(FE)
The government’s determined focus to make real estate as one of its key drivers has been amply evident in the last couple of years. The Union Budgets have played a significant role in this, augmenting the sector with initiatives such as infrastructure status for affordable housing, extension of income tax benefits up to 60 sq metre-sized apartments, amendments in Real Estate Investment Trusts (REITs). Last year, these were further strengthened with the implementation of Real Estate (Regulation and Development) Act, 2016, (RERA) and GST, which have started impacting the sector positively.
This year’s Budget emphasises on the development of rural sector, agriculture, middle-class, micro, small & medium enterprises (MSMEs), infrastructure sector, senior citizens, healthcare and weaker sections of the society. The government aims to bring down the fiscal deficit of 3.5% for FY18 to 3.3% for FY19. In addition, the government’s efforts to prioritise investment in improving the healthcare, social infrastructure and agriculture is laudable. We, at Sobha, welcome such steps, as it will help sustain long-term demand for housing and propel a well-rounded growth of the economy.
