Thanks to the progressive, reform – oriented policies of the Centre and the Haryana government, home buying, particularly affordable and
mid- segment homes has become much more attractive than renting a house , leading to rise in residential sales.
Pradhan Mantri Awas Yojana has been playing a significant role in encouraging prospective home seekers to buy property. A major attraction of this scheme is that under Credit Linked Subsidy Scheme(CLSS), homebuyers can avail upfront interest subsidy of up to Rs 2.67 lakh on home loan up to Rs 18 lakh for buying affordable/mid-income homes costing up to Rs 45 lakhs. This is an upfront benefit to home buyers which leads to considerable reduction in their EMI. Mortgage payment is also tax deductible. There is tax waiver of Rs 3.5 lakh on interest. Moreover, there is 0% GST on
ready-to- move homes while the GST on under-construction homes is merely 5%. All these tax benefits make homes mich more affordable.
Says Pradeep Aggarwal, Chairman, Assocham National Council of Real Estate, Housing & Urban Development and Founder and Chairman, Signature Global, ” Affordable housing- friendly policies coupled with fiscal incentives have brought homes within the reach of masses. Under Haryana government’s Affordable Housing Policy, prices are capped at Rs 4000 per square feet. And as a result of that , residential units in high potential corridors of Dwarka Expressway, Pataudi Road, Sohna Road, New Gurgaon are available for Rs 17 lakh for 1 BHK and Rs 23 lakh for 2 BHK . This has been a major factor in encouraging home seekers to buy property rather than taking the home on rent”.