Budget 2019-2022 Vision: Every single rural family will have electricity, clean cooking facility, says FM

Budget 2019 has been presented and India Inc and the public, in general, is busy finding out the key takeaways that are helpful for them. However, the common man would be quite happy to know about the seriousness of the Modi 2.0 government towards its ambitious 'Housing for All' by 2022 scheme. She also informed the nation from the floor of the Parliament that time taken at which house construction happened has been brought down under the Modi 1.0 Government - from 300 plus odd days to just around 100 plus days!

While tabling budget 2019 in Parliament, Nirmala Sitharaman, Finance Minister, Government of India said, "By 2022, every single rural family except those who are unwilling to take the connection, will have electricity and a clean cooking facility." She also informed the house that earlier it used to take 314 days to construct a house under Pradhan Mantri Aawas Yojna (PMSY) which has now come down to 114 days, a third of the time taken for constructing a PMAY house. 

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Hailing Nirmala Sitharaman for her bold move and announcements for the real estate sector Anshuman Magazine, Chairman and CEO, India, South East Asia, Middle East and Africa at CBRE said, "The FM specifically mentioned the requirement for investing in rural road infrastructure, connectivity and rural housing and promised construction of 1.95 crore rural homes by 2022 under the government’s Housing for All scheme and equipping these homes with toilets, electricity and LPG connections." 

He said that on the housing front, an additional deduction of Rs 1.5 lakh has been proposed on interest paid for affordable housing loans till March 2020. A model rental tenancy law will also be established to enhance the rental housing market. These measures, besides sustained investment in the Pradhan Mantri Awas Yojana, will continue to support the housing market in the country.

Avneesh Sood- Director at EROS Group said, "Housing for all is going to get a quick boost after this budget. Government is now ready to allow own land for housing development and I feel that PPP model will the best to adopt.  Without infrastructure, growth of real estate is a dream and infrastructure has a big share in the budget. Govt. is trying to provide air, metro, raid and road connectivity in tier 2 & 3 cities along with metro. Regulation of housing finance under RBI is a positive step for real estate. Affordable housing is the focus of govt. and benefit of Rs. 3.5 lakh on the interest of the home loan is going to attract huge mass. Buying a home is like creating an asset but now it is going to save tax as well. This sounds attracting and an individual will turn in to home buyer because he or she can save more even after investment from day one. After GST rate cut, this has made affordable more lucrative for home buyers and investors both."

Gaurav Kasyap, CEO Cherry Hill Interiors said, "There is a sustained focus on rural housing under “Housing for All” programme by the Government with a target of close to 2 Cr households being built in the second phase. An additional income tax deduction of Rs 1.5 lakh on interest paid on home loans value upto Rs 45 lakh is also an encouraging step and we hope this is extended to support the household buyers in the subsequent years also. We remain bullish on the sector."