As the price of the property is
rising high and the affordability of residential real estate in Delhi NCR has
become the major concern. Because the Union Budget of year 2013 -14 approaches,
the real estate companies in
Delhi have fastened their aspiration on this budget for the reasonable housing
to select in the capital city.
As per the India's Census of 2011
-2012 report, the company faces an intense scarcity of 18.78 million
residential units, most of that are in the reasonable segment. As the shortage
is extremely outstanding in the Delhi NCR. The overall shortage of reasonable
residential housing in the country id 20 to 25% exists in Delhi NCR as stated
by the MD of Assotech group Mr. Sanjeev Srivastava.
There aren't any reasonable
regions left in Delhi NCR except than Ghaziabad and few other localities beyond
it. As to achieve the affordability in Delhi there is an urgent requirement to
boost tax relief to developers. The earlier income tax deduction under the
section 80-IB that allowed the real estate companies to construct reasonable
residential housing projects approved.
As real estate builder constructing
smaller residential units of less than 1000 sq ft area, as covered from paying
tax. The provision date has not extended since. Such schemes ought to reintroduce
so as to encourage the real estate developer in Delhi to build reasonable
housing. The single window clearance, a very important criterion for reasonable
real estate in Delhi to
take off, is additionally expected to be a part of the budget discussions.
Additionally it is equally
necessary to help in increasing the removal income of the consumers that
successively can offer an impetus to residential housing demand. As expressing
the concern in this regard Mr. RK Arora the CMD of Supertech Ltd, stated that,
if the session provides the tax exemption on home loan it will facilitate
patrons probing for residential real estate in Delhi.
They are hoping that the Rs. 1.5
Lakh limit on home loan costs will be expected to be depreciated and would be
enhanced to a minimum of Rs. 3 Lakh post this budget.
The state government has taken
its first step towards making the reasonable real estate in Delhi more possible
for the real estate
developers. The conclusion to extend the Floor Area Ratio for the low price
housing by Delhi Development Authority is one such step taken towards achieving
the affordability in the city. As the state government can't be ignorant in
this regard, as they are doing their bit. For an example, the government of UP
already has the separate policy for reasonable housing. What is needed is that
the faster and higher implementation from the government.
Its not the sole business that
has expectations from the Union Budget of 2013 -14. As patrons too have their
hopes craved on this mega economic event. As the small survey was conducted to
search out what lots expect from the government and they spoke to the experts
of the industry to know what kind of Budget would be ideal for patrons.
Among the key issues that buyers
highlighted are allocation of funds for infrastructural developments across the
country, special rebates for smaller loans, low tax exemptions on housing loans
and funds for EWS housing and a hike in the ceiling for subvention schemes.
However, the priority common to most patrons happens to be the high interest
rates of housing loans.
