Union Budget 2017 Key Highlights of Real Estate Sector
2/4/2017 6:49:00 PM
"In Union Budget 2017 speech Finance Minister Arun Jaitley fulfilled one of the major demand of real estate sector, Affordable housing will be given infrastructure status which is likely to result in increased participation from private players.This announcement can help this sector to boost in many way, Simultaneously it will attract investment to the sector.Infrastucture status to affordable housing will act as a catalyst to meet the objectives of pradhan mantri yojana housing for all by 2022. In the union budget 2017 Govt tried to fullfilled all demands what the sectors need to contribute to the economy.Union budget 2017 speech Finance minister Arun Jaitley announced National Housing Bank will refinance individual loans worth Rs 20,000 crore in the year of 2017-2018.The housing sector alone contributes 5-6 per cent to the country's Gross Domestic Product (GDP).Here, some key highlights of union budget 2017 for real estate sector.a Union Budget 2017 Key Highlights of Real Estate Sector Affordable housing have been given Infrastructure status By 2019 1 crore rural houses will be created Pradhan Mantri Awas Yojana housing for all by 2022 to get Rs 23,000 crore National Housing Bank will refinance individual loans worth Rs 20,000 crore. Developers to get tax relief on unsold stock as liability to pay capital gains,It will arise only in the year a project is completed Instead of Built up area of 30 and 60 sq meters, the carpet area of 30 and 60 sq meters will be applicable for affordable housing Holding period for long term capital gains tax for immovable property reduced from 3 years to 2 years Tax break of 1 year post receipt of the completion certificate, for the unsold stock Rs 2.41 lakh crore has been allocated to boosting infrastructure for transportation Indra Awaas Yojana will be extended to 600 districts Allocation for National Highways to be at Rs 64,000 crore Indexation for capital gains shifted from 01-04-81 to 01-04-2001 Above 3 lakh cash transaction to be stopped.