Union Budget 2018-19 has struck the right chord
The Union Budget 2018-19 has struck the right chord in line with its affordable housing vision which will promote a robust development of the Real Estate Sector. We applaud the finance minister’s decision to establish a dedicated affordable housing fund in the national housing bank to make this vision a reality. The government has taken a step in the right direction by focusing on infrastructure development with respect to road and rail connectivity as this will catalyze the growth of the housing sector. Initiatives to boost the Mumbai suburban railway network will significantly boost the residential and commercial market in the city. Moreover, focus on the smart cities project will help in improving the standard of living for residents. However, clarity on single window clearance and GST was much anticipated. We also expected incentives for first time home buyers which would have helped increase demand and create equilibrium in the demand-supply gap. Most importantly, granting industry status to the real estate sector which is one of the largest contributors to the growth of the economy was the need of the hour. While this budget focuses on the overall growth of the economy, we will adopt a wait and watch approach and hope adequate measures are taken to complement their continuous endeavours to boost the real estate sector.