PM Awas Yojana allocation has been raised to Rs 23,000

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Focusing on the housing in rural and urban sector, Finance Minister Arun Jaitley on Wednesday stated that the us government has proposed to construct 1 crore houses for the homeless by 2019. The PM Awas Yojana allocation has been raised to Rs 23,000 crore, from Rs 15,000 crore.The National Housing Bank will refinance individual housing loans of about Rs 20,000 crore in 2017-18.

To market affordable homes in Noida , the us government also proposed to amend the Section 80-IBA, relaxing the problem of period of completion of the project for claiming deduction from the present three years to 5 years.The finance minister also said, “Mission Antyodaya will bring 1 crore households out of poverty and will make 50,000 Gram Panchayats poverty-free.

With surplus liquidity developed by demonetisation, he said the banks have already started reducing their lending rates, including those for housing. Interest subvention for housing loans has been announced by the Prime Minister.

Stating that  real estate in Noida is one of many thrust section of tax proposals, he said: “Within my budget proposals a year ago, I'd announced a scheme for profit-linked income tax exemption for promoters of affordable housing scheme which includes received a very good reponse.

Affordable housing will now get infrastructure status, that will enable these luxury property in Noida projects to avail the associated benefits,” Jaitley said.

With grant of infrastructure status, a long standing demand of realtors, builders in noida would now be eligible for all government incentives, subsidies, tax sops and institutional funding for low priced homes, real-estate industry said, while hailing this move.