Budget 2019 income tax rebate: Affordable housing boost makes developers hail Piyush Goyal

The real estate developers have hailed the Union budget 2019 citing the income tax rebate up to Rs 5 lakh and one year tax extension for developers would pump up the affordable housing segment in coming years. The industry insiders said that the budget was of a common man's budget'and the increased liquidity would lead to rise in affordable housing realty.

Hailing the budgetary proposals being given by the Finance Minister Piyush Goyal; Anuj Puri, Chairman – ANAROCK Property Consultants told, "People earning up to 5 lakhs will get a full tax rebate. However, if one invests in specified Government saving schemes then the tax exemption extends to Rs 6.5 lakhs. This can have good implications for affordable housing, but not really on the mid-income housing." He said the Narendra Nodi government also extended the benefit of tax exemption for developers by 1 more year, up to 2020 now. This, too, will give a push to the affordable housing segment.

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Pankaj Jain, MD at Realistic Realtors told, "Housing under Pradhan Mantri Awas Yojna (PMAY) and increase of Infrastructure development budget is a also very positive step towards real estate affordability and accessibility because these two initiatives would enable more people buying their homes in city as well as outskirts."