Governance – Page 21 – FindMyProperty

The government will give a benefit of 2.4 lakh to first-time home buyers with taxable income below Rs 18 lakh a year, which would be a game changer for the sector. The scheme is likely to be informed shortly and will be effective from January 1, 2017. This scheme would be a game changer. The amount is equivalent to the total interest subsidy over a 20-year loan and will be given upfront to the housing financing company, through nodal agencies such as National Housing Bank and Hudco to reduce the outstanding loan. For a 15-year loan, the value of the benefit would be Rs 2.2 lakh.

Affordable housing has become an important sector. For the last two years, the government has been trying to make an environment where affordable housing can be pushed ahead. Home loans should cover stamp duties which are 10% of the cost. It will make it very easy for homebuyers to acquire property since there will have easy access to funds.

Government should help reduce construction costs and suggested SEZ-like structures for affordable housing. When it comes to real estate developers, cost of land is insignificant for affordable housing.

High rise buildings in Noida, Greater Noida and Yamuna Expressway are likely to implement better fire safety methods as a draft proposal to suggest changes in the building bylaws of the three development authorities has been given to a high-power committee.

“This high-power committee has independent fire experts from Delhi, Lucknow and Noida besides town planners of the three areas of GB Nagar”. “The plan will be ready within a month after which it will be examined in detail and sent to the three boards. Once approved by the boards, they will be forwarded to the state government for final nod before being implemented”.

The committee had been told to borrow from the best international fire safety standards from across the globe. The aim is to make the three areas more fire-resilient. The committee will be working on two fronts.

“The changes will aim mainly at avoiding fires, ensuring that necessary training and equipment is on hand and that the original design basis of the building, including the basic plan set out by the architect, is not compromised. Sanctioned layout building plans will have to adhere to the norms in respect to escape routes, elevator standards, setbacks etc. These norms will be implemented and enforced in public buildings including schools, colleges, hospitals, institutional buildings and residential buildings”. This is best beneficial for peoples which staying in Noida, Greater Noida and Yamuna Expressway.