Affordable housing witnesses a revival owing to multiple tax benefits

According to a recent survey by CII-ANAROCK, it was found that almost 55% of the net supply of affordable housing came from Delhi-NCR and the Metropolitan Region of Mumbai (MMR). Industry experts say that the main reasons for this increase in supply are the increase in population in these two metropolitan areas that leads to an increase in demand and taxes on affordable housing. The union’s 2019 budget has also provided ample opportunities for home buyers to invest.

Tax rebates for buyers of affordable homes multiple tax benefits .

For all affordable housing projects approved at the end of 2019-2020, the government has increased profits under Sec 80 (i) BA for one more year, which will further boost demand in the real estate industry.

In addition, at the time of deduction of rates of GST Council, the decision has helped to increase the demand for multiple tax benefits residential properties under construction and simplified tax structure and compliance norms for builders.

From the point of view of the developer, the discount in the payment of the notarial rent on the floor not sold after two years of construction is a useful step in the current scenario. From the point of view of the developer, the discount for paying a constitutional rent on unsold flats for two years after that year, in which the construction has ended, is a useful step in the present scenario. For all affordable housing projects approved by the end of 2019-2020,

the government multiple tax benefits has increased the profit under Sec 80 (i) BA for another year, which will further boost the demand in the real estate industry.

Affordable housing has been given the status of very desired multiple tax benefits infrastructure and many classifications of economical housing have been tweaked to make room for more inventories under the affordable category.

Therefore, in the city the population has increased in the last five years, the demand for affordable housing has been multiple tax benefits encouraged and the developers have been forced to supply more such units.

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