The year 2019 has started off on a good note wherein the government has proposed various reforms and given tax benefits to the ultimate buyer as well as the industry such as reducing GST, removal of property tax for smaller houses, roll over of capital gains tax to two houses instead of one for capital gains up to Rs.2 crores, extending the benefit of self-occupied property to two houses, this means that income tax on notional rent will not be taxed on your second home, increasing the period of taxing notional rent on unsold inventory from 1 to 2 years, no tax on house rents earned up to Rs.2.4 Lakhs.These developments and revival indicators augur well for the sector and will definitely translate in an increase in sales on Gudi Padwa this year. With property prices having remained stable over the last few quarters, the market conditions are favourable, with home loan interest at an all-time low, choice of apartments available in the market, and government’s subsidies to meet the ‘housing for all’ objective.
Developers are thus looking at catering to more potential buyers along with building inexpensive and reasonable homes. This is a clear sign that the market is drifting towards a positive change. Although most of the customers today are into wait and watch mode, the sentiment on such auspicious occasions like Gudi Padwa are high. Property analysts maintain that traditions still prevail in our society and buyers, both young and old, are definitely influenced by a traditional festival like Gudi Padwa. Therefore, those who have already made up their minds will look forward to buy their dream home on Gudi Padwa. Analyst and market-watchers are pinning their hopes on affordable housing, which is seeing growth within the residential real estate category.
Eagleridge Elevation
*This is a rendered image as visualised by the artist for reference purpose only.