With real estate being a major focus owing to the infrastructure development and housing for all initiatives by the Government, the Union Budget 2018 announced today did have some interesting inclusions. In fact, prior to the Union Budget being broadcasted, the Government had declared reduction of GST to 8% for all houses qualifying under credit link subsidy scheme under PMAY. This itself shows the Government’s keenness and commitment to make Housing for All a reality by 2022. Funds have also been allocated by the government for building 37 lakh houses in urban areas. These project the Government’s sanguine outlook towards the realty sector which is very encouraging for us as a business and also as consumers.
Out of 100 smart cities, 99 have been identified and Government announced budgets for development of various projects in these cities. The Finance Minister further announced that the Centre will create a dedicated affordable housing fund in collaboration with the National Housing Bank. For companies like ours, which have MIG and Affordable House offerings, this is a great opportunity to play a role in the development of India and contribute our bit in making our country one of the largest economies in the world. Government’s initiative to focus on both rural and urban housing will further help in accelerating the growth of real estate in our country.