Budget 2021: Real Estate Sector Gets A Boost

The Real Estate sector has got a boost from the Union Budget 2021 recommendations.

"Hon'ble PM Narendra Modi has always laid special emphasis on the ambitious Housing For All and Pradhan Mantri Awas Yojana (PMAY) projects. Now, even in Budget 2021, Union Finance Minister Nirmala Sitharaman by announcing tax holiday for affordable housing, Modi government has made it clear that Housing For All is one of the top priorities of Modi government.

Also, tax exemption for notified affordable rental housing projects in the interest of migrant workers is a win-win both for migrants and realtors. As Hon'ble Nirmala Sitharaman in Union Budget 2021-22 has given special priority to Real Estate, these decisions are bound to show positive impact in realty business in future," says Annuj Goel, Managing Director, Goel Ganga Developments.

"This Government sees 'Housing for All' and affordable housing as priority areas. In the July 2019 Budget, I provided an additional deduction of interest, mounting to Rs 1.5 lakh, for loan taken to purchase an affordable house. I propose to extend the eligibility of this deduction by one more year, to 31st March 2022," the finance minister today said.

With this, the real estate sector is likely to do well, given that demand too has been on the rise.