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Media Information
Proposals will help create low-cost housing projects

Published & Updated as on - 2010-03-04

Pradeep Jain, Chairman, Parsvnath Developers Ltd  feels that Budget was for aam-admi, it is good for each and every individual in the society, it is supportive for the tax payers as the extension of limit will help in reducing burden on individual tax payers. The Budget will induce renewed sense of optimism over the country's growth.

The Budget is good for all public in general and for infrastructure sector, food processing units and the large support to the rural development including PPP projects, education and health etc. But the developers have looked forward to more sops to bring housing affordable for all the sectors of the society, however, we welcome the Finance Minister's move of provision of Rs 700 crore and extension of interest subvention scheme of one per cent on all individual housing loans up to Rs 10 lakh for units costing up to Rs 20 lakh till March 30, 2011.

The scheme recognises that cut in interest rates has an important role to play in reducing EMIs of borrowers and creating additional demand for low-cost housing. We are of the view that it will encourage and prompt the developers to give more importance to projects which will cost up to Rs 20 lakh. The Finance Minister's further support to the real estate sector to continue to get the benefit under 80IB(10) on the ongoing affordable housing projects which were earlier required to be completed in four years from the date of sanction are now allowed to be completed in five years.

This indeed is a direct support to the sector as during the slowdown some projects did get delay but now the developers will continue to get the tax benefit in affordable housing projects under Section 80 IB (10).

Source: Hindu Business Line 4/3/10

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