The expectations were quite high as Finance minister Nirmala Sitharaman presented her maiden budget showing thrust on affordable housing. The major highlight of the budget was the proposal of the additional tax deduction of Rs 1.50 lakh on interest paid on home loans taken up to March 2020 for purchase of an affordable house valued up to Rs 45 lakh. This move is expected to benefit the homebuyers on a large extent and will bring the fence-sitters back in the market driving demand. The Government’s support to the NBFC sector will address the liquidity crisis which has spread its wings from past year or so. Also, the reforms to promote rental housing will provide a much needed boost in Government’s vision of Housing for All. The allocation of Rs 100 lakh crore investments for infrastructure will eventually boost the residential and commercial markets thereby propelling the growth of the real estate industry.
