Union Budget 2021: Realty sector wants finance minister to accord long-awaited industry status The last few years have witnessed a major downfall in the real estate sector owing to demonisation, GST, RERA, NBFC crisis, says Sanjay Daga, COO, Runwal FP Staff January 31, 2021 19:39:28 IST Expectations rise for real estate sector ahead of budget.
The real estate sector is confronting crippling liquidity for a long time. A relaxation in norms for raising capital, tax incentives for home buyers, reduction in housing finance cost through preferred interest rates, continuing subsidies under Pradhan Mantri Awas Yojana (PMAY), and paving the road for the quick availability of Alternate Investment Funds (AIF) are some of the relief measures the sector expects. These initiatives will put more money in buyers’ and developers hands, stoking the revival in the sec
Centre likely to give final push to urban housing scheme
January 22, 2021
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The Centre is likely to give a final push to its ambitious Pradhan Mantri Awas Yojana (Urban) programme in the Budget as the deadline for the scheme is next year.
The Mission launched in June 2015 intends to provide housing for all in urban areas by 2022.
As per the government data, against the demand of 112.2 lakh houses in Indian cities, the government has sanctioned 109.2 lakh houses of which over 70 lakh houses have been grounded (foundation laid) for construction and work is in various stages. Over 41 lakh houses have been completed till this month.
Budget session to would conclude on April 8.
The Houses will adjourn on February 15 and meet again on March 8.
New Delhi: Realtors body Naredco on Thursday urged the government to hike deduction on home loan interest to Rs 5 lakh from Rs 2 lakh limit at present and re-introduce subvention scheme in the upcoming Budget to boost sales of residential properties and create housing revolution.
The association also sought incentives for rental housing and more stress funds to help complete distressed and stalled projects. Last three years have been extremely difficult for the real estate industry. The reforms like demonetisation and realty law RERA as well as the liquidity challenges in the NBFCs post-IL&FS crisis hit demand. The industry went through tough times, Naredco National President Niranjan Hiranandani told reporters through a video conference.
The National Real Estate Development Council (NAREDCO) has recommended the government take up tax rationalisation measures in the upcoming Union Budget to boost the pandemic-hit real estate sector of the country.On Thursday, the industry body .
Model Tenancy Act likely to be approved by March: Housing secretary
The ministry floated the draft model tenancy law in July 2019. It proposes to establish an independent authority in every state and Union Territory for registration of tenancy agreements and even a separate court to take up all tenancy-related disputes.
The Model Tenancy Act is in advance stages with the template having been shared with the state governments and is likely to be cleared by March, housing and urban affairs secretary Durga Shanker Mishra has said.
“It is in advance stages and we have sent the template to the state governments. Within a month we will be taking it to the cabinet. It should definitely be through by March,” he told reporters.