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India will try wholeheartedly for once if the finance minister agrees to a huge demand (or let us say a huge, long overdue access demand!) of real estate documents.
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The country's realty sector is still not out of danger. Despite the talks about the pandemic, people have their own house and realize all the importance of being spacious on it.
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The recent rate hike cycle, which makes home loans more expensive, will prove to be another blow as well that will set it back.
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Nirmala Sitharaman to play savior for Indian realty on Wednesday? “Despite the increase in interest rates on home loans, housing sales remain strong (only).
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there has been an increase in demand from the years affected by Covid-19, and to sustain this demand, the real estate sector needs some financial support in the upcoming budget.
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There are many demands from many players, that when it comes to increasing the tax deduction limit, all opinions are found. Ramesh Nair, CEO (India), Colliers, explains.
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“The tax deduction limit on interest paid in case of self-occupied property should also be increased from the existing Rs 2 lakh to around Rs 3-4 lakh.
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The increase in interest deduction will also encourage home buyers to invest in real estate and increase demand in the market.
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It has also called for the tax holiday for affordable housing to continue. “There should also be 100 per cent tax holiday for affordable housing projects under section 80IBA.