ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • MSME Summit
  • Trending News
    • Viral News
    • Travel
    • People
    • Entertainment
    • Sports
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Service charge on food bills: Big development from Delhi HC - No stay on guidelines prohibiting hotels, restaurants
  • Fixed Depsit Interest Rate: Check latest FD rates of HDFC Bank, SBI, Kotak Mahindra Bank, PNB, ICICI Bank, BoB, IOB, Ujjivan
  • Operation Demat Daka Big Impact: 4 out of 5 victims of demat account hacking receive compensation; Anil Singhvi lauds them for t
  • Indian Railways to shut 300 ticket counters this year, to make IRCTC server robust
  • India’s first electric double-decker bus Switch EiV22 unveiled | PHOTOS
Read in App
Business News » India News

Realtors heave sigh of relief over 2-yr tax exemption on notional rent on unsold homes

Motilal Oswal Real Estate Fund Head Sharad Mittal said this would give the developer community breathing space to sell off their unsold inventory in a tough market. Mahagun Director Dhiraj Jain said this is a relieving step for developers, while Sumadhura Group CMD Madhusudhan G said this proposal would give "slight relief".

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Realtors heave sigh of relief over 2-yr tax exemption on notional rent on unsold homes
Finance Minister Piyush Goyal proposed to extend the period of exemption from levy of tax on notional rent on unsold inventories from one year to two years, Image source: Reuters

Sitting on 6-7 lakh of unsold units due to poor demand, cash-starved real estate developers heaved a sigh of relief after the government extended the tax waiver on notional rent on such flats for two years from one year earlier.

Developers and consultants feel that this budget proposal would benefit developers of major 7-8 cities, particularly those from the national capital region (NCR) and Mumbai Metropolitan Region (MMR) where unsold units are maximum.

Finance Minister Piyush Goyal proposed to extend the period of exemption from levy of tax on notional rent on unsold inventories from one year to two years. The period would be counted from the end of the year in which the project gets completed.

Commenting on this proposal, ANAROCK Chairman Anuj Puri said: "This is a welcome move and will benefit the housing sector, as currently there are more than 6.73 lakh unsold units across the top 7 cities. "Delhi-NCR has 1,86,710 of unsold units while MMR has 2,19,490 units.

Motilal Oswal Real Estate Fund Head Sharad Mittal said this would give the developer community breathing space to sell off their unsold inventory in a tough market. Mahagun Director Dhiraj Jain said this is a relieving step for developers, while Sumadhura Group CMD Madhusudhan G said this proposal would give "slight relief".

Apart from this, realtors hailed decisions like exempting tax on income up to Rs 5 lakh and incentives provided on the purchase of the second home.

"This budget is largely centred on the middle class. I am hopeful of some of this increased disposable income aiding the purchase of real estate and hence increased demand for the sector," Century Real Estate MD Ravindra Pai said.

Gaurs MD Manoj Gaur and Gulsan Homz director Deepak Kapoor said the proposal of full tax rebate up to an income of Rs 5 lakh would increase the purchasing power of people who may now decide to buy homes.

Prateek group chairman Prashant Tiwari supply of affordable housing will improve with the extension of 100 per cent deduction of profits provided to realty companies developing such projects until next fiscal.

Ajnara CMD Ashok Gupta said the step of increasing income tax exemption limit to Rs 5 lakh will help people to fulfil their dream of having their own home.

Watch Zee Business Video here:

#BudgetWithZEE | #Budget2019 और अर्थव्यवस्था को लेकर CII के को- चेयरमैन रतुल पुरी के साथ स्वाति खंडेलवाल की खास बातचीत।

#BudgetKiBaat @AnilSinghviZEE @SwatiKJain @FollowCII @CIIEvents pic.twitter.com/Ysyyec6h9a

— Zee Business (@ZeeBusiness) February 2, 2019

Signature Global Chairman Pradeep Aggarwal said the supply of affordable housing would improve with government extending the deductions announced under Section 80IBA until next fiscal.

Square Yards CEO Tanuj Shori said the Budget has lent a helping hand to the real sector and eased some of the pain points.

Tulip Infratech CMD Parveen Jain termed the Budget as buyer-friendly with the announcement of tax rebates.

Chintels MD Prashant Solomon said, "The election-year budget has brought some relief to the real estate sector and we can look forward to some better times considering that our sector is one of the biggest job providers."

