Govt’s low-cost affordable housing-for-all scheme

As a result of the Government’s announcement last year “My love steel Idea” challenge Rs 10 lakh prize money was given to Mr. Sumit, the winner. The innovative challenge required people to write 500 words about their idea on how to improve steel industry. Sumit is the winner of the contest. Sumit Gupta, working on the steel house project mentioned, “I have been working on this project since the last two years. I shall be ready with a working model in two months and will hold consultations with various companies after that.”

The steel-house project will provide affordable houses to urban and rural poor. The pillar and foundation of each house will be made of rod and cement but the walls and roof will be made of steel. Within 2-3 months, a 300-500 square feet house can be prepared under this plan.

National Housing Bank Act is being amended to transfer its equity from the Reserve Bank of India to the Government. To boost real estate transaction, Finance Minister Arun Jaitley in the Union Budget proposed that real sale value of immovable property would be considered while taxing income from capital gains if circle rate value does not exceed 5 % of the consideration.