What’s In Store For Indian Real Estate After Budget 2018?
The 2018 Union Budget was unveiled on the 1st of February, after months of speculation. In the budget, it was evident that the Government had reinforced its measures towards its Housing-for-all agenda & better infrastructure.
Here are 3 key takeaways to sum it all up for you:
A bit of relief to home buyers & sellers:
Our Finance Minister, Mr. Arun Jaitley made a key amendment to section 43 CA. Market transactions can now happen up to 5% below the circle rate. The deficit will not be deemed to the income in the hands of the buyers & sellers.
No Change in Tax Slabs
85.51 lakh new taxpayers filed income tax returns in FY17. This healthy increase was one of the main reasons why the Government has kept the slabs unchanged. This will maintain the growing purchasing power of the surging middle class and can also translate into more real estate sales.
Allocation towards Housing-for-all
Under the Housing for all by 2022 agenda & PM Awas Yojna (Rural), the Government sanctioned the construction of 50 Lac affordable housing units in urban areas & 51 Lac units in rural areas.
Apart from the above reforms, the Government will also invest heavily in almost all its infrastructure projects, namely Bharatmala, its airports & railways platforms.
So there you go! The Union Budget of 2018 did sprout some positive sentiments for real estate developers & homebuyers and if you’re looking to invest in real estate this year, you’re in for some excellent benefits!