This year did not start well for the real estate sector.
Demand was low, inventory was high, funds and inputs were expensive,
and political instability with regards to general elections topped the
list of worries. Home buyers and investors were facing project delays,
high property prices, inflation and sticky borrowing costs. Now, by the
end of the year, some things have changed, some haven’t.
“The
return of political stability and the introduction of much needed
policy reforms, and incentives to developers and homebuyers was good
news,” said Anuj Puri, chairman and country head, JLL India. In the
budget, deduction limits under section 80C and section 24 were raised
by Rs.50,000 each, which meant that borrowers can get more tax benefit
on what they pay towards principal and interest on a home loan (for a
self-occupied house). “This will help increase savings in the hands of homebuyers,” said J.C. Sharma, vice-chairman and managing director, Sobha Ltd.
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