Summary:
This will boost the continued production of affordable housing in the country,” Rohit Gera, managing director, Gera Developments, said. There are about 80,000 unsold units in the city as per a private estimate.Earlier, realtors had to pay a tax-based on notional rent if the property they constructed remained unsold for more than a year. Based on private estimates, this figure is about 70,000 to 80,000 units. PUNE: The Union government’s proposal to increase the time period for exemption of tax levy by one more year from the present one year for unsold houses may end up giving a bit more cash in the hands of realtors . About 15-20% are ready-to-move in.The affordable housing stock in the country may get a boost after stand-in finance minister Piyush Goyal announced that the profit of builders building affordable housing projects will be tax-exempt for one more year.Earlier, it was applicable to those projects which were approved between 2016 and 2019..