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Indian Express
15 hours ago
- Business
- Indian Express
State releases Housing Policy 2025, targets to build 50 lakh houses in 10 years
In a bid to pursue its vision of 'My House, My Right' by 2030, the state government on Wednesday released a resolution on the Housing Policy 2025, for the implementation of which the government is expecting an investment of Rs 70,000 crore. According to the policy, the government proposes to carry out a comprehensive programme for slum rehabilitation and redevelopment. The specific needs of low-income earners, senior citizens, women, industrial workers and students will be given priority consideration in the policy. As part of the policy, the government proposes to construct 35 lakh houses in five years. Further, the government plans to increase the size of MahaAwas Fund to Rs 20,000 crore. 'The ultimate target is to build 50 lakh houses in the next 10 years…To achieve this ambitious target, existing provisions under the Development Control and Promotion Regulations/Unified Development Control and Promotion Regulations and relevant institutional frameworks will be strengthened and modified as needed. Additionally, active participation from the private sector will be promoted through a range of incentive-based measures,' the policy said. 'The state level portal will soon be developed for providing information on housing development through government private sector partnership, through developers and also through state-run undertakings,' it said. The policy, which focuses on housing for all, aims to be a slum-free state by laying emphasis on economically weaker sections (EWS), lower income group (LIG) and middle income group (MIG) segments of the policy. The policy proposes affordable housing initiatives, redevelopment of old buildings to improve living conditions, optimization of land use and transformation of slums through public-private partnerships. It promotes inclusive housing by capturing resources created by the private market, integrated townships that offer affordable housing with essential services, and industrial workers' housing to ensure proximity to workplaces. Affordable housing has been given infrastructure status. This enables the developers to avail external commercial borrowing (ECB) and foreign direct investment (FDI) for their projects. It is also a sector eligible for priority sector lending (PSL) from banks and HFCs. On the concept of Walk to Work, around 10 per cent to 30 per cent land will be reserved for housing in MIDC (Maharashtra Industrial Development Corporation) areas. Such land should be handed over to the appropriate authority at the applicable acquisition price, so that authority can create adequate housing stock in such areas. The authority can also partner with the private industries to provide housing for industrial workers in a public-private partnership model. The policy proposes to reserve 10per cent to 15per cent of the land suitable for housing projects adjacent to the ambitious infrastructure projects (such as Samruddhi highway, Delhi Mumbai Industrial Corridor). The policy focuses on green building initiatives to promote sustainable development through eco-friendly practices and certifications. To ensure inclusive development, the policy also attempts to address affordable housing for other vulnerable groups such as senior citizens, working women, students, project affected persons (PAPs) and migrant workers. Amid burgeoning challenges due to climate change, the policy advocates construction of resilient housing towards climate change mitigation and adaptation. The policy proposes a slew of incentives including single window clearance, 1 per cent GST, floor space index (FSI) up to 2.5 per cent, commercial use permitted up to 10 per cent of utilised FSI, concession in development changes, waiver of registration and stamp duty charges to the operators, reduced property tax for the first 10 years of operation and 100% deduction on the profit of operating student housing. In case of slum rehabilitation schemes on public land, the slum rehabilitation schemes can be implemented in a joint venture by setting up a special purpose vehicle (SPV) and adopting the Dharavi model of 20:80. For this purpose, the initiative will require the Slum Rehabilitation Authority (SRA) to set up a special purpose company, in which the SRA should hold a 20 per cent stake with voting rights.
Time of India
16-07-2025
- Business
- Time of India
NHB goes public with refinance list to curb misuse
Mumbai: For the first time, the National Housing Bank (NHB) has publicly disclosed the list of beneficiaries under its refinance scheme in a bid to enhance transparency and prevent the misuse of its name by lending institutions. The decision comes after it was discovered that fraud-hit Aviom India Housing Finance had been allegedly using outdated NHB refinance sanction letters, some as old as three to four years, to secure loans from banks. Explore courses from Top Institutes in Select a Course Category healthcare Operations Management Project Management Data Science Artificial Intelligence Finance Others Design Thinking Leadership Degree MBA Management Cybersecurity Healthcare CXO others Product Management Digital Marketing Data Science Public Policy Technology MCA Data Analytics PGDM Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details "The NHB wants to ensure that incidents like Aviom are not repeated. By making its refinance list public, it aims to prevent unscrupulous entities from misusing its name to secure loans from other financial institutions," said the CEO of a housing finance company. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Why Seniors Are Snapping Up This TV Box, We Explain! Techno Mag Learn More Undo The NHB has now released the names of nearly 50 housing finance companies (HFCs) that received refinance assistance in FY25. The list includes prominent players such as LIC Housing Finance , PNB Housing Finance , Can Fin Homes , and Aadhar Housing Finance , among others. Live Events By making this data public, the regulator aims to enable lenders and market participants to independently verify refinance claims and prevent potential misuse of NHB's credentials in raising funds. Aviom India Housing Finance is currently under investigation by NHB for allegedly misusing refinance funds and diverting them into fraudulent mutual fund investments. The company's practices triggered regulatory concern about the broader risks of opaque refinancing disclosures in the sector. NHB plays a critical role in the mortgage ecosystem by offering refinance facilities to HFCs against the housing loans they extend, particularly in the affordable housing segment. This refinancing enables housing finance companies to access low-cost, long-term funds, which can then be passed on to homebuyers in the form of more affordable interest rates. Industry sources told ET that under its new leadership, NHB has also reformed the refinance disbursal process to ensure a more equitable distribution of funds across the sector. "Earlier, a sizeable chunk of refinance was cornered by a few large HFCs. But the new NHB leadership has implemented an internal formula that ensures all notable HFCs receive access to low-cost funds based on the size and growth of their business," said the CEO at another housing finance company. NHB's refinance assistance remains a vital source of long-term liquidity for the housing finance sector.
