Affordable Housing Segment has High Expectation from the GOVT

Published: June 12, 2009

After the President of India, Dr Pratibha Patil, mentioned affordable housing in her joint Parliamentary address a week ago, real estate sector has high expectations that this segment will get a leg-up in the Budget. Housing Min may get Rs 5000-10000 cr in Budget. Kumar Gera of Gera Developers and President of realty body Confederation of Real Estate Developers Association of India (Credai) and Brotin Banerjee, MD and CEO of Tata Housing, talk about how real estate developers are expected to benefit ahead.

Gera said if the government’s intention was to boost affordable housing, “Our wish-list would be multi-fold as to what steps the government should take, and that is what we have been representing to the government.” Banerjee said the government should provide incentives for developers to focus on low-cost housing and also make it easy for end-users to buy property. “The government should bring out schemes that would help in maybe subsidising stamp duty and registration fees for the end-user, for the customers at the bottom of the pyramid,” he said. “

“As far as developers are concerned, the government should help promote or incentivise developers to focus on low-cost housing,” Banerjee said. “For example, you have a large number of development charges that are involved that could be waived off in order to promote developers to get a decent margin going. The other way could be in looking at stamp duty registration charges for land. The third and very important way that could rapidly be scaled up is the public-private partnership (PPP) format where you can work with governments to do it.”

Source: Indian Realty News

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