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Top 3 Real Estate takeaways from the 2021 union budget announcement

By Runwal Group Posted On Feb 03, 2021
Category Residential properties

Nirmala Sitharaman, India's finance minister, had presented the union budget 2021-22 in the Parliament on February 1. As the economy has been badly affected due to pandemic and subsequent lockdown, almost every sector was expecting some good news and announcement for stabilising the situation. The government has offered several benefits for middle-class people and small and medium-sized businesses from different industries to normalise the condition and help the economy get back on track.

Since demonetisation in 2016, the Indian real estate sector is hoping for some good government changes and policies. In the union budget 2021-22, certain government strategies and schemes provide benefits to home buyers, real estate investors, and real estate developers to eventually help the sector.

Runwal Group is known for building premium and luxurious projects. We have some amazing projects that provide maximum benefits to homebuyers. Do explore our spacious flats for sale in Kanjurmarg and other prime locations of the city.

Some of the key benefits and highlights in the union budget 2021-22 for the real estate sector include:

1. Housing for all

Housing for all

One of the government's main priorities in the budget 2021-22 for the real estate sector was to provide affordable housing for all.

  • The benefit of an additional deduction of interest of Rs.1.5 lakh for a home loan that the government provided in the budget for 2019 has been extended for one more year. The homebuyers will get the additional deduction of interest until March 31, 2022, to buy an affordable house.
  • Apart from the extension of additional deduction of interest, the finance minister has also proposed to extend the benefit of tax holidays for one more year till 31st March 2022 for affordable housing projects.
  • The union budget 2021-22 also includes the benefit of tax exemption for notified affordable rental housing projects to provide affordable housing to migrant workers.

2. Amendment of InVITs and REIT's

Amendment of InVITs and REIT's

In this budget, the finance minister announced that the government would enable the debt financing of Real Estate Investment Trust (REITs) and Infrastructure Investment Trust (InVITs) by Foreign portfolio investors. The suitable amendments would be made in the relevant legislation to help augment funds for the real estate and infrastructure industry. This will enable developers to get huge investments for infrastructure and housing projects with lower interest rates.

3. Infrastructure

Infrastructure

To boost the country's infrastructure and improve connectivity to attract homebuyers and real estate investors, the finance minister has announced highway construction projects. As per the announcement, 8,500 km of highways would be constructed by March 2022.

  • 3500 km of the highway construction proposed in Tamil Nadu, and the state will get Rs 1.03 Lakh Crore for it.
  • 1500 km of the highway construction proposed in Kerala, and the state will get Rs 65,000 Crores for it.
  • 1300 km of the highway construction proposed in Assam and the state will get Rs 3,400 Crores.
  • 675 km of the highway construction proposed in West Bengal and the state will get Rs 95,000 Crores.

Conclusion

Conclusion

With all the crucial benefits in the 2021 budget for homebuyers and real estate investors, the sector is likely to recover from the previous damages. India's top and reputed real estate developer, Runwal Group, works hard to provide you with modern and spacious apartments at affordable prices. Runwal Group’s latest projects have luxurious flats for sale in Kanjurmarg and other parts of the city. Contact us and schedule your site visit today.

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The plans, specifications, images and other details herein are only indicative and subject to approval of the concerned authorities. The Group / Owner reserves the right to change any or all of these in the interest of the development, without prior notice or obligation. Artist’s impressions are used to illustrate amenities, specifications, images and other details and these may be applicable to select apartments only. Tolerance of +/- 3% is possible in the unit areas on account of design and construction variances. All brands stated are subject to final decision of the project architect. This printed material does not constitute an offer and/or contract of any type between the Group / Owner and the recipient. No booking or allotment shall be deemed to have been made on the basis of this printed material. Any Purchaser / Lessee of this development shall be governed by the terms and conditions of the agreement for sale / lease entered into between the parties, and no details mentioned in this printed material shall in any way govern such transactions unless as may be otherwise expressly provided in the agreement for sale/lease by the Group / Owner. The Group / Owner does not warrant or assume any liability or responsibility for the accuracy or completeness of any information contained herein.