Officer of Department of Industrial Policy and Promotion (DIPP) said to the www.propertykhazana.com that, “Govt. is allowing a 2nd balm package for the realty and residential segment, which is under crisis and downturn in demand, but for giving realty an infrastructure status, the scope is being gazed at comprising declination in interest rate for about 10% to 8% for housing loans up to Rs. 30 Lakhs.” The ministry might also allow plan for dualize of income tax refund on housing loan interest for about Rs. 4 Lakhs from Rs. 2 Lakhs and hiking of income tax immunity on rentals from about 35% to 55%. Finance Secretary is about to conclude the note on necessary measures for lessening cash flow in the residential and realty segment for the deliberation of the Committee of Secretaries (CoS).
The finance ministry is in view of demands of realty industry which can not interpret into reality in first financial package of the Govt. Fiscal Secretary allude that the suggestions made by realty industry body CREDAI for provoking the realty segment, comprising the residential segment, have to be measured. The suggestion made by the association is headed by the urban development ministry to the CoS. Cabinet Secretary had witnessed that construction activities have to be provoked as this segment has substantial employment potential. As per to the sources saying @ the www.propertykhazana.com, the first spur package had left realtors miserable, they bellyache that the offered stock of unsold cost was about Rs. 25 Lakhs, therefore that the interest rate allowance on loans up to Rs. 25 Lakhs will not assist their auction.
According to the sources available with www.propertykhazana.com, public sector banks are lending housing loans up to Rs. 5 Lakhs at an interest of about 9% and up to Rs. 20 Lakhs at 10%. UD Minister has also requested Prime Minister to take steps to drive the realty segment; he wanted an equivalent obligation from the segment in the form of rate cuts. He also wrote to PM that, “The obligation from the real estate segment might comprise lessening of rates for residences and more investments in reasonable residential.” For more updates on real estate market browse www.propertykhazana.com.
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