Navi Mumbai: City developers expect another push for affordable housing in the union budget 2022-23

During the budget for 2021-22, Finance Minister Nirmala Sitharaman had announced the extension of the tax holiday on affordable housing projects till March 2022. Now, the Builders Association of Navi Mumbai (BANM), a developers’ body expects an extension of the scheme for another year.

Amit SrivastavaUpdated: Saturday, January 29, 2022, 06:12 PM IST
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Navi Mumbai: City developers expect another push for affordable housing in the union budget 2022-23 | proptiger

Real estate being the primary business of Navi Mumbai, developers from the city has a lot of expectations from the Union Budget 2022-23. From an extension in tax exemption in affordable housing to the single-window approval of projects are a few expectations from the developer’s body.

During the budget for 2021-22, Finance Minister Nirmala Sitharaman had announced the extension of the tax holiday on affordable housing projects till March 2022. Now, the Builders Association of Navi Mumbai (BANM), a developers’ body expects an extension of the scheme for another year.

Haresh Chheda, president of BANM said that in order to sustain the demand in the affordable housing section, the scheme should be continued for at least a year. “The market has started opening and many people are stilling for a new job or settle in a new business. The scheme will stimulate demand further and it will help the economy to recover,” said Chheda.

The intention of the Government is ‘Housing for All’ and affordable housing as priority areas. Chheda said that the further extension will give a boost as well as create demand.

Since the satellite is seen as the new destination for affordable housing, the extension in tax holidays will boost the sector. Even City and Industrial Development Corporation (CIDCO), which is a state government undertaking, will be constructing around 90,000 homes in the years to come. It has already launched a project for the economically weaker section in Taloja on Republic Day. At the same, the planning agency is constructing affordable houses across all nodes in the city.

Prakash Baviskar, president of NAINA Builders Association said that the government should think about creating housing stock. “In the budget, the government can make an option of creating affordable housing stocks where builders can properties instead of paying high development and other charges,” said Baviskar. He added that due to high development and other charges, before the actual start of the project, developers have to pay a heavy amount which sometimes delays the project execution. In addition, he also demands that there should be a single-window approval for speedy execution of the project that will cut the overall cost and it will ultimately help buyers.

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