The Congress government in Karnataka on Wednesday introduced its last full budget before taking a leap into the state the polls in May 2018. However, theSiddaramaiah government seems to have taken great inspiration from populist schemes that belong to other states and other governments like in Tamil Nadu and Delhi.
So here are the highlights of our new budget 2017 –
- There have been huge grants to OBC, SC and ST communities who belong to the largest chunk of Karnataka’s population. About 6,000 crore rupees has been allocated for different programs, subsidies, and incentives to them.
- The capital gains tax liability has been changed for Joint Development Agreement and has been signed for the development of property.
- ‘Namma’ canteen is on the list on the similar lines of Amma canteen in Tamil Nadu that provides breakfast, lunch, and dinner at an affordable price. It has been strategically planned to have one canteen located in every ward of Bruhat Bengaluru Mahanagara Palike (BBMP).
- Infrastructure status to affordable housing is a boost for an affordable residential sector.
- Government to provide free laptops to 1.5 lakh students getting into engineering, medical, polytechnic and other first-grade colleges.
- LPG connections to be provided to over 2 lakh BPL families of SC/ST communities, in addition, LPG connections will be availed to about 5 lakh poor families to those who do not get covered by central schemes.
- Up to 10,000 liters of free water supply to urban poor for those living in homes built on plots less than 600 square feet land.
- The government also declares 10 million homes to be built by 2019 for the homeless and those living in kutcha houses
- The grants for effective English language teaching from Class I, and IT education in high schools and colleges to be made mandatory.
- The government will distribute food grains under Anna Bhagya scheme; this scheme will see an upgrade from 5 to 7 kg per person.
- By 2018, 10 lakes to be developed at cost of Rs 42 crore. Including the infamous Bellandur and Varthur lakes known for their contamination and frothing.
- There will be a one-time incentive of Rs 2 lakh each to students from minority and OBC community who make it to premier institutes like IIM, IIT, IISc.
- Government announces tax breather for notional rent income on unsold or unoccupied completed projects by any real estate builder.
- A strict ban on all two-stroke autos from April will be in action to reduce air and noise pollution. These are to be replaced with 10,000, 4-stroke LPG-enabled auto rickshaws and it’s subsidies to be given to auto owners.
- The National Housing Bank (NHB) will refinance individual housing loans of about INR 200 billion in 2017-18.
- The increase in investment in infrastructure and development projects will be seen in action after this budget plan.
- The state government also allocates Rs 26,000 crore for the second phase of 72 km of Bangalore Metro. The phase 1 of 42.3 km to be completed by April 2017.
- To regulate ticket fares in multiplexes by making maximum entry fee at Rs 200.
- Tech-based apps for an early response against crimes towards women and children to be built.
However the above glimpse of the budget plan for 2017 made by the state government looks promises, we would love to see how well the real estate sector can support the government and vice versa. Jain Heights supports this wonderful budgetary plan from our state government and is looking forward to a better tomorrow.
Visit our site to know more insights about current situations in real estate sector, www.jainheights.com