Low-cost and affordable housing gets a push in Budget 2014-15
Finance Minister Arun Jaitley has given a much-required thrust to the real estate sector in Budget 2014, which includes a significant boost to low-cost and affordable housing.
With sales in realty sector having been sluggish of late, the Budget brings noteworthy relief to the housing sector; with an allocation of Rs 4,000 crore for low-cost housing schemes, and Rs 8,000 crore for rural housing. Moreover, the government will also announce relaxation of FDI norms for the affordable housing sector in the near future.
The amount of Rs 4,000 crore earmarked for low-cost housing, which essentially underscores urban housing for poor and economically weaker sections (EWS), the government is well on its path to fulfil Prime Minister Narendra Modi’s vision of ‘housing for all’ by 2022.
However, the real task before the Modi government is to ensure that the proposed low-cost and affordable housing initiatives are executed quickly and effectively, especially since similar incentives for low-cost housing have not been effectively implemented in the past.
Nonetheless, appreciating the government’s efforts, Hariprakash Pandey – VP of Finance & Investor Relations at Housing Development and Infrastructure – said that “plan to incentivise development of low-cost housing” and Rs 8,000-crore allocation for National Housing Bank programme for development of rural houses will create “a favourable environment that will boost affordable housing in the country.”
Source- Financial Chronicle
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