Mahindra Lifespaces hails Union Budget for focussing on Affordable Housing segment

"This budget provides some of the long standing stimulus needed to drive growth in the segment.   Additional exemption of Rs. 50,000 on housing loans up to Rs. 35 lakh for first time home buyers (on homes that cost upto Rs. 50 lakh) coupled with exemption of service tax on construction of affordable houses up to 60 square metres will reduce the cost of home ownership for the price-sensitive affordable home buyer," Mahadevan said.

"Furthermore, the exemption on profits for developers on housing projects (upto 30 sq. metres in four metros, 60 sq. metres in other cities) will incentivize increased participation by developers towards creation of much needed affordable housing stock in the country.  Overall, these are supportive policies in the right direction that can boost consumer confidence and spur development in the segment,” said he.

Union Finance Minister Arun Jaitley on Monday presented the Union Budget 2016 focusing on rural development and farm and social sector along with infrastructure with analysts terming it a pro-poor, pro-agriculture move that throws a challenge to the government to implement in reality.