IndiaProperty.com
The clear cut win of Narendra Modi and his alliance during the elections has created a major impact on the aam aadmi (common man). With the Prime Minister now facing the first test to prove his credentials, the new government presented its first budget. Although a lot is riding on Modi's shoulders, a lot is expected from him by the realty sector. Below are the highlights of the budget that will have a major impact on the real estate industry of India.
Budget highlights
• The housing loan exemption for an individual has been increased from INR 1.5 lakh to INR 2 lakh.
• The new government has allotted a total sum of INR 200 crore for power reforms and INR 500 crores for water reforms in Delhi and NCR (National Capital Regions).
• An additional fund of INR 1,000 crore have been added to further improve the rail connectivity in the northeast.
• The government has suggested a modest amount of investment towards developing infrastructure in Tier II cities of the country.
• The Finance Ministry has announced an amount of INR 1,000 crore for the National Housing Bank to develop many affordable housing units.
• The Prime Minister has provided assurances towards his 2014 election manifesto on creating housing units for every citizen of the county by 2022.
• Under the public and private partnership, an amount of INR 100 crores has been allocated for metro rail projects in cities like Ahmedabad and Lucknow.
• A proposal to have metro projects for all the cities with over 2 million population is being put forth. A metro project will come up in Kanpur.
• Six new SEZ (Special Economic Zones) have been proposed by the new government.
• Banks will now be able to provide long-term funding to infrastructure projects.
• The NHAI (National Highway Authority of India) and State Highways will now receive an investment of INR 37,887 crore along with INR 3,000 crore specially allocated towards the North East.
• An amount of INR 500 crore has been designated to create solar power development projects in states like Rajasthan and Tamil Nadu
• Currently the country has 15,000 km of gas pipeline, however it will be doubled once the PPP (public-private partnership) model is put in place.
• Through the public-private partnership model, new airports will be developed.
• An estimated amount of INR 8,000 crores has been set aside for the national housing banking programme.
• The new government has pledged to provide 24x7 electricity to all housing units.
• An amount of INR 100 crore has been set aside to provide cleaner thermal power technology.
• The Kakinada port will be further developed to stem hardware exports.
• INR 100 crores have been allotted to set up a National Industrial Corridor and its headquarters will be in Pune.
• Around 20 industrial clusters will be set up.
• INR 4,200 crore has been set aside to create the Allahabad-Haldia inland waterway on River Ganga.
• To create smart cities, the government has allocated INR 7,060 crore. The implementation of industrial smart cities in seven locations will help boost the country's economy.
• Tax exemption limit for individuals have been increased from INR 2 lakh to INR 2.5 lakh.
• Similarly, for senior citizen the tax slab has been increase from INR 2.5 lakh to INR 3 lakh.
• Under section 80 (C) the investment limit has been scaled up to INR 1.5 lakh.
The changes in the infrastructure developments will have a huge impact on the realty industry. Apart from this, the reform brought by the new government to improve basic civic amenities will also help improve the realty sector. When IndiaProperty.com conducted a survey recently, it captured most of these sentiments of the common folk which have been that were put forth in the budget.
Ganesh Vasudevan, CEO, IndiaProperty.com, had this to say about budget, "As expected the first budget from PM Modi emphasised on affordable housing, improving infrastructure, and reviving buyers' sentiments. Tax rebates like increase in housing loan exemption from INR 1.5 lakhs to INR 2 lakhs will encourage property seekers to finalise their pending property decision. Also, the tax exemption limit under 80C has been increased from INR 1 to INR 1.5 lakhs. The principal amount paid for home loans is part of 80C and this additional INR 50k stimulus will help increase the individual savings and thereby release the much needed liquidity in the market."
He further added, "With the government's increased emphasis on developing infrastructure in Tier 2 cities, the giants of the realty industry will also eye the new developing cities. Projects like metro rail for tier 2 cities, setting up of new airports, new industrial towns, and improvements to national and state highways would help the realty industry prosper in these cities. All the initiatives taken to develop the infrastructure will have a direct impact on the realty sector. We are glad that the recent consumer sentiment survey conducted by IndiaProperty.com captured most of the initiatives announced."
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