Builders make a rush for affordable housing in the city

At least 100 realtors have taken up affordable housing projects because of surging demand in this segment in the city.

Among them is a realtor, who till now had been developing only luxurious residential apartments in the city. His project has 3,000 flats, each having a carpet area of 60 sq. m. They had switched over to affordable housing projects because of government subsidy, concessional GST (12% minus 4%), 100% bank loan and profit linked income tax exemption for promoters.

A senior officer of the town planning department of Surat Municipal Corporation said 100 affordable housing projects have been approved by the civic body in the past six months. Surat will have two lakh private flats built under affordable housing projects in the next 30 months, he added.

Confederation of Real Estate Developers Association of India (CREDAI) former president Velji Sheta said,” we have completed 10 projects in the last seven years. We are constructing 275 flats of 2BHK at Jahangirabad. These flats have a carpet area of 60 square metres and a super built-up area of 1,125 square feet. We sold 23 flats last month.”

Lavji Badshah, a builder, said,” We are constructing 3000 flats of two BHK under the affordable housing scheme. There is only demand for houses in this segment.”

Anarock Property Consultants chairman Anuj Puri said,” Affordable housing sector has become buoyant because of incentives and subsidies being provided by the Government of India and Reserve Bank of India. The government wants to provide housing for all by 2022 and is doing everything to attract more developers to build houses for people at an affordable cost.”

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