The exemption on profits for developers on housing projects will incentivize increased participation by developers – Sriram Mahadevan Business Head, Happinest

Bengaluru, March 19, 2016: “It is heartening to note how the government has taken cognizance of the importance of the Affordable Housing segment towards making ‘Housing For All by 2022’ a possibility. This budget provides some of the long standing stimulus needed to drive growth in the segment. Additional exemption of Rs. 50,000 on housing loans up to Rs. 35 lakh for first time home buyers (on homes that cost upto Rs. 50 lakh) coupled with exemption of service tax on construction of affordable houses up to 60 square metres will reduce the cost of home ownership for the price-sensitive affordable home buyer. Furthermore, the exemption on profits for developers on housing projects (upto 30 sq. metres in four metros, 60 sq. metres in other cities) will incentivize increased participation by developers towards creation of much needed affordable housing stock in the country. Overall, these are supportive policies in the right direction that can boost consumer confidence and spur development in the segment.”

Corporate Comm India (CCI Newswire)