India's finance minister relaxes borrowing norms for real estate firms and extends loan subsidy for affordable housing, but industry leaders deem it insufficient.
Budget 2012-13 proposes external commercial borrowing for affordable housing, a Credit Guarantee Trust Fund, and increased Rural Housing Fund provisions. Real estate players express disappointment, citing increased costs from the cement industry tax and service tax hike.
Realty leaders express disappointment over budget allocations for housing, calling for stronger support for affordable housing initiatives.
India's real estate industry hopeful for relief in Budget 2012, seeking industry status, tax revisions, and affordable housing incentives.
The state government will implement its affordable housing policy on April 15, requiring builders to reserve 20% of land for small-sized housing, despite some reservations.