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Indian Housing Projects will get extensions to existing Tax Incentives

 

Aug 05, 2009

 

India's finance minster Pranab Mukherjee has announced that extensions to existing tax policies for housing projects will be implemented soon. This is much promising news for the real estate industry in India. As per previous tax rules and regulations, property developers that launched projects before March 31st 2007 were eligible for income-tax deductions. But, the minster announced that this will be extended to include housing projects started between April 1st 2007 and March 31st 2008.

 

Projects will only be able to claim the income tax deductions under the condition that the developments should be finished before March 31st 2012. Experts say that this might not impact on all markets, but some could be affected. Another interesting information is that the loans to the real estate sector grew by around 50 per cent year-on-year in the 12 months up to end May 2009.

 

This decision will give a positive push to the Indian real estate industry, especially to the customers who are in the verge of securing their Dream Properties in India. Basis housing is an area where the Indian administration should look into. The overall impact can also attract more investors worldwide to India, especially to real estate market. There is a good trend of foreign investors coming to India in 2009.

 


 

                   


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