Union Budget 2014-15 promises houses for all by 2022
The Finance minister, Arun Jaitley announced in the Budget 2014 that government is committed towards making houses for all by 2022. Additional tax incentive on home loans will be extended to encourage the youth towards the same. An amount of Rs 4, 000crores has been kept aside for National Housing Bank with a view to increase the flow of cheaper credit for affordable housing to the urban poor/EWS/ LIG segment.
Gazing on the congestion in big cities due to people migrating from small cities, government has implemented measures to develop 100 smart cities around near metro cities allocating fund of Rs. 7, 060 crore.
Jaitley informed that the Rural Housing Scheme has benefited a large percentage of rural population who have availed credit through Rural Housing Fund (RHF). In the light of the above, enhanced allocations to the tune of Rs. 8,000crore has been made for National Housing Bank (NHB) for the year 201415 to expand and support Rural Housing in the country. Besides, this FM has allocated additional funds of Rs. 2,142 crore for the development of housing in rural areas.
He added that Government has already outlined some other incentives such as easier flow of FDI in this sector and is willing to examine other positive suggestions. He also informed the inclusion of slum development in the list of Corporate Social Responsibility (CSR) activities to encourage the private sector to contribute more towards this activity.