Begin typing your search above and press return to search.

AREIDA hails Union Budget

By Staff Reporter

GUWAHATI, Feb 3 - Assam Real Estate and Infrastructure Developer�s Association (AREIDA) has hailed the Union Budget placed by Finance Minister Arun Jaitley in the Parliament on Wednesday, as a path-breaking one. The budget has accorded recognition and a status of unambiguous respectability to the role of the real estate sector in the economy of the nation, it said.

AREIDA president PK Sarma praised the Union Government for according affordable housing the status of infrastructure. This will entitle the real estate industry to a host of benefits currently available to the infrastructure sector, he said.

Extending the benefits of affordable housing to larger unit sizes by modifying the definition to carpet area would enhancing quality of life of the residents as well as providing income tax concessions to the promoters for comparatively larger units are very encouraging developments.

Moreover, he said allocation of Rs 1,000 crore to increase in the quantum of housing loans up to Rs 12 lakh, entitled to credit linked subsidy would make housing affordable for a larger segment of the population.

Further, long-term capital gains tax benefit being made available after two years, and taking 2001, instead of 1981, as the base year would significantly enhance the value of real estate as an asset class. Income tax benefits available under Section 80IBA with extension of the two-year deadline for completion to five years is a very welcome development towards providing tax incentives, he maintained.

Again, there is significant enhancement of outlays for Prime Minister�s Awas Yojona, from Rs 15,000 crore to Rs 23,000 crore, allocation of Rs 20,000 crore to the National Housing Bank for refinancing housing loans, tax relief to promoters for unsold inventory, modifying norms for assessment of tax liability for joint development agreements, amongst others, are unprecedented government supports to the real estate sector, Sarma said, adding �We gratefully acknowledge and salute all these measures proposed to suit the larger interest of the nation.�

Next Story