The Union Budget for the year 2017-2018 has already being rolled out and the much speculations about the real estate sector have come to an end. According to the budget, there is lots for the real estate industry with the Affordable Housing” being the key area of focus for the government. This scheme will definitely bring a difference as more participation can be expected from the private players thus helping to overcome the downfall condition of the market. The government has given a clear indication that will give “Affordable Housing”, the infrastructure status which in turn will prove to be a boon for it.
The move of the government is really good as it will help you to meet the rising demands of the homes and provide the same to many more people thus accomplishing the Housing objective by 2022. The emphasis is given to the first time buyers who are finding it difficult to buy a home for themselves but this new scheme will surely seek their attention. Efforts are being made to encourage more buyers to enter into the market so that they can take the advantage of the scheme.
In addition to the “Affordable Housing”, getting the loans on home will be made easy as National Housing Bank will make sure the loans of worth Rs 20, 000 crore to be given to the people in the year 2017-2018. Many other corporations as well as companies will be rendering their assistance in this case so that more number of people can make maximum use of the policy thereby bringing a change in their life.
Highlights of the budget for real estate
- Till 2019, 1 crore rural houses have to be created
- Rs 23,000 crore is given for the Pradhan Mantri Awas Yojana
- Special importance has been given to the transportation infrastructure and that is why an amount of Rs 2.41 lac crore has been sanctioned for it
- Changes will be made to the FDI policy
- There is tax benefit for the real estate developers too on the unsold stock
- Indra Awas Yojana will now be stretched to 600 districts
- 1 year tax break will be given to the unsold stock
- The time period for profit linked incentives is increased from 5 to 7 years which is yet another key aspect of the budget
In all the real estate has definitely got some great news as many policies will drift the market taking it to the next level.