Is owning a home your dream? Start searching for it now as our Finance Minister has recently sprinkled some magic dust on the real estate sector so that your dream to buy a home looks achievable with your current budget.
2016 is expected to bring a rise in the supply and demand in the housing industry. Experts expect consumer sentiments to improve and as the government has tried to realize everyone’s dream of buying first home by giving some wonderful benefits to buyers.
Union budget 2016 is good for real estate sector as it will boost demand and supply of affordable homes. This will also give you the opportunity to buy an apartment from a reputed projects like Brigade apartments in Bangalore or other established real estate groups.
Finance Minister Arun Jaitley did the magic by removing one of the biggest obstacle of tax in the way of Real Estate Investment Trust (REIT). Those who want to buy a new home will get an additional tax deduction for Rs.50, 000 on the interest on loan for first time home buyers.
President of the apex body of realtors’ CREDAI Getamber Anand said – “It is overall a very positive budget for the real estate sector and CREDAI is certain that this will spur the market and induce the home buyer who has been waiting ever since for some special incentive to actually be able to buy a house”
Therefore, budget this year has brought good news for all those who have not been able to buy a home due to insufficient funds. Half a lakh is a huge amount to be deducted which has been exempted now hence creating a win-win situation for both consumers as well as developers. To simplify this the facts have been listed below:
Short Term Benefits for Affordable Housing
1. Housing loan tax rebate has been increased by Rs 50,000 on home loans of up to Rs 35 lakhs and for homes priced up to Rs 50 lakhs
2. Developers who invest in residential projects of this budget can avail full deduction on profit from low budget affordable housing projects as per new update.
3. 100% service tax exemption is yet another important aspect for construction of affordable housing projects.
Long Term Benefits for Affordable Housing
1. There is emphasis on road and infrastructure development, in order to improve the connectivity to housing projects in peripheral areas for the ease of travel and making these areas easily approachable.
2. Excise duty exemption to ready-mix concrete has also been encouraged which will help in speedy delivery of the projects.
3. The budget has also provided for the land reforms and digitization to reduce disputes in housing projects.
This is why, if you want to buy a new house within a limited budget, this seems to be the best time to do so as it will not only suit your pocket but also help in realizing Indian goal of a home for all. As a matter of fact now you can also afford a branded one like Brigade Bangalore apartments for sale which have additional amenities to make the lives of residents simple, healthy and full of fun.