Will the dream of cheap housing be fulfilled in the budget, will the real estate sector get a booster dose?

It is becoming almost impossible for the middle class to fulfill their dream of owning a home. From Delhi-NCR to cities like Lucknow, and Bhopal, the price of a small 2BHK apartment has now crossed Rs 50 lakh. At the same time, the market is currently focused on luxury apartments, so affordable housing has now become a necessity for the country. In such a situation, is the government going to make any provision for this in the budget, what are the expectations of the real estate sector from the government?
Finance Minister Nirmala Sitharaman is going to present the country's budget on February 1. When the government presented the country's full budget in July last year, it was said that it would make it easier for the middle class to buy a house. This time the government can work on this in a concrete way in the budget. At the same time, the government can also focus on the biggest demand of the real estate sector that it should be given the status of an industry.
Government brought subsidy scheme
In the last few years, the cost of land and building material has increased rapidly in the country. The result of this is that the cost of houses started increasing and the number of buyers decreased. In such a situation, the real estate sector wants the government to focus on making home purchase affordable. Not only this, Udit Jain, director of One Group, says that the government should consider bringing a credit linked subsidy scheme for home buyers, so that people can easily buy houses at affordable prices.
On the other hand, Crest Ventures Limited Vice President Jaish Choraria says that to increase the growth of the real estate sector, the government should also give relaxation in the income tax law. The tax exemption limit of Rs 2 lakh on home loan interest has not been changed for years, while both the interest rates and the price of houses have increased in the market. This is reducing the demand in the country. The government can increase this limit to Rs 5 lakh.
Sanjeev Srivastava, chairman of real estate company Asotec Group, also believes that there is a great need for affordable housing in the country. The number of houses in this segment has decreased rapidly in the last few years and due to this the lower income group has withdrawn from buying houses or investing in real estate. In such a situation, the government can introduce a credit linked subsidy scheme.
Can there be any changes in the budget?
To increase demand in the real estate sector, the government can take measures like reduction in GST. At the same time, it can give some relief to the industry to promote affordable housing. Not only this, the government can also expand the Pradhan Mantri Awas Yojana again.