Looking at the government’s decision to grant affordable housing infrastructure status in the Union Budget 2017, the realty developer Housing Development and Infrastructure Limited (HDIL) has planned to initiate its new budget homes brand in Mumbai Metropolitan Region (MMR).
The new homes budget offers affordable homes with stamp duty and registration in Mumbai Suburbs under the price range of Rs 50 lakh and in Vasai – Virar region under Rs 20 lakh. This new launch shows the builder’s confidence on the centre after the budget announced on February 1, 2017.
The Centre’s motive to complete its scheme Housing for All by 2022 under Pradhan Mantri Awas Yojana (PMAY) will be given major push as many of the biggest player is going to focus on affordable housing sector. After receiving infrastructure status, many of the affordable housing developers can seek for fund from financial institutions since the interest rates and tax exemptions are dropped.
Till date, HDIL has over 100 million sq. ft. commercial, retail and residential developed space and about a total of 200.8 million sq. ft. reserved land under its name.
Source: ET Realty