[ad_1]
Union Finance Minister Nirmala Sitharaman today presented the last full budget of the second term of the Modi government. Announcements have been made in the budget keeping in mind every class and every sector. Giving relief to the common people, the exemption limit of tax free income has been increased from Rs 5 lakh to Rs 7 lakh. This will bring more money in the hands of common people. Along with this, the budget allocation in infrastructure has been increased by 33 percent to Rs 10 lakh crore. This budgetary allocation made for infrastructure development is 3 times as compared to 2019-20. The real estate sector will get its benefit. A budget of Rs 79,000 crore has been given under PMAY. This will give a fillip to affordable housing and will greatly benefit a large section of home buyers. On the announcements made regarding the real estate sector, India TV spoke to Rakesh Yadav, CMD of realty company Antriksh India and wanted to know how is the budget for the property market? What makes this special for home buyers and the realty sector? What will be the benefit of the announcements made? Here is the main part-
Emphasis on big as well as small towns
This year’s budget lays emphasis on infrastructure development not only in metros but also in Tier-II and Tier-III cities as a whole. In this budget, the government has announced to spend Rs 10,000 lakh crore annually to improve the urban infrastructure. This will boost development in cities. Both the residential and commercial sector will get its direct benefit. The 33% increase in capital investment outlay is also a commendable step. This step will speed up the pace of urbanization. This will help in providing better life style to the people. All these will help in increasing the demand for homes in smaller cities.
This budget will boost economic development
This budget is going to promote economic development. In the budget, the income tax exemption limit has been increased from Rs 5 lakh to Rs 7 lakh. This will bring more money in the hands of common people. They will spend the savings money on their needs. This will give a boost to economic development. Along with this, the maximum income tax rate has been reduced from 39% and the maximum surcharge from 37% to 25%. People with this high net worth income will get relief. The realty sector will also benefit from this.
employment opportunities will increase
This budget cannot be called a popular budget. The government has tried to strengthen the infrastructure by laying emphasis on infrastructure in the budget. Promotion of infrastructure will increase the means of employment. Increased spending on infrastructure. This will also increase employment. About 200 industries directly and indirectly related to the real estate sector will definitely get benefited. The Finance Minister announced in the budget that about Rs 75,000 crore would be invested in the transport infra project. 50 more new airports, heliports, aerodromes will be built. About 2.4 lakh crore has been allocated for the railways. The government’s capex amount will be around 13.7 lakh crores. All these steps will benefit the real estate sector. Along with this, employment opportunities will also increase.
needed more financial aid
Some concrete announcements such as industry status and GST input tax credit for developers were expected in this year’s budget, but they did not materialise. He said that there is also a need for the recommendations of the high-level committee of planners constituted by the government for the development, creation, planning implementation of urban capacity. However, after the challenging year of the corona pandemic, it was important to allot resources to strengthen employment generating industries, which the government has attempted to accomplish.
[ad_2]
Source link