National
Jaitley announces dedicated affordable housing fund, gets experts’ nod (Roundup)
New Delhi, Feb 1 (IANS) Welcoming Union Finance Minister Arun Jaitley’s announcement to create a dedicated affordable housing fund in the National Housing Bank, real estate experts on Thursday however said significant incentives or exemptions on the personal tax front were the missing factors for the sector.
However, they expect Jaitley’s announcements for developing better connectivity through air, road and rail would give an impetus to the housing sector.
“My government will also establish a dedicated Affordable Housing Fund (AHF) in the National Housing Bank, funded from priority sector lending shortfall and fully serviced bonds authorised by the government of India,” Jaitley said while presenting the Union Budget for 2018-19.
In line with the government’s “Housing for all by 2022”, more than one crore houses were being/would be built in rural areas in the current and next financial year under the Pradhan Mantri Awas Yojana, he said, while in urban areas, assistance has been sanctioned to construct 37 lakh houses.
“The announcement of a dedicated Affordable Housing Fund seems to be the right move towards achieving the vision of ‘Housing for all by 2022’,” said Anarock Property Consultants Chairman Anuj Puri.
The allocation of Rs 14.34 lakh crore for livelihood and infrastructure upgrades in rural areas will bring a clear focus on the building of roads, which will certainly boost budget housing as it is invariably developed in well-connected peripheral areas, he said.
“Strengthening affordable housing sector through creation of an affordable housing fund will allow better access to capital for related developments in urban and semi-urban areas,” said JLL India’s CEO and Country Head Ramesh Nair.
Company 99Acres Chief Business Officer Narasimha Jayakumar said that the dedicated fund will help create more affordable supply as well as drive demand from genuine end-users.
“A major push on highway development and inner-city rail networks give the necessary impetus to real estate development. Further push to Udaan, development of 600 plus new railway stations will mean better connectivity to smaller towns, spurring real estate development beyond metros,” he said.
In his budget speech, Jaitley noted that a roof over the family’s head is another concern for the poor.
“Far from the benami (proxy) properties earned through corrupt means, the poor only desire to have a roof, a small house by his honest earnings. Our government is helping them so that they may fulfil the dream of owning a house,” he said.
However, experts were disappointed with no changes in the income tax slabs and absence of other direct measures that influence the real estate sector.
“The real estate sector’s long-standing demand of getting an ‘industry’ status has once again not found mention. Further, there was no concession for external commercial borrowing for real estate.
“The sector expected to see some measures to infuse demand, with relaxations in key tax rates like 80C, 80CC and 24B, which too have not been addressed. Aspects like single-window clearances, uniform stamp duty or reduction in Goods and Services Tax rates on real estate were not mentioned either,” Nair said.
KPMG’s Partner and Head, Building, Construction and Real Estate, Neeraj Bansal said while the Finance Minister marginally incentivised the salaried class with a standard deduction of Rs 40,000, with no other significant incentives or exemptions on the personal tax front, there is not much change in the net disposable income.
“As a specific measure, 5 per cent leeway in terms of taxability of difference between transaction value and stamp duty value vis-A-vis transfer of real estate property is a welcome move, however, the impact of the same may be minimal,” Bansal told IANS.
Credai Bengal President Nandu Belani said the introduction of 10 per cent tax on long-term capital gains exceeding Rs 1 lakh, is likely to act as a dampener for investors in stock option and ergo, likely to move to real estate sector as an alternative investment option.
According to Puri, there was conjecture that cryptocurrencies would find their way into the Indian real estate, as it has in developed countries, effectively becoming the ‘new black money’ in the sector.
“With the government now intent on taking all necessary steps to eliminate the use of cryptocurrencies in India, people who were looking at them as a get-rich-quick route will have to look at traditional asset classes and investment routes again,” he added.
–IANS
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National
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.