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Real Estate Expectation From Budget 2018

The second main pre-budget expectation is that the current GST of 12% should be lowered to atleast 6 to 8%

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There are two main pre-budget expectations or recommendations. The first one is that presently the Affordable Housing category is limited upto 60 sqm area only, this area limit should be increased so that the MIG category housing can also come under the Affordable Housing category.

Talking about the most recent policy reform which is in the reckoning is that under the PMAY (Prime Minister Awas Yojna), the earlier MIG-1 carpet area of 90 sqm has been increased to 120 sqm and the earlier MIG-2 carpet area of 110 sqm has been increased to 150 sqm. If the housing under the above categories is brought under the Affordable Housing, then they shall avail the benefits and subsidies of the Affordable housing category which is expected to give a big boost for the real estate market in the coming years.

This will pave the way for availing the loans for the same easily and also to enjoy the associated advantages of the Affordable Housing category as Affordable Housing has been allocated the ‘Infrastructure status’.

The second main pre-budget expectation is that the current GST of 12% should be lowered to atleast 6 to 8%. Both these above measures if taken judiciously shall give a tremendous boost to the Real estate market. These steps will also serve the cause of realizing the government’s mission of ‘Housing for All by 2022’ to a great extent because if these steps are implemented, then the masses shall be in a much better affording position for buying and investing in Housing.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.

Tags assigned to this article:
Union Budget 2018 real estate affordable housing

Parveen Jain

The author is CMD, Tulip Infratech

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