Sunday, December 22, 2019

Understanding Affordable Housing under different laws

INCOME TAX - Sec 80IBA
The carpet area as per RERA of the residential unit comprised in the housing project does not exceed 30 sq mtr where the project is located within the cities of Chennai, Delhi, Kolkata or Mumbai [BCDC] and 60 sq mtr at any other place outside the cities of Chennai, Delhi, Kolkata or Mumbai.

GST
Total Carpet Area of the residential property cannot exceed 60 square meters in metropolitan areas and 90 square meters in non-metropolitan cities and towns AND Total value of property cannot exceed Rs.45 lakh in either metropolitan [BCDC BH]or non-metropolitan areas.

INFRASTRUCTURE STATUS
Affordable Housing is defined as a housing project using at least 50% of the Floor Area Ratio (FAR) / Floor Space Index (FSI) for dwelling units with Carpet Area of not more than 60 sqm.

CLSS
Scheme Type   Carpet Area - Max (sq.m.)
EWS / LIG         30 sqm** / 60 sqm**
MIG - I              160 sqm
MIG - II             200 sqm

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