Tax incentives boost affordable housing in Surat
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 square metre.
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.