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Benefits of Budget 2017 For Affordable Homes
Budget 2017 has come up as a blessing for the affordable housing segment. The new alterations will certainly encourage the construction rate of smaller homes, ultimately solving housing issues for middle and lower income group. Earlier only 30 sqm and 60 sqm built-up area was permissible within 25 km of the metro cities for affordable flats. However, the recent alterations allow around 30 sqm and 60 sqm of carpet area to be available for the buyers.
Recent changes will benefit buyers with limited budget to get a better spacious home in the budget constraint. In addition, the budget has extended the time limit of construction to five years for benefit of the developer. It allows the developer to have more time for construction as compared to the earlier timeframe of three years. It will offer a commercially feasible housing infrastructure than what is existing in the current market.
Budget 2017 has also created a better environment regarding financial borrowings due to the long-term tenure availability. “Government has already eased rules for registered FPIs on investment in the infra sector benefiting to the affordable housing sector furthermore. In addition, the long-term tenure has also helped in getting the tax break under Section 80-IBA of Income Tax Act for the developers” says Pradeep Runwal, the founder and Managing Director of Runwal Group.
Budget 2017 has fulfilled dreams for affordable home buyers across the country. It surely will improve residential statistics of the country by 2020. It offers affordable homes to people who need it the most!