The real estate sector is waiting for the Modi government to take effective steps to boost the affordable housing segment, which has seen a significant downturn since 2021.
Affordable HousingModi GovernmentReal EstateCredai MchiPradhan Mantri Awas YojanaReal Estate MumbaiJun 26, 2024
The affordable housing segment has seen a significant downturn since 2021, with its share in the overall supply plummeting to 18% in Q1 2024 from nearly 40% in 2019.
Measures such as tax breaks, reintroducing the 100% tax holiday for affordable housing developers, and reviving the Credit-Linked Subsidy Scheme are needed to revitalize the segment.
According to the Ministry of Housing and Urban Poverty Alleviation, affordable housing is defined by property size, price, and buyers' income, with a maximum carpet area of 90 square meters in non-metropolitan cities and 60sqm in major cities, priced up to Rs 4.5 million.
The current price caps of Rs 4.5 million are not viable in many cities, and the threshold should be increased to allow more homes to qualify as affordable.
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