India Grants Infrastructure Status to Affordable Housing

India's Minister of Housing & Urban Affairs Hardeep Singh Puri participating in 'Swacchata Hi Sewa' campaign at Sarojini Nagar Market in NDMC area on September 17, 2017.
India’s Minister of Housing & Urban Affairs Hardeep Singh Puri participating in ‘Swacchata Hi Sewa’ campaign at Sarojini Nagar Market in NDMC area on September 17, 2017.

In order to promote affordable housing, the Indian government says it has made several efforts to create enabling environment and eco-system.

Towards such an end, the government has granted infrastructure status to affordable housing which will enable these projects to avail the associated benefits such as lower borrowing rates, tax concessions, and increased flow of foreign and private capital.

The announcements were also made pertaining to the affordable housing such as profit-linked income tax deduction, relaxations on tax for vacant / unsold units for 1 year, counting of the carpet area instead of the built-up area of 30 and 60 sq.m., among others.

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This was stated by Hardeep Singh Puri, India’s Minister of State of Housing & Urban Affairs at an exclusive institutional investor event held in Delhi today.

Addressing the participants, Puri informed that additional measures, such as the Real Estate (Regulation and Development) Act, 2016 (RERA), Real Estate Investment Trusts (REITs), the Benami Transactions (Prohibition) Amendment Act 2016, higher tax breaks on home loans, the Goods and Services Tax (GST), land related reforms, optimizing development control rules, rationalizing of the stamp duty and registration charges, digitalization, etc. have also been introduced.

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The Global Housing Construction Technology Challenge (GHCTC) a global event has been initiated to attract innovative construction technologies which are adaptable, sustainable, low cost and can be used for creating Large Scale Affordable Housing at rapid pace.

Photo courtesy: Press Information Bureau

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