NAREDCO to build 5 lakh affordable homes in Karnataka in 5 years

BENGALURU: Real estate body NAREDCO on Wednesday said it will construct five lakh affordable houses in Karnataka in next five years under the central government’s ‘Housing For All’ scheme for providing six crore houses by 2022.

“We aim to construct five lakh affordable houses in next five years across Karnataka in next five years. The construction will be taken up under the central government’s scheme which aims to provide six crore affordable houses to all by 2022,” National Real Estate Development Council President (Karnataka Chapter) Manoj Lodha told reporters here.

Lodha said the real estate body had also committed to about Rs 90,000 crore investment in Haryana in next five years led by major developers including DLF.

The MoUs were signed between the Haryana government and NAREDCO members during ‘Happening Haryana Global Investors Summit’ in March this year.

Asked about GST, Lodha said though there was no clarity on it because of its two-layered nature, it will result in 14-15 per cent increase in real estate business.

“There is no clarity as such because Goods and Services Tax (GST) is two-layered. Both the states and the centre are going to levy GST. However, the sooner it is implemented the better it is for real estate growth,” he said. “Now 40 per cent taxes are levied on us. After GST we will be taxed 38 per cent. The real estate sector will see 14 to 15 per cent growth after the implementation of GST,” he said.

Credits ET Realty

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