Thanks to a slew of affordable housing projects that mushroomed in Hyderabad, the 'City of Pearls' has emerged as the most affordable realty market among Indian metros, says a study done by global realty consultancy firm Knight Frank.
National Real Estate Development Council (NAREDCO) has announced that there will now be a deduction from their gross income of an amount equal to 100 per cent of the profits and gains derived from their business of developing and building affordable housing projects of residential units.
Giving a push to the Haryana Government's affordable housing policy, Signature Global, one of the key stakeholder of financial investment firm SMC Group, will invest Rs 950 crore in to develop 5,000 low-cost homes in Gurgaon. The company has completed allotment of 5,005 housing units in five projects through draw of lots of applicants.
The Gujarat Government has floated a Slum Redevelopment Premium Fund (SRPF) with an initial corpus of Rs 700 crore. This fund from the Central and state government's grants will be exclusively for funding affordable housing projects across the state.
On the whole, the Budget has a number of positive aspects. Given all the allegations about populist Budget in light of the upcoming state elections, the government has shown tremendous focus and has proved the naysayers wrong by not providing a bunch of sops for the upcoming elections. The move to reduce the maximum gap on cash donations to political parties by 90 per cent to Rs 2,000 is also a welcome move.
During the current regime of the NDA government, the narrative has shifted from unclogging, untangling, unblocking to easing, simplifying, digitising, and is now in the process of shifting to acting within timelines.
Budgetary proposals such as the Real Estate Bill and infrastructure investment in roads and railways bode well with the concrete sector. 'Also, a GST Bill is a win-win situation for all,' says VG Sakthikumar, Managing Director, Schwing Stetter Sales and Services, and Chairman of Mechanisation Committee, Builders Association of India. He shares more on the market and company offerings with CW.