July 2024

Amongst a host of measures to boost the real estate sector in India, Union Finance Minister Nirmala Sitharaman on July 23 announced the government’s plans to encourage states to moderate stamp duties and facilitate rental housing for industrial workers. Presenting the Union Budget for FY 2024-25, FM Nirmala Sitharaman said that the government will facilitate rental housing for industrial...

If you are planning to save tax on the rental income that you receive from another property you may have invested in, you cannot declare it as business income. With the government now plugging the loophole, the tax that you would now have to pay on the property let out by you would be much more, especially if you had not declared it under rental income. Budget 2024 plugs rental income loophole,...

Finance Minister Nirmala Sitharaman on July 23 announced an increase in both long-term and short-term capital gains tax. The government has also proposed to do away with the indexation benefit for sale of property, which allowed property owners to adjust their gains for inflation, which real estate experts say may lead to higher tax burden on real estate transactions. Budget 2024 has proposed...

Urban development is one of the nine priorities outlined by the Finance Minister Nirmala Sitharaman in her speech on July 23. The support extended to affordable housing is expected to give a renewed push to the segment that has been witnessing challenges. The government also proposed a unique identification number for land or 'Bhu-Aadhaar' in rural areas and digitisation of all urban land records as...

Jul 23, 2024 09:58 AM IST A video shows a Mumbai real estate agent, fondly known as Anna, sharing how driving an auto rickshaw is his hobby. Conversations with cab or auto drivers can bring forth unexpected moments of wholesomeness and heartwarming tales. That is what this RJ experienced when she took an auto in Mumbai. She met a real estate agent, fondly called Anna, who drives an auto...

Budget 2024 will be presented by Finance Minister Nirmala Sitharaman today and the real estate sector hopes that the government will focus on affordable and middle income housing in the Budget. It has sought for an expansion of the definition of affordable housing, tax sops for homebuyers to enhance affordability as well as incentives for developers to encourage them to construct affordable housing....

The 2023-24 Economic Survey tabled in Parliament on Monday has called for adaptive strategy and policies to provide cost-effective and sustainable housing, particularly in the rental space. It noted the demand for affordable housing will increase as the United Nations has said more than half of India’s population was projected to reside in urban areas by 2050 compared to 31% in 2011. More...

The Economic Survey said on July 22 that as of March 2024, over 1500 real estate companies were admitted into the insolvency resolution process under the IBC, accounting for 21% of the total admissions. One in four cases settled after admission was also from the real estate sector. Of the 891 corporate debtors resolved, 133 were real estate companies, forming 15% of the companies resolved....

As per the 2023-24 Economic Survey tabled by Union Finance Minister Nirmala Sitharaman in the Parliament on July 22, a total of 1,24,947 cases were settled by Real Estate Regulatory Authorities of various states as of July 1, 2024. As of July 1, 2024, nearly 1.25 lakh complaints were resolved by real estate regulatory authorities of various states, according to the Economic Survey 2023-24(PTI)...

The Economic Survey released on July 22 emphasized on the real estate sector’s recovery after the pandemic, driven by factors like urbanization, government schemes such as the Pradhan Mantri Awas Yojana (PMAY) and other affordable housing initiatives. The first quarter of 2024, witnessed record-breaking sales of 1.2 lakh units, clocking a robust 41% YoY growth, it noted. The Economic Survey...