Tue, May, 2017
10 Big Bets By The Government In Favour Of Real Estate
The real estate sector has been in the news all through the last year, with the government announcing several major initiatives such as the passage of the Real Estate (Regulation and Development) Act 2016 and the amendment to the Benami Transactions Act.
Listed here the following 10 policy initiatives and what they mean for you:
RERA – Real Estate (Regulation and Development) Act:
Greater transparency & accountability. Interest on the invested amount for the delay period of upto 10%.
Benami Transactions (Prohibition) Amendment Act:
Strict penalties; liable for rigorous imprisonment of 1-7 years and fine up to 25% of the fair market value of the property.
100% deduction in profits for affordable housing constructions:
To promote affordable housing, the finance minister proposed 100% deduction in profit to budget homes of 30 sq.m. in metros and 60 sq.m. in non-metros.
Interest subsidy for first-time home buyers:
Additional deduction on interest of Rs 50,000 per annum for loans up to Rs.35 lakh for the first time home buyers during the next financial year for a house with the value not exceeding Rs. 50 lakh.
Change in arbitration norms for construction companies:
Release of up to 75% of amounts stuck in arbitration. More liquidity; on time completion and speedy execution of large infrastructure projects.
Service tax exemption on construction of affordable housing:
Exemption of service tax on construction of affordable houses of up to 60 sq.m. under any scheme of the Central, state government or PPP schemes.
– Better prices for 1st time home buyers
– Lower prices for resale of property
Permanent residency status for foreign investors:
– Allows the holders’ spouse/dependents to purchase residential property for end-use
– More high-end luxury properties with global design and features
Passage of GST, India’s biggest-ever tax reform; no doubles taxation; more transparency; lower costs of construction.
More liquidity; projects finished on time, better inputs into construction.
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