People are talking about the rising stock prices owing to the Budget Announcement on February 1st, 2021. Additionally, no one has been able to stop talking of the impact that this budget is having and will have on India’s financial front.
If you are looking for updates on the announcements made pertaining to the Real Estate sector, we’ve got you covered!
The government of India stressed on its vision of ‘Housing for All’ while presenting the Union Budget for 2021.
The key Takeaways from the Budget were –
To help Real Estate Properties, our Finance Minister, Smt. Nirmala Sitharaman has announced that the additional deduction of interest, pertaining to 1.5 lakhs on purchase of real estate property shall be available till 31st March 2022. Further to promote Real Estate Property Sales, affordable housing projects can avail a tax holiday for another year till 31st March 2022.
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The Union Budget also indicates the government’s commitment towards providing Affordable Rental Housing for migrant workers. Not just that, the Union Budget also proposes to allow tax exemption for notified affordable rental housing projects. These measures are a way forward to help in enhancing the business of Real Estate Properties for Sale.
The incentives proposed by the government are said to lead to an increase in buyers of real estate properties in lieu of affordable housing, especially because there is an increasing trend in people wanting to secure their lives by owning a home.
Moreover, more awareness has led to more people coming to terms with seeing owning a house as an investment with a great prospect for gaining returns. As property value keeps increasing, people also have the choice to sell it at a higher rate and gain profits from sale.
The reforms related to other sectors such as infrastructure will also assist in growing the business of Real Estate Properties available for sale. Both residential and commercial housing projects will sense a boost.
While the steps taken to create new employment opportunities and impart affordable housing are a welcome effort towards making the realty business profitable and will also assist in driving more businessman and customers towards the sector, there are a few suggestions that industry leaders have for further improvement.
One consisted demand is for the government to relax income tax norms, by pushing more reforms in GST. Easing liquidity, is another sought after reform. This can be done by increasing credit off-take from banks. While there are reliefs for people buying their first homes, similar tax reliefs on a second home will stimulate the sector and benefit in faster sale of real estate properties.
The real estate sector will flourish with lower home loan interest rates, reduced stamp duty and diminished registration charges. These have a direct impact on the cost of a real estate property thus affecting its sales greatly. It is also believed that the real estate sector should be imparted industry status by the government, considering its contributions and its future prospects.
Self-reliance is a vision which will be closer to being manifested soon when the reforms announced are implemented carefully and more such progressive reforms are introduced.