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Union Budget 2017: Affordable housing projects to be given infra status

Jaitley said the government will complete 1,00,00,000 houses by 2019 for houseless and those living in kaccha houses.

By: Express Web Desk | New Delhi | Updated: February 1, 2017 11:13 pm
Union Budget 2017, Budget 2017, Arun Jaitley, Arun jaitley budget plans, jaitley budget presentation, Housing, Urban sector, Housing sector, Arun jaitley housing sector, india news, indian express news Finance Minister Arun Jaitley tabled the Union Budget for 2017-18 in the Parliament in New Delhi on Wednesday. (Source: PTI Photo)

Focusing on the housing in rural and urban sector, Finance Minister Arun Jaitley on Wednesday said that the government has proposed to construct 1 crore houses for the homeless by 2019. The PM Awas Yojana allocation has been raised to Rs 23,000 crore, from Rs 15,000 crore. The National Housing Bank will refinance individual housing loans of about Rs 20,000 crore in 2017-18. To promote affordable homes, the government also proposed to amend the Section 80-IBA, relaxing the condition of period of completion of the project for claiming deduction from the current three years to 5 years.

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Jaitley said, “We will complete 1,00,00,000 houses by 2019 for houseless and those living in kaccha houses. Affordable housing projects will be given infra status.”

The finance minister also said, “Mission Antyodaya will bring 1 crore households out of poverty and will make 50,000 Gram Panchayats poverty-free.”

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Open defecation free villages are now being given priority for pipe to water supply.

With surplus liquidity created by demonetisation, he said the banks have already started reducing their lending rates, including those for housing. Interest subvention for housing loans has also been announced by the Prime Minister.

Stating that affordable housing is one of the thrust area of tax proposals, he said: “In my budget proposals last year, I had announced a scheme for profit-linked income tax exemption for promoters of affordable housing scheme which has received a very good response.”

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To make this scheme more attractive, Jaitley proposed certain changes in the scheme. “First of all, instead of built up area of 30 and 60 sq meter, the carpet area of 30 and 60 sq meter will be counted”.

(with inputs from PTI)

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  1. M
    Feb 1, 2017 at 6:55 pm
    At last something concrete for the Am Admi and not just big mouthing by the thieves and mafia in the name of Ma Bap politics!lt;br/gt;This is what the hopo-sition was fearing and asking for budget not to be made public early!
    1. P
      P.S. Ghosh
      Feb 1, 2017 at 10:59 am
      Modi is a maid F..u..c..k..e..r..
      1. N
        Feb 1, 2017 at 12:11 pm
        With less number of people paying tax, corruption all prevalent,opposition not interested in growth. past scams,counterfeit notes this is a super budget paving way for housing,job creation,infra development,growth in agriculture.
        1. A
          Feb 1, 2017 at 4:17 pm
          Finally BJP contractors and their BAKHT will benefit.
          1. D
            Feb 1, 2017 at 11:52 am
            What a budget-perhaps among the best 3 in Indian history. Boost to infrastructure,a major step towards clean politics major relief to tax payers. This budget will give a boost to job creation. Even opposition is praising it. Bibie Mamata has critucized. Kejrilal wil l do the same but that does not matter.
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