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The real estate sector welcomed the Union government’s stress on affordable housing as a right step to revive the industry’s fortunes.
The government has allotted ₹4,000 crore to the National Housing Bank (NHB) for promotion of low-cost housing schemes and extending cheaper credit, and has indicated relaxation of FDI norms for the segment.
According to Anuj Puri, Chairman and Country Head, JLL India, “The government has taken due note of the demand-supply mismatch in housing for LIG (lower income group) and EWS (economically weaker section). It remains to be seen how fast these initiatives hit the ground.”
The increase in income-tax deduction limits on interest payment for housing loans to ₹2 lakh (from ₹1.5 lakh) will further boost demand, said Sachin Khandelwal, CEO Magma Housing Finance.
According to Harshvardhan Patodia, Vice-President of Confederation of Real Estate Developers Association (CREDAI), the Budget accords housing equal priority with manufacturing.
“We are delighted that the Budget acknowledges the dual role of housing, both in investments and improving living standards,” he said.
According to Shampa Ghose, Partner, city-based BGA Realtors, the tax pass-through facility for Real Estate Investment Trusts (REITs) is a welcome move. It will, according to her, facilitate the flow of savings into the real estate sector.
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