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Affordable Housing For Everyone By Sumit Kumar, Section Delhi Real Estate
While the real estate sector in India is growing at an unparalleled rate and turning out to be a significant contributor driving the country's growth, it is also leading to yawning gaps between those who can afford housing and those who cannot, feel experts.
"The growth in real estate is not benefiting everyone. The total number of direct and indirect taxes, levies and duties amount to a significant figure, increasing the price of real estate by almost 25 per cent. This had led to an apartment in India having an average price of Rs 2,700 a square foot... this widens the gap," said Confederation of Real Estate Developers Association of India (CREDAI) chairman Kumar Gera. Gera said the way to make affordable housing available could be through the setting up of special residential zones (SRZs) - with small residential units below 60-70 sq mt that would enjoy various exemptions, as in the case of special economic zones.
Commenting on the problem, minister of state for housing and poverty alleviation Kumari Selja said the urban housing backlog in India has assumed alarming proportions, especially for the economically weaker sections of the population. "We intend to involve the private sector in the Jawaharlal Nehru National Urban Renewal Mission for completion of 1.5 million dwelling units in the country by the end of 2012. "The Government shall be a partner by providing enabling environment through incentives and concessions for low income housing," she said.
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