May 15, 2020: In order to relieve the real estate sector of some stress, Finance Minister Nirmala Sitharaman said that the government is giving a one-year extension to the CLSS or Credit Linked Subsidy Scheme which started in 2017 and was due to have ended on March 31, 2020, till March 2021. This will help boost demand for affordable housing.
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The extension of the Credit Link Subsidy Scheme by one year will encourage many of the potential home-buyers to buy homes thereby increasing demand for affordable housing. The industry currently has a lot of unsold inventory.
Read: Building Setback: Meaning, Significance and Rules
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The mega-move will also help sustain employment as real estate being one of the largest labour intensive industries supports approximately 200 allied industries. The proposed affordable rental housing under PPP is a welcome step. This will effectively help a majority of migrant laborers’ issues. Majority of these urban poor live in pitiable conditions.
Industry experts believe that the government’s push for affordable housing has been a great move in the last six years. Its ‘Housing for All by 2022’ project has resulted in multiple sops and incentives. There has been a noteworthy increase in buyer activity in affordable segment over the past few years.
The concessions assured to manufacturing units and industries to take up such projects and also permitting them to follow the BOT model similar to road projects, for constructing these rented dwellings will inspire many new players to enter the affordable housing segment.
