Budget comes as a relief for real estate

  • Arjun Sharma, Hindustan Times, Ludhiana
  • Updated: Jul 10, 2014 23:08 IST

Different direct and indirect sops for real estate including the promise of 100 smart cities across the country by union finance minister Arun Jaitely during budget has received a positive response from the people related to this sector in the city.

Jaitely's announcement regarding housing for all till 2022, and most importantly exemption on housing loans interest limit from 1.5 lakh to 2 lakh has given hopes to the real estate that was so far witnessing marginal sale of plots, flats and other units.

Jaitely also proposed to set up a mission on low cost housing that would help those having no home so far. During the budget speech, Jaitely said `4000 crore had been earmarked to the National Housing Bank so that cheaper credits could be provided to urban poor for homes.
There have been several real estate projects that have come up in different areas of the city. Different roads, including Pakhowal Road, GT Road, Chandigarh Road and Ferozepur Road have seen several real projects in the recent past. However, most of the people prefer housing projects on Ferozepur Road as other areas are congested.

Hemant Gupta, head, sales, IREO Waterfront, said, “The union budget has been positive for the real estate sector that was looking for some relief from the government. The policies for home loans and other proposed initiatives by the central government will definitely help the industry in Ludhiana.”

“Customers for housing have been in the forefront that will get a relief of `50,000 on home loans as the housing interest rate deduction limit has been raised from 1.5 lakh to 2 lakh,” Gupta said.
Those related to the real estate believe that all these measures would bring a positive sentiment in the market and could give the much-needed stimulus to the sector.

Vikas Gupta, joint managing director, Earth Group, said, “The measures taken for providing “housing to all is welcomed”. These measures could help the real estate sector get a boom.”
“The raising of housing loan interest limit will also go a long way in improving the condition of properties,” Gupta said.

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