Special Residential Zones Could Be In Offing
With real estate developers lobbying for special residential zone on the lines of special economic zones, the government has now indeed stated considering their proposal. The ministry of urban housing is of the view that earmarking of land masses in cities and their peripheries for such zones can really boost country’s housing stock, provided there are enough regulations in place. The policy makers fear it may not turn out to be a foul real estate play for developers. Also there is major hindrance to convince states in doing so, land being a state subject.
Courtesy: - E.T. dt 1st August 2008
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August 4th, 2008 at 3:33 am
There is good news for all the people who have been disappointed seeing the recent hike in property prices. Since, houses have become unaffordable for a large segment of the population as prices have shot up tremendously in the past three years. The government is considering a proposal from real estate developers to set up SRZs outside the main cities. These SRZs are also proposed to be given tax benefits on the lines of SEZs. Developers say SRZs would help them build and sell affordable houses for as low as one-third of the existing price to low-income groups, although SRZs wouldn’t be limited to low-income houses alone. Availability of cheap land away from the city, and faster clearance through singlewindow will together bring down cost substantially. The government would require time to devise the modalities as tax incentives to SRZs would mean an additional burden on the exchequer. It will also require some implementation of regulation by government to ensure that the houses go to the intended people. This proposal once implemented will be a great move in up beating the slowdown and in meeting the acute housing shortage in the low-income segment.For more view- realtydigest.blogspot.com