Real Estate News
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Key Highlights of Budget 2020
On February 1, 2020, the Finance Minister, Nirmala Sitharaman presented the budget for the year 2020-21 and announced sops, tax breaks, the major push towards the youth employment and youth-centred programs. The Budget 2020 was themed around ‘Ease of living’, and the Finance Minister estimated growth of 10 percent GDP for the year 2020-21. The total expenditure for this year’s budget is Rs 30.4 lac crore. We discuss the key highlights of the budget here: Big gains on affordable housing: Modi government has been making several efforts to boost the ‘Housing for All by 2022’ agenda. To boost it further, the FM announced that ...
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Everything you Need to Know About the Taxes Levied on the Ready-to-Move-in Homes
When it comes to buying a house, the ready to move in properties are very popular among the potential buyers. The buyer gets exactly what they see, the fewer tax liabilities than the under-construction properties and no wait time for the possession are some of the many advantages that they buyer enjoys when investing in the ready to move-in homes. We discuss the taxes levied on the ready to move in homes: GST: Currently, according to the new tax regime, the GST is only applicable to the properties that are under construction. The projects that have received the completion certificate will not have to pay the GST applicable. However, th...
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Everything you Need to Know About the Progress of Smart Cities in India
On February 1, 2020, the FM rolled out the Budget 2020, and it is essential to note that five new cities have been added to the list of smart cities. Several states may have to contest to develop these smart cities. By the interest shown by the states, the authorities may decide the result after the competition. The states will have to provide land and sign a state support scheme to support the development. The Finance Minister in her speech said that for the upcoming corridors, the revitalization of upcoming activities, technology, and the demand of aspirational class would be kept in mind while developing the smart cities. Online dat...
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Changes Made in the Tax Slab for Salary Class in Budget 2020
Budget 2020 has proposed specific measures for the salaried individuals, and it is expected that the demand in the real estate sector will trigger as a result of it. The Finance Minister, Nirmala Sitharaman, announced that the changes in the income tax slab would simplify the tax payments. By lowering the taxes, the Budget limits the exemption enjoyed by the taxpayers. The Finance Minister in her speech while presenting the Budget 2020 said, “The Income Tax Act is riddled with various exemptions and deductions which make compliance by the taxpayer and administration of the Income Tax Act by the tax authorities a burdensome process. To ...
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Budget 2020 puts further emphasis on PMAY-U
Prime Minister, Narendra Modi’s highly ambitious dream of ‘Housing for All by 2020’ has garnered much attention and praises from media and fellow countrymen since the project has been launched. The slow progress of the scheme is due to the fact that the government is leaving no stone unturned to make the dream reality. Let us discuss it further: Union Budget from 2018 to 2020 boosts PMAY-U From 2018 to 2020, PMAY-U has been mentioned in the Budgets. In 2018, a separate fund for this segment was set up under the National Housing Bank (NHB). Affordable housing got the much-needed industry status, and the developers got the ...
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According To The Economic Survey, The Builders Must Reduce The Price Of Units
According to the Economic Survey 2019-20, it is estimated that the developers across the country are sitting on unsold inventory estimated for about Rs 7.7 lac crores. To make it easy for themselves and deal with the liquidity crunch, experts suggest that the developers will have to reduce the cost of the units which will help in boosting the sales and hence the flow of cash. The Survey states that the real estate sector, residential property, in particular, have been reeling with issues of delayed project deliveries and stalled projects, leading to a build-up of unsold inventory over the years. The Survey also mentions that the housin...
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Ready-to-Move-in Homes Remain the Top Choice for Home Buyers
By 2030, it is expected that the global real estate sector will reach the market size of $1 trillion. In India itself, it is expected that the real estate sector will contribute to 13 percent of the total GDP by the year 2025. The metros in India have a high demand for real estate projects not only residential but also commercial space. However, when it comes to buying a home, the stagnant prices aren’t a deterrent for the homebuyers. Homebuyers always wonder if they should invest in ready-to-move-in properties or invest in an under-construction project. For most homebuyers, the preference is ready to move in properties because of no...
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Real Estate Expectations from Budget 2020
When Modi government came to power in 2014, the real estate sector was hoping for a turnaround in the market conditions. But despite the efforts with stringent laws, stricter organizations to keep the builders and projects in check, reduction in interest rates and long-term tax benefits, the market is yet to see a revival that the builders and homebuyers have been expecting. According to the reports, the builders have around 7.8 lac unsold units across nine major cities of the country. With the current pace of sales, it will take the developers around two to two and a half years to completely sell their inventory. The sales in October ...
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Ten Things to Know About India’ First Real Estate E-Commerce Portal
On January 14, 2020, the Ministry of Housing and Urban Affairs inaugurated the-commerce portal ‘HousingForAll.com’ which makes it possible for the homebuyers to search and purchase the affordable houses online. The portal has been launched by the National Real Estate Development Council (NAREDCO), a real estate developers’ association formed under the aegis of the housing and urban affairs ministry. Durga Shanker Mishra, Secretary of Housing and Urban Affairs, said that HousingForAll.come would become the market place for the buyers and sellers. However, there are ten critical things about the website that everyone must know...
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Real Estate Industry looks Forward to Budget 2020 to Ease the Liquidity Crisis
The sales in the country’s real estate sector have been suffering, and the country’s GDP is falling a new low of 4.5 percent, the sector looks forward to the Budget 2020. The real estate sector of the country is pinning hopes to the Finance Minister, Nirmala Sitharaman, to provide measures that will help in boosting the confidence of the homebuyers as well as help in gaining the liquidity in the sector. We list down the expectations that the sector has from the Budget 2020: Financial assistance to overcome the financial crunch: According to the NAREDCO president, Niranjan Hiranandani, the sector is facing a severe financial cr...
