A booster dose for affordable homes

Real estate being the primary business of Navi Mumbai, developers from the city welcomed that the union budget 2021-22 has extended the IT exemption in affordable housing for a year. The decision will boost the real estate section and this will be beneficial for both buyers and developers. During her speech, Finance Minister Nirmala Sitharaman announced the extension of the tax holiday on affordable housing projects for one more year. Affordable housing projects can avail of tax exemption benefits until March 31, 2022. Haresh Chheda, president of Builders Association for Navi Mumbai said that the decision will help developers to sell their units at discount as well. “The amount to be saved by not paying the tax can pass on to homebuyers,” said Chheda. Dronagiri, Taloja, Matheran-Road in Panvel, Khopoli and Pen areas have a huge number of affordable houses. “In and around Navi Mumbai, around 25,000 new affordable houses will be available and buyers will have a good opportunity to buy a home,” said Chheda.