Karnataka Budget 2012: Low-cost houses for underprivileged

Posted By: Ria
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Bangalore, Mar 22: Karnataka government has decided to provide low-cost housing to the low-income groups and the government will allocate Rs 1,439 crore for the housing sector.

Under the housing scheme, Chief Minister DV Sadananda Gowda announced an increase in subsidy of Rs 75,000 in that sector. The state government will also provide the per unit cost for construction of houses to Rs 1 lakh.

On the other hand, SN Jayaram, Commissioner of Karnataka Housing Board (KHB) has considered the project as a progressive one and said, “The budget has gone a long way to ensure housing is affordable to the economically weaker sections of the society and to a large extent it provides impetus to the scheme.”

The experts has estimated that the low-housing scheme will not support the housing sector much. In the positive move it has been found that there is a reduction in the stamp duty from 6% to 5% on conveyances and sales deeds, that will boost to the real estate industry.

Meanwhile, over 1,500 plots in four regions have been already distributed to the low-income groups by the government under the Nanna Mane Yojana and has considered to expand this scheme to more areas in this fiscal year.

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