Housing, construction sectors got infra status benefits: Naidu

Union Minister of Urban Development and Housing & Urban Poverty Alleviation M. Venkaiah Naidu on Wednesday said the housing and construction sectors got the benefits of infrastructure status in the Budget for 2016-17, even without being formally declared so.

He was speaking to media on the implications of the Budget for urban sector. The minister said that various tax concessions and reliefs announced would go a long way in meeting the longstanding demand of the construction sector for infrastructure sector.

Naidu stated despite the focus of the Budget on agriculture and rural development, urban sector got its due. As against the increase of 15 per cent in the total Central Plan Outlay for 2016-17 over Revised Estimates for current fiscal, the Plan Outlay for the urban sector has been increased by 55 per cent, he said.

The minister expressed concern over the slow offtake of Central assistance by states under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) and urged them to improve planning and execution capabilities.

Referring to the social media campaign by consumers and potential homebuyers seeking early passage of the Real Estate (Regulation and Development) Bill, Naidu urged all concerned to enable its early passage. He expressed confidence that the Bill will become a reality soon. “All the issues raised by opposition have been addressed. The Bill has gone to Standing Committee and Select Committee. I don’t think there is any problem whatsoever,” Naidu said.

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The minister asserted that the Budget proposed several concrete measures to enable flow of investments into  affordable housing and construction sector.