Mr T Chitty Babu, Chairman and CEO, Akshaya

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Chitty babu

We congratulate Ms. Nirmala Sitharaman on her maiden budget speech in the Parliament today. The proposal to provide a deduction of Rs. 1.5 lakhs in addition to the existing Rs 2 lakhs for residential homes of up to Rs. 45 lakhs will be seen as a major boost to the real estate sector in the country. Though the income tax deduction proposal is for the current fiscal, we hope that the same is extended beyond this fiscal next year. The government’s focus to align the definition of affordable housing in the Income-tax Act with the GST Acts and the proposal to increase the limit of carpet area from 30 square meters to 60 square meters in metropolitan regions and from 60 square meters to 90 square meters in non-metropolitan regions is a welcome move for the homebuyers. Government’s concrete steps to address the NBFC crisis will encourage investments in the real estate sector and will in turn push the economy on a steady growth path.

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