By Accommodation Times Bureau
While government incentivised affordable housing, flood of such projects are announced in the market. In all 42 crore sq ft (420 m) housing stock are in offreng. Mumbai’s Metropolitan Region once started giving FSI as 4 for rental housing and new Township Policy of Government of Maharashtra gave enough incentives for such projects, huge supply of such units are ready for occupation.
Lodha’s Palava alone has been constructed as a new city of its own. Such huge townships are under construction in MMR and Extended suburbs like Panvel and Dhanu. After Union Budget 2017, while government opened the gate for affordable housing, Pradhan Mantri Awas Yojana (PMAY) have given funds incentives to developers. Under Section 80 IB-a, entire profit also expempted. There shall be no service tax and VAT, now no GST on such projects with some conditions. Housing For All by 2022, a vision by Prime Minister Narendra Modi, it seems, getting great momentum across the nation.
Not only Mumbai, almost all metros in India are flooded with such projects. Many of the projects are almost ready to occupy. Recently, Confederation of Real Estate Developers Association of India CREDAI declared that its members are going to declare 255 such affordable housing projects in India.