2 weeks ago
NAREDCO Seeks Reforms for Affordable Housing in Tier-2, Tier-3 Cities
A group called NAREDCO, which represents builders, met with government housing officials in New Delhi.
They want to make it easier to build and buy affordable homes in smaller cities like Nashik.
They say land and construction costs have gone up a lot.
So they asked the government to let homes cost more and still be called affordable.
They also asked for a discount on the tax people pay when they buy a home.
They want builders to pay less for certain building rights.
And they want old tax benefits for builders to come back again.
The officials said they would think about these ideas.
If accepted, these changes could help more people buy homes.
NAREDCO Nashik presented affordable housing policy recommendations at a national consultation organised by the Union Ministry of Housing and Urban Affairs in New Delhi on August 11.
The organisation proposes raising the affordable housing price ceiling from ₹45 lakh to ₹75 lakh due to rising land and construction costs.
NAREDCO recommends a 50% concession in stamp duty on registration of affordable homes to ease the burden on first-time homebuyers.
It also seeks full or special concessions on Premium FSI and TDR charges and the reintroduction of tax benefits under Section 80-IBA of the Income Tax Act.
NITI Aayog member Rajiv Gauba and MoHUA Joint Secretary Kuldeep Narayan responded positively and assured the delegation the suggestions would be considered seriously.
- Who
- NAREDCO Nashik president Shantanu Deshpande and honorary secretary Bhavik Thakkar, who met NITI Aayog member Rajiv Gauba and MoHUA Joint Secretary Kuldeep Narayan.
- What
- Presented a memorandum of policy reforms to improve the viability of affordable housing and increase private-sector participation in Tier-2 and Tier-3 cities.
- Where
- Vigyan Bhavan, New Delhi
- When
- August 11
- Why
- Rapid urbanisation, sharply rising land and construction costs, and growing housing demand are making affordable housing projects financially difficult.
Key facts
- Organisation
- NAREDCO Nashik
- Meeting organised by
- Union Ministry of Housing and Urban Affairs (MoHUA)
- Date
- August 11
- Venue
- Vigyan Bhavan, New Delhi
- Proposed price ceiling
- Increase from ₹45 lakh to ₹75 lakh
- Proposed stamp duty concession
- 50% on registration of affordable homes
- Tax incentive sought
- Reintroduction of Section 80-IBA benefits under the Income Tax Act
- FSI/TDR proposal
- Full or special concessions on Premium FSI and TDR charges for affordable housing projects
Sources
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