Examining the Effect of the Union Budget 2017 on the Real Estate Sector
The country’s real estate sector deserves attention, as its performance impacts the entire economy’s health. The annual budget which had been announced recently has created a considerable excitement among the professionals in the business. The excitement is justified, as the budget has indeed hinted towards the betterment of the sector’s activities.
The Important Announcements Made in the Budget
The announcements which are major policy-related decisions, need to be understood first for determining the impact on the sector. Here are the most significant policy decisions put forward through the budget:
1. The most important decision was the infrastructure status given to affordable housing such as affordable flats in Pune. This type of housing is the backbone on which real estate sector rests.
2. The allocation to the project by the government to grant affordable housing to the public has been increased.
3. There will also be a refinance of about 20,000 Crores by the National Housing Bank (NHB).
The Impact Of The decisions
Now, the impact of these decisions on the sector has to be examined. The impact will be different for different stakeholders in the sector, namely, the government, the buyers and the developers. The decisions would have a considerable impact on the investment in flats in Pune.
1. The Government’s intention was to give the real estate sector a positive spur, in which it has been partially successful. The infrastructure status to the housing sector has long been in the list of the most waited-for demands. The granting of this status is a landmark decision. It will boost the business in the sector to a huge extent.
2. There will be access to cheaper fund sources for budget housing. This is owing to granting of the infrastructure status to the sector. The refinancing decision also aids the sector. The benefits of taxation along with this benefit will bring about the flow of additional supply in the market. This will also impact the rates of the more demanded properties like flats in Pune.
3. The home buyers will be benefited mostly. Tax benefits were announced for the persons falling under the lower income category, that its, up to 5 lakhs. The dream of many more people to own flats in Pune would now evolve into a reality much quicker.
Make Your Dream of A Suitable Home Come True
Thus the real estate sector has been benefited considerably from the budget. The most evident benefit has been that much more people would become proud homeowners now. The affordable rates of housing properties will ensure this factor. So if you are thinking of getting a new home for your family for long, the budget would give you a great relief. Go ahead and search for your ideal home from among the flats in Pune.