What are Home Buyers expecting from Modi Government’s Maiden Budget?

What Are Home Buyers Expecting From Modi Government’s Maiden Budget?

Expecting the now-fabled "achche din," homebuyers had high hopes for the first budget of the new government. Here is a brief overview of what homeowners and prospective purchasers anticipate from the Modi administration: 

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Let’s Look At Some Of The Major Expectations:

1. Raise The Income Tax Exemption Limit On Home Loan Repayment:

Prospective homeowners anticipate that the new administration will increase the income tax exemption limit on home loan repayment from the existing level of Rs 1.5 lakh annually to a minimum of Rs 2.5 lakh annually.

     2. Increase The Income Tax Exemption's Reach

Homebuyers urge the next administration to regard principal repayment as a separate tax exemption and exclude it from section 80C benefits.

     3.Reduce interest on home loans

Most First Time Home Buyer who purchase a property have a mortgage in their name. The majority of owners are concerned about onerous EMIs, which also discourage many prospective buyers. A drop in borrowing rates is probably going to boost consumer confidence in several ways.

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    4. Set Up A Dispute Redressal Mechanism To Safeguard Buyer Interests 

In order to protect their interests, home buyers anticipate that the government would implement strong dispute resolution procedures in addition to the guidelines established by the Real Estate Regulation Bill.

    5. Enforce Transparent And Practical Laws

Buyers have frequently suffered from misconduct stemming from ties between builders and authorities. There are obvious gaps in the law, as evidenced by recent events such as the Mumbai Campa Cola case and the National Green Tribunal mandate in the NCR. The buying community wants the new administration to address the much felt need for clear and useful real estate rules.

    6. Home buyers' expectations

In the aspect of First Time Home Buyer Benefits, the developers should be penalized for late project deliveries. Purchasers want the government to enforce builder obligations within the law. Developers ought to fulfill their delivery commitments or else incur severe penalties (beyond the meager buyer compensation that is now required). It so happens that the Real Estate Regulation Bill contains this section as well.

    9. Implement Real Estate Regulation Bill

Homebuyers are looking forward to the Real Estate Regulation Bill being implemented quickly. The bill's purview includes protecting purchasers from being duped by dishonest builders who use false marketing and sales tactics based on extremely densely populated areas.

  10. Subsidise land earmarked for affordable housing

The two main components that affect the total cost of real estate are the cost of building and the price of the land. Buyers will profit if land prices are subsidized for developers, particularly for parcels designated for the construction of affordable homes (below Rs 40 lakh).

   11. Roll out more affordable homes: 

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There are many supporters of the inexpensive housing market (below Rs 40 lakhs). Customers want the government to offer developers financial incentives so they will build more reasonably priced homes. In addition to meeting the majority of people's desire for housing—one of the three basic needs—this will give the real estate industry and the nation's economy as a whole the much-needed boost.

   12. Promote Development Of Affordable Housing By Private Builders: 

A lot of buyers want the government to encourage well-known private builders to enter the market for reasonably priced homes. The prevailing consensus is that private developers adhere to delivery timeliness and building quality more closely than their government counterparts.

   13. Reconsider levying of service tax on purchase of an apartment

Given that buying a flat is only a one-time transaction, homeowners believe it is unreasonable to impose service tax on such purchases. Furthermore, the nature and extent of the tax are unclear because state governments see it as a sale while the federal government views it as a service.

  14. Grant industry status to the real estate sector

Homebuyers think that industry status will boost bank funding for developers and promote openness in the market.

A transparent and equitable playing field for builders is anticipated in the long list of demands made by home buyers, who also want further tax breaks for themselves. It remains to be seen whether of these will be honored and which quashed.

What Are The Government Subsidy For First Time Home Buyers In India?

The main attraction is the Pradhan Mantri Awas Yojana (PMAY), which offers tax cuts depending on income and offers qualifying homeowners significant relief.

Your total tax burden can be decreased by taking advantage of the significant deduction of up to Rs. 1.5 lakh for principle repayment under Section 80C.

Homeownership becomes even more financially appealing when you take advantage of the substantial Rs. 50,000 interest repayment deduction provided by Sections 80EE and 80EEA.

Moreover, Section 24 takes effect, offering homeowners a significant financial reprieve by enabling them to claim an interest deduction of up to Rs. 2 lakh.

Conclusion

Making a big step toward realizing your aspirations of becoming a homeowner if you're an Indian first-time homebuyer looking for government assistance. Don't forget to thoroughly read over the eligibility requirements and choose which category best fits your income level. 

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