Budget 2013-14: Rs.1 lakh interest deduction for first-time home buyers, benefiting middle-income class
Budget 2013-14, announced by Finance Minister P. Chidambaram, introduces mixed measures impacting both high earners and common taxpayers, with changes in tax structures, luxury items becoming costlier, and benefits for first-time home buyers.
Budget 2013 offered limited benefits to the real estate sector, primarily aiding first-time homebuyers with tax deductions on home loans up to ₹25 lakh.
Budget 2013 is anticipated to favor home buyers, with potential provisions for affordable housing. Realty players seek tax exemptions and lower interest rates.
Indian real estate players anticipate the Finance Minister's budget to lower construction finance costs, boost the sector, enable affordable housing, and expedite project clearances.
India's finance minister relaxes borrowing norms for real estate firms and extends loan subsidy for affordable housing, but industry leaders deem it insufficient.
1% TDS proposed on property transfers exceeding ₹50 lakh in urban areas and ₹20 lakh elsewhere, effective October 1. The move aims to curb unaccounted money.
Budget 2012-13 proposes external commercial borrowing for affordable housing, a Credit Guarantee Trust Fund, and increased Rural Housing Fund provisions. Real estate players express disappointment, citing increased costs from the cement industry tax and service tax hike.
Realty leaders express disappointment over budget allocations for housing, calling for stronger support for affordable housing initiatives.
India's housing sector's GDP contribution is projected to rise from 5% to 6% due to increased investment, but the 2012-13 Budget lacks substantial support for the real estate industry's growth.
Union Budget 2012 expected to provide policy reforms for the real estate sector, with calls for industry status and affordable housing measures.
India's real estate prices expected to rise further as Finance Ministry retains 2.5% service tax on under-construction projects, impacting homebuyers.
CREDAI submits memorandum to Finance Ministry to remove service tax on under-construction housing complexes.
The urban development ministry calls for a review of the proposed service tax on housing projects, amidst concerns over its impact on the struggling real estate sector.
RBI's recent repo rate cut by 100 bps to 8% aims to curb inflation and may benefit real estate companies and investors, according to Finance Minister P Chidambaram.
Finance Minister P. Chidambaram's decision to lower home loan rates highlights a slowdown in various sectors, despite commercial real estate thriving.
India's 2024 budget lacks major direct real estate tax changes, but personal income tax cuts may indirectly boost housing demand. The awaited REIT clarification and tax holiday for developers didn't materialize.