Union Budget 2019 for the Real Estate sector -Zaasna

New Delhi, February 02, 2019: 

Arvind Pahwa- Advisor

” Overall the budget has been positive for the Real Estate sector. No notional income on second house for two years from completion will help people owning more than one house and would be a positive for the rental market. Allowing a property owner to invest in two properties from the long term capital arising by sale of one property is a welcome step. This will help a family to buy two properties from the sale proceeds of one for two children. Further, this will encourage owners to invest in two smaller properties thus encouraging affordable housing. Announcement regarding review of GST on housing will help mitigate a major grouse by the developers. Increasing in the slab for deduction of tax at source from rental income, overall increase in rebate on income up to Rs. 5.00 lakhs will have more disposable income in the hands of people.”

Arvind Kadam- Co-Founder and CEO. 

“It’s a progressive budget and a happy budget for both buyers and sellers of real estate. A notional rent is waived off on the second house considering the needs of millennials who migrate for jobs as well as for those who have to maintain two houses for family members. This will open doors for investors and bring liquidity in real estate market which had been slow for last couple of years. The threshold limit for TDS on rental income has been increased to Rs 2.4 lakh from Rs 1.8 lakh currently is another welcome to real estate sector and provide the benefit of rolling over capital gains if the investment is made in two residential houses.