Pradeep Jain
NEW DELHI: Though there was a huge emphasis on agriculture, infrastructure ,health care, social infrastructure and rural sectors but more attention was expected on real estate sector from the Budget this year, according to Pradeep Jain, Founder Chairman, Parsvnath Developers Limited.
“There has been a welcome move on Affordable Housing which has been the focus area and various concessions have been announced towards setting up of an Affordable Housing Fund under the Pradhan Mantri Aawas Yojna. This move will most definitely help boost the growth of ancillaries in the real estate sector,” he said.
“The budget definitely should have been more comforting for middle income group for being able to create more disposable income and help boost the economic growth,” Jain added.
India’s Finance and Corporate Affairs Minister Arun Jaitely said in his Budget speech that the government will “establish a dedicated Affordable Housing Fund (AHF) in National Housing Bank, funded from priority sector lending shortfall and fully serviced bonds authorised by the Government of India.”
National Housing Bank Act is being amended to transfer its equity from the Reserve Bank of India to the government, he added.
In last year’s Budget, the government had announced infrastructure status to affordable housing.
He has also announced important measures to give a boost to livelihoods in rural areas of the country.
“As my proposals outlined indicate, focus of the Government next year will be on providing maximum livelihood opportunities in the rural areas by spending more on livelihood, agriculture and allied activities and construction of rural infrastructure”, the Minister said.