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Housing, Healthcare: Interim Budget aims at affordability

Feb 01, 2019

Financially empowering middle income group through various income schemes will make healthcare and housing facilities affordable.

New Delhi: The last budget by the Narendra Modi government is being seen replete with populist measures wherein efforts have been made to please various sections of the society. OneWorld South Asia brings reactions of various organisations including India Inc to the interim budget.

Jitendra Haryan, Chief Executive Officer, Jaslok Hospital

An increase in budgetary allocation for Ayushman Bharat scheme is a reflection of government’s unsaid vision of ‘Healthcare for All’. We feel the deployment of National Artificial intelligence Portal will also influence adoption of AI in healthcare which will disrupt the healthcare delivery solutions in India.

Financially empowering middle income group through various income schemes will not only drive the consumption story but also make healthcare facilities affordable to a large population of India.

Mukesh Kumar, Chief Executive Officer, Infiniti Mall

It is a well balanced budget. There is something for everyone. This will positive impact on real estate and will propel consumption with higher disposable income in hand.

Boman R Irani, Chairman & Managing Director, Rustomjee Group

The budget announcement has been affirmative by opening investment market for second homes. Tax rebate for income up to Rs 6.5 lakh under 80C will accelerate investments in the housing sector. With RERA and Benami Transaction Act, bringing in tremendous transparency in the sector, there has been a surge in housing demand from the NRI community.

The government’s proposal to extend the period of exemption from levy of tax on notional rent, on unsold inventories, from one year to two years is a good rational move. The lowering of GST on properties is a positive move provided that ITC is continued thereby allowing a real reduction in prices to consumer.

Amit Ruparel, Managing Director, Ruparel Realty

The Union Budget 2019 is optimistic for the sector as it will provide ample opportunities for the home buyers to invest. Enhancing the exemption limit for the general category of individual taxpayers will increase the buying capacity of the potential home buyer thereby providing a boost to achieve ‘Housing for All.’

The Section 24 benefit of relieving second occupied houses from tax on notional income and the benefits of rollover of capital gains in two residential houses would help in reviving the real estate market.

Raising the TDS threshold on rental income to Rs. 2.4lakhs and bank deposits to Rs. 40,000 will be a huge relief to the taxpayers. Also, builders do not have to pay notional rent on unsold flats for two years after the year in which the construction is finished, which is a considerable step, given current scenario.

Extending the benefits under Sec 80(i)BA for one more year for all housing projects approved till the end of 2019-2020 will further boost the demand in real estate industry. However, we were hoping that the finance minister will grant infrastructure status to the housing sector to give a fillip to the industry.

Pankaj Jain, Managing Director, Realistic Realtors

Income Tax rebate upto 5 lac per annum is a clear indicator of bringing more people under tax payers category happily and comfortably. Money circulation through bank and economy will have major positive impact due to this tax rebate. Housing under PMAY and increase of Infrastructure development budget is a also very positive step towards real estate affordability and accessibility because these two initiatives would enable more people buying their homes in city as well as outskirts. GST rate on real estate is still a pending but a very critical issue to be addressed.

This is another very important matter for easing the real estate sector and encouraging the completion of under construction projects, we look forward to Govt immediate and positive decision on this. Demonetisation as expected is showing its positive effect for Indian economy and with this new Income Tax ruling, a huge number of population will be encouraged towards banking transactions.

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