100 smart cities to be developed

In the recently announced budget, the new government has plans to allot Rs 7,060 crore for the development of 100 smart cities. Apart from this, it has also reduced the size of projects eligible for FDI from 50,000 sq m to 20,000 sq m and has halved the minimum investment limit for FDI to $5 mn. Additionaly, it has also offered tax sops on home loans and investment trusts. This move will boost the demand for housing and investment in the real estate sector.