“The Union Budget 2020 has an optimistic outlook for the sector as it has provided ample opportunities for home buyers to invest. We welcome the annual budget and the vision taken forward by the government towards smart cities will attract and boost the real estate sector as a whole. Five new smart cities will be developed in the country. The cities will be developed with states in private partnership mode. After many years we have seen a budget that is as welcome as this one.
“We are very happy to hear of the proposals under affordable housing scheme. The deduction of Rs 1,50,000 will be extended to loan sanction by one year and tax holiday on profits of developers involved in affordable housing projects will be extended by one year to March 2021. This will bring a much-needed breather for some projects which have struggled to complete for various reasons. The real estate industry is one of the foremost contributors to GDP growth and hence it can assist the government in determining the shortfall in employment generation. NSDC will help skill development in the infrastructure sector and Rs 1.7 lakh crore provided for transport infrastructure in 2020-21. This will boost huge employment opportunities in construction, operation & maintenance of infrastructure.
“We look forward to working with the government in coming years to ensure that the Indian real estate sector can grow as fast as possible and become a showcase to the world.”