The real estate sector has applauded Finance Minister Arun Jaitley’s Union Budget. Market players are expressing their happiness on favourable initiatives announced for the real estate sector. Major push was given to affordable housing and on improving long-term demand in real estate. A number of secondary initiatives have also been taken to promote push in the affordable housing market.
Let us discuss the impacts of Budget 2017-18 on real estate in some detail-
Infrastructure Status to Affordable Housing
After several years of proposal and rejection, affordable housing has finally been given infrastructure status in this budget. This is the most welcomed move and will act as a catalyst to achieve Modi’s dream of Housing for All by 2022. With this step, developers who come up with such low-cost housing projects will be eligible for several initiatives like subsidies and institutional funding. This will also encourage private players to invest in affordable housing market. [Read more…]