Government Eases Affordable Housing Norms Set For Investors

State Government has relaxed the affordable housing norms set for investors, on coming to terms with the agreement reached during the Global Investors’ Summit (GIS).

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Government Eases Affordable Housing Norms Set For Investors

The State Government has relaxed the affordable housing norms set for investors, on coming to terms with the agreement reached during the Global Investors’ Summit (GIS).

Builders under the promotion would be given benefits in terms of mandatory green areas, stamp duty and building plans. Informing about the decision made by the State Cabinet on Tuesday, the Principal Secretary to the Chief Minister said that the incentives would promote promoters and ultimately benefit the economically marginalised sections.

There are certain norms related to installation of lifts, leaving green area in the building plan, FAR and stamp and registration fees which would be toned down to encourage the builders coming into affordable housing. Now stamp duty would be Rs 1, if the land is in the name of a lady and in case there is no lady eligible, even then the male member can get the benefit. Also in registration, instead of present 2.5 per cent as fee, there would be flat rate like Rs 75,000 for property over Rs 3 crore and Rs 40,000 for those between Rs 1.5 crore and Rs 3 crore.

Urban Development and Housing Minister said that the purpose of the decision is to help poorest of the poor and homeless in getting shelters. Under the PMAY, 40,000 dwellings are to be built for the sections. To help the investors and attract more promoters into the segment, the relaxation has been done, said the Minister, who was present in the briefing after the Government made it mandatory for a Minister to remain there.

Cabinet allocated 62.26 acre of GM land at Dami of Bundu at token money of Re 1 to Great India Talent Foundation for building residential school and centralised kitchen. The Foundation under Akshaya Patra and ISKCON runs a trust which in Jharkhand is building the facility for 10, 000 children.

Source Link- http://www.dailypioneer.com/state-editions/ranchi/govt-eases-norms-for-investing-in-affordable-housing.html

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