Building Affordable Housing: Expert Insights for Union Budget 2024
Strengthening RERA and digital platforms can foster trust and transparency in property transactions, while reinstating PMAY CLSS can make housing more affordable for EWS and LIG sectors.
Union Budget 2024Affordable HousingReal EstateReraPmay ClssReal EstateJul 18, 2024
Manish Jaiswal, Managing Director and CEO at Grihum Housing Finance Limited, suggests adjusting the current definitions of EWS and LIG for inflation, raising the EWS limit to Rs 4.8 lakhs and the LIG limit to Rs 9.2 lakhs per annum. He also recommends increasing the housing size to 60 square meters for EWS and 90 square meters for LIG.
Additionally, waiving stamp duty for first-time buyers could provide a considerable boost to the industry. The Beneficiary Led Construction (BLC) scheme administration needs a complete overhaul, and integrating PMAY with the PM Surya Ghar Yojna can complement the Green GDP initiative.
Aditya Kushwaha, CEO and Director at Axis Ecorp, emphasizes the need for transparency in the real estate sector through strengthened RERA and digital platforms. He also highlights the importance of tax rationalization for construction raw materials and reduced approval costs.
Kaushal Agarwal, Chairman of The Guardians Real Estate Advisory, is hopeful for adjustments in tax policies and incentives aimed at both homeowners and developers. He mentions that initiatives like the Credit-Linked Subsidy Scheme (CLSS) under PMAY have the potential to increase demand in both urban and rural areas.
As the Union Budget 2024 approaches, the real estate industry seeks a comprehensive strategy that not only strengthens current efforts but also provides a framework for long-term and inclusive real estate development across the country.
Information Grihum Housing Finance Limited is a leading housing finance company that provides affordable housing solutions to Indian citizens. Axis Ecorp is a real estate development company that focuses on creating sustainable and eco-friendly projects. The Guardians Real Estate Advisory is a real estate consultancy that provides expert advice to homeowners and developers.
The Pradhan Mantri Awas Yojana (PMAY) is a flagship program of the Government of India that aims to provide affordable housing to all citizens by 2022. The Real Estate (Regulation and Development) Act (RERA) is a legislation that aims to regulate the real estate sector and protect the interests of homebuyers.
Frequently Asked Questions
What is the Pradhan Mantri Awas Yojana (PMAY)?
The Pradhan Mantri Awas Yojana (PMAY) is a flagship program of the Government of India that aims to provide affordable housing to all citizens by 2022.
What is the Credit Linked Subsidy Scheme (CLSS)?
The Credit Linked Subsidy Scheme (CLSS) is a component of the PMAY that provides interest subsidies to eligible beneficiaries.
What is the Real Estate (Regulation and Development) Act (RERA)?
The Real Estate (Regulation and Development) Act (RERA) is a legislation that aims to regulate the real estate sector and protect the interests of homebuyers.
How can the government make housing more affordable?
The government can make housing more affordable by reinstating the PMAY CLSS, adjusting the definitions of EWS and LIG for inflation, and providing incentives to homeowners and developers.
What is the significance of the Union Budget 2024 for the real estate sector?
The Union Budget 2024 presents an opportunity for the government to make housing more affordable and provide a framework for long-term and inclusive real estate development across the country.
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