NEW DELHI (INDIA): Welcoming the Union Budget proposal for FY18, Kohinoor Development Corporation Joint Managing Director Vineet Goyal said that it is ‘forward looking’ and ‘growth oriented’.
“The Finance minister has ensured the affordable housing demand gets a shot in the arm. With proposed changes in tax exemption on low cost housing up to carpet area 60 sq. meters and getting the affordable housing under the infrastructure status will bring in foreign investments and funds from banking sector at lower costs which will strengthen demand in the real estate sector. Furthermore reduction in Income tax rate in the lowest slab will help put more money in the hands of the people and when offered with the incentives on affordable housing will provide significant demand in the affordable housing segment,” he said.
“With the criteria for affordable housing being changed from built-up area of 30 & 60 sq mts to carpet area of 30 & 60 sq mts, will make affordable housing segment attractive for buyers as this means more spacious homes and a larger market for the developer to promote,” added Jain.
The Union Minister for Finance and Corporate Affairs, Arun Jaitley presented the General Budget 2017-18 in Parliament here today. This is the first of its kind which included the Railway Budget. This year’s Union Budget also does not have Plan and Non-plan classifications and has been advanced by a month to the beginning of February.