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Resolved to proffer homes to every poor under the pet venture, Housing for all, by 2022, the Finance Minister declared different activities for moderate lodging fragment. The setup of the committed moderate lodging. Click here for the details… http://www.favista.com/blog/2018/02/17/union-budget-2018-19-affordable-housing-gets-big-push/
Union Budget 2018-19: Affordable housing gets a big push
©February 17, 2018 & Real Estate # affordable homes in gurgaon,
Affordable homes in india, Affordable housing gets a big push, current real estate markettrends, property website blogs, real estate blogs, real estate property blogs, Union Budget 2018-19,Union Budget 2018-19 in real estatem Favista Admin
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Committed to proffer homes to each poor under the pet project, Housing for all, by 2022, the Finance Minister announced various initiatives for affordable housing segment. The setup of the dedicated affordable housing funds under National Housing Bank arose as a key highlight for real estate sector. The fund will make sure that the construction of 37 lakh homes in the urban areas as well as 51 lakh homes for rural poor in 2018-19.
Also, the government will establish dedicated affordable housing fund in national housing bank funded from priority sector lending to shortfall as well as fully-serviced bond authorized by the government of India.
The move has been welcomed by one and all in the real estate sector as it will serve the huge objective of boosting the supply of augmenting affordable housing and rural housing in urban areas.
Previously, close to 1.2 Cr homes were planned-well under the PMAY Gramin, 51 lakh have been constructed in 2017-18 and somewhat 51 lakh homes will be developed in 2018-19.
The affirmation of budget to affordable housing is certainly a positive step. The affordable housing fund will act as the stimulus for the realty industry, driving demand for the affordable segment, the industry looks forward to working with government towards the housing for all in the proposition that is a win-win for all the personal stakeholders as a whole.
Considering acute demand of the affordable housing units across the country, the government has reduced the rate of tax under GST to effective 8% from earlier this month for the effective 12% on homes purchased as well as the constructed under credit linked subsidy scheme for the economically weaker section, mid-income, and lower group. The credit linked subsidy scheme together with the GST advantage will fulfill the
dreams of masses that aspire to own a house and will provide a massive boost to the residential sector.
While the government announcements, however, have been the buyer-centric, the budget failed to surprise the developer fraternity. No subsidies have actually been announced for the construction industry which basically means that developers could face higher cost pressures while building the budget housing projects. While the developers were on the lookout for the win-win budget for the stakeholders of the industry, the proposition looks to be more customers oriented specifically for affordable segment completely ignoring budget categories.
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Sanjit is working with Favista real estate since last 2 years as digital marketing manager.View all posts by Favista Admin ^
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