Home buyers can look forward to more affordable housing, as the government has bolstered the segment, giving it infrastructure status in the Union Budget for 2017-18. Essentially, it means lower cost of capital, said Samantak Das, national director at Knight Frank, India. Hopes are that the developers will pass on this benefit to consumers. Experts estimate the cost of funds will now be approximately 10% to 12%. “On an average, I imagine a reduction of 150 basis points,” said Neeraj Sharma, partner at Grant Thornton, India.
The move is expected to attract financiers too. Besides, with the infrastructure stamp, companies will now be able to access additional avenues. “For example, we now also have access to the Rs 40,000-crore national infrastructure investments fund (NIIF),” said Kirta Timmanagoudar, managing partner at Brick Eagle Funds, which is in the process of raising a Rs 700 crore affordable housing fund.
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