If you are looking to buy a house, then the Modi government is likely to announce a relief for you next week.
If you are looking to buy a house, then the Modi government is likely to announce a relief for you next week. According to Zee Media sources, the GST Council, which is scheduled to meet on February 20 is likely to reduce tax slab on under contruction property.
The GST Council might reduce the tax slab to 5% from the present 12%, sources said. Besides, there are chances that the council might approve the new carpet formula related to the affordable housing which would bring the property cost down.
The Group of Ministers has asked for 3% GST instead of 8% on afordable housing.
Meanwhile, Indian railways will soon offer affordable houses. The Railways, initially, will begin the work at some selected railway stations. According to Zee Media sources, the IRSDC (Indian Railway Station Development Corporation), which is responsible for redevelopment of the railway station, will now construct affordable housing.
Sources further told that the IRSDC will purchase around 20 to 30 percent of the land where it will carry out the redevelopment work.
As per the new initiative, each house ranging between 40 to 60 square meters will be constructed under affordable housing. Most of the houses will be either studio apartments or 1-BHK units. The cost of these houses can range from Rs 40 to Rs 50 lakh.
A highly placed official associated with the scheme said that the purpose of this exercise is to actually provide benefits to people coming from remote areas to work in cities. These Affordable Homes of Railways will also have tremendous advantages in terms of transportation.
Under the station redevelopment project, the Railways will develop stations that are well equipped with modern, passenger facilities. These redevelopment projects will also double up as multi-transport hub. That is, you can use rail, bus, metro and taxi facility from a single origin.
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 "Planning to buy a house? Here's some good news for you")
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