According to the sources available with the www.propertykhazana.com, Urban Development Minister desires more incentives to be provided to the real estate segment which comprises reducing of interest rate for about 9% to 7% on home loans up to 5 Lakhs and about 10% to 8% on home loans up to Rs. 30 Lakhs.” Urban Development Minister had written a letter to the Prime Minister stating that, two folding of income tax repayment on housing loans interest for Rs. 4 Lakhs and hiking the income tax impunity on rentals for 35% to 55%. Focusing on the information, the demand in realty has dropped by 80% and UD minister required the recovery of the income tax allowance below Section 80 1B 10 to the developers. Also banks to reorganize loans to realty players as this will assist eradicate asset-liability disparities.
In a verbal communication Mr. S. Jaipal Reddy said to the www.propertykhazana.com that, “Residential ventures must be considered on equal footing with the infrastructure segment for every purposes, comprising bank funding.” The ministry wants the package to be changed in a way that it assists ultimate users and the middle class and not merely the industry. For more and latest real estate news browse www.propertykhazana.com.
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