The Star
11-07-2025
- Science
- The Star
In Indonesia, a start-up captures coolants to stop global warming
JAKARTA (AFP): In the basement of a Jakarta housing complex, surrounded by the silver piping of the air-conditioning system, Indonesian technician Ari Sobaruddin is doing his part to tackle climate change. Ari and his colleagues will spend 12 hours capturing AC refrigerant to stop this "super-pollutant" -- thousands of times more potent than carbon dioxide -- from leaking into the atmosphere. It is plodding, sweaty work, but Ari, a member of climate startup Recoolit, does not mind. "I love it because it's about preserving nature, saving nature," the 30-year-old technician told AFP. Recoolit began working in Indonesia in 2021 to tackle what it considers an often-overlooked contributor to climate change: refrigerants. These gases found in air-conditioners, fridges and cars are an old environmental problem. In the 1970s, research showed refrigerants called chlorofluorocarbons (CFCs) were destroying the ozone layer. Countries agreed to phase them out under a deal that came into force in 1989. While their replacements, particularly hydrofluorocarbons (HFCs), are less harmful to the ozone layer, they still have major climate-warming properties. "And those are in AC units, in the form of refrigerant banks... everywhere in developing countries right now," said Recoolit's head of operations Yosaka Eka Putranta. - 'Growing problem' - There are international agreements to phase out HFCs too, but, particularly in developing countries, they will be in use for decades yet. Demand is increasing as climate change fuels record temperatures and expanding middle classes seek cooling and refrigeration. "It is a growing problem because we need our indoor environments to be more resilient to climate change," said Robyn Schofield, associate professor of atmospheric chemistry at the University of Melbourne. HFCs are expected to account for between 7 and 19 percent of greenhouse gas emissions by 2050, according to the United Nations. The risk comes during maintenance or disposal, when refrigerants like the HFC Ari is capturing can be released accidentally or on purpose. In Indonesia, as in most countries, this venting is illegal, but enforcement is limited. "It's odourless, we cannot trace it. (Capturing) it takes so much resources. The machine, the people," said Recoolit's senior business development manager Erik Cahyanta. "So some people just release it." Recoolit trains, equips and incentivises technicians to capture refrigerant so it can be destroyed. Technicians get 50,000 rupiah ($3) per kilogram of recovered refrigerant, which Recoolit sends to a government-approved cement kiln or municipal incinerator to be destroyed. While refrigerant can be recycled or reused, Recoolit argues this is imperfect. "Who's going to guarantee that when the refrigerants are injected again... they are going to stay there without another venting?" said Yosaka. - Big tech interest - Recoolit sells carbon credits based on the amount of refrigerant it destroys, priced at $75 a unit. Carbon credits have faced criticism in recent years, and Benja Faecks of Carbon Market Watch warned that "offsetting" can give the impression "that emissions can simply be erased through financial transactions". This allows "polluters to claim 'carbon neutrality' or 'negating ongoing emissions' without actually reducing their own emissions," she told AFP. Recoolit argues its carbon credits are robust because it measurably destroys a climate-warming gas. While many carbon credits are sold on exchanges with third-party verification, Recoolit sells directly to buyers and uses a credit methodology developed by the Carbon Containment Lab, a nonprofit spun out from Yale University. Yosaka said canisters are sampled, and analysis is then done by the region's only qualified lab, in Malaysia, to confirm the contents are refrigerants. Destruction facilities pass a "trial burn test" confirming they can break down refrigerants. Recoolit also pays less than the market price for coolants to avoid creating a market for new refrigerants. Refrigerant destruction remains a relatively small part of the carbon market. Existing players include US-based Tradewater, which grew out of California's state-level emissions caps and has worked in Latin America and Africa. But Recoolit has attracted attention from one of the market's biggest corporate players: Google. Earlier this year, the tech giant announced a partnership with Recoolit and a second company to prevent emissions equivalent to one million tons of carbon dioxide. Google says it wants to help Recoolit scale up operations and expand outside Indonesia. Some critics say refrigerant capture should simply be enforced by government policy, but Recoolit argues it is filling a real-world gap unlikely to be addressed otherwise. And Schofield said the need for refrigerant capture is significant. "As a climate action... it's a very good one," she said. "I wish we had more of it." - AFP
