In the Brihanmumbai Municipal Corporation (BMC) budget, the civic body announced 100 per cent relief from payment of property tax for the flats measuring up to 500 square feet of carpet area.
Here is what the real estate experts have to say:
Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI
“The decision is likely to benefit the prospective homebuyers along with the developers that are focused into affordable housing. The upto 500 sqft category of homes have seen a larger demand from the first time buyers and the millennials in the last few months and this move will further help to sustain the demand. It will not only boost the affordable housing segment but will also help to keep up the growth momentum going forward.”
Mr. Bhushan Nemlekar – Director, Sumit Woods Limited
“The move by the authorities is a welcome and a positive move for affordable housing. It will prove to be favourable for redevelopment and Slum Rehabilitation Authority projects providing homes that are 500 sq ft or less in size. It will also enhance the acceptance of smaller size homes such as 1BHKs and studio apartments giving a much needed fillip to the affordable housing segment.”
Corporate Comm India (CCI Newswire)