New Delhi: Post Budget announcement, here is good news for the housing sector. Finance Minister in his budget speech announced a dedicated affordable housing fund under the National Housing Bank (NHB). This move will surely bring more flexibility to the sector.
Focusing more on the housing for all scheme of Government, Arun Jaitley said that, “It the vision of the Modi government to provide ‘Housing for All by 2022’. So we are ensuring that every poor has a house by the year 2022.” In this context, the Government will try to create as many as 31 lakh homes in urban areas and 51 lakh in rural areas in the year 2018-2019.
In a bid to promote Government’s affordable housing scheme, Last week, the GST Council have announced several important recommendations for the housing sector. As per the new sanctions, now homebuyers who want to buy their house under the Credit Linked Subsidy Scheme will be entitled to concessional goods and services tax (GST) rate of 8%. Earlier they were charged a GST rate of 12%.
In the year 2017, real estate sector went on a 360 degree change. With implementation of demonetization, RERA and GST the sector saw many ups and downs. With focus on affordable housing fund and housing for all in this year’s budget, FM Jaitley has made decent announcements to revive this sector.
Talking about the development of Smart cities, he further informed that 99 Cities have been selected till now with an outlay of Rs 2.04 lakh crore. These cities have started implementing various projects like Smart Command and Control Centre, Smart Roads, Solar Rooftops, Intelligent Transport Systems, Smart Parks. Projects worth Rs 2,350 crore have been completed till date and works of Rs 20,852 crore are under progress.