In terms of relief to the housing sector, the budget has allocated Rs. 4,000 Crores for low-cost housing schemes. Additionally, the budget has also enhanced the deduction limit on interest payment for housing loans from Rs. 1.5 lakhs to Rs. 2 lakhs.
The Union Budget 2014-15 was presented in parliament under economic circumstances requiring tax revenues to keep pace with targets. The Finance Minister has taken a cautious yet courageous path with his budget announcements and the key points are as below.
Housing
In terms of relief to the housing sector, the budget has allocated Rs. 4,000 Crores for low-cost housing schemes. Additionally, the budget has also enhanced the deduction limit on interest payment for housing loans from Rs. 1.5 lakhs to Rs. 2 lakhs. These two factors alone will lead to a vastly improved sentiment for the housing markets.
Infrastructure
The budget has allocated a total of Rs. 37,880 Crores towards the NHAI for the construction of highways, and additional Rs. 3000 Crores to boost road connectivity in the North-East regions. For the current year, it has targeted the completion of 8,500 kilometres of national highways, which are a known real estate catalyst.
Retail
The country's warehousing sector has received a boost with an allocation of Rs. 5,000 Crores. This exhibits positive implications for Retail real estate and specifically for E-Commerce, on account of a strengthened supply chain, which has been a crucial requirement of this sector. Apart from this, the budget has not provided any further benefits to the retail sector, which is certainly a disappointment.
REITs
The much-awaited clarity on taxation of REITs was finally delivered in the budget. REITs will be allowed tax pass-through status, which means it will not be subject to tax, provided all criteria for investments and dividend distribution are followed. This has laid the final roadmap for REITs to start operating in India and has opened-up an attractive avenue of raising funds.
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