Union Budget 2017 gives infrastructure status to housing sector

Published: 01st February 2017 03:05 PM  |   Last Updated: 01st February 2017 03:05 PM   |  A+A-

By Express News Service

NEW DELHI: In a bid to speed up the flagship “housing for all” scheme, the budget has given infrastructure status to the housing sector.

Union finance minister Arun Jaitley while presenting the General Budget 2017-18 in Parliament said that affordable housing will now be given infrastructure status, which will enable these projects to avail the associated benefits. The National Housing Bank (NHB) will refinance individual housing loans of about Rs. 20,000 crore in 2017-18.

“Thanks to the surplus liquidity created by demonetisation, the banks have already started reducing their lending rates, including those for housing,” said Jaitley. The finance minister in his Budget Speech said that in addition, interest subvention for housing loans has also been announced by the Prime Minister.

Pradhan Mantri Awas Yojana (PMAY - Urban) was launched by PM Narendra Modi in June 2015 and target is to make available affordable housing for all by constructing 20 million houses by 2022.

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