A government panel on Goods and Services Tax (GST) for real estate has proposed a significant increase in the affordable housing limit to ₹56 lakh across the country. This recommendation could have far-reaching implications for the real estate sector and
GstAffordable HousingReal EstateHomebuyersEconomic GrowthReal EstateOct 25, 2024
The current limit for affordable housing in India is ₹45 lakh in Tier-I and Tier-II cities, and ₹30 lakh in other areas.
The proposed increase in the affordable housing limit is to ₹56 lakh nationwide.
The increase in the limit will make more homes qualify as affordable, allowing homebuyers to benefit from tax incentives such as the 5% GST rate and other benefits, making homeownership more accessible.
The potential challenges include uniform implementation across all states and union territories, ensuring quality and safety standards for affordable homes, and focusing on making housing truly affordable for all income groups.
The goal of the government's affordable housing initiative is to ensure that more people have access to decent living conditions and to achieve the target of 'Housing for All by 2022'.
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