HDIL to launch new budget home brand

MUMBAI: Realty developer Housing Development and Infrastructure Ltd ( HDIL) is planning to launch its new budget homes brand in Mumbai Metropolitan Region (MMR).

Under this brand, HDIL will provide affordable homes within price bracket of Rs 50 lakh inclusive of stamp duty and registration in Mumbai Suburbs and within Rs 20 lakh range including stamp duty and registration charges in Vasai - Virar region, the company said in a release.

HDIL has so far developed over 100 million sq ft commercial, residential and retail space and has a land reserve of 200.80 million sq ft as on September 2016.

Finance minister Arun Jaitley, in Union Budget 2017-18, proposed infrastructure status for affordable homes along with several other measures for the real estate sector that will help the government push forward its efforts to provide housing for all by 2022.

The move is expected to help developers of affordable housing get access to institutional financing at lower interest rates as well as tax exemptions that will help them manage margins better. The measures are aimed at encouraging companies to build more affordable housing, thus augmenting supply and keeping prices in check.