Developers of luxury real estate have started scouting scope in affordable housing and Prime Minister Awas Yojana seriously as the segment is getting traction from budget sops.
Bagaria Group, co-promoter of the compact super luxury residences 'Unimark Solitaire' on EM Bypass between ITC Sonar and upcoming J W Marriott hotels, said the group was keen in foraying into PMAY housing.
"We have identified a land in North 24 Parganas and we will commence with the work after elections in the state. Housing demand for affordable and dwelling units upto 660sq ft segment is set to jump with budget proposals," group chairman S S Bagaria told PTI.
Another city-based Unimark group has also firmed two housing schemes under PMAY scheme.
The Shapoorji Pallonji Group has forayed into affordable housing segment with the launch of its new brand 'Joyville' and a project had been announced in Howrah.
Developers body CREDAI said the budget proposal to raise the exemption limit of income tax from Rs 1.5 lakh to Rs 2 lakh for buyers who have invested in a unit costing upto Rs 50 lakh and availed a housing loan of upto Rs 30 lakh, which is likely to boost demand for affordable houses.
"Exemption of income tax payment by developers for housing units measuring up to 30 sq m in metropolitan areas and up to 60 sq m in non-metropolitan shall result in creation of more housing stock in the affordable segment," CREDAI Bengal president Sushil Mohta said.
Total housing shortage envisaged to be addressed through the new mission is 20 million and will be implemented during 2015-2022 providing central assistances.
As many as 6,000 acres would be needed if independent
houses were to be built. But only 1,140 acres would be sufficient for the construction of residential complexes to accommodate these number of people, sources said.
In the initial phase, the state would be divided into three zones - south Kerala, central Kerala and north Kerala - and six residential complexes would be constructed in two selected taluks in each of these areas.
The pilot project is targeted to rehabilitate 600 families in a year, they said, adding that a high level mission under the joint initiative of Local Self Government and Social Justice Departments would be its implementing agency.
With the competition of the project, a large number of marginalised groups who now live away from development, can be made part of the mainstream society, sources added.
