Prime Minister Narendra Modi praised his finance minister Arun Jaitley for delivering a budget that is “farmer friendly, common citizen friendly, business environment-friendly and development friendly,” here today in budget 2018. The Finance Minister Arun Jaitley presented general Budget 2018-19 in Parliament.
Key highlights Budget 2018 for Real Estate:
- Budget guided by the mission to strengthen agriculture, rural development, health, education, employment, MSME and infrastructure sectors.
- Fiscal Deficit pegged at 3.5 %, projected at 3.3 % for 2018-19.
- Rs. 5.97 lakh crore allocation for infrastructure.
- Ten prominent sites to be developed as Iconic tourist destinations.
- NITI Aayog to initiate a national programme on Artificial Intelligence(AI).
- Disinvestment crossed target of Rs 72,500 crore to reach Rs 1,00,000 crore.
- No adjustment in respect of transactions in immovable property where Circle Rate value does not exceed 5 percent of consideration.
- Jaitley expresses confidence in completing national highways exceeding 9,000km under Bharatmala project.
- 99 smart cities have been identified with an outlay of Rs 2.04 lakh crore.
- Rs.14.34 Lakh Crore to be spent in 2018-19 for the creation of livelihood and infrastructure in rural areas.
- The government will undertake redevelopment of 600 major railway stations across the country.
- National Heritage City Development Augmentation Scheme has been undertaken to preserve and protect heritage cities in the country, announces the Finance Minister.
- The government will also establish a dedicated Affordable Housing Fund (AHF) in National Housing Bank, funded from priority sector lending shortfall and fully serviced bonds authorized by the Government of India.