Yes, low-cost homes are also available for you! Grab the opportunity now

Housing is a basic commodity among citizens and is the primary most requirement of anyone if he or she wishes to reside somewhere. The main problem that countries are facing is that there is inflation in everything, and people are unable to afford commodities, including basic amenities like a home for themselves. As a consequence, many of them land up staying on the road; many of them suffer from diseases due to poor sanitation and contagious diseases, etc, scaling up the entire procedure.

Government  of India comes to your aid 

As a solution to this, the governments of different countries have come up with different solutions, some of them have provided free low-cost housings to the poor strata in their country, some of the governments have loaned outhouses, some of them have put them as lease, and many more are still in the process of recognising the poor and their problems. The India government has come up with the scheme of reducing the Goods and service tax on housing from 12% to a good 8% only, and this has benefited all middle class and poor citizens of India. This rate is of course only for houses purchased under CLSS which is under the Prime Minister Awas Yojana. 

Under this brilliant scheme, a buyer who buys a house, with a gross annual income of up to 18 lakh per annum will be given an allowance of rupees 2.7 lakh when buying an apartment of 150 square meter, which is 1615 square feet carpet area.

Unfortunately for those who do not qualify under this scheme, will be given no discount in tax, and they will have to pay a gross amount of 12% tax on the same property. This tax benefit will, of course, be forwarded to other projects like these, and this will work in chains, the profits from one project will be put into another. This is a huge incentive for the real estate market, especially for affordable houses, as the market rate will fall by at least a good 4%.

Fact to keep in mind

The only condition to be followed here is that the area that is mentioned for each class needs to be constant, and there cannot be fluctuations there. The area that is provided should cover up three bedroom apartments and houses, especially in the metro city backdrops. The scheme has been originally designed for the backward classes to have a comfortable stay, and this move is more than welcome since it eradicates the problem of fewer housing projects and their un-affordability. 

The 18 lakh factor is also sufficient to cover up for the first time house buyers who need a push and a financial support in their first house purchase. Those, however, buying their second or third properties will not be a part of this benefit. This will in the long run help boost the real estate development and provide housing for all by a certain target year. It is compulsory that this move be taken, else India will fail majorly while catering to the needs of its citizens.