The Government has granted infrastructure status to affordable housing which will enable these projects to avail the associated benefits such as lower borrowing rates, tax concessions and increased flow of foreign and private capital.
Real Estate (Regulation and Development) Act, 2016 (RERA), Real Estate Investment Trusts (REITs), higher tax breaks on home loans, the Goods and Services Tax (GST), land related reforms, optimizing development control rules, rationalizing of the stamp duty and registration charges, digitalization etc. have also been introduced. These are expected to be effective in spurring the housing and construction activities, providing huge relief to real estate developers.
These reforms are also expected to attract private and foreign investments in the housing sector, having a positive multiplier effect on GDP and labor market.
Based on demand assessment at the state level, the nation has the mammoth task of constructing about 12 million houses under EWS/LIG segment of the society in order to achieve the goal of housing for all, he added.
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