Summary:
This will boost the continued production of affordable housing in the country,” Rohit Gera, managing director, Gera Developments, said. Based on private estimates, this figure is about 70,000 to 80,000 units. 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. 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. 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 ..