In a way of providing affordable housing in Mumbai, the Reality developer Housing Development and Infrastructure Ltd (HDIL) is planning to bring its new budget homes brand in Mumbai Metropolitan Region (MMR).
According to the company, in this budget homes brand, the HDIL will offer affordable homes at the aggressive price of Rs 50 lakh inclusive of stamp duty and registration in Mumbai Suburbs. While Rs 20 lakh range including stamp duty and registration charges in Vasai – Virar region.
The company has already developed over 100 million sq ft commercial, residential and retail space and a land bank of 200.80 million sq ft was already reserved in September 2016.
In the Union Budget 2017-18, the finance minister has proposed infrastructure status for affordable homes along with several other measures for the real estate sector that helps to achieve the target of housing for all by 2022.
The main aim is to encourage companies to construct more affordable homes, thus augmenting supply and keeping prices in check. This decision will help developers of affordable housing get access to institutional financing at lower interest rates as well as tax exemptions that will help them manage margins better.
News Source: http://realty.economictimes.indiatimes.com/news/residential/hdil-to-launch-new-budget-home-brand/57013737