The second tranche of the government’s INR 20 lakh crore economic package was unleashed for the benefit of migrant workers, traders, farmers and street vendors – and there was a real estate takeaway. In a big move, the government has announced the one-year extension of the CLSS scheme up to March 2021. This will help push demand for affordable housing.
Ever since its implementation in 2017, the CLSS scheme has already benefitted over 3.3 lakh families and the extension will further aid many more families to avail housing under this scheme. As a ripple effect of increased demand for affordable housing, it will positively push demand for raw materials like cement, steel, transport and other construction materials.
The government’s push for affordable housing has been unmistakable in the last six years. Its Housing for All by 2022 project has already resulted in multiple sops and incentives.
As a consequence, there has been a significant increase in activity in the affordable segment over the last few years. As per ANAROCK research, there are currently 15.62 lakh under-construction units across the top 7 cities, of which nearly 39% are in the affordable segment priced <INR 40 lakh budget.