The Confederation of Real Estate Developers Association of India (CREDAI) has sought a revision in the definition of affordable housing.
"Following definition may be made universally applicable across all government agencies: 'Affordable housing comprises units with a carpet area as defined under RERA that do not exceed sixty square metres in the metros and 90 square meters elsewhere',"1President of CREDAI (National) Satish Magar said in the recommendation note.
The National Real Estate Development Council, in a recent note to the Finance Ministry, also suggested that all the houses in Mumbai Metropolitan Region (MMR) and most of them in the National Capital Region (NCR) do not qualify as affordable housing resulting in loss of benefit of reduced GST of 1 per cent and also the benefit of tax exemption from such projects.
- 1. Currently, the definition of affordable housing means a house or flat with carpet area up to 90 square metres in non-metropolitan cities and towns, and 60 square metres in metropolitan cities and having value up to Rs 45 lakh, for both.