India:

Affordable housing

February 18, 2021

J. Sagar Associates

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This article was written by Nath Sharma, partner.

The real estate sector has been hit hard by recent events. Affordable housing has been the main driver and priority for the government in the real estate sector, in line with its “Housing for All” policy. As expected, the budget proposes to extend certain tax breaks to March 31, 2022 (i.e. for an additional 12 months) for affordable housing projects, and also suggests tax breaks for certain specified or registered affordable rental housing projects. In addition, the budget proposes to extend the 1.5 lakh benefit for interest on affordable home loans for the same period to include additional people under this benefit. With these announcements, the government reaffirmed its stance on affordable housing for all and affordable rental housing, which benefits the economically weaker sections of society, including migrant workers. We anticipate that the impetus provided by these allocations will give the real estate sector a much-needed boost and also provide opportunities for weaker sections of society to use appropriate funds to meet housing needs, leading to growth in the sector and the economy . “

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