CREDAI commits 9 lakh low-cost housing units

In its unfailing quest to help state and central agencies to meet housing shortage in Maharashtra and also help the Central government achieving the objective of Housing For All by 2022, real estate developers bodies CREDAI, MCHI, and CREDAI Maharashtra have entered into two separate agreements with the state government of Maharashtra to develop over 9 lakh affordable houses across the state between 2018 and 2022. Confederation of Real Estate Developers Association of India or CREDAI-MCHI will be building 2.5 lakh homes in Mumbai Metropolitan Region, while remaining 6.5 lakh homes will be constructed in the remaining areas of the state. As per these agreements, the state government would facilitate all required support and co-operation through various local authorities, while members will be responsible for faster construction and delivery of these homes, said president-elect, CREDAI-MCHI, Nayan Shah, elaborating that currently the central government has been pushing affordable housing via incentives to both builders and home buyers under schemes like Pradhan Mantri Awas Yojna. Among others, the central government has recently announced concessional rate of GST at an effective rate of 8% from earlier 12% to houses spread over up to 645 sq ft constructed and purchased under credit linked subsidy scheme for the economically weaker section.