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HDFC chairman Deepak Parekh favours fast approval over tax sops for low-cost houses
The EconomicTimes
10 June 2011


Pitching for immediate change in archaic government rules to give a boost to low-cost housing, housing finance major HDFC's chairman Deepak Parekh has favoured fast-track approvals over the tax sops to developers.

'It makes imminent sense to have a single window approval mechanism for affordable housing projects where the per unit cost is under Rs 10-15 lakh. A time bound, fast-track approval process is clearly a preferable option over lobbying for tax sops,' Parekh said.

In his annual letter to shareholders of the country's largest housing finance provider HDFC, the eminent banker said that the home prices could certainly be brought down, as has been the case for telecom and automobile sectors.

Pitching for incentives from the government to build affordable housing projects, Parekh said the developers of such houses should not be subjected to multiple approvals and the subsequent delays and cost overruns.

He also suggested urgent changes in the government rules to make low-cost housing a commercially viable proposition.

Putting forward a 'five point doable housing agenda', Parekh said there was 'a need for a complete overhaul in archaic land laws' and the gravity of the situation was fast reaching a critical tipping point.

To read the full article visit The Economic Times website.
 
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Levvel were chosen as International Knowledge Partner by the RICS India. Stuart Woodward, Managing Director of Levvel attended the conference titled 'Practical Solutions for Delivery of Affordable Housing' which took place in New Delhi.

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