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Saturday, February 28, 2015

Union Budget 2015: Wish List and Realty Sector expectations

With the Union Budget 2015 about to be announced on Feb 28th, Industry experts, consumers, developers for real estate in India have their own wish list and high expectations for boosting market sentiments hoping for a turnaround in the housing market. Here are the key expectations:-

1) Lower Home Loan Interest Rate so that housing becomes affordable

Currently Banks offer home loans in the range of 10.15 – 10.45 % which is too high for an average family budget. Budget should lower the home loan interest rate to 7.5 – 8.0 % to enable home buyers to realize their dreams and make home loans affordable.

2) Increase the Tax Exemption on the interest paid towards a home loan

Income tax deduction under 80C for home loan interest is Rs 2 lakh revised from Rs 1.5 lakh in 2014, Budget should allow for Rs 5 lakh as tax exemption which can provide much needed incentive for home buyers.

3) Provide industry status to real estate sector

Borrowing money for developing real estate projects from banks and other finance institutions has been increasing difficult for developers and builders because real estate in india don’t have industry status. Budget should provide industry status to real estate sector in india so that it help boost domestic bank lending, increase foreign direct investments and ease fund flows from external commercial borrowing.

4) Tax benefits for rental housing

Budget should encourage home owners to rent their properties by providing tax benefits. Currently, second home other than your primary residence is taxable. Allowing tax incentives can increase the rental supply in the housing market.

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