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The National Real Estate Development Council (NAREDCO) has recommended to the ministry of finance that the upper price limit in the definition of affordable housing for metro cities be raised from the current Rs 45 lakh to Rs 1 crore, DNA has reported.
Since land and construction cost come at a premium especially in metros, the council has sought relaxation of the norms by amendments to the Real Estate (regulation and development) Act, 2016.
This imperative amendment would bring more locations and projects under affordable housing, benefiting investors, a NAREDCO spokesperson told the daily.
Confederation of real estate developers' associations of India (CREDAI) has also on its part recommended amendment of RERA in view of soaring property prices.
Currently, to avail credit subsidy benefits for affordable housing, a home must be priced at less than Rs 45 lakh and not exceed 60 sq metre carpet area or about 850 sq ft built-up area, including overall loading.
The affordable housing segment has seen rising demand which has been aided by lower goods and services tax (GST). As per a report by Livemint, this segment has emerged as the sweet spot for both builders and buyers, even in the current slowdown.