Budget 2021: Affordable Housing Sector Needs a Push

Budget 2021: Affordable Housing Sector Needs a Push

As the Budget 2021-22 is due in a few days, the real estate industry expects that the Finance Minister will announce a special package for the affordable housing industry. This will help in the gradual recovery of the entire sector.

The Coronavirus pandemic has posed one of the most severe challenges in front of the economy, in the year gone by. Though the construction activities have resumed, the loss of a year has pushed the delivery deadlines and might also impact the schedules of projects due to 2021. As the budget 2021-22 is to be presented in the coming days, the real estate industry looks forward to increased liquidity support from the Government. Projects stuck due to want of capital are in dire requirement of cheaper loans with longer repayment schedules. Though during the pandemic, the Union Government announced a slew of measures for the real estate sector s such as loan moratorium and suspension of IBC, the construction sector requires further handholding and targeted announcements such as Industry status and single-window clearances.

In an exclusive interview with the 99acres, Vikas Garg, DMD, MRG World shares his thoughts on the real estate sector’s expectations from Budget 2021. He says, “The real estate sector has gone through one of the worst business phases of all time in the year 2020. The pandemic has hit at the core and it will take some time to recover. The real estate sector expects significant support to the affordable housing sector. As this sector serves the economically weaker section of the society, the Union Government must announce special liquidity measures for the segment. It will not only strengthen the homebuyer’s sentiment but also encourage the entire sector to come up with new projects. People are eagerly waiting for more projects to come. With the Government’ focus on ‘Housing for All’ we are confident that the Finance Minister will announce facilitative measures for the sector.”

Source : 99Acres

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