900 flat buyers in Noida to get home soon

New Delhi: The Central government has sanctioned Rs 165 crore for the completion stalled builder projects in Greater Noida, that will fulfill the housing dream of 900 buyers, as per a newspaper report. 

Under the project, to be completed in two phases, buyers will get flats by February next year. Four more builder projects are expected to get money soon, that will enabling in construction of about 2500 more flats, a Hindustan report said.

In order to give relief to homebuyers of stalled projects, a Special Window for Completion of Affordable and Mid-Income Housing (SWAMIH investment fund) has been created for funding stalled projects that are net-worth positive, including those projects that have been declared as Non-Performing Assets (NPAs) or are pending proceedings before the National Company Law Tribunal under the Insolvency and Bankruptcy Code. SWAMIH investment fund will provide last mile funding to the stressed affordable and middle-income housing projects in the country.

The paper further said that four more projects in the Greater Noida Authority area are expected to be funded soon. A meeting regarding this has been scheduled for March 15 when the said fund will also be likely released.

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In September last year, Housing and Urban Affairs Shri Hardeep Singh Puri in a written reply in the Rajya Sabha said that in order to boost real estate sector, the Government has taken various initiatives such as reduction in Goods and Services Tax (GST) on under-construction Affordable Housing project from existing 8% to 1% without Input Tax Credit (ITC) and in case of other housing projects from 12% to 5% without ITC; increase in Priority Sector Lending for Affordable Housing Project from Rs. 28 lakh to Rs. 35 lakh in metros and from Rs. 20 lakh to Rs. 25 lakh in non-metros; Setting up of Affordable Housing Fund in National Housing Bank; additional Deduction of Rs. 1.5 lakh on account of Home Loan Interest in addition to the deduction of Rs. 2 lakh for affordable housing, Extension of 100% deduction on profits for construction of affordable housing projects under section 80-IBA of the Income Tax Act till 31.03.2021 and widening the scope of section 80-IBA from 30 to 60 square meters in metros regions and 60 to 90 square meters in non-metros cities.