Budget 2019: What real estate professionals, home buyers expect from Modi govt

Stern steps like RERA were passed by the NDA that benefited property buyers immensely and brought transparency in the otherwise disorganized Real Estate sector in 2016.

The government has time to time doled out various perks for home buyers. (Image: PTI)

Budget 2019: Real Estate and Infra sector in India has seen a lot of positive changes in the past 5 years of Modi government. Stern steps like Real Estate Regulations Act (RERA) were passed by the NDA that benefited property buyers immensely and brought transparency in the otherwise disorganized Real Estate sector in 2016. The Goods and Services Tax further organized the Reality sector in 2018. Modi government’s schemes like Pradhan Mantri Aawas Yojna (PMAY) and Deen Dayal Aawas Yojana lifted the affordable housing market (EWS & LIG) in urban as well as rural India. As per a report by Confederation of Real Estate Developers' Associations of India aka CREDAI, the Real Estate sector in India grew by 40% in the first three quarters of 2018, which is in sync with the BJPs ambitious ‘Housing for All’ target by 2022. The government has overall taken measures like building roads and toilets across the country, besides electrification in rural and remote areas, to improve the infrastructure that has directly benefitted Real Estate in India. The government has time to time doled out various perks for home buyers including like Income Tax exemption up to 150 sq mts, service tax (in 2016) was excused for small houses (less than 60 sq mts) and additional exemption of Rs.50,000 was given for home loans up to 35 lacs, deduction limit on interest on loan for self-occupied house was raised to Rs.2 lac from Rs.1.5 lac earlier, amongst many such benefits to home buyers. Know the Highlights of Last 5 Budgets by Modi Government for Common Man With Budget 2019 just 21 days away, the Indian Real Estate sector is looking for more such schemes to be chalked out by the Finance Ministry that will supplement the already high market sentiment, attract home buyers as well as common man to invest in reality sector besides improving infrastructure. Further extension of limit for tax exemptions on interest on home loans besides stern government intervention in incomplete projects and more budget allocation to PMAY and roads connectivity is highly anticipated by the Realtors as well as potential home buyers. Know 5 Key Priorities for Modi Government ahead of General Elections 2019