Real estate industry to benefit from the Union Budget
The Union Budget, which was presented by Arun Jaitley, the Finance Minister on 10th of July, will help in boosting the business in the real estate industry. The Tax benefits that have been given in the hands of people, especially income tax exemption against the interest in housing loans, will help people in building a positive sentiment towards buying.
The increase in tax slabs by around Rs 50,000 will further help in strengthening the common people’s hope in buying a home and hence turning their dream into a reality. The schemes, announced by the finance minister shall be a help in improving infrastructures, such as sanitation as well as electricity and also help in boosting medical facilities and increasing education hubs. Special initiatives like development of 100 smart cities, with a set aside amount of Rs 7060 crore, will also help in the rise of the staggering real estate business in un-tabbed cities.
The housing minister stated that there is a shortage of around 18.78 million houses in India, of which around 96 percent is in the economically weak and low income class. The allocation of budget for rural housing schemes as well as affordable housing for urban poor people shall also help the real estate industry and individuals.
Source: The Economic Times
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