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Government considering special residential zones proposal

Government considering special residential zones proposal

Apnaloan.com Research Bureau

21 Apr 2008

The developers have approached the government for Special Residential Zones (SRZ) to be set up outside the main cities. These SRZs are also proposed to be given tax benefits similar to those available on Special Economic Zones (SEZs).

Developers say that SRZs will help builders provide affordable housing to low-income groups for as low as one-third of the existing prices. However, it is also being proposed that SRZs will not be limited to low-income houses.

According to the proposal, an SRZ will be spread over at least 500 acres. The land will be bought by the developers from landowners for a negotiated price. The development will be done by the company, but the onus of building the road linking the SRZ with the main city will be with the government.

One of the major roadblocks for this proposal will be that since the booking of the house can be done by people of all income groups. There is a need for a framework of regulations to ensure that the houses go to the intended people.

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