The new rule is for residential units up to Rs 2 million and will remain in effect until June 30, 2021. the ministry of finance it said in a statement.
The government has also increased the allocation to give grant under Prime Minister Awas Yojana (PMAY-Urban) for Rs 18,000 crore, in addition to the Rs 8,000 crore already allocated in the Budget.
Below PMAY, the government provides advance interest subsidies on loans between Rs 2.35 lakh and Rs 2.7 lakh. The ministry said the measure would create 78 lakhs of jobs and improve the production and sale of steel and cement, resulting in a multiplier effect on the economy.
Finance Minister Nirmala Sitharaman said the truth caused a drop in prices for residential units. This has pushed prices in many markets below property values in accordance with the prevailing circular rates in the area.
Currently, if the sales agreement shows that the value of a property is more than 10% below the value of the circle rate, the buyer and seller must pay income tax on the differential amount. SBI President Dinesh Khara said tax incentives for home buyers could trigger a price discovery in the real estate market.
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