Will homebuyers get additional relief measures?
The real estate sector is looking to start off 2022 on a strong note after suffering losses in the previous two years due to the impact of the Covid-19 pandemic on the overall economy. To achieve a strong recovery this year, the sector needs strong demand from homebuyers.
The sector looks forward to support beyond the mainstay demands of industry status, easy availability of finance, and GST rates reduction in the upcoming Union Budget 2022 from Finance Minister Nirmala Sitharaman.
Homebuyers are also expecting some positive measures in this year’s budget, primarily focused on tax benefits. Here is a look at some of the expectations:
HIKE HOME LOAN DEDUCTION LIMIT
There is a need to hike the Rs 2 lakh tax rebate on housing loan interest rates under Section 24 of the Income Tax Act to at least Rs 5 Lakh. This could instantly infuse robust demand for housing, especially in the affordable and mid-segment categories, said Anuj Puri,…
