Union Budget 2017 – The Housing Dream Gets A Substantial Boost

As per the new budget of this year, the housing dream has got a healthy boost. This will help the real estate sector.

Noida, 9th February 2017: The proposal on reducing the holding period for an immovable property to a period of two years (which was previously three years) for considering capital profits tax and extending building status to reasonable housing segment could come as an additional blow to the already down real-estate sector in the state.

The real estate sector in the state of Rajasthan which is at present underperforming when compared to other cities in the nation is being optimistic that lowering the holding period will once more propel the sale-buy activities while growing liquidity in the market.

Abhishek Mishra, the director of a leading real estate enterprise in Jaipur, has said that post demonetization the transactions in the real estate sector have come to a halt. So, now people can sell their properties after holding for a period of two years rather than being three years for avoiding capital profits tax of 20%. This will lead to the growth of liquidity in the market.

Likewise, the budget has announced a series of benefits for the reasonable housing part to realize the mission of ‘Housing for all by 2022’. Extending building status to the part signifies that venture will have quick access to bank loans at lower rates. There are various other monetary incentives that the promoters of reasonable housing ventures can say.

In the previous year’s budget, the government had announced schemes for gain-related income tax exemption for developers of the reasonable housing scheme. However, for making this scheme look attractive, the budget has decided to alter the parameters. Finance Minister Arun Jaitley has said that instead of the 30 and 60 square meter built up area, the 30 and 60 square meter carpet area will be taken into consideration.

For being eligible, the scheme was to be finished within 3 years, but now at present, it has been extended to two more years. As per experts in this field, the carpet area calculation will make houses more livable as well as expand the customer base.

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