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BUDGET 2013 & REAL ESTATE

Key proposals impacting the Real Estate Sector

Increase in tax exemption limit by 100,000 for interest on first home loan up to Rs. 25,00,000.
The demand for increasing the income tax exemption limit for Interest on housing loan has been growing over the last few years. …Read more

TDS @ 1% on transfer of immovable properties exceeding value of Rs. 50 lacs.
In order to curb black money in property transactions and also to bring them under tax net it is proposed to levy 1% TDS and sale of immovable properties exceeding value of Rs. 50 lacs. …Read more

Increase in service tax on luxury housing.
The rate of abetment on homes and flats above 2,000 sq. ft. carpet area or costing 1 crore or more has been reduced from 75% to 70%. …Read more

  • Rs. 2000 crore for Urban Housing Fund
  • Increase allocation to Rural Housing fund from Rs. 4,000 Crs. to Rs. 6,000 Crs.

Boost to Infrastructure

  • Rs.50,000 Crs Tax free bonds
  • Industrial Corridors
  • Road network & Regulatory authority
  • Railway Budget

 

REAL ESTATE NEWS

10th – 16th February 2013

Home sales may rebound in 2013; Prices seen stable

Home sales in India could rebound in 2013, helped by quicker project approvals and lower cost of finance, according to analysts. …Read more 

US co to buy 1,000cr stake in BKC project

US private equity firm Morgan Stanley is close to inking Mumbai’s biggest commercial real estate acquisition deal ever, which will give it an almost 50% stake in the Wadhwa Developers-owned One BKC, a 15 lakh sq.ft commercial development. …Read more

Tata housing to launch premium project in Mulund

Tata Housing is all set to launch a premium residential project along the Eastern Express highway in Mulund. The project will be spread over 8 acres of land parcel and will have six high rise residential towers. …Read more 

Malabar hill apartment fetches 39 cr

In one of the marque residential realty transactions of recent times, Bank of America has sold a 5-bedroom luxury sea-view apartment in Mumbai’s Malabar Hill to the promoter of an Indian private bank for . 39 crore, said persons familiar with the development. …Read more 

Indian luxury realty poised for a take-off

The US-based property major The Trump Organisation, in its renewed effort to tap growth in the burgeoning Indian luxury real estate market, aiming to make the country one of its top five revenue contributing markets. …Read more 

Budget wishlist real estate

Housing is one sector where it is not just industry players who are lobbying for budgetary sops, finance minister P Chidambaram has also been getting requests from some of his cabinet colleagues. …Read more