Budget 2019 Reactions: Impetus To Affordable Housing Is Positive Sign, Says Mr. Sankey Prasad, CMD, Synergy Property Development Services

By Mr. Sankey Prasad, Chairman and Managing Director, Synergy Property Development Services

The real estate industry laid down a lot of expectations from the interim budget. Although aspects such as infrastructure status to the industry, and structured single-window clearance among others, weren’t met, the Union budget 2019-20 in its entirety took into account a host of other issues aimed to propel the economy into a 10 trillion dollar economy. This is a positive sign.

The steps taken can percolate into direct & indirect benefits to the housing sector.  The impetus on affordable housing is once again visible.

I believe the proposal to extend Income Tax benefits for affordable housing schemes, coupled with doubling NIL Income Tax slab from 2.5 to 5 lakhs, will definitely be an impetus to the affordable housing sector. Also, exemption of tax on notional rent, on unsold inventories up to 2 years will provide relief to the developers on the short term and will help them to focus on newer projects.

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