Post Budget quote from President CREDAI
Post Budget quote from Kishore Jain, President, CREDAI Bengaluru
Hon’ble Finance Minister Nirmala Sitharaman in her Union Budget presentation, focused more on the infrastructure development by allocating INR 1.7 lakh crore. The government has taken many measures which will help fulfil the aspirations and vision of most of the sectors but the real estate sector has not been discussed much during the Budget. Measures on the repo rate deduction, GST rate reduction on construction materials etc. were not mentioned. Deduction on housing loans in affordable housing segment has extended by one year.
The provision of tax holiday for the developers of affordable housing sector will further boost the segment. Also the concession provided to the real estate transactions will bring in more investment to the sector. The government did not announce schemes or policies to fulfil the promise of ‘’Housing for all by 2022”, within two years. Real Estate being one of the key contributors to the country’s economy, it is important to address the problems faced by the sector.