Big Housing Push: Affordable Homes Get Infrastructure Status
Finance Minister Arun Jaitley has granted infrastructure status to affordable housing, a long-time demand from the industry.
The new measure will reduce costs for developers and attract investors.
The government has been pushing Prime Minister Narendra Modi’s pet project of providing about 20 million houses across India by 2020.
The new status will augment resource allocation for the sector, which in turn will rev up housing supply and reduce huge demand backlog.
The government would need to define affordable housing or low-cost housing clearly. It would need to ensure that funds from these projects can’t be taken out before completion of the project
Source From: http://economictimes.indiatimes.com/news/economy/policy/big-housing-push-affordable-homes-get-infrastructure-status/articleshow/56908467.cms