Highlights of Budget 2016 for the real estate sector

With the rolling out of Budget 2016 by the central government, your requirements and expectations related to the real estate sector might have been paid heed to, by the government. You may also have your opinion, related to the real estate news from this year’s budget.
Here are the frontline pointers, revealed from Budget 2016, by India’s Finance Minister, Hon. Mr. Arun Jaitley:-
•    Service Tax Exemption for housing construction of houses less than 60 square metre
•    Incentives for newly started manufacturing companies and Small Scale Enterprises (SMEs)
•    Rent payers’ Deduction slab increased from Rs. 20,000 to Rs. 60,000, due to which, tenants would be benefitted.
•    Total outlay for infrastructure would be Rs 2,21,246 Crores in 2016/17
•    Allocation of funds, worth of Rs 55000 Crores for developing highway projects
•    DDT exempted from Real Estate Investment Trusts (REITs).
•    Quicker implementation of GST Bill and related reforms like Real estate regulatory bill, etc. which are pending before the parliament so far
•    Budget focus on infra and enhancing quality of life
•    Achieving the goal of housing for all by 2022
If you have any opinions on the above mentioned pointers, share them with us! We would be happy to hear from you about the expectations and the announced budget. Stay Tuned for some pointers on infrastructure development as declared during the Union Budget 2016.