Budget 2017 Gives boost to the Realty Sector
Real estate fraternity has welcomed the recent positive announcements by Finance Minister Arun Jaitley in his Budget 2017-18 Speech. Affordable Housing has been given the Infrastructure status. Real Estate Industry believes that this announcement will act as a booster to achieve the goals of Housing to all by 2022.
FM announced that 1 crore rural houses will be created by 2019 and National Housing Bank (NHB) will refinance individual loans worth Rs 20,000 crore in 2017-18. Affordable Housing Finance Companies such as Gruh Finance, AU housing, and Repco will get a thrust by NHB allocation.
Pradhan Mantri Awas Yojana would get Rs 23,000 crore, Indra Awaas Yojana will be extended to 600 districts and from now on, the carpet area of 30 and 60 sq meters will be applicable for affordable housing, earlier Built up area of 30 and 60 sq meters were applicable.
You will be glad to know that New FDI policy is under consideration by the Modi Government. To keep the corruption and black money in check, from now on no cash transaction above Rs 3 lakh will be allowed by the government.
If you are a realty developer then you will get tax relief on unsold stock as liability to pay capital gains will take place only in the year that project is completed. Now, the total allocation for the infrastructure sector is Rs 3,96,135 crore. To boost infrastructure for transportation, the government has allocated Rs 2.41 lakh crore.
National Highways has been allocated Rs 64,000 crore. Government has solid plans to develop the infrastructure of the country as this will lead to generation of new job opportunities directly and indirectly.
A big relief for taxpayers- the existing tax rate for incomes between Rs. 2.5 lakh to 5 lakh has been cut to 5%. Personal income taxpayers got this relief, while tax payers in other categories will be able to save Rs. 12,500.
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