Budget 2017 And Its Effects On Real Estate

Clearly, the distinguished Finance Minister of India, Mr. Arun Jaitley, in his 2017-18 Budget speech has given a remarkable push to the real estate sector of India. From a middle-class buyer perspective, the Union Budget 2017 has given hope to many potential buyers in the country. Mr. Jaitley, in his speech, gave a powerful boost to the ‘Affordable Housing’ campaign by giving it the ‘Infrastructure’ status, thereby promoting participation of private players.  The announcement of affordable housing being given the Infrastructure status is likely to act as a catalyst in meeting the ambitious goal of Housing for all by 2022. This will lead to the creation of supply for first time buyers and developers who will now have easy access to cheaper funding. Also, under the new provisions, developers will receive one year’s time to pay tax on notional rental income on completing unsold residential inventories. Plus, the holding period for capital gains tax for an immovable property is reduced from 3 years to 2 years. In other words, all these benefits are going to play a pivotal role in driving activities in the real estate sector. As the participation of private players will give a rise in competition, which will provide endless options for middle-class and lower-middle class buyers aiming to buy homes.For more information just go to the link https://goo.gl/u23A5N