The Affordable Housing Policy-2013 was amended by the Haryana Cabinet on Friday, which resulted in an average 20% rise in the allotment rates for apartments in Affordable Group Housing projects throughout the state. Under section 9-A of the Haryana Development and Regulation of Urban Areas Act, 1975, the cabinet, which convened here under the supervision of chief minister Manohar Lal Khattar,...
Listen To The Article The budget decision to limit the deduction from capital gains on investment in residential property under Sections 54 and 54F to Rs 10 crore is likely to dampen demand for super-luxury real estate. Sections 54 and 54F of the Income Tax Act of 1961 apply to long-term capital gains (LTCG) on selling capital assets such as homes, equity, bonds, and gold and their...
Listen To The Article The Union Budget 2023 is comprised of a number of major announcements linked to the real estate industry and has a long-term impact. Infrastructure investment has a large multiplier effect on economic growth and employment. Private investments resume after post-pandemic home demands. Budget 2023 takes the initiative to accelerate the virtuous cycle of investment and...
Listen To The Article The government has been urged to introduce the second fund under the Special Window for Affordable and Mid-Income Housing (SWAMIH-2) in the upcoming Union Budget 2023–2024, which will be expected to be announced soon. In a letter to the finance minister Nirmala Sitharaman, National Real Estate Development Council (NAREDCO) requested that the program be expanded...
Listen To The Article Homebuyers who cancel their purchase of an under-construction house after paying the purchase price and GST will receive a refund directly from the government, according to experts. In the 48th GST Council meeting, the finance ministry stated that there is no procedure for claiming a refund of tax borne by unregistered buyers in cases where the agreement for the supply of...
Listen To The Article The Reserve Bank of India's decision to raise the repo rate by 50 basis points to 5.9 percent, far higher than the pre-pandemic level of 5.40 percent, is likely to restrict the pace of expansion in the residential real estate industry. The city's realtors believe the move will have a long-term impact on the sector's growth and could have been postponed until after the...
Listen to The Article After the Reserve Bank of India (RBI) raised the policy repo rate by 50 basis points (bps) to 5.9% in its Monetary Policy Committee (MPC) meeting on Friday, leading housing finance provider HDFC Ltd. raised its lending rate by 50 basis points. HDFC has executed seven rate hikes in the last five months. “Effectively from October 1, 2022, HDFC bank increases its Retail...
The processing fee is the most essential and obvious price imposed on home loans. It is the cost that you have to pay to banks or NBFCs in order to process your home loan application. It is a one-time cost that is normally paid beforehand, you must pay it to the bank/NBFC out of your own pocket rather than having it deducted from your loan amount. There are a few banks that refer it as an...
Home Loan Top up funds can be used for anything from purchasing furnishings to building, extending, or renovating your home. It is available to existing home loan borrowers with no security or guarantee required. Interest rates are lower, and you can get tax breaks on your home loan refinance. The lowest interest rate on a top-up house loan is 7.10%. Repayment terms can be the same as those of a home...
TDS should be deducted from the sale price of an NRI-purchased property, and the rest should be given to the NRI seller. If you buy a property from a Non-Resident Indian (NRI), you must deduct tax (TDS) as required by Section 195 of the Income-tax Act of 1961. (ITA). When you make a payment to an NRI for the acquisition of a property, you must deduct tax. This is only valid if an advance is being...
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