Minister highlights steps taken to control housing costs

12 Aug 2022 CW Team

The Union Government has taken measures to control the rising prices of construction materials of affordable housing, including those under Pradhan Mantri Awas Yojana - Urban (PMAY-U), Minister of State for Housing & Urban Affairs Kaushal Kishore said.

In the Union Budget 2021-22 and 2022-23, customs duty has been reduced uniformly to 7.5% on semis, flat and long products of non-alloy, alloy and stainless steels, he pointed out in the Rajya Sabha.

Export duty on iron ores/concentrates and iron ore pellets has been raised to 50% and 45% respectively. In addition, 15% export duty has been imposed on pig iron and several steel products.

Moreover, to give relief to the secondary and micro, small and medium enterprises (MSME) steel industry engaged in housing/construction, TMT bars below 8 mm have been exempted from the purview of the Quality Control Order, as these are primarily used for non-critical applications.

The government has also taken steps to increase availability of iron and steel which, inter-alia, includes Mining and Mineral Policy reforms to ensure enhanced production and availability of iron ore.

Moreover, the government has been taking various initiatives to control construction costs of affordable housing projects such as reduction in Goods and Service Tax (GST) on under-construction affordable housing projects from the existing 8% to 1% without Input Tax Credit (ITC) and in case of other housing projects, 5% from the existing 12% without ITC, increase in priority sector lending for affordable housing project from Rs 2.8 million to Rs 3.5 million in metros and from Rs 2 million to Rs 2.5 million in non-metros; and the setting up of affordable housing fund in National Housing Bank.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..