Union Minister for Housing, Urban Poverty Alleviation and Information and Broadcasting M. Venkaiah Naidu said here on Monday the Goods and Services Tax (GST) would bring down the cost of land and property prices, which would help millions in realising the dream of owning a house.
He said the builders should deliver what they promised at the time of marketing their inventory lest they should attract penal action under the Real Estate Regulation Act (RERA). “The Central government is going to strictly implement the RERA. The builders can no longer take the buyers for a ride.”
Speaking from Delhi through video-link after Chief Minister N. Chandrababu Naidu remotely laid foundation for the construction of 1,93,000 pre-fabricated houses in 38 Urban Local Bodies (ULBs) under the ‘Pradhan Mantri Awas Yojana (PMAY)-NTR Nagar’ scheme in the city, Mr. Venkaiah Naidu said the slew of tax incentives announced in the Budget, allowance of foreign direct investment through the automatic route and conferring of infrastructure status on affordable housing gave a fillip to the real estate sector.
Prefab houses
Thanking the Centre for sanctioning the single largest number of prefab houses in the State, Mr. Chandrababu Naidu said the houses were to be constructed at a cost of nearly ₹4,000 crore during the Congress regime but much of that money had been misused.
He said his government had taken up construction of affordable houses for the urban poor, in partnership with the Central government. A total of 10.30 lakh houses were being built with an outlay of ₹35,000 crore.
Mr. Naidu requested Mr. Venkaiah Naidu to sanction another two lakh houses under the PMAY-NTR Nagar scheme.
