On the 1st of February, 2020, Nirmala Sitharaman, the Finance Minister of India proposed the second budget of the second term of the ruling government. Real estate developers in Kolkata were expecting many things from the Budget after the economic slump of 2019. For the real estate sector, after the slump of 2019 in which the sales of houses reduced by one-third, the government included factors in the Budget that help the sector but still failed to act upon many things. Here are the highlights for the Real Estate Sector from the Budget:
Along with all of the above, the government has also created an Affordable Housing Fund of Rs. 25,000 crores to aid housing projects. However, the Budget missed out on any announcements about easing liquidity in the real estate sector which is a concern for most real estate developers. The allocation of ?100 lakh crore for infrastructure development in the next five years is a move in a positive direction. The real estate developers in Kolkata are positive that the changes might lead to a growth in the real estate sector and improve the prices and demand for the consumers as well. What did you think of the Budget? Share your thoughts with us at firstname.lastname@example.org.
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