Real Estate in Union Budget 2017

arunjaitleyBy Dr Sanjay Chaturvedi, LLB, PhD

Accommodation Times Bureau

Highlights of Union Budget 2017 for Real Estate

– RBI keeps repo rate unchanged at 6.25%; FY17 GVA outlook revised to 7.1%

– One crore new houses will built by 2019 under PM Awas Yojana.

– Pace of construction of roads has increased to Rs 133 km/day in 2017, says FM

– Affordable housing got infrastructure status

– National Housing Bank to go for individual housing finance with Rs20 k cr

– Bank lending rates for housing loans coming down in wake of demonetisation, says FM

– PM Awas Yojana allocated 23000 cr or 1 cr houses by 2019.

– 5 special tourism zones to be set up in partnership with states

– Housing security for poor provided.

– Re-financing of housing loans to give impetus to real estate sector

– Infrastructure got 3.96 lac cr allocation., this will reduce property prices across the country.

– A Payment Regulatory Board to be created in RBI, says FM

– Affordable Housing income exempted, now 50 sq mtrs houses.

– Capital gain base year change to 2001 instead of 1981

– Notional Rentals to be charges after a year of finishing and getting OC from builders.

– Instead of build-up area, carpet area will be counted for affordable housing, says FM

– Holding period for land & building will be reduced to 2 yrs from 3 yrs, says FM

– No transaction over Rs 3 lakh will be permitted in cash, says FM

– Affordable Housing carpet area of 30 sq mt will now apply in semi urban and rural area, metros and periphery of metro 50 sq mt.

– 76 lakh individuals reported income over Rs 5 lakh, 56 lakh of them are salaried: FM

– Govt reduces existing tax rate for personal income of Rs 2.5-5 lakh to 5% from 10%

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