The recent decision of the Maharashtra government to waive off
property tax on housing units up to 500 sq ft will prove to be a major
incentive in giving a push to the demand and sale of affordable
housing.

From this year, the  Maharashtra government has decided to introduce a
new policy, providing waiver to residential units having carpet area
of not more than 500 square feet.In a run up to general elections,
BMC has also announced relief in property tax up to 60 percent for
apartments that have carpet area between 500 sq ft and 700 sq ft. In a
current market scenario, where affordable housing is ruling the roost
in the residential real estate market,the twin measures have been
planned to provide tax boost to affordable and mid segment housing.

Says Pradeep Aggarwal , Chairman, Signature Global, ” Coming close on
the heels of a massive cut in GST rate for affordable housing, this is
a positive  and timely development which will generate considerable
interest of home buyers in the market which is seeing
revival.Considering that, it will also  further  encourage to develop
affordable housing projects. The other states should also follow suit
by waiving off property tax so that Housing for All Mission gets boost
by way of tax push to affordable housing”.