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.<\/p>\n
Listed here the following 10 policy initiatives and what they mean for you:<\/p>\n
RERA \u2013 Real Estate (Regulation and Development) Act:
\nGreater transparency & accountability. Interest on the invested amount for the delay period of upto 10%.
\nBenami Transactions (Prohibition) Amendment Act:
\nStrict penalties; liable for rigorous imprisonment of 1-7 years and fine up to 25% of the fair market value of the property.
\n100% deduction in profits for affordable housing constructions:
\nTo 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.
\nInterest subsidy for first-time home buyers:
\nAdditional 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.
\nChange in arbitration norms for construction companies:
\nRelease of up to 75% of amounts stuck in arbitration. More liquidity; on time completion and speedy execution of large infrastructure projects.
\nService tax exemption on construction of affordable housing:
\nExemption 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.
\nDemonetization:
\n\u2013 Better prices for 1st time home buyers
\n\u2013 Lower prices for resale of property
\nPermanent residency status for foreign investors:
\n\u2013 Allows the holders\u2019 spouse\/dependents to purchase residential property for end-use
\n\u2013 More high-end luxury properties with global design and features
\nGST:
\nPassage of GST, India\u2019s biggest-ever tax reform; no doubles taxation; more transparency; lower costs of construction.
\nFDI:
\nMore liquidity; projects finished on time, better inputs into construction.<\/p>\n","protected":false},"excerpt":{"rendered":"
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