By SANJEEV CHANDIRAMANI
Chief Operating Officer, Ruparel Realty
The Finance Minister’s budget proposal 2021-22 has been optimistic to enhance the nation’s growth and revive the overall economy. The move to extend the deadline for loans taken to buy a home in the affordable housing segment till 31st March’22, is a positive step to boost the Government’s objective of Housing for all by 2022.
The additional interest deduction of Rs 1.5 Lakh and extension on tax holiday for projects completed up till 31st March, will motivate homebuyers to purchase their dream homes even during tough times. Furthermore, the government’s new rule to eliminate double tax for NRIs on Foreign Retirement Funds will help increase investments from the NRI market.
This will spur demand in the sector as homebuyers will be able to repay their loans much faster.
However, we were hoping to witness some measures for the pending demands for input credit under GST for under construction residential projects, which would accelerate the momentum of affordable housing in the real estate sector.