When the Minister Of Finance, Mr. Arun Jaitley announced the Budget 2017, he made many breakthrough announcements, specially so for the real estate sector. The major points that he covered are as follows:
He proposed that Affordable Housing be given Infrastructure status to smooth the way for higher investments, a major step up in achieving housing for all by 2020
Easy and dedicated access to institutional financing, higher limit on external commercial borrowings will attract more investments and assure sustained growth of affordable housing in India, making it the core driving segment for real estate
The National Housing Bank will refinance individual housing loans of about Rs 20,000 crore in 2017-18
At present, the houses which are unoccupied after getting completion certificates are subjected to tax on national rental income. For builders for whom constructed buildings are stock-in-trade, this rule will only apply after one year of the end of the year in which the completion certificate is received so that they get some breathing time for liquidating their inventory
In the last budget, houses of up to 30 sq. m. and 60 sq. m. in built-up area, in the top four cities and the other cities, respectively, were allowed 100% tax deduction on profits. This was changed to the carpet-area basis, bringing more projects under its ambit
To promote affordable homes, the government also proposed to amend the Section 80-IBA, relaxing the condition of period of completion of the project for claiming deduction from the current 3 years to 5 years
In line with the government’s impactful revisions, Pramukh Group is offering housing loans at 3.99% interest rate only on Pramukh Greens. The project site is in Challa, Daman-Vapi Road with the amenities of a luxurious residential plan. It offers amphitheatre, jogging track, kids’ play area, gymnasium, swimming pool, gazebo and many more in the 2-3-4 BHK scheme. Greens is indeed the color of luxury and affordability.
To know more, visit: https://goo.gl/sJAgsA
Director - Pramukh Group
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