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Latest News

   19-Jan-2018

More homebuyers to get interest subsidy under PMAY

NEW DELHI: In a big relief to thousands of new home buyers, the housing ministry has extended coverage of interest subsidy under PM Awas Yojna (PMAY) to property falling under any part of a development authority and planning area, including rural areas, industrial belts and even rural pockets within special economic zones (SEZs). Home buyers can get the interest subsidy of around Rs 2.3 lakh. The modified guidelines were issued recently. TOI on December 2 had first reported that the ministry was working on the proposal to increase its coverage. The changes have been made following complaints from home buyers who had alleged that some of the banks were not approving loan applications under the interest subsidy scheme in certain areas in about 100 cities. Areas falling within notified planning or development area under the jurisdiction of an industrial development authority or special area development authority or urban development authority or any such body under state legislation that is entrusted with the functions of urban planning and regulations shall also be included for coverage under PMAY(U), the amended guidelines said. "The beneficiaries in the permanent wait list of PMAY (G) will have the flexibility for opting for a house under PMAY(G) or PMAY (U)," the notification said. The benefits of all existing and future rural schemes will not be denied to a beneficiary who would avail a house under this amendment, it added.

   18-Jan-2018

Inclusion of real estate in GST deferred till next GST Council meeting: Finance Minister

NEW DELHI: Inclusion of real estate in GST has been deferred and will be taken up in next GST Council meeting, said Finance Minister Arun Jaitley in a media briefing held here on Thursday. The industry had demanded that real estate be included under GST. Moreover, Delhi and Jammu & Kashmir were very keen to bring real estate sector under the GST ambit. Even Manpreet Singh Badal, Congress leader and Punjab Finance Minister in a media briefing yesterday had demanded that petroleum products and real estate be brought under the ambit of GST. In November, real estate developers had met with officials of Finance ministry over GST to be levied on properties owned by private builders. In the meeting it was decided that real estate would be brought under the ambit of the taxation scheme. Rajiv Talwar, chairman, NAREDCO, Pravin Garg, vice-chairman and Niranjan Hiranandani, president, among others were part of the meeting.

   18-Jan-2018

Pune metropolitan development body eyes big boost to affordable housing sector

PUNE: Affordable housing in the Pune metropolitan region is set for the necessary push with the state government clearing the public private partnership (PPP) model in the sector last week. With 167 housing projects under the Pradhan Mantri Awas Yojana (PMAY), the Pune Metropolitan Region Development Authority (PMRDA) expects more private developers to get active in the area spread a little over 7,000 sqkm. “There are the existing projects in our area. Now with many town planning schemes coming up, we hope to have many private developers in the sector,” PMRDA commissioner Kiran Gitte said. Affordable housing through the PPP model will be executed in the Pune metropolitan region with over 167 housing projects. First-time home buyers, under PMAY, can fill up forms to be made available online. PMRDA will connect them to banks for further processing for availing of the PMAY benefits. “There are 2.58 lakh units in these housing projects. With more players in the sight, we can have more affordable housing units,” Gitte said. The recent directive will be a positive move for the area with infrastructure projects such as the ring road, Metro and town planning schemes to come in years to come. To implement these projects under PPP model, Gitte said, a special workshop will be held on January 22 with the developers and government officials. Confederation of Real Estate Developers Association of India’s (Credai) Maharashtra chapter president Shantilal Kataria told TOI that they have been pushing for the PPP model and the government’s initiative was a good move. “There should be enough publicity for the scheme as the benefits should reach the end user,’’he said. Developer Sachin Kulkarni said the circular issued by the state government in continuation with the PPP model guidelines issued by the housing ministry was good initiative. He, however, suggested further amendments, proposals for which have been submitted to the housing secretary. “We welcome the reduction of stamp duty to Rs 1,000 for units meant for the economically weaker section. It is still unclear whether it is applicable to units constructed by the private sector,” Kulkarni said, adding that the confusion over the environment clearance procedure should also be removed to boost the ailing sector.