Adding to the discussion, Mr. Pradeep Aggarwal, Chairman, Signature Global Group says, “The recent approval to Real Estate Regulatory Bill in the Parliament has further widened the scope of affordable realty in the city of Gurgaon. The Bill provisions the formation of Real Estate Regulatory Authority or RERA which will supervise overall activities and help streamlining the approval mechanism. It would also check fraudulent activities by developers or brokers and dealers.” The Bill makes it mandatory for developers to sell their projects strictly on carpet area basis. There shall not be a super area or built-up area any more. Further to it, a developer cannot launch or market its project without sanctioning of all the necessary licenses. Apparently, all these clauses are already mentioned in the Haryana Government’s Affordable housing Policy 2013. Developers who are selling their projects under this policy are already following these parameters. Adding to the discussion Mr. Ravi Aggarwal, JMD, Signature Global Group says, “I will put the RERA bill this way, whatever we were practicing has now become a law”.

Mr. Lalit Aggarwal, JMD, Signature Global Group further elaborate the scope of affordable housing and how government’s initiatives are going to help it flourish. He said, “It is very heartening to see how the government has started recognizing ‘Affordable Housing' as a separate vertical. It reflects the intent of the government and its seriousness towards 'Housing for All by 2022’. The government has exempted service tax on construction of houses up to 60 sq. mtr. To add to it, the government has also raised tax exemption up to Rs 50,000 on first-time interest on loan amount up to Rs 35 lakh, provided the cost price of housing unit not to exceed Rs 50 lakh. Another remarkable move is extending excise duty exemption, presently available to Concrete Mix manufactured at the site for use in construction work to Ready Mix Concrete as well. This is an encouragement to Mivan, prefab and shuttering technologies which are quick, cost-efficient and highly durable as well as eco-friendly”.

Gurgaon is everyone’s city. It does not serve to a set of audience but to all, from luxury to affordable. Thanks to state government’s farsighted housing policies and now the Real Estate Bill, the city will grow further and will redefine an ideal realty destination.