To console the realty sentiments in India S Jaipal Reddy – the union urban development minister has asked for more grants for better functioning of the realty cycle in India. According to the source of www.propertykhazanana.com he asked the prime minister to lessen the interest slabs of the banks for the realty sector so that the almost dying industry could breath some fresh air with some rate cut benefits.
Source of www.propertykhazana.com also reveals that the urban minister has asked Manmohan Singh to make reduction in Rs 5 lakhs loan to 6.5 percent from the current rate of 8.5 percent, and for the loans above Rs 5 lakhs should be settled to 7.5 per cent ignoring the previous 9.25 percent which will be targeted to the extreme limit of Rs 30 lakhs. For the income tax too he wants some modification which will be in the form of tax exemption up to the earning of Rs 3 lakhs and should prevail under Section 80 1B 10 to realtors. He also made recommendation to increase the exemption on rentals from current 30 percent to that of 50 percent.
As per the sources of www.propertykhazana.com the today’s realty has no more craze as before as it has crashed down to around 78 percent. Urban Minister also wants the housing projects to be categorized under the infrastructure sector and there should be adequate funding for the same purpose taking it as a prior case. Considering all these demands an official stated that “this could be better solution to uplift the downing industry from the grass root level to the top most floor of the Indian realty”. For more and latest realty updates browse www.propertykhazana.com.
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