The Union Budget clearly comes out to be pro-growth and a budget towards a better India. Pramukh Group welcomes it with an open heart and mind!
The announcement that the ‘Affordable Housing’ will be given ‘Infrastructure’ status shall give the much needed thrust to the Real Estate Sector. This is sure to act as a catalyst to meet the objectives of Housing to all by 2022. Other important and noteworthy points from the budget are:
The National Housing Bank will refinance individual loans worth Rs 20,000 crore in 2017-18
1 crore rural houses will be created by 2019
Real estate developers to get tax relief on unsold stock, as liability to pay capital gains will arise only in the year a project is completed
Instead of Built up area of 30 and 60 sq meters, the carpet area of 30 and 60 sq meters will be applicable for affordable housing
Holding period for capital gains tax for immovable property reduced from 3 years to 2 years
Tax break of 1 year post receipt of the completion certificate, for the unsold stock
These surely look like forward looking steps. Not only for the Real Estate Sector, but also for Healthcare, the Budget is a boon. The system of social security will be strengthened with steps like:
Setting up of two new All India Institutes of Medical Sciences in Jharkhand and Gujarat
1.5 lac Health Sub Centres to be transformed into Health and Wellness Centres
Creation of additional 5000 post-graduate specialist doctors per annum
All in all, it is a welcome move by the Government. It will help revive both, healthcare and real estate sectors.
Director - Pramukh Group
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