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Post-Budget Reactions on the Real Estate Sector

Budget Reflection by Mr Ashok Mohanani President, NAREDCO Maharashtra

Post-Budget Reactions on the Real Estate Sector

The Government has put its best efforts to put the economy back on track after the adverse effects of Covid-19 pandemic that the entire country went through. It has focussed a lot on infrastructure in this budget. This will indirectly help boost the housing demand, especially in the Tier II & Tier III cities.

The Government’s decision to further infuse Rs. 20000 crore for public sector banks will help address liquidity issues to a large extent. The proposal to extend the Rs 1.5 lakh benefit on interest paid on affordable housing loans by one year to March 31, 2022, is an exceptional move that will boost the affordable housing segment and help achieve the Prime Minister’s vision of Housing for All. It will also ensure that more and more homebuyers get to avail of this benefit. The reduction in the tax burden on senior citizens above 75 years will push the senior-living projects.

The Government’s continuous efforts to promote ease of doing business and digitization will help the real estate sector business long as we advance.

As anticipated, it’s a very futuristic budget from the economy point of view.

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