Hawelia's Chairman Rattan Hawelia said the budget has partly addressed the challenges of the housing sector and given relief to home buyers which is good for builders.

Rustomjee's CMD Boman R Irani said, "The budget announcement has been affirmative by opening the investment market for second homes. The government's proposal to extend the period of exemption from levy of tax on notional rent, on unsold inventories, from 1 year to 2 years is a good rational move."

Puranik Builders CMD Shailesh Puranik said: "The extension of one year on income tax on notional rent from unsold houses and no tax on notional rent on the second self-occupied house is expected to provide respite to the realty market."

ASF's CMD Anil Saraf said the interim budget has focussed on right areas to alleviate the stress in the housing sector and boost demand. PropEquity MD Samir Jasuja said this is a very positive budget for real estate.

RICS MD South Asia Nimish Gupta said, "While this has been an interim budget, it has been heartening that the real estate sector, in particular, will see the silver lining."

Ruparel Realty MD Amit Ruparel said the interim budget provides ample opportunities for people to invest in property.

India Mortgage Guarantee Corporation CEO Mahesh Misra said the tax concessions on unsold inventory to developers coupled with benefits to 2nd home buyers should bring the investment cycle back in the housing sector.

Synergy Property Development Services CMD Sankey Prasad said the steps taken could percolate into direct & indirect benefits to the housing sector.

Sumer CEO Rahul Shah said the budget saw sops being rolled out for the middle class and house-owners, while Sowparnika Projects and Infrastructure MD Ramji Subramaniam said the budget will definitely benefit both the affordable housing sector as well as homebuyers.

Krypton Global Investments MD Mona Jalota said the budget looks very positive and could give a huge boost to the realty sector. India Assetz founder Shivam Sinha said: "Populist and buoyant in the true sense, Budget 2019 has brought great cheer for the real estate sector".

Home & Soul CEO Sakshi Katiyal said the tax relief on notional rent from unsold houses will let developers not to compromise on their deals, while Wealth Clinic director Amit Raheja expected housing demand to rise with increased disposable income with people.

Neh Srivastava, President of Central Secretariat Service Officers Society (CSSOS) said this budget has offered many incentives to home buyers and developers.

No Broker.Com co-founder Saurabh Garg said the budget proposals will lower the burden on homeowners, tenants, and developers, thus stimulating the growth of the real estate sector. Realistic Realtors MD Pankaj Jain said income tax rebate is a clear indicator of bringing more people under taxpayers category.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Budget 2019Real estate developer
Written By: PTI
Updated: Sat, Feb 02, 2019
04:25 pm
New Delhi, PTI
RELATED NEWS
Social Stock Exchange: What is it? Will it benefit social enterprises in India? Social Stock Exchange: What is it? Will it benefit social enterprises in India?
Housing for all by 2022: Outlook positive for affordable housing in the next 3 years Housing for all by 2022: Outlook positive for affordable housing in the next 3 years
Hit by massive trouble, NBFC sector gets a big boost; here is how Hit by massive trouble, NBFC sector gets a big boost; here is how
Investment tips: These 10 stocks can help your wealth grow in July 2019  Investment tips: These 10 stocks can help your wealth grow in July 2019
Sensex crash! Rs 5.61 lakh crore of investor wealth wiped out in 2 days - 8 reasons why Sensex crash! Rs 5.61 lakh crore of investor wealth wiped out in 2 days - 8 reasons why

LATEST NEWS

Indian Railways longest freight train: VIDEO - Super Vasuki - 3.5 km-long goods train with 6 engines

Fixed Depsit Interest Rate: Check latest FD rates of HDFC Bank, SBI, Kotak Mahindra Bank, PNB, ICICI Bank, BoB, IOB, Ujjivan

Sovereign Gold Bonds Latest News: Series II to be available for subscription from 22 August, Monday; details - from discounts to price

Sunil Mittal heaps praise on Modi government for ease of doing business as Bharti Airtel gets 5G bands within hours of payment

Service charge on food bills: No relief for customers from Delhi HC - details

Operation Demat Daka Big Impact: 4 out of 5 victims of demat account hacking receive compensation; Anil Singhvi lauds them for their courage

JK Tyre bullish on demand, hikes price by 6-7% to offset raw material impact

ONGC signs pact with ExxonMobil for deepwater exploration; stock price declines over 3%

This IT company held back employees' variable pay - here is why

How Indian PC market grew in April-June 2022 quarter - Check IDC report

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV