Indian Government Announces Property Tax Waiver for Homes under 500 Sq Ft to Benefit Low-Income Household

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The Indian government has announced a new norm that will provide property tax waivers for citizens who own homes that are less than 500 square feet in size.

The new rule, which was announced by the Union Ministry of Housing and Urban Affairs, is aimed at providing relief to low-income households who may be struggling to pay their property taxes. The waiver will apply to homes that are located in urban areas and are self-occupied.

According to the Ministry, the move will benefit millions of urban poor who live in small homes and are burdened with high property taxes. It is estimated that over 70% of the urban poor in India live in homes that are less than 500 square feet in size.

In addition to providing relief to low-income households, the waiver is also expected to boost the government’s efforts to promote affordable housing in urban areas. By making it easier for people to own and maintain small homes, the government hopes to encourage more investment in the affordable housing sector.

The new norm is expected to be implemented across all Indian states and union territories in the coming months. However, it remains to be seen how local authorities will enforce the waiver and what measures will be taken to prevent misuse of the rule.

Overall, the new property tax waiver norm has been hailed as a positive step towards promoting affordable housing and providing relief to low-income households in urban areas. It is hoped that the measure will help to address the growing problem of housing affordability and improve the quality of life for millions of Indians.

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