Pradhan Mantri Awas Yojana: The developers of luxury real estate have started participating in Pradhan Mantri Awas Yojana and affordable housing projects and schemes seriously as the segment is getting traction from budget sops.
According to the statement of a group, the developers of luxury real estate was keen in foraying into PMAY housing.
The chairman of Bagaria Group said that “We have identified a land in North 24 Parganas and we will commence with the work after elections in the state. Housing demand for affordable and dwelling unit upto 660sq ft segment is set to jump with budget proposals.
Unimark Group, a city-based developer has also firmed two housing schemes under PM Awas Yojana.
Earlier, Shapoorji Pallonji Group had also announced an affordable housing project in Howrah to promote affordable housing. The new project is named as Joyville.
Developers body CREDAI said the budget proposal to raise the exemption limit of income tax from Rs 1.5 lakh to Rs 2 lakh for buyers who have invested in a unit costing upto Rs 50 lakh and availed a housing loan of upto Rs 30 lakh, which is likely to boost demand for affordable houses.
Sushil Mohta president of Bengal CREDAI said that exemption of income tax payment by developers for housing units measuring up to 30 sq m in metropolitan areas and up to 60 sq m in non-metropolitan shall result in creation of more housing stock in the affordable segment.
Total housing shortage envisaged to be addressed through the new mission is 20 million and will be implemented during 2015-2022 providing central assistance.