TIL Desk/National/New Delhi/ Prime Minister Narendra Modi hard-sold his government’s Budget announcements, saying they will give a fillip to the real estate sector which now has to work to improve its credibility with the masses. Addressing a real estate conference organised by CREDAI, he said the government is constructing homes under the Pradhan Mantri Awas Yojana (PMAY) at a rapid pace to fulfil its ambitious target of providing housing to all by 2022.
Modi highlighted the steps taken by his government in the last four and half years to boost the real estate sector. He said the new realty law RERA and benami property legislation have helped in bridging the trust deficit between builders and consumers. The sector has also progressed on ease of doing business and construction permits are being given at a fast pace, he said.
Talking about tax incentives for the housing sector announced in the Budget, the Prime Minister said these sops will benefit both the developers and home buyers. The move to exempt people earning up to Rs 5 lakh from payment of income tax will benefit the housing sector as the surplus will find its way into real estate, he said.
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