The property market of Delhi-NCR is witnessing a boost from the past some time and the biggest reason for this positive move is affordable housing. In fact, the factors like economic and social conditions play a pivotal role in conversion of the prospects into property owners. Apart from these issues, the recently introduced Affordable Housing scheme is offering new dimensions to the real estate sector of the national capital city and its surrounding areas. This policy has not only creating positive vibes for the real estate sector but is also proving beneficial for the infrastructural development.
The dream of being a property owner has become easier for almost every aspiring home buyer in India. The top reasons for realization of this dream are the unveiling of Pradhan Mantri Aawas Yojna [PMAY] Scheme that offers subsidy to the home buyers up to a limit and under certain conditions. Then the formation of Real Estate Regulatory Authority Act also known as the RERA Act.
This law started its full-fledged working from 01st May 2017. The guidelines of this Act help the home buyers in each aspect of the home buying procedure. The fool-proof working of the RERA Act leaves no loopholes from where the developer/builder can escape after selling a property via wrong ethics. A home buyer can keep his money and property safe by opting for a property purchase in the project registered under the RERA Act of that particular State.
The flat buyers of Noida-Greater Noida location have a reason to smile. As they will now receive the interest subsidy of 2.5lakh rupees on the home loan they avail under PMAY Scheme. This benefit is applicable only Middle-Income group [MIG].
The Ministry of Housing and Urban Development allotted necessary codes Noida-Greater Noida and the same have been forwarded to the Housing and Urban Development Corporation [HUDCO] and National Housing Bank [NHB]. The NHB is solely looking after the Pradhan Mantri Aawas Yojna i.e. PMAY Scheme. This decision will prove beneficial to several home buyers who come under MIG.
New Delhi: For those who are looking to buy their house in 2018, here is good news for them. In a bid to promote Government’s affordable housing scheme, the GST Council has recently announced several important recommendations for the housing sector. These changes will come into force with effect from 25 January 2018.
As per the new recommendations, now homebuyers who want to buy their house under the Credit Linked Subsidy Scheme will be entitled to concessional goods and services tax (GST) rate of 8%. Earlier they were charged a GST rate of 12%.