India budget 2019: Why this is the best time to buy a home!

Last Updated on, October 31st, 2022

With the new budget being announced on the 5th of July, 2019, the government has solidified its intentions of reforms in the real estate industry. The new budget takes several measures to make home buying more attractive to the middle classes. From tax incentives to infusing more capital in the banking system, the government has ensured there’s never been a better time to buy a home.

Tax incentives:

The finance ministry has offered first time home buyers and additional Rs.1.5L over and above the 2L deductible on interest payment for home loans upto an agreement value of 45L for loans taken till 31st March 2020. This is sure to provide an impetus to the affordable home segment.

Capital infusion in PSB’s:

The government will infuse Rs. 70000 Cr. in public sector banks for recapitalisation. This will improve sentiment in the banking industry and make it easier for developers as well as buyers to avail financing.

Infrastructure development:

With a focus on infrastructure and transit oriented development, the new policy aims at decongesting the major metros and developing satellite towns and suburbs by enhancing the highway and railway network along with metros.

Marathon Realty has 3 large townships in some of the fastest growing corridors of the MMR that will benefit even more because of the ongoing infra projects in these areas.

Marathon Nexzone : Large township in Panvel benefiting from the upcoming international airport and trans harbour sea link

Marathon Nextown: Township project in Kalyan – Shil benefiting from Airoli – Katai tunnel road and Alibag – Virar multimodal corridor

Marathon Nexworld: Township in Dombivili will see a positive impact from Vasai – Panvel rail extension, Airoili – Katai tunnel and Virar – libag multimodal corridor

PMAY

The government has proposed raising the maximum carpet ares in metro areas from 30 Sq.m. to 60 sq.m. This means that a much larger of units will be eligible for PMAY benefits, resulting in higher benefits being passed on to end customers.

Rental act reforms:

The finance minister, in her budget address, pledged major reforms in the decades old rental act. This will take into account the changing market conditions and clarify the relationship between lessor and lessee. This will make the market more attractive for investors who intend to rent out their houses.

It is clear from these points that the government has prioritised the real estate industry and aims to make the market fairer and more transparent to buyers.