Interesting Points in Budget 2016 For Real Estate

2016’s Budget announced by Finance Minister Mr. Arun Jaitley was considered that most of the points which would have gained better attention were buried under explosive reaction on the announcement of imposed tax on withdrawal of one’s EPF however, that decision has taken back due to strong objection by the country. Some of the good points that failed to gain the attention are:

  • Despite not giving the proper scenario to infrastructure, budget 2016-2017 has various tax reliefs for housing as well as construction sectors. The Urban Development & Housing and Poverty Alleviation Minister said that housing and construction sector received the benefit, though it was not declared.

  • Naidu, seek to all the concerned dignitaries to provide an early solution to Real Estate bill, which is meant to generate confidence and credibility in the customers of real estate sector. This was done by referring to the campaigning done on the social media by potential home buyers.

  • There were several measures that were proposed in the budget for 2016-2017, which were committed to increase the liquidity in the contexts of investments. These proposals were made to allow investments in the sector of affordable housing.

  • Union Minister Mr. Venkaiah Naidu stated that “The focus of the Budget 2016 was mainly on agriculture and rural development but urban sector got its increase of 15% in the total central plan outlay for 2016-17 over revised estimates for the current fiscal, the plan outlay for the urban sector has been increased by 55%. The share of the urban sector in the total central plan outlay for the current fiscal and the next fiscal, however, remained at about 5%.”

So, these were some of the great highlights of budget 2016 that gave some boost to the sector of housing and construction. However, there are other points also which really can draw and should be implemented in the favor of a common man.