Budget 2016: Housing sector in the forefront of development

Budget 2016, which Finance Minister Arun Jaitley presented in Lok Sabha on 29th February 2016, has received howl of appreciation from Union Minister Venkaiah Naidu, calling it favorable for housing and construction sector of the nation. He said announcements in the budget such as tax rebates and reliefs, optimization and digitization of land records, simplifying ease of doing business and further relaxation of FDI norms will be growth drivers for real estate and will facilitate incremental surge of much-needed investment flows into affordable housing sector.

Naidu highlighted some key points mentioned in the budget for housing sector. He said despite the absence of infrastructure status for housing and construction sector, the budget for the fiscal year 2016-17 has proposed various tax exemptions which will drive growth for the realty sector in future. The Union minister also pointed a slew of measures proposed in the budget to enable investment influx for affordable housing and construction in India.

He also implied early passage of the long-standing real estate bill aiming to stimulate confidence of end-users together with ensuring credibility of the realty sector.

According to Venkaiah Naidu, budget 2016 has announced surge of 55 percent of plan outlay for the urban sector. He said urban sector has been acknowledged for its significance because of the allocations made in the budget for the sector. The flagship schemes of central government like Swachh Bharat Mission, Atal Mission, Smart City Mission and Prime Minister’s Awas Yojana (Urban) will get necessary resources as per the commitment made by the government, said Naidu.

Source: The Financial Times. March 03, 2016

Image courtesy: Indian Express

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