The Union Budget has brought good news for homebuyers who are looking to buy houses within a budget of Rs 45 lakh.
The interest deduction has been increased to 3.5 lakh from 2 lakh in the current Budget by giving a benefit of 1.5 lakh to each first new home buyer. This new incentive to the consumer would increase the housing demand in the affordable housing segment besides boosting the overall sentiments of the housing market, said Confederation of Real Estate Developers' Association of India (CREDAI), Odisha functionary DS Tripathy.
This is an extension of focus for affordable housing from last interim Budget in which it was given infrastructure status besides extending tax benefits to developers and increasing carpet area to cover more people under this category.