Budget 2019: Developers Appreciate Sops For Affordable Homebuyers Though Demand For Industry Status Remains Unfulfilled
July 11, 2019 by floraheights
In its first budget post its re-election, the central government has touched upon various aspects and tried to strike a balance. Finance Minister Nirmala Sitharaman’s budget outlay on July 5, 2019 saw the lion’s share going to infrastructure and allied development. However, the housing sector is positive too, thanks to some progressive steps being reiterated or put in action such as rental housing, sops for affordable homes, among others. Sitharaman’s insistence that growing urbanisation will be viewed as an opportunity and not as a liability, is indicated by the fact that various projects have been announced to lift the Tier II, Tier III cities, not to forget the rural areas as well.
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“On a home loan of 15 years, home buyers can save up to Rs 7 lakhs and it is huge amount,” adds Jain. Hardik Agrawal, CEO, Radha Madhav Developer (Vrindavan), Sufalam Infra Projects Ltd, too calls this a ‘welcome boost.’
“We are happy to know that the budget is going to bring the much-needed buoyancy to the currently sluggish real estate sector,” emphasises Jose’ Braganza, Joint MD, B&F Ventures (P) Ltd.
Along with infrastructure status to the affordable housing segment, increased carpet area, re-defined income definitions to boost supply in the market plus extension of the 100 per cent tax holiday under section 80-IBA of the Income Tax Act, 1961 to 31 March 2020—provisions that were announced in the last budget coupled by the impetus to affordable home buyers, Budget 2019 has come out positively, agrees Ramesh Nair, CEO and country head, JLL India. Besides, the government is also mulling over permissions to own land for housing development. Under Public Private Partnerships (PPP), affordable housing could thrive.
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