Buying a home is a dream that sits atop almost everyone’s bucket list. However, it can take up a lot of time and capital, especially for the millions of youngsters fresh off their education that join different companies every year.
The Union budget of 2017 serves as the wind of change for our country’s youth in many ways. Here’s a quick look:
Infra status to affordable housing makes things a lot simpler for the working class
- The youth occupy the lion’s share in the overall working-class population of India. This working class constitutes one of the biggest buyer groups in the affordable housing segment
- Now that affordable housing has received the ‘Infrastructure’ status, you can expect more investment in this segment from developers and homebuyers alike.
Changes in the measurement norm
- The ambiguous super built up area has been removed and replaced by the more accurate carpet area as a measuring norm in the case of affordable homes. This will deliver more spacious homes in the affordable housing segment.
More time to organise your finances
- The government has relaxed the condition of period of completion for a project from the current three years to five years. Also, the government has offered tax sops to developers sitting on completed but unsold homes to revive the sector.
- The added time and tax deductions greatly benefit the builders as well the buyers as it gives them more breathing space to organise their finances.
Increased purchasing power
- The government has also reduced the income tax rate for those with annual incomes up to Rs 5 Lac.
- From 10%, it is now brought down to just 5%.
- Several tax reductions on home loans for the affordable segment have also been announced.
With more time to organise finances, more and better incentives and increased purchasing power, the young working class is now better equipped to buy a home early on in their lives.
Hence, in the coming months, we should expect young home buyers to become a major target group in the housing segment.
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