Budget 2018 is about to come and everyone is looking forward towards some positive changes. Real estate sector is highly hopeful for some concrete and fruitful updates. The two main pre-budget expectations in the real estate market are one the Affordable Housing category is presently limited to 6- sqm area only, the area is expected to increase for the MIG category to come under the Affordable Housing segment. The second main pre-budget expectation is that the current GST of 12% should be lowered to at least 6 to 8%.
Talking about the first expectation from Budget 2018, the recent policy reform which is in the reckoning is that under the PMAY (Prime Minister Awas Yojana), the MIG – 1 carpet area has been increased from 90 sqm to 120 sqm. Also, MIG – 2 carpet area has been increased from 110 sqm to 150 sqm. If the housing under the above categories becomes a part of Affordable Housing, then it is liable to avail the benefits and subsidies of the Affordable Housing segment, which will boost the real estate market in times to come.
The following amendments will draft the way ahead for availing the loans and to avail the advantages of the Affordable Housing category as Affordable Housing has been designated with the ‘infrastructure Status’.
The second major expectation from Budget 2018 is that the current GST which is of 12% should be lowered to at least 6 to 8%. If both these above-mentioned measures are executed and implemented in Budget 2018 then for sure real estate market will witness a major boost. This will be a great step towards meeting Government’s mission of ‘Housing for All by 2022’ as post such measures masses will be in a much better position to afford homes and invest in housing.
Real estate sector is looking forward to Budget 2018 to create a better market, happy developers and satisfies customers.