Incentives to Real Estate sector to boost jobs & economy

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CREDAI Maharashtra has wholeheartedly welcomed the Union Budget 2019 tabled by Finance Minister Piyush Goyal. The budget has given practical incentives to the Real Estate Sector which will boost employment and economic growth as Real Estate is second largest employer after agriculture and contributes almost 10% India’s GDP.

The affordable housing has got a boost with the period for getting projects approved increased by one year. Construction of affordable housing has potential of creating huge investment and employment in Tier 2 and 3 towns.

For exemption from tax on capital gains upto Rs 2 Crore, investment in two houses instead of one has now been allowed. This will help middle class homeowners, especially senior citizens who can now convert their old homes in prime areas and get two houses in suburbs-one for residence and one for earning rental income.