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Mission affordable

Posted by BrickAcres on March 19, 2016
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According to the latest official Economic Survey there is a
shortage of nearly 20 million homes in India and a larger portion
of this demand is for affordable homes.

“The Union Budget 2016-2017 has played a major role in catalysing
the growth for affordable housing. This is one segment where we
foresee more action in FY 2017, given the inherent demand and the
Government’s boost to incentivise it”, said Anurag Jhanwar, Head
— Data insights and consulting head, PropTiger.Affordable housing
has become the latest buzzword in the real estate sector after a
slew of policy announcements made in Budget. From the benefits
extending from 100 per cent deduction of profits, service tax
exemptions to builders for undertaking affordable housing
projects, to providing incentives for the first- time buyers,
this segment has been given a strong favourable thrust this year.

One of the main reasons is the reluctance on the part of private
developers to get into this segment, basically because of low
returns. Besides this the long wait for approvals, limited and
expensive capital, high cost of land and construction material
and a host of taxes also made low-cost housing an unattractive
proposition. But with the government taking steps to give a boost
to this segment in its mission to achieve Housing For All
by 2022,developers all over the country are sitting up and taking
note. “The developers had shifted their interest from this
segment as there were no profits that they were getting and tax
deduction will significantly benefit and encourage them in
building low cost homes”, Sam Chopra, Founder & Chairman, RE/MAX
India said.

“One major change that one can expect now is that affordable will
no longer be associated with poor quality and poorly designed
habitations”, says Chopra, while pointing out that the reputed
developers do not compromise on quality. “Our endeavour is to
provide quality products to our customers at an affordable price,”
says Brotin Banerjee, of Tata Housing. The group’s upcoming project
in Bahadurgarh is equipped with a club house of over 20,000 sqft
with a fully equipped gymnasium, swimming pool, an indoor badminton
court, games room & a meditation room.

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