Wednesday 14 February 2018

GOVERNMENT’S GENUINE CONSIDERATION FOR AFFORDABLE HOUSING IN BUDGET 2018

Getting your own space, which you can proudly call your home, is not a far-fetched dream anymore.
A home is not a luxury, but a right for everyone regardless of their social status.
With government’s Annual Budget 2018, the affordable housing will soon be a possibility for everyone.
In the budget, central government has granted infrastructure status to affordable housing which will
enable these projects to avail the associated benefits such as lower borrowing housing rates, tax
concession and increased flow of foreign and private capital.
Consequently, making home loans cheaper and available at much lower rate than before.
Some reforms have been introduced which might result in spurring the housing and construction
activities, providing huge relief to real estate developers. Real Estate (Regulation and Development) Act,
2016 (RERA), Real Estate Investment Trusts (REITs), higher tax breaks on home loans, the Goods and
Services Tax (GST), land-related reforms, optimizing development control rules, rationalizing of the
stamp duty and registration charges, digitalization etc.
These reforms are also expected to attract private and foreign investments in the housing sector, having
a positive multiplier effect on GDP and labor market.
In order to achieve Housing for All, based on assessment at the state level, the nation has the mammoth
task of creating about 12 million houses under the affordable segment of real estate.
Signature Global upholds the vision of “Housing for All’’ of the Annual Budget 2018 and plans to provide
shelters for the masses, transforming this dream into reality.

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