Country’s first woman Finance Minister has presented her maiden budget on July 5 and the real estate sector which has lots of expectations with her has got many announcements to cheer. Starting from rental housing to affordable housing and tax benefits to better infrastructure, here are some of the key highlights that are going to add feathers to the real estate market of India:
With few days left to the introduction of Union Budget 2019-20, the apprehensions and expectations both are high on people’s mind these days. This is so because the realty market and the investors have to bear the brunt of the budget as many plans vanish on the paper while others dream to own home goes haywire.
This being the last budget of the Modi-led Central Government the Indian real estate also is expecting some new relaxations. Here, the term new relaxation is used in the context of the reforms introduced by the Central Government that includes RERA [Real Estate Regulation Act], Demonetization, GST [Goods and Service Tax].
Union Budget 2017 was announced by Finance Minister Arun Jaitley on Wednesday- 1 February, 2017. Among other favourable initiatives for real estate announced by Mr. Jaitley, giving infrastructure status to affordable housing came out as a showstopper. It has not only paved the way for the growth of real estate but has also given a big fillip to PM Modi’s ‘Housing for All by 2022’ scheme.
Giving infrastructure status to real estate was a much debated topic in the last two budgets. Now that it has finally been approved, both homebuyers and developers are in a cheerful mood. [Read more…]
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…]