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Finance Minister says there would be a cut in Interest for Mid Segment Housing

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A cut in the interest rate would be applicable for the mid-segment housing sector which would be made available to customers from commercial banks and housing groups who are enrolled under the National Housing Bank. Motivation may be given to housing sector whose profits are got from the projects executed between April 1, 2007 and March 31,2008 and would be observed as a tax holiday if the projects came up before or on 31 March 2012, adds the source at www.propertykhazana.com. He also wanted that the benefit of tax holiday to be made available to purchasers of homes by lowering the rates and was also confident that many home buyers would be relieved by this relief and thereby boost the realty sector.
The Mumbai Congress MP says at the www.propertykhazana.com that as home loans are increasing steadily , there was a necessity to give relief to borrowers and as such an interest aid and break in tax would also be a part of relief for the realty sector to raise themselves. It is for this reason the interest subsidy made available for mid segment housing. The government is thereby sending a message to the developers in realty business to give a cut in prices and thereby making housing easy for the common man.
With a cut in service tax like repair work on road and their maintenance and amplifying the rule for tax holidays , the necessity was to increase the growth in infrastructure viz., industrial parks till March 2011. It was also made clear by the FM that the service tax for the new services and any changes made further in the budget may be applicable for 1st Sept. 2009. A large section of the middle class would be benefitted by this plan which is said to be a good move. This may also pave a way for higher business in the realty sector as a reasonable housing segment may generate employment as quoted by the Joint MD of HDFC Ltd. For more and latest realty updates follow www.propertykhazana.com.
Source: NBTVLIVE

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