Budget gives boost to builder community: Sundaram BNP Paribas

: The budget presented by Finance Minister Arun Jaitley would give a boost to the builder community while the government addressed the issue of unsold flats, Sundaram BNP Paribas Home Finance Managing Director, Srinivas Acharya said here today.
"I see the budget as a very big boost to the builder community. The relaxation of the building project completions norms is also a step in right direction. Importantly, the government has addressed the pressing issue of unsold flats", Sundaram BNP Paribas Home Finance, MD, Srinivas Acharya said.
The infrastructure status to the affordable housing would "change the scenario completely" along with the Government's plan to pump in Rs 20,000 crore to build one crore houses.

The definition of affordable housing has been modified to cover carpet area instead of built up area, he said.
On NPAs (non-performing assets) in banks, he said, "government has strengthened the bank's hands in tackling the NPA customers by confiscating of their assets. Also, relief in tax provisioning for unearned interest in NPL (non-performing loan) accounts is a good step".
It remains to be seen in fine prints if the benefits in respect of NPA accounts are passed onto the non-banking finance and housing finance companies, he said.