"The commitment from the realty sector may include lowering of prices for houses and more and more investments in affordable housing" - Urban Development Minister Mr. Jaipal Reddy1) Reduction in interest rates from 9.25% to 7.5% for home loans up to Rs 30 lakh
2) Doubling of income tax rebate on home loan interest to Rs 3 lakh from Rs 1.5 lakh
3) Raising of income tax exemption on rentals from 30% to 50%.
4) Infrastructure status to real estate sector
The first stimulus package had left realtors unhappy. They complained that the existing stock of unsold homes cost much more than Rs 20 lakh, so that the interest rate concession on loans up to Rs 20 lakh would not help their sale.
To read more, please, visit - The Economic Times
What is your take on "commitment of the realty sector to the politician"2009 is an election year! We all know that promises made in the elections are honored by all political leaders.
Lalit Kumar Jain, President of Promoters and Builders Association of Pune (PBAP) has already announced that, "As there is no scope to reduce the prices further, we expect the affordability factor to come from a slash in the home loan rates."
PBAP has also declared that "An affordable house according to the PBAP is a 1,500 sq ft unit, for which the buyer will be ready to pay if the interest rate come down to 7.5 per cent."
In short, now you know what is the commitment of the realty sector to the Urban Development Minister. So, question is:
"Are you ready to book an affordable 1,500 sq.ft. flat at the current property rate if home loan interest rate comes down to 7.5 % and revive the real estate sector and contribute in GDP growth of Indian economy?"As a responsible Indian citizen, please, give your promise in the comments (Comments Policy) to the president of PBAP and Finance Minister and Prime Minister of India.
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