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Major decision: Maharashtra reduces stamp duty to boost real estate sector

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The real estate market, which is adversely affected because of the COVID-19 pandemic, is all set to get a boost as the Maharashtra government has decided to temporarily reduce the stamp duty as a major policy decision.

The state government has announced a 3% reduction in the stamp duty from September 1 to December 31, 2020. The stamp duty will be further lowered to 2% from January 1 to March 31, 2021.

Speaking about this major decision by the government, Gaurav Agarwala, Secretary, CREDAI, told Nation Next: Reduction in stamp duty is a welcome move and will provide a massive incentive to those who want to purchase their own property.

It is unlikely that the benefits available to buyer right now will be offered anytime soon in the future. Rationalized pricing, lowest home loan interest rates of 6.85% approx, an extension of credit linked subsidy scheme, developers doling out lucrative schemes and now lower stamp duty rates ? all these factors make it a best time for any buyer to own a property now.

Agarwala informed that CREDAI has been trying to pursue the state government for reduction in stamp duty ever since the lockdown first began. The move will benefit the customer and foster demand creation along with giving a motivation to the real estate sector. The move will also stimulate the housing demand and help in converting inquiries into the sales before March 31. Affordable and mid-segment properties, which are in maximum demand, will see the most traction from such this move.

Agarwala, who’s also the director of Sandeep Dwellers Private Limited, which deals in affordable housing under Pradham Mantri Awas Yojana, PMAY, added: For the home buyers, the interest on home loans is on an all-time low. PMAY subsidy up to Rs 2.67 lakh is being offered to eligible buyers (ending March 31 for for MIG ? Middle Income Group – buyers). These benefits along with reduced stamp duty could prove to be the right time to own a property. Agarwala also shared how exactly one can benefit under PMAY. For the uninitiated, here’s how PMAY works: 

PRADHAN MANTRI AWAS YOJANA 

The Central Government has successfully implemented the Credit Linked Subsidy Scheme? under PMAY, wherein a first time home buyer gets a subsidy up to Rs 2.67 lakh on taking a home loan. This subsidy gets credited in his loan account, thereby reducing his EMI/Loan tenure. 

WHO ALL ARE ELIGIBLE TO GET SUBSIDY? 

  • Family income should be less than Rs 18 lakh per year
  • Family should not own a house in their name
  • Aadhaar card is mandatory

If all the three above conditions are fulfilled, then you can get PMAY Subsidy up to Rs 2,67,000. 

Family Income Category  Subsidy Amount  Valid Till
Below 6 lakhs Economically Weaker Section/Lower Income Group              2,67,000  March 31, 2022
6 to 12 lakh Middle Income Group ? 1               2,35,000  March 31, 2021
12 to 18 lakh Middle Income Group – 2              2,30,000  March 31, 2021

*Family includes husband, wife and minor children

– SOME IMPORTANT POINTS

  • If you are staying in a house (Pakka Makaan), which is in the name of your father/mother, and you do not own a house, then you can get subsidy.
  • If you have children who are above the age of 18 years and they do not have a house in their own name, then both your son and daughter can get a subsidy individually.
  • If you have any brother or sister and they are living in a house owned by their father/mother, and they do not own a house, then they can also get a subsidy individually. 
  • If you are staying in a rented house, then you can get subsidy.
  • If you own a Kachha House, Plot, Commercial Shop, Land, Godown etc. you can still get subsidy. You should not own a Pakka Makaan, rest everything is allowed.

IN ADDITION TO THESE SHORT TERM BENEFITS, THERE ARE SEVERAL DEDUCTIONS UNDER INCOME TAX ON BUYING A HOME

Sec 24D – The interest portion of the EMI paid for the year can be claimed as a deduction up to a maximum of Rs 2 lakh.

Sec 80C – The Principal portion of the EMI paid for the year is allowed as deduction up to a maximum of Rs.1.5 lakh.

Sec 80C – Besides claiming the deduction for principal and interest repayment, a deduction for stamp duty and registration charges can also be claimed u/s 80C but within the overall limit of Rs.1.5 lakhs.

Sec 80EE – Additional deduction is allowed to the home buyers for maximum up to Rs 50,000. To claim this deduction, the amount of loan taken should be Rs 35 lakhs or less and the value of the property does not exceed Rs 50 lakhs.

Sec 80EEA – The budget 2019 has introduced additional deduction for home buyers for maximum up to Rs 1,50,000, subject to the stamp value of the property does not exceed Rs 45 lakhs.

If the loan is taken jointly, then each of the loan holders can claim in their individual tax returns. So, loan taken jointly with your family can help you claim a larger tax benefit. You are advised to consult your financial advisor/CA, to understand all conditions for availing these benefits.

Other than the Income Tax deductions, buying a property gives non-volatile capital appreciation and regular monthly rental Income.

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Entertainment

And that’s how a film is made – Kantara shows the way! | Movie review

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Nation Next Newsroom | Bengaluru

Kantara poster

Social media is buzzing with one word today and that word is Kantara! Yes, another Kannada film after KGF that has caught the people’s fancy and how. In fact, this one goes a notch higher than KGF – because the film has been released only in Kannada with English subtitles and yet – the movie is capturing the hearts of people across India and the world.

From California, London and Berlin to cities across India, high praise is pouring in for the Rishab Shetty starrer and the actor-director’s Twitter feed is testimony to this. Ordinary cine-goers are putting screenshots of housefull bookings, sharing videos of people clapping and whistling in theatres and then profusely thanking the star for making this film.

So, what’s this film about? Kantara (which means forest in Sanskrit) stands out because it has powerful storytelling at its core. It is rooted in local folklore, has the right amount of action and adventure and comes with a social message too. Man versus nature, native customs and local politics, which spans three timelines and a climax that’s to die for, is what the film’s about. Add to this some superlative performances by the cast, a stellar background score by B Ajaneesh Loknath and mind-blowing cinematography by Arvind S Kashyap that serenades Karnataka’s rustic locales and you have what can be called the perfect recipe for a blockbuster film. Telling you more will just be a spoiler! So, what are you waiting for? Go watch!

Also read: When Lata Mangeshkar got offended by Dilip Kumar and didn’t speak to him for 13 years

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Nagpur News

October 01, 2022 | Nagpur News | नागपुर समाचार | Hindi News Bulletin | Nation Next

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Avani Arya | Nagpur

Nation Next Nagpur Bulletin brings to you a summary of major news events that took place in Nagpur on October 01, 2022.

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Nagpur News

Purva Kothari’s jewellery collection sparkles at ‘Intrea’ exhibition in Nagpur

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Radhika Dhawad | Photographer : Nitin Mankar | Nagpur

Amid festivities, jewellery designer Purva Kothari conducted a two-day exhibition of diamond studded jewellery at Jawaharlal Darda Art Gallery in Nagpur on October 1 and 2.

Purva, in the past, has enticed celebrities including Director at Reliance Industries Nita Ambani, Varsha Patel wife of former minister Praful Patel, Founder at Videocon Venugopal Dhoot, Founder Chairman at GMR Group GM Rao and endorsements from Salman Khan, Kareena Kapoor Khan and Saina Nehwal, to name a few.

Also watch: All you need to know about diamonds, jewellery | Interview with designer Purva Darda Kothari

Also read: When Lata Mangeshkar got offended by Dilip Kumar and didn’t speak to him for 13 years

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