Neev Group [Apr 2012]

The relaxation of ECB norms will certainly boost investments in the affordable housing sector, thereby, help to meet the acute housing shortage. The reduction in the rate of withholding tax on external commercial borrowings – from 20% to 5% for affordable housing will also give developers easy access to funds and reduce their interest costs. The proposal to extend the 1% interest subvention scheme for affordable housing will continue to benefit the buyers in the affordable housing market for houses worth up to Rs. 25 Lakhs.-Jitendra Jain, MD & CEO, Neev Group

9