In his chat with Zee Business Managing Editor Anil Singhvi, NAREDCO President Niranjan Hiranandani said that the tax free nature of affordable housing has been increased by 1 more year. This segment was already in focus and the Finance Minister further focussed on it, which is an extremely good sign for the sector. Government has given a lot of importance to affordable housing and some benefits which were previously given are being continued.

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Hiranandani said that in the PMAY Scheme, GST is just 1%. Maharashtra stamp duty on Affordable Housing is just Rs 1000. Stamp duty benefit is 3% in Regular housing but is only Rs 1000 in Affordable Housing. 60% housing schemes all over the country will get advantage of these schemes. Prime Minister Modi’s vision to make 1.2 cr houses by 2022 will be achieved. The Housing Ministry and Government vision for affordable housing will be becoming realty soon, he said.

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Hiranandani said that valuations on INVTs will increase due to removal of double taxation. REITs and INVITs will benefit from Budget announcements. This year will witness many new investments in REITs and INVTs.  The Budget is good for the Real Estate sector. There are many different segments in the housing sector. Focus of the Government on Affordable housing will definitely ensure the growth of this sector. The Budget was focussed on what the Prime Minister and Housing Minister has spoken earlier.

Hiranandani said that the initiative of Infrastructure spend taken by the Government is an extremely good decision.  Expenditure on Metros, Roads, Ports, Disinvestments, Health will give a huge boost to the sector. This will indirectly benefit the housing sector.