The Hindu
11-07-2025
- Science
- The Hindu
In Indonesia, a start-up captures coolants to stop global warming
In the basement of a Jakarta housing complex, surrounded by the silver piping of the air-conditioning system, Indonesian technician Ari Sobaruddin is doing his part to tackle climate change. Mr. Ari and his colleagues will spend 12 hours capturing AC refrigerant to stop this "super-pollutant" — thousands of times more potent than carbon dioxide — from leaking into the atmosphere. It is plodding, sweaty work, but Mr. Ari, a member of climate startup Recoolit, does not mind. "I love it because it's about preserving nature, saving nature," the 30-year-old technician told AFP. Recoolit began working in Indonesia in 2021 to tackle what it considers an often-overlooked contributor to climate change: refrigerants. These gases found in air-conditioners, fridges and cars are an old environmental problem. In the 1970s, research showed refrigerants called chlorofluorocarbons (CFCs) were destroying the ozone layer. Countries agreed to phase them out under a deal that came into force in 1989. While their replacements, particularly hydrofluorocarbons (HFCs), are less harmful to the ozone layer, they still have major climate-warming properties. "And those are in AC units, in the form of refrigerant banks... everywhere in developing countries right now," said Recoolit's head of operations Yosaka Eka Putranta. 'Growing problem' There are international agreements to phase out HFCs too, but, particularly in developing countries, they will be in use for decades yet. Demand is increasing as climate change fuels record temperatures and expanding middle classes seek cooling and refrigeration. "It is a growing problem because we need our indoor environments to be more resilient to climate change," said Robyn Schofield, associate professor of atmospheric chemistry at the University of Melbourne. HFCs are expected to account for between 7 and 19% of greenhouse gas emissions by 2050, according to the United Nations. The risk comes during maintenance or disposal, when refrigerants like the HFC Ari is capturing can be released accidentally or on purpose. In Indonesia, as in most countries, this venting is illegal, but enforcement is limited. "It's odourless, we cannot trace it. [Capturing] it takes so much resources. The machine, the people," said Recoolit's senior business development manager Erik Cahyanta. "So some people just release it." Recoolit trains, equips and incentivises technicians to capture refrigerant so it can be destroyed. Technicians get 50,000 rupiah ($3) per kilogram of recovered refrigerant, which Recoolit sends to a government-approved cement kiln or municipal incinerator to be destroyed. While refrigerant can be recycled or reused, Recoolit argues this is imperfect. "Who's going to guarantee that when the refrigerants are injected again... they are going to stay there without another venting?" said Yosaka. Big tech interest Recoolit sells carbon credits based on the amount of refrigerant it destroys, priced at $75 a unit. Carbon credits have faced criticism in recent years, and Benja Faecks of Carbon Market Watch warned that "offsetting" can give the impression "that emissions can simply be erased through financial transactions". This allows "polluters to claim 'carbon neutrality' or 'negating ongoing emissions' without actually reducing their own emissions," she told AFP. Recoolit argues its carbon credits are robust because it measurably destroys a climate-warming gas. While many carbon credits are sold on exchanges with third-party verification, Recoolit sells directly to buyers and uses a credit methodology developed by the Carbon Containment Lab, a nonprofit spun out from Yale University. Yosaka said canisters are sampled, and analysis is then done by the region's only qualified lab, in Malaysia, to confirm the contents are refrigerants. Destruction facilities pass a "trial burn test" confirming they can break down refrigerants. Recoolit also pays less than the market price for coolants to avoid creating a market for new refrigerants. Refrigerant destruction remains a relatively small part of the carbon market. Existing players include U.S.-based Tradewater, which grew out of California's state-level emissions caps and has worked in Latin America and Africa. But Recoolit has attracted attention from one of the market's biggest corporate players: Google. Earlier this year, the tech giant announced a partnership with Recoolit and a second company to prevent emissions equivalent to one million tons of carbon dioxide. Google says it wants to help Recoolit scale up operations and expand outside Indonesia. Some critics say refrigerant capture should simply be enforced by government policy, but Recoolit argues it is filling a real-world gap unlikely to be addressed otherwise. And Schofield said the need for refrigerant capture is significant. "As a climate action... it's a very good one," she said. "I wish we had more of it."
