Minister of Housing and Urban Poverty Alleviation Kumari Selja said in the Rajya Sabha the Real Estate (Regulation of Development) Bill is still being deliberated.
India has the third highest taxation burden in the world when it comes to selling commercial property, after Norway and Malta, according to a study conducted by Taxand, an independent global tax advisory.
Global companies said their real estate portfolios will grow most in Asia by 2013, boosted by the powerhouse economies of China and India, with those in more mature markets trading sideways, a survey said.
The vision of owning a house is slowly getting clearer for buyers as residential real estate prices are beginning to see the promised correction on the back of hardening interest rates and poor transaction volumes.
With only $400-500 million of foreign funds flowed into the Indian real estate sector in 2009-10, the outlook ahead seems to be far from being rosy.
The Finance Minister seems to be getting more appreciation than brickbats for renewing focus on the housing needs of Aam Aadmi. Even the real estate sector is divided and while the long awaited demands have not been fulfilled, a section of the realtors with affordable housing projects have appreciated the efforts.
Real Estate developers across the country have termed the Union Budget 2011-12 as a tie cricket match which can’t be termed as won or lost. However, they are all unanimous that it is not a game changer budget for the sector.
The government on Monday said low-cost housing loans of Rs 15 lakh will be eligible for one per cent interest subsidy, which will help in increasing the demand for such housing.
The limit of funds to be invested by foreign investors in the Indian infrastructure sector has been raised with Finance Minister Pranab Mukherjee also allowing mutual funds to accept foreign funds in the national budget presented on Monday.
With the reasonable expectation of a roof over the head not very long ago, the real estate boom in the last decade has scaled up the liberty of choice for the average home buyers. While the aspirations of even the middle and lower middle income with moderate budgets have gone up, there are very many residential projects launched in recent times that seem to fill the gap with the promise of faster deliveries, hi-tech amenities, luxurious lifestyle, lush green surroundings within the affordable range of 20-40 lakhs.