Affordable Housing will Get A Boost in Budget 2019

The union budget of 2019 looks extremely positive and promising for the housing sector.  Finance Minister Nirmala Sitharaman has addressed the housing finance industry and real estate sector, both from the supply and the demand sides. The government has given great emphasis on affordable housing schemes under the Pradhan Mantri Awas Yojana (PMAY).

New Delhi Awas Yojna and other such housing schemes are all set to make the processes of buying homes easier. Under the New Delhi Awas yojana scheme, it offers 1/2/3/4 BHK homes at affordable prices to meet the target of “Housing for All” by 2022.

Let us take a look at the budget presented by our Finance minister, Nirmala Sitharaman:

Under the PM Awas Yojna (PMAY), a household with an annual income of up to Rs 18 lakh can avail Rs 2.3 lakh upfront subsidy for a home. Buyers are also eligible for income tax exemption on housing loans.

The centre government approved construction of nearly 1.4 lakh house under PMAY, taking the number of homes to be built under the scheme to over Rs. 85 lakh. With 1.5 crore houses completed during the last 5 years. There will be stupendous work during 2019-20 as part of Phase-II, where 1.95 crore houses to be provided.

Also, the government has approved an additional tax deduction of Rs 1.50 lakhs allowed on affordable house purchase over and above 2 lakhs up to March 2020. Under PMAY urban housing, 81.4 lakh houses sanctioned with a rupees of 4.83 lakh crore outlay. Forty-seven lakh houses under construction and 24 lakhs allotted to the beneficiaries.

 To promote rental housing, the government has mooted a model rental agreement, whereas the builders who undertake such projects will continue to get 100% tax benefit on profits earned. NBFCs play an essential role in sustaining consumption demand as well as capital formation in the small and medium segments. So, the government has come out with a scheme to provide one time six months partial credit guarantee to public sector banks for the first loss up to 10%.

The government finally gave industry status to real estate sector. This plan will not only help get more people affordable housing but also help millions get employment.

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5,028 hectares of land pooled under Land Pooling till Aug 30

New Delhi: While the Delhi Development Authority (DDA) had a moderate begin in executing the new land pooling strategy, the most recent two months have seen landowners from more than 95 towns in Delhi sign up on their online gateway prompting more than 4,000 hectares of land being pooled between July 1 and August 30. As per DDA's information, just somewhat less than 1,000 hectares of land was pooled under the new arrangement starting at July 1 this year. In any case, the information from the part of the bargain demonstrates that from Zones P-II, N, L and K1 had 1,027 hectares, 2,654 hectares, 1,152 hectares and 195 hectares of land pooled individually, adding up to a sum of 5,028 hectares of land being pooled till Friday (August 30).

DDA authorities likewise said that an in-house exercise to delineate pooled land is under procedure, with most extreme support from landowners in Sector-17, 20 and 21 of Zone N (Bawana) and Sector-2 of Zone P-II (Alipur). The authorities said that these areas are required to accomplish the base limit of 70 percent land if current patterns are to proceed. The arrangement is to build up these divisions as model areas, with world-class brilliant framework, so different segments can stick to this same pattern.

The Land Pooling Policy Portal was propelled in February this year and will stay open for landowners to join till September 6. The candidates who have presented their property subtleties will be checked by the able expert and parts qualifying under the arrangement will be taken up for improvement, for which the DDA will send a notice to constituent landowners for the development of the consortium. This consortium will at that point set up an Implementation Plan in conference with the constituent landowners and consent to a formal contract arrangement among themselves before applying to the DDA as a solitary substance for taking up improvement inside the area.

The new Delhi Land Pooling Policy was presented last September by the DDA. According to this strategy, landowners can apply for the association to pool little totals of land and create foundation there so it tends to be given back to the proprietors themselves, without the responsibility for consistently evolving hands.

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