Realty bodies push to change affordable housing definition
With Finance Minister Nirmala Sitharaman set to present the Union Budget 2020-21 in Febuary, real estate chambers have sought dilution in the definition of the affordable housing, so that more properties could come under its ambit and avail the benefits.
Currently, the definition of affordable housing means a house or flat with carpet area up to 90 square metres in non-metropolitan cities and towns, and 60 square metres in metropolitan cities and having value up to Rs 45 lakh, for both.
The Confederation of Real Estate Developers Association of India (CREDAI) has sought a revision in the definition of affordable housing.
“Following definition may be made universally applicable across all government agencies: ‘Affordable housing comprises units with a carpet area as defined under RERA that do not exceed sixty square metres in the metros and 90 square meters elsewhere’,” President of CREDAI (National) Satish Magar said in the recommendation note.