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Major Highlights of Budget 2019 for Real Estate

July 24, 2019 | 360 Realtors

Major Highlights of Budget 2019 for Real Estate

The current government has recently released the Union Budget for the financial year 2019-20. The real estate sector in India has several hopes and ambitions to this budget and it, in fact, comes with numerous highlights for the progress of real estate in India. Let us have a close look over the major highlights through which the current budget will provide a proper establishment and transformation to this industry in a style here.

First of all, let us take over what were the major expectations of realty sector with this budget.

  • Lower down the tax burden for construction works.
  • GST rate reduction
  • Assist the mission of “Housing for All”
  • Providing additional TDR/FSI
  • Implementation of RERA nationwide
  • Documentation process should be reduced

Now come to the major benefits which are provided by the government in this budget.

  • For affordable homebuyers, a massive income tax reduction has been provided in the form of relief. These include deduction up to Rs. 3.5 lakhs starting with the deduction of Rs. 1.5 lakhs.
  • Holding period has been reduced to 24 months from 36 months and provided relief under the scheme of Affordable Housing.
  • TDS has been increased from Rs. 1.8 lakhs to Rs. 2.4 lakhs on rental income.
  • Provided 5 percent harbour on stamp duty value.
  • Announced Rs. 19000 crore to boost the infrastructure.

These are outstanding benefits for the growth of real estate in India. Especially, cities like Bangalore will get exceptional hype through these measures. These objectives will not only provide the buyers in Bangalore some reliefs but also they can now rely more and trust on the market.

Sobha Royal Pavilion: An Outstanding Project to Invest at Sajapur Road

The tremendous 2, 3 and 4 BHK apartments in Sobha Royal Pavilion are premium and ultra-luxurious. The project is based in Sarjapur Road which is a developing industrial hub and posh residential locality in Bangalore. The homes are equipped with top-notch specifications and premium comforts. The amenity section of this township has numerous world-class luxury features and top amenities.

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