Wednesday, March 2, 2011
Welcome to Wave City NH 24 in Ghaziabad
R. K Jain, Executive Director, Wave City lists the areas that the government ignored for the real estate sector in Union Budget 2011.
As expected emphasis was laid on affordable housing as low- cost housing loans of Rs 15 lakh will be eligible for one per cent interest subsidy, which will help in increasing the demand for such housing. So in the near future we will see more of houses that will not exceed the cost of Rs 25 lakh.
It simply means that places in and around Delhi will see more people thronging these places to book a home for themselves. Earlier existing interest subsidy is on loans of Rs 10 lakh where the cost of house is Rs 20 lakh. We hope that NH 24 in Ghaziabad, which has maximum number of projects in Rs 25 lakh bracket, will become the centre of attraction. We expected much more from the budget but once again the sector has to make do with whatever has been thrown into their kitty.
Nothing was said on reduction of stamp duty and making it uniform across all states. Also, nothing was said regarding the concession if stamp duty has already been paid on one transaction. These things are also responsible for increase in property rates. We can only hope that in future government will pay heed to these demands and needs of the real estate sector.
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