NAREDCO Vice Chairman & Tulip Infratech CMD Parveen Jain says, ‘The Budget announcement today is good with a major boost for Affordable Housing, Rental Housing and Infrastructure development which shall be beneficial for the buyers, investors, people looking for staying on rent and the developers of Affordable Housing.
There is good News with the proposal of Tax Holiday for developers of Affordable Housing and additional deduction of up to Rs. 1.5 lacs for interest on home loans borrowed up to 31.3.2020. That takes the total deduction to upto Rs 3.5 lacs. Rental Laws shall be reformed and modern tenancy law shall be shared with states to promote rental housing which shall streamline and boost the unorganized rental market.
Major emphasis has been laid on Infrastructure development with the proposal of 100 lakh crore investment for infrastructure in the next five years. These investments include Housing, Farm and Railways infrastructure. There is a proposition to construct 1.95 crore Houses under PMAY ( Pradhan Mantri Awas Yojna) and Rs 80,250 crore for upgradation of roads under PM Gram sadak yojna. There is a proposal to follow PPP model (Public private partnership) model for the development of Railways, this move shall culminate in spreading the Railway network to remote areas making them accessible and resulting in the development of Infrastructure and Real estate in these areas. The proposal to boost water and road transport shall pit the Rural urban divide due to improved connectivity.
Considering the above major points in particular for the Real estate and Infrastructure, the Budget announcement seems to be good for the growth and development of the same and for the Economy of the nation.’
