Budget 2016: Hailing the Union Budget Credai members thanked the Finance Minister Arun Jaitley for his consideration and support to housing sector. The Credai members also thanked the Urban Development Minister Venkaiah Naidu for his stewardship of real estate sector and suggested that affordable housing should be defined as units up to 60 square meters in metros and 90 square meters in non-metros.
“After a long time, the Union Budget has brought positive announcements for home buyers. This is a reflection of the changing sentiment in the industry,” CREDAI National President Getamber Anand said in a statement.
It also added that based on the above definition of affordable housing, exemption from service tax may be extended to construction of affordable houses upto 90 sq. meters under any scheme of the central or state Government including PPP schemes.