Within the timeline of 2015-17 FY government has pulled off 25-30 per cent of the scheduled target for rural housing for landless and the underprivileged population. The rural housing development will be pursued under the flagship of Pradhan Mantri Awas Yojna (Gramin). According to central’s order states have to meet the deadline of 2022 for providing homes to the needy people. In a bid to push the construction process of affordable housing, government is now likely to approve more floor area ratio (FAR) to builders instead of receptacle lean-to.
In exchange builders will be given lands in one portion of the city for the development of high-end projects. There is also a statement in the proposal, where it’s stated that for affordable housing development builders will be allotted other locations and the private developers will be provided the land as well from the governmental end as well. In its draft policy for public-private partnership (PPP) for the PMAY scheme the Ministry of Housing and Urban Poverty Alleviation (MHUPA) has put in these options in the public sphere of influence. MHUPA also proposed policies to sanction building affordable houses in private land. Allottees will be identified by the public authorities, as they will be eligible to avail government interest subsidies. With the handing over of the respective housing units private developers will be free from all their asked responsibilities.
The draft policy says, “Taxation benefits under Section 80-IBA of the I-T Act can also be made available to the developer, subject to fulfilment of other pre-requisites. “ Under these circumstances, the private developer shall recuperate the cost directly from the allottee either in the form of a lump-sum payment at the time of transfer of the housing unit or in EMI. The developer will also recover part of the cost through governmental subsidy and other incentives. Just as the policy says, “The private players’ role will end as soon as it hands over the completed dwelling units and the residents’ association will manage day-to-day affairs.”
As per the revived proposition model private developers shall provide land. Government authorities will subsidize stamp duty charges and other charges for internal and external developments other than the additional FAR. To attract more private investors in affordable housing development government has provided single window clearance service to incentivize the private developers.
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