Following a slew of policy initiatives and regulatory changes in 2017-18, affordable housing offers 6-8 billion sq. ft. development opportunity in India over the next 3-4 years, showed a CARE Ratings report. Affordable housing segment of late is being primarily driven by government policies and incentives. As per Government estimates, over 40 million urban homes need to be constructed by 2022 in order to achieve its housing for all targets. During the last 24 months, the government has introduced schemes for affordable housing like interest subsidy for low and economically weaker sections, affordable housing being conferred infrastructure status to ease fund availability for these projects and additional tax-benefit for both developers and home-buyers.
Source : ET Realty