New Delhi, July 06, 2019: Union Budget 2019: A budget conducive to the real estate sector
- The Union Budget successfully portrayed the government’s continued efforts to achieve ‘housing for all’ by 2022 with over 80 lakh houses being sanctioned under this initiative.
- The additional tax deductions on home loans for self-occupied house owners and tax reliefs on interest paid are an incentive enough to boost up sales in the affordable sector.
- The proposed Model Tenancy Law aims at bringing momentum in the rental-housing sector.
- Government to reform multiple Labour Laws and to rationalize them into four codes, thus standardizing the process of registration and filing of returns.
- The partial credit guarantee to the Public Sector Banks (PSBs) addressed the crucial NBFC liquidity issue.
- Besides this, the Government’s decision to increase investment allowance of Foreign Portfolio Investors (FPI) in REITs will spur the flow of funds in the industry.
Although issues like single window clearance and Input Tax Credits (ITC) benefits in GST weren’t addressed, multiple pro-industry reforms majorly outweigh the few misses.
Corporate Comm India (CCI Newswire)