Some developers believe in the age when everybody is constantly looking forward to upgrade, luxury residences should not be seen just in the premium super category. As a matter of fact, Purvankara has successfully initiated the concept of luxury affordable as well. According to him there is no dearth of buyers; rather the challenge is for the developers to execute a luxe living.
In view of the ever increasing housing shortage in cities and towns, the Union Ministry for Housing & Poverty Alleviation has decided to set up a high-level committee to recommend policy interventions to facilitate creation of rental housing stocks to cater to those who cannot afford to buy houses. The decision comes after several rounds of representation by the industry bodies, CREDAI & NAREDCO.
The government has formed a committee to evolve a workable strategy for reducing the time taken in approval of real estate projects which could ultimately reduce the cost of houses by 25 to 40 per cent, minister of housing and urban poverty alleviation Kumari Selja said on Friday, May 11.
CREDAI has stressed the importance of a devising a new scheme like tax holiday to generate stock under affordable housing category. It demands that all projects with tenements below 80 sq meter in Mumbai and Delhi, and 1000 sq meter in other cities, could be exempted from taxes.
Industry body NAREDCO admits that a lot is needed by the Finance Minister rather than just the tax exemption, which again was needed keeping in view the housing shortage which is one of the biggest challenge for the government of the day.
What Government can look at is to increase the demand and continue interest reduction in housing or enhance the deduction limit. Government can also provide special tax incentives for budget housing.
The ever-increasing housing needs in urban centers have caused home prices to shoot up to extremely unaffordable levels.
RICS launched a revolutionary concrete panel based mass housing concept – known as ‘India Concept House (ICH)’ in partnership with Sam Circle Venture and its partners, KieranTimberlake and ProjectWell.
The Malaysia’s Selangor State Development Corporation (PKNS) has forayed into India’s real estate sector and is close to concluding a deal with a leading developer to build affordable houses in Mumbai.
The Carlyle Group on Thursday, August 25, said it has invested $26 million in Value & Budget Housing Corporation, the Bangalore-based low-cost housing developer promoted by former Mphasis Chairman Jaithirth Rao.