3 weeks ago

NITI Aayog proposes land reforms to boost affordable housing

NITI Aayog proposes land reforms to boost affordable housing
Cheaper homes? NITI Aayog proposes no stamp duty, lower land charges for affordable housing · CNBC TV 18

A group that helps the Indian government plan for the future, called NITI Aayog, has shared ideas to make affordable homes easier to build.

They think the cost of land is one of the biggest problems, so they want to make it cheaper to use land for homes.

They also suggested not charging a special tax on affordable homes, called stamp duty.

Cities could set aside at least one-tenth of their residential land just for affordable housing.

Builders could also be allowed to build taller buildings on the same piece of land.

The plan also wants more rental homes for workers, students, and young professionals.

A big meeting about these ideas happened in New Delhi on August 11.

Government leaders, experts, and financial institutions all talked together at the meeting.

The goal is to make sure everyone can have a good, affordable place to live.

Key facts

Proposing body
NITI Aayog
Key proposals
Stamp duty exemption for affordable housing; waiver of land-use change fees
Residential land reservation
At least 10% as affordable housing zones in master plans
Floor Area Ratio (FAR)
5-6 for affordable housing projects
Event
National Conference on Affordable Housing Reforms
Date and venue
August 11, Vigyan Bhawan, New Delhi
Organizer
Ministry of Housing and Urban Affairs (MoHUA)
PMAY-U 2.0 target
1 crore additional eligible urban families

Quotes

Satendra Singh

MoHUA Secretary

“"affordable housing should be viewed not only as a social necessity but also as an engine of economic growth, employment generation and sustainable urban development."”
CNBC TV 18
“"most binding constraint"”
CNBC TV 18

Sources

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