CREDAI upbeat about the budget for real estate sector


CREDAI is quite upbeat about the budget which it says will boost real estate sentiments. According to Pankaj Goel, Secretary, CREDAI National & Director, Express Builders, “New government with the clear-cut mandate has tried to provide a further impetus to the housing sector. In budget 2019 the finance minister allowed an additional deduction of up to Rs 1, 50,000 on interest paid on home loans borrowed up to March 31, 2020, for purchase of an affordable house valued up to Rs 45 lakh. This will be in addition to the existing interest deduction of Rs 2 lakh.”

Pankaj Goel

Goel said: “Among other measures announced to lift housing sectors, the Finance Minister shifted the base year for holding period to calculate long-term gains from immovable property to 2001 from 1981. Regulation of Housing Finance Companies is being returned from NHB to RBI, this would bring about much-needed reforms for the financing of the real estate sector. Hopefully, this would give a boost to the real estate industry.” reporter