Int'l Business Times
10-07-2025
- Science
- Int'l Business Times
In Indonesia, A Start-up Captures Coolants To Stop Global Warming
In the basement of a Jakarta housing complex, surrounded by the silver piping of the air-conditioning system, Indonesian technician Ari Sobaruddin is doing his part to tackle climate change. Ari and his colleagues will spend 12 hours capturing AC refrigerant to stop this "super-pollutant" -- thousands of times more potent than carbon dioxide -- from leaking into the atmosphere. It is plodding, sweaty work, but Ari, a member of climate startup Recoolit, does not mind. "I love it because it's about preserving nature, saving nature," the 30-year-old technician told AFP. Recoolit began working in Indonesia in 2021 to tackle what it considers an often-overlooked contributor to climate change: refrigerants. These gases found in air-conditioners, fridges and cars are an old environmental problem. In the 1970s, research showed refrigerants called chlorofluorocarbons (CFCs) were destroying the ozone layer. Countries agreed to phase them out under a deal that came into force in 1989. While their replacements, particularly hydrofluorocarbons (HFCs), are less harmful to the ozone layer, they still have major climate-warming properties. "And those are in AC units, in the form of refrigerant banks... everywhere in developing countries right now," said Recoolit's head of operations Yosaka Eka Putranta. There are international agreements to phase out HFCs too, but, particularly in developing countries, they will be in use for decades yet. Demand is increasing as climate change fuels record temperatures and expanding middle classes seek cooling and refrigeration. "It is a growing problem because we need our indoor environments to be more resilient to climate change," said Robyn Schofield, associate professor of atmospheric chemistry at the University of Melbourne. HFCs are expected to account for between 7 and 19 percent of greenhouse gas emissions by 2050, according to the United Nations. The risk comes during maintenance or disposal, when refrigerants like the HFC Ari is capturing can be released accidentally or on purpose. In Indonesia, as in most countries, this venting is illegal, but enforcement is limited. "It's odourless, we cannot trace it. (Capturing) it takes so much resources. The machine, the people," said Recoolit's senior business development manager Erik Cahyanta. "So some people just release it." Recoolit trains, equips and incentivises technicians to capture refrigerant so it can be destroyed. Technicians get 50,000 rupiah ($3) per kilogram of recovered refrigerant, which Recoolit sends to a government-approved cement kiln or municipal incinerator to be destroyed. While refrigerant can be recycled or reused, Recoolit argues this is imperfect. "Who's going to guarantee that when the refrigerants are injected again... they are going to stay there without another venting?" said Yosaka. Recoolit sells carbon credits based on the amount of refrigerant it destroys, priced at $75 a unit. Carbon credits have faced criticism in recent years, and Benja Faecks of Carbon Market Watch warned that "offsetting" can give the impression "that emissions can simply be erased through financial transactions". This allows "polluters to claim 'carbon neutrality' or 'negating ongoing emissions' without actually reducing their own emissions," she told AFP. Recoolit argues its carbon credits are robust because it measurably destroys a climate-warming gas. While many carbon credits are sold on exchanges with third-party verification, Recoolit sells directly to buyers and uses a credit methodology developed by the Carbon Containment Lab, a nonprofit spun out from Yale University. Yosaka said canisters are sampled, and analysis is then done by the region's only qualified lab, in Malaysia, to confirm the contents are refrigerants. Destruction facilities pass a "trial burn test" confirming they can break down refrigerants. Recoolit also pays less than the market price for coolants to avoid creating a market for new refrigerants. Refrigerant destruction remains a relatively small part of the carbon market. Existing players include US-based Tradewater, which grew out of California's state-level emissions caps and has worked in Latin America and Africa. But Recoolit has attracted attention from one of the market's biggest corporate players: Google. Earlier this year, the tech giant announced a partnership with Recoolit and a second company to prevent emissions equivalent to one million tons of carbon dioxide. Google says it wants to help Recoolit scale up operations and expand outside Indonesia. Some critics say refrigerant capture should simply be enforced by government policy, but Recoolit argues it is filling a real-world gap unlikely to be addressed otherwise. And Schofield said the need for refrigerant capture is significant. "As a climate action... it's a very good one," she said. "I wish we had more of it." Technicians get 50,000 rupiah ($3) per kilogram of recovered refrigerant AFP Demand is increasing as climate change fuels record temperatures and expanding middle classes seek cooling and refrigeration AFP The effects of hydrofluorocarbons (HFCs) and the efforts to safely store them after use AFP
