Below is the Perspective on the announcement made by the Finance Minister on Real Estate Sector by Mr. Sharad Mittal, CEO, Motilal Oswal Real Estate Fund
“One of the biggest challenges faced by the real estate sector in reviving activity pertained to migrant labour. FM’s announcement of providing free food grains to 8 crore migrant workers over the next 2 months and soon making their PDS cards portable across states will provide an incentive to the migrant works to return to the sites more quickly. Announcing the scheme on providing affordable rented houses to migrant labour under the PMAY scheme will provide long term stability to them and may help in reinstating their faith in the current crisis. The Credit Linked Subsidy Scheme (CLSS) under which middle income group could avail reduced EMI under the PMAY scheme was applicable till March 2020. With interest rates already reduced, extending the CLSS scheme till March 2021 may provide the necessary boost in reviving demand for affordable housing.”.
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