In a bid to boost housing sector credit, the Indian government is contemplating to enhance the income-tax exemption for up to Rs 3 lakh paid as interest on housing loans in a year, from the existing limit of Rs 1.5 lakh.
The ever-increasing housing needs in urban centers have caused home prices to shoot up to extremely unaffordable levels.
RICS launched a revolutionary concrete panel based mass housing concept – known as ‘India Concept House (ICH)’ in partnership with Sam Circle Venture and its partners, KieranTimberlake and ProjectWell.
Seeking to address the concern of real estate developers over delay in getting approval of the projects, government today announced the setting up of an expert committee to suggest measures for a speedy clearance system.
Steady rise in the price of construction material, like cement, steel, bricks, coupled with a shortage of skilled labourers, has hit the realty sector in Gujarat, an office-bearer of state-CREDAI said.
In a further blow to the dampened Diwali spirit of the realty sector, the RBI raised interest rates on today but said it was likely to hold off on further increases as it expects high inflation to ease beginning in December.
The real estate sector has expressed guarded optimism on Supreme Court ruling that terms as “illegal” any sale of immoveable property through power of attorney (POA) unless the case is “genuine”.
The Government has asked private real estate developers to participate in creating affordable housing stock and help in making India slum-free.
The repo rate hike by the Reserve Bank of India (RBI) by 25 bps seems to have spoiled the festive spirit of the real estate sector.
Ashiana Housing Ltd., Delhi based real estate player becomes the only real estate company from India to figure in ‘Asia’s Best Under A Billion1 list of companies compiled by the Forbes magazine for 2011.