ModiBudget 2015: 6 crore housing units for rural and urban housing by 2022

In line with Prime Minister narendra Modi's vision of Housing for all by 2022, Union Budget announced 6 crore housing units for rural and urban housing by 2022.

Key expectations were as follows:

• Rationalisation of tax structure (dividend distribution tax, long term capital gain tax) for REITs to make it more attractive for developers/sponsors as well as domestic and NRI investors.
• Incentives on principal repayment, such as decoupling it from other tax saving instruments under Section 80C.
• Guidelines for streamlining the approval process or introduction of single window clearance systems for approvals for housing projects
• Introduction of Real Estate Regulatory bill to bring much needed transparency in the sector
• Recognition of low cost housing and township projects as infrastructure