Finance Minister Jaitley also announced that 1 crore houses will be built by 2019 for those living in ‘kutcha’ houses and the homeless. Allocation for Pradhan Mantri Awaas Yojana (PMAY) – Gramin has been enhanced too. “It has gone up from Rs 15,000 crore to Rs 23,000 crore in the rural areas and affordable housing will now finally be given infrastructure status. This is very significant,” says Anuj Puri, chairman and country head with property consultancy firm JLL India. “It will provide the vital budget housing segment with cheaper sources of finance including, but not restricted to, ECBs (external commercial borrowings). Also, re-financing of housing loans by NHBs (National Housing Bank) can give a leg up to the sector.” However, he also points out that the Budget missed out on giving any additional income tax incentives to first-time home buyers or providing higher tax savings on housing loans and house insurance premiums. “Nor did it raise house rent deduction limits. However, it did provide some direct tax relaxation to the lowest income earners, and gave some clarity on the designated beneficiaries under the Pradhan Mantri Awaas Yojana,” he adds.