commercial and residential segments.

A land parcel of 20 acres near Sohna Road, Gurugram, Haryana has also been earmarked for plotted development. Tata Realty is targeting 20-30 per cent revenue from plotted developments by FY 2023-2024.

Elaborating on the new Bengaluru project, Dutt said: “Driven by Innovation, we have been sprinting towards creating properties that offer greater value to the evolving needs of new-age home buyers. Carnatica is one of our biggest projects in Bengaluru that will redefine the millennial home buyer’s demand in the region.”

The 140-acre site will house residential complexes, commercial institutions, parks, green spaces, clubhouses, and other amenities.

Tata Realty has developed around 16.8 million square feet of commercial projects and has around 12 million square feet of projects under development and planning.

Tata group is one of India’s largest conglomerates, with annual revenue of over USD 100 billion, and 107 operating companies in seven business sectors, employing over 750,000 people worldwide.(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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