Union finance minister Nirmala Sitharaman said the government is proposing additional tax deduction of Rs 1.50 lakh on interest paid on home loans taken up to March 2020.
Presenting the first budget of the Narendra Modi government in its second Sitharaman said the government will build 1.95 crore houses under the Pradhan Mantri Awas Yojna (PMAY) - Gramin over the next two years.
She further said that the time taken to complete construction of houses under the PMAY is reduced to 114 days from 314 days in 2015-16 due to use of direct benefit transfer (DBT) platform.
In the second phase of PMAY-Gramin, 1.95 crore houses will be provided to eligible beneficiaries, during 2019-20 to 2021-22. These houses will have amenities such as LPG, electricity and toilets, she said.
The minister further said that by 2022, every single rural family except those who are unwilling to take the connection will have electricity and a clean cooking facility.
Talking about rural roads, Sitharaman said Pradhan Mantri Gram Sadak Yojana - Phase 3 envisaged to upgrade 1.25 lakh km of road length at an estimated cost of Rs 80,250 crore.
All-weather road connectivity has been provided to more than 97 per cent of eligible and feasible habitations and it is made possible by a high pace of road construction, she said.
Rajeev Talwar, CEO of DLF; Murali Malayappan, chairman and MD of Shriram Properties; Vikas Chimakurth, CEO of Kotak Realty Fund and Anurag Mathur, CEO of Savills India, discuss whether the budget has done enough to bring the stressed real estate sector out of the doldrums?