In the beginning phases of 2022, India\u2019s real estate sector began on a strong note. After facing the brunt of the pandemic, we have witnessed a sharp rise in demand for better recovery with an increase in sales.<\/p>\n\n\n\n
This sector now looks forward to supporting the demands of the industry, easy availability of finance, and most importantly GST rate reduction with respect to the Union Budget (2022-23). With these implications carried forward, here are some of the benefits most homebuyers will experience.<\/p>\n\n\n\n
With respect to personal tax relief via a cut in tax rates or revised tax slabs, there would be a new move implemented under Section 80C. This limits the deduction to Rs. 1.5 lacs per year. Hence purchasing your dream home, now becomes a lot simpler.<\/p>\n\n\n\n
The real estate sector hopes to witness the budget to broaden the scope of the affordable housing segment.<\/p>\n\n\n\n
This assists home buyers purchase homes under the bracket of 45-75 lacs. This can help buyers take advantage of the schemes from the sector ultimately luring a better percentage of buyers in the long run.<\/p>\n\n\n\n
Keeping the current scenario in mind, developers are required to add GST paid on the construction cost of the total cost of sale.<\/p>\n\n\n\n
However, in the upcoming budget of 2022, if the government allows the builders to set off the GST for the payment for construction costs, the customers would benefit at large.<\/p>\n\n\n\n
Other than the above-mentioned benefits, the affordable housing segment received an extra set of benefits on their list.<\/p>\n\n\n\n
With the period for extra deduction of Rs. 1.5 lacs till March 2022, the affordable housing segment continues to follow this trend throughout the year.<\/p>\n\n\n\n
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Overall, real estate property buyers would have a positive impact when it comes to property purchases.<\/p>\n\n\n\n