At the National Affordable Housing Summit-2018 held under aegis of PHD Chamber of Commerce and Industry, PHD Chamber appealed the GST Council to consider further reduction of GST at a slab of 5% from the existing 8% for affordable housing. The prevailing 8% tax will for affordable housing would to some degree defeat efforts towards providing housing for all by 2022. It is important to curtail the tax slab at 5% slab, urged the Chamber. States should seriously deliberate to further rationalize the Stamp Duty, especially for real estate developers engaged in affordable housing schemes so that such houses really becomes “Affordable” in real sense.
D K Aggarwal, The Chamber’s Vice President, argued that “land parcels” should be identified within the periphery of large towns for making affordable houses with considerably subsidies by government concern for those builders that are wanting to build affordable housing units.
The affordable housing scheme has picked up a fair momentum and requires acceleration which can only be attained through multipronged strategies. This would require reduced rates of land, fair amount of stamp duty and further rationalised GST slab among others to work efficiently.
Notables who were present on the occasion comprised Chief Operating Officer, Strategic Consulting, India & Sri Lanka, JLL India, Mr. A Shankar; Co-Chairmen, Housing and Urban Development Committee, PHD Chamber, Anuj K Khanna and Pyush Lohia along with its Principal Director, Ranjeet Mehta.
Source: PHD Chamber