What’s in the lap of Union Budget 2017 for real estate sector?
Real estate industry is one industry which is known as the backbone of the nation and always has high expectation from the union budget. This time the union budget 2017-18 also puts some positive impact the real estate sector, from the perspective of middle-class and investors point of view.
Giving a major boost to the realty sector, the Finance Minister Mr. Arun Jaitley in his Budget speech 2017-18 has said that the ‘Affordable Housing’ will be given ‘Infrastructure’ status, which is likely to increase the participation from private players.
Stepping ahead to fulfill the Prime Ministers dream of housing for all by 2022’, Mr. Arun Jaitley expresses that this step will also offer new opportunity and stability in the realty sector. The announcement would bring investment not only from private players in the affordable housing campaign but also fetch NRIs from all over the world.
This concept of affordable housing would provide better housing and investment options for the middle-class and lower-middle class aiming to buy their first homes.Mr. Jaitley also declared that National Housing Bank will refinance individual to get loans worth Rs 20,000 crore in 2017-18.
Some of the Key highlights for real estate sector in Union Budget 2017:
- Affordable Housing has been given the Infrastructure status.
- Pradhan MantriAwasYojana to get Rs 23,000 crore.
- National Housing Bank to refinance Rs 20,000 crore loans.
- 1 crore rural houses will be created by 2019.
- Real estate developers will likely to get tax relief on their unsold stock.
Adding his views to the union budget 2017, Chairman & Managing Director, Mr. Anil Mithas, Unnati Fortune Group said that this is a welcome move and this impetus will help to speed up working of construction in re-gaining and improving its previous status. This step will also help in building new roads of opportunity for infrastructure, manufacturing sector through affordable housing.
The government has put in all the required ingredients to accelerate the realty sector which is also believed to be the start of the new development phase of industrial cities around our industrial transport corridors.