“Prime Minister Narendra Modi’s dream project of ‘Housing for All by 2022’ can be easily accomplished when there is more clarity if metro cities too, can come under this ambit. This will enable buyers to avail better benefits in larger cities. Affordable housing is a volume-driven market and to boost supply in this segment, private builders along with government housing bodies will have to upscale their construction limits. This year’s budget should also focus on giving more clarity on application of housing loans under PMAY scheme. To fast track delivery of homes, property developers have been demanding for single window clearance which will eliminate bureaucratic delays. While the Central Government may introduce various measures to boost the sector, it is imperative that the State Government also aligns its policies with them otherwise all the efforts will be futile. There is a dearth of housing in the EWS and LIG sectors and we expect the Government to undertake more measures towards easing of norms and providing further tax exemptions which would help realize the dream of Housing for All.
To boost the consumer demand, the government should increase tax deduction limit on housing loans and set a tax exemption limit basis the inflationary trends in the financial year. Also, it will be a good move if affordable housing gets an infrastructure status in the upcoming budget which will provide an impetus to the investors and also reduce costs for developers. With implementation of GST Bill, Benami Transactions (Prohibition) Amendment Act, 2016 and RERA, there will be an increase in transparency and reliability within the sector and will surely have a positive impact on the real estate industry.” – Sujeet Bhansali, CEO, Playtor Childspaces Pvt Ltd.
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