Real Estate

DDA Housing Scheme 2019, the programme is also linked to the Credit-Linked Subsidy Scheme under the government's affordable housing initiative, Pradhan Mantri Awas Yojna (PMAY)-Housing For All (URBAN).

Experts also noted that the transparency brought in by the Real Estate Regulatory Act and GST has helped the sector including the high-end segment.

The Council had in its last meeting on February 24, slashed tax rates for under-construction flats in affordable category to 1 per cent.

Ultra-high-net-worth individuals or some of the richest people in India are buying properties abroad, according to the Attitudes Survey conducted by global real estate consulting firm Knight Frank. The United Kingdom and United States are among the preferred destinations for the ultra-rich Indians to buy real estate. According to the survey, 74 per cent of the respondents prefer United Kingdom (UK) while 39 per cent responded favourably toward United States for buying property.

Industry executives are sceptical their positions - and those of many would-be buyers - will improve much, especially if there's no easing of a funding crunch.

The GST Council has deferred a decision on tax rates on real estate and lottery till Sunday.

The government announced a total tax rebate for individuals with annual income of up to 5 lakh rupees, and offered some tax incentives that would benefit both property developers and potential homebuyers.

A five-star hotel "Amrapali Holiday Inn Tech Park" constructed in Greater Noida and prime land in Vrindavan in Uttar Pradesh were put up for auction.

In the Budget 2019, the government has announced different benefits for house owners. The government proposed to hike the TDS exemption limit applicable to payment of rent from Rs 1,80,000 to Rs 2,40,000 per year. As per existing tax rules, the tenant other than entities including salaried individuals is required to deduct TDS on payment of rent above Rs 1.8 lakh in a year.

Ratings agency CARE has said that the government's fiscal situation for 2018-19 has been an area of concern with revenue not keeping up with targets.

Company-wise, Bengaluru-based Sobha Ltd topped in terms of best practices, followed by Godrej Properties and Embassy Group in the second and third positions respectively.

Union Budget 2019: Many property consultants expect the cash crunch to continue in the real estate sector, which relies highly on borrowing. Among its recommendations for the real estate sector, Ficci has said that the government should increase the income tax deduction limit for individuals on interest payment against loans taken for acquisition or construction of self-occupied property. The real estate sector has faced a slack in the recent past due which in turn has impacted property prices.

The liquidity crisis precipitated by NBFCs adversely impacted the completion of projects. Similarly, under GST, home buyers were deprived of the benefits of Input Tax Credit.

The Finance Ministry said that housing projects in the affordable segment or any other housing scheme of state governments will attract GST of 8%.

Lodha's wealth is estimated at Rs 27,150 crore ($3.8 billion), according to the GROHE Hurun India Real Estate Rich List.