Minister highlights steps taken to control housing costs
Real Estate

Minister highlights steps taken to control housing costs

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.

See also:
PMAY-G: 4.10 lakh houses yet to be built in Rajasthan
Maharashtra unlikely to enact the Model Tenancy Act


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.See also: PMAY-G: 4.10 lakh houses yet to be built in Rajasthan Maharashtra unlikely to enact the Model Tenancy Act

Related Stories

Gold Stories

Next Story
Products

Koemmerling opens Navi Mumbai experience centre

Koemmerling, a brand of the profine Group, has expanded its presence in the Mumbai metropolitan region with the opening of a new experience centre in Navi Mumbai and launched its Allure S46 minimal sliding door system for the Indian market.Located in CBD Belapur, the facility was inaugurated by Peter Mrosik, Owner and CEO, profine Group, along with Farid Khan, Chairman and Managing Director, profine India, and Kamal Bajaj, CEO, profine India.The company said the new centre will showcase its portfolio of uPVC and aluminium window and door systems to architects, developers and homeowners.The ina..

Next Story
Products

India's waterproofing market nears Rs 150 bn milestone

India's waterproofing industry is approaching a market size of Rs 150 billion and is expected to surpass the $2 billion milestone, according to speakers at the 2nd India International Waterproofers Conference & Expo 2026 organised by the Waterproofers Association of India (WAI) in New Delhi.The two-day event brought together more than 20 speakers, 55 international delegates and 53 exhibition booths, with discussions focusing on climate-resilient construction, advanced waterproofing technologies and international collaboration.Inaugurating the event, Durga Shanker Mishra, former Secretary, ..

Next Story
Real Estate

Dilip Buildcon Q1 FY27 Revenue at Rs 23.78 billion

Dilip Buildcon Limited reported consolidated revenue from operations of Rs 2,378 crore in Q1 FY27, along with EBITDA of Rs 429 crore and profit after tax of Rs 128 crore.Consolidated EBITDA margin stood at 18.1%, improving from 17.1% in Q4 FY26. On a standalone basis, revenue from operations was Rs 1,930 crore, EBITDA stood at Rs 199 crore and PAT was Rs 39 crore, with an EBITDA margin of 10.3%.The company’s order book stood at Rs 27,691 crore as of 30 June 2026, compared with Rs 28,830 crore as of 31 March 2026. Roads and highways accounted for 17.1% of the order book, irrigation and water ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement