Reviving Affordable Housing in India: Real Estate Sector's Plea to the Government
The real estate sector is seeking special schemes, tax breaks, and subsidies to revive the affordable housing segment in India, which has been struggling since the Covid-19 outbreak.
Affordable HousingReal EstateBudget 2024IndiaHousing SectorReal Estate NewsJun 28, 2024
According to data from real estate consultancy Anarock, the sales share of affordable housing in India reduced significantly from over 38% in 2019 to 20% this year. The share of affordable homes in the overall supply also fell to 18% this year, from nearly 40% in 2019.
Industry experts say that the definition of affordable homes needs to be redefined. The current limit of 90 square meters and Rs 45 lakh in terms of space and pricing, respectively, is not viable in many cities. They suggest increasing the pricing of homes within the affordable housing budget, taking into consideration city-specific market dynamics.
The government is also being urged to introduce interest subsidy programs, grant industry status to the sector, and raise tax exemption limits on home loan repayments. Additionally, some executives suggest that the state governments should be motivated to reduce stamp duty on affordable housing to make these homes more accessible.
The revival of the affordable housing segment is crucial for India, where millions of people are in need of decent housing. The government's support in this regard can go a long way in achieving the goal of 'Housing for All' by 2024.
Information
Anarock Group is a leading real estate consultancy firm in India. Gaurs Group and Satellite Developers Private Limited (SDPL) are prominent real estate developers in the country. Housing.com and PropTiger.com are leading online real estate platforms.
Anarock Group is a leading real estate consultancy firm in India, providing research-driven insights and advisory services to the real estate sector. Gaurs Group is a reputed real estate developer with a strong presence in the National Capital Region. Satellite Developers Private Limited (SDPL) is a leading real estate developer in Mumbai. Housing.com and PropTiger.com are leading online real estate platforms, providing comprehensive solutions to homebuyers and sellers.
Frequently Asked Questions
What is the current state of the affordable housing segment in India?
The affordable housing segment in India has been struggling since the Covid-19 outbreak, with the sales share reducing from 38% in 2019 to 20% this year.
What are the industry experts seeking from the government to revive the affordable housing segment?
Industry experts are seeking special schemes, tax breaks, and subsidies from the government to encourage developers to focus on affordable housing and to improve affordability for buyers.
What is the definition of affordable housing in India?
Affordable housing in India is defined based on property size, price, and buyers' income, with a carpet area up to 90 square meters and priced up to Rs 45 lakh.
What are the other demands of the real estate sector from the government?
The real estate sector is also seeking industry status, raising tax exemption limits on home loan repayments, and introducing interest subsidy programs to encourage homebuyers.
Why is the revival of the affordable housing segment crucial for India?
The revival of the affordable housing segment is crucial for India, where millions of people are in need of decent housing, and the government's support can go a long way in achieving the goal of 'Housing for All' by 2024.
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