New Delhi: FM Arun Jaitley has presented his fourth Union Budget today. Focusing on the Government’s mission of ‘Housing for all by 2022’, He said that every poor person will have home by 2022. In this context Government is ensuring to build around 31 lakh homes in urban areas and 51 lakh in rural areas in the year 2018-19.
Apart from this, Jaitley has given a major push on Affordable housing fund. In his Budget speech he said, “My government will also establish a dedicated affordable housing fund in the national housing bank funded from priority sector lending shortfall and fully serviced bond authorized by the government of India.”
With this announcement it is supposed that a more flexible approach will be seen in this sector. Last week, the GST council announced that those want to buy their house under the Credit Linked Subsidy Scheme will be entitled to concessional goods and services tax (GST) rate of 8%. Earlier they were charged a GST rate of 12%. This brought cheer to many home buyers as they will now get a straight tax deduction of 4 % while buying a house.
In his budget speech, Arun Jaitley has also informed about the development of Smart city project. He said, “so far, 99 Cities have been selected with an outlay of Rs 2.04 lakh crore. These cities have started implementing various projects like Smart Command and Control Centre, Smart Roads, Solar Rooftops, Intelligent Transport Systems, Smart Parks.” Further, projects worth Rs 2,350 crore have been completed till date and works of Rs 20,852 crore are under progress.