Kolkata, Jul 5 : Union Budget 2019-20, overall was a balanced one with more of a long-term vision as a follow-on of the interim budget, opined ANAROCK property consultants chairman Anuj Puri.
It has obviously been formulated to restore confidence in the India growth story as a whole, and more importantly within India Inc, he said in a statement.
" As far as real estate is concerned, the budget had a few hits and several misses. Infrastructure stayed at the top of the government’s agenda. This is of course significant, since infra development is one of the main propellers for economic growth and real estate benefits both directly and indirectly.
" The new FM had an uphill task of balancing priorities in Modi 2.0's maiden budget. Most sectors - including real estate - stridently sought concessions to kick-start stagnant consumption and investments. Steering the country out of the stranglehold of economic slowdown and creating employment were also high on priorities list." Mr Puri added.
The Union Budget was on track in terms of encouraging savings and investments and empowering rural India. Its thrust towards the digital economy and start-up evolution will have indirect benefits in the long run. As expected, affordable housing under the PMAY scheme (also a critical employment generator) got a boost.
Mr Puri maintained that the government announced major tax benefits that will help stimulate demand for affordable housing. Interest deduction up to Rs 3.5 lakh for affordable housing (priced < INR 45 lakh) as against Rs 2 lakh earlier will now be available until March 31, 2020. This can help attract first-time homebuyers. Further, nearly 1.95 crore houses are proposed to be provided to eligible beneficiaries under PMAY-Grameen between FY20 to FY22. (UNI)