Centre Endorses Affordable Housing in Union Budget 2017

From the Union Budget 2017, the government has given more power to affordable housing scheme by granting it the infrastructure status. This move is made to include homebuyer and private developers as they will get more confidence.

“Budget 2017-18 gives major boost to the affordable housing and infrastructure sectors. The fact that Affordable Housing has been given the infrastructure status is commendable and will go a long way in fulfilling the ‘Housing for All by 2022’ vision of the government.” Jaffer Ali, Founder & CEO, PropUrban.

The centre has also decided that the affordable housings of 30 and 60 sq. mt. will count carpet area instead of built-up area that will surely increase housing sizes. The 30 sq. mt. limit will be applicable within the corporation limits of the 4 major metros whereas for the outskirts of these metros and other cities, it will be 60 sq. mts. carpet area. Due to this new rule, many of the projects will fall under affordable housing segment.

“By making the carpet area for low cost housing equivalent to the previous built-up area is a step in the right direction which will attract not just builders but also the buyers as they get more spacious homes,” Mr. Ali adds.

Arun Jaitley, Minister of Finance, has also announced to increase the allocation from Rs 15,000 crore to 23,000 crore under PMAY scheme as requested by the Urban Development Minister M Venkaiah Naidu in his proposal.

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