Affordable Housing for all: A new policy by government will come soon
The Union Ministry of Housing and Urban Poverty Alleviation is in the process of finalizing the brand new affordable housing policy for residents of India.
According to sources it may take another two months to complete the process of formatting the bill.
The government had already allowed external commercial borrowing for low cost houses in India in the annual Budget.
But as the builders in India are not interested to avail the scheme because of low margins, the government is now trying to make affordable housing attractive for the developers as well.
The floor space index will be raised to compensate developers for high cost of land and also ease density norms.
The government will also build an internal committee to fast track the process of granting approvals of housing projects in a bid to reduce costs by 25-40 percent.
The government is also making strict riders for the ECB borrowing so that money cannot be borrowed for low cost housing and transferred to other segments.
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MCHI said Maharashtra government is not interested in affordable housing
Source: Indiarealestatemonitor
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