Land prices constitue a large part of cost of housing. The problem is in urban areas, there is shortage of land, which increases its prices. Also, there is a burden of taxes. There is a godds and services tax (GST) to be paid by anyone wanting to buy a house.
Good news now: The GST Council has cut the GST rates for affordable homes; and for others as well. This would reduce the cost of housing, and stimulate demand for housing. In turn, it would increase demand for all the material going into housing construction and create new job opportunities for many.
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One Nation,One tax. Write your views in the comments below.
Both urban and rural India has huge shortage of housing.Cost of housing depends on many things – cement, steel, bricks and other materials.