Finance Minister Nirmala Sitharaman will lay the Union Budget for 2022-23 on 1st February 2022. Even when the country’s economy was under the unprecedented effect of the pandemic, the real estate sector was one such sector that held its ground and showed marked resilience. Hence, the real estate sector is expecting a tax relief, push towards affordable housing, reduction in interest on home loans, and other reliefs.
“Hopefully, the government will continue to put in its sincere efforts in pushing affordable housing. The cap of Rs. 2 lakh per annum against interest rate deduction under section 24(b) of the Act needs to be hiked to at least Rs. 5 lakh along with removing the Rs 45 lakh cap from affordable housing, which will boost the affordable and mid-segment housing in a big way,” said Sandeep Runwal, President, NAREDCO Maharashtra. Also read – The Year 2022: Profitable Time to Invest in the Indian Real Estate
Another thing that realtors are looking forward to is the government’s push towards affordable rental housing schemes by reducing tax slabs on rental housing projects across India. This step will only promote and fulfil the government’s goal of housing for all.
Radha Dhir, Chief Executive Officer and Country Head of JLL, said, “The progress of the Special Window for Affordable & Mid-Income Housing (SWAMIH) fund in achieving the objective of completion of stalled projects is bearing results, the allocation for the fund should be increased further. The government should float similar funds for rental housing projects.
In order to promote the government’s goal of affordable housing, the developers in the real estate sector have suggested to increases the limit on the houses to Rs 75 lakh in the non-metro cities and Rs 1.50 crore in the metro cities from the current limit of Rs 45 lakh. Also, read – The Best Time to Invest in the Indian Real Estate
To further improve the demand and attract potential small home buyers, the developers are also positive that government can reduce the stamp duty charges, which will boost the real estate market. “Last year when Maharashtra and Karnataka reduced their stamp charges from 5 percent to 2 percent, it led to a positive outcome as there was a rise in housing sales,” said Atul Monga, Co-founder, and CEO of Basic Home Loan. Also read – Importance of RERA in Real Estate Industry: 2022
So, if you are looking for an affordable 2BHK and 3BHK flat in Dasna, Ghaziabad, you can visit Suncity Royal Castle. It is an ongoing project with immense potential that is expected to provide possession to its buyers soon. It is located on NH24 which makes it very accessible from the cities like Delhi and Noida. There is a proposal for metro connectivity as well, which will only make this residential project more desirable and expensive in the future.
Also read – How to Find Your Dream Home: Buy 2 & 3 BHK in Dasna, Ghaziabad.