Special Feature of 2014’s Central Budget: Own house for all by 2022
The new Government at the Centre has sworn to ensure that by 2022, each and everyone has a house of their own. The government plans to make this possible by increasing the tax exemptions given to house loans. The Government also plans to encourage youngsters to own houses.
Low-cost housing projects will be introduced through the National Housing Banks. This will enable people of the economically weaker sections living in the cities to build their own houses. Finance Minister Arun Jaitley has announced that the Government has set aside Rs. 4000 Crores in the 2014-15 budget. In order to further strengthen it, the Government plans to invite foreign investment in this area. The Government is also ready to explore other options.
Jaitley has also announced that the Government is giving serious thoughts about bringing the slum rehabilitation programme under the Corporate Social Responsibility umbrella. This is in order to increase the participation of the private sector in this area. Loans to construct houses in villages are being given under the various rural housing development schemes. The National Housing Board has allocated Rs. 8,000 Crores in 2014-15 to boost these rural housing schemes.