12 May, 2021

Beauty Of Being Small

Affordable housing awaits further boom with swifter nods across states

Illustration by R. Prasad
Beauty Of Being Small

It may have the drawback of being away from city hubs, but affordable housing has seldom suffered a setback. Unlike with premium or luxury accommodations, this segment—defined by units with carpet area of 30-60 square metres—has its demand only rising. Over the last two years, this segment has received considerable incentive, particularly from the central government, which has set a goal of ‘Housing for All’ by 2022. In line with the objective, authorities are providing low-interest funds under the Pradhan Mantri Awas Yojna (PMAY) to those seeking to acquire or build their first house.

Further, affordable housing getting infrastructure status has ushered in more tax relief for the sector. The segment is expected to receive further push in terms of access to priority (low-cost) funding from banks and other institutions. That has spurred interest from private players, points out Anshuman Magazine of CBRE. “Deve­lopers are now in a position to gain access to priority lending. Coupled with this, there is relaxation in sizes of units and tax...

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