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.
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.
RMBRCN celebrates Charter Presentation & Installation, Rina Sinha becomes Charter President
The Rotary Means Business chapter of Rotary Club Of Nagpur (RMBRCN) celebrated their Charter Presentation and Installation of Board on September 17, 2023 in a crisp official ceremony at Hotel Centre Point, Nagpur.
Rotary Means Business encourages Rotarians to support the success of their fellow Rotarians by doing business with them and by referring others to them.
Charter President Past President Rtn Rina Sinha presided over the ceremony. Renowned entrepreneur and Rotarian Aspi Bapuna, Chairman of Bapuna Group, was the Chief Guest and Rtn Namita Sharma, President of RCN, was the Guest of Honour.
The Board of Directors of RMBRCN include Rtn Navneet Jain, Vice President, Rtn Mohammed Master, Honorary Secretary, Rtn Sanjay Aggarwal Treasurer, Rtn Rakhi Bhatia Director Chapter Service, Rtn Rahul Shrivastava, Director Vocational Service, Dr Ruchi Choudhry, Director Membership Development, Ranjana Duseja, Director Attendance.
Past Rotary District Governor (PDG) Shabbir Shakir, Past Presidents- Bharat Goenka , Khushnoor Chugh, Sanjiv Chugh, Akhtar Parvez, Tejinder Singh Rawal, Alok Goenka, Jerestine Watchmaker, Sandeep Dhodapkar, Sanjay Arora, President RMB Nagpur, and Behram Patel and Amitabh Sinha were present.
President Rina Sinha informed that within a short period of its formation already 48 members representing various businesses have joined the chapter and the numbers are increasing . The Chapter has already crossed 5 crores of business amongst their members and RMB will further strengthen Rotary in membership growth and retention .
Chief Guest Rtn Aspi Bapuna lauded the chapter’s success and reiterated that its comfortable and safe to do business among fellow rotarians as all follow the Four Way Test of Rotary. Jerestine introduced President Rina. Aspi Bapuna presented the charter and installed President Rina Sinha . Rtn Namita congratulated the RMB chapter and informed that this is the new initiative at RCN.The Board was installed by Rina Sinha and all members were installed by the Past Presidents. An exclusive digital Monthly Magazine ‘Growth Engine’ was launched by Editor Niharika Chugh Vali.
Navneet Jain and Rahul Choudhry conducted the referral and thank you session where enthusiastic members informed about their successful business details. Nishchay Sinha launched the social media and MYRMB app which connects members to other chapters digitally, Treasurer Sanjay Agarwal gave treasurers report, Rtn Rakhi Bhatia managed the event. Rtn Parag Datey and Niharika were the Masters of Ceremony (MOCs). Secretary Mohammed Master proposed the formal Vote of Thanks .
Nitin Gadkari inaugurates double-decker electric bus availed for senior citizens in Nagpur
Minister of Road Transport and Highways Nitin Gadkari, on Saturday, inaugurated the double-decker electric bus designed for senior citizens in Nagpur. The initiative has been undertaken in association with Ashok Leyland’s CSR (Corporate Social Responsibility) Committee and Jyeshtha Nagarik Pratishthan.
Executive President of Jyeshtha Nagarik Pratishthan Datta Meghe, Vice Chairman of Ashok Leyland Limited Yash Sachar, CEO of Switch Mobility Mahesh Babu, and other dignitaries were present during the inauguration.
“I am very thankful to Ashok Leyland’s electric vehicle arm ‘Switch Mobility’ for donating an electric bus for our senior citizens. The bus can hold a capacity of 65 people and will benefit a lot to disabled and senior citizens,” Gadkari said.
“We already have a green Electra bus available to us for the past five to six years. Krishna Reddy has taken the responsibility of repairing and providing air-conditioning to the bus, moreover, he is providing us with one additional bus. A Tata Motor bus will be arriving this month as well, giving us a total of four buses to operate. This will solve the issue of waiting list due to the lack of buses for senior citizens in the city.” he added.
With the help of these buses, senior citizens can avail the benefit of free trips to religious places like Ambhora, Adasa, Shegaon, Mahur, Dhapewada, and Kalamb.
Nagpur: Married man accused of girlfriend’s rape commits suicide on Facebook live
A 38-year-old married man named Manish alias Raj Yadav, on Sunday, committed suicide during a Facebook live-stream after allegedly being accused of rape by his girlfriend and her family in Nagpur.
During the live stream, Manish, who was married and a father to three children, stated that his 19-year-old girlfriend, Kajal, along with her family members demanded a sum of five lakh rupees and threatened to press charges of rape if he failed to do so.
On September 6, the situation became grave as the woman’s family accused him of eloping after Kajal went missing from her residence.
The deceased refused the claims of having any sexual relationship with the woman and identified her, her family, and a photo studio operator responsible for his condition. He, then, jumped into the river.
After the live video surfaced online, Kalamna Police launched a search operation and recovered the deceased’s body from the river. Four people have been detained in the case for questioning. Further investigation is underway.