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The annual Union Budget 2019 announced on the 5th of July has brought some good news by addressing the issues in the real estate sector making it more attractive to property buyers. The real estate industry is the second largest sector in terms of employment in the country. It contributes 11% to the GDP and employs more than 60 million people. This industry has not experienced a good time during the last few years. However, to tackle the pain areas, the government came up with some economic reforms, like GST, RERA and FDI relaxation in its first term. This is likely to bring in more investment in the sector. Various players in the real estate sector are celebrating the extensive reforms and incentives that have been announced which stress on giving housing a boost.
To realize its mission of making housing available to all, the government has allocated more funds for schemes like PMAY. It is also expected that the government will transfer the lower repo rate benefits to the property buyers. Besides the residential real estate segment, the commercial real estate sector will also receive more impetus. This will help in attracting foreign investors which will eventually help the real estate sector grow. The way business is conducted in India is being revolutionized. People are investing in various forms of commercial real estate, like industrial, retail, co-living and so on. With more investments, these sectors are likely to gain further popularity.
Furthermore, the reduction of an additional 1.5 lakh on interest on borrowed home loan of up to 45 lakh is further stipulated to encourage a higher percentage of homebuyers planning to purchase property in the affordable segment. This measure also implies that the middle can now enjoy benefits of around 7 lakh over their loan period of 15 years.
Focusing on the current rental law structure, the government also plans to revamp the existing setup to bring in more organization into the rental market. This will serve as a springboard for the demand for co-living spaces, student housing and investment by working millenials on properties for rented. Besides, it will adhere to the Startup India concept of the government. The start-ups will be able to get the necessary spaces at affordable rates.
These aspects need to be focused on, so that the real estate industry can revive after a couple of years of poor performance. The real estate players have various demands from the government. Through the implementation of the announced reforms, it is expected that real estate will grow at a fast pace in the coming months.
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