Union Budget 2017 was well-received by the nation. As Finance Minister Arun Jaitley read the plans for the fiscal year 2017-2018, the public cheered for the proposed loan reforms and tax slab revisions. This budget is expected to redefine the Indian economy. Experts from Arun Dev Builders Ltd agree that real estate has fell on hard times due to poor planning, corruption, and ineffective governing policies. Various industries will undergo major changes, following the budget implementation. Perhaps the most affected industry will be the real estate. This time, with the help of the union budget, the realty sector is set to reach its true potential. Here are some of the crucial decisions pertaining to the real estate that the FM announced:
- Pradhan Mantri Awas Yojana allocation will be hiked from Rs 15,000 crore to Rs 23,000 crore
- Affordable housing has been granted the infrastructure status
- Affordable housing will use ‘carpet area’ instead of ‘built-up area’ of 30 and 60 square meters
- Capital gains tax on immovable property has its holding period levelled from three years to two years
- According to a new FDI policy, the realty sector will have access to financial support that’ll grant them a huge pool of resources
- The fund limit for AMRUT and Smart Cities has been boosted to Rs 9,000 crore
Real estate developers now have it easy since economical sources of funds can be sought to complete back-breaking projects. Statistics suggests that affordable housing has a shortage of 1.87 crore homes. Developers can pay attention to new projects to meet that deficiency. According to realty experts at Arun Dev Builders Ltd, the consumers will benefit more than the developers from the tax slab revisions and real estate amends. The only flaw of this budget is the absence of single-window clearances that’ll speed up housing projects. Yet, Union Budget 2017 provides more opportunities than drawbacks.