Budget 2014 gives aggressive push to low-cost housing: Rohit Poddar of Poddar Developers

NEW DELHI: Giving thumbs up to Finance Minister Arun Jaitley's move to give low-cost housing a push in the budget, Rohit Poddar, Managing Director of Poddar Developers said, "The government has taken a very appropriate, much needed and far sighted decision to aggressively promote low cost housing."

"It has wisely decided to channel the program through the National Housing Bank which has been promoting low cost housing for several years now," Poddar said.

"We hope that practically implementable plans are construed and we look forward to continue being a big part of the supply of low cost housing in the years ahead," Poddar added.

Stating that the government is committed to endeavour to have housing for all by 2022, Finance Minister Arun Jaitley on Thursday said, "We will extend additional tax incentive on home loans to encourage people, especially the young, to own houses."

"It has proposed to set up a Mission on Low Cost Affordable Housing to be anchored in the National Housing Bank," Jaitley said. Jaitley said that a sum of Rs 4,000 crore has been earmarked for National Housing Bank with a view to increase the flow of cheaper credit for affordable housing to the urban poor/EWS/LIG segment.

Union Budget 2014-15 sprang a pleasant surprise on home loan borrowers by hiking deduction on home loan interest under Section 24 from Rs 1.5 lakh to Rs 2 lakh. Enhancement of Section 80C limit is also a positive for those paying large EMIs but not getting full tax benefits on repayment.