New Delhi: In a bid to promote low-cost housing as part of the housing-for-all scheme, the government may push for building up of steel houses that can be made within couple of months at a budget of Rs 6-7 lakh.


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20-year old Sumit Gupta who is working on the steel house project said, "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.”


Government had announced “My love steel Idea” challenge last year offering Rs 10 lakh price to 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.


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. A 300-500 square feet house, under this plan can be prepared within two-three months.


Government in February announced a dedicated affordable housing fund under the National Housing Bank (NHB) to boost demand and supply of low-cost homes.


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 Jailtley 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 percent of the consideration.


This Budget also announces that if the circle rate is higher by not more than 5 percent, then capital gains will be considered based on contract documented value and not circle rate based value.