Real Estate and Construction Package

Real Estate and Construction Package

Real Estate and Construction

In the recent pandemic condition, most of the industries are suffering downsizing and losses. In this catastrophic situation the decision regarding real estate and considering them as an autonomous industry has motivated thousands of people and hundreds of small industries directly linked to it. Apart from Realtors, the laymen who are earning in different capacities have started thinking to invest in construction.

The various salient features are below which clearly explain the package given by the government. 

  • Non-Filers of income tax returns will also be eligible for the purchase of a property. ( No questions will be asked)
  • There will be no (CGT) on sale of first housing unit (it means no tax)
  • The tax has been fixed and reduced on sale purchase of properties (payment of tax is made easier)
  • There will be no withholding tax on all other construction materials except cement and iron rod (it means that rates of construction materials have been reduced, as such, construction of house or building are now made easier)
  • Reduction in capital value tax. 3% reduction in stamp duty tax. It means that if a purchaser of 500 yards plot had earlier been paying RS. 5 lacs, now he will have to pay only RS. 2 lacs only.
  • The real estate construction business is now been given the status of an industry. For the purpose, an industrial board will be constituted. It means that the estate property Brokers and builders will be a stakeholder with the government in professional matters.
  • A separate civil bench will be created for dealing with typical legal matters that will be better and based on justice.
  • Government departments will be responsible for passing the building plans, obtaining various NDCs and NDCs within 45 days under 1 window operation.
  • A house can be purchased on a bank loan, which would be returnable on lower profit rates in easy installments.

I am sure after having such a tremendous package many more people would start investing in local industries. The business linked to this industry would also get flourished and more employment resources would be seen in the near future. 

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