Mehr Housing Scheme Gains Momentum |
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The government has obliged the Housing Foundation to produce and allocate 100,000 housing units to the low-income strata through Mehr Housing Scheme.
Based on the ratification, First Vice President Parviz Davoudi, ministers of housing and economy as well as the governor of Central Bank of Iran will decide on the mechanism of supplying banking facilities required for the project and specify the timeframe, Inn.ir reported.
The Housing Foundation has been assigned with the task of launching Mehr housing projects in cities with a population of less than 25,000.
Housing Ministry is also obliged to provide Bank Maskan with subsidized credits to pay for Mehr housing projects.
The Cabinet also earmarked lands that can be ceded to the Mehr scheme as follows: close to 304 hectares in Arak, Markazi province, and 100 hectares in Sari, 201 hectares in Babol and 2.6 hectares in Qaemshahr, Mazandaran province.
State Documents Registration Organization is obliged to transfer the lands for the purpose as soon as possible.
Price Decline
Over the past few months, house prices have gone down by 25 percent nationwide. The biggest factor behind the huge fall in prices has been attributed to the efficient policies put into action by the government in the housing market.
After the unprecedented boom in 2006, when house prices went up through the roof, the trend took a speedy and unprecedented downturn as of April this year. The Mehr Housing Scheme, discontinuation of purchase loans, as well as introduction of construction loans and national coding system to track down real estate deals helped bring down prices and regulate the housing market.
The biggest factor behind the recent slump, though, has been attributed to a u-turn in state policies to support house construction and cut off middleman activities in the real estate market.
Incentives
Under the Mehr Housing Scheme, real estate developers are offered free lands in return for building cheap residential units for first-time buyers on 99-year lease contracts. The government then commissioned agent banks to offer loans to real estate developers to prepare the lands and begin construction projects in an attempt to increase production and create equilibrium in the supply and demand curve.
In addition to the aforementioned policies and measures to curb house prices, the government introduced the new scheme of 'National Code' for all real estate agencies.
Under the scheme, specific codes have been given to legal real estate agencies across the nation to help the tax office and other affiliated organizations to track down their deals (purchase, sale, rent) for the purpose of supervision and taxation.
In this respect, the High Council for Housing will charge real estate brokers or those buying and selling properties several times a year between 25 and 30 percent of the property's value as tax.
The new law came into effect from November.
© Iran Daily 2008
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