“This interim Union Budget has bought cheer to taxpayers and we welcome this move.  An observed pattern in India is, increased savings bring people closer to their aspiration of becoming home owners. This of course augurs positively for the Affordable Housing segment and will go a long way in addressing the housing issues of the nation.  Provident Housing, which is Puravankara’s premium affordable housing arm, is extremely happy to see this move in the right direction.

 

Secondly, the benefits of rollover of capital gains from investment in one residential house to two residential houses will help home buyers dream of buying their second home.

 

Lastly, the proposal to exempt tax levy on notional rent if a buyer has more than one-self occupied house acts as an added bonus to the home owners, increases liquidity and their spending power. From an industry perspective, there is some relief via the extension on levy of tax on notional rent for unsold inventories, from one year to two years. Government’s assurance that the GST Council is seeking recommendation from GoM’s on the GST applicable on purchase of homes is also heartening.

 

This Interim Budget has put some extra cash in the citizen’s pocket which in turn increases their spending power and strengthens the economy, which is the best India Inc. can hope for.”