Home loan re­bates high­est on aam admi’s wish list

The com­mon man wants more money in hand for in­vest­ing in prop­erty; de­mands waiv­ing of ser­vice taxes on prop­erty pur­chase

HT Estates - - FRONT PAGE - Van­dana Ram­nani

With BBud­get 2015 round t he cor ner, t hose as­piringaspi to buy res­i­den­tialden­tial prop­ert­prop­er­ties hope that this time round the ba­sic ex­emp­tion limit will be in­in­creased, putting more money in their hands. The wish list of ththe com­mon man also in­clude sc­scrap­ping of ser­vi­ce­ice taxes ap­pli­ca­bleap­plic on pur­chase of prop­erty and pref­er­en­tial lo­ca­tion ccha­rges and more op­tions in the af­ford­able hous­in­hous­ing seg­ment.

Ma­Many home­buy­ers want a cleaner and gree­greener life in cities anand hope that the BuBud­get will in­tro­duduce some in­cen­ti­tives for in­stal­latt i on of sewage ttreat­ment plants Estat

(R In­fras­tructu

(In­vIT In­tro­duc

Di and el­e­vated cy­cling tracks in or­der to re­duce pol­lu­tion.

AN Dhawan, se­nior vice pres­i­dent, Fed­er­a­tion of Noida Wel­fare As­so­ci­a­tion, hopes the Bud­get will of­fer more re­lief with in­crease in ba­sic ex­emp­tion limit to ₹ 5 lakh. This will mean more money in the hands of the peo­ple which, in turn, will help them in­vest in prop­erty. “Their pur­chas­ing ca­pac­ity will im­prove. Right now, it is very dif­fi­cult to buy a house be­cause prop­erty prices are too high and as far as af­ford­able hous­ing is con­cerned, there is not much stock avail­able in the mar­ket. I hope more sops are of­fered to en­cour­age de­vel­op­ers to build more af­ford­able hous­ing units,” he says.

Ab­hishek Ku­mar, pres­i­dent of the Noida Ex­ten­sion Flat Owner Wel­fare As­so­ci­a­tion, hopes that the ba­sic ex­emp­tion limit will be en­hanced this year. Re­bates of­fered on in­ter­est and prin­ci­pal amount of loan should also be al­lowed to buy­ers un­til pos­ses­sion of prop­erty, he says.

Home l oan t ax benefits un­der Sec­tion 80C for re­pay­ment of prin­ci­pal amount can be en­joyed by buy­ers only af­ter their apart­ments are com­pleted and com­ple­tion cer­tifi­cate ob­tained by the builder. No de­duc­tion is al­lowed un­der 80C for re­pay­ment of prin­ci­pal when the prop­erty is be­ing con­structed. In­ter­est ben­e­fit un­der Sec­tion 24 is re­duced if the prop­erty is not con­structed, ac­quired or com­pleted within three years from the end of the fi­nan­cial year in which the loan was taken.

Also, the ser­vice tax of 3.09% ap­pli­ca­ble on prop­erty pur­chase and the tax on other ser­vices, amount­ing to 12.36%, should be waived, says Ku­mar.

Colonel Te­jen­dra Pal Tyagi, chair­man, RWA Fed­er­a­tion, Ghazi­abad and con­vener, Con­fed­er­a­tion of NCR RWAs, is of the opin­ion that use of CNG city buses should be made manda­tory and that sewage treat­ment plants and ef­flu­ent treat­ment plants should be a pri­or­ity to re­duce pol­lu­tion in cities.

AS Gu­lati, sec­re­tary gen­eral, Con­fed­er­a­tion of RWAs, Farid­abad, wants in­cen­tives to build el­e­vat­ing cy­cling tracks along high­ways and roads so as to re­duce pol­lu­tion in cities.

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